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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 Multi-Sector Bond

The Global Multi-Sector Bond Composite seeks high income and some capital appreciation primarily through investment in sectors and securities within the Bloomberg Barclays Global Aggregate Bond USD Hedged Index. The strategy may also invest in bank loans, non-agency MBS, and convertible bonds.

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

Tracking Error
(5 Years)

6.41%
4.61%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

8.30%
0.53

Inception Date 31-Dec-2008

Performance figures calculated in USD

Kenneth A.  Orchard
Kenneth A. Orchard, Lead Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

 

Strategy

Investment Approach

  • Designed to generate alpha through effective combination of top-down sector allocation, currency positioning, and interest rate management with high-conviction, bottom-up security selection from our specialized global research platform.
  • Flexible investment mandate seeks to increase the potential for excess return in a diversified, multi-sector portfolio by tactically allocating across a global opportunity set of 15 sectors, including below-investment grade and non-U.S. dollar-denominated securities.
  • Actively diversify risk across both quantitative risk factors and qualitative investment themes
  • Our Global Multi-Sector Bond Strategy offers flexibility to incorporate a wide range of strategy designs and customized benchmarks, including both total return and flexible duration mandates.

Portfolio Construction

  • Base strategy target tracking error range: 200-500 basis points
  • Up to 50% of assets may be unhedged to exploit currency valuation opportunities Profile can be tailored to specific client risk tolerances
  • Benchmark Details:
    • Base strategy: Bloomberg Barclays Global Aggregate USD Hedged Index
    • Ability to create custom benchmarks in a variety of base currencies and flexible duration mandates

Holdings

Issuers

Top
Issuers
10
Top 10 Issuers 17.07% Was (30-Sep-2020) 15.89%
Other View Top 10 Issuers

Monthly data as of31-Dec-2020

Holdings

Total
Holdings
546
Largest Holding Bonos de la Tesoreria de la Republica en pesos 2.69% Was (30-Sep-2020) 2.74%
Top 10 Holdings 14.10%
Other View Full Holdings Quarterly data as of  31-Dec-2020

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating BB A
By % 20.26% -11.94%
Portfolio 20.56% 11.03%
Benchmark 0.30% 22.97%

Average Credit Quality

BBB

Monthly Data as of  31-Dec-2020
Benchmark:  Bloomberg Barclays Global Aggregate 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. government agency securities are issued or guaranteed by a U.S. government agency and may include conventional pass-through securities and collateralized mortgage obligations. Unlike Treasuries, government agency securities are not issued directly by the U.S. government and are generally unrated but may have credit support from the U.S. Treasury (e.g., FHLMC and FNMA issues) or a direct government guarantee (e.g., GNMA issues). Therefore, this category may include rated and unrated securities. 

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 0-1 Years 10+ Years
By % 12.71% -10.20%
Portfolio 12.71% 15.94%
Benchmark 0.00% 26.14%

Weighted Average Maturity

6.79 Years

Monthly Data as of  31-Dec-2020
Benchmark:  Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration Under 1 Year Over 10 Years
By % 19.03% -11.02%
Portfolio 21.21% 12.56%
Benchmark 2.18% 23.57%

Weighted Average Duration

6.10 Years

Monthly Data as of  31-Dec-2020
Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Sectors

Total
Sectors
7
Largest Sector Global Sovereign 39.78% Was (30-Sep-2020) 33.92%
Other View complete Sector Diversification

Monthly Data as of 31-Dec-2020

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Largest Overweight

Global High Yield
By15.41%
Portfolio 15.41%
Benchmark 0.00%

Largest Underweight

Global Sovereign
By-28.20%
Portfolio 39.78%
Benchmark 67.98%

Monthly Data as of 31-Dec-2020

Currency

Total
Currencies
24
Largest Currency 96.01% Was (30-Sep-2020) 87.17%
Other View completeCurrency Diversification

Monthly Data as of  31-Dec-2020

Benchmark : Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Largest Overweight

U.S. dollar
By 55.18%
Portfolio 96.01%
Benchmark 40.83%

Largest Underweight

euro
By -26.40%
Portfolio -2.12%
Benchmark 24.28%

Monthly Data as of  31-Dec-2020

Team (As of 05-Apr-2021)

Kenneth A.  Orchard

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Kenneth’s investment experience began in 2003, and he has been with T. Rowe Price since 2010, beginning in the Fixed Income Division, with responsibility for cochairing the Fixed Income Sector Strategy Advisory Group. He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies. Prior to this, Kenneth was employed by Moody’s Investors Service in the area of sovereign rating methodology. Before that, Kenneth was employed by Emerging Market Economics as a consulting senior economist. Kenneth also was employed by HSBC Asset Management as an assistant portfolio manager. 

