SICAV
Emerging Local Markets Bond Fund
Research-driven investment in emerging market local currency sovereign bonds.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 09-Aug-2007
Performance figures calculated in USD
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 bonds of all types from emerging market issuers, with a focus on bonds that are denominated in the local currency.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
Performance (Class I)
Annualised Performance
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
Since Manager Inception Annualised |
|
---|---|---|---|---|---|
Fund % | 4.52% | 3.16% | 7.25% | 1.67% | 0.79% |
Indicative Benchmark % | 2.69% | 3.01% | 6.72% | 1.49% | 0.57% |
Excess Return % | 1.83% | 0.15% | 0.53% | 0.18% | 0.22% |
1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
---|---|---|---|---|
Fund % | 4.52% | 3.16% | 7.25% | 1.67% |
Indicative Benchmark % | 2.69% | 3.01% | 6.72% | 1.49% |
Excess Return % | 1.83% | 0.15% | 0.53% | 0.18% |
Recent Performance
Month to DateData as of 15-Jan-2021 | Quarter to DateData as of 15-Jan-2021 | Year to DateData as of 15-Jan-2021 | 1 MonthData as of 31-Dec-2020 | 3 MonthsData as of 31-Dec-2020 | |
---|---|---|---|---|---|
Fund % | -1.06% | -1.06% | -1.06% | 3.73% | 11.75% |
Indicative Benchmark % | -0.93% | -0.93% | -0.93% | 3.48% | 9.62% |
Excess Return % | -0.13% | -0.13% | -0.13% | 0.25% | 2.13% |
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.
Effective 1 January 2011, the benchmark for the sub-fund was changed to J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified. Prior to 1 January 2011, the benchmark was the J.P. Morgan Government Bond Index-Emerging Markets Broad Diversified Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the sub-fund. Historical benchmark representations have not been restated.
Holdings
Holdings
Total
Holdings
106
Quality Rating View quality analysis
Largest Overweight | Largest Underweight | |
---|---|---|
Quality Rating | Reserves | A |
By % | 6.43% | -10.05% |
Fund | 6.43% | 19.68% |
Indicative Benchmark | 0.00% | 29.72% |
Average Credit Quality
BBBDuration View duration analysis
Largest Overweight | Largest Underweight | |
---|---|---|
Duration | 5-7 Years | 1-3 Years |
By % | 8.38% | -18.41% |
Fund | 29.10% | 6.20% |
Indicative Benchmark | 20.72% | 24.61% |
Weighted Average Duration
5.60 YearsSectors
Total
Sectors
6
Largest Overweight
Reserves
Largest Underweight
Sovereign
Regions
Total
Regions
5
Largest Overweight
Middle East & Africa
Largest Underweight
Emerging Europe
Countries
Total
Countries
31
Largest Overweight
India
Largest Underweight
Poland
Currency
Total
Currencies
33
Largest Overweight
Egyptian pound
Largest Underweight
U.S. dollar
Team (As of 15-Jan-2021)

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.
- Fund manager2012
since - Years at15
T. Rowe Price - Years investment24
experience
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 I | $2,500,000 | $100,000 | $0 | 0.00% | 65 basis points | 0.75% |
Class Q | $1,000 | $100 | $100 | 0.00% | 65 basis points | 0.82% |
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.
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.