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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

Global Aggregate Bond

The Global Aggregate Strategy (USD) Bond Composite is comprised of portfolios that seek current income and capital appreciation primarily through investment in fixed income securities issued by governments and other investment grade entities. Below investment grade issues including high yield and emerging debt securities are also permitted. The use of derivatives, including futures and options, is also permitted.

3YR Return Annualised
(View Total Returns)

1YR Return
(View Total Returns)

N/A
N/A

Inception Date 31-May-2006

Performance figures calculated in USD

Arif Husain, CFA
Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • To generate consistent performance over benchmark by exploiting inefficiencies in the full universe of the global fixed income and currency markets:
    • Focus on successful alpha generation.
    • Importance of effective risk management.
  • Target average tracking error: Between 150 basis points and 300 basis points per annum.
  • Alpha generation classified under three main performance activities:
    • Currency Management: 35% Expected contribution to value added
    • Country/Duration Management: 35% Expected contribution to value added
    • Sector Allocation / Issue selection: 30%

Portfolio Construction

  • Currency limit: maximum +/- 40% relative to benchmark
  • Weighted duration limit: maximum +/- 3 years relative to benchmark
  • Sub-investment grade: maximum 20%
  • Above investment grade: not restricted (includes corporates and emerging markets)
  • Portfolio holdings: between 400 and 600 issuers
  • Average credit quality: A- or better

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 49.25% Was (31-Mar-2021) 58.85%
Other View Top 10 Issuers

Monthly data as of30-Jun-2021

Holdings

Total
Holdings
629
Largest Holding Japan Government Five Year Bond 4.18% Was (31-Mar-2021) 6.51%
Top 10 Holdings 27.10%
Other View Full Holdings Quarterly data as of  30-Jun-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating A NOT RATED
By % 28.79% -0.16%
Portfolio 28.79% -0.16%
Benchmark 0.00% 0.00%

Average Credit Quality

A+

Monthly Data as of  30-Jun-2021
Benchmark:  Bloomberg Global Aggregate Bond Index

Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.

U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government. 

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity Cash Equivalents 1-3 Years
By % 3.93% -9.34%
Portfolio 3.93% 11.83%
Benchmark 0.00% 21.17%

Weighted Average Maturity

10.76 Years

Monthly Data as of  30-Jun-2021
Benchmark:  Bloomberg Global Aggregate Bond Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration Cash Equivalents 1-3 Years
By % 3.92% -12.22%
Portfolio 3.92% 11.68%
Benchmark 0.00% 23.90%

Weighted Average Duration

7.58 Years

Monthly Data as of  30-Jun-2021
Benchmark: Bloomberg Global Aggregate Bond Index

Sectors

Total
Sectors
6
Largest Sector Government 58.99% Was (31-Mar-2021) 63.61%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: Bloomberg Global Aggregate Bond Index

Largest Overweight

Cash Equivalents
By3.92%
Portfolio 3.92%
Benchmark 0.00%

Largest Underweight

Agency/Supranationals
By-10.12%
Portfolio 0.35%
Benchmark 10.48%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
53
Largest Country United States 32.40% Was (31-Mar-2021) 39.88%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: Bloomberg Global Aggregate Bond Index

Largest Overweight

United Kingdom
By2.73%
Portfolio 8.09%
Benchmark 5.36%

Largest Underweight

France
By-5.07%
Portfolio 0.51%
Benchmark 5.57%

Monthly Data as of 30-Jun-2021

Currency

Total
Currencies
33
Largest Currency 39.52% Was (31-Mar-2021) 41.78%
Other View completeCurrency Diversification

Monthly Data as of  30-Jun-2021

Benchmark : Bloomberg Global Aggregate Bond Index

Largest Overweight

Czech koruna
By 2.24%
Portfolio 2.36%
Benchmark 0.13%

Largest Underweight

Offshore Chinese renminbi
By -2.53%
Portfolio -2.53%
Benchmark 0.00%

Monthly Data as of  30-Jun-2021

Team (As of 01-Oct-2021)

Arif Husain, CFA

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Arif’s investment experience began in 1995, and he has been with T. Rowe Price since 2013. Prior to this, Arif was employed by AllianceBernstein in the area of European Fixed Income and Euro Portfolio Management. He also was a member of the global fixed income and absolute return portfolio management teams. Arif also was employed by Greenwich NatWest as an assistant director of European Derivatives Trading and by the Bank of America National Trust and Savings Association.  

