Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of debt securities of all types from emerging market issuers, with a focus on debt securities that are denominated in the local currency.
  2. Investment in the Fund involves risks, including general investment risk, emerging markets risk, currency risk and geographic concentration 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 (including OTC derivatives and exchange-traded derivatives) for hedging,  efficient portfolio management and investment purposes or to create synthetic short positions in currencies and debt securities,  and is subject to derivatives risk. The Fund may also have a high leverage exposure and may implement active currency position and is subject to relevant risks. Exposure to derivatives may also lead to a risk of significant loss to the Fund.
  5. For Class Ax, 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
Emerging Local Markets Bond Fund
Research-driven investment in emerging market local currency sovereign bonds.
ISIN LU1655484183
FACTSHEET
KFS
Average
Coupon ?
6.49%
Data as of: 30-Sep-2021
Avg Credit
Quality ?
BBB
Data as of: 30-Sep-2021
Average
Duration ?
4.34 yrs
Data as of: 30-Sep-2021
NAV
(EUR)
€10.39
Data as of: 15-Oct-2021
NAV Chg
(Daily)
0.19%
Data as of: 15-Oct-2021
Fund Size
(USD)
$150.3m
Data as of: 30-Sep-2021
YTD
Return
-2.08%
Data as of: 30-Sep-2021
1 YR Return
(Annualised)
4.12%
Data as of: 30-Sep-2021
Since
Inception
0.85%
Data as of: 30-Sep-2021
Andrew Keirle,
Portfolio Manager
Andrew Keirle is a portfolio manager of the Emerging Markets Local Currency Bond Strategy in the Fixed Income Division at T. Rowe Price.

Overview
Strategy
Fund Summary
Targeting high income and capital appreciation through a portfolio of emerging sovereign bonds denominated in local currencies.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

106
Holdings

Average
Quality
BBB
Risk & Reward Data
Information Ratio
-0.22
Sharpe Ratio
0.21
Historical Tracking Error
1.69%
Performance - Net of Fees
Current Year Performance
1 Month
-1.61%
Indicative Benchmark
N/A
Excess Return

N/A
3 Months
-1.43%
Indicative Benchmark
N/A
Excess Return

N/A
6 Months
0.97%
Indicative Benchmark
N/A
Excess Return

N/A
YTD
-2.08%
Indicative Benchmark
N/A
Excess Return

N/A
Annualised Performance
1 YR
4.12%
Indicative Benchmark
N/A
Excess Return

N/A
3 YR
3.37%
Indicative Benchmark
N/A
Excess Return

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

N/A
Inception
0.85%
Indicative Benchmark
N/A
Excess Return

N/A
Data as of 30-Sep-2021
Indicative Benchmark : Linked Benchmark
Share Class Inception Date: 02-Aug-2017
Holdings
Total
Holdings
106
Top 10
68.40%
Largest
Brazil Notas do Tesouro Nacional Serie F
4.50%
Was ( 30-Jun-2021 )
5.22%
Data as of 30-Sep-2021
Duration ?
Maturity ?
Quality ?
Average
4.34 yrs
Average
7.70 yrs
Average
BBB
Top
3-5 Years
29.68%
Was ( 31-Aug-2021 )
26.63%
Top
BBB
42.25%
Was ( 31-Aug-2021 )
41.25%
Overweight
Cash Equivalents
By 8.17%
Fund
8.17%
Indicative Benchmark
0.00%
Overweight
BBB
By 42.25%
Fund
42.25%
Indicative Benchmark
0.00%
Underweight
1-3 Years
By -14.02%
Fund
11.52%
Indicative Benchmark
25.55%
Underweight
US Treasury
By 0.00%
Fund
0.00%
Indicative Benchmark
0.00%
Sectors
Total
Sectors
5
Largest
Sovereign
89.08%
Was ( 31-Aug-2021 )
93.51%
Overweight
Reserves
By 8.17%
Fund
8.17%
Indicative Benchmark
0.00%
Underweight
Sovereign
By -10.92%
Fund
89.08%
Indicative Benchmark
100.00%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified
Regions
Total
Regions
5
Largest
Asia
34.47%
Was ( 31-Aug-2021 )
35.35%
Overweight
Middle East & Africa
By 4.71%
Fund
12.72%
Indicative Benchmark
8.01%
Underweight
Emerging Europe
By -8.70%
Fund
20.29%
Indicative Benchmark
28.99%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified
Countries
Total
Countries
33
Largest
China
11.01%
Was ( 31-Aug-2021 )
10.05%
Overweight
Egypt
By 3.55%
Fund
3.55%
Indicative Benchmark
0.00%
Underweight
Poland
By -6.39%
Fund
1.39%
Indicative Benchmark
7.79%
Data as of 30-Sep-2021
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified
Currency
Total
Currencies
32
Largest
Indonesian rupiah
10.92%
Was ( 31-Aug-2021 )
10.60%

Overweight
Egyptian pound
By 2.81%
Fund
2.81%
Indicative Benchmark
0.00%
Underweight
U.S. dollar
By -7.46%
Fund
-7.46%
Indicative Benchmark
0.00%
Data as of 30-Sep-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

Team
Andrew Keirle,
Portfolio Manager
Andrew Keirle is a portfolio manager of the Emerging Markets Local Currency Bond Strategy in the Fixed Income Division at T. Rowe Price.
Portfolio Manager since
2010
Years at
T. Rowe Price
14
Years investment experience
23
Michael Ganske,
Portfolio Specialist
Michael Ganske is a fixed income portfolio specialist for T. Rowe Price. He is a member of the Global Fixed Income team, supporting our emerging markets debt strategies, which includes hard currency- and local currency-denominated sovereign and corporate debt. He represents the portfolio management team, presenting strategies and market outlooks in meetings and conferences.
Years at T. Rowe Price
1
Years investment experience
20
Benjamin Robins,
Portfolio Specialist
Ben Robins is a fixed income portfolio specialist. He is a member of the Global Fixed Income team, supporting our emerging market debt strategies.
Years at T. Rowe Price
3
Years investment experience
19
How to Invest
Fees Minimum Initial Investment and Holding Amount (EUR) Minimum Subsequent Investment (EUR) Sales Charge (up to) Investment Management Fee (up to)

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; 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.

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 dividends 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.

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.

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.

The Morningstar rating is sourced from Morningstar.

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