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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
Global High Yield Bond Fund
An actively managed, bottom-up portfolio that seeks to capture enhanced returns from a diversified global portfolio of income bearing, high-yield securities from around the world, including emerging markets. The portfolio seeks to generate income and growth over the long term. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0133083492
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Aug-2024 - Mike Della Vedova, Co-Portfolio Manager,
We believe fundamental conditions in the high yield market and its underlying credit quality remain solid. Historically when yields have reached current levels, we have seen strong forward returns in the asset class, which bodes well for its medium-term performance. However, we expect the default rate to normalise soon given the challenging macroeconomic environment.

Overview
Strategy
Fund Summary
The investment approach is to seek to identify improving issuers using factors such as credit statistics, free cash flow generation, strategic value of company, security structure, and quality of the management team. The manager uses tactical regional allocation to exploit diverse market environments and credit cycles and to profit from dislocations and volatility between regions. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. 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 - Mike Della Vedova, Co-Portfolio Manager,
High yield bonds posted gains in August as equities trended higher and US Treasury yields fell. Despite indications of a rapid cooling in the US labour market, subsequent data pointed to continuing health in the economy, especially reports that showed unemployment claims remaining low. The Federal Reserve’s closely watched comments later raised hopes that policymakers would be able to achieve a “soft landing” for the economy. Within the portfolio, credit selection in the information technology segment was a notable contributor to relative performance. Selection in the health care and energy industries added further value. Conversely, our meaningful underweight position and security selection in the other telecommunications segment held back relative gains. Selection among B rated bonds and in the automotive industry dragged.
31-Dec-2023 - Mike Della Vedova, Co-Portfolio Manager,
We are overweight cable operators relative to the market index. These issuers generally exhibit durable fundamentals due to subscription-based, recurring-revenue business models and we believe several large capital structures are poised to achieve an investment-grade credit rating in the medium term. In addition, we are overweight select segments such as broadcasting and entertainment and leisure, which we think could continue to benefit from resilient private balance sheets and a shift in consumer behaviour that has favoured experiences over goods and products.

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.