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SICAV

Global High Yield Bond Fund

Seeks to capture enhanced returns from a diversified global portfolio of income bearing, high yield securities.

ISIN LU0353115990 Bloomberg TRGHYSD:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

6.55%
$1.4b

1YR Return
(View Total Returns)

Manager Tenure

8.58%
4yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.09
1.31%

Inception Date 14-Feb-2014

Performance figures calculated in USD

Other Literature

Mark J. Vaselkiv
Mark J. Vaselkiv, Co-Portfolio Manager

Mark Vaselkiv is chief investment officer of Fixed Income at T. Rowe Price. He is lead portfolio manager of the firm's Global High Yield and Global High Income Strategies as well as head of the Global High Yield team in the Fixed Income Division. He is additionally a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. Mr. Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

 

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 high yield corporate bonds from issuers around the world, including emerging markets.

Investment Approach

  • Focus on BB/B securities, with a measured allocation to lower-quality bonds when valuations are compelling.
  • Proprietary fundamental research is key — emphasis on industries that enjoy stable cash flow and rational competitive environments.
  • Extensive analyst interaction across sectors and asset classes promotes broad credit perspective.
  • Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.

Portfolio Construction

  • Diversified portfolio structure of high yield corporate bonds: 250-350 issuers
  • Industry exposure typically will range +/- 3% around benchmark weight
    • Conservative exposure guidelines to individual issuers:
    • BB issuer: 3% maximum
    • B issuer: 2% maximum
    • CCC issuer: 1% maximum

Performance (Class Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 8.58% 6.55% 5.05% 5.30% 6.05%
Indicative Benchmark % 7.07% 6.46% 4.93% 5.24% 6.26%
Excess Return % 1.51% 0.09% 0.12% 0.06% -0.21%

Inception Date 14-Feb-2014

Manager Inception Date 07-Jul-2015

Indicative Benchmark: J.P. Morgan Global High Yield Index

Data as of  31-Aug-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 8.39% 7.56% 4.65% 5.12%
Indicative Benchmark % 8.04% 7.93% 4.84% 5.31%
Excess Return % 0.35% -0.37% -0.19% -0.19%

Inception Date 14-Feb-2014

Indicative Benchmark: J.P. Morgan Global High Yield Index

Data as of  30-Jun-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 13-Sep-2019 Quarter to DateData as of 13-Sep-2019 Year to DateData as of 13-Sep-2019 1 MonthData as of 31-Aug-2019 3 MonthsData as of 31-Aug-2019
Fund % 0.42% 2.24% 13.28% 0.95% 4.06%
Indicative Benchmark % N/A N/A N/A -0.09% 2.92%
Excess Return % N/A N/A N/A 1.04% 1.14%

Inception Date 14-Feb-2014

Indicative Benchmark: J.P. Morgan Global High Yield Index

Indicative Benchmark: J.P. Morgan Global High Yield Index

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 18.24% Was (31-Jul-2019) 18.15%
Other View Top 10 Issuers

Monthly data as of 31-Aug-2019

Holdings

Total
Holdings
376
Largest Holding U.S. Treasury Notes 1.91% Was (31-Mar-2019) 0.00%
Top 10 Holdings 10.78%
Other View Full Holdings Quarterly data as of 30-Jun-2019

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating B Rated BB Rated
By % 3.74% -11.81%
Fund 32.11% 25.21%
Indicative Benchmark 28.37% 37.02%

Average Credit Quality

B+

Monthly Data as of 31-Aug-2019
Indicative Benchmark:  J.P. Morgan Global High Yield Index

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 5-7 Years 1-3 Years
By % 6.49% -10.22%
Fund 42.04% 4.58%
Indicative Benchmark 35.55% 14.80%

Weighted Average Maturity

6.16 Years

Monthly Data as of 31-Aug-2019
Indicative Benchmark:  J.P. Morgan Global High Yield Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration Cash Holdings 3-5 Years
By % 2.78% -5.47%
Fund 2.78% 32.17%
Indicative Benchmark 0.00% 37.64%

