Choose your location
TAP INTO OPPORTUNITIES IN THE HIGH YIELD MARKETS
While the market is focused on current volatility and the recent selloff, it is easy to miss the potential investment opportunities brought by the reset in yields. We believe investors should not overlook high yield bonds, given their favourable valuations.
WHY T. ROWE PRICE HIGH YIELD
A powerful combination of expertise, deep resources and time - tested process focused on client outcomes.
Expertise
Over three decades of experience managing high yield portfolios – leveraging the expertise of a stable and seasoned investment team
Process
Disciplined and repeatable investment process focused on uncovering high conviction opportunities
ESG
Full integration of Environment, Social and Governance (ESG) factors in the investment process seek to enhance investment decisions
OUR RANGE
Discover our strategies that aim to capture the full potential of high yield markets while protecting the downside
Global High Income Bond Fund
A high-conviction, active approach to a truly global bond opportunity set
At a glance
Strategy inception date: October 2015
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofAML Global High Yield Index Hedged to USD
Strategy AUM**: USD 915.7m
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 31/03/2023.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
28
Years at
T. Rowe Price
12
Morningstar star rating applies to T. Rowe Price Funds SICAV Global High Income Bond Fund as at 31 March 2023.
Explore the fund
Carefully blending together the highest-conviction ideas of our experts across North America, Europe and the emerging markets, we aim to harness multiple sources of return, seeking to deliver income, capital growth and diversification.
For investors who want: to spread the net as wide as possible for income opportunities.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - Global High Income Bond Fund (refer to prospectus for further details): Credit risk, Derivative risk, High yield bond risk, Default risk, Liquidity risk, Emerging markets risk, Interest rate risk, Frontier markets risk, Contingent convertible bond risk, Distressed or defaulted debt risk, Total Return Swap risk
The risk indicator shown if the risk of this product is small or high through a scale from 1 to 7 and is based on the SRI scale. Please read the Key Information Document.
Euro High Yield Bond Fund
An active approach to the expanding European high yield market
At a glance
Strategy inception date: October 2011
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofA European Curr. HY Constr. Excl. Subord. Financials Index Hedged to EUR
Strategy AUM**: USD 607.4m
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 31/03/2023.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
28
Years at
T. Rowe Price
12
Morningstar star rating applies to T. Rowe Price Funds SICAV Euro High Yield Bond Fund as at 31 March 2023. Silver ratings as at 31 March 2023.
Explore the fund
European high yield bonds offer a high level of regional diversification and provide investors with opportunities to exploit market inefficiencies.
For investors who want: unearth attractive income opportunities in the European Markets.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - European High Yield Bond Fund (refer to prospectus for further details): Credit risk, Default risk, Derivative risk, High yield bond risk, Interest rate risk, Liquidity risk, Total Return Swap risk, Distressed or defaulted debt risk
The risk indicator shown if the risk of this product is small or high through a scale from 1 to 7 and is based on the SRI scale. Please read the Key Information Document.
US High Yield Bond Fund
An active approach to the world’s largest and oldest high-yield bond market
At a glance
Strategy inception date: April 2018
Portfolio Manager: Kevin Loome, CFA
Comparator benchmark*: ICE BofA US High Yield Constrained Index
Strategy AUM**: USD 2.4bn
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 31/03/2023.
PORTFOLIO MANAGER
Kevin Loome
Years of industry experience
27
Years at
T. Rowe Price
14
Morningstar star rating applies to T. Rowe Price Funds SICAV US High Yield Bond Fund as at 31 March 2023.
Explore the fund
With around 1,000 primarily domestically focused companies, US high yield offers exposure to the grass roots of the US economy. Our concentrated, flexible approach seeks to capitalize on attractive relative value opportunities across issuers.
For investors who want: exposure to the grass roots of the US economy.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - US High Yield Bond Fund (refer to prospectus for further details): Credit risk, Default risk, High yield bond risk, Interest rate risk, Liquidity risk, Total Return Swap risk, Contingent convertible bond risk, Distressed or defaulted debt risk
The risk indicator shown if the risk of this product is small or high through a scale from 1 to 7 and is based on the SRI scale. Please read the Key Information Document.
General fund risks - to be read in conjunction with the fund specific risks above. 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 - Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund. ESG and sustainability - ESG and Sustainability risk may result in a material negative impact on the value of an investment and performance of the fund. Geographic concentration - Geographic concentration risk may result in performance being more strongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions in which the Fund’s assets are concentrated. Hedging - Hedging measures involve costs and may work imperfectly, may not be feasible at times, or may fail completely. Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly. Management - Management risk may result in potential conflicts of interest relating to the obligations of the investment manager. Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors. Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.
Portfolio Manager Mike della Vedova discusses why high yield might be an attractive asset class in the current climate.
INSIGHTS
Our Thinking
Find out more about our
fixed income capabilities
Important Information
This marketing communication is for investment professionals only. Not for retail distribution.
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. Prospective investors are recommended to seek independent legal, financial and tax advice before making any 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.
Morningstar star rating applies to T. Rowe Price Funds SICAV – Dynamic Global Bond Fund as at 31 December 2022. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website. Silver ratings as at 31 December 2022.
Source & Copyright: Citywire. The Fund manager is rated by Citywire based on the manager’s 3 year risk adjusted performance. For further information on ratings methodology please visit www.aboutcitywire.com.
©2022 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. Past performance is no guarantee of future results.
The risk indicator shown is applicable to the I class. Where the fund has no I class, the risk indicator for the Q class is shown. Please refer to the applicable KID for the current published risk profile.
Issued in the Netherlands by T. Rowe Price (Luxembourg) Management S.à r.l. which is a Luxembourg licensed management company (beheerder van een icbe) registered in the Netherlands in the register kept by the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, AFM). The AFM-register can be consulted via www.afm.nl/register. T. Rowe Price (Luxembourg) Management S.à r.l. 35 Boulevard du Prince Henri L-1724 Luxembourg, authorised and regulated by the Luxembourg Commission de Surveillance du Secteur Financier.
© 2023 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/ or apart, trademarks of T. Rowe Price Group, Inc. 202208-2330553