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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. 

Diversified Income Bond Fund
A globally diversified portfolio of bonds of all types from a wide range of issuers around the world, including emerging markets. The fund seeks to generate stable income. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1244139231
View more information on risks
30-Jun-2024 - Kenneth Orchard, Portfolio Manager,
While the market is anticipating two US interest rate cuts this year, strength in the economy and labour market could moderate the Federal Reserve’s ability to meet expectations. The US may continue its recent disinflationary trend, but in some countries where rates have already been cut have shown that inflation can be stickier without a slowdown in growth.

Fund Summary
We seek to add value primarily through sector allocation, currency selection, duration management, and security selection. Our approach is based on proprietary fundamental research and relative value analysis. There is a strong emphasis on risk management practices and portfolio diversification to manage the overall risk profile. 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.

30-Jun-2024 - Kenneth Orchard, Portfolio Manager,
Global fixed income markets, as measured by the Bloomberg Global Aggregate Index hedged to US dollars, generated solid absolute returns in June as sovereign yields fell in many countries. Within the portfolio, our exposure to global investment-grade and high yield corporate bonds performed well with falling sovereign yields supporting total returns. Exposure to US duration and US inflation-linked debt helped. Cooling inflation data helped drive US Treasury yields lower. The consumer price index (CPI) report released mid-month, surprised to the downside, and the producer price index (PPI) and import price data also supported the narrative that inflation was declining. A long position in the Mexican peso detracted. Several Latin American currencies significantly underperformed, led by the Mexican peso. The peso fell sharply after Mexico’s ruling party won the election with an unexpected landslide and later proposed controversial judicial reforms.
31-Dec-2023 - Kenneth Orchard, Portfolio Manager,
The portfolio eliminated its exposure to agency mortgage-backed securities (MBS) in December after a run of strong performance for the sector. We tactically managed our MBS exposure over the past few months, thanks to the insights from our sector strategy team, but we believe agency MBS spreads have tightened to unattractive levels relative to other assets.
31-Dec-2023 - Kenneth Orchard, Portfolio Manager,
We decreased overall portfolio duration posture over the period. We trimmed our duration allocation in the US and moved to a modest net short posture in the eurozone. With inflation trending lower, growth moving sideways and the declining likelihood of a global recession, we believe a bias for a steepening yield curve is appropriate in the near term.
31-Dec-2023 - Kenneth Orchard, Portfolio Manager,
In currencies, we maintained an underweight position in the US dollar with the currency likely to lose support as the Federal Reserve is expected to cut policy rates in 2024. During the month, we initiated a long position in the Turkish lira on attractive valuations. We believe the currency could benefit from a gradual return to more orthodox monetary policy as Türkiye aims for relative stability for the currency.

Benchmark Data Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

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.  


The Morningstar rating is sourced from Morningstar.

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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