June 2024 / VIDEO
Meet Ken Orchard
Meet the Manager With Ken Orchard
Transcript
I do a lot of sport in my spare time. Every weekend I play ice hockey and ultimate Frisbee. I also love rock climbing and off-piste skiing. There is some similarities between these sports and investing. First of all, the hockey and ultimate Frisbee is really about the power of the team over the individual. It is also about balancing the offense and the defense, just like you have to do when you're constructing a portfolio.
Hi, I’m Ken Orchard, portfolio manager and head of International Fixed Income at T. Rowe Price.
I have two strong tenets as a global fixed income investor. From the top-down perspective, I believe it's almost impossible to make money investing based on the current market themes. The problem is that the current market themes are almost always priced into the markets, and you just end up chasing the crowd. And so that means it's necessary to think ahead, anticipate what are going to be the next themes that the market will latch on to. The second tenet is from the bottom up, and it's very simple: Trust the research process. If you really understand the situation on the ground, well then you can have the confidence necessary to make the right investment decision.
My career has spanned the Asian financial crisis, the dot-com bust, the global financial crisis, eurozone financial crisis, COVID. Crises do seem to recur every five or 10 years, and it's important when they happen to be able to see the opportunities and manage out of them.
Off-piste skiing. It's about getting away from the crowd, getting away from the relative safety of the piste, and getting to a place which is relatively unexplored. That's the best part about skiing and investing.
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Kenneth Orchard is head of International Fixed Income. He is portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategy. Kenneth is a member of the Fixed Income Steering Committee, cochair of the fixed income Sector Strategy Advisory Group, and a member of the European and UK Asset Allocation Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.