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Fund portret T. Rowe Price Global High Income Bond Fund

A high-conviction, active and global fixed income approach

Historically, high yield bonds have been one of the highest income-generating classes in the fixed income universe. A global approach to the asset class gives access to the full range of high yielding opportunities, harnessing a variety of sources of returns, says bond fund manager Mike Della Vedova.

Historically, high yield bonds have been one of the highest income-generating classes in the fixed income universe. This return has come at a reasonable level of risk. Although the correlation of high yield bonds’ performance with equity markets has tended to be high (compared with investment grade bonds), the range of price movement is much narrower,  says fund manager Mike Della Vedova of the T. Rowe Price Global High Income Bond Fund. 

“High yield bond volatility has historically been around half that of global equity markets. High yield bond valuations also tend to be less sensitive to interest-rate risk than investment grade bonds,” explains Della Vedova.

“The strategy gives investors access to a global opportunity set not often found in other global high yield strategies, with access to around three trillion dollar of global high yield bonds. The portfolio’s typical regional allocation mix includes approximately 50% of issuers in North America, 25% in developed European markets, and 25% in emerging markets.”

The strategy is managed by three portfolio managers, each a specialist in one of these three regions. They build a portfolio with a global perspective, factoring in both local opportunities and global risk factors at the overall portfolio level, leveraging T. Rowe Price’s proprietary macro and fundamental research.

Active selection

“Our active, bottom-up credit selection process leads to meaningful overweight and underweight positions in countries, regions, and industries. Rather than conjoin three regional “silos” into one portfolio of many hundreds of positions, we build a single portfolio of around 150 of our best ideas, capitalising on specific opportunities across the portfolio’s three regions. Although relatively concentrated, our portfolio is well diversified across issuers, regions, industries and drivers of economic growth,” says Della Vedova.

“This portfolio size allows us to put our best ideas into practice with allocations that will contribute meaningfully to our performance. We invest in high yield bonds issued by companies that are fundamentally improving, or where we can identify a clear (but unrealised) catalyst for improvement, or companies that are reducing their leverage."

"We scrutinise all potential investments on the basis of qualitative and quantitative company analysis, an industry overview, ESG considerations, valuation and technical factors.”

Intentional sources of risk

“There are multiple sources of risk to take into account in a global portfolio, so we aim to simplify what we’re doing – to deliver consistent, repeatable outcomes/returns. We focus on building intentional sources of risk (and therefore drivers of returns) in the portfolio in clear cut decisions in security selection, plus the industry and geographic exposure that creates.”

“We neutralise currency risk in the portfolio to reduce this potential noise – the primary risks we take are driven by our active security selection.”

“We believe our fundamental credit research can discover companies around the globe that are positioned to improve their credit profile in various market conditions” Mike Della Vedova, Co-Portfolio Manager

What are the advantages of global high yield debt? 

  1. Fast-growing and evolving opportunity set
  2. Compelling risk return trade-off
  3. Powerful diversification potential
  4. Inefficiencies and dispersion can reward active investors

Fund facts Global High Income Bond Fund*

  • Fund managers : Michael Della Vedova (since: 2015), Michael Connelly (since 2020), Samy Muaddi (since 2020).
  • Inception date: June 4th 2015
  • Fund assets: 857,1 million dollar
  • Number of issuers: 150-200
  • Miximum issuer weight: 3%
  • Allocation: 30-70% (North America), 10-50% (Europe), 0-40% (emerging markets)
  • Performance Class I: 5,05% (3 years) 8,51% (5 years)
  • Ongoing management charge: 0,66%


  • Standard deviation: 9,78% (7,89% benchmark)
  • Alpha -1,74: (0,00% benchmark)
  • Bèta 1,21: (1,00 benchmark)
  • Information ratio: -0,13 (0,00 benchmark)
  • Sharpe ratio: 0,97 (0,72 benchmark)
  • Tracking error: 2,62% (0,00% benchmark)

Top 10-issuers

  • Petroleos Mexicanos: 1,4%
  • Occidental Petroleum: 2,1%
  • Albertsons: 1,7%
  • Howard Gughes 1,3%
  • Bausch Health: 1,2%
  • Times China Holding 1,2%
  • Victoria 1,1%
  • GE 1,0%
  • Netflix 1,0%
  • Altice USA 1,0%

*data per 31 january 2021

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