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. 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.
  5. The value of the Fund can be volatile and could go down substantially.
  6. 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.
  7. 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 ?
6.41%
Avg Credit
Quality ?
BB-
Average
Duration ?
7.24 yrs
NAV
(USD)
at 12-Sep-2019
$21.19
NAV Chg
(Daily)
0.33%
Fund Size
(USD)
$562.1m
YTD
Return
10.10%
1 YR Return
(Annualised)
10.05%
Since
Inception
5.80%
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
-0.61
Sharpe Ratio
0.47
Historical Tracking Error
2.39%
Performance - Net of Fees
Current Year Performance
1 Month
-1.87%
Indicative Benchmark
0.75%
Excess Return

-2.62%
3 Months
2.44%
Indicative Benchmark
5.44%
Excess Return

-3.00%
6 Months
3.19%
Indicative Benchmark
7.64%
Excess Return

-4.45%
YTD
10.10%
Indicative Benchmark
13.50%
Excess Return

-3.40%
Annualised Performance
1 YR
10.05%
Indicative Benchmark
13.77%
Excess Return

-3.72%
3 YR
3.33%
Indicative Benchmark
4.91%
Excess Return

-1.58%
5 YR
3.98%
Indicative Benchmark
5.45%
Excess Return

-1.47%
Inception
5.80%
Indicative Benchmark
7.56%
Excess Return

-1.76%
Data as of 31-Aug-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
7.24 yrs
Average
10.37yrs
Average
BB-
Top
5-7 Years
31.59%
Was ( 31-Jul-2019 )
33.34%
Top
7-10 Years
25.51%
Was ( 31-Jul-2019 )
26.00%
Top
B
35.93%
Was ( 31-Jul-2019 )
40.82%
Overweight
5-7 Years
By 9.69%
Fund
31.59%
Indicative Benchmark
21.90%
Overweight
7-10 Years
By 5.50%
Fund
25.51%
Indicative Benchmark
20.01%
Overweight
B
By 9.92%
Fund
35.93%
Indicative Benchmark
26.01%
Underweight
7-10 Years
By -6.76%
Fund
6.06%
Indicative Benchmark
12.82%
Underweight
10+ Years
By -13.39%
Fund
21.97%
Indicative Benchmark
35.37%
Underweight
A
By -14.39%
Fund
3.43%
Indicative Benchmark
17.81%
Sectors
Total
Sectors
5
Largest
Sovereign
62.95%
Was ( 31-Jul-2019 )
61.88%
Overweight
Corporate
By 15.36%
Fund
15.36%
Indicative Benchmark
0.00%
Underweight
Sovereign
By -19.13%
Fund
62.95%
Indicative Benchmark
82.08%
Data as of 31-Aug-2019
Data as of 31-Aug-2019
Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified
Regions
Data as of
Countries
Total
Countries
52
Largest
Brazil
10.93%
Was ( 31-Jul-2019 )
10.67%
Overweight
Brazil
By 7.95%
Fund
10.93%
Indicative Benchmark
2.97%
Underweight
Russia
By -3.28%
Fund
0.00%
Indicative Benchmark
3.28%
Data as of 31-Aug-2019
Data as of 31-Aug-2019
Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified
Currency
Total
Currencies
15
Largest
U.S. dollar
100.63%
Was ( 31-Jul-2019 )
99.30%

Overweight
U.S. dollar
By 0.63%
Fund
100.63%
Indicative Benchmark
100.00%
Underweight
Chilean peso
By -0.75%
Fund
-0.75%
Indicative Benchmark
0.00%
Data as of 31-Aug-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. 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 © 2019, J.P. Morgan Chase & Co. All rights reserved.

Unless otherwise specified, all fund ratings, awards and data are as of 31-Aug-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, 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.

©2019 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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