High Yield Bond Strategy Composite | T. Rowe Price

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Strategy

Investment Approach

Focus on BB/B securities, with a measured allocation to lower-quality bonds when valuations are compelling.
Proprietary fundamental research is key — emphasis on industries that enjoy stable cash flow and rational competitive environments.
Extensive analyst interaction across sectors and asset classes promotes broad credit perspective.
Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile.
Full integration of Environmental, Social, and Governance (ESG) factors in the investment process to seek to enhance investment decisions.

Portfolio Construction

Diversified portfolio structure of high yield corporate bonds: typically 250-350 issuers
Industry exposure typically will range +/- 3% around benchmark weight
Conservative exposure guidelines to individual issuers:
- BB issuer: 3% maximum
- B issuer: 2% maximum
- CCC issuer: 1% maximum

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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