AUT
Dynamic Global Bond Fund
A portfolio of global fixed-income securities with a focus on downside risk and diversification from equity markets.
APIR ETL0398AU
3YR Return Annualised (Net)
(View Total Returns)
Total Assets
(AUD)
2.60%
$731.8m
Data as of 31-Aug-2020
Data as of 31-Aug-2020
1YR Return (Net)
(View Total Returns)
Manager Tenure
8.32%
6yrs
Data as of 31-Aug-2020
Data as of 05-Aug-2020
Information Ratio
(5 Years)
Tracking Error
(5 Years)
0.49
3.07%
Data as of 31-Aug-2020
Data as of 31-Aug-2020
Inception Date 18-Feb-2014
Performance figures calculated in AUD
Other Literature
- This product's strategy also available as
- a Strategy
Strategy
Investment Objective
Seeks to generate positive returns from global fixed-income with a focus on downside risk and providing diversification from equity markets.Investment Approach
- To generate a consistent performance over the Benchmark by exploiting inefficiencies in the global fixed income and currency markets.
- To achieve a total return, including capital gains and income, in excess of 2% per annum above the Benchmark over the full economic cycle.
- To control the amount of risk taken and to limit downside risk.
Portfolio Construction
- Fund’s duration between 0 and 6 years.
- Maximum 75% in Australian government bonds.
- Maximum 50% in non-government bonds.
- Maximum 20% in securities rated below investment grade.
- Maximum 50% in cash and cash equivalent securities.
- Minimum 80% of the currency risk hedged back to the Australian dollar.
Performance - Net of Fees
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
Since Manager Inception Annualised |
|
|---|---|---|---|---|---|
| Fund % | 8.32% | 2.60% | 3.16% | 3.82% | 3.82% |
| Benchmark % | 0.66% | 1.44% | 1.66% | 1.87% | 1.87% |
| Excess Return % | 7.66% | 1.16% | 1.50% | 1.95% | 1.95% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | 4.45% | 2.30% | 3.21% | 3.70% |
| Benchmark % | 0.85% | 1.53% | 1.73% | 1.92% |
| Excess Return % | 3.60% | 0.77% | 1.48% | 1.78% |
Recent Performance
| Month to DateData as of 25-Sep-2020 | Quarter to DateData as of 25-Sep-2020 | Year to DateData as of 25-Sep-2020 | 1 MonthData as of 31-Aug-2020 | 3 MonthsData as of 31-Aug-2020 | |
|---|---|---|---|---|---|
| Fund % | -0.80% | 0.56% | 5.97% | -0.03% | 1.42% |
| Benchmark % | 0.01% | 0.03% | 0.35% | 0.01% | 0.03% |
| Excess Return % | -0.81% | 0.53% | 5.62% | -0.04% | 1.39% |
Past performance is not a reliable indicator of future performance.
Source for performance: T Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception.
Daily performance (MTD, QTD, and YTD) data is based on the latest available NAV minus one business day.
Returns for time periods greater than one year are annualised.
30-Jun-2020
-
Arif Husain,
Head of International Fixed Income,
Core government bonds were broadly stable during June, while risk assets, such as credit and equity, continued to perform well as the outlook for growth improved. In the U.S., Treasury yields ended the month little changed amid stronger-than-expected economic data releases and a dovish outlook from the U.S. Federal Open Market Committee. In the eurozone, periphery government bonds outperformed the core, supported by the European Central Bank (ECB) expanding monetary easing measures. At the portfolio level, our positive bias toward eurozone periphery countries had a positive impact, particularly our long duration postures in Italy and Cyprus. Our allocation to U.S. inflation-linked bonds also added gains, while our long duration position in the U.S. dragged on performance. In foreign exchange markets, our long positions in the Argentine peso and Brazilian real contributed, while a short position in the South Korean won and long position in the Japanese yen held back returns.
Holdings
Holdings
Total
Holdings
162
Largest Holding
U.S. Treasury Bonds
9.41%
Was (31-Mar-2020)
0.00%
Top 10 Holdings
34.90%
Countries
Total
Countries
36
Largest Country
United States
28.92%
Was (31-Jul-2020)
31.44%
Other
View complete Country Diversification
30-Jun-2020
-
Arif Husain,
Head of International Fixed Income,
Within the eurozone, we increased our overall positive bias toward the periphery during June. We believe that the combination of ongoing strong support from the ECB and positive surprises coming from domestic and EU-wide fiscal initiatives will be supportive for the region. Accordingly, we increased our long duration stance in Italy and maintained positive biases in Cyprus and Spain.
Currency
Total
Currencies
30
Largest Currency
Australian dollar
102.62%
Was (31-Jul-2020)
101.08%
Other
View complete Currency Diversification
30-Jun-2020
-
Arif Husain,
Head of International Fixed Income,
In the currency sphere, our expectations for the European economy to recover faster than peers led us to initiate a new long position in the euro during June.
Team (As of 05-Aug-2020)
Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global Bond Strategies. Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Husain has 24 years of investment experience, six of which have been with T. Rowe Price. Prior to joining the firm in 2013, he spent 14 years as director of both European Fixed Income and Euro Portfolio Management at AllianceBernstein. He was also a member of the global fixed income and absolute return portfolio management teams. Mr. Husain previously worked as assistant director of European Derivatives Trading at Greenwich NatWest and also traded interest rate swaps at Bank of America National Trust & Savings Association.
Mr. Husain received a B.Sc. (hons.) in banking and international finance from the City University, London Business School. He also has earned the Chartered Financial Analyst designation.
