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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
Fund launch date: October 2015
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofAML Global High Yield Index Hedged to USD
Fund size**: USD 709.1 m
The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 30/06/2022.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
28
Years at
T. Rowe Price
12
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): China Interbank Bond Market risk - Contingent convertible bond risk - Counterparty risk - Credit risk - Currency risk - Default risk - Emerging markets risk - ESG and Sustainability risk - Frontier markets risk - Geographic concentration risk - Hedging risk - High Yield Bond risk - Interest rate risk - Investment fund risk - Issuer concentration risk - Liquidity risk - Management risk - Market risk - Operational risk - Sector concentration risk - Total return swap risk - Derivatives risk
Euro High Yield Bond Fund
An active approach to the expanding European high yield market
At a glance
Fund launch date: October 2011
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofA European Curr. HY Constr. Excl. Subord. Financials Index Hedged to EUR
Fund size**: EUR 156.8m
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 30/06/2022.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
28
Years at
T. Rowe Price
12
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 - Derivatives risk – Emerging Markets – ESG and Sustainability risk – Geographic concentration risk – High Yield Bond risk - Interest rate risk – Liquidity risk – Sector concentration risk - Total return swap risk.
US High Yield Bond Fund
An active approach to the world’s largest and oldest high-yield bond market
At a glance
Fund launch date: April 2013
Portfolio Manager: Kevin Loome, CFA
Comparator benchmark*: ICE BofA US High Yield Constrained Index
Fund size**: USD 1.9b
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 30/06/2022.
PORTFOLIO MANAGER
Kevin Loome
Years of industry experience
27
Years at
T. Rowe Price
14
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): Counterparty risk - Credit risk - Currency risk - Default risk - Derivatives risk - ESG and Sustainability risk - Geographic concentration risk - Hedging risk - High Yield Bond risk - Interest rate risk - Investment fund risk - Liquidity risk - Management risk - Market risk - Operational risk - Sector concentration risk - Total return swap risk.
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
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