Global High Income Bond Strategy Composite | T. Rowe Price

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Strategy

Investment Approach

Integrates fundamental research and holistic capital structure considerations with a focus on global diversification targeting high yield companies from North American and European regions plus issuers located in emerging markets countries.
Represents the natural evolution of T. Rowe Price’s core high yield credit competency and recognizes the global growth of the high yield market that we expect to continue.
Invests primarily in global issuers rated below investment-grade and focuses on:
- Proprietary fundamental analysis that drives independent credit and conviction ratings.
- Global diversification of high yield corporate issuers.
- Credits with long-term potential for balance sheet and external rating improvements.
- Strict risk management practices.
Utilizes active management in the high yield market where credit selection is critical.

Portfolio Construction

High-conviction, concentrated approach targeting approximately 175 issuers across the globe with the flexibility to take meaningful over- and underweights to countries, regions, industries, ratings and individual credits.
Incorporates a truly global corporate composition using a top-down overlay based on relative and absolute valuation characteristics across regions, countries, credit qualities and industries to complement core bottom-up position selections targeting the following regional allocations:
- U.S. high yield: range of 30%-70%
- European high yield: range of 10% to 50%
- Emerging markets: range of 0% to 40%
Single country exposure maximum of 15% excluding the U.S.
Sovereign debt up to 10%
Investment-grade corporates up to 15%
Bank loans up to 20%
Neutralize currency risk by hedging back into the base currency

Past performance is not a reliable indicator of future performance.

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GIPS^® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the 27-year period ended June 30, 2023, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request.

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