- Fund manager2014
since - Years at7
T. Rowe Price - Years investment24
experience
Fees
| APIR | Minimum Initial Investment (AUD) | Minimum Subsequent Investment (AUD) | Buy / Sell Spread | Management Fees |
|---|---|---|---|---|
| ETL0398AU | $650,000 | $100,000 | Buy +0.25%/ Sell -0.25% | 0.40% p.a. |
Portfolio Characteristics
as of 31-Aug-2020
| Characteristic | Fund |
|---|---|
| Weighted Average Coupon | 2.87% |
| Weighted Average Maturity | 5.44 Years |
| Weighted Average Duration | 4.69 Years |
| Number of Holdings | 131 |
Risks
The following risks are materially relevant. See “Risks of managed investment schemes” section in the Product Disclosure Statement (PDS) for more information:
- Active management
- Concentration
- Counterparty
- Credit
- Currency
- Derivatives
- Emerging markets
- Fund risk
- General risks
- Individual investment
- Interest rate
- Legal and regulatory
- Liquidity
- Market
- Political
- Repatriation
- Underlying strength of the cash flows
This Fund has been assigned a “Moderate risk” designation based on its exposure to a portfolio of global fixed income securities that may include high yield and emerging market debt, which may reduce liquidity and increase credit, currency, political and investment risk and may amplify the unpredictability of return. The portfolio may also make extensive use of Derivatives to achieve its objective.
Risk/Return Characteristics
as of 31-Aug-2020| Risk/Return (5 Years) | Fund | Benchmark |
|---|---|---|
| Alpha | 1.49% | 0.00% |
| Beta | 1.04 | 1.00 |
| R-Squared | 0.92 | 1.00 |
| Annualized Std. Deviation | 3.02% | 0.17% |
| Information Ratio | 0.49 | 0.00 |
| Sharpe Ratio | 0.94 | 8.03 |
| Tracking Error | 3.07% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly net returns.
Calendar Year Performance
| 2014^ | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|
| 3.28% | 8.19% | 6.44% | -0.35% | 1.40% | -0.48% | Fund | |
| 2.33% | 2.33% | 2.07% | 1.75% | 1.92% | 1.50% | Benchmark | |
| 0.95% | 5.86% | 4.37% | -2.10% | -0.52% | -1.98% | Value added |
- Fund
- Benchmark
Past performance is not a reliable indicator of future performance.
Source for performance: T. Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception.
Monthly Performance
- Fund
- Benchmark
Click chart to display commentary.
Past performance is not a reliable indicator of future performance.
Source for performance: T. Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception.
Quality (31-Aug-2020)
| Quality Rating | % of Fund |
|---|---|
| US Treasury | 0.00% |
| AAA | 20.97% |
| AA | 0.26% |
| A | 7.49% |
| BBB | 28.98% |
| BB | 6.19% |
| B | 1.66% |
| Not Rated | 11.40% |
| Reserves | 23.05% |
Numbers may not total due to rounding; all numbers are percentages.
Maturity (31-Aug-2020)
| Bond Maturity | % of Fund |
|---|---|
| 0-1 Years | 16.49% |
| 1-3 Years | 14.60% |
| 3-5 Years | 2.55% |
| 5-7 Years | 9.19% |
| 7-10 Years | 22.26% |
| 10+ Years | 11.64% |
| Cash Equivalents | 23.26% |
Numbers may not total due to rounding; all numbers are percentages.
Duration (31-Aug-2020)
| Duration | % of Fund |
|---|---|
| Under 1 Year | -12.55% |
| 1-3 Years | 19.05% |
| 3-5 Years | 30.98% |
| 5-7 Years | 8.98% |
| 7-10 Years | 21.71% |
| Over 10 Years | 8.77% |
| Cash Equivalents | 23.05% |
Duration is a measure of a bond's sensitivity to interest rate changes.
Numbers may not total due to rounding; all numbers are percentages.
Holdings (30-Jun-2020)
| Company | % of Fund | Previous Qtr Change | Value (AUD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. Treasury Bonds | 9.41% | N/A | $69,428,097.20 | 44,005,000 | US Govt & Agencies | U S Treasury Obligations | United States | 1.50% | Aaa | 15-Feb-2030 | 9.04 |
| Russian Federal Bond - ofZ | 4.15% | 1.23 | $30,619,166.67 | 1,267,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 8.15% | Baa3 | 03-Feb-2027 | 5.11 |
| Philippine Government International Bond | 3.82% | 1.12 | $28,188,856.31 | 949,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 3.90% | Baa2 | 26-Nov-2022 | 2.27 |
| Indonesia Treasury Bond | 3.61% | 1.38 | $26,656,792.72 | 243,130,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 8.25% | NR | 15-May-2029 | 6.38 |
| Brazil Notas do Tesouro Nacional Serie F | 3.20% | -0.17 | $23,591,626.76 | 72,230,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2027 | 4.95 |
| Bonos de la Tesoreria de la Republica en pesos | 2.36% | N/A | $17,456,400.16 | 8,305,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 4.50% | A1 | 01-Mar-2026 | 5.02 |
| Australia Government Bond | 2.28% | 1.91 | $16,811,028.60 | 13,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Australia | 3.00% | Aaa | 21-Mar-2047 | 20.01 |
| Romania Government Bond | 2.15% | 0.73 | $15,835,619.41 | 42,795,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.00% | NR | 12-Feb-2029 | 7.01 |
