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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 Local Currency Bond

The Emerging Markets Local Currency Bond Composite seeks to maximize total return by investing primarily in a widely diversified, global portfolio of bonds and other fixed and floating rate securities issued by governments, government agencies, supra-national and corporate issuers established, or conducting the predominant part of their business activity, in the economically emerging countries of Latin America, Asia, Europe, Africa and the Middle East. The composite's emphasis will be on investing in securities denominated in the currencies of the respective emerging countries.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

4.28%
1.20%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

3.61%
0.80

Inception Date 30-Sep-2007

Performance figures calculated in USD

Andrew Keirle
Andrew Keirle, Portfolio Manager

Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • Focus primarily on sovereign debt denominated in the currencies of the respective emerging countries.
  • Integrate proprietary credit research and relative value analysis.
  • Establish independent credit rating by country.
  • Add value through active country, currency and individual security selection decisions.
  • Limit risk through diversification.
  • Employ long-term investment horizon combined with low portfolio turnover.

Portfolio Construction

  • Higher concentration portfolio structure: typically 100-150 securities
  • Duration bands: managed within +/- 2 years of the benchmark
  • Average Credit Quality: BBB
  • Country exposure maximum 30% per country
  • Target tracking error: 200-400 bps

Sectors

Total
Sectors
5
Largest Sector Sovereign 90.59% Was (30-Jun-2021) 90.90%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Reserves
By6.35%
Portfolio 6.35%
Benchmark 0.00%

Largest Underweight

Sovereign
By-9.41%
Portfolio 90.59%
Benchmark 100.00%

Monthly Data as of 30-Sep-2021

Regions

Total
Regions
5
Largest Region Asia 32.72% Was (30-Jun-2021) 31.69%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2021

Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Middle East & Africa
By5.08%
Portfolio 13.09%
Benchmark 8.01%

Largest Underweight

Emerging Europe
By-7.61%
Portfolio 21.38%
Benchmark 28.99%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
34
Largest Country China 12.01% Was (30-Jun-2021) 10.00%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Egypt
By3.62%
Portfolio 3.62%
Benchmark 0.00%

Largest Underweight

Poland
By-6.87%
Portfolio 0.92%
Benchmark 7.79%

Monthly Data as of 30-Sep-2021