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Strategy

Global Investment Grade Corporate Bond

The Global Investment Grade Corporate Bond Composite seeks capital appreciation primarily through investment in fixed income securities, floating rate bank loans and floating rate debt securities rated below investment grade (BB or below) by S&P, Moody’s or another nationally recognized securities rating organization (NRSRO).

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

Tracking Error
(3 Years)

4.53%
0.81%

1YR Return (Net)
(View Total Returns)

Information Ratio
(3 Years)

8.66%
0.71

Inception Date 30-Jun-2015

Performance figures calculated in USD

Other Literature

Steven Boothe
Steven Boothe, Portfolio Manager

Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Mr. Boothe is an executive vice president and cochairman of the Investment Advisory Committee of the Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

Strategy

Investment Approach

  • The investment manager’s approach is based on proprietary fundamental research harvested by our global research platform.
  • The investment process places a strong emphasis on risk management practices and portfolio diversification to manage the overall risk profile.

Portfolio Construction

  • Duration is managed within +/- 20% of benchmark
  • Non-Corporate Credit: 0-20%
  • Below Investment Grade: 0-20%, BB- minimum credit quality at time of purchase
  • Return target and expect vol are +125 bps and 100-300 bps
  • Holdings: typically 75-150 Issuers

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 22.43% Was (31-Mar-2019) 23.90%
Other View Top 10 Issuers

Monthly data as of 30-Jun-2019

Holdings

Total
Holdings
150
Largest Holding Bank of America 2.54% Was (31-Mar-2019) 2.53%
Top 10 Holdings 18.84%
Other View Full Holdings Quarterly data as of 30-Jun-2019

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BB AA
By % 8.84% -10.44%
Portfolio 10.98% 0.00%
Benchmark 2.14% 10.44%

Average Credit Quality

BBB+

Monthly Data as of 30-Jun-2019
Benchmark:  Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. 

U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government. 

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 5-7 Years 10+ Years
By % 9.62% -12.67%
Portfolio 24.32% 12.40%
Benchmark 14.70% 25.07%

Weighted Average Maturity

7.86 Years

Monthly Data as of 30-Jun-2019
Benchmark:  Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 3-5 Years Over 10 Years
By % 15.64% -10.65%
Portfolio 37.92% 11.44%
Benchmark 22.29% 22.08%

Weighted Average Duration

6.86 Years

Monthly Data as of 30-Jun-2019
Benchmark:  Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Countries

Total
Countries
25
Largest Country United States 54.29% Was (31-Mar-2019) 47.26%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2019

Benchmark: Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Largest Overweight

China
By6.59%
Portfolio 7.61%
Benchmark 1.01%

Largest Underweight

France
By-5.53%
Portfolio 1.11%
Benchmark 6.64%

Monthly Data as of 30-Jun-2019

Currency

Total
Currencies
5
Largest Currency U.S. dollar 100.08% Was (31-Mar-2019) 99.69%
Other View complete Currency Diversification

Monthly Data as of 30-Jun-2019

Benchmark : Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Largest Overweight

U.S. dollar
By 34.24%
Portfolio 100.08%
Benchmark 65.84%

Largest Underweight

euro
By -23.43%
Portfolio 0.24%
Benchmark 23.67%

Monthly Data as of 30-Jun-2019

Team (As of 07-Feb-2019)

Steven Boothe

Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Mr. Boothe is an executive vice president and cochairman of the Investment Advisory Committee of the Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Boothe has 21 years of investment experience, 19 of which have been at T. Rowe Price. He joined the firm in 1999 and was a credit research analyst, covering the global telecommunications and technology industries, and an investment-grade corporate portfolio manager/analyst prior to assuming his current role in 2014.

Mr. Boothe earned a B.A. in economics/mathematics from Columbia University. He also has earned the Chartered Financial Analyst designation and is a Series 7 and 63 registered representative.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    19
  • Years investment
    experience
    21
Stephen Marsh

Stephen Marsh is a portfolio specialist in the Fixed Income Division of T. Rowe Price, based in London. He acts as a proxy for fixed income portfolio managers with clients, consultants and prospects. He has a broad range of knowledge in fixed income, currency, credit and derivatives, enabling him to customise solutions for clients and to present at conferences. Mr. Marsh is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Marsh has 17 years investment experience. Prior to joining T. Rowe Price in 2015, he worked at SEI Investments as head of the European fixed income division and as a portfolio manager. He has also held investment roles at Merrill Lynch, RMB International and Liontrust Asset Management.

Mr. Marsh earned a B.A. (with honors) in business studies from the University of Central Lancashire, majoring in economics. He also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
  • Years investment
    experience
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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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