| Australia Government Bond | 2.00% | N/A | $14,753,329.74 | 14,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Australia | 1.00% | NR | 21-Dec-2030 | 10.07 |
| Thailand Government Bond | 1.94% | 0.52 | $14,305,378.35 | 331,447,599 | Government | Foreign Govt & Muni (Excl Canadian) | Thailand | 1.25% | Baa1 | 12-Mar-2028 | 7.36 |
| Australia Government Bond | 1.82% | N/A | $13,467,811.55 | 11,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Australia | 2.50% | NR | 21-May-2030 | 8.97 |
| Israel Government Bond - Fixed | 1.81% | 0.85 | $13,366,412.07 | 21,425,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.75% | NR | 31-Mar-2047 | 18.87 |
| Landsbankinn HF | 1.75% | 0.53 | $12,927,698.19 | 8,270,000 | Corporate High Grade | Banking | Iceland | 0.50% | NR | 20-May-2024 | 3.82 |
| India Government Bond | 1.72% | 0.96 | $12,689,212.18 | 630,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 6.45% | NR | 07-Oct-2029 | 6.85 |
| Serbia Treasury Bonds | 1.61% | -0.33 | $11,897,579.85 | 705,070,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 5.88% | NR | 08-Feb-2028 | 6.17 |
| Bonos de la Tesoreria de la Republica en pesos | 1.31% | 0.49 | $9,676,437.88 | 4,460,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Chile | 4.70% | NR | 01-Sep-2030 | 8.20 |
| India Government Bond | 1.26% | -0.91 | $9,281,472.82 | 426,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 7.59% | NR | 11-Jan-2026 | 4.40 |
| Cyprus Government International Bond | 1.17% | 0.33 | $8,670,213.97 | 4,290,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cyprus | 2.75% | Ba2 | 03-May-2049 | 21.33 |
| Republic of South Africa Government Bond | 1.13% | N/A | $8,307,138.90 | 103,660,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 8.00% | Ba1 | 31-Jan-2030 | 6.68 |
| Jack in the Box Funding | 1.12% | 0.39 | $8,289,535.30 | 5,517,275 | Mortgage Backed Securities | Asset Backed Other | United States | 3.98% | NR | 25-Aug-2049 | 2.92 |
| Towd Point Mortgage Trust 2018-2 | 1.11% | 0.31 | $8,210,877.83 | 5,367,399 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.25% | Aaa | 25-Mar-2058 | 3.29 |
| China Government Bond | 1.10% | N/A | $8,126,791.38 | 40,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | China | 2.68% | NR | 21-May-2030 | 8.69 |
| Cigna | 0.97% | 0.29 | $7,165,904.10 | 4,950,000 | Corporate High Grade | Miscellaneous | United States | 0.95% | Baa2 | 17-Sep-2021 | 0.21 |
| Thailand Government Bond | 0.97% | -0.06 | $7,135,113.90 | 104,680,000 | Government | Foreign Govt & Muni (Excl Canadian) | Thailand | 4.00% | Baa1 | 17-Jun-2066 | 24.86 |
| Verus Securitization Trust 2019-3 | 0.97% | 0.23 | $7,134,331.07 | 4,805,746 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.78% | NR | 25-Jul-2059 | 1.48 |
| Mexican Bonos | 0.93% | N/A | $6,878,051.19 | 99,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 7.75% | Baa1 | 13-Nov-2042 | 10.96 |
| 1MDB Global Investments | 0.87% | 0.29 | $6,441,329.43 | 4,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.40% | NR | 09-Mar-2023 | 2.44 |
| Towd Point Mortgage Trust 2017-6 | 0.85% | 0.23 | $6,259,301.76 | 4,150,902 | Mortgage Backed Securities | Whole Loans Backed | United States | 2.75% | Aaa | 25-Oct-2057 | 2.20 |
| DB Master Finance | 0.83% | 0.28 | $6,109,184.39 | 3,979,925 | Mortgage Backed Securities | Asset Backed Other | United States | 4.02% | NR | 20-May-2049 | 5.13 |
| BMW Vehicle Lease Trust 2018-1 | 0.83% | 0.15 | $6,106,108.70 | 4,168,213 | Asst Backed Securities | Auto Backed | United States | 3.26% | Aaa | 20-Jul-2021 | 0.05 |
| Spain Government Bond | 0.77% | N/A | $5,704,166.79 | 2,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Spain | 3.45% | Baa1 | 30-Jul-2066 | 28.26 |
| Southern California Edison | 0.77% | 0.28 | $5,682,706.73 | 2,995,000 | Corporate High Grade | Utilities | United States | 4.88% | A3 | 01-Mar-2049 | 17.03 |
| American Tower | 0.76% | 0.25 | $5,621,837.30 | 3,635,000 | Corporate High Grade | Wireless Communications | United States | 2.40% | Baa3 | 15-Mar-2025 | 4.37 |
| Synchrony Financial | 0.74% | 0.25 | $5,459,676.20 | 3,475,000 | Corporate High Grade | Financial | United States | 4.50% | NR | 23-Jul-2025 | 4.33 |
| Arion Banki HF | 0.73% | 0.22 | $5,420,384.71 | 3,285,000 | Corporate High Grade | Banking | Iceland | 1.63% | NR | 01-Dec-2021 | 1.39 |
| Arion Banki HF | 0.73% | 0.22 | $5,394,054.00 | 3,355,000 | Corporate High Grade | Banking | Iceland | 1.00% | NR | 20-Mar-2023 | 2.67 |
| Standard Chartered | 0.71% | 0.22 | $5,271,302.23 | 3,620,000 | Corporate High Grade | Banking | United Kingdom | 1.51% | A2 | 10-Sep-2022 | 0.19 |
| Romania Government Bond | 0.71% | 0.23 | $5,257,556.86 | 13,190,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 5.80% | NR | 26-Jul-2027 | 5.68 |
| HDFC Bank | 0.71% | 0.21 | $5,230,486.58 | 260,000,000 | Emerging Market Corporate | Em-Banks | India | 8.10% | Baa3 | 22-Mar-2025 | 3.94 |
