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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. 

TRP Global Aggregate Bond Fund
To maximise the value of its shares through both growth in the value of, and income from, its investments.
ISIN LU2237384198
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31-Jan-2020 - Scott Berg, Portfolio Manager,
The big question marks for equity investors as we enter 2020 relate to U.S.-China trade negotiations and November’s U.S. elections. In our view, it is difficult to envision a sharp runup in equity markets until we see meaningful progress in the former and more clarity in the latter—neither of which are likely until the end of this year. This complex backdrop should however provide ample opportunity for active investors to take advantage of any valuation anomalies.

Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

31-Dec-2019 - Scott Berg, Portfolio Manager,
Global equities gained ground in December. Investor optimism pushed markets higher as developments in U.S.-China trade negotiations and the UK election helped remove a level of uncertainty that had persisted throughout the year. At the portfolio level, information technology held back relative returns the most. Shares of cloud-based software provider Workday struggled after the company provided guidance for FY 2021 subscription revenue growth that was lighter than expected. Despite the disappointing guidance, third-quarter earnings were generally strong and highlighted robust revenue and gross margin fundamentals as well as lower operating expense growth. Workday is a high-quality business that is targeting very large and complex end markets that should support durable growth. On the positive side, stock selection in the consumer discretionary sector aided relative performance. Shares of Tesla rallied on news of positive improvements in deliveries and the firm’s factory in China. We believe Tesla is a highly differentiated innovator that will continue to disrupt the automobile industry. The upcoming release of the Model Y, its Chinese production facility, and improving scale and financial discipline should enable Tesla to continue to gain market share in the automobile industry.
30-Nov-2019 - Scott Berg, Portfolio Manager,
Our current outlook for the energy sector remains subdued given the global oversupply of oil. While escalating tensions in the Middle East between Saudi Arabia and Iran are another complicating factor, we expect the surge in U.S. shale oil production and productivity will continue to drive oversupply for some time to come. Our focus in the sector is on companies with high-quality balance sheets, low-cost production, and better production growth profiles.

SICAV III labelling represents the Select Investment Series III SICAV, a Luxembourg UCITS.

Please note that the Fund typically has a risk of high volatility.

Benchmark Data Source: MSCI. MSCI index returns are shown with reinvestment of dividends after the deduction of withholding taxes. MSCI and its affiliates and third party sources and providers (collectively, “MSCI”) makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. Historical MSCI data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

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 Select Investment Series III 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 (KIID) and/or the 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.

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.  


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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