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 % | 4.07% | 2.42% | 1.09% | 1.57% | 1.57% |
| Indicative Benchmark % | 0.06% | 0.52% | 0.49% | 0.50% | 0.50% |
| Excess Return % | 4.01% | 1.90% | 0.60% | 1.07% | 1.07% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | 4.07% | 2.42% | 1.09% | 1.57% |
| Indicative Benchmark % | 0.06% | 0.52% | 0.49% | 0.50% |
| Excess Return % | 4.01% | 1.90% | 0.60% | 1.07% |
Recent Performance
| Month to DateData as of 30-Jul-2021 | Quarter to DateData as of 30-Jul-2021 | Year to DateData as of 30-Jul-2021 | 1 MonthData as of 30-Jun-2021 | 3 MonthsData as of 30-Jun-2021 | |
|---|---|---|---|---|---|
| Fund % | -0.64% | -0.64% | 0.74% | -1.08% | -0.81% |
| Indicative Benchmark % | 0.01% | 0.01% | 0.04% | 0.01% | 0.02% |
| Excess Return % | -0.65% | -0.65% | 0.70% | -1.09% | -0.83% |
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
124
Sectors
Total
Sectors
6
Countries
Total
Countries
41
Team (As of 27-Jul-2021)
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 manager2015
since - Years at7
T. Rowe Price - Years investment25
experience
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 at14
T. Rowe Price - Years investment24
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 at15
T. Rowe Price - Years investment24
experience
Terry Moore is a portfolio specialist in the Fixed Income Division. 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. Terry is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Terry’s investment experience began in 1994, and he has been with T. Rowe Price since 2009, beginning in the Fixed Income Division. Prior to this, Terry was employed by Smith Breeden Associates as a portfolio manager and principal, where he led the Financial Institutions Group and managed fixed income portfolios with a focus on residential mortgage-backed securities. He also was employed by Goldman Sachs & Co., where he traded asset-backed securities.
Terry earned a B.A. in economics and political science from the University of North Carolina, 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.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at11
T. Rowe Price - Years investment25
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 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.