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.