T. Rowe Price Global High Income Fund
Exciting companies. Compelling income.
If you don't think fixed income is exciting, think again.
The high yield universe is full of exciting opportunities both established and growing. The likes of Hilton, Chobani, Avis and Land Rover are all high yield issuers.1
And, with an average return of 8%2 over the last 40+ years, it's not just exciting but compelling too.
A love story about the familiar companies quietly powering our everyday lives
Watch Mike Della Vedova, co-Portfolio Manager of T. Rowe Price Global High Income Fund, tell a love story about familiar companies.
Hans Lee
Hello, I'm Hans Lee from Live Wire Markets and welcome to Views from the Top. Our guest today is Michael Della Vedova from T Rowe Price.
Michael is a portfolio manager for the Europe High yield bond Strategy and Co portfolio manager for the global high yield bond and global high income bond strategies.
Mike, welcome. Thanks for joining us. So let's now talk about your specialty arae.
We thought we'd use this particular interview and given Mike's expertise to make this really a master class in high yield.
Mike Della Vedova
Let me tell you a story that has a happy ending.
Hans Lee
Go on.
Mike Della Vedova
OK, there's a couple and they meet, I can't remember if it was match.com or Tinder, high yield companies. When I did this, they're a high yield company.
They decided to go on a date. One wore some Under Armour and someone else wore their Levi's.
They both happen to have similar interests. They liked cars. They like, for example, Jaguar and they like Aston Martins. They liked high end, nice performance cars.
So they thought, what did we watch? They started to work out well, let's watch TV.
They both enjoyed watching Big Brother and they found out they also supported the same European football team into Milan.
This was working out well. Let's go on a holiday together.
They went to United States and they flew United, which just happened to be powered by Rolls Royce engines and the ties were made by Goodyear.
Where'd they go? This was going very well.
They went to Las Vegas where they went to. You can pick any number of casino chains in Las Vegas, all high yield issues, and they ended up getting married there.
I told you I'd have a happy ending.
Hans Lee
Brilliant. You can't get better than that for everybody.
Mike Della Vedova
All right, so those are the, I guess it just proves then all being said and done that it's really lots of different sectors, lots of different companies sectors, all different kinds.
You wouldn't realise people unaware this is impacting and they're around them every day.
Hans Lee
Mike Della Vedova, thank you for bringing the story.
Mike Della Vedova
You're more than welcome.
1 As of 30 June 2025. The above represents examples of high yield issuers in Bloomberg US Corporate High Yield Index USD Unhedged. The specific securities identified and described are for informational purposes only and do not represent recommendations.
2 Past performance is not a guarantee or a reliable indicator of future results. Market return is represented by the US High Yield market, which has the longest track record, Bloomberg US Corporate High Yield Bond Index, Annualised index returns from 1 July 1983 to 30 June 2025.
Why T. Rowe Price Global High Income Fund?
Exciting companies
Includes established companies like Avis, Chobani, Nissan Motor Acceptance and TUI Cruises3
Compelling income
Current yield of 7.08% p.a.4
Powerful compounding
Grow your investment through compounding returns
Low defaults
Actively managed with significantly lower defaults than market average
3 As of 31 May 2025. The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the portfolio, and no assumptions should be made that the securities identified and discussed were or will be profitable.
4 As of 30 September 2025. Past performance is not a guarantee or a reliable indicator of future results. The current yield of the Fund reflects the market-weighted average of coupon divided by price per security.
Strong market performance over time
Average return of
8%
over the last 40+ years*
U.S. High Yield Return (Rolling 36-Month, Annualised)*
As of 30 June 2025
Past performance is not a guarantee or a reliable indicator of future results.
Index referred to is Bloomberg US Corporate High Yield Index USD Unhedged.
Source: Bloomberg. Data from Jan-1987 to Jun-2025. Returns in U.S. dollars.
*Assumes reinvestment of coupon. Total return since 1 July 1983 to 30 June 2025.
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T. Rowe Price Global High Income Fund - I class
APIR: ETL0793AU
| Inception date | 4 May 2020 |
| Benchmark | ICE BofA Global High Yield Index Hedged to AUD |
| Management fee | 0.62% pa6 |
| Ratings | Morningstar Medalist RatingTM: Gold Lonsec: 4 - Recommended Zenith: Recommended |
Fund literature
When you usually head down the path of fixed income investments like bonds, you probably expect to find more defensive investments designed to balance or protect a portfolio of growth assets like equities.