| Mexican Udibonos | 0.70% | 0.25 | $5,196,918.33 | 71,875,542 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 4.00% | Baa1 | 30-Nov-2028 | 7.25 |
| AbbVie | 0.69% | 0.23 | $5,114,368.81 | 3,200,000 | Corporate High Grade | Drugs | United States | 3.20% | Baa2 | 21-Nov-2029 | 8.09 |
| Sempra Energy | 0.59% | 0.18 | $4,356,099.45 | 30,621 | Corporate High Grade | Industrial - Other | United States | 6.00% | NR | 15-Jan-2021 | 0.14 |
| Romanian Government International Bond | 0.59% | 0.17 | $4,351,874.05 | 2,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 2.38% | Baa3 | 19-Apr-2027 | 6.28 |
| Malaysia Government Bond | 0.57% | -0.15 | $4,204,805.36 | 10,695,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.94% | A3 | 30-Sep-2043 | 14.28 |
| Netflix | 0.53% | 0.18 | $3,903,597.85 | 2,280,000 | Corporate High Yield | HY-Cable Operators | United States | 3.88% | Ba3 | 15-Nov-2029 | 7.89 |
| Shanghai Electric Group Global Investment | 0.51% | 0.14 | $3,773,200.88 | 2,500,000 | Corporate High Grade | Manufacturing | China | 2.65% | A3 | 21-Nov-2024 | 4.00 |
| PNM Resources | 0.49% | 0.14 | $3,640,244.98 | 2,445,000 | Corporate High Grade | Utilities | United States | 3.25% | Baa3 | 09-Mar-2021 | 0.68 |
| Ally Master Owner Trust | 0.49% | 0.14 | $3,587,500.83 | 2,405,000 | Asst Backed Securities | Auto Backed | United States | 3.30% | NR | 17-Jul-2023 | 1.02 |
| Synchrony Financial | 0.47% | 0.15 | $3,445,582.20 | 2,225,000 | Corporate High Grade | Financial | United States | 4.38% | NR | 19-Mar-2024 | 3.34 |
| Fortenova Group TopCo B.V. | 0.47% | N/A | $3,441,333.46 | 6,273,791 | Corporate High Yield | HY-Consumer Products | Netherlands | 2.50% | NR | 01-Apr-2024 | 2.48 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.44% | 0.25 | $3,284,717.44 | 2,455,000 | Corporate High Yield | HY-Energy | United States | 5.50% | B1 | 15-Sep-2024 | 3.41 |
| Southern | 0.43% | 0.14 | $3,161,338.92 | 49,821 | Corporate High Grade | Utilities | United States | 6.75% | Baa3 | 01-Aug-2022 | 0.43 |
| Argentina Treasury Bond BONCER | 0.42% | N/A | $3,093,759.99 | 205,548,810 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 1.00% | NR | 05-Aug-2021 | 22.03 |
| Hess | 0.41% | 0.19 | $3,009,281.72 | 1,986,000 | Corporate High Yield | HY-Energy | United States | 4.30% | Ba1 | 01-Apr-2027 | 5.72 |
| Takeda Pharmaceutical | 0.40% | N/A | $2,938,074.75 | 2,020,000 | Corporate High Grade | Drugs | Japan | 2.05% | Baa2 | 31-Mar-2030 | 8.77 |
| Philippine Government International Bond | 0.39% | -0.20 | $2,848,993.52 | 77,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Philippines | 6.25% | Baa2 | 14-Jan-2036 | 10.29 |
| General Motors Financial | 0.38% | N/A | $2,834,638.15 | 1,815,000 | Corporate High Grade | Financial | United States | 5.20% | Baa3 | 20-Mar-2023 | 2.53 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance | 0.38% | 0.19 | $2,822,797.70 | 2,080,000 | Corporate High Yield | HY-Energy | United States | 4.75% | B1 | 01-Oct-2023 | 2.80 |
| FedEx | 0.38% | N/A | $2,791,204.90 | 1,555,000 | Corporate High Grade | Transportation | United States | 5.25% | Baa2 | 15-May-2050 | 16.42 |
| State of Israel | 0.36% | N/A | $2,649,487.22 | 1,575,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.80% | A1 | 13-May-2060 | 22.17 |
| Braskem Netherlands Finance BV | 0.36% | N/A | $2,624,478.09 | 1,960,000 | Emerging Market Corporate | Em-Chemicals | Brazil | 5.88% | NR | 31-Jan-2050 | 12.52 |
| Aker BP | 0.35% | N/A | $2,583,710.48 | 1,851,000 | Corporate High Yield | Hy-Petroleum | Norway | 3.75% | Ba1 | 15-Jan-2030 | 7.74 |
| SBA Tower Trust | 0.35% | 0.11 | $2,553,915.73 | 1,705,000 | Corporate High Grade | Wireless Communications | United States | 2.84% | A2 | 15-Jan-2025 | 4.23 |
| Freeport-McMoRan | 0.34% | 0.12 | $2,536,603.86 | 1,785,000 | Corporate High Yield | HY Metals & Mining | United States | 4.13% | Ba1 | 01-Mar-2028 | 5.36 |
| Freeport-McMoRan | 0.34% | -0.11 | $2,529,186.24 | 1,770,000 | Corporate High Yield | HY Metals & Mining | United States | 4.25% | Ba1 | 01-Mar-2030 | 6.69 |
| New Residential Mortgage Loan Trust 2018-NQM1 | 0.34% | 0.08 | $2,496,022.04 | 1,656,559 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.99% | NR | 25-Nov-2048 | 0.64 |
| Deephaven Residential Mortgage Trust 2018-3 | 0.33% | 0.07 | $2,445,650.80 | 1,650,811 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.79% | NR | 25-Aug-2058 | 0.88 |
| Brazil Notas do Tesouro Nacional Serie | 0.33% | 0.09 | $2,435,242.92 | 2,140,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | Ba2 | 15-Aug-2050 | 15.06 |
| CenterPoint Energy | 0.33% | 0.10 | $2,432,378.01 | 1,605,000 | Corporate High Grade | Utilities | United States | 3.60% | Baa2 | 01-Nov-2021 | 1.31 |
