Fixed Income Capabilities
Independent in thought, disciplined in action
T. Rowe Price fixed income experts rely on active questioning, independent thinking, and a disciplined approach to find opportunities with the potential to deliver better client outcomes.
At a glance
55+
240+
$341.4B
Our fixed income experts think independently and stay disciplined—always with client solutions in mind
Independent thinking for fresh ideas
Disciplined process for lasting confidence
Rigorous research for an investing edge
Our fixed income strategies delivered more return, more often than other top active managers
Ten-year periods, rolling monthly, over the last 20 years ended 31/12/25.
These T. Rowe Price fixed income strategies delivered higher average returns than their benchmark over time and compared favourably to the strategies of other active managers.
This outperformance stemmed from our ability to uncover fresh fixed income insights capable of driving better outcomes. Our investment professionals think independently and rely on a disciplined process, rigorous research, and a collaborative culture to help clients achieve their goals.
That's the T. Rowe Price fixed income difference.
Past performance is not a guarantee or a reliable indicator of future results.
Analysis by T. Rowe Price. Represents a comparison of all marketable institutional fixed income composites compared with the official composite primary benchmark assigned to each. Excludes money market, asset allocation and index/passive composites. In order to avoid double-counting in the analysis, specialised composites viewed as substantially similar to strategies already included (e.g., constrained strategies, ex-single country excluded strategies etc.) are also excluded. Composite net returns are calculated using the highest applicable separate account fee schedule for institutional clients. An aggregated view of 10-year rolling monthly periods net returns from 1/1/06 to 31/12/25 is shown. All figures in USD and may increase or decrease due to currency fluctuations.
An unexpected opportunity from the developing world
Learn how T. Rowe Price became an early investor in a bond designed to help children in underserved countries.
- The Children and Youth Bond is designed to direct capital toward projects supporting children in Latin America and the Caribbean.
- T. Rowe Price chose to be a primary investor, validating the bond's goals and innovative structure.
- Our independent thinking and disciplined approach led us to an investment designed to benefit both clients and society.
Over the course of my investing career, I've learned that it helps to stay curious because opportunities often come from unexpected places.
In 2025, I became aware of an innovative bond focused on improving the lives of children in the developing world.
The Development Bank CAF plan to issue a new Children and Youth Bond designed to direct capital towards education, healthcare and other social projects within Latin America and the Caribbean.
The bond was a bit untraditional, but I saw potential and wondered how T. Rowe Price might get involved.
I started by asking questions.
What kind of returns might our clients expect from this bond?
What kind of positive impact might this bond deliver?
I put our fixed income teams to work following our discipline structured process.
They analyzed the bond from every angle, debating the pros and cons and relying on the full strength of our research platform.
We learned that the Children and Youth Bond was the first ever bond structure to align with UNICEF's child-lens investing framework.
It represented an innovative structure while at the same time addressing persistent underinvestment in children.
Digging deeper, we learned that the United Nations reports more than 115 million children in Latin America and the Caribbean live in poverty and that every dollar invested in early childhood can generate between US $4 and US $16 in additional economic benefits.
To me, this bond demonstrated how debt markets can be used to deliver durable value to both clients and society.
So T. Rowe Price chose to be a primary investor.
This allowed us to get favorable terms for our clients while also validating the bond's unique structure and objectives.
Other investors may have overlooked this opportunity, but at T. Rowe Price, we are encouraged to follow our rigorous curiosity, to think independently and to challenge consensus to find sound investment opportunities for our clients.
Now we see this child lens bond as a template for future transactions to be adopted across public debt markets, serving to crowd in more capital towards these critical developmental objectives.
