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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

Euro Corporate Bond

The Euro Corporate Bond Composite seeks current income and capital appreciation primarily through investment in corporate fixed income securities denominated in Euros. The strategy may invest in preferred stock and other transferable debt securities including those issued by the governments of countries participating in the Euro.

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

Tracking Error
(5 Years)

3.50%
0.74%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

2.94%
1.18

Inception Date 31-Jul-2001

Performance figures calculated in EUR

David Stanley
David Stanley, Portfolio Manager

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.

 

Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints. 

Strategy

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

Sectors

Total
Sectors
3
Largest Sector Corporate 91.44% Was (30-Jun-2021) 92.06%
Other View complete Sector Diversification

Monthly Data as of 30-Sep-2021

Benchmark: Bloomberg Euro-Aggregate: Corporates Bond Index EUR

Largest Overweight

Cash Equivalents
By4.49%
Portfolio 4.49%
Benchmark 0.00%

Largest Underweight

Corporate
By-8.56%
Portfolio 91.44%
Benchmark 100.00%

Monthly Data as of 30-Sep-2021

Regions

Total
Regions
4
Largest Region Europe 80.66% Was (30-Jun-2021) 83.80%
Other View complete Region Diversification

Monthly Data as of 30-Sep-2021

Benchmark: Bloomberg Euro-Aggregate: Corporates Bond Index EUR

Largest Overweight

Europe
By5.52%
Portfolio 80.66%
Benchmark 75.14%

Largest Underweight

North America
By-7.95%
Portfolio 12.47%
Benchmark 20.43%

Monthly Data as of 30-Sep-2021