SICAV
Emerging Markets Bond Fund
Active investment in mainly sovereign emerging-market bonds.
ISIN LU0207127753
WKN A0DP3A
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
5.31%
$555.3m
Data as of 31-Dec-2019
Data as of 31-Dec-2019
1YR Return
(View Total Returns)
Manager Tenure
13.49%
15yrs
Data as of 31-Dec-2019
Data as of 06-Jan-2020
Information Ratio
(5 Years)
Tracking Error
(5 Years)
0.00
2.32%
Data as of 31-Dec-2019
Data as of 31-Dec-2019
Inception Date 31-Dec-2004
Performance figures calculated in USD
Other Literature
- This product's strategy also available as
- a Strategy
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 % | 13.49% | 5.31% | 6.23% | 6.34% | 6.69% |
| Indicative Benchmark % | 15.04% | 6.69% | 6.24% | 6.90% | 7.26% |
| Excess Return % | -1.55% | -1.38% | -0.01% | -0.56% | -0.57% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Fund % | 13.49% | 5.31% | 6.23% | 6.34% |
| Indicative Benchmark % | 15.04% | 6.69% | 6.24% | 6.90% |
| Excess Return % | -1.55% | -1.38% | -0.01% | -0.56% |
Recent Performance
| Month to DateData as of 15-Jan-2020 | Quarter to DateData as of 15-Jan-2020 | Year to DateData as of 15-Jan-2020 | 1 MonthData as of 31-Dec-2019 | 3 MonthsData as of 31-Dec-2019 | |
|---|---|---|---|---|---|
| Fund % | 0.98% | 0.98% | 0.98% | 2.72% | 2.56% |
| Indicative Benchmark % | 0.80% | 0.80% | 0.80% | 2.01% | 1.81% |
| Excess Return % | 0.18% | 0.18% | 0.18% | 0.71% | 0.75% |
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.
31-Dec-2019
-
Michael Conelius,
Portfolio Manager,
Emerging markets debt produced strong returns in December. Investors’ appetite for risk was bolstered by progress in trade negotiations between the U.S. and China, where a “phase one” agreement was reached. Within the portfolio, our overweight allocation to Argentina was beneficial. The distressed bonds recovered from oversold levels as sentiment toward a potential debt restructuring improved. Similarly, our overweight allocation to Ecuador contributed further to relative performance as the country recovered somewhat after declining last month amid antigovernment protests. Conversely, our out-of-benchmark positions in Israel Electric held back relative performance. The state-owned, investment-grade utility underperformed higher-yielding assets. Our lack of exposure to high-yielding oil exporter Angola also weighed on results as investors sought yield and oil prices increased.
Holdings
Holdings
Total
Holdings
263
Largest Holding
Petrobras Global Finance BV
4.04%
Was
(30-Sep-2019) 3.90%
Top 10 Holdings 21.17%
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 9.04% | -12.88% |
| Fund | 23.08% | 4.40% |
| Indicative Benchmark | 14.04% | 17.29% |
Average Credit Quality
BB-Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 7-10 Years | 10+ Years |
| By % | 6.51% | -11.95% |
| Fund | 26.31% | 25.16% |
| Indicative Benchmark | 19.79% | 37.11% |
Weighted Average Maturity
10.43 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 5-7 Years | 1-3 Years |
| By % | 12.23% | -6.52% |
| Fund | 33.64% | 9.10% |
| Indicative Benchmark | 21.40% | 15.61% |
Weighted Average Duration
7.55 Years
30-Sep-2019
-
Michael Conelius,
Portfolio Manager,
We are overweight countries pursuing reform agendas that target long-term growth.
Brazil
Brazil remains our largest overweight. We added to our overweight throughout the quarter, with a preference for bonds from quasi-sovereign oil company Petrobras as the company continues to improve its credit profile. We are also invested in sovereign debt as well as corporate debt from several issuers in the consumer-oriented sectors that benefit from domestic economic recovery.
�
South Africa
We added to our overweight position in South Africa with positions favoring quasi-sovereign utility company Eskom. Reform momentum could increase following the reelection of President Ramaphosa and his appointment of new cabinet members. The country's assets offer attractive relative value.
�
Ukraine
Ukraine has grown into a meaningful overweight. Recent elections led to a majority for President Volodimyr Zelensky's party, creating a strong mandate for reform and commitment to the IMF program. Inflation has been falling, and growth has ticked up.
We remain underweight countries that offer limited risk-adjusted return potential.
Russia
We maintained the fund's underweight allocation to Russia. Despite a conservative fiscal policy, solid credit metrics, and support from recovering oil prices, we remain cautious on the country due to the persisting risk of additional sanctions.
�
United Arab Emirates, Saudi Arabia, and Qatar
United Arab Emirates, Saudi Arabia, and Qatar are recent additions to the benchmark and our positioning has not kept up with their gradual inclusions. Our underweight to these higher-quality, low-yielding sovereigns is consistent with our structural underweight to such countries.
�
Philippines
The Philippines is a notable underweight, primarily due to the unattractive relative value of its external sovereign debt. The country is supported by strong local ownership causing it to consistently trade rich to peers.
Sectors
Total
Sectors
4
Largest Sector
Sovereign
64.86%
Was (30-Nov-2019)
62.79%
Other
View complete Sector Diversification
Largest Overweight
Corporate
By20.56%
Fund
20.56%
Indicative Benchmark
0.00%
Largest Underweight
Sovereign
By-17.45%
Fund
64.86%
Indicative Benchmark
82.31%
31-Dec-2019
-
Michael Conelius,
Portfolio Manager,
Economic fundamentals remain broadly supportive across emerging markets. In the near term, we think global macroeconomic risks along with several idiosyncratic factors within emerging markets will likely be the key drivers. We are overweight select quasi-sovereign companies, including Eskom and Petrobras, that will likely benefit from reforms and offer attractive carry pickup versus the sovereign. We have also added to our corporate exposure on more attractive relative value, focusing on consumer-oriented companies in higher-quality markets.
Countries
Total
Countries
53
Largest Country
Brazil
13.56%
Was (30-Nov-2019)
12.30%
Other
View complete Country Diversification
Largest Overweight
Brazil
By10.63%
Fund
13.56%
Indicative Benchmark
2.92%
Largest Underweight
Qatar
By-3.15%
Fund
0.00%
Indicative Benchmark
3.15%
31-Dec-2019
-
Michael Conelius,
Portfolio Manager,
We are positioned relatively conservatively, focusing on idiosyncratic opportunities with positive reform momentum, such as Brazil and Ukraine, as well as markets that are underpriced relative to their fundamental risks, such as South Africa and Mexico. While we maintain our structural underweight to low-beta countries, we have added to several defensive countries, such as Israel, Russia, and Saudi Arabia.
Currency
Total
Currencies
13
Largest Currency
U.S. dollar
98.42%
Was (30-Nov-2019)
99.24%
Other
View complete Currency Diversification
Largest Overweight
Brazilian real
By
0.55%
Fund
0.55%
Indicative Benchmark
0.00%
Largest Underweight
U.S. dollar
By
-1.58%
Fund
98.42%
Indicative Benchmark
100.00%
31-Oct-2015
-
Michael Conelius,
Portfolio Manager,
Given our expectations for continued U.S. dollar strength, we maintained a low and defensive level of non-benchmark currency exposure.
Team (As of 06-Jan-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 at31
T. Rowe Price - Years investment31
experience
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 A | $15,000 | $100 | $100 | 5.00% | 125 basis points | 1.42% |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 65 basis points | 0.75% |
| Class Q | $15,000 | $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.
Portfolio Characteristics
as of 31-Dec-2019
| Characteristic | Fund | Indicative Benchmark |
|---|---|---|
| Weighted Average Coupon | 6.32% | 5.76% |
| Weighted Average Maturity | 10.43 Years | 11.64 Years |
| Weighted Average Duration | 7.55 Years | 7.46 Years |
| Number of Holdings | 263 | 780 |
Risks
The following risks are materially relevant to the fund (refer to prospectus for further details):
- Capital risk
- Counterparty risk
- Country risk (China)
- Country risk (Russia and Ukraine)
- Credit risk
- Currency Risk
- Default risk
- Derivatives risk
- Emerging markets risk
- Frontier markets risk
- Geographic concentration risk
- Hedging risk
- Interest rate risk
- Investment fund risk
- Issuer concentration risk
- Liquidity risk
- Management risk
- Market risk
- Operational risk
- Sector concentration risk
Risk/Return Characteristics
as of 31-Dec-2019| Risk/Return (5 Years) | Fund | Indicative Benchmark |
|---|---|---|
| Alpha | -0.54% | 0.00% |
| Beta | 1.11 | 1.00 |
| R-Squared | 0.88 | 1.00 |
| Annualized Std. Deviation | 6.28% | 5.29% |
| Information Ratio | 0.00 | 0.00 |
| Sharpe Ratio | 0.82 | 0.97 |
| Tracking Error | 2.32% | 0.00% |
Past performance is not a reliable indicator of future performance.
