Research-driven investment in emerging market local currency sovereign bonds.
Investment ObjectiveTo 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 emerging market issuers, with a focus on bonds that are denominated in the local currency.
- Focus primarily on sovereign debt denominated in the currencies of the respective emerging countries.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating by country.
- Add value through active country, currency and individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon combined with low portfolio turnover.
- Higher concentration portfolio structure: typically 100-150 securities
- Duration bands: managed within +/- 2 years of the benchmark
- Average Credit Quality: BBB
- Country exposure maximum 30% per country
- Target tracking error: 200-400 bps
|1 YR||3 YR
|Indicative Benchmark %||-0.81%||1.45%||3.49%||-0.49%|
|Excess Return %||0.03%||0.18%||0.68%||0.61%|
|1 YR||3 YR
|Indicative Benchmark %||-2.82%||1.14%||2.34%||-1.00%|
|Excess Return %||0.11%||0.11%||0.67%||0.63%|
|Month to DateData as of 13-Aug-2020||Quarter to DateData as of 13-Aug-2020||Year to DateData as of 13-Aug-2020||1 MonthData as of 31-Jul-2020||3 MonthsData as of 31-Jul-2020|
|Indicative Benchmark %||-0.83%||2.16%||-4.88%||3.02%||8.86%|
|Excess Return %||0.83%||0.79%||0.82%||-0.07%||1.29%|
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.
Please note that no management fees are charged to the S and J share classes. No administration agent fees are charged to the J class. Fee arrangements for the S and J classes are made directly with the investment manager. Please see the prospectus for further information.
Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.
Effective 1 January 2011, the benchmark for the sub-fund was changed to J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified. Prior to 1 January 2011, the benchmark was the J.P. Morgan Government Bond Index-Emerging Markets Broad Diversified Index. The benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the sub-fund. Historical benchmark representations have not been restated.
|Largest Overweight||Largest Underweight|
Average Credit QualityBBB
|Largest Overweight||Largest Underweight|
|Duration||5-7 Years||1-3 Years|
Weighted Average Duration5.29 Years
Middle East & Africa
Andrew Keirle is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment Team. Mr. Keirle is the lead portfolio manager for the Emerging Markets Local Currency Bond Strategy and has important input on a number of emerging markets bond strategies and global fixed income strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.
Mr. Keirle has 23 years of investment experience, 14 of which have been with T. Rowe Price. Prior to joining the firm in 2005, he was a portfolio manager and analyst at Lazard Asset Management. Prior to joining Lazard, Mr. Keirle spent seven years as a global portfolio manager at Gulf International Bank in London.
Mr. Keirle is a qualified member of the Institute of Investment Management and Research, and he also holds a diploma from the Society of Technical Analysts. He graduated with a B.Sc. in economics and politics from the University of Swansea at the University of Wales.
- Fund manager2014
- Years at15
T. Rowe Price
- Years investment24
|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 I||$2,500,000||$100,000||$0||0.00%||65 basis points||0.75%||No|
|Class Q||$1,000||$100||$100||0.00%||65 basis points||0.82%||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.