SICAV
Global Investment Grade Corporate Bond Fund
Seeks to maximise returns through investment in a portfolio of global corporate bonds.
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 08-Jun-2015
Performance figures calculated in USD
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 investment-grade corporate bonds from issuers around the world, including emerging markets.Investment Approach
- The investment manager’s approach is based on proprietary fundamental research harvested by our global research platform.
- The investment process places a strong emphasis on risk management practices and portfolio diversification to manage the overall risk profile.
Portfolio Construction
- Duration is managed within +/- 20% of benchmark
- Non-Corporate Credit: 0-20%
- Below Investment Grade: 0-20%, BB- minimum credit quality at time of purchase
- Holdings: typically 75-150 Issuers
Performance (Class Q)
Annualised Performance
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
Since Manager Inception Annualised |
|
|---|---|---|---|---|---|
| Fund % | 6.31% | 5.21% | 5.55% | 5.47% | 5.47% |
| Indicative Benchmark % | 8.96% | 6.36% | 5.77% | 5.71% | 5.71% |
| Excess Return % | -2.65% | -1.15% | -0.22% | -0.24% | -0.24% |
| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Fund % | 4.98% | 4.71% | 5.30% | 5.11% |
| Indicative Benchmark % | 7.15% | 5.71% | 5.40% | 5.27% |
| Excess Return % | -2.17% | -1.00% | -0.10% | -0.16% |
Recent Performance
| Month to DateData as of 10-Aug-2020 | Quarter to DateData as of 10-Aug-2020 | Year to DateData as of 10-Aug-2020 | 1 MonthData as of 31-Jul-2020 | 3 MonthsData as of 31-Jul-2020 | |
|---|---|---|---|---|---|
| Fund % | 0.68% | 2.87% | 3.60% | 2.18% | 7.08% |
| Indicative Benchmark % | 0.30% | 2.92% | 6.49% | 2.62% | 5.72% |
| Excess Return % | 0.38% | -0.05% | -2.89% | -0.44% | 1.36% |
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
193
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 9.72% | -8.73% |
| Fund | 11.30% | 30.58% |
| Indicative Benchmark | 1.58% | 39.31% |
Average Credit Quality
BBB+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 7-10 Years | 1-3 Years |
| By % | 6.01% | -11.24% |
| Fund | 22.78% | 8.16% |
| Indicative Benchmark | 16.78% | 19.40% |
Weighted Average Maturity
8.78 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 3-5 Years | Over 10 Years |
| By % | 8.86% | -11.92% |
| Fund | 30.94% | 13.65% |
| Indicative Benchmark | 22.08% | 25.57% |
Weighted Average Duration
8.09 YearsCountries
Total
Countries
28
Largest Overweight
United States
Largest Underweight
France
Currency
Total
Currencies
5
Largest Overweight
U.S. dollar
Largest Underweight
euro
Team (As of 05-Aug-2020)
Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Mr. Boothe is an executive vice president and cochairman of the Investment Advisory Committee of the Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Mr. Boothe has 22 years of investment experience, 20 of which have been at T. Rowe Price. He joined the firm in 1999 and was a credit research analyst, covering the global telecommunications and technology industries, and an investment-grade corporate portfolio manager/analyst prior to assuming his current role in 2014.
Mr. Boothe earned a B.A. in economics/mathematics from Columbia University. He also has earned the Chartered Financial Analyst designation and is a Series 7 and 63 registered representative.
- Fund manager2015
since - Years at20
T. Rowe Price - Years investment22
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% | 75 basis points | 0.92% | No |
| Class I | $2,500,000 | $100,000 | $0 | 0.00% | 40 basis points | 0.50% | No |
| Class Q | $1,000 | $100 | $100 | 0.00% | 40 basis points | 0.57% | Yes |
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.
Steve Boothe is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Boothe has lead portfolio management responsibilities for the Global Investment Grade and U.S. Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector and U.S. Taxable Bond teams, with a focus on global and U.S. investment-grade corporate bond portfolios. Mr. Boothe is an executive vice president and cochairman of the Investment Advisory Committee of the Corporate Bond Strategy. He is also a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.