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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 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
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
FACTSHEET
KID
SFDR DISCLOSURE
31-Aug-2024 - Kenneth Orchard, Portfolio Manager,
We believe the global macroeconomic outlook is nuanced. In the US and Europe, we expect near-term growth to remain soft as the headwinds from higher interest rates abate. We are gaining confidence in a 2025 economic rebound, however, as the combined impacts of lower bond yields, some policy rate cuts, and lower energy prices stimulate demand.

Overview
Strategy
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.

31-Jul-2024 - Kenneth Orchard, Portfolio Manager,
Global fixed income markets, as measured by the Bloomberg Global Aggregate Index hedged to US dollars, generated strong absolute returns in July amid falling global sovereign yields across most countries. Our exposure to global investment-grade and high yield corporate bonds added to total returns. Global investment-grade corporate bonds performed well as falling yields boosted absolute returns. High yield bonds across the globe advanced in July. Within the portfolio, holding duration in the US notably contributed for the period with US Treasury yields significantly falling as investors increasingly expected the Federal Reserve to begin easing monetary policy at its September meeting. A short position in the Chinese renminbi also dragged on performance as the currency appreciated. In an attempt to boost growth, the People’s Bank of China surprised the market by lowering the seven-day reverse repurchase rate and decreasing the rate on its medium-term lending facility.
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.

Past performance is not a reliable indicator of future performance.

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.