SICAV
Dynamic Global Bond Fund
Formerly Global Unconstrained Bond Fund
Seeks to generate positive returns from global fixed income with a focus on downside risk and diversification from equity markets.
3YR Return Annualised
(View Total Returns)
Total Assets
(USD)
1YR Return
(View Total Returns)
Manager Tenure
Information Ratio
(5 Years)
Tracking Error
(5 Years)
Inception Date 10-Jun-2015
Performance figures calculated in GBP
Strategy
Investment Objective
To generate income while offering some protection against rising interest rates and a low correlation with equity markets. The fund invests mainly in a portfolio of bonds of all types from issuers around the world, including emerging 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 securities
- Ability 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 Qn | GBP)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
Since Manager Inception Annualised |
|
|---|---|---|---|---|---|
| Fund % | 3.23% | 0.48% | 1.20% | 1.08% | 1.08% |
| Indicative Benchmark % | 0.66% | 0.66% | 0.59% | 0.59% | 0.59% |
| Excess Return % | 2.57% | -0.18% | 0.61% | 0.49% | 0.49% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | 3.23% | 0.48% | 1.20% | 1.08% |
| Indicative Benchmark % | 0.66% | 0.66% | 0.59% | 0.59% |
| Excess Return % | 2.57% | -0.18% | 0.61% | 0.49% |
Recent Performance
| Month to DateData as of 08-Jul-2020 | Quarter to DateData as of 08-Jul-2020 | Year to DateData as of 08-Jul-2020 | 1 MonthData as of 30-Jun-2020 | 3 MonthsData as of 30-Jun-2020 | |
|---|---|---|---|---|---|
| Fund % | -0.09% | -0.09% | 4.77% | 0.28% | 2.52% |
| Indicative Benchmark % | 0.00% | 0.00% | 0.27% | 0.02% | 0.10% |
| Excess Return % | -0.09% | -0.09% | 4.50% | 0.26% | 2.42% |
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 (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Holdings
Holdings
Total
Holdings
173
Sectors
Total
Sectors
7
Countries
Total
Countries
40
Team (As of 08-Jul-2020)
Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global Bond Strategies. Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Husain has 24 years of investment experience, six of which have been with T. Rowe Price. Prior to joining the firm in 2013, he spent 14 years as director of both European Fixed Income and Euro Portfolio Management at AllianceBernstein. He was also a member of the global fixed income and absolute return portfolio management teams. Mr. Husain previously worked as assistant director of European Derivatives Trading at Greenwich NatWest and also traded interest rate swaps at Bank of America National Trust & Savings Association.
Mr. Husain received a B.Sc. (hons.) in banking and international finance from the City University, London Business School. He also has earned the Chartered Financial Analyst designation.
- Fund manager2015
since - Years at6
T. Rowe Price - Years investment24
experience
Stephane Fertat is a portfolio specialist in the Fixed Income Division. He supports all global/international fixed income strategies. He also represents the portfolio management team in meetings and conferences, presenting strategies and market outlooks. Stephane has broad knowledge of fixed income, currency, credit, and derivative instruments, which allows him to assist in the development of customized fixed income solutions. He also has helped launch a number of new strategies. Stephane 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 as a European fixed income fund manager, later moving into a product manager role. Stephane also was employed by Southern Europe as a director of client service and business development.
Stephane earned a master’s degree in finance from Ecole Superieure de Commerce de Paris. Stephane also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at13
T. Rowe Price - Years investment23
experience
Chris Dillon is an investment specialist in the Multi-Asset Division. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Chris’s investment experience began in 1993, and he has been with T. Rowe Price since 2006, beginning in the Fixed Income Division. Prior to this, Chris was employed by PNC Advisors as an investment advisory research consultant. He also directed fixed income management research with Smith Barney Consulting Group.
Chris earned a B.A., cum laude, in history/economics from the University of Delaware and an M.B.A. from Wilmington University. He also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at14
T. Rowe Price - Years investment23
experience
Terry Moore is a portfolio specialist in the Fixed Income Division of T. Rowe Price. He is a member of the Global Multi-Sector, Dynamic Global Bond, International Bond, and Customized Fixed Income Solutions teams, working closely with clients, consultants, and prospects. Mr. Moore is a vice president of T. Rowe Price Group, Inc.
Mr. Moore has 23 years of investment experience, nine of which have been at T. Rowe Price. Prior to joining the firm in 2009, he was a portfolio manager and principal with Smith Breeden Associates, where he managed a variety of fixed income portfolios with a focus on residential mortgage-backed securities. He also worked at Goldman Sachs & Co. trading asset-backed securities.
Mr. Moore earned a B.A. in economics and political science from the University of North Carolina at Chapel Hill and an M.B.A. from Duke University, The Fuqua School of Business, where he was a Fuqua Scholar. He also has earned the Chartered Financial Analyst designation.
- Years at10
T. Rowe Price - Years investment24
experience
Fee Schedule
| Share Class | Minimum Initial Investment and Holding Amount (USD) | Minimum Subsequent Investment (USD) | Minimum Redemption Amount (USD) | Sales Charge (up to) | Investment Management Fee (up to) | Ongoing Charges | UK Tax Reporting Status |
|---|---|---|---|---|---|---|---|
| Class A | $1,000 | $100 | $100 | 5.00% | 100 basis points | 1.17% | No |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 50 basis points | 0.60% | Yes |
| Class Q | $1,000 | $100 | $100 | 0.00% | 50 basis points | 0.67% | Yes |
| Class Sd | $10,000,000 | $0 | $0 | 0.00% | 0 basis points | 0.10% | No |
Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.
T. Rowe Price Funds SICAV and its sub-funds are domiciled in Luxembourg and therefore considered offshore funds for UK tax purposes. Selected share classes of T. Rowe Price Funds SICAV have been designated “Reporting Funds” by HM Revenue & Customs (HMRC) under the guidelines of the UK Offshore Funds Regulation. These share classes report all relevant tax information to HMRC on an annual basis. Details on the information reported are outlined in the SICAV Shareholder Tax Reporting document that is available in the Fund Range Docs drop-down. Investors in “Reporting Fund” share classes who are considered United Kingdom residents for tax purposes will have any accrued gains treated as a capital gain rather than income upon sale or other disposal of their shares.
Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global Bond Strategies. Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.