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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. 

Global High Yield Opportunities Bond Fund
To maximise the value of its shares through both growth in the value of, and income from, its investments over a full market cycle (a minimum of 5 years).
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30-Nov-2022 - Michael Della Vedova, 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 2023 performance. We do, however, expect the default rate to normalise in 2023 given the challenging macro environment.

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.

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority 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 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 and via

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.

IA Sector: Many UK funds are grouped into sectors by the Investment Association (the “IA”) (the trade body that represents UK investment managers), to help investors to compare funds with broadly similar characteristics. Investors may compare the fund against the performance of the Europe Excluding UK sector. This sector represents the average performance of certain funds that invest at least 80% of their assets in European shares and exclude UK securities. It can therefore serve as a method of comparing the fund’s performance with other funds that have broadly similar characteristics. The fund is not constrained to or managed in line with this sector. Source for IA Sector Data: © Morningstar. All Rights Reserved.

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