Statistics based on monthly net returns of the Fund's Class I shares.
Calendar Year Performance (Class I)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 14.28% | 3.31% | 17.19% | -4.35% | 3.28% | 0.77% | 14.94% | 9.59% | -6.09% | 13.49% | Fund | |
| 12.24% | 7.35% | 17.44% | -5.25% | 7.43% | 1.18% | 10.15% | 10.26% | -4.26% | 15.04% | Indicative Benchmark | |
| 2.04% | -4.04% | -0.25% | 0.90% | -4.15% | -0.41% | 4.79% | -0.67% | -1.83% | -1.55% | Value added |
- Fund
- Indicative Benchmark
- Annual Report
Monthly Performance (Class I)
- Fund
- Indicative Benchmark
- Exceptional Commentary
- Monthly Commentary
Click chart to display commentary.
Quality (31-Dec-2019)
| Quality Rating | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| US Government Agency Securities | 0.08% | 0.00% | |
| US Treasury | 0.00% | 0.00% | |
| AA | 0.00% | 6.23% | |
| A | 4.40% | 17.29% | |
| BBB | 29.02% | 31.47% | |
| BB | 23.08% | 14.04% | |
| B | 32.16% | 24.83% | |
| CCC | 11.44% | 4.97% | |
| CC | 0.00% | 0.12% | |
| C | 0.12% | 0.00% | |
| Not Rated | 0.70% | 1.05% | |
| Reserves | -1.73% | 0.00% | |
| D | 0.73% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
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 (31-Dec-2019)
| Bond Maturity | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| 0-1 Years | 0.19% | 0.15% | |
| 1-3 Years | 13.11% | 11.52% | |
| 3-5 Years | 16.95% | 17.40% | |
| 5-7 Years | 20.05% | 14.03% | |
| 7-10 Years | 26.31% | 19.79% | |
| 10+ Years | 25.16% | 37.11% | |
| Cash Equivalents | -1.77% | 0.00% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Duration (31-Dec-2019)
| Duration | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Under 1 Year | 1.35% | 0.48% | |
| 1-3 Years | 9.10% | 15.61% | |
| 3-5 Years | 23.51% | 21.95% | |
| 5-7 Years | 33.64% | 21.40% | |
| 7-10 Years | 8.73% | 11.64% | |
| Over 10 Years | 25.41% | 28.91% | |
| Cash Equivalents | -1.73% | 0.00% |
Duration is a measure of a bond's sensitivity to interest rate changes.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Holdings (31-Dec-2019)
| Company | % of Fund | Previous Qtr Change | Value (USD) | Shares/Par | Sector | Industry | Country | Coupon Rate (%) | Quality | Maturity Date | Duration (Yrs) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Petrobras Global Finance BV | 4.04% | 0.13 | $22,417,046.86 | 17,300,000 | Agency/Supranationals | Foreign Agency | Brazil | 8.75% | Ba2 | 23-May-2026 | 5.08 |
| Eskom Holdings SOC | 2.46% | 0.03 | $13,679,367.81 | 12,980,000 | Corporate High Grade | Utilities | South Africa | 7.13% | Caa1 | 11-Feb-2025 | 4.13 |
| Ecuador Government International Bond | 2.37% | -0.22 | $13,137,139.58 | 13,750,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 7.95% | NR | 20-Jun-2024 | 3.65 |
| Bahamas Government International Bond | 2.34% | 0.25 | $12,991,402.05 | 11,555,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Baa3 | 21-Nov-2028 | 6.32 |
| Mexico City Airport Trust | 2.33% | 0.68 | $12,956,722.91 | 12,250,000 | Corporate High Grade | Transportation | Mexico | 5.50% | Baa3 | 31-Jul-2047 | 13.81 |
| Ukraine Government International Bond | 1.72% | 0.83 | $9,552,783.68 | 8,650,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2022 | 2.35 |
| Israel Electric | 1.70% | 0.16 | $9,464,384.50 | 8,550,000 | Corporate High Grade | Electric Utilities | Israel | 4.25% | Baa2 | 14-Aug-2028 | 7.15 |
| Perusahaan Penerbit SBSN Indonesia III | 1.52% | 0.02 | $8,447,009.18 | 7,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.55% | Baa2 | 29-Mar-2026 | 5.41 |
| Ukraine Government International Bond | 1.42% | 0.41 | $7,883,898.30 | 6,765,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 8.99% | NR | 01-Feb-2024 | 3.34 |
| Brazilian Government International Bond | 1.27% | 0.02 | $7,036,298.70 | 6,620,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 5.00% | Ba2 | 27-Jan-2045 | 13.97 |
| Colombia Government International Bond | 1.26% | 0.12 | $6,993,972.46 | 6,545,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 4.00% | Baa2 | 26-Feb-2024 | 3.78 |
| Argentine Republic Government International Bond | 1.24% | 0.69 | $6,870,687.22 | 11,104,141 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 8.28% | Caa2 | 31-Dec-2033 | 5.05 |
| Pertamina Persero PT | 1.19% | -0.01 | $6,616,341.70 | 5,620,000 | Corporate High Grade | Petroleum | Indonesia | 5.63% | Baa2 | 20-May-2043 | 13.55 |
| Argentine Republic Government International Bond | 1.17% | 0.02 | $6,496,652.86 | 12,095,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 7.50% | Caa2 | 22-Apr-2026 | 4.05 |
| Turkey Government International Bond | 1.17% | 0.02 | $6,485,591.63 | 6,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B1 | 09-Oct-2026 | 5.60 |
| El Salvador Government International Bond | 1.14% | 0.43 | $6,322,132.80 | 5,760,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 6.38% | B3 | 18-Jan-2027 | 5.53 |
| Nigeria Government International Bond | 1.14% | -0.19 | $6,310,422.93 | 6,130,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 6.50% | B2 | 28-Nov-2027 | 6.10 |
| Vietnam Government International Bond | 1.13% | -0.01 | $6,250,199.08 | 5,675,000 | Government | Foreign Govt & Muni (Excl Canadian) | Vietnam | 4.80% | Ba3 | 19-Nov-2024 | 4.35 |
| Uruguay Government International Bond | 1.08% | -0.05 | $6,019,950.00 | 5,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uruguay | 5.10% | Baa2 | 18-Jun-2050 | 16.14 |
| Ukraine Government International Bond | 1.07% | 0.07 | $5,955,970.69 | 5,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2027 | 5.69 |
| Ghana Government International Bond | 1.07% | 0.04 | $5,915,051.75 | 5,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ghana | 8.13% | B3 | 18-Jan-2026 | 4.00 |
| Brazil Notas do Tesouro Nacional Serie F | 1.04% | 0.38 | $5,791,958.96 | 2,005,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 10.00% | Ba2 | 01-Jan-2023 | 0.00 |
| Banco do Brasil SA/Cayman | 1.04% | 0.00 | $5,781,416.75 | 5,050,000 | Corporate High Grade | Banking | Brazil | 9.00% | B2 | 18-Dec-2168 | 11.09 |
| Ukraine Government International Bond | 1.02% | 0.15 | $5,682,629.17 | 4,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 9.75% | NR | 01-Nov-2028 | 6.11 |
| Development Bank of Mongolia | 0.96% | 0.01 | $5,325,267.51 | 4,960,000 | Corporate High Grade | Banking | Mongolia | 7.25% | NR | 23-Oct-2023 | 3.28 |
| Egypt Government International Bond | 0.95% | 0.05 | $5,286,582.89 | 4,645,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.50% | B2 | 31-Jan-2047 | 10.74 |
| Brazilian Government International Bond | 0.91% | 0.02 | $5,049,833.36 | 4,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.63% | NR | 13-Jan-2028 | 6.59 |
| Sri Lanka Government International Bond | 0.89% | -0.02 | $4,962,111.58 | 4,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.85% | B2 | 03-Nov-2025 | 4.70 |
