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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.

Strategy

Emerging Markets Local Currency Bond

The Emerging Markets Local Currency Bond Composite seeks to maximize total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supra-national and corporate issuers established, or conducting the predominant part of their business activity, in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. The composite's emphasis will be on investing in securities denominated in the currencies of the respective emerging countries.

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

Tracking Error
(5 Years)

4.57%
1.20%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

8.10%
0.96

Inception Date 30-Sep-2007

Performance figures calculated in USD

Andrew Keirle
Andrew Keirle, Portfolio Manager

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.

 

Strategy

Investment Approach

  • Focus primarily on sovereign debt denominated in the currencies of the respective emerging countries.
  • Integrate proprietary credit research and relative value analysis.
  • Establish independent credit rating by country.
  • Add value through active country, currency and individual security selection decisions.
  • Limit risk through diversification.
  • Employ long-term investment horizon combined with low portfolio turnover.

Portfolio Construction

  • Higher concentration portfolio structure: typically 100-150 securities
  • Duration bands: managed within +/- 2 years of the benchmark
  • Average Credit Quality: BBB
  • Country exposure maximum 30% per country
  • Target tracking error: 200-400 bps

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 67.64% Was (31-Mar-2021) 65.79%
Other View Top 10 Issuers

Monthly data as of30-Jun-2021

Holdings

Total
Holdings
97
Largest Holding Brazil Notas do Tesouro Nacional Serie F 4.84% Was (31-Mar-2021) 3.71%
Top 10 Holdings 29.32%
Other View Full Holdings Quarterly data as of  30-Jun-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating Reserves A
By % 6.79% -11.97%
Portfolio 6.79% 18.07%
Benchmark 0.00% 30.04%

Average Credit Quality

BBB

Monthly Data as of  30-Jun-2021
Benchmark:  J.P. Morgan GBI - EM Global Diversified

Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. 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.

U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government. 

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 7-10 Years 0-1 Years
By % 12.36% -12.09%
Portfolio 29.90% -7.97%
Benchmark 17.54% 4.11%

Weighted Average Maturity

8.45 Years

Monthly Data as of  30-Jun-2021
Benchmark:  J.P. Morgan GBI - EM Global Diversified

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 5-7 Years Under 1 Year
By % 9.58% -12.03%
Portfolio 29.88% -7.53%
Benchmark 20.31% 4.50%

Weighted Average Duration

5.10 Years

Monthly Data as of  30-Jun-2021
Benchmark: J.P. Morgan GBI - EM Global Diversified

Sectors

Total
Sectors
6
Largest Sector Sovereign 90.90% Was (31-Mar-2021) 90.80%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Reserves
By6.76%
Portfolio 6.76%
Benchmark 0.00%

Largest Underweight

Sovereign
By-9.10%
Portfolio 90.90%
Benchmark 100.00%

Monthly Data as of 30-Jun-2021

Regions

Total
Regions
5
Largest Region Asia 31.69% Was (31-Mar-2021) 31.36%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2021

Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Middle East & Africa
By5.97%
Portfolio 14.03%
Benchmark 8.06%

Largest Underweight

Emerging Europe
By-8.39%
Portfolio 20.81%
Benchmark 29.20%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
34
Largest Country Indonesia 10.46% Was (31-Mar-2021) 10.21%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Egypt
By3.54%
Portfolio 3.54%
Benchmark 0.00%

Largest Underweight

Poland
By-8.03%
Portfolio 0.57%
Benchmark 8.60%

Monthly Data as of 30-Jun-2021

Currency

Total
Currencies
32
Largest Currency 10.62% Was (31-Mar-2021) 11.34%
Other View completeCurrency Diversification

Monthly Data as of  30-Jun-2021

Benchmark : J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Egyptian pound
By 3.24%
Portfolio 3.24%
Benchmark 0.00%

Largest Underweight

U.S. dollar
By -11.76%
Portfolio -11.76%
Benchmark 0.00%

Monthly Data as of  30-Jun-2021

Team (As of 27-Jul-2021)

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
    2011
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    25
Michael J.  Conelius, CFA

Michael Conelius is a senior advisor for sovereign distressed debt in the Fixed Income Division. He is a vice president of the International and Global Funds and the Multi-Sector Account Portfolios. Michael is a member of the Distressed Advisory Committee. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company, Ltd.

Michael has been with T. Rowe Price since 1988, beginning as a financial analyst in the Corporate Finance department. After that, he was a credit analyst and then portfolio manager on the Emerging Markets team before assuming his current role. Prior to T. Rowe Price, he was employed by Booz Allen Hamilton as a consultant.

Michael earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. 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
    33
  • Years investment
    experience
    27
Samy Muaddi, CFA

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.

Samy has been with T. Rowe Price since 2006, beginning as an associate analyst in the Fixed Income Division. After that, he was a credit analyst and then an associate portfolio manager on the Emerging Markets team before assuming his current role.

Samy earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst® designation. Samy is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.

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

  • Portfolio manager
    since
    2013
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    15
Benjamin Robins, CFA

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.

Ben’s investment experience began in 2000, and he has been with T. Rowe Price since 2016, beginning in the Fixed Income Division. Prior to this, Ben was employed by Cambridge Associates as a managing director focusing on investment consulting, including client relationship management and fixed income manager research. Before that, Ben was employed by Lehman Brothers, working in investments. 

Ben earned a B.A. in economics, with honors, from the College of William & Mary and an M.B.A. from Dartmouth College, Tuck School of Business. 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
    5
  • Years investment
    experience
    21