A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities supported by stringent risk management.
Investment ObjectiveTo maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of high yield corporate bonds from issuers around the world, including emerging markets.
- Integrates fundamental research and holistic capital structure analysis while focusing on global diversification targeting high yield companies from North American, European and emerging markets regions.
- 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 drives independent credit and conviction ratings.^^~~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.
- Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.
- High-conviction, concentrated approach targeting approximately 125-150 credit issuers across the globe with the flexibility to take meaningful over- and underweight
- 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%
- Neutralize currency risk by hedging back into the base currency
|Month to DateData as of 03-Dec-2021||Quarter to DateData as of 03-Dec-2021||Year to DateData as of 03-Dec-2021||1 MonthData as of 31-Oct-2021||3 MonthsData as of 31-Oct-2021|
|Indicative Benchmark %||0.40%||-1.36%||1.97%||-0.70%||-0.45%|
|Excess Return %||-0.40%||-1.07%||-0.31%||-0.41%||-0.11%|
|Share Class||Minimum Initial Investment and Holding Amount (USD)||Minimum Subsequent Investment (USD)||Minimum Redemption Amount (USD)||Sales Charge (up to)||Investment Management Fee (up to)||Ongoing Charges|
|Class A||$1,000||$100||$100||5.00%||115 basis points||1.32%|
|Class I||$2,500,000||$100,000||$0||0.00%||60 basis points||0.70%|
|Class Q||$1,000||$100||$100||0.00%||60 basis points||0.77%|
|Class Sd||$10,000,000||$0||$0||0.00%||0 basis points||0.10%|
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.