SICAV
Euro Corporate Bond Fund
This diversified fund invests predominantly in corporate bonds denominated in euros. It seeks to exploit inefficiencies in corporate bond markets and to generate value through income and capital growth. We invest along the capital structure.
ISIN LU0133091248
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FACTSHEET
KIID
FUND PROFILE
COMMENTARY

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Average
Coupon
1.76%
Data as of: 29-Feb-2020
Average
Maturity
5.11 yrs
Data as of: 29-Feb-2020
Average
Duration
N/A
Data as of: 29-Feb-2020
Fund Size
(EUR)
€243.4m
Data as of: 29-Feb-2020
Perf Chg
(Daily)
0.20%
Data as of: 26-Mar-2020
Since
Inception
4.31%
Data as of: 29-Feb-2020
Risk & Reward
(SRRI)?
1 2 3 4 5 6 7 Data as of: 29-Feb-2020
NAV
(EUR)
€19.63
Data as of: 26-Mar-2020
1 YR Return
(Annualised)
6.04%
Data as of: 29-Feb-2020

Overview
Strategy
Fund Summary
We use proprietary, fundamental credit research to focus on identifying corporate bonds that offer attractive yields in relation to their credit fundamentals. We integrate financial, technical, legal and qualitative research with relative value analysis. Risk management is integral, with limits on both duration and yield curve exposures.

Historical understated Synthetic Risk and Reward Indicator ("SRRI") included in the Key Investor Information Document ("KIID"). Click here to learn more.

Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

201
Holdings

Average
Quality
BBB
Risk & Reward Data
Information Ratio
0.36
Sharpe Ratio
0.30
Historical Tracking Error
0.77%
Performance - Net of Fees
Current Year Performance
MTD
-8.36%
Benchmark*
-7.49%
Excess Return

-0.87%
QTD
-7.58%
Benchmark*
-6.79%
Excess Return

-0.79%
YTD
-7.58%
Benchmark*
-6.79%
Excess Return

-0.79%
Data as of 26-Mar-2020
1 Month
-0.28%
Benchmark*
-0.40%
Excess Return

0.12%
3 Months
0.99%
Benchmark*
0.70%
Excess Return

0.29%
Data as of 29-Feb-2020
 
Annualised Performance
1 YR
6.04%
Benchmark*
5.16%
Excess Return

0.88%
3 YR
2.86%
Benchmark*
2.46%
Excess Return

0.40%
5 YR
2.39%
Benchmark*
2.12%
Excess Return

0.27%
10 YR
4.36%
Benchmark*
3.98%
Excess Return

0.38%
Manager Inception
N/A
Benchmark*
N/A
Excess Return

N/A
Data as of 29-Feb-2020
Indicative Benchmark : Bloomberg Barclays Euro-Aggregate: Corporates Bond Index EUR
Fund Inception: 05-Feb-2002

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings
Total
Holdings
201
Top 10
19.21%
Largest
Allianz
1.53%
Was ( 30-Sep-2019 )
1.58%
Data as of 31-Dec-2019
Duration
Maturity
Quality
Average
N/A
Average
5.11 yrs
Average
BBB
Top
3-5 Years
24.56%
Was ( 31-Jan-2020 )
29.65%
Top
3-5 Years
27.33%
Was ( 31-Jan-2020 )
27.17%
Top
BBB
65.10%
Was ( 31-Jan-2020 )
66.57%
Over
Under 1 Year
By 8.68%
Fund
9.20%
Benchmark*
0.52%
Over
3-5 Years
By 27.33%
Fund
27.33%
Benchmark*
0.00%
Over
BBB
By 13.32%
Fund
65.10%
Benchmark*
51.78%
Under
1-3 Years
By -6.48%
Fund
19.15%
Benchmark*
25.63%
Under
A
By -20.83%
Fund
14.79%
Benchmark*
35.62%
Regions
Data as of
Countries
Total
Countries
29
Largest
United States
16.54%
Was ( 31-Jan-2020 )
15.23%
Over
Spain
By 5.23%
Fund
11.24%
Benchmark*
6.02%
Under
France
By -13.95%
Fund
6.79%
Benchmark*
20.74%
Data as of 29-Feb-2020
Data as of 29-Feb-2020
Indicative Benchmark: Bloomberg Barclays Euro-Aggregate: Corporates Bond Index EUR

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
David Stanley,
Portfolio Manager
David Stanley is a portfolio manager in the Fixed Income Division, responsible for European corporate bond selection.
Portfolio Manager since
2003
Years at
T. Rowe Price
16
Years investment experience
32
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
4
Years investment experience
18
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1

Indicative Benchmark Data Source: Bloomberg Index Services Limited.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, 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. Past performance is not a reliable indicator of future performance.

Daily performance data is based on the latest available NAV.  

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 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 and via www.troweprice.com.

Please note that the Fund typically has a risk of high volatility.

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.

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.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

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.