Morningstar - Q1 2023 - 63
Cutting a Path
T. Rowe Price's Saurabh Sud goes where
the credit opportunities take him.
UNDISCOVERED MANAGER
Laura Lallos
Undiscovered Manager is a regular
profile of a noteworthy strategy that hasn't
been rated by Morningstar Research
Services' analysts.
Guided by portfolio manager Saurabh Sud,
T. Rowe Price Dynamic Credit goes its own way.
The actively managed bond strategy has few
constraints: Sud can invest across the credit
spectrum. The goal is to take advantage of pricing
dislocations wherever they may be found,
be it in investment-grade, high yield, emerging
markets, bank loans, convertibles, and so on.
These can be volatile investments, but Sud is
also free to pursue another goal: " We are trying
to clip the tails of the distribution in credit
investing, " he says, " through active shorting and
macro hedging. "
The aim is to give shareholders a smoother ride
than a typical multisector bond strategy
would. Sud calls this strategy " multi-asset credit in
the liquid alts space. " Morningstar puts it in
the nontraditional bond Morningstar Category,
which encompasses a variety of strategies
that diverge from conventional bond-fund practice.
The strategy's performance in 2022 shows the
advantages of the approach: The open-end
mutual fund's institutional shares, T. Rowe Price
Dynamic Credit RPELX, lost only 1 basis point,
compared with 6.3% for its category average, 9.9%
Saurabh Sud, portfolio manager of
T. Rowe Price Dynamic Credit.
morningstar.com/products/magazine
63
https://www.morningstar.com/funds/xnas/rpelx/quote
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http://www.morningstar.com/products/magazine
Morningstar - Q1 2023
Table of Contents for the Digital Edition of Morningstar - Q1 2023
Contents
Morningstar - Q1 2023 - Cover1
Morningstar - Q1 2023 - Cover2
Morningstar - Q1 2023 - Contents
Morningstar - Q1 2023 - 2
Morningstar - Q1 2023 - 3
Morningstar - Q1 2023 - 4
Morningstar - Q1 2023 - 5
Morningstar - Q1 2023 - 6
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