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
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 4.01% | 5.30% | 7.67% | 6.02% |
| Composite Net % | 3.45% | 4.73% | 7.09% | 5.44% |
| Benchmark % | 4.85% | 4.73% | 6.29% | 5.31% |
| Excess Return (Gross) % | -0.84% | 0.57% | 1.38% | 0.71% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | 3.59% | 1.81% |
| Composite Net % | 3.45% | 1.39% |
| Benchmark % | 2.75% | 2.58% |
| Excess Return (Gross) % | 0.84% | -0.77% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Holdings
Total
Holdings
208
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 14.53% | -16.02% |
| Portfolio | 33.51% | 3.82% |
| Benchmark | 18.98% | 19.84% |
Average Credit Quality
BBSectors
Total
Sectors
14
Largest Overweight
TMT
Largest Underweight
Financial
Regions
Total
Regions
5
Largest Overweight
Latin America
Largest Underweight
Middle East & Africa
Countries
Total
Countries
39
Largest Overweight
India
Largest Underweight
Hong Kong
Currency
Total
Currencies
2
Largest Overweight
euro
Largest Underweight
U.S. dollar
Team (As of 08-Jan-2021)
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.
- Portfolio manager2015
since - Years at14
T. Rowe Price - Years investment14
experience
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.
- Portfolio manager2020
since - Years at11
T. Rowe Price - Years investment11
experience
Ben Robins is a portfolio specialist in the Global Fixed Income Division. He supports the emerging market debt strategies, which include hard currency- and local currency-denominated sovereign and corporate debt, and works closely with clients, consultants, and prospects. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Ben’s investment experience began in 2000, and he has been with T. Rowe Price since 2016, beginning in the Fixed Income Division. Prior to this, Ben was employed by Cambridge Associates as a managing director focusing on investment consulting, including client relationship management and fixed income manager research. Before that, Ben was employed by Lehman Brothers, working in investments.
Ben earned a B.A. in economics, with honors, from the College of William & Mary and an M.B.A. from Dartmouth College, Tuck School of Business. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at4
T. Rowe Price - Years investment20
experience
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.