Skip to content
Search

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Emerging Markets Corporate Bond Fund
A diversified portfolio of typically 100 to 150 securities in mainly corporate bonds from emerging market issuers. We would expect the bulk of value added to come from security selection, with the rest from sector selection. We employ a long-term investment horizon, combined with low portfolio turnover. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0596126465
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Aug-2024 - Samy Muaddi, Co-Portfolio Manager,
We believe corporate fundamentals in emerging markets will remain healthy given stable revenue growth, solid cash levels, and modest refinancing needs. This, coupled with the supportive macroeconomic environment, including resilient economic growth, moderating inflation, and lower interest rates across most markets should keep corporate defaults trending below long-term averages.

Overview
Strategy
Fund Summary
We take a highly active approach that is largely benchmark-agnostic. We apply intensive, local bottom-up analysis to identify pricing inefficiencies and avoid risks others might not be able to spot. We aim to identify credit rating upgrade candidates, offering an attractive spread relative to similarly rated peers. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Aug-2024 - Samy Muaddi, Co-Portfolio Manager,
Emerging markets debt advanced in a volatile August as cooling inflation data led the US Federal Reserve to indicate it would begin to cut interest rates soon. Within the portfolio, our positioning in the financial sector contributed to relative results, driven by our lack of exposure to names in China. Euro-denominated holdings in Slovenian banks also lifted returns amid US dollar weakness. In the infrastructure sector, our selection among names in the Philippines and India were beneficial. Conversely, our selection in the industrial sector detracted, driven by our holdings in Chinese companies. Also in the sector, names linked to electric vehicles in South Korea were detrimental. Our positioning in the consumer sector was another source of relative weakness, particularly our overweight exposure to Chinese names and underweight to Brazil.
31-Jan-2024 - Samy Muaddi, Portfolio Manager,
As liquidity remained challenged, we made modest changes over the month. The portfolio remained underweight the cyclical financials and consumer sectors relative to the benchmark while preferring domestically focused sectors such as technology, media, and telecom(TMT) and utilities. We added to TMT holdings in Oman and India as well as oil and gas names in Colombia and Kazakhstan. We trimmed our holdings in metals and mining credits in Brazil and Peru as well as utilities names in Israel.

Past performance is not a reliable indicator of future performance.

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 and/or key information document (KID) 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. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.