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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Euro Corporate Bond Fund
This actively managed diversified fund invests predominantly in corporate bonds denominated in euros. Environmental, Social and Governance (ESG) considerations are integrated into the investment process as a component of the investment decision. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0133091248
View more information on risks
FACTSHEET
KID
SFDR DISCLOSUR
31-Oct-2024 - David Stanley, Portfolio Manager,
The months ahead will see much speculation around the policy agenda of the new US administration. Ultimately, we could see growing concerns over fiscal and inflation risks, and Europe is potentially vulnerable to increased economic tariffs. Continued monetary easing remains helpful, and we anticipate continued healthy demand for the attractive yields that corporate bonds still offer.

Overview
Strategy
Fund Summary
We use proprietary, fundamental credit research to focus on identifying corporate bonds that offer attractive yields in relation to their credit fundamentals. We integrate financial, technical, legal and qualitative research with relative value analysis. Risk management is integral, with limits on both duration and yield curve exposures. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Oct-2024 - David Stanley, Portfolio Manager,
European corporate bonds produced a negative total return in October, as yields rose, although credit spreads narrowed slightly. Rising yields helped to sustain solid investor demand for corporate bonds. Positive economic data surprises also added support as Germany’s economy unexpectedly registered modest growth in the third quarter and preliminary purchasing managers’ indices exceeded expectations. Within the portfolio, security selection was modestly positive. There were no individual standout performers, but selection was effective in the communications and consumer cyclical sectors. The single biggest contributor was a US-based multinational technology company which operates data centres; we purchased it as a new issue in early September. Our modest aggregate overweight to duration versus the benchmark (positioning for yields to fall and bond prices to rise) was a slight drag on performance. We benefitted from our underweight sector exposure to consumer noncyclical but our defensive index hedges detracted as credit spreads narrowed overall.

Past performance is not a reliable indicator of future performance.

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 and/or key information document (KID) 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. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.