| Verus Securitization Trust 2018-INV1 | 0.33% | 0.09 | $2,410,283.76 | 1,652,123 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.63% | NR | 25-Mar-2058 | 1.32 |
| Perrigo Finance Unlimited | 0.32% | N/A | $2,396,682.46 | 1,630,000 | Corporate High Grade | Drugs | United States | 3.15% | Baa3 | 15-Jun-2030 | 8.48 |
| Mexico City Airport Trust | 0.32% | 0.10 | $2,342,678.24 | 1,780,000 | Corporate High Grade | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 12.91 |
| Towd Point Mortgage Trust 2018-1 | 0.31% | 0.08 | $2,304,167.92 | 1,527,678 | Mortgage Backed Securities | Whole Loans Backed | United States | 3.00% | Aaa | 25-Jan-2058 | 2.63 |
| Lloyds Banking | 0.31% | 0.03 | $2,285,397.20 | 1,435,000 | Corporate High Grade | Banking | United Kingdom | 4.50% | Baa1 | 04-Nov-2024 | 3.95 |
| Wells Fargo | 0.31% | N/A | $2,260,081.54 | 1,500,000 | Corporate High Grade | Banking | United States | 2.19% | A2 | 30-Apr-2026 | 4.57 |
| General Motors Financial | 0.30% | N/A | $2,186,563.53 | 1,530,000 | Corporate High Grade | Financial | United States | 2.75% | Baa3 | 20-Jun-2025 | 4.59 |
| NatWest Markets | 0.29% | N/A | $2,161,272.68 | 1,450,000 | Corporate High Grade | Banking | United Kingdom | 2.38% | Baa2 | 21-May-2023 | 2.78 |
| Mplx | 0.29% | 0.08 | $2,139,584.72 | 1,485,000 | Corporate High Grade | Energy | United States | 1.21% | Baa2 | 09-Sep-2021 | 0.18 |
| CCO Holdings LLC / CCO Holdings Capital | 0.29% | 0.09 | $2,113,890.83 | 1,400,000 | Corporate High Yield | HY-Cable Operators | United States | 4.75% | B1 | 01-Mar-2030 | 5.86 |
| Takeda Pharmaceutical | 0.28% | N/A | $2,050,448.41 | 1,261,000 | Corporate High Grade | Drugs | Japan | 1.00% | Baa2 | 09-Jul-2029 | 8.56 |
| Capital One Bank USA NA | 0.28% | 0.08 | $2,049,682.85 | 1,380,000 | Corporate High Grade | Banking | United States | 2.01% | Baa1 | 27-Jan-2023 | 1.52 |
| Caixabank | 0.27% | N/A | $1,961,614.26 | 1,200,000 | Corporate High Yield | Hy-Banking | Spain | 6.75% | Ba3 | 13-Sep-2168 | 3.26 |
| Snam | 0.26% | 0.08 | $1,956,055.55 | 1,200,000 | Corporate High Grade | Gas & Gas Transmission | Italy | 0.00% | Baa2 | 25-Oct-2020 | 0.32 |
| U.S. Treasury Inflation Indexed Bonds | 0.26% | 0.08 | $1,934,634.77 | 995,680 | US Govt & Agencies | U S Treasury Obligations | United States | 1.00% | Aaa | 15-Feb-2049 | 15.07 |
| Becton Dickinson And | 0.25% | N/A | $1,881,492.94 | 1,175,000 | Corporate High Yield | HY - Healthcare | United States | 3.79% | Ba1 | 20-May-2050 | 18.77 |
| Energy Transfer Operating | 0.25% | 0.10 | $1,835,785.78 | 1,175,000 | Corporate High Grade | Oil Field Serv | United States | 6.25% | Baa3 | 15-Apr-2049 | 13.64 |
| Microchip Technology | 0.25% | N/A | $1,827,514.51 | 1,220,000 | Corporate High Grade | Information Technology | United States | 2.67% | Baa3 | 01-Sep-2023 | 3.03 |
| PG&E | 0.24% | N/A | $1,784,533.15 | 1,235,000 | Corporate High Yield | HY - Utilities | United States | 5.00% | B1 | 01-Jul-2028 | 5.11 |
| Verizon Communications | 0.24% | N/A | $1,749,536.33 | 1,055,000 | Corporate High Grade | Telephones | United States | 1.30% | Baa1 | 18-May-2033 | 11.91 |
| Hardee s Funding | 0.24% | 0.08 | $1,746,398.83 | 1,212,761 | Mortgage Backed Securities | Asset Backed Other | United States | 4.96% | NR | 20-Jun-2048 | 4.51 |
| DRIVEN BRANDS FUNDING | 0.23% | 0.08 | $1,734,114.71 | 1,159,175 | Mortgage Backed Securities | Asset Backed Other | United States | 3.98% | NR | 20-Oct-2049 | 5.42 |
| CDX HY S34 V4 PAY 96 09/16/2020 | 0.23% | N/A | $1,661,968.09 | 39,000,000 | Corporate High Grade | Miscellaneous | United States | N/A | NR | N/A | 1.00 |
| Smb Private Education Loan Trust 2020 | 0.21% | 0.06 | $1,584,516.96 | 1,070,000 | Asst Backed Securities | Student Loans | United States | 2.23% | Aaa | 15-Sep-2037 | 4.62 |
| Wendy s Funding | 0.21% | 0.07 | $1,580,175.25 | 1,029,000 | Mortgage Backed Securities | Asset Backed Other | United States | 3.78% | NR | 15-Jun-2049 | 5.43 |
| CVS Health | 0.21% | 0.08 | $1,537,171.25 | 890,000 | Corporate High Grade | Retail | United States | 4.13% | Baa2 | 01-Apr-2040 | 14.18 |
| Aramark Services | 0.20% | N/A | $1,483,993.75 | 980,000 | Corporate High Yield | HY Services | United States | 6.38% | B1 | 01-May-2025 | 2.94 |
| CDX HY S34 V4 PAY 95 09/16/2020 | 0.20% | N/A | $1,483,563.88 | 39,000,000 | Corporate High Grade | Miscellaneous | United States | N/A | NR | N/A | 1.00 |
| Riyad Bank | 0.20% | 0.07 | $1,466,930.64 | 995,000 | Emerging Market Corporate | Em-Banks | Saudi Arabia | 3.17% | Baa3 | 25-Feb-2030 | 4.19 |
| CVS Health | 0.19% | 0.07 | $1,405,150.27 | 835,000 | Corporate High Grade | Retail | United States | 3.75% | Baa2 | 01-Apr-2030 | 8.17 |
| Quest Diagnostics | 0.19% | N/A | $1,388,877.13 | 910,000 | Corporate High Grade | Healthcare | United States | 2.80% | Baa2 | 30-Jun-2031 | 9.43 |
