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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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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Strategy

Investment Approach

  • The Dynamic Global Bond Strategy seeks to provide attractive, stable income and downside risk management through dynamic and flexible portfolio management. The strategy is not benchmark sensitive and invests in fixed income securities from a broad opportunity set, looking for best opportunities but also for defensive investments to help manage downside risk.
    • Seeks performance through income and capital gains
    • Seeks to generate consistent and regular performance through diversification across geography and markets
    • Controlled risk profile with bond-like volatility
    • Focus on downside risk from potential rise in interest rates
    • Tactical management of duration profile and country selection
    • Based on high conviction views driven by extensive research platform
    • Low correlation with risky markets during periods of risk aversion
    • Focus on government allocation as opposed to credit risk
  • Target value added: seeks to outperform the ICE BofA 3 Month T Bill index over a full market cycle (Not a formal objective and it can be changed without prior notice.)
  • Target volatility: between 2% and 5% volatility annualized

Portfolio Construction

  • Total duration typically between -1 and 6 years
  • Typically minimum 50% in non-USD securities
  • Ability to go long and short individual countries and currencies
  • Up to 100% allowed in government bond securities
  • Up to 30% allowed in High Yield