Emerging Markets Bond Fund - Advisor Class

Invests at least 80% in the government or corporate debt securities of emerging nations.

Fund holdings may include the lowest-rated bonds, including those in default. Possible higher short-term volatility than U.S. investments as political instability may impact emerging economies. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation. To the extent the funds use futures, swaps, and other derivatives, they are exposed to additional volatility and potential losses.

Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (255 funds)

Data as of 09/30/2021

Data as of 09/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$5.0b

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$11.04
$0.00

Data as of 10/26/2021

Data as of 10/26/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Samy Muaddi, CFA
Samy Muaddi, CFA, Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

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Strategy

Investment Objective

The fund seeks to provide high income and capital appreciation.

Morningstar Fixed Income Style

Low / Extensive

Data as of 09/30/2021

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (Emerging Markets Bond)
Overall 255
3 Years 255
5 Years 214
10 Years N/A 72

*Ratings displayed with hollow stars represent Morningstar Extended Performance Ratings.  Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual fund share class that don't have a 1, 3-, 5-, or 10-year performance history.  These hypothetical Morningstar Ratings are based on the historical performance of the oldest share class of the fund, adjusted for fees and expenses.

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Yields & Dividends (Advisor Class)

30-Day SEC Standardized Yield
with waiver
3.47%

Data as of 09/30/2021

without waiver
3.32%

Data as of 09/30/2021

30-Day Annualized Dividend Yield
with waiver
4.00%

Data as of 10/26/2021

Monthly Dividend
(USD)
$0.036118388

Data as of 09/30/2021

Monthly Dividend
Rate
0.03%

Data as of 10/26/2021

Average Annual Total Returns (Advisor Class)*

1 YR
7.57%
Benchmark
4.36%
Value
3.21% 3.21%

Data as of 09/30/2021

3 YR
3.87%
Benchmark
5.65%
Value
-1.78% -1.78%

Data as of 09/30/2021

5 YR
2.40%
Benchmark
3.89%
Value
-1.49% -1.49%

Data as of 09/30/2021

10 YR
4.81%
Benchmark
5.80%
Value
-0.99% -0.99%

Data as of 09/30/2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Investor Class Inception Date: 12/30/1994

Advisor Class Inception Date: 08/28/2015

Expense Ratio

Gross
1.50%
Net
1.15%
Limitation Type
Contractual
expires 04/30/2022

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

*The T. Rowe Price Funds-Advisor Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for Advisor Class shares have been calculated using the performance data of the investor class up to the inception date of the Advisor Class (shown above) and the actual performance results of the Advisor Class since that date. The performance results of the investor class have not been adjusted to reflect the 12b-1 fee associated with the Advisor Class (0.25%). Had this fee been included, the performance would have been lower.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

Current Year Performance (Advisor Class)*

Daily YTD
-1.41%
Benchmark
N/A
Value
N/A

Data as of 10/26/2021

Monthly YTD
-0.71%
Benchmark
-1.36%
Value
0.65%

Data as of 09/30/2021

One Month
-2.13%
Benchmark
-2.07%
Value
-0.06%

Data as of 09/30/2021

Three Months
-0.69%
Benchmark
-0.70%
Value
0.01%

Data as of 09/30/2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Investor Class Inception Date: 12/30/1994

Advisor Class Inception Date: 08/28/2015

*The T. Rowe Price Funds-Advisor Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for Advisor Class shares have been calculated using the performance data of the investor class up to the inception date of the Advisor Class (shown above) and the actual performance results of the Advisor Class since that date. The performance results of the investor class have not been adjusted to reflect the 12b-1 fee associated with the Advisor Class (0.25%). Had this fee been included, the performance would have been lower.

Asset Allocation

Net Assets
(USD)
$5.0b

Data as of 09/30/2021

Largest Global ex-US Bonds 94.79% $4.8b
Other View complete

Holdings

Total
Holdings
317

Data as of 09/30/2021

Largest Holding Petroleos Mexicanos 3.14% Was (06/30/2021) 0.01%
Other View complete
Top 10 Issuers 30.90% View the latest

Quality

N/A

Maturity

Weighted Average

12.23 Years

Duration

Weighted Average

8.35 Years

Top

BB
30.97%
Was (08/31/2021) 31.14%

Top

10+ Years
38.78%
Was (08/31/2021) 38.78%

Top

Over 10 Years
30.08%
Was (08/31/2021) 31.17%

Over

BB
By 12.39%
Fund 30.97%
Benchmark 18.58%

Over

7-10 Years
By 6.71%
Fund 23.40%
Benchmark 16.69%

Over

Cash Equivalents
By 3.34%
Fund 3.34%
Benchmark 0.00%

Under

BBB
By -8.08%
Fund 23.65%
Benchmark 31.74%

Under

1-3 Years
By -6.63%
Fund 6.19%
Benchmark 12.82%

Under

1-3 Years
By -9.92%
Fund 5.01%
Benchmark 14.93%

Data as of 09/30/2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Sectors

Total
Sectors
4

Data as of 09/30/2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Sector Sovereign 61.76% Was (08/31/2021) 62.26%
Other View complete

Over

Corporate
By 18.35%
Fund 18.78%
Benchmark 0.44%

Under

Sovereign
By -19.65%
Fund 61.76%
Benchmark 81.41%

Data as of 09/30/2021

Regions

Total
Regions
5

Data as of 09/30/2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Region Latin America 32.97% Was (08/31/2021) 34.55%
Other View complete Region Diversification

Over

Latin America
By 1.65%
Fund 32.97%
Benchmark 31.32%

Under

Emerging Europe
By -4.88%
Fund 13.40%
Benchmark 18.29%

Data as of 09/30/2021

Countries

Total
Countries
62

Data as of 09/30/2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Country Mexico 10.01% Was (08/31/2021) 9.91%
Other View complete Country Diversification

Over

Mexico
By 5.18%
Fund 10.01%
Benchmark 4.83%

Under

United Arab Emirates
By -2.14%
Fund 1.89%
Benchmark 4.03%

Data as of 09/30/2021

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.  Excludes cash and derivatives.

Currency

Total
Currencies
9

Data as of 09/30/2021

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Largest Currency U.S. dollar 98.12% Was (08/31/2021) 98.93%
Other View complete Currency Diversification

Over

Chinese renminbi
By 1.32%
Fund 1.32%
Benchmark 0.00%

Under

U.S. dollar
By -1.88%
Fund 98.12%
Benchmark 100.00%

Data as of 09/30/2021

Team (As of )

Samy Muaddi, CFA

Samy Muaddi, CFA
Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Emerging Markets Corporate Bond and Global High Income Bond Strategies. He previously managed the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2020
  • Years at
    T. Rowe Price 15
  • Years investment
    experience 15
Benjamin Robins, CFA

Benjamin Robins, CFA
Portfolio Specialist

Ben Robins is a portfolio specialist in the Global Fixed Income Division. He supports the emerging market debt strategies, which include hard currency- and local currency-denominated sovereign and corporate debt, and works closely with clients, consultants, and prospects. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 5
  • Years investment
    experience 21

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Advisor Class
Cusip 77956H492
$2,500 $100 0.25% 1.50% 1.15% Contractual 04/30/2022
Investor Class
Cusip 77956H872
$2,500 $100 0.00% 0.87% 0.87% N/A
N/A
I Class
Cusip 77956H534
$1,000,000* N/A 0.00% 0.72% 0.70% Contractual
04/30/2022

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 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.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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