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T. Rowe Price Hong Kong / All Funds / Diversified Income Bond Fund
Fund Range Documents
Risk Considerations
  1. The Fund is actively managed and invests mainly in a diversified portfolio of debt securities of all types from issuers around the world, including emerging markets. 
  2. Investment in the Fund involves risks, including general investment risk, emerging markets risk, exclusion criteria risk and currency risk which may result in loss of a part or the entire amount of your investment.  
  3. The investment in debt securities is also subject to credit/counterparty risk, interest rate risk, downgrading risk, credit rating risk,  risk associated with high yield debt securities which are generally rated below investment grade or unrated, sovereign debt risk, risk associated with investments in debt instruments with loss-absorption features and valuation risk. 
  4. The Fund may use derivatives for hedging, efficient portfolio management and investment purposes and is subject to the risk associated with derivatives. Exposure to derivatives may lead to a risk of significant loss by the Fund.
  5. For Class Ax and Class Ax (HKD), dividend are paid on a discretionary basis. Dividend may be paid directly out of capital and/or effectively out of the capital of the share class by distributing all gross income prior to the deduction of any fees and expenses attributable to the share class.  Payment of dividends directly out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distribution may result in an immediate reduction of net asset value per share. This could also erode capital and constrain future growth.
  6. The value of the Fund can be volatile and could go down substantially.
  7. Investors should not invest in the Fund solely based on this website.

 

 

Investment involves 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.

SICAV
Diversified Income Bond Fund
Seeks to maximise the value of its shares through both growth in the value of, and income from, its investments.
ISIN LU1244139074
FACTSHEET
KFS
SFDR DISCLOSURE
30-Sep-2017 - Steven C. Huber, Portfolio Manager,
Global liquidity and supportive financial conditions persist despite signals from global central bank officials that years of ultra-loose monetary policy may be nearing an end. We remain cautious on credit as valuations continue to tighten. Beta opportunities from foreign exchange and duration appear limited; thus, we are currently focused on country-specific alpha opportunities.

Overview
Strategy
Fund Summary
Actively managed and invests mainly in a diversified portfolio of debt securities of all types from issuers around the world, including emerging markets.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.
30-Sep-2017 - Steven C. Huber, Portfolio Manager,
The strategy outperformed the Bloomberg Barclays Multiverse index, with interest rate management leading the outperformance. Our underweight duration in the UK contributed significantly as UK gilt yields rose in September Our underweight duration in Europe and Japan also contributed as developed market yields generally increased. Sector allocation contributed meaningfully as an overweight in U.S. high yield bonds, an underweight in global sovereign debt, and overweight emerging markets (EM) corporates proved advantageous, while our overweight to EM local bonds detracted. With respect to security selection, our holdings in Europe's periphery and Central Eastern Europe benefited from a stronger growth outlook. Within EM local currency bonds, Serbia's debt posted strong gains on structural reforms. Currency positioning weighed on relative results due to our positions in the British pound, euro, and Turkish lira. Positioning in the Australian dollar added value and offset some of the underperformance.
30-Sep-2017 - Steven C. Huber, Portfolio Manager,
The small amount of carry available in credit justifies keeping risk in the portfolio at historical lows. We currently hold a short 4% position in High Yield (HY) CDX (i.e., short U.S. HY risk) and a short 1% position in the iTraxx crossover (i.e., short European HY risk) to further reduce beta.
30-Sep-2017 - Steven C. Huber, Portfolio Manager,
During the month, we trimmed U.S. duration as the uncertain outlook with the U.S. Federal Reserve expected to tighten interest rates further and decent strength in the economy point to higher yields. We also trimmed our eurozone duration as we expect the European Central Bank to begin unwinding its quantitative easing programme in 2018. In EM, we have duration exposures mainly in Serbia, Turkey, Mexico, Thailand, and Brazil.
30-Sep-2017 - Steven C. Huber, Portfolio Manager,
The portfolio moved from a slight underweight of the U.S. dollar to an overweight as the U.S. dollar showed signs of rebounding off several months of weakness. In other currency moves, we initiated a short position in the Australian dollar which appears overbought, closed out our long Mexican peso on rich valuation, and reduced our long Turkish lira following positive actions by the central bank.

Disclosure on Vendor Indices can be found here.