SICAV
Euro Corporate Bond Fund
A diversified investment grade corporate fund with a focus on security selection.
3YR Return Annualised
(View Total Returns)
Total Assets
(EUR)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 07-Dec-2012
Performance figures calculated in USD
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 that are denominated in euro.Investment Approach
- Focus primarily on corporate bonds denominated in euros.
- Integrate proprietary credit and capital markets research to identify market inefficiencies.
- Add value primarily through individual security selection, sector rotation and term-structure positioning.
- Credit research is the most important element of our corporate bond process and includes credit analysis and relative value assessment.
- Risk management is central to our process with diversification by issuer and industry the most important elements in our approach to risk management.
Portfolio Construction
- Fully hedged back to euro
- Duration is maintained within a range of +/- 0.25 of a year from the benchmark
- Diversified sector exposure
- Maximum 3% overweight per issuer
- Maximum of 20% of the portfolio can be invested in non-investment grade issues
- Average tracking error expected to range between 100 and 150 bps per annum
Performance (Class Ih | USD)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | 1.65% | 3.71% | 3.50% | 4.17% |
| Indicative Benchmark % | 2.18% | 3.91% | 3.62% | 4.10% |
| Excess Return % | -0.53% | -0.20% | -0.12% | 0.07% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | -0.53% | 2.85% | 2.76% | 3.76% |
| Indicative Benchmark % | -0.65% | 2.84% | 2.74% | 3.61% |
| Excess Return % | 0.12% | 0.01% | 0.02% | 0.15% |
Recent Performance
| Month to DateData as of 26-May-2020 | Quarter to DateData as of 26-May-2020 | Year to DateData as of 26-May-2020 | 1 MonthData as of 30-Apr-2020 | 3 MonthsData as of 30-Apr-2020 | |
|---|---|---|---|---|---|
| Fund % | 0.00% | 3.28% | -3.22% | 3.28% | -4.52% |
| Indicative Benchmark % | -0.41% | 3.42% | -2.38% | 3.85% | -3.27% |
| Excess Return % | 0.41% | -0.14% | -0.84% | -0.57% | -1.25% |
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.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Holdings
Holdings
Total
Holdings
211
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BBB | A |
| By % | 14.15% | -22.90% |
| Fund | 65.45% | 14.21% |
| Indicative Benchmark | 51.30% | 37.11% |
Average Credit Quality
N/AMaturity View maturity analysis
| Largest Overweight | |
|---|---|
| Maturity | 3-5 Years |
| By % | 23.77% |
| Fund | 23.77% |
| Indicative Benchmark | 0.00% |
Weighted Average Maturity
5.01 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | Under 1 Year | 1-3 Years |
| By % | 7.81% | -7.22% |
| Fund | 9.57% | 18.49% |
| Indicative Benchmark | 1.76% | 25.71% |
Weighted Average Duration
N/ACountries
Total
Countries
29
Largest Overweight
Italy
Largest Underweight
France
Team (As of 21-May-2020)
David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Stanley has 32 years of investment experience, 16 of which have been at T. Rowe Price. Prior to joining the London team in 2003, he was employed by Bank of America Capital Management, where he was a director and portfolio manager responsible for the analysis of international corporate bonds and cash investments. Prior to working for Bank of America, Mr. Stanley was employed for eight years in Morgan Stanley Asset Management's London office, where he served as a fixed income fund manager responsible for international corporate bonds.
Mr. Stanley earned a B.A. in economics and social studies from the University of Manchester.
- Fund manager2012
since - Years at16
T. Rowe Price - Years investment32
experience
Fee Schedule
| Share Class | Minimum Initial Investment and Holding Amount (EUR) | Minimum Subsequent Investment (EUR) | Minimum Redemption Amount (EUR) | Sales Charge (up to) | Investment Management Fee (up to) | Ongoing Charges |
|---|---|---|---|---|---|---|
| Class A | €1,000 | €100 | €100 | 5.00% | 75 basis points | 0.92% |
| Class I | €2,500,000 | €100,000 | €0 | 0.00% | 40 basis points | 0.50% |
| Class Q | €1,000 | €100 | €100 | 0.00% | 40 basis points | 0.57% |
| 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.
David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.