| Carmax Auto Owner Trust 2019-2 | 0.18% | N/A | $1,306,491.07 | 885,000 | Asst Backed Securities | Auto Backed | United States | 3.16% | NR | 18-Feb-2025 | 3.27 |
| Energy Transfer Operating | 0.17% | 0.07 | $1,276,600.02 | 845,000 | Corporate High Grade | Oil Field Serv | United States | 6.00% | Baa3 | 15-Jun-2048 | 13.82 |
| Qatar Government International Bond | 0.17% | N/A | $1,270,213.02 | 700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Qatar | 4.40% | Aa3 | 16-Apr-2050 | 18.24 |
| UBS AG/London | 0.17% | N/A | $1,224,968.38 | 825,000 | Corporate High Grade | Banking | Switzerland | 1.75% | Aa3 | 21-Apr-2022 | 1.70 |
| CDX HY S34 V5 PAY 93 09/16/2020 | 0.16% | N/A | $1,207,493.09 | 46,000,000 | Corporate High Grade | Miscellaneous | United States | N/A | NR | N/A | 1.00 |
| Barclays | 0.16% | 0.05 | $1,179,786.44 | 670,000 | Corporate High Grade | Banking | United Kingdom | 3.38% | Baa2 | 02-Apr-2025 | 3.55 |
| Microchip Technology | 0.16% | N/A | $1,170,690.85 | 800,000 | Corporate High Yield | HY-Information Technology | United States | 4.25% | Ba2 | 01-Sep-2025 | 3.69 |
| Standard Chartered | 0.16% | N/A | $1,155,644.08 | 795,000 | Corporate High Yield | Hy-Banking | United Kingdom | 6.00% | Ba1 | 26-Jan-2169 | 4.55 |
| NDX 09/18/2020 P8500 | 0.15% | N/A | $1,137,143.76 | 55 | Index | Index | United States | N/A | NR | N/A | 1.00 |
| General Motors Financial | 0.15% | 0.08 | $1,098,956.98 | 737,000 | Corporate High Grade | Financial | United States | 3.20% | Baa3 | 06-Jul-2021 | 0.91 |
| Avis Budget Rental Car Funding AESOP | 0.14% | -0.27 | $1,061,905.88 | 730,833 | Asst Backed Securities | Auto Backed | United States | 2.50% | Aa1 | 20-Jul-2021 | 0.05 |
| Occidental Petroleum | 0.14% | 0.08 | $1,055,650.00 | 880,000 | Corporate High Yield | Hy-Petroleum | United States | 3.40% | Ba2 | 15-Apr-2026 | 5.02 |
| Santander Consumer Auto Receivables Trust 2020 | 0.14% | N/A | $1,031,566.60 | 675,000 | Asst Backed Securities | Auto Backed | United States | 3.71% | NR | 17-Feb-2026 | 3.05 |
| Israel Government International Bond | 0.14% | 0.05 | $1,000,108.63 | 580,000 | Government | Foreign Govt & Muni (Excl Canadian) | Israel | 3.88% | A1 | 03-Jul-2050 | 19.13 |
| Pacific Gas & Electric | 0.13% | N/A | $981,601.10 | 700,000 | Corporate High Grade | Utilities | United States | 3.50% | Baa3 | 01-Aug-2050 | 18.67 |
| Carmax Auto Owner Trust 2019-3 | 0.13% | N/A | $970,842.87 | 655,000 | Asst Backed Securities | Auto Backed | United States | 2.60% | NR | 16-Jun-2025 | 3.56 |
| Occidental Petroleum | 0.13% | N/A | $957,429.51 | 660,000 | Corporate High Yield | Hy-Petroleum | United States | 8.50% | Ba2 | 15-Jul-2027 | 5.10 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 0.13% | N/A | $956,892.85 | 665,000 | Corporate High Grade | Financial | Ireland | 3.50% | Baa3 | 26-May-2022 | 1.78 |
| Sonic Capital | 0.13% | N/A | $953,422.94 | 620,025 | Mortgage Backed Securities | Asset Backed Other | United States | 4.03% | NR | 20-Feb-2048 | 4.16 |
| HSBC Holdings | 0.13% | 0.04 | $929,998.09 | 530,000 | Corporate High Grade | Banking | United Kingdom | 4.95% | A2 | 31-Mar-2030 | 7.92 |
| Celulosa Arauco Y Constitucion | 0.12% | 0.05 | $859,488.23 | 570,000 | Emerging Market Corporate | Em-Forest Products | Chile | 4.20% | Baa3 | 29-Jan-2030 | 7.69 |
| Arconic | 0.11% | 0.03 | $838,676.65 | 565,000 | Corporate High Yield | HY Metals & Mining | United States | 6.13% | Ba3 | 15-Feb-2028 | 4.56 |
| Braskem Netherlands Finance BV | 0.11% | 0.04 | $836,887.14 | 625,000 | Emerging Market Corporate | Em-Chemicals | Brazil | 5.88% | NR | 31-Jan-2050 | 12.40 |
| Fortenova Group STAK Stichting | 0.11% | N/A | $823,558.39 | 1,529,840 | Corporate High Grade | Consumer Products | Netherlands | N/A | N/A | N/A | N/A |
| General Electric | 0.11% | -0.11 | $790,867.29 | 695,000 | Corporate High Grade | Conglomerates | United States | 5.00% | Baa3 | 15-Jun-2169 | -0.77 |
| Santander Consumer Auto Receivables Trust 2020 | 0.11% | N/A | $784,851.46 | 530,000 | Asst Backed Securities | Auto Backed | United States | 2.26% | NR | 15-Dec-2025 | 2.71 |
| Enlink Midstream Partners | 0.11% | 0.06 | $784,644.14 | 865,000 | Corporate High Yield | HY-Energy | United States | 5.45% | Ba1 | 01-Jun-2047 | 10.66 |
| Teleflex | 0.11% | N/A | $776,232.65 | 520,000 | Corporate High Yield | HY - Healthcare | United States | 4.25% | Ba3 | 01-Jun-2028 | 4.67 |
| Jaguar Holding Co Ii / Ppd Development | 0.10% | N/A | $760,080.83 | 510,000 | Corporate High Yield | HY - Healthcare | United States | 5.00% | B2 | 15-Jun-2028 | 4.70 |
| Occidental Petroleum | 0.10% | N/A | $720,750.23 | 495,000 | Corporate High Yield | Hy-Petroleum | United States | 8.00% | Ba2 | 15-Jul-2025 | 3.99 |
| World Omni Auto Receivables Trust 2018-D | 0.10% | N/A | $704,701.34 | 470,000 | Asst Backed Securities | Auto Backed | United States | 3.87% | NR | 15-Aug-2025 | 2.34 |
