Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of transferable U.S. dollar denominated fixed income securities of issuers domiciled, or exercising the predominant part of their economic activity, in Asian countries including emerging markets, excluding Japan.
  2. Investment in the Fund involves risks, including general investment risk, geographic concentration risk, emerging markets risk and currency risk which may result in loss of a part or the entire amount of your investment.
  3. The investment in debt securities is also subject to credit/counterparty risk, interest rate risk, volatility/liquidity risk in emerging markets, downgrading risk, credit rating risk, risk associated with high yield debt securities which are generally rated below investment grade or unrated, sovereign debt risk, risk associated with investments in debt instruments with loss-absorption features and valuation risk.
  4. The Fund may use derivatives for hedging, efficient portfolio management and investment purposes or to create synthetic short positions in currencies, debt securities and credit indices and equities, and is subject to derivatives risk. Exposure to derivatives may also lead to a risk of significant loss to the Fund.
  5. For Class Ax and Class Ax (HKD), dividend are paid on a discretionary basis. Dividend may be paid directly out of capital and/or effectively out of the capital of the share class by distributing all gross income prior to the deduction of any fees and expenses attributable to the share class. Payment of dividends directly out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distribution may result in an immediate reduction of net asset value per share. This could also erode capital and constrain future growth.
  6. The value of the Fund can be volatile and could go down substantially.
  7. Investors should not invest in the Fund solely based on this website.
SICAV
Asia Credit Bond Fund
Seeks to maximise total return via security selection and relative value trades.
ISIN LU1697875497
FACTSHEET
KFS
Average
Coupon ?
4.23%
Data as of: 30-Sep-2021
Avg Credit
Quality ?
BBB-
Data as of: 30-Sep-2021
Average
Duration ?
5.73 yrs
Data as of: 30-Sep-2021
NAV
(USD)
$11.79
Data as of: 15-Oct-2021
NAV Chg
(Daily)
0.51%
Data as of: 15-Oct-2021
Fund Size
(USD)
$62.5m
Data as of: 30-Sep-2021
YTD
Return
0.00%
Data as of: 30-Sep-2021
1 YR Return
(Annualised)
2.65%
Data as of: 30-Sep-2021
Since
Inception
5.41%
Data as of: 30-Sep-2021
Sheldon Chan,
Portfolio Manager
Sheldon Chan is a portfolio manager and emerging market credit analyst in the Fixed Income Division. He is lead portfolio manager of T. Rowe Price’s Asia Credit Bond Strategy.

Overview
Strategy
Fund Summary
Actively managed, with an emphasis on fundamental credit research. Seeks to exploit market inefficiencies and identify unique and underfollowed credit ideas.
LIMITED
MODERATE
EXTENSIVE

161
Holdings

Average
Quality
BBB-
Risk & Reward Data
Information Ratio
0.34
Sharpe Ratio
0.79
Historical Tracking Error
1.35%
Performance - Net of Fees
Current Year Performance
1 Month
-1.48%
Indicative Benchmark
-1.33%
Excess Return

