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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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Global High Income Bond Fund

A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities supported by stringent risk management.

ISIN LU1216622560 Bloomberg TRPGHIA:LX

3YR Return Annualised
(View Total Returns)

Total Assets


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 04-Jun-2015

Performance figures calculated in USD

31-Dec-2021 - Michael Della Vedova, Portfolio Manager,
We believe high yield is well positioned versus other fixed income sectors and offers a lower duration profile relative to higher quality segments of the market. In our view, the diversification benefits of our approach as well as our rigorous fundamental research process leave us strongly placed to deliver attractive risk-adjusted returns for our long-term investors.
Michael Della Vedova
Michael Della Vedova, Co-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 Objective

To 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.

Investment Approach

  • 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.

Portfolio Construction

  • 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


Largest Country United States 49.68% Was (30-Nov-2021) 50.10%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: ICE BofAML Global High Yield Index

Largest Overweight

United Kingdom
Fund 9.34%
Indicative Benchmark 4.29%

Largest Underweight

United States
Fund 49.68%
Indicative Benchmark 54.07%

Monthly Data as of 31-Dec-2021

31-Dec-2021 - Michael Della Vedova, Portfolio Manager,
We have increased our allocation to EM, and this shift has largely been funded from our U.S. allocation. We now maintain an underweight position in the U.S. and EM excluding Asia high yield. In our view, traditional EM countries outside of Asia will face a difficult environment of rising rates coupled with slowing growth and less access to vaccines.
31-Dec-2021 - Michael Della Vedova, Portfolio Manager,
We do not expect to add value via currency management; we typically hedge our non-U.S. dollar exposure back to U.S. dollars in order to limit volatility, keeping the focus on credit selection.