| NatWest Markets | 0.09% | 0.03 | $698,232.40 | 398,000 | Corporate High Grade | Banking | United Kingdom | 2.75% | Baa2 | 02-Apr-2025 | 4.48 |
| Credit Suisse | 0.09% | 0.03 | $659,226.22 | 363,000 | Corporate High Grade | Banking | Switzerland | 3.25% | Baa2 | 02-Apr-2026 | 4.45 |
| Element Solutions | 0.09% | 0.03 | $655,151.09 | 445,000 | Corporate High Yield | HY - Chemicals | United States | 5.88% | B2 | 01-Dec-2025 | 2.37 |
| Malaysia Government Bond | 0.09% | 0.03 | $652,956.21 | 1,640,000 | Government | Foreign Govt & Muni (Excl Canadian) | Malaysia | 4.92% | NR | 06-Jul-2048 | 16.24 |
| Caixabank | 0.08% | N/A | $579,045.46 | 400,000 | Corporate High Yield | Hy-Banking | Spain | 5.25% | Ba3 | 23-Jun-2169 | 4.21 |
| Drive Auto Receivables Trust 2020-2 | 0.08% | N/A | $575,153.16 | 390,000 | Asst Backed Securities | Auto Backed | United States | 3.05% | Baa2 | 15-May-2028 | 3.34 |
| New York Liberty development | 0.08% | N/A | $562,399.21 | 370,000 | Tax-Free Revenue | Other Revenue | United States | 5.15% | NR | 15-Nov-2034 | 5.65 |
| ITRX XOVER S33 PAY 550 10/21/2020 | 0.08% | N/A | $554,994.19 | 24,000,000 | Corporate High Grade | Miscellaneous | Europe | N/A | NR | N/A | 1.00 |
| DRIVEN BRANDS FUNDING | 0.07% | N/A | $531,888.77 | 343,000 | Mortgage Backed Securities | Asset Backed Other | United States | 4.74% | NR | 20-Apr-2048 | 6.01 |
| Endeavor Energy Resources LP / EER Finance | 0.07% | N/A | $529,298.17 | 360,000 | Corporate High Yield | HY-Energy | United States | 6.63% | B1 | 15-Jul-2025 | 3.41 |
| GM Financial Automobile Leasing Trust 2020-1 | 0.06% | N/A | $474,220.95 | 330,000 | Asst Backed Securities | Auto Backed | United States | 2.28% | NR | 20-Jun-2024 | 2.15 |
| Standard Chartered | 0.06% | 0.02 | $468,322.11 | 303,000 | Corporate High Yield | Hy-Banking | United Kingdom | 7.75% | Ba1 | 02-Apr-2169 | 2.42 |
| NXP BV / NXP Funding LLC / NXP USA | 0.06% | N/A | $463,236.36 | 295,000 | Corporate High Grade | Information Technology | Netherlands | 3.40% | Baa3 | 01-May-2030 | 8.32 |
| Drive Auto Receivables Trust 2020-2 | 0.06% | N/A | $462,506.61 | 315,000 | Asst Backed Securities | Auto Backed | United States | 2.28% | A1 | 17-Aug-2026 | 2.71 |
| ITRX XOVER S33 PAY 425 09/16/2020 | 0.06% | N/A | $459,380.63 | 13,800,000 | Corporate High Grade | Miscellaneous | Europe | N/A | NR | N/A | 1.00 |
| American Honda Finance | 0.06% | N/A | $457,277.93 | 274,000 | Corporate High Grade | Automotive | United States | 1.60% | A3 | 20-Apr-2022 | 1.78 |
| American Honda Finance | 0.06% | N/A | $419,321.36 | 243,000 | Corporate High Grade | Automotive | United States | 1.95% | A3 | 18-Oct-2024 | 4.14 |
| Aercap Holdings | 0.06% | N/A | $409,665.60 | 390,000 | Corporate High Yield | Hy - Financial | Ireland | 5.88% | Ba2 | 10-Oct-2079 | 0.15 |
| NDX 09/18/20 P9000 | 0.05% | N/A | $404,066.03 | 13 | Index | Index | United States | N/A | NR | N/A | 1.00 |
| DISH Network | 0.05% | N/A | $399,072.25 | 292,000 | Corporate High Yield | HY-Cable Operators | United States | 3.38% | B1 | 15-Aug-2026 | 3.60 |
| Pacific Gas & Electric | 0.05% | N/A | $396,308.02 | 280,000 | Corporate High Grade | Utilities | United States | 3.30% | Baa3 | 01-Aug-2040 | 14.87 |
| ITRX XOVER S33 PAY 450 09/16/2020 | 0.05% | N/A | $389,390.18 | 13,800,000 | Corporate High Grade | Miscellaneous | Europe | N/A | NR | N/A | 1.00 |
| NDX 09/18/2020 P8750 | 0.05% | N/A | $355,540.34 | 14 | Index | Index | United States | N/A | NR | N/A | 1.00 |
| Thailand Government Bond | 0.05% | 0.02 | $351,551.02 | 5,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Thailand | 3.60% | NR | 17-Jun-2067 | 26.06 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue | 0.05% | N/A | $335,383.33 | 225,000 | Tax-Free Revenue | Dedicated Tax Revenue | United States | 4.33% | NR | 01-Jul-2040 | 9.64 |
| Metropolitan Pier & Exposition Authority | 0.04% | N/A | $302,309.42 | 200,000 | Tax-Free Revenue | Dedicated Tax Revenue | United States | 5.00% | NR | 15-Jun-2053 | 8.86 |
| Metropolitan Pier & Exposition Authority | 0.03% | N/A | $236,750.43 | 155,000 | Tax-Free Revenue | Dedicated Tax Revenue | United States | 5.00% | NR | 15-Jun-2057 | 10.27 |
| ITRX XOVER S33 PAY 400 10/21/2020 | -0.09% | N/A | $-665,334.97 | -13,500,000 | Corporate High Grade | Miscellaneous | Europe | N/A | NR | N/A | 1.00 |
| ITRX XOVER S33 PAY 350 09/16/2020 | -0.10% | N/A | $-772,656.25 | -13,800,000 | Corporate High Grade | Miscellaneous | Europe | N/A | NR | N/A | 1.00 |
| CDX HY S34 V5 PAY 100 09/16/2020 | -0.20% | N/A | $-1,502,196.55 | -25,500,000 | Corporate High Grade | Miscellaneous | United States | N/A | NR | N/A | 1.00 |
| CDX HY S34 V4 PAY 102 09/16/2020 | -0.31% | N/A | $-2,272,086.04 | -26,000,000 | Corporate High Grade | Miscellaneous | United States | N/A | NR | N/A | 1.00 |
N/A indicates Not Available.
