While the market is focused on current volatility and the recent selloff, it is easy to miss the potential investment opportunities brought by the reset in yields. We believe investors should not overlook high yield bonds, given their favourable valuations.
WHY T. ROWE PRICE HIGH YIELD
Over three decades of experience managing high yield portfolios – leveraging the expertise of a stable and seasoned investment team
Disciplined and repeatable investment process focused on uncovering high conviction opportunities
Full integration of Environment, Social and Governance (ESG) factors in the investment process seek to enhance investment decisions
OUR RANGE
A high-conviction, active approach to a truly global bond opportunity set
Strategy inception date: June 2015
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofAML Global High Yield Index Hedged to USD
Strategy AUM**: USD 1.1 bn
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 31/12/2023.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
29
Years at
T. Rowe Price
13
Carefully blending together the highest-conviction ideas of our experts across North America, Europe and the emerging markets, we aim to harness multiple sources of return, seeking to deliver income, capital growth and diversification.
For investors who want: to spread the net as wide as possible for income opportunities.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - Global High Income Bond Fund (refer to prospectus for further details): - Credit risk, High yield bond risks, Interest rate risk, Liquidity risk, Emerging markets risk, Frontier markets risk, Contingent convertible bond risk, Total Return Swap risk, Distressed or defaulted debt risk, Derivative risk
An active approach to the expanding European high yield market
Strategy inception date: October 2011
Portfolio Manager: Mike della Vedova
Comparator benchmark*: ICE BofA European Curr. HY Constr. Excl. Subord. Financials Index Hedged to EUR
Strategy AUM**: USD 656.5m
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 31/12/2023.
PORTFOLIO MANAGER
Mike della Vedova
Years of industry experience
29
Years at
T. Rowe Price
13
European high yield bonds offer a high level of regional diversification and provide investors with opportunities to exploit market inefficiencies.
For investors who want: unearth attractive income opportunities in the European Markets.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - European High Yield Bond Fund (refer to prospectus for further details): Credit risk, Default risk, Derivative risk, High yield bond risk, Interest rate risk, Liquidity risk, Total Return Swap risk, Distressed or defaulted debt risk
An active approach to the world’s largest and oldest high-yield bond market
Strategy inception date: April 2018
Portfolio Manager: Kevin Loome, CFA
Comparator benchmark*: ICE BofA US High Yield Constrained Index
Strategy AUM**: USD 2.2bn
*The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
**As of 31/12/2023.
PORTFOLIO MANAGER
Kevin Loome
Years of industry experience
30
Years at
T. Rowe Price
17
With around 1,000 primarily domestically focused companies, US high yield offers exposure to the grass roots of the US economy. Our concentrated, flexible approach seeks to capitalize on attractive relative value opportunities across issuers.
For investors who want: exposure to the grass roots of the US economy.
Risks - The following risks are materially relevant to T. Rowe Price Funds SICAV - US High Yield Bond Fund (refer to prospectus for further details): Credit risk, Default risk, High yield bond risk, Interest rate risk, Liquidity risk, Total Return Swap risk, Contingent convertible bond risk, Distressed or defaulted debt risk
General fund risks - to be read in conjunction with the fund specific risks above. Capital – the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the currency in which you subscribed, if different. Counterparty - Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund. ESG and sustainability - ESG and Sustainability risk may result in a material negative impact on the value of an investment and performance of the fund. Geographic concentration - Geographic concentration risk may result in performance being more strongly affected by any social, political, economic, environmental or market conditions affecting those countries or regions in which the Fund’s assets are concentrated. Hedging - Hedging measures involve costs and may work imperfectly, may not be feasible at times, or may fail completely. Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly. Management - Management risk may result in potential conflicts of interest relating to the obligations of the investment manager. Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors. Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.
Find out more about our
fixed income capabilities
Morningstar star rating applies to T. Rowe Price Funds SICAV – Global High Income Bond Fund, European High Yield Bond Fund, US High Yield Bond Fund as at 29 February 2024. The Morningstar Rating is updated on a monthly basis. For the latest ratings information please visit the Morningstar website. Silver ratings as at 29 February 2024.
Source & Copyright: Citywire. The Fund manager is rated by Citywire based on the manager’s 3 year risk adjusted performance. For further information on ratings methodology please visit www.aboutcitywire.com.
©2024 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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