Skip to content

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. 

Global High Yield Bond Fund
An actively managed, bottom-up portfolio that seeks to capture enhanced returns from a diversified global portfolio of income bearing, high-yield securities from around the world, including emerging markets. The portfolio seeks to generate income and growth over the long term. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0133083492
View more information on risks
29-Feb-2024 - Mike Della Vedova, Co-Portfolio Manager,
We believe fundamental conditions in the high yield market and its underlying credit quality remain solid. Historically when yields have reached current levels, we have seen strong forward returns in the asset class, which bodes well for its medium-term performance. However, we expect the default rate to normalise soon given the challenging macroeconomic environment.

Fund Summary
The investment approach is to seek to identify improving issuers using factors such as credit statistics, free cash flow generation, strategic value of company, security structure, and quality of the management team. The manager uses tactical regional allocation to exploit diverse market environments and credit cycles and to profit from dislocations and volatility between regions. 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.

29-Feb-2024 - Mike Della Vedova, Co-Portfolio Manager,
High yield bonds marginally advanced in February as some favourable corporate earnings reports and solid equity performance with several benchmarks reaching all-time highs were supportive for the asset class. However, strong employment data and higher-than-expected inflation numbers in the US caused investors to temper expectations for the start of Federal Reserve rate cuts that may have been overly optimistic. The CCC rating tier significantly outperformed higher qualities, and most below investment-grade industries generated positive returns. Within the portfolio, credit selection among cable operators contributed to relative performance. Our relative underweight to BB rated bonds, which underperformed lower-quality credits during the period, added value and partly offset the drag from selection within the rating tier. Conversely, security selection in information technology detracted from relative results, as did our choices in the automotive segment.
30-Jun-2022 - Michael Della Vedova, Portfolio Manager,

We sought to take advantage of dollar discounts in BB rated bonds. Additionally, to modestly reduce the portfolio's overall risk profile, we allowed a natural reduction in CCC rated bonds due to a combination of upgrades, not participating in refinanced transactions, and targeted sales. We also made minor shifts at the industry level while focusing on keeping the portfolio fully invested.

Industry Positioning Adjusted

We reduced exposure to select names within the financials segment. Specifically, we pared the portfolio's exposure to mortgage originators with weaker servicing businesses, which tend to act as ballasts during periods of low mortgage origination volume, which typically occurs in a rising rate environment. Our focus within financials continues to be concentrated in the insurance brokerage subsector, where we see the property and casualty industry continuing to operate in a very strong pricing environment.

We aimed to concentrate our cruise line holdings in more defensive names given an increased risk of a consumer-led recession. This resulted in the reduction of our holdings in Carnival Corporation. While we continue to believe cruises will rebound this year, and Carnival's forward guidance is promising, it screens as the most at-risk in a consumer-led recessionary scenario for the following reasons: (1) the company doesn't hedge fuel costs, (2) it targets a lower-end consumer, (3) it enjoys less brand loyalty than competitors, and (4) the company's larger fleet will make it relatively more difficult to maximize/engineer profitability and margins during a downturn.

We found several attractive opportunities within the technology sector where many BB rated names such as Match Group and Entegris were trading at steep dollar discounts, and we were able to pick up meaningful positions in the low 90s.

The portfolio's allocation to the cable operators segment marginally declined due to the migration of Netflix's large capital structure to investment-grade status.

31-Dec-2023 - Mike Della Vedova, Co-Portfolio Manager,
We are overweight cable operators relative to the market index. These issuers generally exhibit durable fundamentals due to subscription-based, recurring-revenue business models and we believe several large capital structures are poised to achieve an investment-grade credit rating in the medium term. In addition, we are overweight select segments such as broadcasting and entertainment and leisure, which we think could continue to benefit from resilient private balance sheets and a shift in consumer behaviour that has favoured experiences over goods and products.

Indicative Benchmark Data Source: JP Morgan. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright © 2022, J.P. Morgan Chase & Co. All rights reserved.

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