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
- 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.
- 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
|1 YR||3 YR
|Composite Gross %||14.06%||7.72%||7.15%||6.34%|
|Composite Net %||13.44%||7.14%||6.57%||5.76%|
|Excess Return (Gross) %||0.97%||1.43%||1.22%||0.86%|
|3 MonthsData as of 31-Dec-2019||Year to DateData as of 31-Dec-2019|
|Composite Gross %||2.17%||14.06%|
|Composite Net %||2.03%||13.44%|
|Excess Return (Gross) %||-0.04%||0.97%|
Returns for time periods greater than one year are annualised.
Past performance is not a reliable indicator of future performance.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
|Largest Overweight||Largest Underweight|
Average Credit QualityBB
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.
- Portfolio manager2015
- Years at13
T. Rowe Price
- Years investment13
Ben Robins is a portfolio specialist in the Fixed Income Division at T. Rowe Price. He supports our emerging market debt strategies, which includes hard currency- and local currency-denominated sovereign and corporate debt, working closely with clients, consultants, and prospects. Mr. Robins is a vice president of T. Rowe Price Associates, Inc.
Mr. Robins has 17 years of investment experience. Prior to joining the firm in 2016, he worked as a senior investment consultant at Cambridge Associates, which included client relationship management and fixed income manager research. Prior to that, Mr. Robins worked in investments at Lehman Brothers.
Mr. Robins earned a B.A. in economics, with honors, from the College of William & Mary and an M.B.A. from the Tuck School of Business at Dartmouth. He also has earned the Chartered Financial Analyst designation.
- Years at3
T. Rowe Price
- Years investment19