-0.15%
3 Months
-0.66%
Indicative Benchmark
-0.49%
Excess Return

-0.17%
6 Months
1.26%
Indicative Benchmark
1.12%
Excess Return

0.14%
YTD
0.00%
Indicative Benchmark
-0.14%
Excess Return

0.14%
Annualised Performance
1 YR
2.65%
Indicative Benchmark
1.96%
Excess Return

0.69%
3 YR
6.47%
Indicative Benchmark
6.01%
Excess Return

0.46%
5 YR
N/A
Indicative Benchmark
N/A
Excess Return

N/A
Inception
5.41%
Indicative Benchmark
5.16%
Excess Return

0.25%
Data as of 30-Sep-2021
Indicative Benchmark : J.P. Morgan Asia Credit Index Diversified
Share Class Inception Date: 09-Apr-2018
Holdings
Total
Holdings
161
Top 10
18.05%
Largest
Perusahaan Penerbit SBSN Indonesia III
1.44%
Was ( 30-Jun-2021 )
0.51%
Data as of 30-Sep-2021
Duration ?
Maturity ?
Quality ?
Average
5.73 yrs
Average
8.38 yrs
Average
BBB-
Top
3-5 Years
26.14%
Was ( 31-Aug-2021 )
24.42%
Top
7-10 Years
27.39%
Was ( 31-Aug-2021 )
30.58%
Top
BBB
44.13%
Was ( 31-Aug-2021 )
45.16%
Overweight
7-10 Years
By 11.58%
Fund
24.25%
Indicative Benchmark
12.67%
Overweight
7-10 Years
By 11.31%
Fund
27.39%
Indicative Benchmark
16.08%
Overweight
BB
By 9.71%
Fund
18.51%
Indicative Benchmark
8.80%
Underweight
1-3 Years
By -10.78%
Fund
15.03%
Indicative Benchmark
25.81%
Underweight
1-3 Years
By -10.27%
Fund
13.08%
Indicative Benchmark
23.34%
Underweight
AA
By -7.94%
Fund
1.81%
Indicative Benchmark
9.75%
Sectors
Total
Sectors
4
Largest
Corporate
79.76%
Was ( 31-Aug-2021 )
78.52%
Overweight
Corporate
By 19.95%
Fund
79.76%
Indicative Benchmark
59.80%
Underweight
Sovereign
By -15.24%
Fund
9.54%
Indicative Benchmark
24.79%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan Asia Credit Index Diversified
Regions
Total
Regions
4
Largest
Asia
92.07%
Was ( N/A )
N/A
Overweight
Asia
By 92.07%
Fund
92.07%
Indicative Benchmark
0.00%
Underweight
Pacific Ex Japan
By -98.24%
Fund
0.00%
Indicative Benchmark
98.24%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan Asia Credit Index Diversified
Countries
Total
Countries
19
Largest
China
27.62%
Was ( 31-Aug-2021 )
28.34%
Overweight
China
By 6.98%
Fund
27.62%
Indicative Benchmark
20.64%
Underweight
South Korea
By -7.36%
Fund
4.22%
Indicative Benchmark
11.58%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan Asia Credit Index Diversified
Currency
Total
Currencies
5
Largest
U.S. dollar
99.74%
Was ( 31-Aug-2021 )
99.75%

Overweight
Chinese renminbi
By 0.98%
Fund
0.98%
Indicative Benchmark
0.00%
Underweight
Offshore Chinese renminbi
By -0.96%
Fund
-0.96%
Indicative Benchmark
0.00%
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan Asia Credit Index Diversified

Team
Sheldon Chan,
Portfolio Manager
Sheldon Chan is a portfolio manager and emerging market credit analyst in the Fixed Income Division. He is lead portfolio manager of T. Rowe Price’s Asia Credit Bond Strategy.
Portfolio Manager since
2018
Years at T. Rowe Price
8
Years investment experience
15
Yukiko Hanai,
Portfolio Specialist
Yukiko Hanai is a global fixed income portfolio specialist in the Fixed Income Division of T. Rowe Price, based in Tokyo. She works closely with our local offices in Asia and provides technical knowledge and client servicing for a number of our global fixed income strategies.
Years at T. Rowe Price
3
Years investment experience
28
How to Invest
Fees Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Sales Charge (up to) Investment Management Fee (up to)
Class A $1000 $100 5.00% 100 basis points
Class Q $1,000 $100 N/A 50 basis points
Class I $2,500,000 $100,000 N/A 50 basis points

Indicative Benchmark Data Source: JP Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2021, J.P. Morgan Chase & Co. All rights reserved.

Unless otherwise specified, all fund ratings, awards and data are as of 30-Sep-2021 and sourced from T. Rowe Price. 

Sources for Credit Quality Diversification: Moody’s Investors Service and Standard & Poor’s (S&P); split ratings (e.g. BB/B and B/CCC) are assigned when the Moody’s and S&P ratings differ. Short-Term holdings are not rated.

Average Credit Quality is calculated by averaging the Moody’s weighted average quality and the S&P weighted average quality (50/50 split), regardless of the % of the portfolio actually rated by each of these ratings agencies.

Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.  

The calendar year performance of a share class in its year of inception is calculated from its inception date to the last day of that year, which is not a full year return.

SICAV refers to 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”).

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested in the share class currency, 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. Indicative benchmark returns are shown with gross income reinvested.   

Please refer to the factsheet for the Minimum Performance Information and other details.

Investment involves risks. Past performance is not a reliable indicator of future performance. The investment returns for some funds are denominated in foreign currency other than US/HK dollar. US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar against other foreign currency's exchange rate. Investors should refer to the prospectus for full details of the objectives, investment policies and risks.

Issued in Hong Kong by T. Rowe Price Hong Kong Limited, 6/F, Chater House, 8 Connaught Road Central, Hong Kong. T. Rowe Price Hong Kong Limited is licensed and regulated by the Securities & Futures Commission (“SFC”). This has not been reviewed by the SFC.

All Risk & Reward Data shown is specific to the particular share class shown, and is not necessarily representative of the fund as a whole. The data is calculated based upon the return and standard deviation of the selected share class over 3 years (if the share class has a track record of between 3 and 5 years) or 5 years, once the share class has sufficient performance history. Risk & Reward Data is not available for share classes with under 3 years’ performance history. 

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.

Certain numbers in this website may not equal the stated totals due to rounding.