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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. 

Dynamic Global Bond Fund
We use an active, flexible, benchmark-agnostic approach to invest across the full global fixed income opportunity set aiming to provide sustainable returns, capital preservation and diversification from equity risk. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1216622214
View more information on risks
31-May-2024 - Quentin Fitzsimmons, Co-Portfolio Manager,
Investors are grappling with multiple factors including a resilient US economy, rising reflation concerns and a slowing economy in China. In this climate, we believe that it is important to be tactical and keep a liquid profile in the portfolio, giving us flexibility to adapt to changes.

Fund Summary
We take a flexible approach to fixed income, integrating our high-conviction views on countries, interest rates and yield curves as well as credit security selection. We aim to find a balance between core, return-seeking and defensive positions, seeking to anchor performance in times of market stress. 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.

31-May-2024 - Quentin Fitzsimmons, Co-Portfolio Manager,
Government bond yields diverged in May reflecting variances in regional data. In the portfolio, duration management had a negative impact. Our short duration exposure in the US detracted as Treasury yields fell, outweighing moderative positive contributions from other positions including our short duration bias in Germany and our long allocation in New Zealand, the latter of which broadly tracked US Treasuries. Our selective long exposure to emerging markets was helpful. In currency, our short position in the Japanese yen was positive, while our emerging market long exposures added further value as risk assets found support. Our short positions in the lower-yielding Chinese renminbi and Taiwanese dollar also worked well, amid continued low inflation in China, but our short positions in the British pound and euro detracted. The long exposures in US high yield and investment-grade boosted performance as sentiment benefitted from rejuvenated expectations for US interest rate cuts.
31-Dec-2023 - Quentin Fitzsimmons, Co-Portfolio Manager,
In credit markets, we tactically reduced our defensive approach in the portfolio as we saw a small window of opportunity for risk markets before the end of the year. However, we added some risk-hedging positions in our portfolio as valuations look expensive.
31-Dec-2023 - Quentin Fitzsimmons, Co-Portfolio Manager,
Overall, we held a long duration bias, led by select countries including Australia and New Zealand. Dovish comments from policymakers coupled with the likelihood of increased fiscal supplies support a steepening bias in the US curve. In Europe, we held a broadly short duration position, mainly via Germany, as we think expectations for a European Central Bank interest rate cut in early 2024 is premature. In Japan, we pivoted to a short duration bias on expectations of a change in policy settings.

Indicative Benchmark Data Source: ICE

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.

©2024 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.

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.