Risk Considerations

  1. The Fund invests mainly in a diversified portfolio of debt securities of all types from emerging market issuers.
  2. Investment in the Fund involves risks, including general investment risk, emerging markets risk, geographic concentration risk, currency risk and issuer concentration risk which may result in loss of a part or the entire amount of your investment.
  3. The investment in emerging market 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 contingent convertible bonds and valuation risk.
  4. The Fund may use derivatives( including OTC derivatives and exchange-traded derivatives) extensively for hedging and investment purposes (including efficient portfolio management), 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, dividends 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. You should not invest in the Fund unless the intermediary which sells you the Fund has advised you that the Fund is suitable for you.
  8. Investors should not invest in the Fund solely based on this website.
SICAV
Emerging Markets Bond Fund
Active investment in mainly sovereign emerging-market bonds.
ISIN LU0207127084
FACTSHEET
KFS
Average
Coupon ?
6.43%
Avg Credit
Quality ?
BB-
Average
Duration ?
6.46 yrs
NAV
(USD)
at 17-Jul-2019
$21.31
NAV Chg
(Daily)
0.00%
Fund Size
(USD)
$545.5m
YTD
Return
11.47%
1 YR Return
(Annualised)
10.48%
Since
Inception
5.98%
Michael Conelius,
Portfolio Manager
Michael Conelius is a portfolio manager in the Fixed Income Division. He is lead manager of T. Rowe Price's Emerging Markets Bond Strategy.

Overview
Strategy
Fund Summary
Maximise total return potential by investing in a widely diversified portfolio of emerging-market fixed income assets.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

254
Holdings

Average
Quality
BB-
Risk & Reward Data
Information Ratio
-0.53
Sharpe Ratio
0.51
Historical Tracking Error
2.16%
Performance - Net of Fees
Current Year Performance
1 Month
3.70%
Indicative Benchmark
3.40%
Excess Return

0.30%
3 Months
3.80%
Indicative Benchmark
4.08%
Excess Return

-0.28%
6 Months
11.47%
Indicative Benchmark
11.31%
Excess Return

0.16%
YTD
11.47%
Indicative Benchmark
11.31%
Excess Return

0.16%
Annualised Performance
1 YR
10.48%
Indicative Benchmark
12.45%
Excess Return

-1.97%
3 YR
5.31%
Indicative Benchmark
5.47%
Excess Return

-0.16%
5 YR
4.15%
Indicative Benchmark
5.30%
Excess Return

-1.15%
Inception
5.98%
Indicative Benchmark
7.50%
Excess Return

-1.52%
Data as of 30-Jun-2019
Indicative Benchmark : J.P. Morgan Emerging Markets Bond Index Global Diversified
Share Class Inception Date: 27-Jun-2006
Holdings
Total
Holdings
254
Top 10
38.08%
Largest
Petrobras Global Finance BV
3.55%
Was ( 31-Mar-2019 )
4.05%
Data as of 30-Jun-2019
Duration ?
Maturity ?
Quality ?
Average
6.46 yrs
Average
9.70 yrs
Average
BB-
Top
5-7 Years
33.37%
Was ( 31-May-2019 )
34.72%
Top
7-10 Years
27.34%
Was ( 31-May-2019 )
28.07%
Top
B
40.72%
Was ( 31-May-2019 )
38.34%
Overweight
5-7 Years
By 8.81%
Fund
33.37%
Indicative Benchmark
24.56%
Overweight
7-10 Years
By 6.31%
Fund
27.34%
Indicative Benchmark
21.03%
Overweight
B
By 10.95%
Fund
40.72%
Indicative Benchmark
29.77%
Underweight
Over 10 Years
By -7.35%
Fund
18.50%
Indicative Benchmark
25.85%
Underweight
10+ Years
By -15.29%
Fund
18.16%
Indicative Benchmark
33.45%
Underweight
A
By -13.71%
Fund
3.01%
Indicative Benchmark
16.71%
Sectors
Total
Sectors
5
Largest
Sovereign
62.21%
Was ( 31-May-2019 )
59.26%
Overweight
Corporate
By 16.17%
Fund
16.17%
Indicative Benchmark
0.00%
Underweight
Sovereign
By -20.53%
Fund
62.21%
Indicative Benchmark
82.74%
Data as of 30-Jun-2019
Data as of 30-Jun-2019
Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified
Regions
Data as of
Countries
Total
Countries
54
Largest
Brazil
9.80%
Was ( 31-May-2019 )
10.14%
Overweight
Brazil
By 6.79%
Fund
9.80%
Indicative Benchmark
3.01%
Underweight
Russia
By -3.19%
Fund
0.00%
Indicative Benchmark
3.19%
Data as of 30-Jun-2019
Data as of 30-Jun-2019
Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified
Currency
Total
Currencies
13
Largest
U.S. dollar
97.82%
Was ( 31-May-2019 )
98.58%

Overweight
Egyptian pound
By 0.48%
Fund
0.48%
Indicative Benchmark
0.00%
Underweight
U.S. dollar
By -2.18%
Fund
97.82%
Indicative Benchmark
100.00%
Data as of 30-Jun-2019
Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Team
Michael Conelius,
Portfolio Manager
Michael Conelius is a portfolio manager in the Fixed Income Division. He is lead manager of T. Rowe Price's Emerging Markets Bond Strategy.
Portfolio Manager since
2004
Years at
T. Rowe Price
29
Years investment experience
29
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
1
Years investment experience
17
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: JP Morgan

Unless otherwise specified, all fund ratings, awards and data are as of 30-Jun-2019 and sourced from T. Rowe Price. 

Sources for Credit Quality Diversification & 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.

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, 21/F, Jardine House, 1 Connaught Place, 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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Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.