Dynamic Global Bond Fund

Investment involves 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.

Overview

Strategy

Fund Summary

Seeks to generate positive returns from global fixed-income with a focus on downside risk and providing diversification from equity markets.

OUR VIEWS ON FIXED INCOME

Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Aug-2024 - Quentin Fitzsimmons, Co-Portfolio Manager,

Global government bonds produced a positive return in August, supported initially by increased buying of perceived safer assets as weak U.S. data briefly sparked renewed recession fears, while investors priced more aggressive U.S. monetary easing. Within the portfolio, our short U.S. duration stance detracted as yields fell, although our U.S. curve steepener position worked, as short-dated bond yields fell more than long-dated yields. In currency, our change to long positions in the Japanese yen and the euro added moderately, but our long position in the Mexican peso dragged following a sharp initial repricing across markets. Our short exposure to the Malaysian ringgit also weighed amid positive economic data. Sector allocation and security selection contributed, as both our short S&P 500 Index exposure and our implementation of a long position on the Nasdaq 100 Index were helpful. Our long positioning in U.S. investment grade and high yield credit added further value, and our short hedges on U.S. high yield performed well early in the month.

31-Jan-2024 - Quentin Fitzsimmons, Co-Portfolio Manager,

Overall, we held a modest short duration bias, led by expectations for higher yields on the longer-end of yield curves in the US and Europe. Expectations of interest rate cuts later in the year coupled with the likelihood of increased fiscal supplies support a steepening bias in the US curve. In Japan, we removed our short duration bias on expectations of a change in policy settings.

31-Jan-2024 - Quentin Fitzsimmons, Co-Portfolio Manager,

We held our short position on the US dollar over the period on our belief that market expectations for aggressive interest rate cuts by the US Federal Reserve were premature. However, we increased our long holdings in the Chilean peso, Mexican peso, Norwegian krone, and the Romanian leu on expectations that a benign risk market environment will be supportive to these currencies.

The Management Fee for the T. Rowe Price Dynamic Global Bond Fund is 0.40% p.a. and the Indirect Cost is 0.00% p.a. Full details of other fees and charges are available within the Fund's Product Disclosure Statement and Reference Guide.

Source for Bloomberg Barclays index data: Bloomberg Index Services Limited.

Source for performance: T Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Daily performance (MTD, QTD, and YTD) data is based on the latest available NAV minus one business day.

The specific securities identified and described in this website do not represent all of the securities purchased or sold for this fund. This information is not intended to be a recommendation to take any particular investment action and is subject to change. No assumption should be made that the securities identified were or will be profitable.

Unless otherwise specified, all fund ratings, awards and data are as of 31-Aug-2024 and sourced from T. Rowe Price.

Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298 AFSL 240975) is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Stock Exchange (ASX:EQT). Equity Trustees and T. Rowe Price Australia Limited ("TRPAU") (ABN: 13 620 668 895 and AFSL: 503741) are, respectively, the responsible entity and investment manager of the T. Rowe Price Australian Unit Trusts. A Target Market Determination for each T. Rowe Price Australian Unit Trust (or class of units in a Trust) is available here (http://www.eqt.com.au/insto). It describes who the financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where Equity Trustees Limited, the responsible entity of the T. Rowe Price Australian Unit Trusts may need to review the Target Market Determination for the financial product.

For Wholesale Clients only.

Past performance is not a reliable indicator of future performance. The price of any fund may go up or down. Investment involves risk including a possible loss to the principal amount invested. For general information purposes only, does not take into account the investment objectives, financial situation or needs of any particular investor. For further details, please refer to each fund's product disclosure statement and reference guide which are available from Equity Trustees (www.eqt.com.au/insto) or TRPAU (www.troweprice.com.au).

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

Risks

Typical Investor