Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of debt securities of all types from issuers around the world, including emerging markets.
  2. Investment in the Fund involves risks, including general investment 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, 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. For Class Ax and Class Ax (HKD), dividends are paid on a discretionary basis. Dividends 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.
  5. The value of the Fund can be volatile and could go down substantially.
  6. Investors should not invest in the Fund solely based on this website.
SICAV
Diversified Income Bond Fund
Seeks to generate income with some capital appreciation by investing in a globally diversified portfolio of bonds from a wide range of issuers.
ISIN LU1244139074
FACTSHEET
KFS
Average
Coupon ?
4.37%
Data as of: 30-Sep-2021
Avg Credit
Quality ?
BBB
Data as of: 30-Sep-2021
Average
Duration ?
4.13 yrs
Data as of: 30-Sep-2021
NAV
(USD)
$12.33
Data as of: 22-Oct-2021
NAV Chg
(Daily)
-0.16%
Data as of: 22-Oct-2021
Fund Size
(USD)
$149.3m
Data as of: 30-Sep-2021
YTD
Return
1.22%
Data as of: 30-Sep-2021
1 YR Return
(Annualised)
5.26%
Data as of: 30-Sep-2021
Since
Inception
4.59%
Data as of: 30-Sep-2021
Ken Orchard,
Portfolio Manager
Ken Orchard is a senior portfolio manager in the Fixed Income division. He is portfolio manager of the Diversified Income Bond and International Bond strategies

Overview
Strategy
Fund Summary
Seeks to maximise the value of its shares through both growth in the value of, and income from, its investments.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

366
Holdings

Average
Quality
BBB
Risk & Reward Data
Information Ratio
0.09
Sharpe Ratio
0.52
Historical Tracking Error
6.81%
Performance - Net of Fees
Current Year Performance
1 Month
-0.72%
Indicative Benchmark
-0.94%
Excess Return

0.22%
3 Months
0.32%
Indicative Benchmark
0.09%
Excess Return

0.23%
6 Months
1.97%
Indicative Benchmark
1.06%
Excess Return

0.91%
YTD
1.22%
Indicative Benchmark
-1.43%
Excess Return

2.65%
Annualised Performance
1 YR
5.26%
Indicative Benchmark
-0.56%
Excess Return

5.82%
3 YR
5.23%
Indicative Benchmark
4.64%
Excess Return

0.59%
5 YR
N/A
Indicative Benchmark
N/A
Excess Return

N/A
Inception
4.59%
Indicative Benchmark
3.73%
Excess Return

0.86%
Data as of 30-Sep-2021
Indicative Benchmark : Bloomberg Global Aggregate Bond USD Hedged Index
Share Class Inception Date: 15-Dec-2016
Holdings
Total
Holdings
366
Top 10
27.52%
Largest
Bonos de la Tesoreria de la Republica en pesos
2.16%
Was ( 30-Jun-2021 )
2.89%
Data as of 30-Sep-2021
Duration ?
Maturity ?
Quality ?
Average
4.13 yrs
Average
6.22 yrs
Average
BBB
Top
3-5 Years
36.04%
Was ( 31-Aug-2021 )
30.00%
Top
3-5 Years
29.27%
Was ( 31-Aug-2021 )
26.71%
Top
BBB
24.09%
Was ( 31-Aug-2021 )
24.04%
Overweight
3-5 Years
By 12.00%
Fund
36.04%
Indicative Benchmark
24.04%
Overweight
7-10 Years
By 11.90%
Fund
28.41%
Indicative Benchmark
16.51%
Overweight
BB
By 23.64%
Fund
23.95%
Indicative Benchmark
0.31%
Underweight
Over 10 Years
By -18.34%
Fund
4.69%
Indicative Benchmark
23.03%
Underweight
10+ Years
By -13.09%
Fund
11.85%
Indicative Benchmark
24.94%
Underweight
A
By -13.95%
Fund
15.62%
Indicative Benchmark
29.57%
Sectors
Total
Sectors
7
Largest
Global Sovereign
39.84%
Was ( 31-Aug-2021 )
38.35%
Overweight
Global High Yield
By 16.08%
Fund
16.08%
Indicative Benchmark
0.00%
Underweight
Global Sovereign
By -28.02%
Fund
39.84%
Indicative Benchmark
67.86%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: Bloomberg Global Aggregate Bond USD Hedged Index
Regions
Total
Regions
6
Largest
North America
55.39%
Was ( N/A )
N/A
Overweight
North America
By 14.76%
Fund
55.39%
Indicative Benchmark
40.62%
Underweight
Japan
By -13.20%
Fund
0.45%
Indicative Benchmark
13.65%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: Bloomberg Global Aggregate Bond USD Hedged Index
Countries
Total
Countries
60
Largest
United States
54.23%
Was ( 31-Aug-2021 )
53.50%
Overweight
United States
By 17.05%
Fund
54.23%
Indicative Benchmark
37.17%
Underweight
Japan
By -13.20%
Fund
0.45%
Indicative Benchmark
13.65%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: Bloomberg Global Aggregate Bond USD Hedged Index
Currency
Total
Currencies
24
Largest
U.S. dollar
94.33%
Was ( 31-Aug-2021 )
94.00%

Overweight
U.S. dollar
By 51.80%
Fund
94.33%
Indicative Benchmark
42.53%
Underweight
euro
By -24.56%
Fund
-1.28%
Indicative Benchmark
23.28%
Data as of 30-Sep-2021
Indicative Benchmark: Bloomberg Global Aggregate Bond USD Hedged Index

Team
Ken Orchard,
Portfolio Manager
Ken Orchard is a senior portfolio manager in the Fixed Income division. He is portfolio manager of the Diversified Income Bond and International Bond strategies
Portfolio Manager since
2019
Years at
T. Rowe Price
9
Years investment experience
16
Vincent Chung,
Associate Portfolio Manager
Vincent Chung is an associate portfolio manager in the Fixed Income Division.
Associate Portfolio Manager since
2021
Years at T. Rowe Price
7
Years investment experience
3
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.
Portfolio Specialist since
2016
Years at T. Rowe Price
3
Years investment experience
28
Please select Class Ax from the dropdown above to view dividend information.
How to Invest
Fees Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Sales Charge (up to) Investment Management Fee (up to)

Indicative Benchmark Data Source: Bloomberg Index Services Limited.

Effective October 1, 2018, the indicative benchmark for the fund changed to the Bloomberg Barclays Global Aggregate Bond USD Hedged Index. Prior to this change, the indicative benchmark was the Bloomberg Barclays Multiverse Index USD Hedged. Historical benchmark performance has been restated accordingly.

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; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. The US Govt Agency category may include both rated and unrated securities. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.

Sources for Average Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.

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.

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.

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.

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