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SICAV

Global Aggregate Bond Fund

Risk-aware investing, exploiting inefficiencies in global bond markets.

ISIN LU0353117343 Bloomberg TRPGASD:LX

3YR Return Annualised
(View Total Returns)

Total Assets
(USD)

2.69%
$476.4m

1YR Return
(View Total Returns)

Manager Tenure

8.51%
5yrs

Information Ratio
(5 Years)

Tracking Error
(5 Years)

0.22
1.13%

Inception Date 22-Jul-2014

Performance figures calculated in USD

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Arif Husain
Arif Husain, Co-Portfolio Manager

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.

 

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 issuers around the world.

Investment Approach

  • To generate a consistent performance over benchmark by exploiting inefficiencies in the full universe of the global fixed income and currency markets:
    • Focus on successful alpha generation.
    • Importance of effective risk management.
    • Target value added: 100-200 basis points per annum above benchmark over full economic cycle. (Not a formal objective and it can be changed without prior notice. Please reference prospectus for formal objective.)
  • Target average tracking error: Between 150 basis points and 300 basis points per annum.
  • Alpha generation classified under three main performance activities:
    • Currency Management: 35% Expected contribution to value added
    • Country/Duration Management: 35% Expected contribution to value added
    • Sector Allocation/Security Selection: 30% Expected contribution to value added

Portfolio Construction

  • Currency limit: maximum +/- 40% relative to benchmark
  • Weighted duration limit: maximum +/- 3 years relative to benchmark
  • Sub-investment grade: maximum 20%
  • Above investment grade: not restricted (includes corporates and emerging markets)
  • Portfolio holdings: between 400 and 600 issuers
  • Average credit quality: A- or better

Performance (Class Sd)

Annualised Performance

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Since Manager Inception
Annualised
Fund % 8.51% 2.69% 2.37% 1.73% 3.20%
Indicative Benchmark % 9.54% 2.77% 2.13% 1.45% 3.09%
Excess Return % -1.03% -0.08% 0.24% 0.28% 0.11%

Inception Date 22-Jul-2014

Manager Inception Date 13-Mar-2016

Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index

Data as of  31-Oct-2019

  1 YR 3 YR
Annualised
5 YR
Annualised
Since Inception
Annualised
Fund % 6.66% 1.64% 2.29% 1.70%
Indicative Benchmark % 7.60% 1.59% 1.99% 1.34%
Excess Return % -0.94% 0.05% 0.30% 0.36%

Inception Date 22-Jul-2014

Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index

Data as of  30-Sep-2019

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 15-Nov-2019 Quarter to DateData as of 15-Nov-2019 Year to DateData as of 15-Nov-2019 1 MonthData as of 31-Oct-2019 3 MonthsData as of 31-Oct-2019
Fund % -1.03% -0.72% 5.50% 0.31% 1.37%
Indicative Benchmark % -0.89% -0.23% 6.07% 0.67% 1.67%
Excess Return % -0.14% -0.49% -0.57% -0.36% -0.30%

Inception Date 22-Jul-2014

Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index

Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index

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.

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 59.37% Was (30-Sep-2019) 58.06%
Other View Top 10 Issuers

Monthly data as of 31-Oct-2019

Holdings

Total
Holdings
531
Largest Holding U.S. Treasury Bonds 7.32% Was (30-Jun-2019) 5.17%
Top 10 Holdings 32.89%
Other View Full Holdings Quarterly data as of 30-Sep-2019

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating Below Investment Grade A
By % 6.14% -10.09%
Fund 6.65% 14.57%
Indicative Benchmark 0.51% 24.66%

Average Credit Quality

AA-

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  Bloomberg Barclays Global Aggregate Bond Index

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.

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 3-5 Years 1-3 Years
By % 3.37% -8.13%
Fund 26.16% 14.71%
Indicative Benchmark 22.78% 22.84%

Weighted Average Maturity

10.28 Years

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  Bloomberg Barclays Global Aggregate Bond Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 3-5 Years 1-3 Years
By % 5.78% -10.59%
Fund 28.16% 18.21%
Indicative Benchmark 22.38% 28.80%

Weighted Average Duration

7.46 Years

Monthly Data as of 31-Oct-2019
Indicative Benchmark:  Bloomberg Barclays Global Aggregate Bond Index

Sectors

Total
Sectors
6
Largest Sector Government 66.42% Was (30-Sep-2019) 65.52%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index

