Past performance is not a reliable indicator of future performance.
Strategy
Global Aggregate Bond
The Global Aggregate Strategy (USD) Bond Composite is comprised of portfolios that seek current income and capital appreciation primarily through investment in fixed income securities issued by governments and other investment grade entities. Below investment grade issues including high yield and emerging debt securities are also permitted. The use of derivatives, including futures and options, is also permitted.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-May-2006
Performance figures calculated in USD
Strategy
Investment Approach
- To generate consistent performance over benchmark by exploiting inefficiencies in the full universe of the global fixed income and currency markets:
- Focus on successful alpha generation.
- Importance of effective risk management.
- Target average tracking error: Between 150 basis points and 300 basis points per annum.
- Alpha generation classified under three main performance activities:
- Currency Management: 35% Expected contribution to value added
- Country/Duration Management: 35% Expected contribution to value added
- Sector Allocation / Issue selection: 30%
Portfolio Construction
- Currency limit: maximum +/- 40% relative to benchmark
- Weighted duration limit: maximum +/- 3 years relative to benchmark
- Sub-investment grade: maximum 20%
- Above investment grade: not restricted (includes corporates and emerging markets)
- Portfolio holdings: between 400 and 600 issuers
- Average credit quality: A- or better
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
10 YR Annualised |
|
|---|---|---|---|---|
| Composite Gross % | -0.62% | 5.21% | 2.84% | 2.89% |
| Composite Net % | -0.84% | 4.98% | 2.61% | 2.66% |
| Benchmark % | -0.91% | 4.24% | 1.99% | 1.86% |
| Excess Return (Gross) % | 0.29% | 0.97% | 0.85% | 1.03% |
Recent Performance
| 3 MonthsData as of 30-Sep-2021 | Year to DateData as of 30-Sep-2021 | |
|---|---|---|
| Composite Gross % | -0.99% | -4.05% |
| Composite Net % | -1.05% | -4.21% |
| Benchmark % | -0.88% | -4.06% |
| Excess Return (Gross) % | -0.11% | 0.01% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Holdings
Total
Holdings
647
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | Below Investment Grade | US Treasury |
| By % | 9.79% | -4.40% |
| Portfolio | 10.10% | 10.42% |
| Benchmark | 0.31% | 14.82% |
Average Credit Quality
A+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 7-10 Years | Cash Equivalents |
| By % | 4.30% | -3.85% |
| Portfolio | 20.81% | -3.85% |
| Benchmark | 16.51% | 0.00% |
Weighted Average Maturity
10.24 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 7-10 Years | 1-3 Years |
| By % | 6.50% | -5.49% |
| Portfolio | 19.51% | 17.94% |
| Benchmark | 13.01% | 23.43% |
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.