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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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Home / Products / Strategy / Global Investment Grade Corporate Bond Strategy
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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).

View more information on risks GIPS

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

4.89%
1.96%
Data as of 30-Sep-2020
Data as of 30-Sep-2020

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

3.80%
0.13
Data as of 30-Sep-2020
Data as of 30-Sep-2020

Inception Date 30-Jun-2015

Performance figures calculated in USD

Other Literature

Steve Boothe
Steve Boothe, Portfolio Manager

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.

 
  • This product's strategy also available as
  • a SICAV

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

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 18.12% Was (30-Jun-2020) 20.64%
Other View Top 10 Issuers

Monthly data as of30-Sep-2020

Holdings

Total
Holdings
227
Largest Holding DB Master Finance 1.48% Was (30-Jun-2020) 1.57%
Top 10 Holdings 11.47%
Other View Full Holdings Quarterly data as of  30-Sep-2020

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+

Monthly Data as of  30-Sep-2020
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 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 Years

Monthly Data as of  30-Sep-2020
Benchmark:  Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Duration 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 Years

Monthly Data as of  30-Sep-2020
Benchmark: Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Countries

Total
Countries
28
Largest Country United States 58.74% Was (30-Jun-2020) 62.59%
Other View complete Country Diversification

Monthly Data as of 30-Sep-2020

Benchmark: Bloomberg Barclays Global Aggregate Corporates Bond USD Hedged Index

Largest Overweight

United States
By3.34%
Portfolio 58.74%
Benchmark 55.40%

Largest Underweight

France
By-6.25%
Portfolio 0.50%
Benchmark 6.75%

Monthly Data as of 30-Sep-2020

Currency

Total
Currencies
5
Largest Currency 99.27% Was (30-Jun-2020) 99.15%
Other View completeCurrency Diversification

Monthly Data as of  30-Sep-2020

Benchmark :

Largest Overweight

U.S. dollar
By 33.06%
Portfolio 99.27%
Benchmark 66.22%

Largest Underweight

euro
By -24.03%
Portfolio -0.01%
Benchmark 24.02%

Monthly Data as of  30-Sep-2020

Team (As of 15-Jan-2021)

Steve Boothe

Steve Boothe
Portfolio Manager

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

Howard Woodward
Portfolio Manager

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, CFA
Portfolio Specialist

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

Holdings information and other breakdowns (such as country and currency) are related to those of representative portfolio ("Portfolio"). The Portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy. Please see the GIPS® Disclosure page for additional information on the composite.

The specific securities identified and described above do not represent all of the securities purchased, sold or recommended for advisory clients and no assumptions should be made that investments in the securities identified and discussed were or will be profitable. 

Bloomberg Index Services Limited.

Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.