Strategy

Dynamic Global Bond Core

The Dynamic Global Bond Core (AUD Hedged) Composite comprises portfolios that seek to provide positive absolute return by investing primarily in an actively managed global portfolio of fixed income securities. Allocation to below investment-grade issues is also permissible.

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

Tracking Error
(5 Years)

2.23%
3.02%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

4.41%
0.50

Inception Date 28-Feb-2014

Performance figures calculated in AUD

Other Literature

Arif Husain
Arif Husain, Portfolio Manager

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.

 

Strategy

Investment Approach

  • Seeking to maximize total return and provide income through investment in a global bond multi-sector portfolio.
  • A strong focus is devoted to risk management and in particular mitigating downside risk at all times.
  • The strategy performance is measured against a cash benchmark.
  • Excess Return Target: between 2.5% per annum above benchmark over a three to five year market cycle. (Not a formal objective and it can be changed without prior notice. There is no assurance that the target will be met.)
  • Expected average tracking error: tracking error is expected to remain between 2% and 4% annualized over a market cycle and should not exceed 5% per annum. (Actual results may vary, and the information should not be considered or relied upon as a projection of future performance.)
  • The strategy is subject to interest rate and credit risk, as well as risks unique to international investing, such as change in currency values.
  • The excess return target represents the portfolio manager’s goal of outperforming the stated standard benchmark for the strategy, employing its standard investment guidelines. A strategy’s standard benchmark may be different from a client benchmark. The target is based on an analysis of a strategy’s historical performance, investment universe, anticipated future market conditions, peer performance, benchmark characteristics, investment guidelines and other factors. The target reflects the current views of the portfolio manager and is subject to change. There is no guarantee that the target will be realized or achieved and actual results experienced by clients may vary from the target shown.

Portfolio Construction

  • Duration range: Between 0 and 6 years
  • Currency limit: limited to 20% net exposure to non-AUD currencies, as a percentage of the portfolio’s market value
  • Maximum 50% in cash and cash equivalent securities
  • Domestic sovereign bonds: up to 75% in Australian government bonds
  • Credit exposure: up to 50% in investment grade corporate credit
  • Rating exposure: up to 20% in securities rated below investment grade
  • Expected strategy holdings: between 25 and 150 issues

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 44.31% Was (31-Mar-2020) 27.99%
Other View Top 10 Issuers

Monthly data as of 30-Jun-2020

Holdings

Total
Holdings
162
Largest Holding U.S. Treasury Bonds 9.41% Was (31-Mar-2020) 0.00%
Top 10 Holdings 34.90%
Other View Full Holdings Quarterly data as of 30-Jun-2020

Countries

Total
Countries
38
Largest Country United States 34.95% Was (31-Mar-2020) 22.96%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2020

Currency

Total
Currencies
29
Largest Currency Australian dollar 101.52% Was (31-Mar-2020) 104.69%
Other View complete Currency Diversification

Monthly Data as of 30-Jun-2020

Benchmark : Bloomberg AusBond Bank Bill Index

Largest Overweight

Australian dollar
By 101.52%
Portfolio 101.52%
Benchmark 0.00%

Largest Underweight

U.S. dollar
By -7.78%
Portfolio -7.78%
Benchmark 0.00%

Monthly Data as of 30-Jun-2020

Team (As of 05-Aug-2020)

Arif Husain

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.

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    7
  • Years investment
    experience
    24
Quentin S. Fitzsimmons

Quentin Fitzsimmons is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the global fixed income investment team. He is co-portfolio manager for the Global Aggregate Bond Strategy. He is actively involved in the discussion around country and duration positioning, currency management and sector allocation, with a particular expertise in interest rate management.

