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Financial Intermediary / All Funds / Diversified Income Bond Fund
Fund Range Documents

Capital at risk. Past performance is not a guarantee or a reliable indicator of 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 www.funds.troweprice.com 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. 

SICAV
Diversified Income Bond Fund
A globally diversified portfolio of bonds of all types from a wide range of issuers around the world, including emerging markets. The fund seeks to generate stable income. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU1244139231
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
30-Sep-2025 - Vincent Chung Co-Portfolio Manager,
While slow payroll growth and political pressure on the Fed have provided room for U.S. rates to rally, our view remains that economic conditions are resilient, and inflation is too far from target to allow the Fed to deliver as many cuts as the market is pricing. Heading into the fourth quarter, we think growth expectations and fewer-than-expected Fed rate cuts could be supportive of the U.S. dollar. In credit sectors, we prefer to remain somewhat cautious due to extremely tight valuations.

Overview
Strategy
Fund Summary
We seek to add value primarily through sector allocation, currency selection, duration management, and security selection. Our approach is based on proprietary fundamental research and relative value analysis. There is 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-Sep-2025 - Vincent Chung Co-Portfolio Manager,
Global fixed income markets, as measured by the Bloomberg Global Aggregate Index hedged to U.S. dollars, generated positive total returns for the month. U.S. Treasury yields fell outside the belly of the curve. Sovereign yield movements were more subdued in Europe and Japan, where curves flattened over the period. Excess returns were positive as spreads tightened at the index level. Sector allocation and security selection added to absolute returns as spread sectors broadly advanced during the period amid positive risk sentiment from investors looking to lock in attractive yield. Exposure to U.S. duration aided the portfolio overall; however, positioning for a steepening curve in the U.S. offset some of the gains. Currency management had a modestly positive impact on absolute returns. The U.S. dollar (USD) fluctuated in September, delivering mixed performance against other developed market currencies. Amid the fluctuations in the USD, select long exposures in emerging markets currencies, such as the Brazilian real and Egyptian pound, helped. Hawkish sentiment from Brazil’s central bank further supported the real.
31-Dec-2023 - Kenneth Orchard Portfolio Manager,
The portfolio eliminated its exposure to agency mortgage-backed securities (MBS) in December after a run of strong performance for the sector. We tactically managed our MBS exposure over the past few months, thanks to the insights from our sector strategy team, but we believe agency MBS spreads have tightened to unattractive levels relative to other assets.
30-Jun-2025 - Vincent Chung Co-Portfolio Manager,
Global fixed income markets, as measured by the Bloomberg Global Aggregate Index hedged to US dollars, gained in June as US Treasury yields fell on signs of weakness in the US economy and dovish rhetoric from select Federal Reserve officials. Given this backdrop, credit spreads also tightened with signs of de-escalation in the Middle East and trade deal prospects also supporting the risk environment. In the portfolio, our sector allocation and security selection contributed, driven by our exposures to global investment grade and high yield credit. Our duration positioning also helped, largely due to our long position to the U.S, as well as long stances to Australia and Peru. Long positions to Germany and India detracted, however, as yields in the former rose on hawkish European Central Bank commentary. In currencies, our short stances to the euro and British pound hindered in a weaker US dollar environment.
31-Dec-2023 - Kenneth Orchard Portfolio Manager,
In currencies, we maintained an underweight position in the US dollar with the currency likely to lose support as the Federal Reserve is expected to cut policy rates in 2024. During the month, we initiated a long position in the Turkish lira on attractive valuations. We believe the currency could benefit from a gradual return to more orthodox monetary policy as Türkiye aims for relative stability for the currency.

Past performance is not a guarantee or a reliable indicator of future results

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 www.troweprice.com. 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.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

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.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.