Past performance is not a reliable indicator of future performance.
Strategy
Emerging Markets Corporate Bond
The Emerging Markets Corporate Bond Full-Authority Composite is comprised of portfolios seeking current income and capital appreciation primarily through investment in a broader universe of fixed income corporate debt securities and quasi-sovereign debt securities issued by companies located or having a business activity in emerging/developing countries. While largely focused on dollar-denominated corporate bonds, the composite has the ability to invest in local currency corporates as well as dollar-denominated sovereigns. The Full-Authority composite maintains broader discretion seeking to invest in the entire emerging markets corporate universe
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-May-2011
Performance figures calculated in USD
Strategy
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.
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
Recent Performance
| 3 MonthsData as of 30-Sep-2021 | Year to DateData as of 30-Sep-2021 | |
|---|---|---|
| Composite Gross % | 0.11% | 1.43% |
| Composite Net % | 0.01% | 1.13% |
| Benchmark % | 0.25% | 1.53% |
| Excess Return (Gross) % | -0.14% | -0.10% |
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.