years managing fixed income assets
fixed income investment professionals
USD of fixed income AUM¹
Our world-class fixed income professionals are curious and astute experts in their field — bringing compelling views that see past common narratives. We deliver real insights on opportunities across global markets.
We nurture a culture of curiosity and debate. Our teams are incentivized to think creatively and to share and challenge ideas. We test our ideas from different viewpoints to gauge their true risk and potential reward.
Our portfolio managers are individually accountable for every decision and client outcome. We prioritize managing risk to ensure each portfolio is intentional in aligning risk to generate return.
The fundamental strength and portfolio diversification characteristics of emerging market bonds make the case for a structural allocation to emerging markets.
Trillions of dollars are parked in U.S. money market funds. Where and when investors move these assets next could impact stock and bond returns in 2024.
75% of our I class fixed income mutual funds were in the top two Morningstar quartiles over the past 10 years1.
That’s the T. Rowe Price difference.
Past performance is not a reliable indicator of future performance.
1 Performance based on all fixed income I Class shares available at time of reporting. 24 of 40 (60%), 26 of 40 (65%), 28 of 40 (70%), and 30 of 40 (75%) of our I Class share fixed income mutual funds with at least a 10-year history were in the top two Morningstar quartiles in their respective Morningstar categories for the 1-, 3-, 5-, and 10-year periods ended 31 December 2023.
Funds in the 1st or 2nd quartile are likely to outperform the peer group average.
When compared to fund evaluation tools that are frequently used in the industry, and which can be scaled to compare all (or nearly all) funds, Morningstar's Scorecards have been tested to demonstrate an increased likelihood of selecting the best performers on a risk-adjusted basis over future five-year periods.
For investors who want to manage risk and seek to minimize loss by focusing on stable, low-risk investments that can better withstand market volatility.
A cash alternative strategy that seeks a high level of income above that of a money market with minimal fluctuations in principal value
A conservative investment option that seeks to provide maximum current income while maintaining stability of principal
Pursues total return that seeks to match or incrementally exceed the performance of the U.S. investment-grade bond market
For investors who want to diversify against correlations across their portfolio to help manage risk and reduce volatility.
Seeks high current income and consistent performance by exploiting inefficiencies in the full universe of global fixed income and currency markets
A broadly diversified portfolio of domestic and foreign debt instruments that seeks to provide high income and some capital appreciation
Invests primarily in bonds issued by companies in emerging market countries to seek high current income and, secondarily, capital appreciation
For investors aiming to grow their investments via exposure to higher return (non-investment grade) bonds.
Invests primarily in long-term low- to upper-medium-grade municipal securities to seek a high level of income exempt from federal income taxes
Aims to deliver greater income and total return potential by investing primarily in high yield bonds
Seeks high current income and, secondarily, capital appreciation by investing primarily in floating-rate bank loans
For investors who need a reasonable and reliable income from their investments as a contribution to total returns.
Invests primarily in long-term low- to upper-medium-grade municipal securities to seek a high level of income exempt from federal income taxes
Aims to deliver greater income and total return potential by investing primarily in high yield bonds
Seeks to provide a high level of income exempt from federal income taxes with modest price fluctuation by investing primarily in short- and intermediate-term investment-grade municipal securities
For investors who seek to mitigate the impact of interest rate risk by focusing on strategies with low and dynamic duration approaches.
A cash alternative strategy that seeks a high level of income above that of a money market with minimal fluctuations in principal value
Seeks high current income and consistent performance by exploiting inefficiencies in the full universe of global fixed income and currency markets
Seeks high current income and, secondarily, capital appreciation by investing primarily in floating-rate bank loans
Refine holdings, build models, adjust portfolios, and inform investment decisions. Let's put our proven multi-asset expertise to work for your clients.
All data as of 31 December 2023 unless otherwise stated.
¹The total fixed income assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Total fixed income assets include all fixed income separate accounts and funds along with a portion of certain T. Rowe Price U.S.-registered multi-asset funds as of 31 December 2023.
For more information on the methodology of this analysis, please visit troweprice.com/complete-performance-study.
Past performance is no guarantee of future results. All investments are subject to risk, including the possible loss of principal. Results from other time periods may differ. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities. Results for other time periods will differ.
Volatility measured via standard deviation (of the difference in a manager's returns versus the index), annualized and net of fees, over 10-year rolling periods from 7/1/2003 to 6/30/2023.
Analysis by T. Rowe Price. Comparable passive funds are (1) mutual funds and exchange traded funds classified as an “index fund” in the Morningstar Direct database and (2) in the same Morningstar category as the active funds being analyzed. The performance of the T. Rowe Price active funds were compared against the comparable passive funds using 10-year rolling monthly periods from 7/1/03 to 6/30/23. The analysis was conducted at the Morningstar category level analyzing all open-end funds and exchange traded funds (ETFs) within U.S. Morningstar categories where passive funds are present. Oldest share class returns are used for analysis.
29 T. Rowe Price funds are analyzed over 1,809 rolling 10-year periods.
Download a mutual fund prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Risk Considerations:
All investments are subject to market risk, including the possible loss of principal. Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in bank loans may at times become difficult to value and highly illiquid; they are subject to credit risk such as nonpayment of principal or interest, and risks of bankruptcy and insolvency. Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are generally greater for investments in emerging markets. Some income may be subject to state and local taxes and the federal alternative minimum tax (AMT).
The T. Rowe Price common trust funds (Trusts) are not mutual funds; rather, the Trusts are operated and maintained so as to qualify for exemption from registration as mutual funds pursuant to Section 3(c)(11) of the Investment Company Act of 1940, as amended. The Trusts are established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal. Although the T. Rowe Price Stable Value Common Trust Fund seeks to preserve the value of your investment at $1.00 per unit, it cannot guarantee to do so. It is possible to lose money by investing in the Trust.
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