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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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SICAV

Emerging Markets Bond Fund

Active investment in mainly sovereign emerging-market bonds.

ISIN LU0353119554 Bloomberg TRPGESD:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.64%
$277.1m

1YR Return
(View Total Returns)

Manager Tenure

22.49%
16yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.08
3.41%

Inception Date 19-Feb-2014

Performance figures calculated in USD

Michael J.  Conelius, CFA
Michael J. Conelius, CFA, Co-Portfolio Manager

Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, 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 bonds of all types from emerging market issuers.

Investment Approach

  • Focus primarily on sovereign debt.
  • Integrate proprietary credit research and relative value analysis.
  • Establish independent credit rating at the country and corporate issuer level.
  • Add value through active country allocation and individual security selection decisions.
  • Limit risk through diversification.
  • Employ long-term investment horizon.
  • 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 200-300 securities
  • Duration bands: managed within +/- 1 year of the benchmark
  • Average credit quality: BB
  • Country exposure will range between 0% and 10%
  • Expected tracking error: 200-400 bps

Performance (Class Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 22.49% 3.64% 5.41% 5.51%
Indicative Benchmark % 15.97% 5.32% 5.14% 5.66%
Excess Return % 6.52% -1.68% 0.27% -0.15%

Inception Date 19-Feb-2014

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Data as of 30-Apr-2021

Performance figures calculated in USD

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 20.43% 2.50% 5.36% 5.16%
Indicative Benchmark % 16.00% 4.04% 5.05% 5.40%
Excess Return % 4.43% -1.54% 0.31% -0.24%

Inception Date 19-Feb-2014

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Data as of 31-Mar-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 12-May-2021 Quarter to DateData as of 12-May-2021 Year to DateData as of 12-May-2021 1 MonthData as of 30-Apr-2021 3 MonthsData as of 30-Apr-2021
Fund % 0.43% 3.30% -0.76% 2.86% -0.35%
Indicative Benchmark % 0.15% 2.37% -2.28% 2.22% -1.35%
Excess Return % 0.28% 0.93% 1.52% 0.64% 1.00%

Inception Date 19-Feb-2014

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global 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 30.04% Was (31-Mar-2021) 30.69%
Other View Top 10 Issuers

Monthly data as of30-Apr-2021

Holdings

Total
Holdings
217
Largest Holding Bahamas Government International Bond 2.70% Was (31-Dec-2020) 2.47%
Top 10 Holdings 20.59%
Other View Full Holdings Quarterly data as of  31-Mar-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BB A
By % 11.37% -11.82%
Fund 29.61% 4.67%
Indicative Benchmark 18.24% 16.49%

Average Credit Quality

BB

Monthly Data as of  30-Apr-2021
Indicative Benchmark:  J.P. Morgan Emerging Markets Bond Index Global 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 Cash Equivalents 3-5 Years
By % 4.02% -3.82%
Fund 4.02% 10.77%
Indicative Benchmark 0.00% 14.59%

Weighted Average Maturity

12.42 Years

Monthly Data as of  30-Apr-2021
Indicative Benchmark:  J.P. Morgan Emerging Markets Bond Index Global Diversified

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration Cash Equivalents 1-3 Years
By % 3.96% -9.61%
Fund 3.96% 5.44%
Indicative Benchmark 0.00% 15.05%

Weighted Average Duration

7.86 Years

Monthly Data as of  30-Apr-2021
Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Sectors

Total
Sectors
4
Largest Sector Sovereign 63.58% Was (31-Mar-2021) 64.08%
Other View complete Sector Diversification

Monthly Data as of 30-Apr-2021

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Corporate
By17.89%
Fund 18.08%
Indicative Benchmark 0.19%

Largest Underweight

Sovereign
By-19.46%
Fund 63.58%
Indicative Benchmark 83.04%

Monthly Data as of 30-Apr-2021

Countries

Total
Countries
60
Largest Country Mexico 10.29% Was (31-Mar-2021) 10.25%
Other View complete Country Diversification

Monthly Data as of 30-Apr-2021

Indicative Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Mexico
By6.21%
Fund 10.29%
Indicative Benchmark 4.08%

Largest Underweight

Malaysia
By-2.67%
Fund 0.00%
Indicative Benchmark 2.67%

Monthly Data as of 30-Apr-2021

Currency

Total
Currencies
9
Largest Currency 99.19% Was (31-Mar-2021) 98.97%
Other View completeCurrency Diversification

Monthly Data as of  30-Apr-2021

Indicative Benchmark : J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Chinese renminbi
By 0.77%
Fund 0.77%
Indicative Benchmark 0.00%

Largest Underweight

U.S. dollar
By -0.81%
Fund 99.19%
Indicative Benchmark 100.00%

Monthly Data as of  30-Apr-2021

Team (As of 12-May-2021)

Michael J.  Conelius, CFA

Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.

Michael has been with T. Rowe Price since 1988, beginning as a financial analyst in the Corporate Finance department. After that, he was a credit analyst and portfolio manager on the Emerging Markets team before assuming his current role. Prior to T. Rowe Price, he was employed by Booz Allen Hamilton as a consultant.

Michael earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst® designation. 

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

  • Fund manager
    since
    2004
  • Years at
    T. Rowe Price
    33
  • Years investment
    experience
    27
Samy Muaddi, CFA

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond Strategy and co-manages the Emerging Markets 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., and T. Rowe Price Associates, Inc.

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
    2020
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    15

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% 125 basis points 1.42%
Class I $2,500,000 $100,000 $0 0.00% 65 basis points 0.73%
Class Q $1,000 $100 $100 0.00% 65 basis points 0.81%
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.