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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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SICAV

Dynamic Global Investment Grade Bond Fund

Seeks to generate positive returns from global investment-grade fixed income with a focus on downside risk and diversification from equity markets.

ISIN LU1614212519 WKN A2DU7X

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

2.31%
$60.5m

1YR Return
(View Total Returns)

Manager Tenure

6.34%
3yrs

Inception Date 03-Aug-2017

Performance figures calculated in USD

Other Literature

Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

 

Strategy

Investment Objective

To generate income while offering some protection against rising interest rates and a low correlation with equity markets.

Investment Approach

  • The investment manager's approach is based on proprietary fundamental research and relative value analysis.
  • The investment manager seeks to add value primarily through duration management, currency selection, sector allocation and security selection.
  • The investment process places a strong emphasis on downside protection, utilizing robust risk management practices and portfolio diversification to manage the overall risk profile.

Portfolio Construction

  • The fund invests mainly in a portfolio of bonds of all types from issuers around the world, including emerging markets.
  • Specifically, the fund invests at least two-thirds of total assets in debt securities issued by governments, government agencies, companies and banks. Portfolio debt securities can include fixed and floating rate bonds, convertible bonds, warrants and other transferable debt securities of any type, with a rating of investment grade by major rating agencies or if unrated of equivalent quality. The fund may invest more than 20% of assets in asset-backed securities (ABS) and mortgage backed securities (MBS).
  • The fund does not invest more than 10% of assets in equities and equity-related securities, 25% of assets in convertible bonds, and one third of assets in money market securities, with total investment in these categories limited to one-third of assets. However, for temporary defensive purposes, investments in money market securities may exceed one-third of assets.
  • The fund may use derivatives for hedging, efficient portfolio management and to seek gains. The fund may also use derivatives to create synthetic short positions in currencies, debt securities, credit indices and equities.

Performance (Class I)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 6.34% 2.31% N/A 2.23% 2.23%
Indicative Benchmark % 0.95% 1.86% N/A 1.82% 1.82%
Excess Return % 5.39% 0.45% N/A 0.41% 0.41%

Inception Date 03-Aug-2017

Manager Inception Date 03-Aug-2017

Indicative Benchmark: 3 Month LIBOR in USD

Data as of  31-Oct-2020

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 5.92% 2.31% N/A 2.26%
Indicative Benchmark % 1.10% 1.89% N/A 1.86%
Excess Return % 4.82% 0.42% N/A 0.40%

Inception Date 03-Aug-2017

Indicative Benchmark: 3 Month LIBOR in USD

Data as of  30-Sep-2020

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 20-Nov-2020 Quarter to DateData as of 20-Nov-2020 Year to DateData as of 20-Nov-2020 1 MonthData as of 31-Oct-2020 3 MonthsData as of 31-Oct-2020
Fund % 0.47% 0.56% 5.17% 0.09% -0.56%
Indicative Benchmark % 0.01% 0.03% 0.64% 0.02% 0.06%
Excess Return % 0.46% 0.53% 4.53% 0.07% -0.62%

Inception Date 03-Aug-2017

Indicative Benchmark: 3 Month LIBOR in USD

Indicative Benchmark: 3 Month LIBOR in USD

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. 

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 49.98% Was (30-Sep-2020) 58.12%
Other View Top 10 Issuers

Monthly data as of 31-Oct-2020

Holdings

Total
Holdings
86
Largest Holding U.S. Treasury Bonds 12.76% Was (30-Jun-2020) 11.58%
Top 10 Holdings 47.29%
Other View Full Holdings Quarterly data as of 30-Sep-2020

Sectors

Total
Sectors
6
Largest Sector Government 60.30% Was (30-Sep-2020) 67.46%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2020

Countries

Total
Countries
28
Largest Country United States 22.07% Was (30-Sep-2020) 36.94%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2020

Team (As of 01-Oct-2020)

Arif Husain, CFA

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Arif’s investment experience began in 199 5 , and he has been with T. Rowe Price since 2013. Prior to this, Arif was employed by AllianceBernstein in the area of European Fixed Income and Euro Portfolio Management. He also was a member of the global fixed income and absolute return portfolio management teams. Arif also was employed by Greenwich NatWest as an assistant director of European Derivatives Trading and by the Bank of America National Trust and Savings Association.  

Arif earned a B.Sc. (honors) in banking and international finance from City University London, Cass Business School. He also has earned the Chartered Financial Analyst® designation.

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

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    7
  • Years investment
    experience
    24

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Minimum Redemption Amount (USD) Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $1,000 $100 $100 5.00% 85 basis points 1.02%
Class I $2,500,000 $100,000 $0 0.00% 43 basis points 0.53%
Class Q $1,000 $100 $100 0.00% 43 basis points 0.60%

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