SICAV
European High Yield Bond Fund
Research-driven, targeting consistent high income.
ISIN LU0596125814
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FACTSHEET
KIID
FUND PROFILE
COMMENTARY

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Average
Coupon
5.56%
Data as of: 31-Oct-2019
Average
Maturity
5.54 yrs
Data as of: 31-Oct-2019
Average
Duration
2.45 yrs
Data as of: 31-Oct-2019
Fund Size
(EUR)
€258.9m
Data as of: 31-Oct-2019
Perf Chg
(Daily)
0.05%
Data as of: 04-Dec-2019
Since
Inception
7.80%
Data as of: 31-Oct-2019
Risk & Reward
(SRRI)?
1 2 3 4 5 6 7 Data as of: 30-Nov-2019
NAV
(EUR)
€18.54
Data as of: 04-Dec-2019
1 YR Return
(Annualised)
5.33%
Data as of: 31-Oct-2019

Overview
Strategy
Fund Summary
Seeks to maximise total return through investment in a diversified portfolio of high yield bonds primarily denominated in European currencies.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

93
Holdings

Average
Quality
B+
Risk & Reward Data
Information Ratio
-0.06
Sharpe Ratio
0.21
Historical Tracking Error
1.98%
Performance - Net of Fees
Current Year Performance
MTD
0.05%
Benchmark*
0.00%
Excess Return

0.05%
QTD
0.43%
Benchmark*
0.97%
Excess Return

-0.54%
YTD
12.09%
Benchmark*
9.76%
Excess Return

2.33%
Data as of 04-Dec-2019
1 Month
-0.38%
Benchmark*
-0.07%
Excess Return

-0.31%
3 Months
0.82%
Benchmark*
0.32%
Excess Return

0.50%
Data as of 31-Oct-2019
 
Annualised Performance
1 YR
5.33%
Benchmark*
5.63%
Excess Return

-0.30%
3 YR
2.41%
Benchmark*
4.10%
Excess Return

-1.69%
5 YR
4.34%
Benchmark*
4.47%
Excess Return

-0.13%
Inception
7.80%
Benchmark*
7.58%
Excess Return

0.22%
Manager Inception
7.80%
Benchmark*
7.58%
Excess Return

0.22%
Data as of 31-Oct-2019
Indicative Benchmark : ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR
Fund Inception: 20-Sep-2011
Manager Inception: 20-Sep-2011

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings
Total
Holdings
93
Top 10
23.42%
Largest
Cabot Financial Luxembourg
2.86%
Was ( 30-Jun-2019 )
2.99%
Data as of 30-Sep-2019
Duration
Maturity
Quality
Average
2.45 yrs
Average
5.54 yrs
Average
B+
Top
1-3 Years
35.32%
Was ( 30-Sep-2019 )
40.67%
Top
5-7 Years
42.53%
Was ( 30-Sep-2019 )
46.06%
Top
B Rated
45.19%
Was ( 30-Sep-2019 )
43.54%
Over
Under 1 Year
By 11.10%
Fund
27.66%
Benchmark*
16.55%
Over
5-7 Years
By 12.26%
Fund
42.53%
Benchmark*
30.26%
Over
B Rated
By 19.54%
Fund
45.19%
Benchmark*
25.65%
Under
3-5 Years
By -10.56%
Fund
24.75%
Benchmark*
35.31%
Under
1-3 Years
By -14.10%
Fund
4.35%
Benchmark*
18.44%
Under
BB Rated
By -43.89%
Fund
24.41%
Benchmark*
68.29%
Industry
Total
Industries
27
Largest
Cable Operators
15.87%
Was ( 30-Sep-2019 )
14.52%
Over
Cable Operators
By 11.56%
Fund
15.87%
Benchmark*
4.31%
Under
Other Telecommunications
By -9.76%
Fund
0.00%
Benchmark*
9.76%
Data as of 31-Oct-2019
Data as of 31-Oct-2019
Indicative Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Data as of
Countries
Total
Countries
17
Largest
United States
24.41%
Was ( 30-Sep-2019 )
23.42%
Over
United States
By 10.00%
Fund
24.41%
Benchmark*
14.41%
Under
Italy
By -5.46%
Fund
4.89%
Benchmark*
10.35%
Data as of 31-Oct-2019
Data as of 31-Oct-2019
Indicative Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Currency
Total
Currencies
5
Largest
euro
100.01%
Was ( 30-Sep-2019 )
99.98%

Over
euro
By 11.97%
Fund
100.01%
Benchmark*
88.03%
Under
British pound sterling
By -11.98%
Fund
-0.01%
Benchmark*
11.97%

The fund is fully hedged back to euro, although direct exposure may total less than 100%. It is important to note that there can be no assurances that the currency hedging employed will fully eliminate the shareholder's exposure to exchange rate fluctuations. 

Data as of 31-Oct-2019
Indicative Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
Mike Della Vedova,
Portfolio Manager
Michael Della Vedova is a European high yield portfolio manager/analyst in the Fixed Income Division.
Portfolio Manager since
2011
Years at
T. Rowe Price
8
Years investment experience
24
Stephen Marsh,
Fixed Income Portfolio Specialist
Stephen Marsh is a portfolio specialist in the Fixed Income Division, based in London.
Years at T. Rowe Price
2
Years investment experience
17
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1

Indicative Benchmark Data Source: ICE BofA Merrill Lynch

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. Past performance is not a reliable indicator of future performance.

Daily performance data is based on the latest available NAV.  

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Please note that the Fund typically has a risk of high volatility.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

The Morningstar rating is sourced from Morningstar.

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Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.