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Strategy

Investment Approach

  • The Global Government Bond High-Quality Strategy is a concentrated portfolio of high-conviction, high-quality global government bonds.
  • The strategy seeks to achieve positive above-benchmark returns through income and capital appreciation.
  •  The strategy aims to perform well regardless of market conditions and be uncorrelated to equities, credit, or high yield fixed-income holdings.
  • The strategy aims to identify the best risk/reward opportunities across a universe of countries and currency markets.
  • The strategy’s approach is driven by bottom-up fundamental research that integrates top-down macro views, valuations, and technical elements.
  • Environmental, social, and governance (ESG) factors are assessed by our research specialists, who collaborate with dedicated Responsible Investing analysts.

Portfolio Construction

  • Duration risk is managed within +/-6 years weighted average duration of the benchmark.
  • On an absolute basis, the strategy’s duration range is 2 – 14 years.
  • Strategy’s total exposure per currency cannot deviate by more than +/-50% compared to benchmark weight.
  • Allocation to any government issuer, including government-related issuers and government agencies, is not restricted.
  • Exposure is limited to investment-grade assets only.
  • Holdings range from 30-60 high-conviction bonds.
  • Target a tracking error of 200-500bps per annum.
  • Annual turnover ranges between 75% and 250% depending on market volatility.

Team

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GIPS® Information

T. Rowe Price (“TRP”) claims compliance with the Global Investment Performance Standards (GIPS®).

A complete list and description 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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