SICAV
Emerging Markets Bond Fund
Active investment in mainly sovereign emerging-market 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 31-Dec-2004
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.Investment Approach
- Focus primarily on sovereign debt.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating at the country and corporate issuer level.
- Add value through active country allocation and individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon.
Portfolio Construction
- Diversified portfolio structure: typically 200-300 securities
- Duration bands: managed within +/- 1 year of the benchmark
- Average credit quality: BB
- Country exposure will range between 0% and 10%
- Expected 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 % | -6.57% | 0.37% | 4.25% | 4.87% | 5.90% |
| Indicative Benchmark % | 0.49% | 3.60% | 5.30% | 6.03% | 6.83% |
| Excess Return % | -7.06% | -3.23% | -1.05% | -1.16% | -0.93% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Fund % | -6.57% | 0.37% | 4.25% | 4.87% |
| Indicative Benchmark % | 0.49% | 3.60% | 5.30% | 6.03% |
| Excess Return % | -7.06% | -3.23% | -1.05% | -1.16% |
Recent Performance
| Month to DateData as of 07-Aug-2020 | Quarter to DateData as of 07-Aug-2020 | Year to DateData as of 07-Aug-2020 | 1 MonthData as of 30-Jun-2020 | 3 MonthsData as of 30-Jun-2020 | |
|---|---|---|---|---|---|
| Fund % | 1.74% | 5.63% | -2.76% | 5.05% | 12.44% |
| Indicative Benchmark % | 1.32% | 5.08% | 2.18% | 3.51% | 12.26% |
| Excess Return % | 0.42% | 0.55% | -4.94% | 1.54% | 0.18% |
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
Holdings
Total
Holdings
185
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | B | A |
| By % | 9.49% | -12.53% |
| Fund | 32.28% | 4.31% |
| Indicative Benchmark | 22.79% | 16.85% |
Average Credit Quality
BB-Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | Cash Equivalents | 3-5 Years |
| By % | 9.01% | -6.17% |
| Fund | 9.01% | 9.71% |
| Indicative Benchmark | 0.00% | 15.88% |
Weighted Average Maturity
12.43 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Cash Equivalents | 1-3 Years |
| By % | 8.76% | -11.11% |
| Fund | 8.76% | 4.84% |
| Indicative Benchmark | 0.00% | 15.95% |
Weighted Average Duration
7.19 Years
Sectors
Total
Sectors
4
Largest Overweight
Corporate
Largest Underweight
Sovereign
Countries
Total
Countries
53
Largest Overweight
Brazil
Largest Underweight
Peru
Currency
Total
Currencies
6
Largest Overweight
Egyptian pound
Largest Underweight
U.S. dollar
Team (As of 05-Aug-2020)
Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.
Mr. Conelius has 31 years of investment experience, all of them at T. Rowe Price. Prior to joining the firm in 1988, he was a consultant for Booz Allen Hamilton.
Mr. Conelius earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. Mr. Conelius has also earned the Chartered Financial Analyst designation.
- Fund manager2004
since - Years at32
T. Rowe Price - Years investment32
experience
Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Samy’s investment experience began in 2006 when he joined T. Rowe Price, 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.
- Fund manager2020
since - Years at14
T. Rowe Price - Years investment14
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 A | $1,000 | $100 | $100 | 5.00% | 125 basis points | 1.42% |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 65 basis points | 0.73% |
| Class Q | $1,000 | $100 | $100 | 0.00% | 65 basis points | 0.81% |
| 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.
Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.