| Republic of South Africa Government International Bond | 0.89% | -0.01 | $4,951,104.17 | 5,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.65% | Baa3 | 27-Sep-2047 | 13.32 |
| Egypt Government International Bond | 0.87% | 0.04 | $4,853,487.03 | 4,255,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.50% | B2 | 31-Jan-2027 | 5.40 |
| Republic of South Africa Government International Bond | 0.86% | 0.20 | $4,803,174.37 | 4,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.67% | Baa3 | 17-Jan-2024 | 3.60 |
| Petroleos Mexicanos | 0.84% | -0.20 | $4,670,832.33 | 4,600,000 | Corporate High Grade | Miscellaneous | Mexico | 5.35% | Baa3 | 12-Feb-2028 | 6.36 |
| Petroleos Mexicanos | 0.84% | 0.03 | $4,657,051.50 | 5,175,000 | Agency/Supranationals | Foreign Agency | Mexico | 5.50% | Baa3 | 27-Jun-2044 | 12.53 |
| Sri Lanka Government International Bond | 0.83% | 0.01 | $4,620,870.62 | 4,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 5.88% | B2 | 25-Jul-2022 | 2.29 |
| Sri Lanka Government International Bond | 0.81% | -0.55 | $4,488,683.99 | 4,405,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.83% | B2 | 18-Jul-2026 | 5.03 |
| Senegal Government International Bond | 0.80% | 0.02 | $4,452,645.17 | 4,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Senegal | 6.25% | Ba3 | 23-May-2033 | 8.59 |
| Turkey Government International Bond | 0.80% | 0.02 | $4,435,141.94 | 4,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.25% | B1 | 14-Apr-2026 | 5.35 |
| Eskom Holdings SOC | 0.78% | 0.00 | $4,350,005.83 | 3,900,000 | Corporate High Grade | Utilities | South Africa | 8.45% | Caa1 | 10-Aug-2028 | 5.98 |
| Republic of Uzbekistan Bond | 0.78% | 0.02 | $4,308,334.05 | 3,985,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 4.75% | NR | 20-Feb-2024 | 3.70 |
| Indonesia Treasury Bond | 0.74% | 0.27 | $4,102,019.21 | 50,000,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 9.00% | Baa2 | 15-Mar-2029 | 0.00 |
| Jamaica Government International Bond | 0.74% | 0.03 | $4,082,373.73 | 2,945,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jamaica | 7.88% | B2 | 28-Jul-2045 | 12.37 |
| Ukraine Government International Bond | 0.73% | 0.00 | $4,031,399.00 | 3,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2025 | 4.50 |
| Petroleos Mexicanos | 0.71% | -0.16 | $3,951,108.19 | 3,950,000 | Agency/Supranationals | Foreign Agency | Mexico | 6.50% | Baa3 | 02-Jun-2041 | 11.29 |
| Dominican Republic International Bond | 0.68% | -0.14 | $3,752,808.00 | 3,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.85% | Ba3 | 27-Jan-2045 | 12.26 |
| Senegal Government International Bond | 0.62% | 0.03 | $3,440,051.88 | 2,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Senegal | 4.75% | Ba3 | 13-Mar-2028 | 5.85 |
| Nigeria Government International Bond | 0.62% | 0.00 | $3,435,547.75 | 3,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 8.75% | B2 | 21-Jan-2031 | 6.98 |
| Colombia Government International Bond | 0.61% | 0.00 | $3,408,466.50 | 2,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 5.63% | Baa2 | 26-Feb-2044 | 13.96 |
| Turkey Government International Bond | 0.60% | -0.70 | $3,346,652.75 | 3,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.25% | B1 | 26-Sep-2022 | 2.47 |
| Turkey Government International Bond | 0.58% | N/A | $3,225,202.29 | 3,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B1 | 17-Feb-2028 | 6.39 |
| Oman Government International Bond | 0.57% | 0.03 | $3,189,924.36 | 3,040,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.38% | Ba1 | 08-Mar-2027 | 5.84 |
| Jamaica Government International Bond | 0.56% | -0.02 | $3,103,292.27 | 2,240,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jamaica | 8.00% | B2 | 15-Mar-2039 | 10.57 |
| Oman Government International Bond | 0.55% | N/A | $3,055,392.50 | 3,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 4.75% | Ba1 | 15-Jun-2026 | 5.51 |
| Petroleos Mexicanos | 0.55% | 0.04 | $3,027,540.63 | 3,265,000 | Agency/Supranationals | Foreign Agency | Mexico | 5.63% | Baa3 | 23-Jan-2046 | 12.41 |
| Kenya Government International Bond | 0.54% | 0.03 | $3,006,664.50 | 2,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Kenya | 7.25% | B2 | 28-Feb-2028 | 6.06 |
| Ivory Coast Government International Bond | 0.54% | -0.19 | $2,997,991.24 | 2,992,500 | Government | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 5.75% | NR | 31-Dec-2032 | 5.64 |
| Banco Daycoval | 0.53% | N/A | $2,951,785.14 | 2,900,000 | Corporate High Grade | Financial | Brazil | 4.25% | NR | 13-Dec-2024 | 4.42 |
| Russian Foreign Bond - Eurobond | 0.53% | N/A | $2,926,550.25 | 2,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 4.38% | NR | 21-Mar-2029 | 7.58 |
| Ukraine Railways Via Rail Capital Markets | 0.53% | -0.48 | $2,917,399.83 | 2,630,000 | Corporate High Grade | Transportation | Ukraine | 8.25% | NR | 09-Jul-2024 | 3.64 |
| Israel Chemicals | 0.52% | 0.09 | $2,884,818.00 | 2,400,000 | Corporate High Grade | Chemicals | Israel | 6.38% | NR | 31-May-2038 | 11.36 |
| Brazilian Government International Bond | 0.51% | N/A | $2,839,215.17 | 2,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 2.63% | Ba2 | 05-Jan-2023 | 2.84 |
| Colombia Government International Bond | 0.51% | 0.00 | $2,815,555.94 | 2,125,000 | Government | Foreign Govt & Muni (Excl Canadian) | Colombia | 6.13% | Baa2 | 18-Jan-2041 | 12.60 |
| Turkey Government International Bond | 0.50% | 0.40 | $2,791,834.83 | 2,900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B1 | 14-Jan-2041 | 11.10 |
| Costa Rica Government International Bond | 0.49% | 0.11 | $2,728,525.61 | 2,545,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 7.00% | B1 | 04-Apr-2044 | 11.60 |
| Bermuda Government International Bond | 0.48% | 0.01 | $2,653,814.75 | 2,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 7.39 |
| Mexican Bonos | 0.47% | 0.01 | $2,616,429.30 | 49,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 6.50% | A3 | 10-Jun-2021 | 0.00 |
| KazMunayGas National Co JSC | 0.47% | N/A | $2,598,993.40 | 2,500,000 | Corporate High Grade | Petroleum | Kazakhstan | 3.88% | Baa3 | 19-Apr-2022 | 2.18 |
| Paraguay Government International Bond | 0.47% | 0.01 | $2,592,503.25 | 2,225,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.40% | Ba1 | 30-Mar-2050 | 15.18 |
| Republic of Uzbekistan Bond | 0.46% | 0.09 | $2,568,844.87 | 2,270,000 | Government | Foreign Govt & Muni (Excl Canadian) | Uzbekistan | 5.38% | NR | 20-Feb-2029 | 7.17 |
| El Salvador Government International Bond | 0.45% | 0.02 | $2,526,705.29 | 2,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 6.42 |
| Dominican Republic International Bond | 0.45% | 0.00 | $2,525,610.45 | 2,070,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 7.45% | Ba3 | 30-Apr-2044 | 12.02 |
| Saudi Arabian Oil | 0.45% | 0.09 | $2,486,601.56 | 2,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 4.25% | A1 | 16-Apr-2039 | 13.14 |
| Akbank T.A.S. | 0.44% | 0.03 | $2,453,956.75 | 2,450,000 | Corporate High Grade | Banking | Turkey | 7.20% | Caa2 | 16-Mar-2027 | 5.44 |
| Mongolia Government International Bond | 0.44% | -0.01 | $2,449,646.40 | 2,190,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mongolia | 10.88% | B3 | 06-Apr-2021 | 1.17 |
| Mexican Bonos | 0.44% | 0.02 | $2,448,584.19 | 42,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 8.00% | A3 | 07-Nov-2047 | 0.00 |
| KazMunayGas National Co JSC | 0.44% | 0.00 | $2,439,839.72 | 2,200,000 | Corporate High Grade | Petroleum | Kazakhstan | 4.75% | Baa3 | 19-Apr-2027 | 6.15 |
| Republic of South Africa Government International Bond | 0.44% | 0.01 | $2,435,436.00 | 2,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Baa3 | 30-Sep-2029 | 7.60 |
| Csn Resources | 0.44% | 0.02 | $2,416,045.19 | 2,200,000 | Corporate High Grade | Metals & Mining | Brazil | 7.63% | B2 | 13-Feb-2023 | 2.70 |
| Egypt Government International Bond | 0.43% | 0.02 | $2,401,227.00 | 2,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 6.59% | B2 | 21-Feb-2028 | 6.14 |
| Perusahaan Penerbit SBSN Indonesia III | 0.42% | N/A | $2,355,831.33 | 2,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.45% | Baa2 | 20-Feb-2029 | 7.46 |
| Turkey Government International Bond | 0.41% | 0.01 | $2,285,050.47 | 2,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.13% | B1 | 25-Mar-2022 | 2.07 |
| KazMunayGas National Co JSC | 0.41% | 0.01 | $2,262,282.75 | 1,740,000 | Corporate High Grade | Petroleum | Kazakhstan | 6.38% | Baa3 | 24-Oct-2048 | 14.56 |
| Republic of South Africa Government International Bond | 0.40% | 0.01 | $2,241,444.44 | 2,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 5.88% | Baa3 | 16-Sep-2025 | 4.81 |
| Romanian Government International Bond | 0.40% | 0.07 | $2,232,109.28 | 1,565,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.63% | Baa3 | 03-Apr-2049 | 16.60 |
| Export-Import Bank of India | 0.40% | N/A | $2,218,478.94 | 2,100,000 | Corporate Securities | Financial | India | 4.00% | Baa2 | 14-Jan-2023 | 2.80 |
| Pakistan Government International Bond | 0.40% | -0.47 | $2,201,806.54 | 2,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Pakistan | 6.88% | B3 | 05-Dec-2027 | 6.06 |
| Nigeria Government International Bond | 0.40% | 0.01 | $2,196,608.22 | 2,100,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.14% | B2 | 23-Feb-2030 | 6.99 |
| El Salvador Government International Bond | 0.39% | 0.01 | $2,160,848.33 | 2,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 5.88% | B3 | 30-Jan-2025 | 4.29 |
| Cemex SAB de CV | 0.39% | -0.00 | $2,138,788.47 | 1,930,000 | Emerging Market Corporate | Em-Building Products | Mexico | 7.75% | NR | 16-Apr-2026 | 4.94 |
| Perusahaan Listrik Negara PT | 0.38% | -0.00 | $2,122,172.50 | 2,000,000 | Corporate High Grade | Energy | Indonesia | 4.13% | Baa2 | 15-May-2027 | 6.32 |
| Egypt Government International Bond | 0.38% | 0.02 | $2,121,328.39 | 1,850,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 8.70% | B2 | 01-Mar-2049 | 10.88 |
| CNOOC Curtis Funding No 1 Pty | 0.37% | -0.12 | $2,058,678.50 | 1,900,000 | Corporate High Grade | Petroleum | China | 4.50% | A1 | 03-Oct-2023 | 3.43 |
| CNAC HK Finbridge | 0.35% | -0.58 | $1,919,450.26 | 1,800,000 | Corporate High Grade | Chemicals | China | 4.63% | NR | 14-Mar-2023 | 2.93 |
| Ruwais Power Co PJSC | 0.34% | 0.11 | $1,887,217.50 | 1,500,000 | Corporate Securities | Energy | United Arab Emirates | 6.00% | A3 | 31-Aug-2036 | 10.04 |
| Pertamina Persero PT | 0.33% | -0.00 | $1,848,240.00 | 1,500,000 | Corporate High Grade | Petroleum | Indonesia | 6.00% | Baa2 | 03-May-2042 | 13.02 |
| Petrobras Global Finance BV | 0.33% | -0.01 | $1,840,395.11 | 1,600,000 | Agency/Supranationals | Foreign Agency | Brazil | 6.85% | Ba2 | 05-Jun-2115 | 15.98 |
| Ivory Coast Government International Bond | 0.33% | 0.01 | $1,825,410.75 | 1,800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.13% | Ba3 | 15-Jun-2033 | 8.60 |
| Panama Government International Bond | 0.33% | -0.00 | $1,816,430.40 | 1,520,000 | Government | Foreign Govt & Muni (Excl Canadian) | Panama | 4.50% | Baa1 | 16-Apr-2050 | 16.92 |
| Guatemala Government Bond | 0.32% | 0.00 | $1,803,207.00 | 1,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Guatemala | 4.50% | Ba1 | 03-May-2026 | 5.47 |
| Azul Investments LLP | 0.32% | 0.01 | $1,788,637.06 | 1,700,000 | Emerging Market Corporate | Em-Airlines | Brazil | 5.88% | B1 | 26-Oct-2024 | 4.14 |
| Turk Telekomunikasyon | 0.32% | 0.20 | $1,777,999.62 | 1,625,000 | Corporate High Grade | Wireline Communications | Turkey | 6.88% | NR | 28-Feb-2025 | 4.25 |
| Brazilian Government International Bond | 0.32% | N/A | $1,774,615.28 | 1,665,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 4.50% | Ba2 | 30-May-2029 | 7.66 |
| Perusahaan Listrik Negara PT | 0.30% | 0.01 | $1,690,050.97 | 1,590,000 | Corporate High Grade | Energy | Indonesia | 3.88% | Baa2 | 17-Jul-2029 | 7.83 |
| Minerva Luxembourg | 0.29% | 0.01 | $1,629,038.33 | 1,500,000 | Corporate High Grade | Food/Tobacco | Brazil | 6.50% | NR | 20-Sep-2026 | 5.36 |
| Corp Nacional del Cobre de Chile | 0.29% | -0.01 | $1,621,920.70 | 1,670,000 | Corporate High Grade | Metals & Mining | Chile | 3.70% | A3 | 30-Jan-2050 | 17.36 |
| Turkiye Sise Ve Cam Fabrikalari | 0.29% | 0.01 | $1,599,745.16 | 1,480,000 | Corporate High Grade | Building Products | Turkey | 6.95% | B1 | 14-Mar-2026 | 4.94 |
| Axtel SAB de CV | 0.29% | 0.09 | $1,596,886.25 | 1,500,000 | Corporate High Grade | Wireless Communications | Mexico | 6.38% | Ba3 | 14-Nov-2024 | 4.15 |
| Costa Rica Government International Bond | 0.29% | 0.02 | $1,585,264.70 | 1,455,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 7.16% | B1 | 12-Mar-2045 | 11.61 |
| Bahamas Government International Bond | 0.28% | 0.01 | $1,574,160.00 | 1,400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bahamas | 6.00% | Baa3 | 21-Nov-2028 | 6.32 |
| BBVA Bancomer SA/Texas | 0.28% | 0.02 | $1,550,339.79 | 1,500,000 | Corporate High Grade | Banking | Mexico | 5.13% | NR | 18-Jan-2033 | 9.23 |
| Export-Import Bank of India | 0.28% | 0.00 | $1,548,047.92 | 1,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | India | 3.38% | Baa2 | 05-Aug-2026 | 5.80 |
| Ivory Coast Government International Bond | 0.28% | 0.01 | $1,547,931.82 | 1,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Cote d Ivoire | 6.63% | Ba3 | 22-Mar-2048 | 11.74 |
| Brazil Notas do Tesouro Nacional Serie | 0.28% | N/A | $1,545,422.25 | 160,000 | Government | Foreign Govt & Muni (Excl Canadian) | Brazil | 6.00% | Ba2 | 15-Aug-2024 | 0.00 |
