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Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

Emerging Markets Bond Fund
This is our flagship hard currency emerging markets debt portfolio. Actively managed, it offers broad exposure across emerging markets debt, with a credit-orientated approach that is broadly representative of external sovereign and corporate markets. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0207127753
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30-Apr-2024 - Samy Muaddi, Portfolio Manager,
We believe emerging markets debt continues to offer a substantial yield premium over many fixed income assets amid broadly supportive sovereign fundamentals. While stressed fiscal conditions persist in some frontier markets, we do not anticipate a systematic default cycle as risks are concentrated in smaller markets that pose less contagion risk.

Fund Summary
We follow a bottom-up selection process grounded in individual credit fundamentals, guided by selected top-down themes. Proprietary credit research is integrated with relative value analysis. We utilise our emerging markets sovereign and corporate bond analysts as well as collaborating with our emerging markets equity analysts. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 50% of the value of its portfolio invested in issuers and/or securities that are rated as ‘Green’ by the T. Rowe Price proprietary Responsible Investor Indicator Model (RIIM). Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Apr-2024 - Samy Muaddi, Portfolio Manager,
Emerging markets debt fell in April as yields rose amid higher-than-expected US inflation reports, some strong growth data, and communications from the US Federal Reserve indicating that the central bank will be patient in cutting interest rates. Within the portfolio, our holdings in Venezuela contributed as the country’s bonds began to be added back into the J.P. Morgan Emerging Markets Indices. Our underweight exposure to Ukraine also lifted relative results as the country posted double-digit losses. In Chile, our preference for the country’s corporate debt was beneficial as our holdings outperformed the sovereign debt. Conversely, a modest underweight allocation to Argentina detracted as the bonds posted double-digit gains amid President Javier Milei’s fiscal tightening efforts and three months of fiscal surplus. Our significant underweight exposure to China hurt as upbeat economic data added to signals of a stabilising economy, although our holdings in locally-denominated bonds moderated the negative impact.
30-Jun-2022 - Samy Muaddi, Portfolio Manager,

We are overweight countries pursuing reform agendas that target long-term growth.


Mexico remained the portfolio's largest overweight. Despite softer economic activity, fundamentals remained solid. We continued to find attractive relative value in the liquid investment-grade country, particularly in quasi-sovereign issuers Petroleos Mexicanos and Mexico City Airport Trust.


India continued to be a significant overweight. Our holdings remain focused on quasi-sovereign Export-Import Bank, due to its attractive relative value, and higher-quality corporate issuers, such as Bharti Airtel, Adani Ports, and Periama.

Higher-Conviction Frontiers

We maintained our meaningful overweights to Oman and Dominican Republic as they offer higher yields and improving credit stories. Oman is also supported by elevated oil prices and fiscal reform efforts. Despite trimming holdings, Venezuela was still an out-of-benchmark position.

We remain underweight countries that offer limited risk-adjusted return potential.

Malaysia, Uruguay, and United Arab Emirates

Malaysia, Uruguay, and United Arab Emirates' high credit ratings and duration sensitivity provided limited opportunities, and we saw better relative value elsewhere.


We remained underweight in Turkey. Unconventional monetary policy amid very high inflation and falling FX reserves gave us cause for caution.

31-Jan-2024 - Samy Muaddi, Portfolio Manager,
At the sector level, we continue to find value in quasi-sovereigns and corporates in higher-quality mainstream markets, such as Mexico, India, and Indonesia, that offer yield premiums over the sovereign as well as in dislocated BBB/BB/B rated corporates that have attractive fundamentals in the broader emerging market.
31-Oct-2015 - Michael Conelius, Portfolio Manager,
Given our expectations for continued U.S. dollar strength, we maintained a low and defensive level of non-benchmark currency exposure.

Indicative Benchmark Data Source: JP Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2022, J.P. Morgan Chase & Co. All rights reserved.

Past performance is not a reliable indicator of future performance.

Source for performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. 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. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures.

Daily performance data is based on the latest available NAV.  

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 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 The Management Company reserves the right to terminate marketing arrangements.

Please note that the Fund typically has a risk of high volatility.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  


©2023 Morningstar, Inc. All rights reserved. The information  contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Citywire Data Source: Citywire – where the fund manager is rated by Citywire, the rating is based on the manager’s 3-year risk adjusted performance. For further information on ratings methodology, please visit