Risk Considerations

  1. The Fund invests mainly in a diversified portfolio of debt securities of all types from issuers around the world, and is not subject to any limitation on the portion of its net asset value that may be invested in any one country or region.
  2. Investment in the Fund involves risks, including general investment 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, risk associated with collateralised and/or securitised products, 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, interest rate and credit derivative positions and is subject to relevant risks. Exposure to derivatives may also lead to a risk of significant loss to the Fund.
  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
Global Aggregate Bond Fund
Risk-aware investing, seeking to exploit inefficiencies in global bond markets.
ISIN LU0133095157
FACTSHEET
KFS
Average
Coupon ?
3.22%
Data as of: 30-Sep-2019
Avg Credit
Quality ?
AA-
Data as of: 30-Sep-2019
Average
Duration ?
7.92 yrs
Data as of: 30-Sep-2019
NAV
(USD)
$18.11
Data as of: 16-Oct-2019
NAV Chg
(Daily)
-0.11%
Data as of: 16-Oct-2019
Fund Size
(USD)
$473.3m
Data as of: 30-Sep-2019
YTD
Return
5.64%
Data as of: 30-Sep-2019
1 YR Return
(Annualised)
5.76%
Data as of: 30-Sep-2019
Since
Inception
3.68%
Data as of: 30-Sep-2019
Arif Husain,
Portfolio Manager
Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global and Global Aggregate Bond Strategies.

Overview
Strategy
Fund Summary
Seeks to maximise returns through investment in a global portfolio of fixed income and currency positions.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

531
Holdings

Average
Quality
AA-
Risk & Reward Data
Information Ratio
-0.56
Sharpe Ratio
0.09
Historical Tracking Error
1.12%
Performance - Net of Fees
Current Year Performance
1 Month
-1.52%
Indicative Benchmark
-1.02%
Excess Return

-0.50%
3 Months
0.50%
Indicative Benchmark
0.71%
Excess Return

-0.21%
6 Months
3.65%
Indicative Benchmark
4.03%
Excess Return

-0.38%
YTD
5.64%
Indicative Benchmark
6.32%
Excess Return

-0.68%
Annualised Performance
1 YR
5.76%
Indicative Benchmark
7.60%
Excess Return

-1.84%
3 YR
0.78%
Indicative Benchmark
1.59%
Excess Return

-0.81%
5 YR
1.36%
Indicative Benchmark
1.99%
Excess Return

-0.63%
Inception
3.68%
Indicative Benchmark
4.04%
Excess Return

-0.36%
Data as of 30-Sep-2019
Indicative Benchmark : Bloomberg Barclays Global Aggregate Bond Index
Share Class Inception Date: 28-Mar-2003
Holdings
Total
Holdings
531
Top 10
58.06%
Largest
U.S. Treasury Bonds
7.32%
Was ( 30-Jun-2019 )
5.17%
Data as of 30-Sep-2019
Duration ?
Maturity ?
Quality ?
Average
7.92 yrs
Average
10.94yrs
Average
AA-
Top
Over 10 Years
26.29%
Was ( 31-Aug-2019 )
25.02%
Top
10+ Years
31.18%
Was ( 31-Aug-2019 )
30.34%
Top
AAA
23.27%
Was ( 31-Aug-2019 )
27.66%
Overweight
7-10 Years
By 3.90%
Fund
16.34%
Indicative Benchmark
12.45%
Overweight
10+ Years
By 5.93%
Fund
31.18%
Indicative Benchmark
25.25%
Overweight
Below Investment Grade
By 5.93%
Fund
6.44%
Indicative Benchmark
0.51%
Underweight
1-3 Years
By -12.21%
Fund
17.39%
Indicative Benchmark
29.60%
Underweight
1-3 Years
By -8.77%
Fund
14.56%
Indicative Benchmark
23.33%
Underweight
A
By -9.73%
Fund
15.32%
Indicative Benchmark
25.05%
Sectors
Total
Sectors
6
Largest
Government
65.52%
Was ( 31-Aug-2019 )
66.09%
Overweight
Government
By 7.01%
Fund
65.52%
Indicative Benchmark
58.51%
Underweight
Agency/Supranationals
By -7.81%
Fund
0.33%
Indicative Benchmark
8.14%
Data as of 30-Sep-2019
Data as of 30-Sep-2019
Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index
Regions
Data as of
Countries
Total
Countries
48
Largest
United States
34.52%
Was ( 31-Aug-2019 )
36.42%
Overweight
United Kingdom
By 7.54%
Fund
12.57%
Indicative Benchmark
5.02%
Underweight
Japan
By -8.10%
Fund
8.39%
Indicative Benchmark
16.50%
Data as of 30-Sep-2019
Data as of 30-Sep-2019
Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index
Currency
Total
Currencies
32
Largest
U.S. dollar
46.49%
Was ( 31-Aug-2019 )
48.84%

Overweight
Israeli shekel
By 1.54%
Fund
1.67%
Indicative Benchmark
0.13%
Underweight
Offshore Chinese renminbi
By -3.27%
Fund
-3.27%
Indicative Benchmark
0.00%
Data as of 30-Sep-2019
Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index

Team
Arif Husain,
Portfolio Manager
Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global and Global Aggregate Bond Strategies.
Portfolio Manager since
2014
Years at
T. Rowe Price
4
Years investment experience
22
Quentin Fitzsimmons,
Portfolio Manager
Quentin Fitzsimmons is a senior portfolio manager in the Fixed Income division and a member of the Global Fixed Income investment team. He is co-portfolio manager of the Dynamic Global Bond and Global Aggregate Bond strategies.
Portfolio Manager since
2016
Years at T. Rowe Price
2
Years investment experience
26
Stephane Fertat, CFA,
Portfolio Specialist
Stephane Fertat is a fixed income portfolio specialist. He is a member of the Global Fixed Income team, supporting all global/international fixed income strategies.
Years at
T. Rowe Price
10
Years investment experience
20
Joran Laird,
Portfolio Specialist
Joran Laird is a global fixed income portfolio specialist based in Hong Kong.
Years at T. Rowe Price
2
Years investment experience
19
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: Bloomberg Barclays

Unless otherwise specified, all fund ratings, awards and data are as of 30-Sep-2019 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.

Sources for Average 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.

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