Risk Considerations

  1. The Fund invests mainly in a diversified portfolio of high yield corporate debt securities from issuers around the world, including emerging markets. The Fund may invest up to 40% of its net asset value in emerging markets.
  2. Investment in the Fund involves risks, including general investment risk, emerging markets risk, geographic concentration risk and currency 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 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. Dividends 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
Global High Income Bond Fund
A high-income portfolio of primarily global high yield corporate bond opportunities supported by stringent risk management.
ISIN LU1216622560
FACTSHEET
KFS
Average
Coupon ?
6.83%
Avg Credit
Quality ?
B+
Average
Duration ?
3.38 yrs
NAV
(USD)
at 19-Jul-2019
$12.51
NAV Chg
(Daily)
0.00%
Fund Size
(USD)
$129.0m
YTD
Return
9.48%
1 YR Return
(Annualised)
8.53%
Since
Inception
5.57%
Mark Vaselkiv,
Portfolio Manager
Mark Vaselkiv is a portfolio manager in the Fixed Income Division. Mr. Vaselkiv is head of the High Yield team and lead portfolio manager of the firm's High Yield Strategy.

Overview
Strategy
Fund Summary
Seeks to identify improving issuers using factors such as credit statistics, free cash flow generation, strategic value of company, security structure and quality of management team.
LIMITED
MODERATE
EXTENSIVE

203
Holdings

Average
Quality
B+
Risk & Reward Data
Information Ratio
-0.20
Sharpe Ratio
1.53
Historical Tracking Error
0.79%
Performance - Net of Fees
Current Year Performance
1 Month
2.21%
Indicative Benchmark
2.48%
Excess Return

-0.27%
3 Months
2.89%
Indicative Benchmark
2.84%
Excess Return

0.05%
6 Months
9.48%
Indicative Benchmark
9.92%
Excess Return

-0.44%
YTD
9.48%
Indicative Benchmark
9.92%
Excess Return

-0.44%
Annualised Performance
1 YR
8.53%
Indicative Benchmark
8.62%
Excess Return

-0.09%
3 YR
7.46%
Indicative Benchmark
7.61%
Excess Return

-0.15%
5 YR
N/A
Indicative Benchmark
N/A
Excess Return

N/A
Inception
5.57%
Indicative Benchmark
6.07%
Excess Return

-0.50%
Data as of 30-Jun-2019
Indicative Benchmark : ICE BofAML Global High Yield Index Hedged to USD
Share Class Inception Date: 04-Jun-2015
Holdings
Total
Holdings
203
Top 10
15.20%
Largest
Bausch Health Americas
1.71%
Was ( 31-Mar-2019 )
0.38%
Data as of 30-Jun-2019
Duration ?
Maturity ?
Quality ?
Average
3.38 yrs
Average
6.19 yrs
Average
B+
Top
3-5 Years
42.05%
Was ( 31-May-2019 )
42.03%
Top
5-7 Years
32.36%
Was ( 31-May-2019 )
36.14%
Top
B Rated
35.12%
Was ( 31-May-2019 )
36.53%
Overweight
Cash Holdings
By 7.35%
Fund
7.35%
Indicative Benchmark
0.00%
Overweight
7-10 Years
By 14.50%
Fund
29.37%
Indicative Benchmark
14.87%
Overweight
BB/B Rated
By 15.95%
Fund
15.95%
Indicative Benchmark
0.00%
Underweight
1-3 Years
By -6.78%
Fund
26.89%
Indicative Benchmark
33.67%
Underweight
1-3 Years
By -14.81%
Fund
5.39%
Indicative Benchmark
20.20%
Underweight
BB Rated
By -33.54%
Fund
21.26%
Indicative Benchmark
54.81%
Industry
Total
Industries
29
Largest
Financial
12.87%
Was ( 31-May-2019 )
14.36%
Overweight
Short-Term
By 7.35%
Fund
7.35%
Indicative Benchmark
0.00%
Underweight
Other Telecommunications
By -2.14%
Fund
2.72%
Indicative Benchmark
4.86%
Data as of 30-Jun-2019
Data as of 30-Jun-2019
Indicative Benchmark: ICE BofAML Global High Yield Index
Regions
Data as of
Countries
Total
Countries
29
Largest
United States
47.91%
Was ( 31-May-2019 )
50.33%
Overweight
South Africa
By 3.13%
Fund
3.84%
Indicative Benchmark
0.71%
Underweight
United States
By -6.49%
Fund
47.91%
Indicative Benchmark
54.40%
Data as of 30-Jun-2019
Data as of 30-Jun-2019
Indicative Benchmark: ICE BofAML Global High Yield Index
Currency
Total
Currencies
3
Largest
U.S. dollar
99.96%
Was ( 31-May-2019 )
100.11%

Overweight
U.S. dollar
By 18.57%
Fund
99.96%
Indicative Benchmark
81.40%
Underweight
euro
By -16.16%
Fund
-0.01%
Indicative Benchmark
16.15%
Data as of 30-Jun-2019
Indicative Benchmark: ICE BofAML Global High Yield Index

Team
Mark Vaselkiv,
Portfolio Manager
Mark Vaselkiv is a portfolio manager in the Fixed Income Division. Mr. Vaselkiv is head of the High Yield team and lead portfolio manager of the firm's High Yield Strategy.
Portfolio Manager since
2015
Years at
T. Rowe Price
29
Years investment experience
33
Mike Della Vedova,
Portfolio Manager
Michael Della Vedova is a European high yield portfolio manager/analyst in the Fixed Income Division.
Portfolio Manager since
2015
Years at
T. Rowe Price
8
Years investment experience
24
Gregor Dannacher,
Global Fixed Income Portfolio Specialist
Gregor Dannacher is a portfolio specialist in the Fixed Income division. He supports the Credit Opportunities, Global High Income, Global High Yield, US High Yield and US Investment Grade Corporate strategies.
Years at T. Rowe Price
2
Years investment experience
25
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 (USD) Minimum Subsequent Investment (USD) 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 30-Jun-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.

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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