Mr. Fitzsimmons has 28 years of investment experience, four of which have been with T. Rowe Price. Prior to joining the firm in 2015, Mr. Fitzsimmons was head of liquidity portfolio investment management, Treasury markets, for the Royal Bank of Scotland Group, where he managed the liquid fixed income "tier one" capital on its balance sheet on an absolute return basis. Previously, he also worked as head of rates and as executive director of fixed income for Threadneedle Investments, where he ran global fixed income portfolios from 2002 to 2012. Prior to Threadneedle he held various fixed income portfolio management and research roles with F&C Investments, the Equitable Life Assurance Society and Sun Life Assurance Company of Canada.

Mr. Fitzsimmons earned a B.Sc. in economics and economic history from the University of Bristol.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    5
  • Years investment
    experience
    29
Steven C.  Huber

Steve Huber is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Huber has lead portfolio management responsibilities for the Global and Institutional Global Multi-Sector Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Huber has 31 years of investment experience, 11 of which have been at T. Rowe Price. Prior to joining the firm in 2006, he was chief investment officer for the Maryland State Retirement and Pension System. Prior to that, Mr. Huber spent over 15 years in money management as a director of fixed income, director of asset allocation/quantitative strategy, and portfolio manager with Aeltus Investment Management. He also served as an actuarial assistant with pension consulting firm William Mercer, Inc.

Mr. Huber earned a B.S. in mathematics from Virginia Tech and an M.B.A. from the University of North Carolina at Chapel Hill. He is a member of Phi Beta Kappa and is a Fellow of the Society of Actuaries. Mr. Huber also has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    32
Ju Yen  Tan

Ju Yen Tan is a senior portfolio manager in the Fixed Income Division at T. Rowe Price and a member of the Global Fixed Income Investment Team, with a specific responsibility for leading the dollar bloc research. Since joining the firm in 2004, he has led the application of the risk and attribution analysis in global/international fixed income portfolios. He also chairs the T. Rowe Price Foreign Exchange Governance Committee. Mr. Tan is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Tan has 23 years of investment experience, 15 of which have been with T. Rowe Price. Before joining the firm, he was a global fixed income and currency manager at WestLB Asset Management (WestAM). Prior to joining WestAM, Mr. Tan spent five years with Rothschild Asset Management in the fixed income and currency group.

Mr. Tan has an M.Eng. in engineering, economics and management from Oxford University.

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    24
Kenneth A.  Orchard

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the Global Fixed Income Investment team, with responsibility for cochairing the Fixed Income Sector Strategy Advisory Group . He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies . He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Orchard has 15 years of investment experience, eight of which have been with T. Rowe Price. Prior to joining the firm in 2010, he worked as a senior credit officer for the Sovereign Risk Group at Moody's Investors Service, where he helped design and review its sovereign rating methodology. Mr. Orchard also worked as a senior economist for Emerging Market Economics in London and as an assistant portfolio manager for HSBC Asset Management in Vancouver.

Mr. Orchard earned a B.A. in international relations from the University of British Columbia and an M.Sc. in public financial policy from the London School of Economics. He also has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    9
  • Years investment
    experience
    16
Andrew Keirle

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.

Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    24
Stephane Fertat

Stephane Fertat is a portfolio specialist in the Fixed Income Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Stephane’s investment experience began in 1998, and he has been with T. Rowe Price since 2007, beginning in the Fixed Income Division. Prior to joining the firm, he was employed by Fischer Francis Trees and Watts, a global fixed income asset management company, where he worked as a European fixed income fund manager before moving to a product manager role. Stephane also was a director of client service and business development for the southern European distribution team of Fischer Francis Trees and Watts. He also was employed by Société Générale Fimat Investment Management in Chicago.

Stephane earned a master’s degree in finance from Ecole Superieure de Commerce de Paris. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    23

Download

Latest Date Range
Audience for the document: Share Class: Language of the document:
Download Cancel

Download

Share Class: Language of the document:
Download Cancel
Sign in to manage subscriptions for products, insights and email updates.
Continue with sign in?
To complete sign in and be redirected to your registered country, please select continue. Select cancel to remain on the current site.
Continue Cancel
Once registered, you'll be able to start subscribing.

Change Details

If you need to change your email address please contact us.
Subscriptions
OK
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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

Other Literature

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest