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SICAV

Emerging Markets Bond Fund

Active investment in mainly sovereign emerging-market bonds.

ISIN LU0353119554 WKN A0Q5SV

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.88%
$562.9m

1YR Return
(View Total Returns)

Manager Tenure

11.82%
14yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.16
2.34%

Inception Date 19-Feb-2014

Performance figures calculated in USD

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Michael J.  Conelius
Michael J. Conelius, Portfolio Manager

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.

 

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 Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 11.82% 4.88% 5.82% 6.32%
Indicative Benchmark % 14.35% 5.14% 5.44% 6.41%
Excess Return % -2.53% -0.26% 0.38% -0.09%

Inception Date 19-Feb-2014

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 8.10% 4.39% 5.84% 6.30%
Indicative Benchmark % 11.57% 4.61% 5.74% 6.45%
Excess Return % -3.47% -0.22% 0.10% -0.15%

Inception Date 19-Feb-2014

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Data as of  30-Sep-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 19-Nov-2019 Quarter to DateData as of 19-Nov-2019 Year to DateData as of 19-Nov-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % -0.82% -0.21% 10.91% 0.62% -1.03%
Indicative Benchmark % -0.91% -0.64% 12.27% 0.28% 0.57%
Excess Return % 0.09% 0.43% -1.36% 0.34% -1.60%

Inception Date 19-Feb-2014

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

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. 

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.

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 39.84% Was (30-Sep-2019) 38.65%
Other View Top 10 Issuers

Monthly data as of 31-Oct-2019

Holdings

Total
Holdings
258
Largest Holding Petrobras Global Finance BV 3.90% Was (30-Jun-2019) 3.55%
Top 10 Holdings 19.69%
Other View Full Holdings Quarterly data as of 30-Sep-2019

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating B A
By % 10.67% -12.83%
Fund 36.53% 4.68%
Indicative Benchmark 25.86% 17.51%

Average Credit Quality

BB-

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  J.P. Morgan Emerging Markets Bond Index Global Diversified

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 View maturity analysis

  Largest Overweight Largest Underweight
Maturity 5-7 Years 10+ Years
By % 7.00% -11.23%
Fund 21.51% 24.94%
Indicative Benchmark 14.51% 36.17%

Weighted Average Maturity

10.67 Years

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  J.P. Morgan Emerging Markets Bond Index Global Diversified

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 5-7 Years 1-3 Years
By % 11.25% -5.74%
Fund 32.15% 8.83%
Indicative Benchmark 20.90% 14.57%

Weighted Average Duration

7.56 Years

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  J.P. Morgan Emerging Markets Bond Index Global Diversified

Sectors

Total
Sectors
5
Largest Sector Sovereign 63.87% Was (30-Sep-2019) 63.35%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Corporate
By17.72%
Fund 17.72%
Indicative Benchmark 0.00%

Largest Underweight

Sovereign
By-18.24%
Fund 63.87%
Indicative Benchmark 82.11%

Monthly Data as of 31-Oct-2019

Countries

Total
Countries
54
Largest Country Brazil 11.61% Was (30-Sep-2019) 11.16%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Brazil
By8.61%
Fund 11.61%
Indicative Benchmark 3.00%

Largest Underweight

Russia
By-3.32%
Fund 0.00%
Indicative Benchmark 3.32%

Monthly Data as of 31-Oct-2019

Currency

Total
Currencies
13
Largest Currency U.S. dollar 99.39% Was (30-Sep-2019) 99.90%
Other View complete Currency Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark : J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Brazilian real
By 0.52%
Fund 0.52%
Indicative Benchmark 0.00%

Largest Underweight

U.S. dollar
By -0.61%
Fund 99.39%
Indicative Benchmark 100.00%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

Michael J.  Conelius

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 manager
    since
    2004
  • Years at
    T. Rowe Price
    31
  • Years investment
    experience
    31

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.

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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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