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Ideas
Ideas are key to our success. Our analysts go beyond the numbers to look for real insights of change in every corner of the market. At T. Rowe Price, analysts are rewarded on the value their ideas create. We are insight-led and idea-driven.
Independence
Our portfolio managers are not held to a central ‘house view’. They are empowered to identify the themes they believe are most relevant to their portfolios and to decide how best to express those views to meet the investment objectives.
Integration & collaboration
Many investment firms claim to be collaborative but at T. Rowe Price, collaboration is the lifeblood of our culture. Our teams are encouraged to share ideas, challenge consensus and bring their own perspectives. We believe this leads to better decisions.
Risk management
From meticulous company and credit research, to quantitative proprietary risk models, to our Responsible Investing Indicator Model (RIIM). We continually monitor and manage risk to ensure each portfolio is taking only intended risks to generate return.
INVESTOR CHALLENGES
Inflation and rising rates remain at the forefront of investors’ minds. Fixed income investors have faced a testing combination of multi-decade inflation highs and a hawkish policy shift from major central banks, which has led to a new rising rates cycle.
With the prospect of further volatility and higher interest rates, what can investors do to help shield their portfolios from interest rate risk and the rising cost of money?
The hunt for yield has been one of the major challenges for investors over the past decade. Over that period, ultra-low interest rates have meant the so-called ‘risk-free’ component of most fixed income portfolios has produced results that have barely kept up with inflation, if at all.
However, bond yields are finally starting to look attractive again but are they priced for the scale of the macro headwinds ahead?
The combination of persistently high inflation, slowing growth and geopolitical unrest has created an almost unsolvable riddle for central banks. Will they be forced to choose between trying to avert recession and meeting inflation targets?
Investors need managers with the experience and insights to navigate policy uncertainty and identify pockets of value across the full breadth of fixed income sectors.
Amid the risk of recession, a falloff in consumer spending, elevated energy prices and higher costs of capital, corporate earnings are under threat. After a decade of cheap capital and strong growth, business models will face heightened scrutiny, with the weaker ones likely to get found out.Security selection will be vital for success. Investors need managers with deep understanding of companies and industries and the ability to make the right choices to futureproof their portfolio.
CREDENTIALS
Unparalleled Expertise Across Sectors and Markets
Interest Rate Capabilities
Flexibility to adapt to different market cycles and environments, including when interest rates are rising.
Credit Capabilities
Ability to minimise default risk through a powerful combination of expertise, deep resources and a time-tested process.
Emerging Markets Capabilities
Scale and experience to access and cover all segments of emerging markets debt including frontier markets.
FUND RANGE
Your route into fixed income markets
Fund in Focus: Dynamic Global Bond
Whenever the tide turns, make sure your portfolio has an anchor.
Fund in Focus: Global Impact Credit
Invest on the right side of societal and environmental change.
Fixed Income Funds
Explore our global range of strategies and solutions focused on client outcomes.
Risks - The following risks are materially relevant to the fund (refer to prospectus for further details):
General Fund Risks
Capital risk - the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the currency in which you subscribed, if different. Counterparty risk - an entity with which the portfolio transacts may not meet its obligations to the fund. ESG and Sustainability risk - may result in a material negative impact on the value of investment and performance of the fund. Geographic concentration risk - to the extent that a fund invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area. Hedging risk - a fund's attempts to reduce or eliminate certain risks through hedging may not work as intended. Investment fund risk - investing in funds involves certain risks an investor would not face if investing in markets directly. Management risk - the investment manager or its designees may at times find their obligations to a fund to be in conflict with their obligations to other investment funds they manage (although in such cases, all funds will be dealt with equitably). Operational risk - operational failures could lead to disruptions of fund operations or financial losses.
INVESTMENT PHILOSOPHY
What is freedom in fixed income?
At T. Rowe Price, we believe that empowering our fixed income experts with the freedom to think and the freedom to explore can deliver better outcomes for our clients.
Our active management process empowers fixed income investment professionals free to think. explore and perform.
What is freedom in Fixed Income for Portfolio Manager Matt Lawton? He describes it as being empowered to enable change and accelerate impact outcomes.
What is “Freedom in Fixed Income”? Portfolio Manager, Mike Della Vedova, explains why our unconstrained approach helps deliver long-term results for clients.
Portfolio Manager, David Stanley, discusses the benefits of “Freedom in Fixed Income” and the attractive investment opportunities it can bring.
Hear from Razan Nasser, Emerging Markets Sovereign Analyst and Willem Visser, Associate PM Fixed Income ESG, on how the freedom to seek and share different perspectives empowers our investment teams to explore new ideas.
HERITAGE
A consistent approach: tried and tested for over 50 years
When we founded our fixed income division in 1971, the world was a very different place. Over these five decades we have navigated multiple market crises and followed new asset classes as they grew from infancy.
Join our investment professionals as they reflect on their own careers, the evolution of their asset classes – and lessons for the future.
INSIGHTS
Our Thinking
022023-2762572
All data as at 31.12.22.
1The combined multi-asset portfolios managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. This figure includes assets that are held outside of T. Rowe Price, but where T. Rowe Price influences trade decisions.
Important Information
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 (KIID) 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 www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.
This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. 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.The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass.
The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.
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UK – This material is issued and approved by T. Rowe Price International Ltd, 60 Queen Victoria Street, London, EC4N 4TZ which is authorised and regulated by the UK Financial Conduct Authority. For Professional Clients only.
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