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Financial Intermediary / All Funds / Emerging Markets Bond Fund
Fund Range Documents

Capital at 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.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
Emerging Markets Bond Fund
This is our flagship hard currency emerging markets debt portfolio. It offers broad exposure across emerging markets debt, with a credit-orientated approach that is broadly representative of external sovereign and corporate markets.
ISIN LU0207127753
View more information on risks
FACTSHEET
KID
31-Jan-2020 - Michael Conelius, Portfolio Manager,
Slowing global growth remains a headwind, although accommodative monetary policy globally and the significant stock of negative-yielding debt in developed markets have been supportive for emerging markets debt. Despite exposure to the global risk environment, we remain cautiously optimistic on the asset class as it offers one of the highest-yielding opportunities in the fixed income market and has been increasingly durable through market corrections.

Overview
Strategy
Fund Summary
We follow a bottom-up selection process grounded in individual credit fundamentals, guided by selected top-down themes. Proprietary credit research is integrated with relative value analysis. We utilise our emerging markets sovereign and corporate bond analysts as well as collaborating with our emerging markets equity analysts. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 50% of the value of its portfolio invested in issuers and/or securities that are rated as ‘Green’ by the T. Rowe Price proprietary Responsible Investor Indicator Model (RIIM). Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
OUR VIEWS ON EMERGING MARKETS
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.
30-Nov-2024 - Samy Muaddi, Portfolio Manager,
Emerging markets debt advanced in November amid falling global yields and narrowing spreads. Within the portfolio, our underweight allocation to Ukraine dragged as the bonds rallied following the US election of Donald Trump to a second term as president, prompting hopes for a quicker end to the conflict. A modest underweight allocation to Argentina detracted from relative results amid investor confidence in the outlook of the country due to President Javier Milei’s fiscal programme. Bonds in Venezuela were also detrimental following the President-elect Donald Trump’s secretary of state pick Marco Rubio, who may implement stricter enforcement of oil sanctions. Conversely, an overweight allocation to Sri Lanka was beneficial as the country initiated its much-anticipated bond swap, a major step to completing its debt restructuring, which includes swapping existing bonds for a set of State Contingent Debt Instruments that are linked to the country's economic performance and its achievement of certain governance objectives. Bonds in El Salvador contributed amid expectations that the country is approaching a deal on terms for a loan programme with the International Monetary Fund.
31-Jan-2024 - Samy Muaddi, Portfolio Manager,
At the sector level, we continue to find value in quasi-sovereigns and corporates in higher-quality mainstream markets, such as Mexico, India, and Indonesia, that offer yield premiums over the sovereign as well as in dislocated BBB/BB/B rated corporates that have attractive fundamentals in the broader emerging market.
31-Jan-2024 - Samy Muaddi, Portfolio Manager,
As the year started with a flurry of issuance, we made a few portfolio changes in January. We added to frontier countries that score well in our anchoring framework, such as Côte d’Ivoire and Angola. We are structurally underweight higher-rated mainstream emerging markets, such as the United Arab Emirates, Malaysia, and Uruguay, although we moderated our underweight exposure to Saudi Arabia. We remain underweight select countries, such as Nigeria, that lack fundamental anchors.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.