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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

Dynamic Global Bond

The Dynamic Global Bond (USD Hedged) Composite seeks to deliver consistent fixed income returns through a flexible, dynamic and diversified allocation to debt instruments from around the world. The strategy adopts a holistic and rigorous approach to risk management to protect clients on the downside, and particularly seeks to provide adequate diversification at times of equity markets’ correction.

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

Tracking Error
(5 Years)

4.19%
3.33%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

4.31%
0.39

Inception Date 31-Jan-2015

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

  • The Dynamic Global Bond Strategy seeks to provide attractive, stable income and downside risk management through dynamic and flexible portfolio management. The strategy is not benchmark sensitive and invests in fixed income securities from a broad opportunity set, looking for best opportunities but also for defensive investments to manage downside risk.
    • Seeks performance through income and capital gains
    • Seeks to generate consistent and sustainable performance through diversification across geography and markets
    • Controlled risk profile with bond-like volatility
    • Focus on downside risk from potential rise in interest rates
    • Tactical management of duration profile and country selection
    • Based on high conviction views driven by extensive research platform
    • Low correlation with risky markets during periods of risk aversion
    • Focus on government allocation as opposed to credit risk
  • Target value added: seeks to outperform the U.S. 3 month Libor over a full market cycle (Not a formal objective and it can be changed without prior notice.)
  • Target tracking error: between 2% and 5% tracking error annualized

Portfolio Construction

  • Total duration between -1 and 6 years
  • Minimum 50% currency hedged
  • Minimum 50% in non-USD securities
  • Ability to go long and short individual countries and currencies
  • Up to 100% allowed in government bond securities
  • Up to 30% allowed in High Yield

Holdings

Issuers

Top
Issuers
10

Holdings

Total
Holdings
147
Largest Holding Bundesobligation 8.77% Was (30-Jun-2021) 8.96%
Top 10 Holdings 44.03%
Other View Full Holdings Quarterly data as of  30-Sep-2021

Sectors

Total
Sectors
6
Largest Sector Government 70.67% Was (30-Jun-2021) 79.97%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
37
Largest Country Germany 18.22% Was (30-Jun-2021) 8.96%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021