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SICAV
Global High Income Bond Fund
A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities. We apply an active management approach to global high yield to capitalise on market inefficiencies, sector positioning and idiosyncratic events while seeking enhanced return potential.
ISIN LU1216622644
View more information on risks
FACTSHEET
KIID
www.afm.nl/ebi
Fund Size
($867.5m)
$867.5m
Data as of: 31-Jul-2020
Perf Chg
(Daily)
-0.31%
Data as of: 14-Aug-2020
NAV
(USD)
$13.03
Data as of: 14-Aug-2020
1 YR Return
(Annualised)
0.70%
Data as of: 31-Jul-2020
Since
Inception
5.24%
Data as of: 31-Jul-2020
Average
Coupon
6.30%
Data as of: 31-Jul-2020
Average
Maturity
6.20 yrs
Data as of: 31-Jul-2020
Average
Duration
3.51 yrs
Data as of: 31-Jul-2020

Overview
Strategy
Fund Summary
There is significant divergence across global fixed income markets and global credit cycles are increasingly unsynchronised. This fund seeks to use credit selection capabilities to find value. This includes analysis of factors such as credit statistics, free cash flow generation, security structure and quality of management team.
LIMITED
MODERATE
EXTENSIVE

274
Holdings

Average
Quality
B+
Risk & Reward Data
Information Ratio
-0.13
Sharpe Ratio
0.45
Historical Tracking Error
2.60%
01 January 2020

Portfolio Management Update

Effective 1 January 2020, Michael Connelly and Samy Muaddi assumed co-portfolio management responsibility for the fund.

Performance - Net of Fees
Current Year Performance
MTD
0.15%
Benchmark*
0.54%
Excess Return

-0.39%
QTD
4.16%
Benchmark*
4.36%
Excess Return

-0.20%
YTD
-3.27%
Benchmark*
0.26%
Excess Return

-3.53%
Data as of 14-Aug-2020
1 Month
4.00%
Benchmark*
3.80%
Excess Return

0.20%
3 Months
10.16%
Benchmark*
10.31%
Excess Return

-0.15%
Data as of 31-Jul-2020
 
Annualised Performance
1 YR
0.70%
Benchmark*
3.17%
Excess Return

-2.47%
3 YR
3.69%
Benchmark*
4.46%
Excess Return

-0.77%
5 YR
5.66%
Benchmark*
5.99%
Excess Return

-0.33%
Inception
5.24%
Benchmark*
5.55%
Excess Return

-0.31%
Manager Inception
-3.41%
Benchmark*
-0.28%
Excess Return

-3.13%
Data as of 31-Jul-2020
Indicative Benchmark : ICE BofAML Global High Yield Index Hedged to USD
Fund Inception: 04-Jun-2015
Manager Inception: 31-Dec-2019
Important Information

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

Holdings
Total
Holdings
274
Top 10
12.45%
Largest
Altice Finco
1.15%
Was ( 31-Mar-2020 )
0.62%
Data as of 30-Jun-2020
Duration
Maturity
Quality
Average
3.51 yrs
Average
6.20 yrs
Average
B+
Top
3-5 Years
35.39%
Was ( 30-Jun-2020 )
46.17%
Top
7-10 Years
26.81%
Was ( 30-Jun-2020 )
26.20%
Top
B Rated
31.70%
Was ( 30-Jun-2020 )
35.15%
Over
Cash Holdings
By 6.96%
Fund
6.96%
Benchmark*
0.00%
Over
7-10 Years
By 10.87%
Fund
26.81%
Benchmark*
15.94%
Over
BB/B Rated
By 15.70%
Fund
15.70%
Benchmark*
0.00%
Under
1-3 Years
By -4.97%
Fund
30.93%
Benchmark*
35.90%
Under
1-3 Years
By -10.57%
Fund
11.04%
Benchmark*
21.61%
Under
BB Rated
By -38.29%
Fund
22.62%
Benchmark*
60.92%
Important Information Data as of 31-Jul-2020

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

Industry
Total
Industries
31
Largest
Cable Operators
10.94%
Was ( 30-Jun-2020 )
11.37%
Over
Cable Operators
By 7.52%
Fund
10.94%
Benchmark*
3.42%
Under
Energy
By -4.26%
Fund
9.31%
Benchmark*
13.57%
Data as of 31-Jul-2020
Data as of 31-Jul-2020
Indicative Benchmark: ICE BofAML Global High Yield Index

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

Regions
Data as of
Countries
Total
Countries
30
Largest
United States
51.04%
Was ( 30-Jun-2020 )
54.19%
Over
Netherlands
By 1.96%
Fund
3.20%
Benchmark*
1.25%
Under
Italy
By -3.19%
Fund
0.76%
Benchmark*
3.95%
Data as of 31-Jul-2020
Data as of 31-Jul-2020
Indicative Benchmark: ICE BofAML Global High Yield Index

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

Currency
Total
Currencies
4
Largest
U.S. dollar
99.85%
Was ( 30-Jun-2020 )
99.82%

Over
U.S. dollar
By 19.74%
Fund
99.85%
Benchmark*
80.11%
Under
euro
By -17.41%
Fund
0.11%
Benchmark*
17.52%
Data as of 31-Jul-2020
Indicative Benchmark: ICE BofAML Global High Yield Index

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


Team
Michael 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
11
Years investment experience
26
Michael Connelly ,
Portfolio Manager
Michael Connelly is an associate portfolio manager in the Fixed Income Division at T. Rowe Price. He is responsible for high yield investments and credit research.
Portfolio Manager since
2020
Years at T. Rowe Price
15
Years investment experience
20
Samy Muaddi,
Portfolio Manager
Samy Muaddi is a portfolio manager in the Fixed Income Division. He is lead manager of T. Rowe Price's Emerging Markets Corporate Bond Strategy.
Portfolio Manager since
2020
Years at
T. Rowe Price
14
Years investment experience
14
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
5
Years investment experience
28
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
5
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
Important Information

Indicative Benchmark Data Source: ICE BofA Merrill Lynch

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.

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.

Daily performance data is based on the latest available NAV.  

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.