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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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Home / Products / OEIC / Dynamic Global Bond Fund
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OEIC

Dynamic Global Bond Fund

Seeks to generate positive returns from global fixed income with a focus on downside risk and diversification from equity markets.

ISIN GB00BYZMYG27 Bloomberg TRPDCA9:LN
View more information on risks
Factsheet
KIID

3YR Return Annualised
(View Total Returns)

Total Assets
(GBP)

2.21%
£36.6m
Data as of 31-Jan-2021
Data as of 31-Jan-2021

1YR Return
(View Total Returns)

Manager Tenure

11.83%
4yrs
Data as of 31-Jan-2021
Data as of 15-Jan-2021

Information Ratio
(3 Years)

Tracking Error
(3 Years)

0.40
4.02%
Data as of 31-Jan-2021
Data as of 31-Jan-2021

Inception Date 05-Jan-2017

Performance figures calculated in GBP

Arif Husain, CFA
Arif Husain, CFA, 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.

 
  • This product's strategy also available as
  • a Strategy
  • and a SICAV

Strategy

Investment Objective

To generate income while offering some protection against rising interest rates and a low correlation with equity markets. 

Investment Approach

 

  • The Dynamic Global Bond Fund seeks to provide attractive, stable income and downside risk management through dynamic and flexible portfolio management. The fund is not benchmark sensitive and invests in fixed income securities from a broad opportunity set, looking for best opportunities but also for defensive investments to manage downside risk.
    • Seeks performance through income and capital gains
    • Seeks to generate consistent and sustainable performance through diversification across geography and markets
    • Controlled risk profile with bond-like volatility
    • Focus on downside risk from potential rise in interest rates
    • Tactical management of duration profile and country selection
    • Based on high conviction views driven by extensive research platform
    • Low correlation with risky markets during periods of risk aversion
    • Focus on government allocation as opposed to credit risk
  • Target value added: seeks to outperform the U.S. 3 month Libor over a full market cycle (Not a formal objective and it can be changed without prior notice. Please reference prospectus for formal objective.)
  • Target tracking error: between 2% and 5% tracking error annualized
  • Fund offering different types of share classes currency hedged.

 

Portfolio Construction

  • Total duration between -1 and 6 years
  • Minimum 50% currency hedged
  • Minimum 50% in non-USD securitiesAbility to go long and short individual countries and currencies
  • Up to 100% allowed in government bond securities
  • Up to 30% allowed in High Yield

Performance (Class C9)

Annualised Performance

  1 YR 3 YR
Annualised		 5 YR
Annualised		 Since Inception
Annualised
Fund % 11.83% 2.21% N/A 1.13%
Indicative Benchmark % 0.23% 0.59% N/A 0.54%
Excess Return % 11.60% 1.62% N/A 0.59%

Inception Date 05-Jan-2017

Indicative Benchmark: 3 Month LIBOR in GBP

Data as of 31-Jan-2021

Performance figures calculated in GBP

  1 YR 3 YR
Annualised		 5 YR
Annualised		 Since Inception
Annualised
Fund % 9.93% 2.34% N/A 1.11%
Indicative Benchmark % 0.29% 0.61% N/A 0.55%
Excess Return % 9.64% 1.73% N/A 0.56%

Inception Date 05-Jan-2017

Indicative Benchmark: 3 Month LIBOR in GBP

Data as of 31-Dec-2020

Performance figures calculated in GBP

Recent Performance

  Month to DateData as of 23-Feb-2021 Quarter to DateData as of 23-Feb-2021 Year to DateData as of 23-Feb-2021 1 MonthData as of 31-Jan-2021 3 MonthsData as of 31-Jan-2021
Fund % 1.81% 1.97% 1.97% 0.16% 3.08%
Indicative Benchmark % 0.00% 0.01% 0.01% 0.00% 0.01%
Excess Return % 1.81% 1.96% 1.96% 0.16% 3.07%

Inception Date 05-Jan-2017

Indicative Benchmark: 3 Month LIBOR in GBP

Indicative Benchmark: 3 Month LIBOR in GBP

Performance figures calculated in GBP

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 43.60% Was (31-Dec-2020) 41.82%
Other View Top 10 Issuers

Monthly data as of31-Jan-2021

Holdings

Total
Holdings
124
Largest Holding United Kingdom Gilt 8.92% Was (30-Sep-2020) 7.28%
Top 10 Holdings 35.85%
Other View Full Holdings Quarterly data as of  31-Dec-2020

Sectors

Total
Sectors
6
Largest Sector Government 66.39% Was (31-Dec-2020) 62.98%
Other View complete Sector Diversification

Monthly Data as of 31-Jan-2021

Countries

Total
Countries
43
Largest Country United States 20.97% Was (31-Dec-2020) 23.71%
Other View complete Country Diversification

Monthly Data as of 31-Jan-2021

Team (As of 15-Jan-2021)

Arif Husain, CFA

Arif Husain, CFA
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. 

Arif’s investment experience began in 1995, and he has been with T. Rowe Price since 2013. Prior to this, Arif was employed by AllianceBernstein in the area of European Fixed Income and Euro Portfolio Management. He also was a member of the global fixed income and absolute return portfolio management teams. Arif also was employed by Greenwich NatWest as an assistant director of European Derivatives Trading and by the Bank of America National Trust and Savings Association.  

Arif earned a B.Sc. (honors) in banking and international finance from City University London, Cass Business School. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Fund manager
    since
    2017
  • Years at
    T. Rowe Price
    7
  • Years investment
    experience
    25
Stephane Fertat, CFA

Stephane Fertat, CFA
Portfolio Specialist

Stephane Fertat is the EMEA head of the Investment Specialists Group and a portfolio specialist in the Fixed Income Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd. 

Stephane’s investment experience began in 1998, and he has been with T. Rowe Price since 2007, beginning in the Fixed Income Division. Prior to this, Stephane was employed by Fischer Francis Trees and Watts, a global fixed income asset management company, where he worked as a European fixed income fund manager before moving to a product manager role. Stephane also was a director of client service and business development for the southern European distribution team at Fischer Francis Trees and Watts. He also was employed by Société Générale Fimat Investment Management in Chicago.

Stephane earned a master’s degree in finance from Ecole Superieure de Commerce de Paris.

  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    23

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount Sales Charge (up to) Management Charge Ongoing Charge
Class C £10,000 £500 £500 N/A Up to50 basis points 0.67%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

Indicative Benchmark Data Source: ICE

Past performance is not a reliable indicator of future performance. Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges, taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

The Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English together with the annual and semi-annual reports (together "Fund Documents"). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Net Asset figure applies to all share classes.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

The specific securities identified and described in this report do not represent all of the securities purchased, sold, or recommended for the OEIC sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because a cash benchmark best represents the fund’s objective to seek returns from fixed-income securities independent of any specific country, industry sector or market focus, while providing some protection against rising interest rates and a low correlation with equity markets. The investment manager is not constrained by any country, sector and/ or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.