SICAV
Emerging Markets Corporate Bond Fund
Accessing diversified emerging market corporate debt.
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 18-May-2011
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 corporate bonds from emerging market issuers.Investment Approach
- Focus primarily on corporate debt issued by companies domiciled within emerging market countries.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating for each company and country.
- Add value primarily through individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon combined with low portfolio turnover.
- Utilize collaboration across macroeconomic, equity and corporate debt teams to take a comprehensive view of corporate debt securities.
- Diversification cannot assure a profit or protect against loss in a declining market.
Portfolio Construction
- Diversified portfolio structure: typically 100-150 securities
- Duration bands: managed within +/- 1 year of the benchmark
- Expected average credit quality: BB
- Maximum corporate issuer exposure of 3%
- Country exposure will range between +/- 20% of index
- Corporate sector exposure will range between +/- 20% of index
- Expected tracking error will range between 250 - 450 bps
Performance (Class I)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
Since Manager Inception Annualised |
|
|---|---|---|---|---|---|
| Fund % | 1.30% | 4.19% | 5.16% | 5.01% | 6.32% |
| Indicative Benchmark % | 3.74% | 4.52% | 5.13% | 5.13% | 6.03% |
| Excess Return % | -2.44% | -0.33% | 0.03% | -0.12% | 0.29% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | 1.30% | 4.19% | 5.16% | 5.01% |
| Indicative Benchmark % | 3.74% | 4.52% | 5.13% | 5.13% |
| Excess Return % | -2.44% | -0.33% | 0.03% | -0.12% |
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 % | 0.88% | 3.33% | 0.56% | 3.38% | 13.44% |
| Indicative Benchmark % | 0.76% | 3.10% | 2.94% | 2.75% | 11.15% |
| Excess Return % | 0.12% | 0.23% | -2.38% | 0.63% | 2.29% |
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
174
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 16.64% | -16.41% |
| Fund | 35.89% | 4.37% |
| Indicative Benchmark | 19.24% | 20.78% |
Average Credit Quality
BBMaturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 1-3 Years |
| By % | 3.61% | -6.24% |
| Fund | 18.24% | 16.88% |
| Indicative Benchmark | 14.62% | 23.12% |
Weighted Average Maturity
7.19 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 5-7 Years | 1-3 Years |
| By % | 7.03% | -10.52% |
| Fund | 24.93% | 16.23% |
| Indicative Benchmark | 17.90% | 26.75% |
Weighted Average Duration
5.75 Years
Sectors
Total
Sectors
14
Largest Overweight
TMT
Largest Underweight
Financial
Countries
Total
Countries
38
Largest Overweight
China
Largest Underweight
Hong Kong
Currency
Total
Currencies
3
Largest Overweight
U.S. dollar
Largest Underweight
British pound sterling
Team (As of 05-Aug-2020)
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 manager2015
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% | 135 basis points | 1.52% |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 70 basis points | 0.80% |
| Class Q | $1,000 | $100 | $100 | 0.00% | 70 basis points | 0.87% |
| 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.
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.