T. Rowe Price - Home
Choose your site Enterprise Corporate Financial Intermediary Institutional Investors/Consultants
Your location and language
English Deutsch
Search
Choose your site Enterprise Corporate Financial Intermediary Institutional Investors/Consultants
Your location and language
English Deutsch
Your location and language
English Deutsch
Financial Intermediary / All Funds / Global High Income Bond Fund
Fund Range Documents

Capital at risk. Past performance is not a guarantee or a reliable indicator of 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 www.funds.troweprice.com 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. 

SICAV
Global High Income Bond Fund
A concentrated, high-income portfolio of primarily global high yield corporate bond opportunities. We apply an active management approach to global high yield to capitalise on market inefficiencies, sector positioning and idiosyncratic events while seeking enhanced return potential. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1216622644
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Dec-2025 - Mike Della Vedova Co-Portfolio Manager,
Earnings for most issuers have been better than feared, and credit markets are poised to benefit from several tailwinds in 2026. While spreads are near historically tight levels, the asset class continues to provide extremely attractive yields. Despite recent periods of volatility and weaker-than-expected job reports, we do not anticipate default rates moving materially from current levels. Given the large portion of secured debt and the high-quality nature of the asset class, we view high yield as a compelling source of risk-adjusted returns.

Overview
Strategy
Fund Summary
There is significant divergence across global fixed income markets and global credit cycles are increasingly unsynchronised. This fund seeks to use credit selection capabilities to find value. This includes analysis of factors such as credit statistics, free cash flow generation, security structure and quality of management team. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. 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-Dec-2025 - Mike Della Vedova Co-Portfolio Manager,
Global high yield bonds posted positive returns in December. Generally, favorable economic data and central bank policymakers’ dovish stance aided the performance of US and European below investment-grade markets. Increased investor optimism amid monetary policy easing and waning risk aversion were supportive for emerging markets high yield corporate bonds. The portfolio outperformed its benchmark in December. Credit selection in the retail, health care, and building products segments contributed to relative performance. Conversely, security selection in the energy and cable operators segments held back relative gains, as did our zero weightage in the gaming and lodging industry.

Past performance is not a guarantee or a reliable indicator of future results

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 www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.