Risk Considerations

  1. The Fund invests mainly in a diversified portfolio of high yield corporate debt securities that are denominated in European currencies.
  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, risks 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. For Class Ax, dividend are paid on a discretionary basis. Dividend may be paid directly out of capital and/or effectively out 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
European High Yield Bond Fund
Research-driven, targeting high income.
ISIN LU0596127604
FACTSHEET
KFS
Average
Coupon ?
5.72%
Avg Credit
Quality ?
B+
Average
Duration ?
2.13 yrs
NAV
(EUR)
at 17-Sep-2019
€17.65
NAV Chg
(Daily)
-0.06%
Fund Size
(EUR)
€280.6m
YTD
Return
10.88%
1 YR Return
(Annualised)
3.12%
Since
Inception
7.32%
Mike Della Vedova,
Portfolio Manager
Michael Della Vedova is a European high yield portfolio manager/analyst in the Fixed Income Division.

Overview
Strategy
Fund Summary
Seeks to maximise total return through investment in a diversified portfolio of high yield bonds primarily denominated in European currencies.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

95
Holdings

Average
Quality
B+
Risk & Reward Data
Information Ratio
-0.48
Sharpe Ratio
-0.26
Historical Tracking Error
1.98%
Performance - Net of Fees
Current Year Performance
1 Month
0.86%
Indicative Benchmark
0.63%
Excess Return

0.23%
3 Months
3.61%
Indicative Benchmark
3.53%
Excess Return

0.08%
6 Months
4.84%
Indicative Benchmark
4.59%
Excess Return

0.25%
YTD
10.88%
Indicative Benchmark
8.95%
Excess Return

1.93%
Annualised Performance
1 YR
3.12%
Indicative Benchmark
5.13%
Excess Return

-2.01%
3 YR
1.83%
Indicative Benchmark
4.30%
Excess Return

-2.47%
5 YR
3.35%
Indicative Benchmark
4.30%
Excess Return

-0.95%
Inception
7.32%
Indicative Benchmark
7.78%
Excess Return

-0.46%
Data as of 31-Aug-2019
Indicative Benchmark : ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR
Share Class Inception Date: 20-Sep-2011
Holdings
Total
Holdings
95
Top 10
25.67%
Largest
Cabot Financial Luxembourg
2.99%
Was ( 31-Mar-2019 )
2.84%
Data as of 30-Jun-2019
Duration ?
Maturity ?
Quality ?
Average
2.13 yrs
Average
5.44 yrs
Average
B+
Top
1-3 Years
45.14%
Was ( 31-Jul-2019 )
34.00%
Top
5-7 Years
46.71%
Was ( 31-Jul-2019 )
50.34%
Top
B Rated
43.98%
Was ( 31-Jul-2019 )
45.56%
Overweight
1-3 Years
By 9.18%
Fund
45.14%
Indicative Benchmark
35.95%
Overweight
5-7 Years
By 15.13%
Fund
46.71%
Indicative Benchmark
31.57%
Overweight
B Rated
By 17.55%
Fund
43.98%
Indicative Benchmark
26.43%
Underweight
3-5 Years
By -11.53%
Fund
20.16%
Indicative Benchmark
31.69%
Underweight
1-3 Years
By -13.70%
Fund
6.35%
Indicative Benchmark
20.06%
Underweight
BB Rated
By -46.68%
Fund
21.43%
Indicative Benchmark
68.10%
Industry
Total
Industries
27
Largest
Cable Operators
14.52%
Was ( 31-Jul-2019 )
15.26%
Overweight
Cable Operators
By 9.64%
Fund
14.52%
Indicative Benchmark
4.88%
Underweight
Other Telecommunications
By -9.99%
Fund
0.44%
Indicative Benchmark
10.43%
Data as of 31-Aug-2019
Data as of 31-Aug-2019
Indicative Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR
Regions
Data as of
Countries
Total
Countries
19
Largest
United States
23.66%
Was ( 31-Jul-2019 )
23.76%
Overweight
United States
By 9.34%
Fund
23.66%
Indicative Benchmark
14.32%
Underweight
Italy
By -5.79%
Fund
5.69%
Indicative Benchmark
11.48%
Data as of 31-Aug-2019
Data as of 31-Aug-2019
Indicative Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR
Currency
Total
Currencies
5
Largest
euro
99.68%
Was ( 31-Jul-2019 )
100.04%

Overweight
euro
By 11.02%
Fund
99.68%
Indicative Benchmark
88.66%
Underweight
British pound sterling
By -11.12%
Fund
0.22%
Indicative Benchmark
11.34%

It is the intention of the fund to fully hedge back to euro, although direct exposure may total less than 100%. It is important to note that there can be no assurances that the currency hedging employed will fully eliminate the shareholder's exposure to exchange rate fluctuations. 

Data as of 31-Aug-2019
Indicative Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

Team
Mike Della Vedova,
Portfolio Manager
Michael Della Vedova is a European high yield portfolio manager/analyst in the Fixed Income Division.
Portfolio Manager since
2011
Years at
T. Rowe Price
8
Years investment experience
24
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
Please select Class Ax from the dropdown above to view dividend information.
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: ICE BofA Merrill Lynch

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: Moody’s Investors Service and Standard & Poor’s (S&P); split ratings (e.g. BB/B and B/CCC) are assigned when the Moody’s and S&P ratings differ. Short-Term holdings are not rated.

Average Credit Quality is calculated by averaging the Moody’s weighted average quality and the S&P weighted average quality (50/50 split), regardless of the % of the portfolio actually rated by each of these ratings agencies.

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.

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.

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.