A concentrated, high-conviction developed market global government bond strategy with a dynamic and flexible approach to managing duration and country risk with limited exposure to emerging markets.
The DNA of the T. Rowe Price Global Government Bond High Quality Strategy

Risk aware

A comprehensive risk management process including independent risk oversight, scenario analysis and portfolio optimization.

High quality focus

Focus on highly liquid, highly rated sovereign bonds, with no allocation to credit or lower rated emerging market countries.

Deep research

The breadth and depth of our global research platform provides a critical information edge.

ESG overlay

Embedded environment, social and governance analysis through proprietary Responsible Investing Indicator Model (RIIM).

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Strategy Profile – T. Rowe Price Global Government Bond High Quality Strategy

As of 31 December 2020.

Benchmark
FTSE World Government Bond Index
Risk Objectives
Tracking Error (average) 200-500 bps per annum
Expected Value Added
Country/Duration Management 70%
Currency Management 30%
Other Parameters
Duration 2 to 14 years
Average Rating A or Higher
Maximum Below Investment Grade 0%

As of 31 March 2021.

Portfolio Characteristics Representative Portfolio Index1
Weighted Average Duration 3.78 Years 8.93 Years
Yield to Maturity 0.16% 0.25%
Average Quality2 AA+ AA+
Number of Holdings 30 1074
Average Coupon 1.77% 1.91%
1FTSE World Government Bond Index. 2Sources for Credit Quality: Moody’s Investors Service; if Moody’s does not rate a security, then Standard & Poor’s (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moody’s or S&P. T. Rowe Price does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the rating agency. Please see Additional Disclosures for more information about this Moody’s Fitch and S&P information. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps.

The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative portfolio shown may differ from those of other accounts in the strategy.

Source for Fitch: Copyright © 2021 Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries.

Source for FTSE: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). :copyright: LSE Group 2021. FTSE is a trading name of certain of the LSE Group companies. All rights in the FTSE indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 

Source for S&P: Copyright © 2021, S&P Global Market Intelligence (and its affiliates, as applicable). Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.

Source for Moody’s Analytics: © 2021, Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “Moody’s”). All rights reserved. Moody’s ratings and other information (“Moody’s Information”) are proprietary to Moody’s and/or its licensors and are protected by copyright and other intellectual property laws. Moody’s Information is licensed to Client by Moody’s. MOODY’S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT. Moody’s® is a registered trademark. 

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This site is intended for Wholesale Clients. I have read the terms detailed below and confirm that I am a Wholesale Client and that I wish to proceed.

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Information contained in the T. Rowe Price website is not intended for investors in any jurisdiction in which distribution or purchase is not authorised, including the jurisdiction of the reader of this information, where applicable. For example, the information herein is not for distribution to and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States of America to or for the benefit of United States persons. In certain jurisdictions, such as Australia, an investor must qualify as a wholesale client. Information contained in this website is not for retail investors. Information obtained from this site is intended specifically for the individuals who have agreed to these Terms and Conditions and may not be redistributed without prior consent from the T. Rowe Price Legal department.

The information is designed for wholesale clients in accordance with the definition set out in Australian Corporations Act, including financial intermediaries, and is published for informational purposes only.

Persons who do not fall into the definition of wholesale client should not act upon the information contained herein.

This website is for general informational purposes only. This does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

This website does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. This has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the website and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

It is not intended for distribution to retail investors in any jurisdiction.

Issued in Australia by T. Rowe Price Australia Limited (ABN: 13 620 668 895 and AFSL: 503741), Level 50, Governor Phillip Tower, 1 Farrer Place, Suite 50B, Sydney, NSW 2000, Australia. For Wholesale Clients only.

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