Risk Considerations

  1. The Fund invests mainly in a diversified portfolio of high yield corporate debt securities from issuers in the United States.
  2. Investment in the Fund involves risks, including general investment 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, 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. For Class Ax, dividend 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
US High Yield Bond Fund
Concentrated high yield portfolio primarily focused on the traditional US high yield investment opportunity set.
ISIN LU1697876628
FACTSHEET
KFS
Average
Coupon ?
6.97%
Avg Credit
Quality ?
B
Average
Duration ?
3.36 yrs
NAV
(USD)
at 23-Aug-2019
$10.56
NAV Chg
(Daily)
0.00%
Fund Size
(USD)
$101.1m
YTD
Return
11.29%
1 YR Return
(Annualised)
5.50%
Since
Inception
4.24%
Kevin Loome,
Portfolio Manager
Kevin Loome is lead portfolio manager of the US High Yield Bond strategy. He and his team joined T. Rowe Price Group Inc. in 2017 from Henderson Global Investors (North America) Inc.

Overview
Strategy
Fund Summary
Seeks to capitalise on price inefficiencies that create attractive relative value opportunities across issuers due to size, credit quality and geography.
LIMITED
MODERATE
EXTENSIVE

93
Holdings

Average
Quality
B
Risk & Reward Data

Risk return statistics are not available until 3 years of data is available.
Performance - Net of Fees
Current Year Performance
1 Month
0.86%
Indicative Benchmark
0.51%
Excess Return

0.35%
3 Months
1.54%
Indicative Benchmark
1.67%
Excess Return

-0.13%
6 Months
6.24%
Indicative Benchmark
5.86%
Excess Return

0.38%
YTD
11.29%
Indicative Benchmark
10.72%
Excess Return

0.57%
Annualised Performance
1 YR
5.50%
Indicative Benchmark
6.93%
Excess Return

-1.43%
3 YR
N/A
Indicative Benchmark
N/A
Excess Return

N/A
5 YR
N/A
Indicative Benchmark
N/A
Excess Return

N/A
Inception
4.24%
Indicative Benchmark
6.01%
Excess Return

-1.77%
Data as of 31-Jul-2019
Indicative Benchmark : ICE BofAML US High Yield Constrained Index
Share Class Inception Date: 16-Apr-2018
Holdings
Total
Holdings
93
Top 10
19.68%
Largest
Bausch Health Americas
3.05%
Was ( 31-Mar-2019 )
2.02%
Data as of 30-Jun-2019
Duration ?
Maturity ?
Quality ?
Average
3.36 yrs
Average
6.15 yrs
Average
B
Top
3-5 Years
48.71%
Was ( 30-Jun-2019 )
51.47%
Top
5-7 Years
46.63%
Was ( 30-Jun-2019 )
45.35%
Top
B Rated
38.15%
Was ( 30-Jun-2019 )
34.73%
Overweight
3-5 Years
By 11.03%
Fund
48.71%
Indicative Benchmark
37.68%
Overweight
5-7 Years
By 12.80%
Fund
46.63%
Indicative Benchmark
33.84%
Overweight
BB/B Rated
By 14.93%
Fund
14.93%
Indicative Benchmark
0.00%
Underweight
Under 1 Year
By -4.56%
Fund
10.12%
Indicative Benchmark
14.68%
Underweight
1-3 Years
By -12.47%
Fund
2.91%
Indicative Benchmark
15.38%
Underweight
BB Rated
By -27.52%
Fund
21.10%
Indicative Benchmark
48.61%
Industry
Total
Industries
16
Largest
Media
16.52%
Was ( 30-Jun-2019 )
14.83%
Overweight
Media
By 6.36%
Fund
16.52%
Indicative Benchmark
10.16%
Underweight
Technology & Electronics
By -3.52%
Fund
2.20%
Indicative Benchmark
5.72%
Data as of 31-Jul-2019
Data as of 31-Jul-2019
Indicative Benchmark: ICE BofAML US High Yield Constrained Index
Regions
Data as of
Countries
Total
Countries
10
Largest
United States
81.34%
Was ( 30-Jun-2019 )
82.28%
Overweight
Netherlands
By 2.01%
Fund
2.63%
Indicative Benchmark
0.62%
Underweight
United States
By -5.70%
Fund
81.34%
Indicative Benchmark
87.04%
Data as of 31-Jul-2019
Data as of 31-Jul-2019
Indicative Benchmark: ICE BofAML US High Yield Constrained Index

Team
Kevin Loome,
Portfolio Manager
Kevin Loome is lead portfolio manager of the US High Yield Bond strategy. He and his team joined T. Rowe Price Group Inc. in 2017 from Henderson Global Investors (North America) Inc.
Portfolio Manager since
2018
Years at T. Rowe Price
1
Years investment experience
25
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
Yukiko Hanai,
Portfolio Specialist
Yukiko Hanai is a global fixed income portfolio specialist in the Fixed Income Division of T. Rowe Price, based in Tokyo. She works closely with our local offices in Asia and provides technical knowledge and client servicing for a number of our global fixed income strategies.
Years at T. Rowe Price
1
Years investment experience
25
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)
Class A $15,000 $100 5.00% 115 basis points

Indicative Benchmark Data Source: ICE BofA Merrill Lynch

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

Sources for Credit Quality Diversification: Bloomberg Barclays uses the middle rating of Moody’s, S&P and Fitch to determine a security’s credit classification. If only two agencies rate a security, the most conservative (lowest) rating is used. If only one rates a security, that single rating is used.

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.

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.

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. 

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.