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TAP INTO OPPORTUNITIES IN THE HIGH YIELD MARKETS
Investors are navigating a highly uncertain economic outlook. However, with higher all-in-yields and improved credit quality, we believe it’s prime time to take advantage of the attractive opportunities in high yield bonds.
WHY T. ROWE PRICE HIGH YIELD
A powerful combination of expertise, deep resources and time - tested process focused on client outcomes.
Expertise
Over three decades of experience managing high yield portfolios – leveraging the expertise of a stable and seasoned investment team
Process
Disciplined and repeatable investment process focused on uncovering high conviction opportunities
ESG
Full integration of Environment, Social and Governance (ESG) factors in the investment process seek to enhance investment decisions
OUR RANGE
Discover our strategies that aim to capture the full potential of high yield markets while protecting the downside
T. Rowe Price SICAV - Global High Income Bond Fund
A high-conviction, active approach to a truly global bond opportunity set
At a glance
Fund inception date: June 2015
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofA Merrill Lynch Global High Yield Index Hedged to USD
Fund AUM**: USD 533.3m
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 30/06/2024.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
29
Years at
T. Rowe Price
13
Explore the fund
Carefully blending together the highest-conviction ideas of our experts across North America, Europe and the emerging markets, we aim to harness multiple sources of return, seeking to deliver income, capital growth and diversification.
For investors who want: to spread the net as wide as possible for income opportunities.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - Global High Income Bond Fund (refer to prospectus for further details): - Credit risk, Default risk, High yield bond risks, Interest rate risk, Liquidity risk, Emerging markets risk, Frontier markets risk, Contingent convertible bond risk, Total Return Swap risk, Distressed or defaulted debt risk, Derivative risk
T. Rowe Price SICAV - European High Yield Bond Fund
An active approach to the expanding European high yield market
At a glance
Fund inception date: September 2011
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofA European Curr. HY Constr. Excl. Subord. Financials Index Hedged to EUR
Fund AUM**: EUR 74.4m
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 30/06/2024.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
29
Years at
T. Rowe Price
13
Explore the fund
European high yield bonds offer a high level of regional diversification and provide investors with opportunities to exploit market inefficiencies.
For investors who want: unearth attractive income opportunities in the European Markets.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - European High Yield Bond Fund (refer to prospectus for further details): Credit risk, Derivative risk, Default risk, Distressed or defaulted debt risk, High yield bond risk, Interest rate risk, Liquidity risk, Total Return Swap risk
T. Rowe Price SICAV - US High Yield Bond Fund
An active approach to the world’s largest and oldest high-yield bond market
At a glance
Fund inception date: April 2018
Portfolio Manager: Kevin Loome, CFA
Comparator benchmark*: ICE BofA Merrill Lynch US High Yield Constrained Index
Fund AUM**: USD 239.5m
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 30/06/2024.
PORTFOLIO MANAGER
Kevin Loome
Years of industry experience
30
Years at
T. Rowe Price
17
Explore the fund
With around 1,000 primarily domestically focused companies, US high yield offers exposure to the grass roots of the US economy. Our concentrated, flexible approach seeks to capitalize on attractive relative value opportunities across issuers.
For investors who want: exposure to the grass roots of the US economy.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - US High Yield Bond Fund (refer to prospectus for further details): Credit risk, Default risk, High yield bond risk, Interest rate risk, Liquidity risk, Total Return Swap risk, Contingent convertible bond risk, Distressed or defaulted debt risk
General fund risks - to be read in conjunction with the fund specific risks above. Counterparty - Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund. ESG and sustainability - ESG and Sustainability risk may result in a material negative impact on the value of an investment and performance of the fund. Geographic concentration - Geographic concentration risk may result in performance being more strongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions in which the Fund’s assets are concentrated. Hedging - Hedging measures involve costs and may work imperfectly, may not be feasible at times, or may fail completely. Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly. Management - Management risk may result in potential conflicts of interest relating to the obligations of the investment manager. Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors. Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.
Portfolio Manager Mike della Vedova discusses why high yield might be an attractive asset class in the current climate.
INSIGHTS
Our Thinking
Find out more about our
fixed income capabilities
Morningstar star rating applies to T. Rowe Price Funds SICAV – Global High Income Bond Fund, European High Yield Bond Fund, US High Yield Bond Fund
as at 29 February 2024. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website. Silver ratings as at 29 February 2024.
Source & Copyright: Citywire. The Fund manager is rated by Citywire based on the manager’s 3 year risk adjusted performance. For further information on ratings methodology please visit www.aboutcitywire.com.
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, risks and sustainability information are located in the prospectus which is available with the key investor information documents (KIID) 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.funds.troweprice.com . The Management Company reserves the right to terminate marketing arrangements.
©2024 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. Past performance is no guarantee of future results.
©2024 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/ or apart, trademarks of T. Rowe Price Group, Inc. 202404-3486706