Largest Overweight

Government
By8.26%
Fund 66.42%
Indicative Benchmark 58.16%

Largest Underweight

Agency/Supranationals
By-8.00%
Fund 0.33%
Indicative Benchmark 8.33%

Monthly Data as of 31-Oct-2019

Countries

Total
Countries
49
Largest Country United States 36.46% Was (30-Sep-2019) 34.52%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark: Bloomberg Barclays Global Aggregate Bond Index

Largest Overweight

United Kingdom
By7.18%
Fund 12.28%
Indicative Benchmark 5.10%

Largest Underweight

Japan
By-8.34%
Fund 7.72%
Indicative Benchmark 16.06%

Monthly Data as of 31-Oct-2019

Currency

Total
Currencies
32
Largest Currency U.S. dollar 47.63% Was (30-Sep-2019) 46.49%
Other View complete Currency Diversification

Monthly Data as of 31-Oct-2019

Indicative Benchmark : Bloomberg Barclays Global Aggregate Bond Index

Largest Overweight

U.S. dollar
By 2.50%
Fund 47.63%
Indicative Benchmark 45.13%

Largest Underweight

Offshore Chinese renminbi
By -4.28%
Fund -4.28%
Indicative Benchmark 0.00%

Monthly Data as of 31-Oct-2019

Team (As of 31-Aug-2019)

Arif Husain

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 manager
    since
    2014
  • Years at
    T. Rowe Price
    6
  • Years investment
    experience
    23
Quentin S. Fitzsimmons

Quentin Fitzsimmons is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the global fixed income investment team. He is co-portfolio manager for the Global Aggregate Bond Strategy. He is actively involved in the discussion around country and duration positioning, currency management and sector allocation, with a particular expertise in interest rate management.

Mr. Fitzsimmons has 28 years of investment experience, four of which have been with T. Rowe Price. Prior to joining the firm in 2015, Mr. Fitzsimmons was head of liquidity portfolio investment management, Treasury markets, for the Royal Bank of Scotland Group, where he managed the liquid fixed income "tier one" capital on its balance sheet on an absolute return basis. Previously, he also worked as head of rates and as executive director of fixed income for Threadneedle Investments, where he ran global fixed income portfolios from 2002 to 2012. Prior to Threadneedle he held various fixed income portfolio management and research roles with F&C Investments, the Equitable Life Assurance Society and Sun Life Assurance Company of Canada.

Mr. Fitzsimmons earned a B.Sc. in economics and economic history from the University of Bristol.

  • Fund manager
    since
    2016
  • Years at
    T. Rowe Price
    4
  • Years investment
    experience
    28
Stephane Fertat

Stephane Fertat is a fixed income portfolio specialist for T. Rowe Price. He is a member of the Global Fixed Income team, supporting all global/international fixed income strategies. He represents the portfolio management team, presenting strategies as well as market outlooks in meetings and conferences. Mr. Fertat has broad knowledge of fixed income, currency, credit and derivative instruments - leading him to assist in the development of customized fixed income solutions - and he has helped launch a number of new strategies since joining the firm in 2007. Mr. Fertat is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Fertat has 22 years of investment experience, 12 of which have been at T. Rowe Price. Prior to joining the firm in 2007, he 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. Mr. Fertat was also a director of client service and business development for Southern Europe and worked previously at Societe Generale Fimat Investment Management in Chicago.

Mr. Fertat holds a master's degree in finance from Ecole Superieure de Commerce de Paris (ESCP-EAP). He also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    22
Christopher Dillon

Chris Dillon is an investment specialist in the Multi-Asset Division at T. Rowe Price. He provides broad insight across the various views that T. Rowe Price has across the Equity and Fixed Income Divisions. Mr. Dillon is also responsible for communicating how the firm's Multi-Asset team is allocating across asset classes from longer- and shorter-term perspectives. Mr. Dillon is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Mr. Dillon has 22 years of investment experience, 13 of which have been with T. Rowe Price. Prior to joining the firm in 2006, he was an investment advisory research consultant for PNC Advisors. Prior to that, Mr. Dillon directed fixed income management research for Smith Barney Consulting Group.

Mr. Dillon earned a B.A., cum laude, in history/economics from the University of Delaware and an M.B.A. in business administration from Wilmington University. He also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
    13
  • Years investment
    experience
    22

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 A $15,000 $100 $100 5.00% 75 basis points 1.07% Yes
Class I $2,500,000 $100,000 $0 0.00% 45 basis points 0.53% No
Class Q $15,000 $100 $100 0.00% 45 basis points 0.62% 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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