| Mexican Bonos | 0.27% | 0.01 | $1,512,776.32 | 22,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Mexico | 10.00% | A3 | 20-Nov-2036 | 0.00 |
| Kuwait Projects Co SPC | 0.27% | N/A | $1,510,762.76 | 1,440,000 | Corporate High Grade | Financial | Kuwait | 4.23% | Baa3 | 29-Oct-2026 | 5.88 |
| Emirates NBD Bank PJSC | 0.27% | N/A | $1,499,356.45 | 1,400,000 | Corporate High Grade | Banking | United Arab Emirates | 6.13% | B1 | 20-Sep-2168 | 13.71 |
| Cometa Energia SA de CV | 0.27% | 0.00 | $1,495,451.40 | 1,356,600 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 7.02 |
| Times China Holdings | 0.27% | 0.16 | $1,492,033.02 | 1,415,000 | Corporate High Grade | Building & Real Estate | China | 6.75% | B1 | 16-Jul-2023 | 3.02 |
| Brf | 0.26% | N/A | $1,463,392.00 | 1,400,000 | Corporate High Grade | Food/Tobacco | Brazil | 4.88% | Ba2 | 24-Jan-2030 | 7.83 |
| NBK Tier 1 Financing 2 | 0.26% | N/A | $1,455,328.75 | 1,450,000 | Corporate High Grade | Financial | Kuwait | 4.50% | Baa3 | 27-May-2168 | 15.52 |
| Saudi Government International Bond | 0.26% | 0.02 | $1,445,548.67 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Saudi Arabia | 5.00% | A1 | 17-Apr-2049 | 16.13 |
| Latam Finance | 0.26% | N/A | $1,442,134.06 | 1,300,000 | Corporate High Grade | Airlines | Chile | 7.00% | NR | 01-Mar-2026 | 4.92 |
| Serbia Treasury Bonds | 0.26% | 0.02 | $1,426,019.85 | 132,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 4.50% | NR | 11-Jan-2026 | 0.00 |
| Peruvian Government International Bond | 0.26% | 0.01 | $1,420,085.27 | 4,350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 5.40% | A3 | 12-Aug-2034 | 0.00 |
| Russian Federal Bond - ofZ | 0.26% | N/A | $1,417,130.08 | 83,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 7.15% | NR | 12-Nov-2025 | 0.00 |
| Nexa Resources | 0.25% | N/A | $1,405,093.44 | 1,300,000 | Corporate High Grade | Metals & Mining | Peru | 5.38% | Ba2 | 04-May-2027 | 6.03 |
| Ukraine Government International Bond | 0.25% | 0.01 | $1,403,897.57 | 1,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2024 | 3.84 |
| Mong Duong Finance Holdings BV | 0.25% | 0.12 | $1,401,517.34 | 1,355,000 | Corporate High Grade | Utilities | Vietnam | 5.13% | Ba3 | 07-May-2029 | 5.42 |
| Petroleos De Venezuela | 0.25% | -0.01 | $1,389,735.00 | 17,350,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 9.00% | NR | 17-Nov-2021 | 0.32 |
| Jamaica Government International Bond | 0.25% | 0.08 | $1,379,361.75 | 1,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Jamaica | 6.75% | B2 | 28-Apr-2028 | 5.86 |
| Petrobras Global Finance BV | 0.25% | 0.01 | $1,367,341.38 | 1,150,000 | Corporate High Grade | Petroleum | Brazil | 6.75% | Ba2 | 27-Jan-2041 | 11.53 |
| Peruvian Government International Bond | 0.24% | -0.23 | $1,323,513.60 | 1,280,000 | Government | Foreign Govt & Muni (Excl Canadian) | Peru | 2.84% | A3 | 20-Jun-2030 | 9.02 |
| Argentine Republic Government International Bond | 0.23% | -0.16 | $1,296,031.26 | 2,590,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 3.75% | Caa2 | 31-Dec-2038 | 8.68 |
| Egypt Government International Bond | 0.23% | 0.01 | $1,292,614.90 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Egypt | 7.90% | B2 | 21-Feb-2048 | 11.08 |
| Serbia International Bond | 0.23% | 0.00 | $1,274,024.44 | 1,105,000 | Government | Foreign Govt & Muni (Excl Canadian) | Serbia | 1.50% | Ba3 | 26-Jun-2029 | 8.74 |
| Sri Lanka Government International Bond | 0.23% | -0.22 | $1,268,044.38 | 1,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.13% | B2 | 03-Jun-2025 | 4.51 |
| Dominican Republic International Bond | 0.23% | 0.00 | $1,267,851.36 | 1,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 6.40% | Ba3 | 05-Jun-2049 | 13.57 |
| Eskom Holdings SOC | 0.23% | 0.00 | $1,259,748.00 | 1,200,000 | Corporate High Grade | Utilities | South Africa | 6.75% | Caa1 | 06-Aug-2023 | 3.08 |
| Oman Government International Bond | 0.22% | 0.02 | $1,245,939.00 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 6.75% | Ba1 | 17-Jan-2048 | 11.99 |
| Mhp Lux | 0.22% | 0.01 | $1,242,442.46 | 1,240,000 | Corporate High Grade | Food/Tobacco | Ukraine | 6.25% | NR | 19-Sep-2029 | 7.04 |
| Sixsigma Networks Mexico SA de CV | 0.22% | 0.00 | $1,225,984.00 | 1,200,000 | Corporate High Grade | Information Technology | Mexico | 7.50% | B1 | 02-May-2025 | 4.29 |
| Panama Government International Bond | 0.22% | 0.00 | $1,194,506.47 | 1,090,000 | Government | Foreign Govt & Muni (Excl Canadian) | Panama | 3.87% | Baa1 | 23-Jul-2060 | 20.15 |
| Turkiye Garanti Bankasi | 0.21% | 0.01 | $1,193,500.58 | 1,245,000 | Corporate High Grade | Banking | Turkey | 6.13% | Caa2 | 24-May-2027 | 5.77 |
| Suzano Austria GmbH | 0.21% | 0.01 | $1,158,810.00 | 1,000,000 | Corporate High Grade | Miscellaneous | Brazil | 6.00% | NR | 15-Jan-2029 | 6.91 |
| Ecuador Government International Bond | 0.21% | 0.02 | $1,158,460.94 | 1,250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ecuador | 7.88% | NR | 23-Jan-2028 | 5.49 |
| Eskom Holdings SOC | 0.21% | -0.32 | $1,152,549.69 | 1,120,000 | Corporate High Grade | Utilities | South Africa | 5.75% | Caa1 | 26-Jan-2021 | 1.00 |
| Almarai Sukuk | 0.21% | 0.00 | $1,143,898.09 | 1,075,000 | Corporate High Grade | Food/Tobacco | Saudi Arabia | 4.31% | Baa3 | 05-Mar-2024 | 3.77 |
| Controladora Mabe SA de CV | 0.20% | 0.00 | $1,120,386.29 | 1,005,000 | Corporate High Grade | Consumer Products | Mexico | 5.60% | Baa3 | 23-Oct-2028 | 6.96 |
| State Grid Overseas Investment 2016 | 0.20% | -0.00 | $1,114,304.58 | 1,100,000 | Corporate High Grade | Utilities | China | 2.88% | A1 | 18-May-2026 | 5.78 |
| Banco BTG Pactual SA/Cayman Islands | 0.20% | N/A | $1,112,552.25 | 1,020,000 | Corporate High Grade | Banking | Brazil | 7.75% | B1 | 15-Feb-2029 | 6.40 |
| El Salvador Government International Bond | 0.20% | 0.01 | $1,109,757.75 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | El Salvador | 8.63% | B3 | 28-Feb-2029 | 6.42 |
| Morocco Government International Bond | 0.20% | -0.15 | $1,108,336.92 | 900,000 | Government | Foreign Govt & Muni (Excl Canadian) | Morocco | 5.50% | NR | 11-Dec-2042 | 13.84 |
| Gold Fields Orogen Holdings BVI | 0.20% | -0.00 | $1,101,830.16 | 1,025,000 | Corporate High Grade | Metals & Mining | South Africa | 5.13% | Baa3 | 15-May-2024 | 3.90 |
| Braskem Idesa SAPI | 0.19% | N/A | $1,078,711.17 | 1,005,000 | Corporate High Grade | Chemicals | Mexico | 7.45% | NR | 15-Nov-2029 | 6.98 |
| Peru LNG Srl | 0.19% | -0.01 | $1,072,805.48 | 1,070,000 | Corporate Securities | Energy | Peru | 5.38% | Ba3 | 22-Mar-2030 | 5.92 |
| AC Energy Finance International | 0.19% | N/A | $1,054,140.32 | 1,037,000 | Corporate High Grade | Electric Utilities | Philippines | 5.65% | NR | 04-Jun-2168 | 14.16 |
