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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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SICAV

Responsible Euro Corporate Bond Fund

Formerly Euro Corporate Bond Fund

A diversified investment grade corporate fund with a focus on security selection.

ISIN LU0859257338 Bloomberg TRPECIH:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(EUR)

4.85%
€258.1m

1YR Return
(View Total Returns)

Manager Tenure

-0.41%
9yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.43
0.81%

Inception Date 07-Dec-2012

Performance figures calculated in USD

31-Dec-2021 - David Stanley, Portfolio Manager,
The coronavirus remains an overarching risk. Strong corporate fundamentals and supportive technical factors could offset tight valuations and keep spreads trading within a range, provided we enter an endemic phase. However, the reduction in central bank support in 2022 could cause market volatility, which could cause this range in spreads to widen as the year progresses.
David Stanley
David Stanley, Portfolio Manager

David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

 

Strategy

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 corporate bonds that are denominated in euro.

Investment Approach

  • Focus primarily on corporate bonds denominated in euros.
  • Integrate proprietary credit and capital markets research to identify market inefficiencies.
  • Add value primarily through individual security selection, sector rotation and term-structure positioning.
  • Credit research is the most important element of our corporate bond process and includes credit analysis and relative value assessment.
  • Risk management is central to our process with diversification by issuer and industry the most important elements in our approach to risk management.
  • 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

  • Fully hedged back to euro
  • Duration is maintained within a range of +/- 0.25 of a year from the benchmark
  • Diversified sector exposure
  • Maximum 3% overweight per issuer
  • Maximum of 20% of the portfolio can be invested in non-investment grade issues
  • Average tracking error expected to range between 100 and 150 bps per annum

Countries

Total
Countries
24
Largest Country United States 13.63% Was (30-Nov-2021) 13.64%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: Bloomberg Euro-Aggregate: Corporates Bond Index EUR

Largest Overweight

Italy
By7.09%
Fund 11.79%
Indicative Benchmark 4.70%

Largest Underweight

France
By-11.39%
Fund 9.12%
Indicative Benchmark 20.51%

Monthly Data as of 31-Dec-2021

30-Apr-2017 - David Stanley, Portfolio Manager,
We maintain underweight allocations to France, and Germany in favour of overweight positions in the Spain and Italy.