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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
Diversified Income Bond Fund
Seeks to maximise the value of its shares through both growth in the value of, and income from, its investments.
ISIN LU1244139074
Bloomberg TRPGMSA LX
FACTSHEET
No data available
31-Oct-2023 - Kenneth Orchard, Portfolio Manager,
We believe recent financial tightening could have a negative impact on growth in the fourth quarter and that a key risk is a reacceleration of inflation that could force US interest rates higher. With the recent spread rally, valuations are less attractive, but technical factors could help buoy credit sectors through 2023 as attractive yields could spur demand.

Strategy
Fund Summary
We seek to add value primarily through sector allocation, currency selection, duration management, and security selection. Our approach is based on proprietary fundamental research and relative value analysis. There is a strong emphasis on risk management practices and portfolio diversification to manage the overall risk profile. 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.
No data available
Performance (Class A)

Past performance is not a reliable indicator of future performance.

Current Year Performance

Annualised Performance

31-Oct-2023 - Kenneth Orchard, Portfolio Manager,
The portfolio added to agency mortgage-backed securities (MBS) after an upgrade to the sector outlook, as MBS spreads have remained wide. We believe that valuations look attractive, and spreads have the potential to tighten on a moderation in interest rate volatility. We also added to global investment-grade corporate bonds and global high yield. The investment team has a more sanguine near-term outlook on credit, which could benefit from increased demand for attractive yields.
31-Oct-2023 - Kenneth Orchard, Portfolio Manager,
In currencies, we added to the US dollar while closing our short position in the euro and moving to a long position by the end of the month. We closed a short position in the Chilean peso after the currency has underperformed its peers in Latin America. China may increase stimulus to support economic growth, and the resulting increased demand for Chile’s chief exports could support the peso. In turn, we opened a short Chinese yuan position, which could benefit from local interest rate cuts.

Team

No data available

Fees

No data available

Calendar Year Performance

Source for performance: T. Rowe Price. Performance returns are calculated on a NAV-NAV basis, net of fees, with dividends reinvested.

For any equity benchmarks shown, returns shown with reinvestment of dividends after the deduction of withholding taxes, unless otherwise stated. The Excess Returns are shown as Fund % minus the Benchmark %.

Cumulative Performance

Source for performance: T. Rowe Price. Performance returns are calculated on a NAV-NAV basis, net of fees, with dividends reinvested.

For any equity benchmarks shown, returns shown with reinvestment of dividends after the deduction of withholding taxes, unless otherwise stated. The Excess Returns are shown as Fund % minus the Benchmark %.

Disclosure on Vendor Indices can be found here.