T. Rowe Price has reaffirmed its commitment to asking better questions to seek better outcomes for clients and society.
With an average of 22 years’ experience, our fixed income professionals are dedicated to helping you achieve your investment goals across market cycles
Arif Husain, CFA
Head, Global Fixed Income and CIO
Arif Husain is the head of Global Fixed Income and chief investment officer of the Fixed Income Division. He is chairman of the Fixed Income Steering Committee and a member of the firm’s Management Committee. Arif is lead portfolio manager for the Global Government Bond High Quality Strategy and the Global Government Bond Ex-Japan Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Samy Muaddi, CFA
Head of Emerging Markets
Samy Muaddi is the head of Emerging Markets in the Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Global High Income Bond Strategy. Samy also manages a range of customized separately managed accounts in emerging market debt and is a member of the Fixed Income Steering Committee and Asset Allocation Committee. He previously managed the firm’s Emerging Markets Corporate Bond Strategy from 2015 to 2024 and the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.
Matthew Lawton, CFA
Head, Impact Fixed Income
Matt Lawton is head of Impact Fixed Income and a portfolio manager in the Fixed Income Division. He manages the Global Impact Credit Strategy, the Global Impact Short Duration Bond Strategy and co-manages the Emerging Markets Blue Economy Bond Strategy. He also is a member of the ESG Committee. Matt is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Kenneth A. Orchard, CFA
Head, International Fixed Income
Kenneth Orchard is head of International Fixed Income. He is portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond and Global Aggregate Bond Strategies. Kenneth is a member of the Fixed Income Steering Committee and the European and UK Asset Allocation Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
We can help your investments thrive in an ever-changing world
Frequently asked questions
Duration measures a bond's sensitivity to changes in interest rates. It estimates how much a bond's price will change with a 1% change in interest rates. Understanding duration helps investors manage interest rate risk.
Duration is managed by selecting bonds with varyingmaturities and interest rate sensitivities. Portfolio managers may adjust theportfolio's duration based on interest rate forecasts and economic conditionsto mitigate risk.
Credit risk is the risk that a bond issuer will default on its payments. It is assessed by evaluating the issuer's financial health, credit ratings from agencies like Moody's or S&P, and market conditions.
Corporate bonds typically offer higher yields than government bonds, providing potentially greater income. They also offer diversification benefits and can be selected based on credit quality and industry exposure.
High-yield bonds are issued by companies with lower credit ratings and offer higher yields to compensate for credit risk. They carry a higher risk of default compared to investment-grade bonds.
When interest rates rise, existing bond prices fall, leading to higher yields for new investors. Conversely, when interest rates fall, bond prices rise, resulting in lower yields.
Bonds can reduce overall portfolio volatility and provide a steady income stream. They tend to have a low correlation with stocks, meaning they can perform differently under various market conditions, thus enhancing diversification.
Bond liquidity is assessed by examining trading volume, bid-ask spreads, and the presence of active market makers. Highly liquid bonds can be bought or sold quickly with minimal price impact.
Maturity refers to the date when a bond's principal is repaid to investors. It matters because it affects the bond's interest rate risk and price volatility; longer maturities typically involve greater risk and potential reward.
Derivatives play several roles in a bond portfolio, primarily aimed at enhancing portfolio management and risk control. For example, hedging against risk such as interest rate risk, currency risk, and credit risk. Allowing mangers to create leverage and access no traditional markets. They also allow for more efficient adjustments to portfolio duration, credit exposure, and currency exposure without the need to buy or sell the underlying bonds directly.
By investing across multiple sectors, investors can spread risk and reduce the impact of any single sector's downturn on their overall portfolio. This approach provides the flexibility to shift allocations based on changing market conditions, interest rates, and economic outlooks, potentially enhancing returns.
Risks
Credit is the chance that any of the portfolio's holdings will have their credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the portfolio's income level and share price.
Fixed Income: Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall.
Inflation : high or sustained inflation levels will erode the purchasing power of distributions and the value of an investment.
Interest rate : the decline in bond prices that accompanies a rise in the overall level of interest rates.
Reinvestment : in a declining interest rate scenario, investors will reinvest distributions at a lower interest rate.
Additional Information
*All data as of 31 March 2026 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 in U.S. dollars (USD) as of 31 March 2026.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Important Information
The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.
This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. 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 guarantee or a reliable indicator of future results. 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.
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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 material 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.
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