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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Emerging Local Markets Bond Fund
An actively managed, diversified portfolio of the local-currency denominated bonds of emerging market sovereign issuers. The strategy seeks to provide generally lower levels of credit risk compared to external bonds, with meaningful opportunities in terms of local interest rate cycle and emerging markets currency exposure. Put simply, we aim to buy high quality businesses run by high quality people. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0310189781
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Aug-2024 - Andrew Keirle, Portfolio Manager,
Market turbulence has been unsurprising, but it has led to improved emerging market local bond and currency valuations. Disinflation and monetary easing remain supportive, as does a potential peak in the US dollar, although slowing global growth and geopolitical factors remain concerns. We maintain confidence in our active approach focused on country selection and structural themes.

Overview
Strategy
Fund Summary
Our approach is to leverage our in-house global fixed income team’s views to form a baseline for emerging market debt. We then carry out fundamental research, including independent country risk assessments across more than 60 countries. We formulate short- and medium-term forecasts across the yield curve for nominal bonds, inflation-linked bonds, and currencies. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 50% of the value of its portfolio invested in issuers and/or securities that are rated as ‘Green’ by the T. Rowe Price proprietary Responsible Investor Indicator Model (RIIM). Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Aug-2024 - Andrew Keirle, Portfolio Manager,
Local emerging markets bonds and currencies appreciated in August as cooling inflation data led the US Federal Reserve to indicate it would begin to cut interest rates soon. Within the portfolio, our duration positioning contributed, particularly our overweight allocation to Colombia as easing inflation data increased expectations that the central bank will accelerate its pace of rate cuts. Our overweight exposure to Peru also benefitted as the central bank reduced interest rates. However, our overweight exposure to Brazil dragged amid increasing expectations of a rate hike. In currency, short positions in the Malaysian ringgit and Taiwanese dollar detracted amid the unwind of popular foreign exchange carry trades. The Mexican peso depreciated as concerns over proposed controversial judicial reforms were approved by a committee in the lower house. Conversely, our long positions in the Polish zloty and Czech koruna were beneficial.
31-Jan-2024 - Andrew Keirle, Portfolio Manager,
We remained overweight to duration, principally in Latin America which should continue to benefit from disinflation and falling interest rates, although we increased our underweight exposure to Chile as valuations look stretched. We stayed overweight to Central and Eastern Europe, predominantly Hungary, given monetary easing and fiscal fundamentals, but maintained an underweight to Poland reflecting expected high issuance. In Asia, we favour off-benchmark opportunities, notably India. We reduced our developed market short duration hedges in the US and Europe.
31-Jan-2024 - Andrew Keirle, Portfolio Manager,
We increased our long exposure to emerging market currencies on weakness, boosting our conviction overweight positions in the high-yielding Hungarian forint and Mexican peso, increasing overweight exposures in Central and Eastern Europe and Latin America. More opportunistically, we topped up our position in Chilean peso following its sharp underperformance and added a long position in the South African rand where interest rates remain elevated. We rotated some of our US dollar short position into other funding currencies including the euro, UK sterling and Japanese yen.

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 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.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.