- The Fund is actively managed and invests mainly in a diversified portfolio of debt securities of all types from issuers around the world, including emerging markets.
- Investment in the Fund involves risks, including general investment risk, currency risk, emerging markets risk, exclusion criteria risk and Reminbi (RMB) currency and conversion risks which may result in loss of a part or the entire amount of your investment.
- The investment in debt securities is also subject to credit/counterparty risk, interest rate risk, downgrading risk, credit rating risk, risk associated with high yield debt securities which are generally rated below investment grade or unrated, sovereign debt risk, risk associated with investments in debt instruments with loss-absorption features and valuation risk.
- The Fund may use derivatives for hedging, efficient portfolio management and investment purposes or to create synthetic short positions in currencies, debt securities, credit indices and equities, and is subject to the risk associated with derivatives. Exposure to derivatives may lead to a risk of significant loss by the Fund.
- Dividend of certain share class(es) may be paid directly out of capital and/or effectively out of the capital which amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distribution may result in an immediate reduction of net asset value per share. (Note 1)
- Investments in share class(es) with fixed annual percentage rate are not an alternative to a savings account or fixed interest paying investment. The fixed annual percentage rate may be subject to adjustment. The percentage of distributions paid is unrelated to the actual or expected income or returns of these share classes or the Fund. Distribution will continue even the Fund has negative returns or is making losses, which further reduces the net asset value. A positive distribution yield does not imply a high or positive return.
- The value of the Fund can be volatile and could go down substantially.
- Investors should not invest in the Fund solely based on this website.
Diversified Income Bond Fund
Unlock thriving global income potential
Key Features
Potential for stable and attractive income
- Class Ax (USD) aim to pay dividends on a monthly basis
- Annualised dividend yield: 6.96%1 (Dividends are not guaranteed and may be paid out of capital. Please refer to note 1 of “Risk Considerations”)
Truly global diversified portfolio
Helps to identify the most attractive opportunities across:
- 15+ major fixed income sectors across global governments, corporates (investment grade and high yield) and securitised bonds
- 80+ countries in developed and emerging markets
- 40+ currencies²
Controlled risk profile
- Current average credit quality: BBB+³
- Since launch, the Fund's average credit rating is maintained at investment-grade level³
- As of 30 September 2025. Annualised Dividend Yield (%) = (Amount per share / Ex-Dividend Date NAV) x 12 x 100. Positive dividend yield does not imply positive return.
- The majority of the currency exposure will be hedged back to the U.S. dollar.
- As of 30 September 2025. Fund launch date: 15 December 2016. Credit ratings for the securities held in the Fund are provided by Moody’s, Standard & Poor’s and Fitch and are converted to the Standard & Poor’s nomenclature. A rating of "AAA" represents the highest-rated securities, and a rating of "D" represents the lowest-rated securities. When a rating is available from all three agencies, the median rating is used. If there are two ratings, the lower rating is used and if only one rating is available, that rating is used. If a rating is not available, the security is classified as Not Rated (NR). The rating of the underlying investment vehicle is used to determine the creditworthiness of credit default swaps and sovereign securities. The Fund is not rated by any agency.
Co-portfolio manager Ken Orchard shares more on the strategy and its key potential benefits for investors
Hi, I'm Ken Orchard, portfolio manager of the Diversified Income Bond Strategy and head of International Fixed Income at T Rowe Price.
With inflation stickier than expected and the interest rate outlook becoming less certain, investors are on the hunt for investments strategies that could offer consistent and attractive levels of income while still minimising risk.
That's why I am excited to be here today to introduce you to our Diversified Income Bond Strategy.
The Diversified Income Bond Strategy provides three key benefits for investors.
First, it offers stable and attractive income potential.
The strategy invests in multisector credit, including governments, corporates and securitised bonds, providing a wide range of income potential.
By blending income sources from high quality to high yield, with differentiated risk factors, we seek to generate consistent income streams for investors while delivering lower levels of portfolio volatility. Stable potential income could be a good hedge against inflation and provide a cushion for investors when markets are under stress.
Second, it's about dynamic diversification.
We build a globally diversified portfolio that invests in the entire fixed income universe with tactical allocation between over 15 fixed income sectors, including investment grade and high yield bonds developed in emerging markets across 80 countries and 40 currencies.
To navigate different interest rate cycles, we can increase the strategy’s duration to up to eight years or reduce it to as low as zero to better manage sensitivity to interest rate movements.
To avoid excessive exposure to any one area or interest rate cycle, we don't focus on any single country or sector. We leverage the full breadth and depth of our global fixed income capabilities to search for opportunities in Asia, North America, Europe, and the emerging markets of Africa and Latin America.
It is a one stop shop for investors to access opportunities in the global fixed income universe in one portfolio, rather than having to invest themselves and worry about managing sector allocations and fluctuations to interest rates.
Third, it's about risk control.
We commit to maintaining a minimum average portfolio credit rating at investment grade level. By adjusting credit and interest rate positions, hedges and liquidity in response to market conditions, the portfolio seeks to minimise volatility through different market cycles.
Ultimately, it aims to give investors a smoother ride through market volatility while delivering potential income and returns.
Thank you for watching and I look forward to seeing you again in the future to discuss more about the Diversified Income Bond Strategy.
Key takeaway
Ken Orchard shares the three key potential benefits the strategy provides for investors.
Ultimately, it aims to give investors a smoother ride through market volatility while delivering potential income and returns.
Fund at a glance
Diversified Income Bond Fund
The Fund is actively managed and invests mainly in a diversified portfolio of debt securities of all types from issuers around the world, including emerging markets.
| Inception date (Class A) | 15 December 2016 |
| Base currency | USD |
| Annual management fee* | Up to 0.84% (Class A) |
| ISIN code | Class A (USD): LU1244139074 Class Ax (USD): LU1676121723 Class A8p (USD): LU3047269116 Class A8p (HKD): LU3047269389 Class A8pn (AUD): LU3047269462 Class A8pn (CNH): LU3047269546 |
| Bloomberg code | Class A (USD): TRPGMSA LX Class Ax (USD): TRPDIAX LX Class A8p (USD): TRDIA89 LX Class A8p (HKD): TRDIA8H LX Class A8pn (AUD): TRDIA8P LX Class A8pn (CNH): TDIA8PN LX |
| Benchmark^ | Bloomberg Global Aggregate Bond USD Hedged Index |
Documents
More about this fund
*Full details of the fees payable by investors are available within the offering document.
^This benchmark is shown for comparison purposes only.
Why T. Rowe Price for fixed income?
Inspired to think, inspired to perform
Across our broad range of fixed income solutions, our investment teams are inspired to explore original ideas and test them through rigorous research in pursuit of better client outcomes.
Our latest fixed income insights
Additional Disclosures
“Bloomberg®” and the Bloomberg Indices are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by T. Rowe Price. Bloomberg is not affiliated with T. Rowe Price, and Bloomberg does not approve, endorse, review, or recommend this product. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to this product.
Important Information
Unless otherwise stated, all data is sourced from T. Rowe Price. Certain numbers in this website may not add due to rounding and/or the exclusion of cash.
This website is being furnished for general informational purposes only. The website does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. 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.
The website does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The website has not been reviewed by any regulatory authority in any jurisdiction.
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.
Investment involves risks. Investors should refer to the offering documents for full details including the objectives, investment policies and risks factors.
4557160