Multi-Asset Global Income Fund
Build a portfolio of distinctive income potential
Key features
Potential for consistent and high income
- Class Ax (USD) aims to pay dividends on a monthly basis
- Annualised dividend yield: 4.97%1 (Dividends are not guaranteed and may be paid out of capital.)
Opportunistic alternative income
- Exposure to private credit through listed Business Development Companies (BDCs)2, aims to improve yield, diversification, and total return while striving to minimize any significant increase in volatility or drawdown
Lower risk profile
- The Fund actively manages dynamic asset allocation to adapt to market conditions, with a focus on drawdown
- It also aims to maintain an average credit quality at investment-grade level under most market conditions
Cast a wider net
Invests globally to pursue higher quality and enhanced diversification:
- The equity allocation aiming to capitalize on market broadening beyond the US and technology sector
- The multi-sector fixed income allocation focusing on high quality, consistent income
1 As of 30 September 2025 for Class Ax (USD). Annualised Dividend Yield (%) = (Dividend per share / Ex- Dividend Date NAV) x 12 x 100. Positive dividend yield does not imply positive return. For more dividend information, please refer to the Composition of Dividend Payments document on the fund page of our website.
2 A business development company (“BDC”) is a special closed-end investment vehicle that is regulated under the 1940 Act and used to facilitate capital formation by smaller U.S. companies. BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. BDCs must have at least 70% of its assets in the type of “qualifying” assets listed in Section 55(a) of the 1940 Act, which are generally privately-offered securities issued by U.S. private companies or U.S. publicly-traded companies with market capitalizations less than US$250 million. BDCs may also invest up to 30% of its portfolio in “non-qualifying” portfolio investments, such as investments in non-U.S. companies. BDCs may be exchange-traded, public non-traded or privately placed. investments are illiquid and there are restrictions on withdrawal. An investment in a non-exchange traded BDC is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments. a non-traded BDC’s shares are illiquid investments for which there is not a secondary market. Liquidity for these shares will be limited to participation in the non-traded BDC’s share repurchase program, which it has no obligation to maintain.
Portfolio Manager Richard Coghlan shares more on the strategy and its key features for investors
Why consider T. Rowe Price Multi-Asset Global Income Strategy now?
Hi, I'm Richard Coghlan, portfolio manager of the Multi-Asset Global Income Strategy at T. Rowe Price. After many years of US market leadership, we are now seeing meaningful broadening into European, Emerging Market, and Japanese assets. However, in today’s market environment – marked by sticky inflation, geopolitical tensions and ongoing uncertainty – finding a strategy that delivers consistent income and focuses on risk management, particularly to the downside, is crucial for investors. The T. Rowe Price Multi-Asset Global Income strategy takes a balanced approach to income and growth with a focus on downside risk management. We believe this strategy could be highly relevant in 2025 and beyond, helping investors navigate various market environments with greater confidence.
Introducing the Multi-Asset Global Income Strategy
Hi, I'm Richard Coghlan, portfolio manager of the Multi-Asset Global Income Strategy at T. Rowe Price. The Multi-Asset Global Income Strategy provides four key features. First, in addition to its core allocations in equity and fixed income, the strategy takes an opportunistic approach to alternative income. Through listed private credit (listed Business Development Companies (BDCs)), it gains exposure to small- and mid-sized companies that are typically difficult to access. This aims to enhance the portfolio yield and diversification without significantly increasing volatility. Second, the strategy casts a wide net globally. Its US equity allocation has a dividend growth bias, seeking to deliver better outcomes in various market conditions. It also invests in other developed and emerging markets, tapping into a diverse mix of growth and value stocks. The fixed income allocation blends income sources from high quality to high yield, across the full spectrum of global multi-sector credits. It also aims to maintain an average credit quality at investment-grade level under most market conditions. Third, the Multi-Asset Global Income Strategy places strong emphasis on downside risk management. It actively adjusts asset allocation in response to market conditions, with a focus on drawdown. Finally, the strategy seeks to provide a consistent and high-income stream and long-term capital appreciation to meet the needs of investors looking for a combination of income and investment growth. With these key features, the Multi-Asset Global Income strategy is designed to help you navigate various market environments, offering a balanced approach to income and growth. Thank you for watching. We look forward to seeing you again in the future, to discuss more about T. Rowe Price Multi Asset Global Income Strategy.
Key takeaways
Why consider T. Rowe Price Multi-Asset Global Income Strategy now?
Richard Coghlan believes an investment strategy that seeks to balance income and growth while actively managing downside risk—could be relevant for navigating market conditions in 2025 and beyond.
Introducing the Multi-Asset Global Income Strategy
Richard Coghlan shares how the strategy is built to help investors navigate diverse market environments, as it provides four key features:
- Opportunistic approach to alternative income
- Global diversified allocation
- Downside risk management
- Potential for consistent and high income
Fund at a glance
Multi-Asset Global Income Fund
Employing a flexible asset allocation approach, the Fund is actively managed and invests mainly in a diversified portfolio of income generating equities, bonds and money market securities, from issuers around the world, including emerging markets.
| Inception date | 12 February 2020 |
| Base currency | USD |
| Annual management fee* | Up to 1.20% (Class A(USD)) |
| ISIN code | Class A (USD): LU2047632596 Class Ax (USD): LU2100268510 |
| Bloomberg code | Class A (USD): TMGIAUA LX Class Ax (USD): TRMGIAU LX |
| Benchmark | 50% Bloomberg Global Aggregate (USD Hedged) and 50% Equity MSCI All Country World Net Index |
Documents
More about this fund
* Full details of the fees payable by investors are available within the offering document.
Why T. Rowe Price for multi-asset?
Opportunities aren’t limited to just one asset class
We have over 35 years of experience creating effective cross asset class solutions. Our multi-asset expertise integrates the core strength of our firm - a collaborative investment culture with robust fundamental and quantitative capabilities into solutions designed to meet client objectives.
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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..
Investment involves risk. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can fall as well as rise. You may get back less than the amounted invested. The performance returns are denominated in the share class dealing currency which can be a foreign currency and if so, US/SG dollar-based investors are exposed to fluctuations in the US/SG dollar/foreign currency exchange rate. Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) and the product highlights sheet which are available and may be obtained from any appointed distributors.
T. Rowe Price Singapore Private Ltd. is the appointed Singapore representative and agent for service of process in Singapore. SICAV refers to 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”).
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