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 (Net)
(View Total Returns)
Tracking Error
(5 Years)
1YR Return (Net)
(View Total Returns)
Information Ratio
(5 Years)
Inception Date 30-Jun-2015
Performance figures calculated in USD
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
- Excess Return Target and expect vol are +125 bps and 100-300 bps
- The excess return target represents the portfolio manager's goal of outperforming the stated benchmark for the strategy, employing its standard investment guidelines. A strategy's standard benchmark may be different from a client benchmark. The target is based on an analysis of a strategy's historical performance, investment universe, anticipated future market conditions, peer performance, benchmark characteristics, investment guidelines, and other factors. The target reflects the current views of the portfolio manager and is subject to change. There is no guarantee that the target will be realized or achieved and actual results experienced by clients may vary from the target shown.
- Holdings: typically 75-150 Issuers
Performance
Annualised Performance
Quarterly| 1 YR | 3 YR Annualised |
5 YR Annualised |
Since Inception Annualised |
|
|---|---|---|---|---|
| Composite Gross % | 4.11% | 5.20% | 5.93% | 5.76% |
| Composite Net % | 3.80% | 4.89% | 5.62% | 5.44% |
| Benchmark % | 6.20% | 5.89% | 5.68% | 5.49% |
| Excess Return (Gross) % | -2.09% | -0.69% | 0.25% | 0.27% |
Recent Performance
| 3 MonthsData as of 30-Sep-2020 | Year to DateData as of 30-Sep-2020 | |
|---|---|---|
| Composite Gross % | 1.87% | 2.90% |
| Composite Net % | 1.79% | 2.67% |
| Benchmark % | 1.81% | 5.34% |
| Excess Return (Gross) % | 0.06% | -2.44% |
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
227
Quality Rating View quality analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Quality Rating | BB | A |
| By % | 9.38% | -10.23% |
| Portfolio | 10.82% | 28.73% |
| Benchmark | 1.43% | 38.96% |
Average Credit Quality
BBB+Maturity View maturity analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Maturity | 5-7 Years | 1-3 Years |
| By % | 5.68% | -10.21% |
| Portfolio | 20.93% | 9.39% |
| Benchmark | 15.25% | 19.60% |
Weighted Average Maturity
7.90 YearsDuration View duration analysis
| Largest Overweight | Largest Underweight | |
|---|---|---|
| Duration | 3-5 Years | Over 10 Years |
| By % | 9.98% | -13.45% |
| Portfolio | 32.11% | 11.62% |
| Benchmark | 22.13% | 25.07% |
Weighted Average Duration
7.96 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 01-Oct-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.
- Portfolio manager2015
since - Years at21
T. Rowe Price - Years investment23
experience
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 manager2015
since - Years at
T. Rowe Price - Years investment
experience
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
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.