But did you know there is a universe of bonds which are issued by successful global companies, many of which you would have heard of which have also historically delivered strong income and attractive risk-adjusted returns.
The T. Rowe Price Global High Income Fund is made up of around 150 to 200 high yield securities issued by high potential companies and diversified across countries, regions and industries. By investing in these securities, the Fund aims to seek income, grow your capital and help diversify your portfolio.
High yield bonds while riskier than government or investment grade bonds tend to perform in a similar style to equity markets while historically exhibiting around half of the volatility. So they can be a very effective addition for investors looking to find additional sources of return.
As you can imagine, in a truly global high yield portfolio, there are thousands of bonds around the world to choose from, with around 50% in the U.S., 30% in Europe and 20% across the rest of the world. So finding the right securities is a massive task and requires a lot of expertise and skill. That's why the fund is managed by three portfolio managers. Each one an expert in a specific high yield market. And of course, they are supported by the T Rowe Price global research platform with over 800 investment professionals around the world, sharing insight and analysis, including over 240 fixed income specialists and global high yield analysts.
So if you're looking for a clear path to an investment that's expertly managed and designed to seek income for investors, the T. Rowe Price Global High Income Fund could be just what you're looking for.
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Invest via platform
The T. Rowe Price Global High Income Fund is available via BT Panorama, Hub24, Netwealth, CFS Edge, North and Macquarie Wrap.
Past performance is not a guarantee or a reliable indicator of future results.
6 The Management Fee for the T. Rowe Price Global High Income Fund - I Class is 0.62% p.a. and the Indirect Cost is 0.00% p.a. Full details of other fees and charges are available within the Fund's Product Disclosure Statement and Reference Guide.
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Aug 2025
From the Field
A new era of global high yield: Stronger, larger, and more diverse
Jul 2025
Monthly Market Playbook
Taking a measured approach with high yield bonds
Jun 2025
From the Field
High yield — the name says it all
Jun 2025
On the Horizon
Bonds with credit risk may outperform government debt
Risk (please read the PDS for further details)
Medium. The following risks are materially relevant to the Fund.
High yield bond risk: a bond or debt security rated below BBB- by Standard & Poor’s or an equivalent rating, also termed ‘below investment grade’, is generally subject to higher yields but to greater risks too.
Geographic concentration risk: to the extent that a fund invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area.
Emerging markets risk: emerging markets are less established than developed markets and therefore involve higher risks.
Investor profile
The Fund may be suitable for investors who:
- Want to generate income and investment growth over the long term.
- Gain global exposure to corporate issuers primarily rated below investment grade.
- Wish to capitalise on an expanding global opportunity set with potential to profit from market efficiencies and volatility between regions.
- The Fund may be suitable for investors seeking the potential for a high level of current income and some appreciation over time and can accept the risk associated with investments in global fixed income securities as well as those associated with the use of derivatives.
The Fund may not be suitable for investors who:
- Are unable to accept the risk associated with investments in global fixed income securities as well as those associated with the use of derivatives.
- Have an investment time horizon of less than five years.
Additional Information
The specific securities identified and described do not represent all of the securities purchased, sold, or recommended for the portfolio, and no assumptions should be made that the securities identified and discussed were or will be profitable.
Bloomberg and ICE BofA do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit https://www.troweprice.com/en/au/market-data-disclosures for additional legal notices & disclaimers.
Important Information
Available in Australia for Wholesale Clients only. Not for further distribution.
Equity Trustees Limited (“Equity Trustees”) (ABN: 46 004 031 298, AFSL: 240975), is the Responsible Entity for the T. Rowe Price Australian Unit Trusts (""the Fund""). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN: 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT).
This material has been prepared by T. Rowe Price Australia Limited (""TRPAU"") (ABN: 13 620 668 895, AFSL: 503741) to provide you with general information only. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither TRPAU, Equity Trustees nor any of its related parties, their employees or directors, provide and warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it.
Past performance is not a guarantee or a reliable indicator of future results. You should obtain a copy of the Product Disclosure Statement, which is available from Equity Trustees (www.eqt.com.au/insto) or TRPAU (www.troweprice.com.au), before making a decision about whether to invest in the Fund named in this material.
The Fund’s Target Market Determination is available here. It describes who this financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where the Target Market Determination for this financial product may need to be reviewed.
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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