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Global High Income Bond: How we work

Michael Della Vedova, Portfolio Manager, Global High Income Bond Strategy

The leadership team of the GHI strategy, since inception, has always had more than one portfolio manager. The world’s a big place, and to manage a truly global high yield strategy we believe in having leadership representation in each of the core regions.

We use a globally based fundamental research platform to support the strategy. We have analysts dedicated to looking at corporate credit based in all the key regions of the world. We also, and most importantly, have a true belief in collaboration. It’s not just looking at sub-investment grade companies. We have collaboration between high yield analysts, investment grade, emerging markets and—even more critically when looking at this part of the capital structure—our equity colleagues.

We get a different perspective working with our equity colleagues. We’re able to look at true valuations for the entire enterprise, rather than just one small part focusing on the debt. It effectively allows you to use a wide-angle lens when looking at an opportunity rather than a microscope.

Idea generation is a critical aspect of the Global High Income strategy. It’s part of a process that’s been tried and tested here at T. Rowe Price when looking at high yield for over 30 years. No one individual is the gatekeeper of where those ideas come from. In some cases they can come from the analysts doing their bottom up work on the individual companies. Other times it may come from a relative value idea generated by our dedicated traders. In addition to that, at some stages, we may take a more top down approach as we build a balanced strategy, so the idea generation may come from myself or the other co-portfolio managers.

We believe that high yield is as relevant to asset allocators’ decision making now as it’s ever been. The income that the asset class is able to generate is increasingly important in a low interest rate environment.

Important Information

This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. 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.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.  

It is not intended for distribution to retail investors in any jurisdiction.



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