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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.


Global High Income Bond

The Global High Income Bond Hedged to USD Composite seeks high current income and capital appreciation primarily through the investment in global fixed income securities rated below investment grade (BB or below) by S&P, Moody's, or another nationally recognized securities rating organization (NRSRO). The composite seeks global diversification by targeting North American and European high yield and emerging markets corporate issuers.

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

Tracking Error
(5 Years)


1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)


Inception Date 31-Jan-2015

Performance figures calculated in USD

Michael Della Vedova
Michael Della Vedova, Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.



Investment Approach

  • Integrates fundamental research and holistic capital structure considerations with a focus on global diversification targeting high yield companies from North American and European regions plus issuers located in emerging markets countries.
  • Represents the natural evolution of T. Rowe Price’s core high yield credit competency and recognizes the global growth of the high yield market that is expected to continue.
  • Invests primarily in global issuers rated below investment-grade and focuses on:
    • Proprietary fundamental analysis that drives independent credit and conviction ratings.
    • Global diversification of high yield corporate issuers.
    • Credits with long-term potential for balance sheet and external rating improvements.
    • Strict risk management practices.
  • Utilizes active management in the high yield market where credit selection is critical.

Portfolio Construction

  • High-conviction, concentrated approach targeting approximately 180 credit issuers across the globe with the flexibility to take meaningful over- and underweights to countries, regions, industries, ratings and individual credits.
  • Incorporates a truly global corporate composition using a top-down overlay based on relative and absolute valuation characteristics across regions, countries, credit qualities and industries to complement core bottom-up position selections targeting the following regional allocations:
    • U.S. high yield: range of 30%-70%
    • European high yield: range of 10% to 50%
    • Emerging markets: range of 0% to 40%
  • Single country exposure maximum of 15% excluding the U.S.
  • Sovereign debt up to 10%
  • Investment-grade corporates up to 15%
  • Bank loans up to 20%
  • Neutralize currency risk by hedging back into the base currency


Largest Industry Financial 9.72% Was (30-Jun-2021) 10.78%
Other View complete Industry Diversification

Monthly Data as of 30-Sep-2021

Benchmark: ICE BofAML Global High Yield Index Hedged to USD

Largest Overweight

Cable Operators
Portfolio 9.34%
Benchmark 2.70%

Largest Underweight

Portfolio 8.89%
Benchmark 13.85%

Monthly Data as of 30-Sep-2021


Largest Country United States 56.80% Was (30-Jun-2021) 55.94%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: ICE BofAML Global High Yield Index Hedged to USD

Largest Overweight

United States
Portfolio 56.80%
Benchmark 53.89%

Largest Underweight

Portfolio 1.80%
Benchmark 4.11%

Monthly Data as of 30-Sep-2021