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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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Past performance is not a reliable indicator of future performance.


Europe High Yield Bond

The European High Yield Bond Composite seeks to maximize total return primarily through investment in high yield corporate bonds denominated in European currencies.

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

Tracking Error
(5 Years)


1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)


Inception Date 31-Oct-2011

Performance figures calculated in EUR

Michael Della Vedova
Michael Della Vedova, 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.


Valuations and performance are computed in USD and converted to EUR. When converting U.S. Dollar composite returns, benchmarks, dispersion and asset data, the same exchange rate source is used consistently. Total returns in non-U.S. Dollar currencies are calculated by adjusting U.S. Dollar performance by the percent change in the U.S. Dollar/foreign currency exchange rate (as determined by an independent third party) for the time periods selected. Net of fees performance is calculated using the currency-converted gross performance and then deducting the highest applicable EUR fee without the benefit of breakpoints. 


Investment Approach

  • Strategy focuses primarily on European currency-denominated corporate debt issued by below investment-grade companies.
  • Invests mainly in BB and B rated bonds, with the ability to purchase lower-quality securities when compelling valuation and risk/reward opportunities arise.
  • The strategy integrates fundamental proprietary research at the corporate bond, sovereign, and equity levels. This integral collaboration provides a holistic view of a company’s capital structure and management team, as well as its position in the larger market environment unique to each country.
  • Research focuses on quantitative and qualitative factors that drive an independent credit rating. Analysts look to identify long-term potential for balance sheet and external rating improvements while adhering to strict risk management practices.

Portfolio Construction

  • At least 80% of assets will be invested in securities denominated in European currencies—mainly the euro and the pound.
  • Currency exposure is fully hedged back to the euro.
  • Up to 20% of assets may be invested outside of European currencies, including U.S. dollar high yield and investment-grade corporate bonds.
  • Target tracking error: 200–400 basis points



Top 10 Issuers 21.53% Was (30-Jun-2021) 23.20%
Other View Top 10 Issuers

Monthly data as of30-Sep-2021


Largest Holding Titan Holdings II BV 2.35% Was (30-Jun-2021) 0.00%
Top 10 Holdings 19.73%
Other View Full Holdings Quarterly data as of  30-Sep-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating B Rated BB Rated
By % 28.70% -52.18%
Portfolio 54.50% 16.56%
Benchmark 25.80% 68.74%

Average Credit Quality


Monthly Data as of  30-Sep-2021
Benchmark:  ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

Sources for credit quality: Moody's Investors Service and Standard & Poor's (S&P); split ratings (i.e. BB/B and B/CCC) are assigned when the Moody's and S&P ratings differ.  T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps. All short-term holdings, regardless of ratings, are included with the cash positions.

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 5-7 Years 1-3 Years
By % 15.22% -20.45%
Portfolio 37.93% 1.86%
Benchmark 22.71% 22.32%

Weighted Average Maturity

5.65 Years

Monthly Data as of  30-Sep-2021
Benchmark:  ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 3-5 Years 1-3 Years
By % 8.12% -12.45%
Portfolio 43.05% 21.15%
Benchmark 34.93% 33.60%

Weighted Average Duration

3.10 Years

Monthly Data as of  30-Sep-2021
Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR


Largest Industry Services 15.19% Was (30-Jun-2021) 13.05%
Other View complete Industry Diversification

Monthly Data as of 30-Sep-2021

Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

Largest Overweight

Cable Operators
Portfolio 12.80%
Benchmark 1.64%

Largest Underweight

Other Telecommunications
Portfolio 0.86%
Benchmark 9.29%

Monthly Data as of 30-Sep-2021


Largest Country United States 24.19% Was (30-Jun-2021) 26.01%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2021

Benchmark: ICE BofAML European Currency High Yield Constrained Excluding Subordinated Financials Index Hedged to EUR

Largest Overweight

United States
Portfolio 24.19%
Benchmark 12.83%

Largest Underweight

Portfolio 4.24%
Benchmark 12.17%

Monthly Data as of 30-Sep-2021