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T. Rowe Price Hong Kong / All Funds / European High Yield Bond Fund
Fund Range Documents

Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of high yield corporate debt securities that are denominated in European currencies.
  2. Investment in the Fund involves risks, including general investment risk, geographic concentration risk and Eurozone risk, currency risk, risk associated with changes resulting from the United Kingdom’s exit from the EU and exclusion criteria 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, 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 or to create synthetic short positions in debt securities and credit indices, and is subject to derivatives risk. The Fund may also implement active currency position and is subject to relevant risks. Exposure to derivatives may also lead to a risk of significant loss to the Fund.
  5. Dividend of certain share class(es) may be paid directly out of capital and/or effectively out of the capital which 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 (Note 1). 
  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
European High Yield Bond Fund
Seeks to maximise the value of its shares through both growth in the value of, and income from, its investments.
ISIN LU0596127604
Bloomberg TREHYBA LX
FACTSHEET
Key Fact Statement
SFDR DISCLOSURE
30-Nov-2023 - Mike Della Vedova Portfolio Manager,
We believe monetary policy may remain restrictive for longer than market expectations, and therefore are wary of the risk of a deeper slowdown and expect increased defaults. However, these defaults will remain around long-term averages, in our view, as fundamentals are relatively resilient, and many issuers are prefunded at still low rates.

Overview
Strategy
Fund Summary
Actively managed and invests mainly in a diversified portfolio of high yield corporate debt securities that are denominated in European currencies.
Performance (Class A)

Past performance is not a reliable indicator of future performance.
30-Nov-2023 - Mike Della Vedova Portfolio Manager,
We continue to hold an overweight position in non-cyclical sectors, such as cable, with stable, recurring revenue models that could be supportive in a deepening economic slowdown. We are also overweight entertainment and leisure, on an idiosyncratic basis due to our preference for specific names. We also remained underweight the banking sector although we see value in non-banking financials as they continue to demonstrate an improved risk-reward profile, in our view.
30-Sep-2017 - Michael Della Vedova Portfolio Manager,
We do not expect to add value via currency management and typically hedge our non-euro exposure back to euros to limit volatility, keeping the focus on credit selection.
31-Jul-2017 - Michael Della Vedova Portfolio Manager,
We do not expect to add value via currency management and typically hedge our non-euro exposure back to euros to limit volatility, keeping the focus on credit selection.

Disclosure on Vendor Indices can be found here.