Numbers may not total due to rounding; all numbers are percentages.
Country Diversification (31-Aug-2020)
| Country Diversification | % of Fund |
|---|---|
| United States | 28.92% |
| Australia | 5.36% |
| Philippines | 4.11% |
| Russia | 3.86% |
| Chile | 3.59% |
| India | 3.52% |
| Romania | 3.46% |
| Iceland | 3.28% |
| Indonesia | 3.15% |
| Thailand | 2.90% |
| China | 2.17% |
| Israel | 1.76% |
| Serbia | 1.60% |
| Malaysia | 1.54% |
| United Kingdom | 1.36% |
| Italy | 1.26% |
| Cyprus | 1.18% |
| Mexico | 1.07% |
| Brazil | 0.77% |
| Spain | 0.69% |
| Canada | 0.57% |
| Netherlands | 0.51% |
| Egypt | 0.36% |
| Argentina | 0.35% |
| Japan | 0.28% |
| Switzerland | 0.25% |
| Saudi Arabia | 0.19% |
| South Africa | 0.16% |
| Ireland | 0.12% |
| Bahrain | 0.09% |
| Hong Kong | 0.02% |
| Germany | 0.00% |
| South Korea | 0.00% |
| France | -0.01% |
| Czech Republic | -0.12% |
| Europe | -0.13% |
| Luxembourg | -0.30% |
| Poland | -0.91% |
A maximum of 30 largest countries are displayed.
Numbers may not total due to rounding; all numbers are percentages.
Currency Diversification (31-Aug-2020)
| Currency Diversification | % of Fund |
|---|---|
| Australian dollar | 102.62% |
| Mexican peso | 0.11% |
| Canadian dollar | 0.04% |
| U.S. dollar | -11.51% |
| Dollar Bloc Subtotal | 91.26% |
| Currency Diversification | % of Fund |
|---|---|
| euro | 3.56% |
| Czech koruna | 2.00% |
| Swiss franc | 1.03% |
| Polish zloty | 0.06% |
| British pound sterling | -0.92% |
| European Bloc Subtotal | 5.72% |
| Currency Diversification | % of Fund |
|---|---|
| Japanese yen | 4.82% |
| Thai baht | 0.05% |
| Hong Kong dollar | 0.02% |
| Malaysian ringgit | 0.01% |
| New Taiwan dollar | -0.98% |
| Korean won | -2.92% |
| Far East Bloc Subtotal | 0.99% |
| Currency Diversification | % of Fund |
|---|---|
| Serbia dinar | 2.02% |
| Chinese renminbi | 1.81% |
| New Romanian leu | 1.50% |
| Chilean peso | 0.90% |
| Egyptian pound | 0.71% |
| Argentinian peso | 0.35% |
| Philippine peso | 0.00% |
| Indonesian rupiah | -0.00% |
| Israeli shekel | -0.01% |
| Russian ruble | -0.04% |
| Indian rupee | -0.05% |
| Turkish lira | -0.66% |
| Brazilian real | -1.24% |
| South African rand | -1.47% |
| Offshore Chinese renminbi | -1.81% |
| Emerging Markets Bloc Subtotal | 2.02% |
Numbers may not total due to rounding; all numbers are percentages.
Source for performance: T Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception.
Daily performance (MTD, QTD, and YTD) data is based on the latest available NAV minus one business day.
Source for Bloomberg Barclays index data: Bloomberg Index Services Ltd. Copyright 2018, Bloomberg Index Services Ltd. Used with permission. Benchmark returns are shown with gross income reinvested.
If investing directly with T. Rowe Price. There is no minimum investment amount for those investing via an investor director platform service (IDPS).
Net Asset figure applies to all share classes.
Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.
The specific securities identified and described in this report do not represent all of the securities purchased or sold for this fund. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumption should be made that the securities identified were or will be profitable.
The Management Fee for the T. Rowe Price Dynamic Global Bond Fund is 0.40% p.a. and the Indirect Cost is 0.11% p.a. Indirect costs are calculated and incorporate estimated amounts with reference to the relevant costs incurred during the previous financial year ended 30 June. Please refer to the Product Disclosure Statement for the Fund which is available on this page for further details.
Unless otherwise specified, all fund ratings, awards and data are as of the last previous quarter and sourced from T. Rowe Price.
Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298 AFSL 240975) is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Stock Exchange (ASX:EQT). Equity Trustees and T. Rowe Price Australia Limited ("TRPAU") (ABN: 13 620 668 895 and AFSL: 503741) are, respectively, the responsible entity and investment manager of the T. Rowe Price Australian Unit Trusts.
For Wholesale Clients only.
Past performance is not a reliable indicator of future performance. The price of any fund may go up or down. Investment involves risk including a possible loss to the principal amount invested. For general information purposes only, does not take into account the investment objectives, financial situation or needs of any particular investor. For further details, please refer to each fund's product disclosure statement and reference guide which are available from Equity Trustees www.eqt.com.au/insto or TRPAU www.troweprice.com.au.
Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.
Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global Bond Strategies. Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.