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Home / All Products / Dynamic Global Bond Fund
Fund Range Documents

Investment involves 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.

NOTE: The Net Asset Value (the “NAV”) price for the T. Rowe Price Australian Unit Trusts (the “Funds”) is incorrectly displaying the Withdrawal Price instead of the NAV price on this page due to a system issue, which is currently being resolved internally. For avoidance of doubt, there is no valuation error in respect of the Funds’ NAV prices.

Please visit the website of Equity Trustees Limited (ww.eqt.com.au/trprice), the Responsible Entity for the Funds, for the NAV and full unit price information for the Funds.

Australian Unit Trust
Dynamic Global Bond Fund
A portfolio of global fixed-income securities with a focus on delivering sustainable income and minimising downside risk. 

Class S PDS

Class I PDS

Client Fund Profile

Annual Report
APIR ETL0398AU
PERFORMANCE REPORT
Product Disclosure Statement
QUARTERLY REVIEW
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Target Market Determination
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28-Feb-2025 - Scott Solomon Co-Portfolio Manager,
We see softening U.S. economic activity in the near term, and improvement in other regions, helped by an uptick in global manufacturing. U.S. Treasuries are therefore likely to remain supported, but we will look for any overshoot in expectations for interest rate cuts. Policy uncertainty around tariffs remains elevated. We continue to be tactical and adaptable to changes.

Overview
Strategy
Fund Summary
Seeks to generate positive returns from global fixed-income with a focus on downside risk and providing diversification from equity markets.
OUR VIEWS ON FIXED INCOME
Performance - Net of Fees

Past performance is not a reliable indicator of future performance.
28-Feb-2025 - Scott Solomon Co-Portfolio Manager,
Global government bonds saw positive returns in February. This was led by a strong rally in U.S. Treasuries later in the month as economic activity data undershot expectations. Within the portfolio, our duration positioning was positive, due to our long U.S. duration exposure, which we extended during the month. Our more moderate long exposures in other markets, including in Mexico and New Zealand, also added value. In active currency, returns were neutral. Our long position in the Japanese yen was effective as the currency rallied on positive data and raised expectations for monetary tightening, but our shift to a long euro position detracted due to a pullback in the currency later in the month. In sectors, our short U.S., long Europe equity futures positioning, which reflected our view for softening U.S. data, contributed well. We viewed the position as offering a more attractive risk/return profile than currencies. Security selection in euro high yield corporate bonds dragged.
31-Jan-2024 - Quentin Fitzsimmons Co-Portfolio Manager,
Overall, we held a modest short duration bias, led by expectations for higher yields on the longer-end of yield curves in the US and Europe. Expectations of interest rate cuts later in the year coupled with the likelihood of increased fiscal supplies support a steepening bias in the US curve. In Japan, we removed our short duration bias on expectations of a change in policy settings.
31-Jan-2024 - Quentin Fitzsimmons Co-Portfolio Manager,
We held our short position on the US dollar over the period on our belief that market expectations for aggressive interest rate cuts by the US Federal Reserve were premature. However, we increased our long holdings in the Chilean peso, Mexican peso, Norwegian krone, and the Romanian leu on expectations that a benign risk market environment will be supportive to these currencies.

The Management Fee for the T. Rowe Price Dynamic Global Bond Fund is 0.40% 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.

Benchmark Data Source: Bloomberg. Benchmark returns are shown with gross dividends reinvested.

 

The specific securities identified and described in this website do not represent all of the securities purchased or sold for this fund. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumption should be made that the securities identified were or will be profitable.

Unless otherwise specified, all fund ratings, awards and data are as of 31-Oct-2025 and sourced from T. Rowe Price. 

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 https://www.eqt.com.au/corporates-and-fund-managers/fund-managers/institutional-funds/institutional-fund-manager?f=1e68c659-e0db-4d2f-8a96-c436f3d60971. 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.