SICAV
Global High Yield Bond Fund
A bottom-up portfolio that seeks to capture enhanced returns from a diversified global portfolio of income bearing, high-yield securities from around the world, including emerging markets. The portfolio seeks to generate income and growth over the long term.
ISIN LU0133083492
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FACTSHEET
KIID
FUND PROFILE
COMMENTARY

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Average
Coupon
6.48%
Data as of: 31-Oct-2020
Average
Maturity
6.18 yrs
Data as of: 31-Oct-2020
Average
Duration
3.41 yrs
Data as of: 31-Oct-2020
Fund Size
(USD)
$1.3b
Data as of: 31-Oct-2020
Perf Chg
(Daily)
0.14%
Data as of: 23-Nov-2020
Since
Inception
6.87%
Data as of: 31-Oct-2020
Risk & Reward
(SRRI)?
1 2 3 4 5 6 7 Data as of: 31-Oct-2020
NAV
(USD)
$35.65
Data as of: 23-Nov-2020
1 YR Return
(Annualised)
1.14%
Data as of: 31-Oct-2020

Overview
Strategy
Fund Summary
The investment approach is to seek to identify improving issuers using factors such as credit statistics, free cash flow generation, strategic value of company, security structure, and quality of the management team. The manager uses tactical regional allocation to exploit diverse market environments and credit cycles and to profit from dislocations and volatility between regions.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

513
Holdings

Average
Quality
B+
Risk & Reward Data
Information Ratio
-0.48
Sharpe Ratio
0.54
Historical Tracking Error
1.57%
Performance - Net of Fees
Current Year Performance
MTD
3.15%
Benchmark*
3.41%
Excess Return

-0.26%
QTD
3.78%
Benchmark*
3.88%
Excess Return

-0.10%
YTD
2.27%
Benchmark*
2.71%
Excess Return

-0.44%
Data as of 23-Nov-2020
1 Month
0.61%
Benchmark*
0.45%
Excess Return

0.16%
3 Months
0.23%
Benchmark*
1.14%
Excess Return

-0.91%
Data as of 31-Oct-2020
 
Annualised Performance
1 YR
1.14%
Benchmark*
1.82%
Excess Return

-0.68%
3 YR
3.31%
Benchmark*
3.70%
Excess Return

-0.39%
5 YR
5.53%
Benchmark*
6.28%
Excess Return

-0.75%
10 YR
5.63%
Benchmark*
6.31%
Excess Return

-0.68%
Manager Inception
-0.86%
Benchmark*
-0.67%
Excess Return

-0.19%
Data as of 31-Oct-2020
Indicative Benchmark : J.P. Morgan Global High Yield Index
Fund Inception: 04-Mar-2002
Manager Inception: 31-Dec-2019

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Holdings
Total
Holdings
513
Top 10
16,12%
Largest
iHeartCommunications
1.02%
Was ( 30-Jun-2020 )
1.00%
Data as of 30-Sep-2020
Duration
Maturity
Quality
Average
3.41 yrs
Average
6.18 yrs
Average
B+
Top
3-5 Years
34.95%
Was ( 30-Sep-2020 )
32.58%
Top
5-7 Years
37.79%
Was ( 30-Sep-2020 )
38.12%
Top
BB Rated
29.16%
Was ( 30-Sep-2020 )
28.80%
Over
Under 1 Year
By 3.37%
Fund
13.07%
Benchmark*
9.70%
Over
5-7 Years
By 8.80%
Fund
37.79%
Benchmark*
28.99%
Over
BB/B Rated
By 3.63%
Fund
17.57%
Benchmark*
13.94%
Under
1-3 Years
By -3.14%
Fund
31.11%
Benchmark*
34.25%
Under
1-3 Years
By -8.77%
Fund
6.15%
Benchmark*
14.92%
Under
BB Rated
By -7.58%
Fund
29.16%
Benchmark*
36.75%
Industry
Total
Industries
31
Largest
Energy
11.24%
Was ( 30-Sep-2020 )
11.23%
Over
Cable Operators
By 5.83%
Fund
10.37%
Benchmark*
4.54%
Under
Services
By -2.17%
Fund
5.25%
Benchmark*
7.42%
Data as of 31-Oct-2020
Data as of 31-Oct-2020
Indicative Benchmark: J.P. Morgan Global High Yield Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Regions
Data as of
Countries
Total
Countries
18
Largest
United States
83.66%
Was ( 30-Sep-2020 )
82.36%
Over
United States
By 11.35%
Fund
83.66%
Benchmark*
72.31%
Under
Brazil
By -3.19%
Fund
1.34%
Benchmark*
4.53%
Data as of 31-Oct-2020
Data as of 31-Oct-2020
Indicative Benchmark: J.P. Morgan Global High Yield Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.

Currency
Total
Currencies
3
Largest
U.S. dollar
99.92%
Was ( 30-Sep-2020 )
99.92%

Over
euro
By 0.08%
Fund
0.08%
Benchmark*
0.00%
Under
U.S. dollar
By -0.08%
Fund
99.92%
Benchmark*
100.00%
Data as of 31-Oct-2020
Indicative Benchmark: J.P. Morgan Global High Yield Index

* The index shown is not a formal benchmark. It is shown only for comparison purposes.


Team
Michael Della Vedova,
Portfolio Manager
Michael 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.
Portfolio Manager since
2015
Years at
T. Rowe Price
11
Years investment experience
27
Rodney Rayburn,
Portfolio Manager
Rodney Rayburn is a portfolio manager in the Fixed Income Division, managing the Credit Opportunities and High Yield Bond Strategies.
Portfolio Manager since
2020
Years at T. Rowe Price
6
Years investment experience
20
Michael Lesesne,
Portfolio Specialist
Michael Lesesne is a global high yield portfolio specialist in the Fixed Income Division at T. Rowe Price. He supports the High Yield, Bank Loan, and Credit Opportunities Strategies, working closely with clients, prospects, and consultants.
Years at
T. Rowe Price
8
Years investment experience
29
Gregor Dannacher,
Global Fixed Income Portfolio Specialist
Gregor Dannacher is a portfolio specialist in the Fixed Income division. He supports the Credit Opportunities, Global High Income, Global High Yield, US High Yield and US Investment Grade Corporate strategies.
Years at T. Rowe Price
5
Years investment experience
28
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1

Indicative Benchmark Data Source: JP Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2019, J.P. Morgan Chase & Co. All rights reserved.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV.  

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors and via www.troweprice.com.

Please note that the Fund typically has a risk of high volatility.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

1 Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.

The Morningstar rating is sourced from Morningstar.

©2020 Morningstar, Inc.  All Rights Reserved.  The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely.  Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Citywire - where the Fund manager is rated by Citywire the rating is based on the manager's 3 year risk adjusted performance.