Emerging Markets Corporate Bond Fund

Invests in at least 80% in bonds issued by companies located, listed, or conducting predominant business activites in emerging markets.

May invest in unrated or below investment-grade bonds. Involves a high-risk approach to income from foreign bonds, and its share price could fluctuate significantly. Subject to the risks unique to international investing, including unfavorable changes in currency values, as well as interest rate and credit risks normally associated with investing in bonds.

Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (255 funds)

Data as of 09/30/2021

Data as of 09/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$938.0m

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$10.70
$+0.04

Data as of 10/18/2021

Data as of 10/18/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Samy Muaddi, CFA
Samy Muaddi, CFA, Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond a...

Siby Thomas, CFA
Siby Thomas, CFA, Co-Portfolio Manager

Siby Thomas is a portfolio manager co-managing the Emerging Markets Corporate Bond Strategy in the Global Fixed Income Division. He is a vice president of the Multi-Sector Account Portfolios, Inc.,...

View more

Strategy

Investment Objective

The fund seeks to provide high current income and, secondarily, capital appreciation.

Morningstar Fixed Income Style

Low / Moderate

Data as of 09/30/2021

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Emerging Markets Bond)
Overall 255
3 Years 255
5 Years 214
10 Years N/A 72

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
2.96%

Data as of 09/30/2021

without waiver
2.92%

Data as of 09/30/2021

30-Day Annualized Dividend Yield
with waiver
3.66%

Data as of 10/18/2021

Monthly Dividend
(USD)
$0.03129022

Data as of 09/30/2021

Monthly Dividend
Rate
0.02%

Data as of 10/18/2021

Average Annual Total Returns (Investor Class)

1 YR
6.32%
Benchmark
6.03%
Value
0.29% 0.29%

Data as of 09/30/2021

3 YR
6.58%
Benchmark
7.13%
Value
-0.55% -0.55%

Data as of 09/30/2021

5 YR
5.01%
Benchmark
5.21%
Value
-0.20% -0.20%

Data as of 09/30/2021

Since Inception
5.39%
Benchmark
5.58%
Value
-0.19% -0.19%

Data as of 09/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Fund Inception: 05/24/2012

Expense Ratio

Gross
0.94%
Net
0.88%
Limitation Type
Contractual
expires 04/30/2022

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (Investor Class)

Daily YTD
-0.47%
Benchmark
1.10%
Value
-1.57%

Data as of 10/18/2021

Monthly YTD
0.47%
Benchmark
1.53%
Value
-1.06%

Data as of 09/30/2021

One Month
-0.90%
Benchmark
-0.67%
Value
-0.23%

Data as of 09/30/2021

Three Months
-0.15%
Benchmark
0.25%
Value
-0.40%

Data as of 09/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Fund Inception: 05/24/2012

Asset Allocation

Net Assets
(USD)
$938.0m

Data as of 09/30/2021

Largest Global ex-US Bonds 94.87% $889.8m
Other View complete

Holdings

Total
Holdings
228

Data as of 09/30/2021

Largest Holding Export-Import Bank of India 1.24% Was (06/30/2021) 0.15%
Other View complete
Top 10 Issuers 13.02% View the latest

Quality

N/A

Maturity

Weighted Average

8.85 Years

Duration

Weighted Average

5.62 Years

Top

BBB
35.77%
Was (08/31/2021) 32.84%

Top

5-7 Years
25.52%
Was (08/31/2021) 25.52%

Top

3-5 Years
29.16%
Was (08/31/2021) 27.33%

Over

BB
By 14.50%
Fund 34.04%
Benchmark 19.54%

Over

5-7 Years
By 10.60%
Fund 25.52%
Benchmark 14.92%

Over

5-7 Years
By 9.07%
Fund 25.79%
Benchmark 16.72%

Under

A
By -16.20%
Fund 2.79%
Benchmark 18.99%

Under

1-3 Years
By -11.91%
Fund 9.73%
Benchmark 21.64%

Under

1-3 Years
By -13.58%
Fund 11.27%
Benchmark 24.85%

Data as of 09/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Sectors

Total
Sectors
15

Data as of 09/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Largest Sector Financial 16.89% Was (08/31/2021) 17.87%
Other View complete

Over

TMT
By 5.00%
Fund 14.35%
Benchmark 9.35%

Under

Financial
By -14.28%
Fund 16.89%
Benchmark 31.17%

Data as of 09/30/2021

Regions

Total
Regions
5

Data as of 09/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Largest Region Latin America 36.49% Was (08/31/2021) 34.38%
Other View complete Region Diversification

Over

Latin America
By 12.16%
Fund 36.49%
Benchmark 24.33%

Under

Middle East & Africa
By -5.71%
Fund 17.31%
Benchmark 23.02%

Data as of 09/30/2021

Countries

Total
Countries
37

Data as of 09/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Largest Country Mexico 10.87% Was (08/31/2021) 9.79%
Other View complete Country Diversification

Over

Mexico
By 6.27%
Fund 10.87%
Benchmark 4.60%

Under

Russia
By -3.06%
Fund 0.93%
Benchmark 3.98%

Data as of 09/30/2021

Currency

Total
Currencies
3

Data as of 09/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Largest Currency U.S. dollar 99.80% Was (08/31/2021) 99.80%
Other View complete Currency Diversification

Over

Indian rupee
By 0.20%
Fund 0.20%
Benchmark 0.00%

Under

U.S. dollar
By -0.20%
Fund 99.80%
Benchmark 100.00%

Data as of 09/30/2021

Team (As of )

Samy Muaddi, CFA

Samy Muaddi, CFA
Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 15
  • Years investment
    experience 15
Siby Thomas, CFA

Siby Thomas, CFA
Co-Portfolio Manager

Siby Thomas is a portfolio manager co-managing the Emerging Markets Corporate Bond Strategy in the Global Fixed Income Division. He is a vice president of the Multi-Sector Account Portfolios, Inc., and the International Funds, Inc., and a member of the Investment Advisory Committees for the Emerging Markets Corporate Multi-Sector Account Portfolio and the Emerging Markets Corporate Bond Fund. Siby also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 12
  • Years investment
    experience 12
Benjamin Robins, CFA

Benjamin Robins, CFA
Portfolio Specialist

Ben Robins is a portfolio specialist in the Global Fixed Income Division. He supports the emerging market debt strategies, which include hard currency- and local currency-denominated sovereign and corporate debt, and works closely with clients, consultants, and prospects. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 5
  • Years investment
    experience 21

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77956H658
$2,500 $100 0.00% 0.94% 0.88% Contractual 04/30/2022
Advisor Class
Cusip 77956H641
$2,500 $100 0.25% 1.48% 1.16% Contractual
04/30/2022
I Class
Cusip 77956H351
$1,000,000* N/A 0.00% 0.77% 0.74% Contractual
04/30/2022

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 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.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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