SICAV
Emerging Local Markets Bond Fund
Research-driven investment in emerging market local currency sovereign bonds.
ISIN LU0310189781
View more information on risks
FACTSHEET
KIID
COMMENTARY

The commentaries as of the previous month end are not available. Please check back soon.

Fund Size
($84.7m)
$84.7m
Data as of: 31-Oct-2019
Perf Chg
(Daily)
0.22%
Data as of: 06-Dec-2019
NAV
(USD)
$13.90
Data as of: 06-Dec-2019
1 YR Return
(Annualised)
15.84%
Data as of: 31-Oct-2019
Since
Inception
2.81%
Data as of: 31-Oct-2019
Average
Coupon
6.87%
Data as of: 31-Oct-2019
Average
Maturity
8.15 yrs
Data as of: 31-Oct-2019
Average
Duration
5.31 yrs
Data as of: 31-Oct-2019

Overview
Strategy
Fund Summary
Targeting high income and capital appreciation through a portfolio of emerging sovereign bonds denominated in local currencies.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

104
Holdings

Average
Quality
BBB
Risk & Reward Data
Information Ratio
0.05
Sharpe Ratio
-0.01
Historical Tracking Error
1.51%
Performance - Net of Fees
Current Year Performance
MTD
0.94%
Benchmark*
1.02%
Excess Return

-0.08%
QTD
1.98%
Benchmark*
2.06%
Excess Return

-0.08%
YTD
9.97%
Benchmark*
10.08%
Excess Return

-0.11%
Data as of 06-Dec-2019
1 Month
3.01%
Benchmark*
2.90%
Excess Return

0.11%
3 Months
0.72%
Benchmark*
1.14%
Excess Return

-0.42%
Data as of 31-Oct-2019
 
Annualised Performance
1 YR
15.84%
Benchmark*
15.59%
Excess Return

0.25%
3 YR
4.28%
Benchmark*
4.34%
Excess Return

-0.06%
5 YR
0.89%
Benchmark*
0.82%
Excess Return

0.07%
10 YR
2.32%
Benchmark*
2.52%
Excess Return

-0.20%
Manager Inception
-0.06%
Benchmark*
-0.04%
Excess Return

-0.02%
Data as of 31-Oct-2019
Indicative Benchmark : Linked Benchmark
Fund Inception: 09-Aug-2007
Manager Inception: 31-Oct-2012

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

Holdings
Total
Holdings
104
Top 10
68.16%
Largest
Brazil Notas do Tesouro Nacional Serie F
4.04%
Was ( 30-Jun-2019 )
4.41%
Data as of 30-Sep-2019
Duration
Maturity
Quality
Average
5.31 yrs
Average
8.15 yrs
Average
BBB
Top
5-7 Years
38.18%
Was ( 30-Sep-2019 )
37.60%
Top
BBB
54.16%
Was ( 30-Sep-2019 )
52.09%
Over
5-7 Years
By 16.56%
Fund
38.18%
Benchmark*
21.62%
Over
B
By 5.31%
Fund
6.59%
Benchmark*
1.28%
Under
1-3 Years
By -15.14%
Fund
10.37%
Benchmark*
25.51%
Under
A
By -7.68%
Fund
23.38%
Benchmark*
31.06%
Sectors
Total
Sectors
6
Largest
Sovereign
94.68%
Was ( 30-Sep-2019 )
92.27%
Over
Quasi-Sovereign
By 1.67%
Fund
1.67%
Benchmark*
0.00%
Under
Sovereign
By -5.32%
Fund
94.68%
Benchmark*
100.00%
Data as of 31-Oct-2019
Data as of 31-Oct-2019
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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

Regions
Total
Regions
5
Largest
Asia
32.26%
Was ( 30-Sep-2019 )
31.48%
Over
Asia
By 6.59%
Fund
32.26%
Benchmark**
25.67%
Under
Emerging Europe
By -9.48%
Fund
22.68%
Benchmark**
32.16%
Data as of 31-Oct-2019
Data as of 31-Oct-2019
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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

Countries
Total
Countries
27
Largest
Indonesia
11.26%
Was ( 30-Sep-2019 )
10.55%
Over
India
By 3.07%
Fund
3.07%
Benchmark*
0.00%
Under
Poland
By -5.41%
Fund
3.35%
Benchmark*
8.76%
Data as of 31-Oct-2019
Data as of 31-Oct-2019
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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

Currency
Total
Currencies
36
Largest
Indonesian rupiah
11.52%
Was ( 30-Sep-2019 )
10.88%

Over
Serbia dinar
By 2.02%
Fund
2.02%
Benchmark*
0.00%
Under
New Taiwan dollar
By -3.25%
Fund
-3.25%
Benchmark*
0.00%
Data as of 31-Oct-2019
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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


Team
Andrew Keirle,
Portfolio Manager
Andrew Keirle is a portfolio manager of the Emerging Markets Local Currency Bond Strategy in the Fixed Income Division at T. Rowe Price.
Portfolio Manager since
2010
Years at
T. Rowe Price
12
Years investment experience
21
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
Benjamin Robins,
Portfolio Specialist
Ben Robins is a fixed income portfolio specialist. He is a member of the Global Fixed Income team, supporting our emerging market debt strategies.
Years at T. Rowe Price
1
Years investment experience
17
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: JP Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2019, J.P. Morgan Chase & Co. All rights reserved.

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.

Emerging Local Markets Bond

Effective 1 January 2011, the benchmark was changed to J. P. Morgan Government Bond Index - Emerging Markets Global Diversified Index. Prior to 1 January 2011, the benchmark was the J. P. Morgan Government Bond Index - Emerging Markets Broad Diversified Index. The benchmark change was made because the portfolio manager viewed the new benchmark to be a better representation of the investment strategy of the sub-fund. Historical benchmark representations have not been restated.

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.

©2019 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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