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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Past performance is not a reliable indicator of future performance.


High Yield Bond

The High Yield Master Bond Composite combines accounts included in the High Yield Core Composite and the High Yield Strategy Composite. The master composite seeks high current income and capital appreciation primarily through investment in fixed income securities rated below investment grade (BB or below) by S&P, Moody's, or another nationally recognized securities rating organization (NRSRO). Emerging market sovereign and corporate securities are excluded from this strategy.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)


1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)


Inception Date 30-Jun-1985

Performance figures calculated in USD

Rodney M.  Rayburn, CFA
Rodney M. Rayburn, CFA, Portfolio Manager

Rodney Rayburn is a portfolio manager in the Fixed Income Division, managing the Credit Opportunities and High Yield Bond Strategies. He is president of the Credit Opportunities Fund, Inc. He also is executive vice president of the High Yield Fund, Inc., and Institutional Income Funds, Inc., and chairman of their respective Investment Advisory Committees. He is a member of the Investment Advisory Committee for the Balance Fund. Rodney is a vice president of T. Rowe Price Associates, Inc., T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.



Investment Approach

  • Focus on BB/B securities, with a measured allocation to lower-quality bonds when valuations are compelling.
  • Proprietary fundamental research is key — emphasis on industries that enjoy stable cash flow and rational competitive environments.
  • Extensive analyst interaction across sectors and asset classes promotes broad credit perspective.
  • Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.

Portfolio Construction

  • Diversified portfolio structure of high yield corporate bonds: typically 250-350 issuers
  • Industry exposure typically will range +/- 3% around benchmark weight
  • Conservative exposure guidelines to individual issuers:
    • BB issuer: 3% maximum
    • B issuer: 2% maximum
    • CCC issuer: 1% maximum



Top 10 Issuers 16.95% Was (30-Jun-2021) 16.07%
Other View Top 10 Issuers

Monthly data as of30-Sep-2021


Largest Holding iHeartCommunications 1.26% Was (30-Jun-2021) 1.25%
Top 10 Holdings 8.90%
Other View Full Holdings Quarterly data as of  30-Sep-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating Equities BB Rated
By % 4.16% -10.62%
Portfolio 4.16% 26.67%
Benchmark 0.00% 37.29%

Average Credit Quality


Monthly Data as of  30-Sep-2021
Benchmark:  J.P. Morgan Global High Yield Index

Sources for credit quality: Moody's Investors Service and Standard & Poor's (S&P); split ratings (i.e. BB/B and B/CCC) are assigned when the Moody's and S&P ratings differ.  T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps. All short-term holdings, regardless of ratings, are included with the cash positions.

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 5-7 Years 3-5 Years
By % 6.48% -6.07%
Portfolio 33.52% 23.59%
Benchmark 27.04% 29.66%

Weighted Average Maturity

6.38 Years

Monthly Data as of  30-Sep-2021
Benchmark:  J.P. Morgan Global High Yield Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration Under 1 Year 1-3 Years
By % 10.69% -7.16%
Portfolio 28.41% 21.41%
Benchmark 17.72% 28.56%

Weighted Average Duration

3.13 Years

Monthly Data as of  30-Sep-2021
Benchmark: J.P. Morgan Global High Yield Index


Largest Industry Energy 12.16% Was (30-Jun-2021) 11.92%
Other View complete Industry Diversification

Monthly Data as of 30-Sep-2021

Benchmark: J.P. Morgan Global High Yield Index

Largest Overweight

Cable Operators
Portfolio 9.69%
Benchmark 4.07%

Largest Underweight

Information Technology
Portfolio 2.53%
Benchmark 5.00%

Monthly Data as of 30-Sep-2021