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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 Bond

The Emerging Markets Bond Composite seeks current income and capital appreciation primarily through investment in fixed income securities issued by emerging nations. The strategy may invest in low rated bonds, including those in default, when market conditions warrant. Absolute weightings in the Emerging Markets Bond Composite will generally be higher in the larger markets of Brazil, Mexico, and Russia than absolute weightings in the Emerging Markets Diversified Bond Composite.

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

Tracking Error
(5 Years)

4.75%
3.12%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

8.08%
0.02

Inception Date 31-Dec-1995

Performance figures calculated in USD

Samy Muaddi, CFA
Samy Muaddi, CFA, Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • Focus primarily on sovereign debt, with smaller strategic allocations to corporate and local currency debt.
  • Integrate proprietary credit research and relative value analysis.
  • Establish independent credit rating at the country and corporate issuer level.
  • Add value through active country allocation and individual security selection decisions.
  • Limit risk through diversification.
  • Employ long-term investment horizon.

Portfolio Construction

  • Diversified portfolio structure: typically 400-500 securities
  • Duration bands: managed within +/- 1 year of the benchmark
  • Average credit quality: BB
  • Country exposure will range between 0% and a max of 10% over the benchmark
  • Expected tracking error should range between 200-400 bps

Regions

Total
Regions
5
Largest Region Latin America 32.97% Was (30-Jun-2021) 34.90%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Asia
By1.73%
Portfolio 19.90%
Benchmark 18.17%

Largest Underweight

Emerging Europe
By-4.88%
Portfolio 13.40%
Benchmark 18.29%

Monthly Data as of 30-Sep-2021

Countries

Total
Countries
62
Largest Country Mexico 10.01% Was (30-Jun-2021) 10.29%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Overweight

Mexico
By5.18%
Portfolio 10.01%
Benchmark 4.83%

Largest Underweight

Malaysia
By-2.67%
Portfolio 0.00%
Benchmark 2.67%

Monthly Data as of 30-Sep-2021