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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

Asia Credit Bond Fund
An actively managed, diversified portfolio of U.S. dollar-denominated fixed income securities of issuers domiciled, or exercising the predominant part of their economic activity, in Asian countries, excluding Japan. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1697875810
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Fund Summary
Our approach is based on proprietary fundamental credit research and relative value analysis. The investment process places a strong emphasis on risk management practices and portfolio diversification to manage the overall risk profile. We seek to exploit market inefficiencies and identify unique and underfollowed credit ideas. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Jun-2022 - Sheldon Chan, Portfolio Manager,

We have pared risk and are more measured in our exposure, recognizing the reality that high yield is more dislocated. Prudent sizing in China's high yield bonds has helped in the de-risking process, which has also meant a reduction in our weightage in China.

We continue to look for evidence of transmission from China easing monetary, regulatory, and/or COVID policy, but progress has been gradual so far and consensus China growth estimates continue to trend down.

Portfolio positioning in China reflects some of these themes with our China high yield positions sized prudently to account for wider tails. We remained underweight in China investment-grade given geopolitical tensions that may ebb and flow but will persist over the long-term.

Structurally, the portfolio is overweight in the BB rated category. We capitalized on some de-risking opportunities to rotate into South Korean investment grade bonds from long duration bonds from Philippines, Middle East, and India without sacrificing yields.

The main overweight positions in the portfolio were in India, Indonesia, and Thailand, which were funded by underweight positions in South Korea investment grade, China/Hong Kong investment grade, and in Malaysian credits. Overall, we moved to a neutral position in China and in the Chinese property sector.

Reduced overweight in China moving to neutral

We continue to feel China property has remained under pressure and the situation remains fluid. While a pivot in regulatory policy was the basis of our investment thesis, it has so far been insufficient to ease investor concerns about near-term liquidity pressures. We selectively reduced position sizes in the Chinese HY property sector to reflect our outlook of near-term challenges.

Added to India exposure

We bought bonds in the Indian renewable energy sector after the sell-off in May resulted in tactical opportunities. The portfolio added bonds from solar power operator Adani Renewable and renewable power producer Azure Power after a conviction change during the quarter following relative valuation changes.

Increased our South Korea investments

The portfolio raised its exposure to South Korea, acquiring new positions in state-owned Korea National Oil, which is mainly engaged in the exploration and development of oil and gas fields and buying more bonds in Kookmin Bank. We think the Korean investment grade segment offers a better volatility profile and entails lower tail risk. It is also attractive because new bond supply has remained consistent over the years even as the rest of the market virtually shut down. We used the new issue concession to add to our positions and reduced structural underweights.

Reduction in our Philippines weightage

We trimmed our Philippines exposure selling some of the corporate bonds from the Southeast Asian country. We exited long duration positions in names like ICTSI, port operator and container terminal operator, and Globe Telecom, one of the major telcos in The Philippines, due to valuation reasons.

Addition to Sri Lanka exposure

We added to our position in distressed Sri Lanka bonds ahead of restructuring to take advantage of potentially higher recovery values than what is currently priced in the market. As the country's restructuring talks with the International Monetary Fund (IMF) progresses, it has aligned its policies accordingly reverting to less populist measure, such as raising taxes and we will wait for that to play out. We are coordinating with other bondholders and the distressed debt advisers as the restructuring process plays out.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of 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”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.