Past performance is not a reliable indicator of future performance.
Strategy
Global High Income Bond
The Global High Income Bond Hedged to USD Composite seeks high current income and capital appreciation primarily through the investment in global fixed income securities rated below investment grade (BB or below) by S&P, Moody's, or another nationally recognized securities rating organization (NRSRO). The composite seeks global diversification by targeting North American and European high yield and emerging markets corporate issuers.
3YR Return Annualised (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 31-Jan-2015
Performance figures calculated in USD
Strategy
Investment Approach
- Integrates fundamental research and holistic capital structure considerations with a focus on global diversification targeting high yield companies from North American and European regions plus issuers located in emerging markets countries.
- Represents the natural evolution of T. Rowe Price’s core high yield credit competency and recognizes the global growth of the high yield market that is expected to continue.
- Invests primarily in global issuers rated below investment-grade and focuses on:
- Proprietary fundamental analysis that drives independent credit and conviction ratings.
- Global diversification of high yield corporate issuers.
- Credits with long-term potential for balance sheet and external rating improvements.
- Strict risk management practices.
- Utilizes active management in the high yield market where credit selection is critical.
Portfolio Construction
- High-conviction, concentrated approach targeting approximately 150 credit issuers across the globe with the flexibility to take meaningful over- and underweights to countries, regions, industries, ratings and individual credits.
- Incorporates a truly global corporate composition using a top-down overlay based on relative and absolute valuation characteristics across regions, countries, credit qualities and industries to complement core bottom-up position selections targeting the following regional allocations:
- U.S. high yield: range of 30%-70%
- European high yield: range of 10% to 50%
- Emerging markets: range of 0% to 40%
- Single country exposure maximum of 15% excluding the U.S.
- Sovereign debt up to 10%
- Investment-grade corporates up to 15%
- Bank loans up to 20%
- Neutralize currency risk by hedging back into the base currency
Performance
Annualised Performance
Quarterly1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
---|---|---|---|---|
Composite Gross % | 6.55% | 6.70% | 9.14% | 7.70% |
Composite Net % | 6.02% | 6.17% | 8.60% | 7.16% |
Benchmark % | 6.61% | 6.20% | 8.50% | 6.69% |
Excess Return (Gross) % | -0.06% | 0.50% | 0.64% | 1.01% |
Recent Performance
3 MonthsData as of 31-Dec-2020 | Year to DateData as of 31-Dec-2020 | |
---|---|---|
Composite Gross % | 6.99% | 6.55% |
Composite Net % | 6.86% | 6.02% |
Benchmark % | 6.59% | 6.61% |
Excess Return (Gross) % | 0.40% | -0.06% |
Past performance is not a reliable indicator of future performance.
Returns for time periods greater than one year are annualised.
Gross performance returns are presented before management and all other fees, where applicable, but after trading expenses. Net of fees performance reflects the deduction of the highest applicable management fee that would be charged based on the fee schedule contained within this material, without the benefit of breakpoints. Gross and net performance returns reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains.
Holdings
Holdings
Total
Holdings
291
Quality Rating View quality analysis
Largest Overweight | Largest Underweight | |
---|---|---|
Quality Rating | BB/B Rated | BB Rated |
By % | 12.35% | -34.80% |
Portfolio | 12.35% | 26.01% |
Benchmark | 0.00% | 60.81% |
Average Credit Quality
B+Maturity View maturity analysis
Largest Overweight | Largest Underweight | |
---|---|---|
Maturity | 7-10 Years | 1-3 Years |
By % | 8.66% | -12.24% |
Portfolio | 25.50% | 6.70% |
Benchmark | 16.84% | 18.93% |
Weighted Average Maturity
6.19 YearsDuration View duration analysis
Largest Overweight | Largest Underweight | |
---|---|---|
Duration | Under 1 Year | 1-3 Years |
By % | 4.70% | -4.17% |
Portfolio | 18.06% | 34.57% |
Benchmark | 13.36% | 38.74% |
Weighted Average Duration
3.29 YearsIndustry
Total
Industries
29
Largest Overweight
Cable Operators
Largest Underweight
Other Telecommunications
Countries
Total
Countries
31
Largest Overweight
United Kingdom
Largest Underweight
Italy
Currency
Total
Currencies
3
Largest Overweight
U.S. dollar
Largest Underweight
euro
Team (As of 14-Apr-2021)

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Mike’s investment experience began in 1994, and he has been with T. Rowe Price since 2009, beginning in the Fixed Income department. Prior to this, Mike was cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mike also was employed by Muzinich & Company as a senior analyst and assistant portfolio manager in London.
Mike earned an LL.B. and a B.Com. in finance from the University of New South Wales and a Graduate Diploma in Legal Practice (GDLP) from the University of Technology, Sydney. He also was admitted as a solicitor to the Supreme Court of New South Wales.
- Portfolio manager2015
since - Years at11
T. Rowe Price - Years investment27
experience

Michael Connelly is a portfolio manager in the Fixed Income Division, co-managing the Global High Income Bond Strategy. He also contributes to the U.S. Core, U.S. Core Plus, and Global Multi-Sector Bond Strategies. He is a cochairman of the Investment Advisory Committee for the Global High Income Bond Fund and a member of the Sector Strategy Advisory Group. Michael is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.
Michael’s investment experience began in 1999, and he has been with T. Rowe Price since 2005, beginning in the Fixed Income Division as a high yield credit analyst. After that, he became an associate portfolio manager. Prior to this, Michael was an equity research analyst for Robert W. Baird & Co., Inc., in Milwaukee, Wisconsin.
Michael earned a B.B.A. in finance and marketing from Marquette University and an M.S. in finance from the University of Wisconsin, Madison. Michael also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2015
since - Years at15
T. Rowe Price - Years investment21
experience

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond Strategy and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Samy has been with T. Rowe Price since 2006, beginning as an associate analyst in the Fixed Income Division. After that, he was a credit analyst and then an associate portfolio manager on the Emerging Markets team before assuming his current role.
Samy earned a B.A., summa cum laude, in economics from the University of Maryland. He also has earned the Chartered Financial Analyst® designation. Samy is an adjunct professor at Georgetown University in the Walsh Graduate School of Foreign Service.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Portfolio manager2015
since - Years at15
T. Rowe Price - Years investment15
experience

Gregor Dannacher is a global credit portfolio specialist in the Fixed Income Division. He supports the Multi-Asset Credit, Global High Income, US and Global High Yield, Dynamic Credit, and US Investment-Grade Strategies, working closely with clients, prospects, and consultants. Gregor is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Gregor’s investment experience began in 1992, and he has been with T. Rowe Price since 2015, beginning in the Fixed Income Division. Prior to this, Gregor was employed by Guggenheim Global Trading, a division of Guggenheim Partners, as a portfolio manager and senior analyst, managing a global credit opportunity hedge fund portfolio. Before that, he was employed by Kamunting Street Capital Management, a global credit hedge fund, as a director of investment research. Gregor also has held various other investment roles in his career, including as a senior lead equity research analyst and a leverage finance analyst.
Gregor earned a B.S. in accounting from Villanova University and an M.B.A., with honors, in finance and international business from New York University, Stern School of Business. Gregor also has earned the Chartered Financial Analyst® designation.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
- Years at5
T. Rowe Price - Years investment28
experience
Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.