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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 Global Aggregate Bond Fund

Formerly Global Aggregate Bond Fund

Risk-aware investing, exploiting inefficiencies in global bond markets.

ISIN LU0353117343 Bloomberg TRPELSD:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

4.64%
$653.6m

1YR Return
(View Total Returns)

Manager Tenure

-5.42%
7yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.40
1.39%

Inception Date 22-Jul-2014

Performance figures calculated in USD

Arif Husain, CFA
Arif Husain, CFA, Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also 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 bonds of all types from issuers around the world.

Investment Approach

  • To generate a consistent performance over benchmark by exploiting inefficiencies in the full universe of the global fixed income and currency markets:~~Focus on successful alpha generation.^^~~Importance of effective risk management.^^
  • Target average tracking error: Between 150 basis points and 300 basis points per annum.
  • Alpha generation classified under three main performance activities:~~Currency Management: 35% Expected contribution to value added^^~~Country/Duration Management: 35% Expected contribution to value added ^^~~Sector Allocation/Security Selection: 30% Expected contribution to value added^^~~Sub investment Grade Allocation: 20% Expected contribution to value added^^~~Sector/Security Selection: 10% Expected contribution to value added^^
  • 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

  • Currency limit: maximum +/- 40% relative to benchmark
  • Weighted duration limit: maximum +/- 3 years relative to benchmark
  • Sub-investment grade: maximum 20%
  • Above investment grade: not restricted (includes corporates and emerging markets)
  • Portfolio holdings: between 400 and 600 issuers
  • Average credit quality: A- or better

Countries

Total
Countries
53
Largest Country United States 37.23% Was (30-Nov-2021) 36.62%
Other View complete Country Diversification

Monthly Data as of 31-Dec-2021

Indicative Benchmark: Bloomberg Global Aggregate Bond Index

Largest Overweight

United Kingdom
By4.10%
Fund 9.36%
Indicative Benchmark 5.25%

Largest Underweight

Japan
By-5.11%
Fund 8.14%
Indicative Benchmark 13.26%

Monthly Data as of 31-Dec-2021