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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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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Past performance is not a reliable indicator of future performance.

Strategy

Global Investment Grade Corporate Bond

The Global Investment Grade Corporate Bond Composite seeks capital appreciation primarily through investment in fixed income securities, floating rate bank loans and floating rate debt securities rated below investment grade (BB or below) by S&P, Moody’s or another nationally recognized securities rating organization (NRSRO).

3YR Return Annualised
(View Total Returns)

Tracking Error
(5 Years)

N/A
1.96%

1YR Return
(View Total Returns)

Information Ratio
(5 Years)

N/A
0.23

Inception Date 30-Jun-2015

Performance figures calculated in USD

Steve Boothe, CFA
Steve Boothe, CFA, Portfolio Manager

Steve Boothe is the head of Investment Grade and a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the Global Investment Grade Corporate Bond and US Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector team, with a focus on global and U.S. investment-grade corporate bond portfolios. Steve is a co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund; an executive vice president and Investment Advisory Committee chairman of the Investment-Grade Corporate Multi-Sector Account Portfolio; and a vice president of the New Income, Global Multi-Sector Bond, Institutional Income, International, and Global Funds. Steve is a member of the Fixed Income Steering and Global Trading Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

 

Strategy

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

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 20.13% Was (31-Dec-2020) 17.35%
Other View Top 10 Issuers

Monthly data as of31-Mar-2021

Holdings

Total
Holdings
209
Largest Holding Bank of America 1.54% Was (31-Dec-2020) 1.35%
Top 10 Holdings 11.46%
Other View Full Holdings Quarterly data as of  31-Mar-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BB AA
By % 6.75% -4.85%
Portfolio 7.88% 3.48%
Benchmark 1.13% 8.33%

Average Credit Quality

BBB+

Monthly Data as of  31-Mar-2021
Benchmark:  Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.

U.S. Treasury securities are issued by the U.S. Treasury and are backed by the full faith and credit of the U.S. government. The ratings of U.S. Treasury securities are derived from the ratings on the U.S. government. 

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 7-10 Years 1-3 Years
By % 12.46% -13.66%
Portfolio 29.14% 6.03%
Benchmark 16.68% 19.69%

Weighted Average Maturity

8.82 Years

Monthly Data as of  31-Mar-2021
Benchmark:  Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 7-10 Years Over 10 Years
By % 9.79% -13.12%
Portfolio 23.73% 11.47%
Benchmark 13.94% 24.58%

Weighted Average Duration

6.61 Years

Monthly Data as of  31-Mar-2021
Benchmark: Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Countries

Total
Countries
28
Largest Country United States 54.75% Was (31-Dec-2020) 58.99%
Other View complete Country Diversification

Monthly Data as of 31-Mar-2021

Benchmark: Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Largest Overweight

Qatar
By2.84%
Portfolio 2.90%
Benchmark 0.06%

Largest Underweight

Canada
By-4.45%
Portfolio 0.36%
Benchmark 4.81%

Monthly Data as of 31-Mar-2021

Currency

Total
Currencies
5
Largest Currency 99.30% Was (31-Dec-2020) 99.12%
Other View completeCurrency Diversification

Monthly Data as of  31-Mar-2021

Benchmark : Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Largest Overweight

U.S. dollar
By 33.94%
Portfolio 99.30%
Benchmark 65.36%

Largest Underweight

euro
By -24.69%
Portfolio -0.15%
Benchmark 24.54%

Monthly Data as of  31-Mar-2021

Team (As of 27-Jul-2021)

Steve Boothe, CFA

Steve Boothe is the head of Investment Grade and a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the Global Investment Grade Corporate Bond and US Investment Grade Corporate Bond Strategies. He is a member of the Global Multi-Sector team, with a focus on global and U.S. investment-grade corporate bond portfolios. Steve is a co-president and cochair of the Investment Advisory Committee of the Corporate Income Fund; an executive vice president and Investment Advisory Committee chairman of the Investment-Grade Corporate Multi-Sector Account Portfolio; and a vice president of the New Income, Global Multi-Sector Bond, Institutional Income, International, and Global Funds. Steve is a member of the Fixed Income Steering and Global Trading Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Steve’s investment experience began in 1997, and he has been with T. Rowe Price since 1999, beginning as a credit research analyst covering the global telecommunications and technology industries in the Fixed Income Division. After that, he became an investment-grade corporate portfolio manager. Prior to T. Rowe Price, Steve was employed by Raymond James Financial as an associate.

Steve earned a B.A. in economics/mathematics from Columbia University. He also has earned the Chartered Financial Analyst® designation. Steve is a Series 7 and 63 registered representative.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
    21
  • Years investment
    experience
    23
Howard Woodward

Howard Woodward is a portfolio manager and analyst in the Fixed Income Division in London. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Howard’s investment experience began in 2000 when he joined T. Rowe Price, beginning in the Fixed Income Division. Prior to this, Howard was employed by Baring Asset Management as an analyst.

Howard earned a B.Sc. in economics and accounting from Bristol University. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Portfolio manager
    since
    2015
  • Years at
    T. Rowe Price
  • Years investment
    experience
Stephen Marsh, CFA

Stephen Marsh is a portfolio specialist in the Fixed Income Division of T. Rowe Price, based in London. He acts as a proxy for fixed income portfolio managers with clients, consultants and prospects. He has a broad range of knowledge in fixed income, currency, credit and derivatives, enabling him to customise solutions for clients and to present at conferences. Mr. Marsh is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

Mr. Marsh has 17 years investment experience. Prior to joining T. Rowe Price in 2015, he worked at SEI Investments as head of the European fixed income division and as a portfolio manager. He has also held investment roles at Merrill Lynch, RMB International and Liontrust Asset Management.

Mr. Marsh earned a B.A. (with honors) in business studies from the University of Central Lancashire, majoring in economics. He also has earned the Chartered Financial Analyst designation.

  • Years at
    T. Rowe Price
  • Years investment
    experience