| Republic of South Africa Government International Bond | 0.19% | 0.00 | $1,048,804.17 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 4.85% | Baa3 | 27-Sep-2027 | 6.35 |
| Petrobras Global Finance BV | 0.18% | -0.24 | $1,003,041.89 | 800,000 | Agency/Supranationals | Foreign Agency | Brazil | 7.38% | Ba2 | 17-Jan-2027 | 5.51 |
| Russian Foreign Bond - Eurobond | 0.18% | N/A | $1,001,296.67 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Russia | 5.25% | NR | 23-Jun-2047 | 15.65 |
| Costa Rica Government International Bond | 0.17% | 0.01 | $941,214.64 | 935,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 4.38% | B1 | 30-Apr-2025 | 4.68 |
| State Grid Overseas Investment 2013 | 0.17% | -0.01 | $935,810.44 | 800,000 | Corporate High Grade | Utilities | China | 4.38% | A1 | 22-May-2043 | 15.12 |
| Ukraine Government International Bond | 0.17% | N/A | $934,906.13 | 835,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 7.75% | Caa1 | 01-Sep-2024 | 3.84 |
| Indonesia Government International Bond | 0.17% | 0.00 | $934,896.59 | 805,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.75% | Baa2 | 11-Feb-2029 | 7.39 |
| Turk Telekomunikasyon | 0.16% | 0.00 | $901,228.12 | 900,000 | Corporate High Grade | Wireline Communications | Turkey | 4.88% | NR | 19-Jun-2024 | 3.96 |
| Banco Nacional de Costa Rica | 0.16% | -0.00 | $896,561.81 | 865,000 | Corporate High Grade | Banking | Costa Rica | 5.88% | B1 | 25-Apr-2021 | 1.25 |
| Turkey Government International Bond | 0.16% | -0.32 | $879,108.12 | 1,050,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.88% | B1 | 16-Apr-2043 | 12.52 |
| Perusahaan Penerbit SBSN Indonesia III | 0.16% | N/A | $869,712.22 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.15% | Baa2 | 29-Mar-2027 | 6.21 |
| Itau Unibanco Holding SA/Cayman Island | 0.16% | 0.10 | $865,431.19 | 825,000 | Corporate High Grade | Banking | Brazil | 6.13% | B2 | 12-Jun-2168 | 13.58 |
| Metropolitan Light | 0.15% | -0.00 | $856,267.39 | 826,000 | Corporate High Grade | Other Telecommunications | Hong Kong | 5.50% | Ba2 | 21-Nov-2022 | 2.64 |
| Celulosa Arauco Y Constitucion | 0.15% | N/A | $851,169.20 | 840,000 | Corporate High Grade | Forest Products | Chile | 4.20% | Baa3 | 29-Jan-2030 | 8.09 |
| Paraguay Government International Bond | 0.15% | 0.00 | $850,576.49 | 680,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 6.10% | Ba1 | 11-Aug-2044 | 13.43 |
| Alrosa Finance | 0.15% | N/A | $842,690.55 | 780,000 | Corporate High Grade | Metals & Mining | Russia | 4.65% | NR | 09-Apr-2024 | 3.84 |
| Instituto Costarricense de Electricidad | 0.15% | -0.00 | $840,883.75 | 1,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.38% | B1 | 15-May-2043 | 10.80 |
| Costa Rica Government International Bond | 0.15% | 0.11 | $820,668.44 | 800,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 4.25% | B1 | 26-Jan-2023 | 2.80 |
| Argentine Republic Government International Bond | 0.14% | -0.02 | $804,885.21 | 1,605,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 5.88% | Caa2 | 11-Jan-2028 | 4.90 |
| Klabin Austria GmbH | 0.14% | -0.10 | $804,544.74 | 745,000 | Corporate High Grade | Forest Products | Brazil | 5.75% | NR | 03-Apr-2029 | 7.10 |
| Petroleos De Venezuela | 0.14% | -0.01 | $781,905.25 | 10,150,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 5.38% | NR | 12-Apr-2027 | 1.69 |
| Petroleos De Venezuela | 0.14% | -0.01 | $771,586.50 | 9,700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | NR | 16-May-2024 | 1.14 |
| Dominican Republic International Bond | 0.14% | -0.32 | $770,175.00 | 700,000 | Government | Foreign Govt & Muni (Excl Canadian) | Dominican Republic | 5.50% | Ba3 | 27-Jan-2025 | 4.34 |
| Itau Unibanco Holding SA/Cayman Island | 0.14% | 0.01 | $752,441.28 | 700,000 | Corporate High Grade | Banking | Brazil | 6.50% | B2 | 19-Sep-2168 | 13.37 |
| Banco Nacional de Costa Rica | 0.13% | -0.00 | $749,299.64 | 700,000 | Corporate High Grade | Banking | Costa Rica | 6.25% | B1 | 01-Nov-2023 | 3.37 |
| Bangkok Bank PCL/Hong Kong | 0.13% | 0.00 | $745,347.83 | 725,000 | Corporate High Grade | Banking | Thailand | 3.73% | Baa3 | 25-Sep-2034 | 11.12 |
| Country Garden Holdings | 0.13% | 0.00 | $721,971.35 | 700,000 | Corporate High Grade | Building & Real Estate | China | 4.75% | NR | 17-Jan-2023 | 2.75 |
| Argentine Republic Government International Bond | 0.12% | -0.23 | $693,513.89 | 1,300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 6.88% | Caa2 | 26-Jan-2027 | 4.33 |
| Bermuda Government International Bond | 0.12% | N/A | $693,298.50 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Bermuda | 4.75% | A2 | 15-Feb-2029 | 7.39 |
| Axtel SAB de CV | 0.12% | 0.00 | $675,440.50 | 635,000 | Emerging Market Corporate | Em-Wireless Communications | Mexico | 6.38% | Ba3 | 14-Nov-2024 | 4.15 |
| Paraguay Government International Bond | 0.12% | 0.00 | $668,980.00 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 4.70% | Ba1 | 27-Mar-2027 | 6.11 |
| Azul Investments LLP | 0.12% | 0.00 | $667,876.77 | 635,000 | Corporate High Grade | Airlines | Brazil | 5.88% | B1 | 26-Oct-2024 | 4.14 |
| Ghana Government International Bond | 0.12% | -0.00 | $652,487.22 | 500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ghana | 10.75% | B1 | 14-Oct-2030 | 6.16 |
| Telefonica Celular Del Paraguay | 0.12% | -0.00 | $652,457.75 | 600,000 | Corporate High Grade | Wireline Communications | Paraguay | 5.88% | Ba1 | 15-Apr-2027 | 5.88 |
| Perusahaan Listrik Negara PT | 0.12% | N/A | $650,067.94 | 635,000 | Corporate High Grade | Energy | Indonesia | 4.38% | Baa2 | 05-Feb-2050 | 16.37 |
| Easy Tactic | 0.12% | 0.01 | $645,147.82 | 590,000 | Corporate High Grade | Building & Real Estate | China | 9.13% | NR | 28-Jul-2022 | 2.20 |
| C&W Senior Financing DAC | 0.12% | 0.01 | $644,279.75 | 585,000 | Corporate High Grade | Cable Operators | Panama | 6.88% | B2 | 15-Sep-2027 | 5.82 |
| Perusahaan Listrik Negara PT | 0.11% | 0.00 | $636,653.18 | 575,000 | Corporate High Grade | Energy | Indonesia | 4.88% | Baa2 | 17-Jul-2049 | 15.54 |
| Cosan Overseas | 0.11% | 0.00 | $632,879.50 | 600,000 | Corporate High Grade | Food/Tobacco | Brazil | 8.25% | Ba2 | 05-Feb-2168 | 10.79 |
| Sri Lanka Government International Bond | 0.11% | 0.00 | $626,095.50 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Sri Lanka | 6.25% | B2 | 27-Jul-2021 | 1.44 |
| Bharti Airtel | 0.11% | N/A | $615,102.33 | 600,000 | Corporate High Grade | Wireless Communications | India | 4.38% | Ba1 | 10-Jun-2025 | 4.80 |
| Export Credit Bank of Turkey | 0.11% | 0.00 | $596,593.00 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 4.25% | B2 | 18-Sep-2022 | 2.50 |
| Ukraine Government International Bond | 0.11% | 0.01 | $593,110.56 | 455,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 6.75% | NR | 20-Jun-2026 | 5.12 |
