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SICAV

US Aggregate Bond Fund

Seeks to extract return from a broad spectrum of US debt securities.

ISIN LU0353119125 Valoren 4364101

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.58%
$465.5m

1YR Return
(View Total Returns)

Manager Tenure

11.64%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.43
0.62%

Inception Date 22-Jul-2014

Performance figures calculated in USD

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Brian Brennan
Brian Brennan, Portfolio Manager

Brian Brennan is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Brennan has lead portfolio management responsibilities for the US Treasury, US Core Plus Bond, and Stable Value Strategies. He also is a member of the portfolio strategy team for T. Rowe Price's core and core plus mandates. Mr. Brennan is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

 

Strategy

Investment Objective

To maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of US bonds.

Investment Approach

  • Focused primarily on investment-grade, U.S. fixed income securities.
  • Integrate proprietary credit and capital market research to identify market inefficiencies.
  • Add value primarily through sector rotation, individual security selection, and term structure position.
  • Exploit market inefficiencies through opportunistic trading conducted by specialist teams.
  • Seek to exceed benchmark return by at least 50 basis points annually over a 3 to 5 year period.

Portfolio Construction

  • Duration is managed within +/- 20% of benchmark
  • Sector exposure will typically range +/- 25% of the benchmark
  • Average credit quality of the portfolio is AA- or better
  • Tracking Error should range between 0.5% to 1.0% in most market environments

Performance (Class Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 11.64% 3.58% 3.50% 3.46%
Indicative Benchmark % 11.51% 3.29% 3.24% 3.26%
Excess Return % 0.13% 0.29% 0.26% 0.20%

Inception Date 22-Jul-2014

Indicative Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 10.51% 3.14% 3.59% 3.46%
Indicative Benchmark % 10.30% 2.92% 3.38% 3.26%
Excess Return % 0.21% 0.22% 0.21% 0.20%

Inception Date 22-Jul-2014

Indicative Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Data as of  30-Sep-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 18-Nov-2019 Quarter to DateData as of 18-Nov-2019 Year to DateData as of 18-Nov-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % -0.19% 0.10% 9.27% 0.29% 2.34%
Indicative Benchmark % -0.37% -0.07% 8.45% 0.30% 2.35%
Excess Return % 0.18% 0.17% 0.82% -0.01% -0.01%

Inception Date 22-Jul-2014

Indicative Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Indicative Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Performance figures calculated in USD

Past performance is not a reliable indicator of future performance.  Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. 

Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 7.07% Was (30-Sep-2019) 6.57%
Other View Top 10 Issuers

Monthly data as of 31-Oct-2019

Holdings

Total
Holdings
1001
Largest Holding U.S. Treasury Bonds 3.11% Was (30-Jun-2019) 0.36%
Top 10 Holdings 14.51%
Other View Full Holdings Quarterly data as of 30-Sep-2019

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BBB US Treasury
By % 12.54% -22.30%
Fund 25.44% 17.66%
Indicative Benchmark 12.90% 39.96%

Average Credit Quality

AA

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  Bloomberg Barclays U.S. Aggregate Bond Index

Sources for Credit Quality Diversification: 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. Short-Term holdings are not rated.

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 7-10 Years 1-3 Years
By % 6.69% -8.24%
Fund 16.03% 15.98%
Indicative Benchmark 9.34% 24.21%

Weighted Average Maturity

8.61 Years

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  Bloomberg Barclays U.S. Aggregate Bond Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 5-7 Years 1-3 Years
By % 6.88% -12.17%
Fund 17.97% 25.39%
Indicative Benchmark 11.09% 37.56%

Weighted Average Duration

5.79 Years

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  Bloomberg Barclays U.S. Aggregate Bond Index

Sectors

Total
Sectors
7
Largest Sector Corporate 31.46% Was (30-Sep-2019) 30.52%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Largest Overweight

ABS
By6.81%
Fund 7.26%
Indicative Benchmark 0.46%

Largest Underweight

U.S. Treasury
By-22.30%
Fund 17.66%
Indicative Benchmark 39.96%

Monthly Data as of 31-Oct-2019

Countries

Total
Countries
29
Largest Country United States 86.00% Was (30-Sep-2019) 85.10%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Largest Overweight

China
By1.52%
Fund 1.69%
Indicative Benchmark 0.17%

Largest Underweight

United States
By-5.71%
Fund 86.00%
Indicative Benchmark 91.71%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

Brian Brennan

Brian Brennan is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Brennan has lead portfolio management responsibilities for the US Treasury, US Core Plus Bond, and Stable Value Strategies. He also is a member of the portfolio strategy team for T. Rowe Price's core and core plus mandates. Mr. Brennan is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price International Ltd, and T. Rowe Price Trust Company.

Mr. Brennan has 33 years of investment experience, 19 of which have been at T. Rowe Price. Prior to joining T. Rowe Price in 2000, he was a fixed income manager with Howard Hughes Medical Institute, responsible for Treasury, emerging, nondollar, and derivative strategies for core plus. Mr. Brennan began his career at CIGNA Investments, Inc., as a portfolio analyst for immunized and indexed fixed income accounts.

Mr. Brennan earned a B.S. in economics and computer sciences and an M.A. in economics from Trinity College in Hartford, Connecticut. He also earned the Chartered Financial Analyst (CFA) designation and is a former president and treasurer of the Baltimore CFA Society.

  • Fund manager
    since
    2014
  • Years at
    T. Rowe Price
    19
  • Years investment
    experience
    33

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class I $2,500,000 $100,000 $0 0.00% 40 basis points 0.48%
Class Jd $10,000,000 $0 $0 0.00% 0 basis points 0.04%
Class Sd $10,000,000 $0 $0 0.00% 0 basis points 0.10%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

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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

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