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Financial Intermediary / All Funds / Global Investment Grade Corporate 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
Global Investment Grade Corporate Bond Fund
A high conviction portfolio of around 75-150 of the best global corporate bond ideas generated by our global research platform. We invest primarily in a diversified portfolio of investment-grade corporate bonds from issuers around the world, including emerging markets. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1216623295
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Jul-2024 - Steve Boothe, Portfolio Manager,
While some economic indicators are slowing, we remain constrictive on the economy. Inflation data has cooled across most countries. Technical factors are contributing to spread volatility, though underlying fundamentals remain strong. Market expectations for the number of rate cuts over the next year are higher than our own in both the U.S. and Eurozone.

Overview
Strategy
Fund Summary
In constructing the portfolio, we seek to balance high-conviction positions with sensitivity to sovereign and liquidity risk. A proprietary, independent credit rating is assigned to all issuers and securities. We carry out a deep analysis of each issuer’s market share, management team quality, and financial strength. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. 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.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Jul-2024 - Steve Boothe, Portfolio Manager,
Global investment-grade corporate bonds saw a positive total return in July as measured by the Bloomberg Global Aggregate Corporate Index. Though still relatively high, sovereign yields fell over the period as U.S. inflation data continued to cool, the Federal Reserve mentioned a possible rate cut in September, and the market priced in more European Central Bank (ECB) rate cuts by year-end. Global corporates generated small positive excess returns as credit spreads were largely unchanged over the period. Within the portfolio, security selection was the main contributor to relative returns, led by our choices within the communications, REITs, and electric utility industries. Asset allocation detracted from performance, as our moderate exposure to cash, held for liquidity purposes, hindered returns as risk assets outperformed over the month. Interest rate management also marginally detracted from performance over the period.

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.