| Lao People s democratic Republic International Bond | 0.11% | N/A | $588,000.00 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Laos | 6.88% | B3 | 30-Jun-2021 | N/A |
| Rutas 2 & 7 Finance | 0.10% | N/A | $563,252.63 | 855,000 | Corporate High Grade | Transportation | Paraguay | 0.00% | Ba1 | 30-Sep-2036 | 8.39 |
| MTN Mauritius Investments | 0.10% | -0.00 | $560,808.89 | 500,000 | Emerging Market Corporate | Em-Wireless Communications | South Africa | 6.50% | Ba1 | 13-Oct-2026 | 5.47 |
| FirstRand Bank | 0.10% | -0.00 | $553,973.63 | 515,000 | Corporate High Grade | Banking | South Africa | 6.25% | Ba2 | 23-Apr-2028 | 6.47 |
| Thaioil Treasury Center | 0.10% | N/A | $547,349.47 | 570,000 | Corporate High Grade | Oil Field Serv | Thailand | 3.50% | Baa1 | 17-Oct-2049 | 17.64 |
| Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 0.10% | 0.00 | $538,731.39 | 500,000 | Corporate High Grade | Banking | Mexico | 8.50% | Ba1 | 20-Apr-2168 | 10.62 |
| Perusahaan Listrik Negara PT | 0.10% | -0.07 | $529,441.89 | 400,000 | Corporate High Grade | Energy | Indonesia | 6.25% | Baa2 | 25-Jan-2049 | 14.60 |
| LCPR Senior Secured Financing DAC | 0.09% | N/A | $520,908.19 | 485,000 | Corporate High Grade | Cable Operators | United States | 6.75% | B1 | 15-Oct-2027 | N/A |
| St Marys Cement Inc Canada | 0.09% | 0.04 | $476,773.91 | 415,000 | Corporate High Grade | Wireless Communications | Brazil | 5.75% | Ba1 | 28-Jan-2027 | 5.75 |
| Oi | 0.09% | 0.00 | $472,596.39 | 500,000 | Corporate High Grade | Wireline Communications | Brazil | 10.00% | NR | 27-Jul-2025 | 3.91 |
| Lima Metro Line 2 Finance | 0.08% | -0.06 | $452,294.68 | 385,177 | Corporate High Grade | Transportation | Peru | 5.88% | Baa1 | 05-Jul-2034 | 6.47 |
| Trinidad Petroleum Holdings | 0.08% | -0.00 | $447,247.00 | 400,000 | Corporate High Grade | Miscellaneous | Trinidad and Tobago | 9.75% | Ba3 | 15-Jun-2026 | 4.76 |
| Country Garden Holdings | 0.08% | 0.00 | $447,177.11 | 400,000 | Corporate High Grade | Building & Real Estate | China | 8.00% | NR | 27-Jan-2024 | 3.42 |
| Rumo Luxembourg Sarl | 0.08% | 0.00 | $443,096.17 | 400,000 | Corporate High Grade | Transportation | Brazil | 7.38% | NR | 09-Feb-2024 | 3.45 |
| SriLankan Airlines | 0.08% | -0.00 | $441,060.52 | 445,000 | Corporate High Grade | Airlines | Sri Lanka | 7.00% | NR | 25-Jun-2024 | 3.78 |
| Oman Government International Bond | 0.08% | N/A | $441,011.68 | 415,000 | Government | Foreign Govt & Muni (Excl Canadian) | Oman | 5.63% | Ba1 | 17-Jan-2028 | 6.29 |
| Republic of South Africa Government International Bond | 0.08% | -0.00 | $439,023.78 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | South Africa | 6.25% | Baa3 | 08-Mar-2041 | 11.70 |
| Irsa Propiedades Comerciales | 0.08% | 0.01 | $436,941.67 | 480,000 | Corporate High Grade | Real Estate Investment Trust Securities | Argentina | 8.75% | NR | 23-Mar-2023 | 2.61 |
| Citgo Holding | 0.08% | 0.00 | $433,306.25 | 390,000 | Corporate High Grade | Energy | United States | 9.25% | Caa1 | 01-Aug-2024 | N/A |
| Romanian Government International Bond | 0.08% | -0.00 | $428,270.29 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Romania | 4.63% | Baa3 | 03-Apr-2049 | 16.60 |
| HTA Group Ltd/Mauritius | 0.08% | 0.00 | $425,309.56 | 400,000 | Corporate High Grade | Media & Communications | Congo, Democratic Republic Of | 9.13% | B2 | 08-Mar-2022 | 1.91 |
| Globo Comunicacao E Participacoes | 0.08% | 0.00 | $421,523.00 | 400,000 | Corporate High Grade | Telephones | Brazil | 5.13% | NR | 31-Mar-2027 | N/A |
| Listrindo Capital BV | 0.07% | 0.00 | $413,550.00 | 400,000 | Emerging Market Corporate | Em-Utilities | Indonesia | 4.95% | Ba2 | 14-Sep-2026 | 5.58 |
| CNRC Capitale | 0.07% | -0.00 | $408,414.45 | 400,000 | Corporate High Grade | Chemicals | China | 3.90% | Baa2 | 02-Dec-2168 | 12.50 |
| Nigeria Government International Bond | 0.07% | -0.00 | $393,623.11 | 400,000 | Government | Foreign Govt & Muni (Excl Canadian) | Nigeria | 7.63% | B2 | 28-Nov-2047 | 11.05 |
| Ypf | 0.07% | N/A | $381,294.77 | 390,000 | Corporate High Grade | Energy | Argentina | 8.50% | Caa2 | 28-Jul-2025 | 4.15 |
| Venezuela Government International Bond | 0.07% | 0.01 | $375,000.00 | 3,000,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 7.75% | NR | 13-Oct-2020 | 0.66 |
| Cometa Energia SA de CV | 0.07% | 0.00 | $373,381.26 | 339,150 | Corporate Securities | Energy | Mexico | 6.38% | Baa3 | 24-Apr-2035 | 7.02 |
| Costa Rica Government International Bond | 0.07% | N/A | $369,802.29 | 345,000 | Government | Foreign Govt & Muni (Excl Canadian) | Costa Rica | 6.13% | B1 | 19-Feb-2031 | 7.51 |
| Rumo Luxembourg Sarl | 0.06% | 0.00 | $358,311.69 | 325,000 | Corporate High Grade | Transportation | Brazil | 5.88% | NR | 18-Jan-2025 | 4.26 |
| Ukraine Government International Bond | 0.06% | 0.00 | $354,075.20 | 370,000 | Government | Foreign Govt & Muni (Excl Canadian) | Ukraine | 0.00% | NR | 31-May-2040 | 0.00 |
| Indonesia Government International Bond | 0.06% | 0.00 | $336,723.50 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Indonesia | 4.35% | Baa2 | 11-Jan-2048 | 16.20 |
| Paraguay Government International Bond | 0.06% | 0.00 | $326,973.47 | 275,000 | Government | Foreign Govt & Muni (Excl Canadian) | Paraguay | 5.60% | NR | 13-Mar-2048 | 14.73 |
| Irsa Propiedades Comerciales | 0.06% | 0.01 | $318,603.30 | 350,000 | Corporate High Grade | Real Estate Investment Trust Securities | Argentina | 8.75% | NR | 23-Mar-2023 | 2.61 |
| Venezuela Government International Bond | 0.06% | 0.01 | $306,527.00 | 2,600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | C | 09-Dec-2020 | 0.90 |
| Tarjeta Naranja | 0.05% | 0.01 | $290,998.02 | 850,000 | Corporate High Grade | Financial | Argentina | 15.86% | Caa2 | 11-Apr-2022 | 0.00 |
| HPCL-Mittal Energy | 0.05% | -0.00 | $285,019.64 | 280,000 | Corporate High Grade | Energy | India | 5.25% | Ba2 | 28-Apr-2027 | 5.97 |
| Petroleos De Venezuela | 0.05% | -0.07 | $283,614.23 | 1,632,500 | Asst Backed Securities | Misc Receivables | Venezuela | 8.50% | NR | 27-Oct-2020 | 1.18 |
| Export Credit Bank of Turkey | 0.05% | 0.00 | $259,537.85 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 5.38% | B2 | 08-Feb-2021 | 1.04 |
| Aeropuerto Internacional De Tocumen | 0.04% | -0.00 | $237,539.50 | 200,000 | Corporate High Grade | Transportation | Panama | 5.63% | NR | 18-May-2036 | 9.03 |
| State Grid Overseas Investment 2016 | 0.04% | -0.00 | $224,661.44 | 200,000 | Corporate High Grade | Utilities | China | 4.00% | A1 | 04-May-2047 | 16.85 |
| Minerva Luxembourg | 0.04% | 0.00 | $217,069.11 | 200,000 | Emerging Market Corporate | Em-Food/Tobacco | Brazil | 6.50% | NR | 20-Sep-2026 | 5.36 |