Kenneth earned a B.A. in international relations from the University of British Columbia and an M.Sc. in public financial policy from the London School of Economics. Kenneth also has earned the Chartered Financial Analyst® designation.

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

  • Portfolio manager
    since
    2018
  • Years at
    T. Rowe Price
    10
  • Years investment
    experience
    17
Keir Joyce, CFA®

Keir Joyce is a portfolio manager in the Fixed Income Division. He manages the US GNMA Bond Strategy and the Mortgage-Backed Securities Multi-Sector Account Portfolio. He is president of the GNMA Fund, an executive vice president of the Mortgage-Backed Securities Multi-Sector Account Portfolio, and chairman of their respective Investment Advisory Committees. Keir also is a vice president of the Institutional Income, Global Multi-Sector Bond, New Income, Short-Term Bond, and U.S. Treasury Funds and the Fixed Income Series, Inc. He is an Investment Advisory Committee member of the US Core Plus Bond, US Short-Term Bond, US Treasury Intermediate-Term Bond, and US Treasury Long-Term Bond Strategies. Keir is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Keir’s investment experience began in 1998, and he has been with T. Rowe Price since 2001, beginning in the Fixed Income Division as a mortgage-backed securities trader. After that, he was an associate portfolio manager on the U.S. Taxable Bond team before advancing to his current role. Prior to T. Rowe Price, Keir was employed by State Street Global Advisors as a fixed income investment associate and by Lehman Brothers as an institutional money markets sales assistant. 

Keir earned a B.A. in business administration from Franklin & Marshall College and an M.B.A. from the University of Maryland, Robert H. Smith School of Business. He also has earned the Chartered Financial Analyst® designation.

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

  • Portfolio manager
    since
    2008
  • Years at
    T. Rowe Price
    20
  • Years investment
    experience
    22
Susan Troll, CPA

Sue Troll is a sector portfolio manager of securitized products in the Fixed Income Division. She is a vice president and member of the Investment Advisory Committees for the US Core Bond, US Inflation Protected Bond, US Short-Term Inflation Focused Bond, and Global Multi-Sector Bond Strategies. She also is an Investment Advisory Committee member for the Short Duration Income Fund. Sue is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Sue’s investment experience began in 1994, and she has been with T. Rowe Price since 1998, beginning in the Fixed Income Division as a credit analyst and team leader for the Securitized Products team, as well as a member of the Fixed Income Research Advisory Council. Prior to this, Sue was employed by Merrill Lynch Asset Management as a vice president, responsible for asset-backed research.

Sue earned a B.S. in accounting from Drexel University. She is a certified public accountant.

  • Portfolio manager
    since
    2013
  • Years at
    T. Rowe Price
    23
  • 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
    2008
  • Years at
    T. Rowe Price
  • Years investment
    experience
Michael Connelly, CFA

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 manager
    since
    2018
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    21
Samy Muaddi, CFA

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 manager
    since
    2018
  • Years at
    T. Rowe Price
    15
  • Years investment
    experience
    15
Michael J.  Conelius, CFA

Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.

Michael has been with T. Rowe Price since 1988, beginning as a financial analyst in the Corporate Finance department. After that, he was a credit analyst and portfolio manager on the Emerging Markets team before assuming his current role. Prior to T. Rowe Price, he was employed by Booz Allen Hamilton as a consultant.

Michael earned a B.S. in finance from Towson University and an M.S. in finance from Loyola University Maryland. He also has earned the Chartered Financial Analyst® designation. 

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

  • Portfolio manager
    since
    2018
  • Years at
    T. Rowe Price
    32
  • Years investment
    experience
    26
Terry  A.  Moore, CFA

Terry Moore is a portfolio specialist in the Fixed Income Division. He is a member of the Global Multi-Sector, Dynamic Global Bond, International Bond, and Customized Fixed Income Solutions teams, working closely with clients, consultants, and prospects. Terry is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Terry’s investment experience began in 1994, and he has been with T. Rowe Price since 2009, beginning in the Fixed Income Division. Prior to this, Terry was employed by Smith Breeden Associates as a portfolio manager and principal, where he led the Financial Institutions Group and managed fixed income portfolios with a focus on residential mortgage-backed securities. He also was employed by Goldman Sachs & Co., where he traded asset-backed securities.

Terry earned a B.A. in economics and political science from the University of North Carolina, Chapel Hill and an M.B.A. from Duke University, The Fuqua School of Business, where he was a Fuqua Scholar. He also has earned the Chartered Financial Analyst® designation.

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

  • Years at
    T. Rowe Price
    11
  • Years investment
    experience
    25