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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. 

US Aggregate Bond Fund
The actively managed diversified portfolio aims to generate revenue from investment in a portfolio of US government, corporate, and asset-backed debt. Environmental, Social and Governance (ESG) considerations are integrated into the investment process as a component of the investment decision. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0181329318
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30-Jun-2024 - Steve Bartolini, Portfolio Manager,
While tight credit spreads limit the market’s upside potential, we do not see a catalyst for materially wider spreads in the near term with the economy remaining resilient and the US Federal Reserve looking to support a continued expansion. We remain focused on finding pockets of relative value that may emerge during periods of volatility.

Fund Summary
Our approach is based on proprietary fundamental research and relative value analysis. The investment manager seeks to add value primarily through sector allocation, duration management, and security selection. The investment process places 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 - Steve Bartolini, Portfolio Manager,
The US investment-grade (IG) fixed income market, as measured by the Bloomberg US Aggregate Bond Index, recorded its second straight month of positive results in June as US Treasury yields declined. Within the portfolio, our positions in asset-backed securities were beneficial, although this was offset by security selection in Mexican sovereign debt and IG corporates. Sector allocation, meanwhile, was an overall detractor. An underweight exposure to Treasuries combined with an overweight to IG corporates hurt performance as corporate spreads widened, with the sector facing headwinds from weaker demand and heavy issuance. In addition, an out-of-benchmark allocation to Treasury inflation protected securities hampered performance as inflation cooled. Conversely, a non-benchmark allocation to collateralised loan obligations added value. Although we shifted to a neutral stance during the month, the portfolio’s short average duration position was also a headwind as Treasury yields decreased.
31-Jan-2024 - Steve Bartolini, Portfolio Manager,
We added to our allocations in Treasury inflation protected securities (TIPS) and asset-backed securities (ABS) during the month. We believe TIPS could benefit from a near-term rebound in economic data, while ABS looked attractive relative to corporate bonds. Conversely, we reduced our overweight allocation to investment-grade corporates as credit spreads tightened, while also increasing our underweight to nominal US Treasuries and reducing our position in the fundamentally challenged commercial mortgage-backed securities sector to near zero.

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.  


©2023 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.

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