| Health & Happiness H&H International Holdings | 0.04% | N/A | $209,170.70 | 200,000 | Corporate High Grade | Consumer Products | China | 5.63% | Ba3 | 24-Oct-2024 | 4.15 |
| Petropavlovsk 2016 | 0.04% | N/A | $208,348.39 | 200,000 | Corporate High Grade | Metals & Mining | Russia | 8.13% | NR | 14-Nov-2022 | 2.51 |
| Turkey Government International Bond | 0.04% | 0.00 | $206,237.67 | 200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Turkey | 6.00% | B1 | 25-Mar-2027 | 5.72 |
| Banco do Brasil SA/Cayman | 0.04% | N/A | $206,132.17 | 200,000 | Corporate High Grade | Banking | Brazil | 6.25% | NR | 15-Oct-2168 | 12.74 |
| BBVA Bancomer SA/Texas | 0.04% | 0.00 | $204,076.67 | 200,000 | Corporate High Grade | Banking | Mexico | 5.35% | Baa3 | 12-Nov-2029 | 7.56 |
| Petroleos De Venezuela | 0.04% | -0.00 | $198,625.00 | 2,500,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 6.00% | NR | 15-Nov-2026 | 1.60 |
| Poinsettia Finance | 0.04% | -0.00 | $194,869.06 | 200,000 | Corporate High Grade | Banking | Mexico | 6.63% | Baa3 | 17-Jun-2031 | 5.73 |
| Ypf | 0.03% | N/A | $194,247.84 | 195,000 | Corporate Securities | Energy | Argentina | 8.75% | Caa2 | 04-Apr-2024 | 2.76 |
| Petroleos De Venezuela | 0.03% | -0.00 | $147,250.13 | 1,825,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 12.75% | NR | 17-Feb-2022 | 0.19 |
| Provincia de Buenos Aires/Government Bonds | 0.03% | 0.01 | $141,408.33 | 300,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 9.13% | Caa2 | 16-Mar-2024 | 1.93 |
| Venezuela Government International Bond | 0.03% | 0.00 | $140,712.00 | 1,200,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.75% | C | 21-Oct-2026 | 0.89 |
| Provincia de Buenos Aires/Government Bonds | 0.02% | -0.05 | $117,840.28 | 250,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 9.13% | Caa2 | 16-Mar-2024 | 1.93 |
| Venezuela Government International Bond | 0.02% | 0.00 | $93,750.00 | 750,000 | Emerging Market Debt | Emerging Market Government | Venezuela | 9.25% | C | 15-Sep-2027 | 1.04 |
| Venezuela Government International Bond | 0.01% | 0.00 | $72,000.00 | 600,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 11.95% | C | 05-Aug-2031 | 0.49 |
| Petroleos De Venezuela | 0.01% | -0.01 | $57,584.40 | 705,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 9.75% | NR | 17-May-2035 | 1.55 |
| Venezuela Government International Bond | 0.01% | 0.00 | $52,996.50 | 450,000 | Government | Foreign Govt & Muni (Excl Canadian) | Venezuela | 12.75% | C | 23-Aug-2022 | 0.15 |
| Provincia de Buenos Aires/Government Bonds | 0.01% | -0.00 | $41,660.62 | 7,103,000 | Government | Foreign Govt & Muni (Excl Canadian) | Argentina | 59.74% | Caa2 | 31-May-2022 | 0.00 |
| CA La Electricidad de Caracas | 0.00% | -0.01 | $25,500.00 | 510,000 | Corporate High Grade | Utilities | Venezuela | 8.50% | NR | 10-Apr-2020 | N/A |
| Ypf | 0.00% | -0.00 | $22,030.46 | 85,000 | Corporate High Grade | Energy | Argentina | 63.35% | Caa2 | 07-Jul-2020 | 0.00 |
| Banco Macro | 0.00% | -0.00 | $8,944.98 | 1,465,000 | Corporate High Grade | Banking | Argentina | 17.50% | Caa2 | 08-May-2022 | 0.00 |
| Mriya Farming | 0.00% | -0.00 | $5,682.82 | 164,800 | Corporate Securities | Industrial - Other | United Kingdom | N/A | NR | 31-Dec-2025 | N/A |
| Mriya Farming | 0.00% | N/A | $469.36 | 41,831 | Industrial | Industrial - Other | United Kingdom | N/A | N/A | N/A | N/A |
| Mriya Farming | 0.00% | N/A | $5.50 | 416 | Industrial | Industrial - Other | United Kingdom | N/A | N/A | N/A | N/A |
N/A indicates Not Available.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Sector Diversification (31-Dec-2019)
| Sector Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Corporate | 20.56% | 0.00% | |
| Quasi-Sovereign | 16.30% | 17.69% | |
| Reserves | -1.73% | 0.00% | |
| Sovereign | 64.86% | 82.31% |
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Country Diversification (31-Dec-2019)
| Country Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Brazil | 13.56% | 2.92% | |
| Ukraine | 7.30% | 2.47% | |
| South Africa | 6.95% | 2.48% | |
| Mexico | 8.65% | 4.74% | |
| Bahamas | 2.62% | 0.00% | |
| Turkey | 5.84% | 3.41% | |
| Israel | 2.22% | 0.00% | |
| Argentina | 3.26% | 1.53% | |
| Indonesia | 5.68% | 4.34% | |
| Vietnam | 1.38% | 0.16% | |
| El Salvador | 2.18% | 1.04% | |
| Uzbekistan | 1.24% | 0.16% | |
| Senegal | 1.42% | 0.41% | |
| Sri Lanka | 2.95% | 2.08% | |
| Mongolia | 1.40% | 0.54% | |
| Jamaica | 1.54% | 0.87% | |
| Cote d Ivoire | 1.15% | 0.50% | |
| Nigeria | 2.22% | 1.62% | |
| Costa Rica | 1.61% | 1.07% | |
| Egypt | 2.87% | 2.48% | |
| Ecuador | 2.57% | 2.23% | |
| Ghana | 1.18% | 1.04% | |
| Colombia | 2.38% | 2.82% | |
| Dominican Republic | 1.50% | 2.43% | |
| Oman | 1.43% | 2.46% | |
| Uruguay | 1.08% | 2.35% | |
| Kazakhstan | 1.31% | 2.63% | |
| Peru | 1.02% | 2.51% | |
| China | 1.83% | 3.88% | |
| Russia | 1.15% | 3.34% |
A maximum of 30 largest countries are displayed.
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Currency Diversification (31-Dec-2019)
| Currency Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| U.S. dollar | 98.42% | 100.00% | |
| Mexican peso | 0.25% | 0.00% | |
| Canadian dollar | 0.00% | 0.00% | |
| Dollar Bloc Subtotal | 98.67% | 100.00% |
Indicative Benchmark : J.P. Morgan Emerging Markets Bond Index Global Diversified
| Currency Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Hungarian forint | -0.00% | 0.00% | |
| Polish zloty | -0.04% | 0.00% | |
| euro | -0.23% | 0.00% | |
| European Bloc Subtotal | -0.27% | 0.00% |
Indicative Benchmark : J.P. Morgan Emerging Markets Bond Index Global Diversified
| Currency Diversification | % of Fund | % of Indicative Benchmark | % Underweight/Overweight |
|---|---|---|---|
| Brazilian real | 0.55% | 0.00% | |
| Indonesian rupiah | 0.50% | 0.00% | |
| Serbia dinar | 0.26% | 0.00% | |
| Russian ruble | 0.26% | 0.00% | |
| South African rand | 0.02% | 0.00% | |
| Argentinian peso | 0.01% | 0.00% | |
| Peruvian nuevo sol | -0.00% | 0.00% | |
| Emerging Markets Bloc Subtotal | 1.60% | 0.00% |
Indicative Benchmark : J.P. Morgan Emerging Markets Bond Index Global Diversified
Numbers may not add due to rounding and/or the exclusion of reserves and other assets.
Indicative Benchmark Data Source: JP Morgan
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.
Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.
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.
The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.
Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class. The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.
Net Asset figure applies to all share classes.
Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.
The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.
A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.
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.