Risk Considerations

  1. The Fund invests mainly in a diversified portfolio of corporate debt securities that are denominated in euro.
  2. Investment in the Fund involves risks, including general investment risk, geographic concentration risk and Eurozone risk, currency risk and risk associated with changes resulting from the United Kingdom’s exit from the EU 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, risk associated with contingent convertible bonds and valuation risk.
  4. The value of the Fund can be volatile and could go down substantially.
  5. 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.
  6. Investors should not invest in the Fund solely based on this website.
SICAV
Euro Corporate Bond Fund
A diversified corporate debt fund with a focus on security selection.
ISIN LU0133089424
FACTSHEET
KFS
Average
Coupon ?
2.07%
Avg Credit
Quality ?
BBB
Average
Duration ?
N/A
NAV
(EUR)
at 17-Sep-2019
€16.64
NAV Chg
(Daily)
-0.06%
Fund Size
(EUR)
€210.4m
YTD
Return
7.44%
1 YR Return
(Annualised)
6.41%
Since
Inception
3.55%
David Stanley,
Portfolio Manager
David Stanley is a portfolio manager in the Fixed Income Division, responsible for European corporate bond selection.

Overview
Strategy
Fund Summary
Seeks to generate attractive risk-adjusted total returns over the medium to long term primarily through investing in euro-denominated corporate bonds.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

210
Holdings

Average
Quality
BBB
Risk & Reward Data
Information Ratio
-0.45
Sharpe Ratio
-0.73
Historical Tracking Error
0.79%
Performance - Net of Fees
Current Year Performance
1 Month
0.48%
Indicative Benchmark
0.64%
Excess Return

-0.16%
3 Months
3.84%
Indicative Benchmark
3.69%
Excess Return

0.15%
6 Months
5.67%
Indicative Benchmark
5.72%
Excess Return

-0.05%
YTD
7.44%
Indicative Benchmark
7.61%
Excess Return

-0.17%
Annualised Performance
1 YR
6.41%
Indicative Benchmark
6.64%
Excess Return

-0.23%
3 YR
2.16%
Indicative Benchmark
2.42%
Excess Return

-0.26%
5 YR
2.53%
Indicative Benchmark
2.89%
Excess Return

-0.36%
Inception
3.55%
Indicative Benchmark
4.02%
Excess Return

-0.47%
Data as of 31-Aug-2019
Indicative Benchmark : Bloomberg Barclays Euro-Aggregate: Corporates Bond Index EUR
Share Class Inception Date: 09-Nov-2004
Holdings
Total
Holdings
210
Top 10
18.44%
Largest
Tele2
1.40%
Was ( 31-Mar-2019 )
0.55%
Data as of 30-Jun-2019
Duration ?
Maturity ?
Quality ?
Average
N/A
Average
5.53 yrs
Average
BBB
Top
3-5 Years
28.48%
Was ( 31-Jul-2019 )
28.41%
Top
3-5 Years
26.48%
Was ( 31-Jul-2019 )
27.58%
Top
BBB
69.28%
Was ( 31-Jul-2019 )
68.04%
Overweight
7-10 Years
By 7.78%
Fund
24.99%
Indicative Benchmark
17.21%
Overweight
3-5 Years
By 26.48%
Fund
26.48%
Indicative Benchmark
0.00%
Overweight
BBB
By 18.41%
Fund
69.28%
Indicative Benchmark
50.87%
Underweight
1-3 Years
By -5.75%
Fund
19.27%
Indicative Benchmark
25.03%
Underweight
A
By -22.17%
Fund
14.60%
Indicative Benchmark
36.78%
Regions
Data as of
Countries
Total
Countries
28
Largest
United States
19.01%
Was ( 31-Jul-2019 )
18.41%
Overweight
Spain
By 4.91%
Fund
10.71%
Indicative Benchmark
5.80%
Underweight
France
By -15.73%
Fund
5.30%
Indicative Benchmark
21.03%
Data as of 31-Aug-2019
Data as of 31-Aug-2019
Indicative Benchmark: Bloomberg Barclays Euro-Aggregate: Corporates Bond Index EUR

Team
David Stanley,
Portfolio Manager
David Stanley is a portfolio manager in the Fixed Income Division, responsible for European corporate bond selection.
Portfolio Manager since
2003
Years at
T. Rowe Price
14
Years investment experience
30
Stephen Marsh,
Fixed Income Portfolio Specialist
Stephen Marsh is a portfolio specialist in the Fixed Income Division, based in London.
Years at T. Rowe Price
2
Years investment experience
17
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: Bloomberg Barclays

Unless otherwise specified, all fund ratings, awards and data are as of 31-Aug-2019 and sourced from T. Rowe Price. 

Source for Credit Quality Diversification: Barclays POINT. If there are three ratings, the median is used, if there are two, the most conservative and if there is only one, that rating is used. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.

Sources for Average Quality: Moody’s Investors Services, Standard & Poor’s, and Fitch. If there are three ratings, the median is used, if there are two, the most conservative and if there is only one, that rating is used.

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.

Where Top 10 Contributor and Detractor figures are shown (within the Holdings sections), these represent the Top 10 contributing/detracting securities by percentage of positive or negative contribution to performance as of 31-Aug-2019.

Where individual top contributor/detractor figures are shown, these are the largest contributors/detractors by percentage of fund size, out of the Top 10 contributors/detractors to fund performance as of 31-Aug-2019.

Calculation methodology of the contributors/detractors is available upon request. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for clients in the fund. A complete list of contributors/detractors for the period covered is available upon request.

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.