Arif earned a B.Sc. (honors) in banking and international finance from City University London, Cass Business School. He also has earned the Chartered Financial Analyst® designation.

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

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    8
  • Years investment
    experience
    25
Quentin S. Fitzsimmons

Quentin Fitzsimmons is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the global fixed income investment team. He is co-portfolio manager for the Global Aggregate Bond Strategy. He is actively involved in the discussion around country and duration positioning, currency management and sector allocation, with a particular expertise in interest rate management.

Mr. Fitzsimmons has 28 years of investment experience, four of which have been with T. Rowe Price. Prior to joining the firm in 2015, Mr. Fitzsimmons was head of liquidity portfolio investment management, Treasury markets, for the Royal Bank of Scotland Group, where he managed the liquid fixed income "tier one" capital on its balance sheet on an absolute return basis. Previously, he also worked as head of rates and as executive director of fixed income for Threadneedle Investments, where he ran global fixed income portfolios from 2002 to 2012. Prior to Threadneedle he held various fixed income portfolio management and research roles with F&C Investments, the Equitable Life Assurance Society and Sun Life Assurance Company of Canada.

Mr. Fitzsimmons earned a B.Sc. in economics and economic history from the University of Bristol.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    6
  • Years investment
    experience
    30
Ju Yen  Tan

Ju Yen Tan is a senior portfolio manager in the Fixed Income Division at T. Rowe Price and a member of the Global Fixed Income Investment Team, with a specific responsibility for leading the dollar bloc research. Since joining the firm in 2004, he has led the application of the risk and attribution analysis in global/international fixed income portfolios. He also chairs the T. Rowe Price Foreign Exchange Governance Committee. Mr. Tan is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Tan has 23 years of investment experience, 15 of which have been with T. Rowe Price. Before joining the firm, he was a global fixed income and currency manager at WestLB Asset Management (WestAM). Prior to joining WestAM, Mr. Tan spent five years with Rothschild Asset Management in the fixed income and currency group.

Mr. Tan has an M.Eng. in engineering, economics and management from Oxford University.

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    17
  • Years investment
    experience
    25
Kenneth A.  Orchard

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Kenneth has been with T. Rowe Price since 2010, initially as a sovereign analyst and with responsibility for the European macro outlook and then joining the global fixed income portfolio management team in 2013. He is currently the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies. He also is the cochair of the fixed income Sector Strategy Advisory Group and a member of the European and UK Asset Allocation Committees. Kenneth’s investment experience began in 1998 at HSBC Asset Management in Canada. Following a period at Emerging Markets Economics as a consulting economist, he was employed by Moody’s Investors Service as a senior credit officer in the sovereign group, and he was involved in designing and improving aspects of the sovereign rating methodology.

Kenneth earned a B.A. in international relations from the University of British Columbia and an M.Sc. in public financial policy from the London School of Economics. Kenneth also has earned the Chartered Financial Analyst® designation.

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

  • Portfolio manager
    since
    2014
  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    17
Andrew Keirle

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.

Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.

Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    25
Stephane Fertat, CFA

Stephane Fertat is the EMEA head of the Investment Specialists Group and a portfolio specialist in the Fixed Income Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Stephane’s investment experience began in 1998, and he has been with T. Rowe Price since 2007, beginning in the Fixed Income Division. Prior to this, Stephane was employed by Fischer Francis Trees and Watts, a global fixed income asset management company, where he worked as a European fixed income fund manager before moving to a product manager role. Stephane also was a director of client service and business development for the southern European distribution team at Fischer Francis Trees and Watts. He also was employed by Société Générale Fimat Investment Management in Chicago.

Stephane earned a master’s degree in finance from Ecole Superieure de Commerce de Paris.

  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    24