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T. Rowe Price Hong Kong / All Funds / Global Aggregate 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, and is not subject to any limitation on the portion of its net asset value that may be invested in any one country or region.
  2. Investment in the Fund involves risks, including general investment risk, currency risk, exclusion criteria risk and geographic concentration 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, volatility/liquidity risk in emerging markets, downgrading risk, credit rating risk,  risk associated with high yield debt securities which are generally rated below investment grade or unrated, risk associated with collateralised and/or securitised products, sovereign debt risk, risk associated with investments in debt instruments with loss-absorption features and valuation risk.
  4. The Fund may use derivatives (including OTC derivatives and exchange-traded derivatives) for hedging, efficient portfolio management and investment purposes or to create synthetic short positions in currencies, debt securities and credit indices, and is subject to derivatives risk. The Fund may also have a high leverage exposure and may implement active currency, interest rate and credit derivative positions and is subject to relevant risks. Exposure to derivatives may also lead to a risk of significant loss to the Fund.
  5. The value of the Fund can be volatile and could go down substantially.
  6. 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
Global Aggregate Bond Fund
Seeks to maximise the value of its shares through both growth in the value of, and income from, its investments.
ISIN LU0133095157
Bloomberg TRPGABA LX
FACTSHEET
Key Fact Statement
SFDR DISCLOSURE
30-Nov-2023 - Quentin Fitzsimmons, Portfolio Manager,
While market expectations for interest rate cuts are earlier than ours, we remain mindful of more signs of economic weakness which could pressure yields lower in the near term. However, increased long-dated bond market supply could also lead to steeper curves. Overall, we remain cautious given potential volatility arising from geopolitics and the Bank of Japan.

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, and is not subject to any limitation on the portion of its net asset value that may be invested in any one country or region.
Performance (Class A)

Past performance is not a reliable indicator of future performance.

30-Nov-2023 - Quentin Fitzsimmons, Portfolio Manager,
In light of the improving risk environment, we closed our defensive position in European high yield and added exposure to US high yield via a credit index. However, given the risk of an economic slowdown, we maintained defensive short positions in European investment grade. We also retained an allocation to cash bonds in US and European high yield and investment grade credit markets driven by our security selection process. Our exposure to hard currency emerging market sovereign debt also remained in place.
30-Nov-2023 - Quentin Fitzsimmons, Portfolio Manager,
In currencies, we held a tactical underweight position in the US, dollar given the potential for dovish Federal Reserve rhetoric to weaken demand for the currency. This was balanced by overweight exposures in several developed and emerging market currencies including the Japanese yen, Canadian dollar, Malaysian ringgit and Indonesian rupiah. In other key moves, we also broadly closed underweight positions in the Mexican peso, South Korean won and Polish zloty while reducing underweight exposures to the British pound, Taiwanese dollar and euro in anticipation for a weaker US dollar.

Risks

The following risks are materially relevant to the fund. Please click here to view the definitions of the risks listed below.

  • ABS/MBS
  • Contingent convertible bond
  • Counterparty
  • Credit
  • Currency
  • Distressed or defaulted debt securities
  • Derivatives
  • Emerging markets
  • ESG
  • Geographic concentration
  • Hedging
  • Interest rate
  • Investment fund
  • Issuer concentration
  • Liquidity
  • Management
  • Market
  • Operational
  • Prepayment and extension
  • Real estate investments
  • Sector concentration
  • Total return swap

Typical Investor

Investors who plan to invest for the medium to long term, and who:

• are interested in a combination of income and investment growth
• understand and can accept the risks of the fund, including the risks of investing in global bond markets and in derivatives

Disclosure on Vendor Indices can be found here.