SICAV
Emerging Local Markets Bond Fund
A diversified portfolio of the local-currency denominated bonds of emerging market sovereign issuers. The strategy seeks to provide generally lower levels of credit risk compared to external bonds, with meaningful opportunities in terms of local interest rate cycle and emerging markets currency exposure.
ISIN LU1655484183
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FACTSHEET
KIID
COMMENTARY

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Average
Coupon
6.54%
Data as of: 31-Mar-2021
Average
Maturity
7.83 yrs
Data as of: 31-Mar-2021
Average
Duration
4.75 yrs
Data as of: 31-Mar-2021
Fund Size
(USD)
$134.4m
Data as of: 31-Mar-2021
Perf Chg
(Daily)
0.19%
Data as of: 16-Apr-2021
3YR Return
(Cumulative)
0.29%
IA Sector ranking: N/A
Data as of: 31-Mar-2021
Risk & Reward
(SRRI)?
1 2 3 4 5 6 7 Data as of: 31-Mar-2021
NAV
(EUR)
€10.31
Data as of: 16-Apr-2021

1YR Return
7.66%
IA Sector ranking: N/A
Data as of: 31-Mar-2021

Overview
Strategy
Fund Summary
Our approach is to leverage our in-house global fixed income team’s views to form a baseline for emerging market debt. We then carry out fundamental research, including independent country risk assessments across more than 60 countries. We formulate short- and medium-term forecasts across the yield curve for nominal bonds, inflation-linked bonds, and currencies.
Interest Rate Sensitivity
LIMITED
MODERATE
EXTENSIVE

106
Holdings

Average
Quality
BBB
Risk & Reward Data

N/A
Performance
YTD 1 year 3 year

Cumulative

5 year

Cumulative

Since Inception

Cumulative

Fund -3.02% 7.66% 0.29% N/A 2.60%
IA Sector Ranking N/A N/A N/A N/A N/A
IA Sector N/A N/A N/A N/A N/A
Excess Return N/A N/A N/A N/A N/A
Indicative Benchmark -2.85% 5.52% 2.19% N/A 5.11%
Excess Return -0.17% 2.14% -1.90% N/A -2.51%

Data as of 31-Mar-2021

Holdings
Total
Holdings
106
Top 10
68.76%
Largest
Brazil Notas do Tesouro Nacional Serie F
3.57%
Was ( 31-Dec-2020 )
3.46%
Data as of 31-Mar-2021
Duration
Maturity
Quality
Average
4.75 yrs
Average
7.83 yrs
Average
BBB
Top
5-7 Years
34.56%
Was ( 28-Feb-2021 )
31.03%
Top
BBB
42.10%
Was ( 28-Feb-2021 )
41.81%
Over
5-7 Years
By 14.79%
Fund
34.56%
Benchmark*
19.76%
Over
Reserves
By 6.92%
Fund
6.92%
Benchmark*
0.00%
Under
1-3 Years
By -18.50%
Fund
7.86%
Benchmark*
26.36%
Under
A
By -8.57%
Fund
21.14%
Benchmark*
29.72%
Sectors
Total
Sectors
5
Largest
Sovereign
90.86%
Was ( 28-Feb-2021 )
89.62%
Over
Reserves
By 6.92%
Fund
6.92%
Benchmark*
0.00%
Under
Sovereign
By -9.14%
Fund
90.86%
Benchmark*
100.00%
Data as of 31-Mar-2021
Data as of 31-Mar-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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

Regions
Total
Regions
5
Largest
Asia
32.91%
Was ( 28-Feb-2021 )
31.86%
Over
Middle East & Africa
By 5.89%
Fund
13.60%
Benchmark**
7.71%
Under
Emerging Europe
By -8.53%
Fund
19.89%
Benchmark**
28.43%
Data as of 31-Mar-2021
Data as of 31-Mar-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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

Countries
Total
Countries
29
Largest
Indonesia
9.76%
Was ( 28-Feb-2021 )
9.27%
Over
Egypt
By 2.80%
Fund
2.80%
Benchmark*
0.00%
Under
Poland
By -6.69%
Fund
1.33%
Benchmark*
8.02%
Data as of 31-Mar-2021
Data as of 31-Mar-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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

Currency
Total
Currencies
33
Largest
Mexican peso
11.24%
Was ( 28-Feb-2021 )
10.83%

Over
Serbia dinar
By 3.03%
Fund
3.03%
Benchmark*
0.00%
Under
U.S. dollar
By -7.78%
Fund
-7.78%
Benchmark*
0.00%
Data as of 31-Mar-2021
Indicative Benchmark: J.P. Morgan GBI - EM Global Diversified

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


Team
Andrew Keirle,
Portfolio Manager
Andrew Keirle is a portfolio manager of the Emerging Markets Local Currency Bond Strategy in the Fixed Income Division at T. Rowe Price.
Portfolio Manager since
2010
Years at
T. Rowe Price
14
Years investment experience
23
Michael Ganske,
Portfolio Specialist
Michael Ganske is a fixed income portfolio specialist for T. Rowe Price. He is a member of the Global Fixed Income team, supporting our emerging markets debt strategies, which includes hard currency- and local currency-denominated sovereign and corporate debt. He represents the portfolio management team, presenting strategies and market outlooks in meetings and conferences.
Years at T. Rowe Price
1
Years investment experience
20
Benjamin Robins,
Portfolio Specialist
Ben Robins is a fixed income portfolio specialist. He is a member of the Global Fixed Income team, supporting our emerging market debt strategies.
Years at T. Rowe Price
3
Years investment experience
19
How to Invest
Fees Minimum Initial Investment and Holding Amount Minimum Subsequent Investment Sales Charge (up to) Investment Management Fee Ongoing
Charges1
? UK Tax Reporting Status

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 © 2021, 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.

Emerging Local Markets Bond

Effective 1 January 2011, the benchmark was changed to J. P. Morgan Government Bond Index - Emerging Markets Global Diversified Index. Prior to 1 January 2011, the benchmark was the J. P. Morgan Government Bond Index - Emerging Markets Broad Diversified Index. The benchmark change was made because the portfolio manager viewed the new benchmark to be a better representation of the investment strategy of the sub-fund. Historical benchmark representations have not been restated.

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.

©2021 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.