Weighted Average Duration

3.10 Years

Monthly Data as of 31-Aug-2019
Indicative Benchmark:  J.P. Morgan Global High Yield Index

Industry

Total
Industries
31
Largest Industry Energy 12.20% Was (31-Jul-2019) 12.36%
Other View complete Industry Diversification

Monthly Data as of 31-Aug-2019

Indicative Benchmark: J.P. Morgan Global High Yield Index

Largest Overweight

Cable Operators
By6.44%
Fund 11.21%
Indicative Benchmark 4.77%

Largest Underweight

Building & Real Estate
By-2.88%
Fund 0.32%
Indicative Benchmark 3.20%

Monthly Data as of 31-Aug-2019

Countries

Total
Countries
21
Largest Country United States 77.04% Was (31-Jul-2019) 77.81%
Other View complete Country Diversification

Monthly Data as of 31-Aug-2019

Indicative Benchmark: J.P. Morgan Global High Yield Index

Largest Overweight

United States
By5.97%
Fund 77.04%
Indicative Benchmark 71.06%

Largest Underweight

Brazil
By-2.44%
Fund 2.34%
Indicative Benchmark 4.78%

Monthly Data as of 31-Aug-2019

Currency

Total
Currencies
4
Largest Currency U.S. dollar 99.91% Was (31-Jul-2019) 99.96%
Other View complete Currency Diversification

Monthly Data as of 31-Aug-2019

Indicative Benchmark : J.P. Morgan Global High Yield Index

Largest Overweight

euro
By 0.08%
Fund 0.08%
Indicative Benchmark 0.00%

Largest Underweight

U.S. dollar
By -0.09%
Fund 99.91%
Indicative Benchmark 100.00%

Monthly Data as of 31-Aug-2019

Team (As of 31-Aug-2019)

Mark J. Vaselkiv

Mark Vaselkiv is chief investment officer of Fixed Income at T. Rowe Price. He is lead portfolio manager of the firm's Global High Yield and Global High Income Strategies as well as head of the Global High Yield team in the Fixed Income Division. He is additionally a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. Mr. Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

Mr. Vaselkiv has 35 years of investment experience, 31 of which have been at T. Rowe Price. He started at the firm in 1988 as a high yield corporate credit analyst with a special focus on forest products and gaming and was appointed to the high yield portfolio management team in 1996. He began his investment career in 1984 as a credit analyst for Prudential Insurance Company. In 1986, he became a credit analyst and vice president at Shenkman Capital Management.

Mr. Vaselkiv earned a B.A. in political science from Wheaton College, Illinois, and an M.B.A. in finance from New York University, Leonard N. Stern School of Business.

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    31
  • Years investment
    experience
    35
Michael Della Vedova

Michael Della Vedova is a global high yield portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Della Vedova is a portfolio manager of the European High Yield Strategy and co-portfolio manager for the firm's Global High Yield Strategy. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Della Vedova has 24 years of investment experience, eight of which have been with T. Rowe Price. Prior to joining the firm in 2009, he was a cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mr. Della Vedova also spent six years as a senior analyst and assistant portfolio manager with Muzinich & Company Limited in London.

Mr. Della Vedova earned both an LL.B. and a B.Com. in finance from the University of New South Wales and a G.D.L.P. from the University of Technology, Sydney, Australia. He also was admitted as a solicitor to the Supreme Court of New South Wales, Sydney.

  • Fund manager
    since
    2015
  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    26

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% 115 basis points 1.25%
Class I $2,500,000 $100,000 $0 0.00% 60 basis points 0.66%
Class Jd $10,000,000 $0 $0 0.00% 0 basis points 0.03%
Class Q $15,000 $100 $100 0.00% 60 basis points 0.71%
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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