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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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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)

N/A
1.61%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

N/A
0.75

Inception Date 31-May-2011

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 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

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 12.35% Was (31-Mar-2021) 13.12%
Other View Top 10 Issuers

Monthly data as of30-Jun-2021

Holdings

Total
Holdings
234
Largest Holding MAF Global Securities 1.27% Was (31-Mar-2021) 1.22%
Top 10 Holdings 10.10%
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 % 15.56% -14.84%
Portfolio 35.03% 4.21%
Benchmark 19.46% 19.05%

Average Credit Quality

BB+

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

Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.

U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government. 

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 5-7 Years 1-3 Years
By % 8.43% -13.01%
Portfolio 23.58% 8.83%
Benchmark 15.14% 21.84%

Weighted Average Maturity

8.69 Years

Monthly Data as of  30-Jun-2021
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 % 8.82% -13.53%
Portfolio 25.57% 10.85%
Benchmark 16.74% 24.38%

Weighted Average Duration

5.65 Years

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

Sectors

Total
Sectors
15
Largest Sector Financial 18.39% Was (31-Mar-2021) 17.42%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

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

Largest Overweight

TMT
By5.95%
Portfolio 15.92%
Benchmark 9.97%

Largest Underweight

Financial
By-12.34%
Portfolio 18.39%
Benchmark 30.73%

Monthly Data as of 30-Jun-2021

Regions

Total
Regions
5
Largest Region Asia 35.85% Was (31-Mar-2021) 39.96%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2021

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

Largest Overweight

Latin America
By7.80%
Portfolio 32.23%
Benchmark 24.43%

Largest Underweight

Middle East & Africa
By-5.01%
Portfolio 17.88%
Benchmark 22.89%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
39
Largest Country China 10.22% Was (31-Mar-2021) 11.79%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

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

Largest Overweight

Mexico
By4.84%
Portfolio 9.42%
Benchmark 4.58%

Largest Underweight

Singapore
By-3.44%
Portfolio 0.11%
Benchmark 3.55%

Monthly Data as of 30-Jun-2021

Currency

Total
Currencies
3
Largest Currency 99.76% Was (31-Mar-2021) 99.71%
Other View completeCurrency Diversification

Monthly Data as of  30-Jun-2021

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

Largest Overweight

Indian rupee
By 0.24%
Portfolio 0.24%
Benchmark 0.00%

Largest Underweight

U.S. dollar
By -0.24%
Portfolio 99.76%
Benchmark 100.00%

Monthly Data as of  30-Jun-2021

Team (As of 01-Oct-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.

  • Portfolio 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.

  • Portfolio manager
    since
    2020
  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    12
Benjamin Robins, CFA

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 at
    T. Rowe Price
    5
  • Years investment
    experience
    21