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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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T. Rowe Price

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SICAV

Emerging Markets Corporate Bond Fund

Accessing diversified emerging market corporate debt.

ISIN LU0596127190 WKN A1XEE4

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

8.40%
$259.6m

1YR Return
(View Total Returns)

Manager Tenure

11.31%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.50
2.15%

Inception Date 14-Feb-2014

Performance figures calculated in USD

Samy Muaddi, CFA
Samy Muaddi, CFA, Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also 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 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.
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

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 Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 11.31% 8.40% 6.87% 6.49% 7.77%
Indicative Benchmark % 8.67% 7.51% 5.79% 5.66% 6.48%
Excess Return % 2.64% 0.89% 1.08% 0.83% 1.29%

Inception Date 14-Feb-2014

Manager Inception Date 30-Sep-2015

Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Data as of 30-Jun-2021

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 11.31% 8.40% 6.87% 6.49%
Indicative Benchmark % 8.67% 7.51% 5.79% 5.66%
Excess Return % 2.64% 0.89% 1.08% 0.83%

Inception Date 14-Feb-2014

Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Data as of 30-Jun-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 27-Jul-2021 Quarter to DateData as of 27-Jul-2021 Year to DateData as of 27-Jul-2021 1 MonthData as of 30-Jun-2021 3 MonthsData as of 30-Jun-2021
Fund % 0.00% 0.00% 1.21% 0.70% 2.03%
Indicative Benchmark % 0.28% 0.28% 1.56% 0.84% 2.10%
Excess Return % -0.28% -0.28% -0.35% -0.14% -0.07%

Inception Date 14-Feb-2014

Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad 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 13.88% Was (31-May-2021) 13.41%
Other View Top 10 Issuers

Monthly data as of30-Jun-2021

Holdings

Total
Holdings
186
Largest Holding MAF Global Securities 1.29% Was (31-Mar-2021) 1.20%
Top 10 Holdings 11.33%
Other View Full Holdings Quarterly data as of  30-Jun-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BB A
By % 17.43% -15.11%
Fund 36.88% 3.94%
Indicative Benchmark 19.46% 19.05%

Average Credit Quality

BB+

Monthly Data as of  30-Jun-2021
Indicative Benchmark:  J.P. Morgan Corporate Emerging Market Bond Index Broad 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 1-3 Years
By % 12.10% -12.30%
Fund 27.24% 9.54%
Indicative Benchmark 15.14% 21.84%

Weighted Average Maturity

8.72 Years

Monthly Data as of  30-Jun-2021
Indicative Benchmark:  J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 5-7 Years 1-3 Years
By % 10.51% -12.73%
Fund 27.26% 11.65%
Indicative Benchmark 16.74% 24.38%

Weighted Average Duration

5.81 Years

Monthly Data as of  30-Jun-2021
Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Sectors

Total
Sectors
14
Largest Sector Financial 19.75% Was (31-May-2021) 20.43%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Largest Overweight

TMT
By5.24%
Fund 15.21%
Indicative Benchmark 9.97%

Largest Underweight

Financial
By-10.98%
Fund 19.75%
Indicative Benchmark 30.73%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
37
Largest Country China 10.44% Was (31-May-2021) 10.34%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Largest Overweight

Mexico
By5.49%
Fund 10.07%
Indicative Benchmark 4.58%

Largest Underweight

Qatar
By-3.72%
Fund 0.00%
Indicative Benchmark 3.72%

Monthly Data as of 30-Jun-2021

Currency

Total
Currencies
4
Largest Currency 99.68% Was (31-May-2021) 99.68%
Other View completeCurrency Diversification

Monthly Data as of  30-Jun-2021

Indicative Benchmark : J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Largest Overweight

Indian rupee
By 0.32%
Fund 0.32%
Indicative Benchmark 0.00%

Largest Underweight

U.S. dollar
By -0.32%
Fund 99.68%
Indicative Benchmark 100.00%

Monthly Data as of  30-Jun-2021

Team (As of 27-Jul-2021)

Samy Muaddi, CFA

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

Samy has been with T. Rowe Price since 2006, 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 manager
    since
    2015
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    15
Siby Thomas, CFA

Siby Thomas is a portfolio manager co-managing the Emerging Markets Corporate Bond Strategy in the Global Fixed Income Division. He is a vice president of the Multi-Sector Account Portfolios, Inc., and the International Funds, Inc., and a member of the Investment Advisory Committees for the Emerging Markets Corporate Multi-Sector Account Portfolio and the Emerging Markets Corporate Bond Fund. Siby also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Siby has been with T. Rowe Price since 2009, beginning as an emerging markets corporate credit analyst in the Fixed Income Division. Prior to this, he was an M.B.A. intern with T. Rowe Price. Prior to his current role, he was an associate portfolio manager on the Emerging Markets team. Before joining the firm, Siby was employed by Sargent & Lundy Engineers as a mechanical associate in the nuclear power division. 

Siby earned a B.S. in mechanical engineering from the University of Illinois and an M.B.A. in finance, accounting, and international business from the University of Chicago, Booth School of Business. He also has earned the Chartered Financial Analyst® designation. 

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
    since
    2020
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    12

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.