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SICAV

Emerging Markets Corporate Bond Fund

Accessing diversified emerging market corporate debt.

ISIN LU0596127190 Bloomberg TRPEMSD:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.23%
$141.3m

1YR Return
(View Total Returns)

Manager Tenure

12.73%
3yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.83
1.19%

Inception Date 14-Feb-2014

Performance figures calculated in USD

Other Literature

Samy Muaddi
Samy Muaddi, Portfolio Manager

Samy Muaddi is a portfolio manager in the Fixed Income Division of T. Rowe Price. Mr. Muaddi is the lead manager and executive vice president of the Emerging Markets Corporate Bond and Multi-Sector Account Strategies and chairman of the strategies' Investment Advisory Committees. He also manages the Asia Credit Strategy and is co-portfolio manager of the Global High Income Strategy. Mr. Muaddi is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

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 corporate bonds from emerging market issuers.

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.
  • Diversification cannot assure a profit or protect against loss in a declining market.

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 (Class Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 12.73% 6.23% 5.89% 6.54% 8.46%
Indicative Benchmark % 10.94% 4.88% 4.90% 5.48% 6.63%
Excess Return % 1.79% 1.35% 0.99% 1.06% 1.83%

Inception Date 14-Feb-2014

Manager Inception Date 30-Sep-2015

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

Data as of  31-Aug-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 12.26% 7.09% 5.63% 6.48%
Indicative Benchmark % 10.21% 5.54% 4.84% 5.46%
Excess Return % 2.05% 1.55% 0.79% 1.02%

Inception Date 14-Feb-2014

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

Data as of  30-Jun-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 16-Sep-2019 Quarter to DateData as of 16-Sep-2019 Year to DateData as of 16-Sep-2019 1 MonthData as of 31-Aug-2019 3 MonthsData as of 31-Aug-2019
Fund % 0.38% 1.82% 11.61% 0.09% 3.89%
Indicative Benchmark % 0.24% 1.27% 10.21% 0.13% 3.25%
Excess Return % 0.14% 0.55% 1.40% -0.04% 0.64%

Inception Date 14-Feb-2014

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

Indicative Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad 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 13.97% Was (31-Jul-2019) 13.79%
Other View Top 10 Issuers

Monthly data as of 31-Aug-2019

Holdings

Total
Holdings
160
Largest Holding Globo Comunicacao E Participacoes 1.51% Was (31-Mar-2019) 1.49%
Top 10 Holdings 12.70%
Other View Full Holdings Quarterly data as of 30-Jun-2019

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BB A
By % 12.50% -14.22%
Fund 32.32% 4.99%
Indicative Benchmark 19.82% 19.22%

Average Credit Quality

BB

Monthly Data as of 31-Aug-2019
Indicative Benchmark:  J.P. Morgan Corporate Emerging Market Bond Index Broad 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 7-10 Years 10+ Years
By % 6.99% -9.20%
Fund 25.48% 6.27%
Indicative Benchmark 18.50% 15.47%

Weighted Average Maturity

6.64 Years

Monthly Data as of 31-Aug-2019
Indicative 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 % 10.64% -7.71%
Fund 30.65% 17.68%
Indicative Benchmark 20.01% 25.39%

Weighted Average Duration

5.50 Years

Monthly Data as of 31-Aug-2019
Indicative Benchmark:  J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Sectors

Total
Sectors
14
Largest Sector TMT 19.02% Was (31-Jul-2019) 18.42%
Other View complete Sector Diversification

Monthly Data as of 31-Aug-2019

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

Largest Overweight

TMT
By7.24%
Fund 19.02%
Indicative Benchmark 11.78%

Largest Underweight

Financial
By-16.56%
Fund 12.78%
Indicative Benchmark 29.34%

Monthly Data as of 31-Aug-2019

Countries

Total
Countries
36
Largest Country China 14.24% Was (31-Jul-2019) 16.84%
Other View complete Country Diversification

Monthly Data as of 31-Aug-2019

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

Largest Overweight

China
By6.35%
Fund 14.24%
Indicative Benchmark 7.89%

Largest Underweight

South Korea
By-4.25%
Fund 0.00%
Indicative Benchmark 4.25%

Monthly Data as of 31-Aug-2019

Currency

Total
Currencies
3
Largest Currency U.S. dollar 100.00% Was (31-Jul-2019) 100.00%
Other View complete Currency Diversification

Monthly Data as of 31-Aug-2019

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

Largest Overweight

Canadian dollar
By 0.00%
Fund 0.00%
Indicative Benchmark 0.00%

Largest Underweight

U.S. dollar
By -0.00%
Fund 100.00%
Indicative Benchmark 100.00%

Monthly Data as of 31-Aug-2019

Team (As of 31-Aug-2019)

Samy Muaddi

Samy Muaddi is a portfolio manager in the Fixed Income Division of T. Rowe Price. Mr. Muaddi is the lead manager and executive vice president of the Emerging Markets Corporate Bond Strategy and chairman of the strategy's Investment Advisory Committee. He also manages the Asia Credit Strategy and is co-portfolio manager of the Global High Income Strategy. Mr. Muaddi is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Muaddi has 13 years of investment experience, all of which have been with T. Rowe Price. He joined the firm in 2006.

Mr. Muaddi earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst designation. Mr. Muaddi is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    13

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $15,000 $100 $100 5.00% 135 basis points 1.52%
Class I $2,500,000 $100,000 $0 0.00% 70 basis points 0.80%
Class Q $15,000 $100 $100 0.00% 70 basis points 0.87%
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.

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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