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SICAV

Emerging Local Markets Bond Fund

Research-driven investment in emerging market local currency sovereign bonds.

ISIN LU0353122939 Bloomberg TRPELSD:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

3.96%
$80.8m

1YR Return
(View Total Returns)

Manager Tenure

11.67%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.35
1.55%

Inception Date 22-Jul-2014

Performance figures calculated in USD

Other Literature

Andrew Keirle
Andrew Keirle, Portfolio Manager

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.

 

Strategy

Investment Objective

To 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.

Investment Approach

  • 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.

Portfolio Construction

  • 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

Performance (Class Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 11.67% 3.96% -0.15% -0.40%
Indicative Benchmark % 11.91% 3.42% -0.69% -0.95%
Excess Return % -0.24% 0.54% 0.54% 0.55%

Inception Date 22-Jul-2014

Indicative Benchmark: Linked Benchmark

Data as of  31-Aug-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 9.52% 5.50% N/A 0.11%
Indicative Benchmark % 8.99% 4.24% N/A -0.63%
Excess Return % 0.53% 1.26% N/A 0.74%

Inception Date 22-Jul-2014

Indicative Benchmark: Linked Benchmark

Data as of  30-Jun-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 16-Sep-2019 Quarter to DateData as of 16-Sep-2019 Year to DateData as of 16-Sep-2019 1 MonthData as of 31-Aug-2019 3 MonthsData as of 31-Aug-2019
Fund % 2.08% -0.54% 9.13% -3.48% 3.37%
Indicative Benchmark % 1.90% 0.13% 8.86% -2.64% 3.68%
Excess Return % 0.18% -0.67% 0.27% -0.84% -0.31%

Inception Date 22-Jul-2014

Indicative Benchmark: Linked Benchmark

Indicative Benchmark: Linked Benchmark

Performance figures calculated in USD

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.

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 68.59% Was (31-Jul-2019) 67.05%
Other View Top 10 Issuers

Monthly data as of 31-Aug-2019

Holdings

Total
Holdings
109
Largest Holding Mexican Bonos 4.52% Was (31-Mar-2019) 4.60%
Top 10 Holdings 32.68%
Other View Full Holdings Quarterly data as of 30-Jun-2019

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BBB A
By % 5.34% -11.02%
Fund 52.42% 24.34%
Indicative Benchmark 47.08% 35.36%

Average Credit Quality

BBB

Monthly Data as of 31-Aug-2019
Indicative Benchmark:  J.P. Morgan GBI - EM Global Diversified

Sources for Credit Quality Diversification: 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. Short-Term holdings are not rated.

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 5-7 Years 1-3 Years
By % 15.18% -14.76%
Fund 37.68% 10.80%
Indicative Benchmark 22.51% 25.56%

Weighted Average Duration

5.63 Years

Monthly Data as of 31-Aug-2019
Indicative Benchmark:  J.P. Morgan GBI - EM Global Diversified

Sectors

Total
Sectors
6
Largest Sector Sovereign 96.22% Was (31-Jul-2019) 93.48%
Other View complete Sector Diversification

Monthly Data as of 31-Aug-2019

Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Corporate
By1.94%
Fund 1.94%
Indicative Benchmark 0.00%

Largest Underweight

Sovereign
By-3.78%
Fund 96.22%
Indicative Benchmark 100.00%

Monthly Data as of 31-Aug-2019

Regions

Total
Regions
5
Largest Region Asia 32.82% Was (31-Jul-2019) 31.36%
Other View complete Region Diversification

Monthly Data as of 31-Aug-2019

Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Asia
By7.03%
Fund 32.82%
Indicative Benchmark 25.78%

Largest Underweight

Emerging Europe
By-7.46%
Fund 23.86%
Indicative Benchmark 31.32%

Monthly Data as of 31-Aug-2019

Countries

Total
Countries
26
Largest Country Indonesia 10.70% Was (31-Jul-2019) 10.82%
Other View complete Country Diversification

Monthly Data as of 31-Aug-2019

Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Egypt
By2.92%
Fund 2.92%
Indicative Benchmark 0.00%

Largest Underweight

Poland
By-5.36%
Fund 3.50%
Indicative Benchmark 8.86%

Monthly Data as of 31-Aug-2019

Currency

Total
Currencies
35
Largest Currency Indonesian rupiah 11.30% Was (31-Jul-2019) 11.43%
Other View complete Currency Diversification

Monthly Data as of 31-Aug-2019

Indicative Benchmark : J.P. Morgan GBI - EM Global Diversified

Largest Overweight

Egyptian pound
By 2.43%
Fund 2.43%
Indicative Benchmark 0.00%

Largest Underweight

New Taiwan dollar
By -4.63%
Fund -4.63%
Indicative Benchmark 0.00%

Monthly Data as of 31-Aug-2019

Team (As of 31-Aug-2019)

Andrew Keirle

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 22 years of investment experience, 13 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 manager
    since
    2014
  • Years at
    T. Rowe Price
    14
  • Years investment
    experience
    23

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Minimum Redemption Amount 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 $15,000 $100 $100 0.00% 65 basis points 0.82% No
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. 

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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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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