While the investing landscape frequently changes, investor needs evolve over the longer term. Relying on our differentiated perspectives, we manage a wide range of investment strategies to help achieve a diverse set of goals.
Fixed income investments are investments that generally deliver regular, predetermined interest or dividend payments to investors until their maturity date. At maturity, investors are repaid the principal amount they had invested, absent insolvency or financial reorganization of the issuer.
*Diversification cannot assure a profit or protect against loss in a declining market.
In broad terms, the most common types of bonds, that are issued by various governments and corporations. Bonds are rated by credit agencies based on the level of risk they’re exposed to. Bonds with higher credit ratings, which are at a lower risk of default but generally offer lower yields to investors, are referred to as investment grade. Contrastingly, bonds with lower credit ratings, which expose investors to a higher level of credit risk but offer higher yields in return, are referred to as high yield.
We combine original ideas and disciplined decisions in our fixed income approach. Our investment process is designed to help identify and select the best opportunities from the full range of fixed income securities seeking to deliver appropriate returns and level of risk in each portfolio. Fixed income portfolio managers are able to draw on the best ideas from our own internal proprietary credit research, based on each strategy’s objectives and intended outcome. Our people think independently and act collaboratively to develop and enhance ideas for different fixed income portfolios and objectives.
We are an active, global fixed income management firm that is relentlessly pursuing investment excellence through:
We are global fixed income investors with strategies focused on Europe, Asia Pacific, the United States, and emerging markets, as well as global strategies. We invest in sovereign bonds, investment-grade credit, high yield and bank loans, emerging markets, securitized debt, municipals, and cash. We also offer customized solutions.
Lead portfolio managers set sector allocation, risk budget, currency, country/duration, and yield curve exposures. They are fully accountable for security selection working with sector teams and for the strategy’s performance. Sector portfolio managers work with the lead portfolio manager to incorporate the top-down view and contribute high-conviction security selection and execution in coordination with their respective credit research and trading teams. Each sector portfolio manager is supported by a dedicated team of research analysts and traders. Leveraging the global research teams, our experienced portfolio managers work together to strive to construct an optimal fixed income portfolio. Our experienced professionals cover all time zones and are immersed in local markets to identify and explore investment opportunities for our clients.
Our rigorous research platform includes dynamic perspectives and differentiated insights from firmwide collaboration across asset classes, sectors, and regions including directors of research, credit analysts, economists, quantitative portfolio managers, and quantitative analysts.
We offer a diversified range of strategies supported by broad sector expertise that can help you with the following objectives:
*Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. All investments are subject to market risk, including the possible loss of principal.
We have a process we call Policy Week. Policy Week is a set of monthly meetings designed to promote collaboration, challenge assumptions, and improve decisions. Top-down discussions of Policy Week complement our fundamental credit research process. Conviction scores, quantitative tools, and market forecasts facilitate the Policy Week process. The meeting typically covers global economics, global interest rate and currency strategy, global sector strategy, and global forecasting.
We integrate risk management through:
No individual or team has a monopoly on good ideas. We actively nurture a culture of intellectual curiosity and empowerment. Our teams are incentivized to share insights, challenge consensus, and bring their own perspectives. We test our investment ideas across different specialist teams—the best way to gauge their risk and reward potential. This allows our fixed income analysts to build a 360-degree view of every potential investment, which we believe leads to more context for well-rounded decisions and better outcomes.
Our dedicated Responsible Investing (RI) team assesses the environmental and social profiles of individual fixed income securities and portfolios. The team applies the Responsible Investing Indicator Model (RIIM), our proprietary tool for screening environmental, social, and ethics factors. The RIIM flags any elevated RI risks with an investment and can serve to identify investments with positive RI characteristics and manage RI factor exposures at the portfolio level. The RIIM processes data from T. Rowe Price systems, company reports, nongovernmental organizations, and select third-party vendors to assess the responsible investing profiles of more than 14,000 corporate and sovereign entities, globally1.
1ESG considerations form a part of our overall research process, helping us alongside other factors to identify investment opportunities and manage investment risk. However, we may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. For certain types of investments including, but not limited to, cash, currencypositions and particular types of derivatives, an ESG analysis may not be relevant or possible due to a lack of data.
Credit risk is the chance that any of the portfolio's holdings will have their credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the portfolio's income level and share price.
Risks
Fixed Income: Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall.
Inflation risk: high or sustained inflation levels will erode the purchasing power of distributions and the value of an investment.
Interest rate risk: the decline in bond prices that accompanies a rise in the overall level of interest rates.
Reinvestment risk: in a declining interest rate scenario, investors will reinvest distributions at a lower interest rate.
*All data as of 至2024年 9月 30日 unless otherwise stated.
¹The total fixed income assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Total fixed income assets include all fixed income separate accounts and funds along with a portion of certain T. Rowe Price U.S.-registered multi-asset funds as of 至2024年 9月 30日.
Past performance is not a reliable indicator of future performance. All investments are subject to risk, including the possible loss of principal. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall. Results from other time periods may differ.
T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc., investment advisers of T. Rowe Price strategies.
Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are magnified in emerging markets. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. Diversification cannot assure a profit or protect against loss in a declining market.
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