Emerging Markets Bond Fund - I 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.

PRXIXCUSIP 77956H534
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (240 funds)

Data as of 01/31/2020

Data as of 01/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

25yrs
$5.9b

Data as of 01/31/2020

Data as of 01/31/2020

Price
(USD)

Daily Price Change

$11.86
$-0.06

Data as of 02/26/2020

Data as of 02/26/2020

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™.

Michael J.  Conelius
Michael J. Conelius, Portfolio Manager

Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He 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 01/31/2020

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 240
3 Years 240
5 Years N/A 179
10 Years N/A 53

*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 (I Class)

30-Day SEC Standardized Yield
with waiver
4.41%

Data as of 01/31/2020

without waiver
4.41%

Data as of 01/31/2020

30-Day Annualized Dividend Yield
with waiver
4.85%

Data as of 02/26/2020

Monthly Dividend
(USD)
$0.051339234

Data as of 01/31/2020

Monthly Dividend
Rate
0.04%

Data as of 02/26/2020

Average Annual Total Returns (I Class)*

1 YR
11.34%
Benchmark
14.42%
Value
-3.08% -4.34%

Data as of 12/31/2019

3 YR
4.14%
Benchmark
6.06%
Value
-1.92% -1.95%
5 YR
5.46%
Benchmark
5.88%
Value
-0.42% -0.38%
10 YR
5.77%
Benchmark
6.57%
Value
-0.80% -0.81%

Expense Ratio

Gross
0.78%
Net
0.78%

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

Investor Class Inception Date: 12/30/1994

I Class Inception Date: 08/28/2015

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.

*The T. Rowe Price Funds-I 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 I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

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 (I Class)*

Daily YTD
2.84%
Benchmark
2.34%
Value
0.50%

Data as of 02/26/2020

Monthly YTD
1.90%
Benchmark
1.74%
Value
0.16%

Data as of 01/31/2020

One Month
1.90%
Benchmark
1.74%
Value
0.16%
Three Months
4.24%
Benchmark
3.48%
Value
0.76%

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

Investor Class Inception Date: 12/30/1994

I Class Inception Date: 08/28/2015

*The T. Rowe Price Funds-I 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 I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

Asset Allocation

Net Assets
(USD)
$5.9b
Largest Global ex-US Bonds 96.97% $5.7b
Other View complete Asset Allocation

Data as of 01/31/2020

Holdings

Total
Holdings
435
Largest Holding Petrobras Global Finance BV 3.29% Was (09/30/2019) 0.51%
Other View complete Full Holdings
Top 10 Issuers 42.48% View the latest Top 10 Issuers

Data as of 12/31/2019

Quality

N/A

Maturity

Weighted Average

11.94 Years

Duration

Weighted Average

7.85 Years

Top

BBB
28.98%
Was (12/31/2019) 28.19%

Top

10+ Years
32.20%
Was (12/31/2019) 32.20%

Top

Over 10 Years
30.29%
Was (12/31/2019) 29.84%

Over

BB
By 11.03%
Fund 21.49%
Benchmark 10.46%

Over

5-7 Years
By 6.20%
Fund 19.11%
Benchmark 12.91%

Over

5-7 Years
By 7.47%
Fund 28.66%
Benchmark 21.19%

Under

A
By -16.55%
Fund 6.18%
Benchmark 22.73%

Under

3-5 Years
By -6.94%
Fund 9.26%
Benchmark 16.20%

Under

1-3 Years
By -7.92%
Fund 7.44%
Benchmark 15.37%

Data as of 01/31/2020

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

Sectors

Total
Sectors
5
Largest Sector Sovereign 56.44% Was (12/31/2019) 56.51%
Other View complete Sector Diversification

Data as of 01/31/2020

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

Over

Corporate
By 20.52%
Fund 20.52%
Benchmark 0.00%

Under

Sovereign
By -20.98%
Fund 56.44%
Benchmark 77.43%

Data as of 01/31/2020

Regions

Total
Regions
5
Largest Region Latin America 43.18% Was (12/31/2019) 44.30%
Other View complete Region Diversification

Data as of 01/31/2020

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

Over

Latin America
By 11.71%
Fund 43.18%
Benchmark 31.47%

Under

Middle East & Africa
By -8.27%
Fund 18.35%
Benchmark 26.62%

Data as of 01/31/2020

Countries

Total
Countries
65
Largest Country Brazil 12.79% Was (12/31/2019) 12.15%
Other View complete Country Diversification

Data as of 01/31/2020

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

Over

Brazil
By 9.53%
Fund 12.79%
Benchmark 3.26%

Under

China
By -5.35%
Fund 2.78%
Benchmark 8.13%

Data as of 01/31/2020

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

Currency

Total
Currencies
21
Largest Currency U.S. dollar 99.38% Was (12/31/2019) 98.40%
Other View complete Currency Diversification

Data as of 01/31/2020

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

Over

Serbia dinar
By 0.28%
Fund 0.28%
Benchmark 0.00%

Under

U.S. dollar
By -0.62%
Fund 99.38%
Benchmark 100.00%

Data as of 01/31/2020

Team (As of )

Michael J.  Conelius

Michael J. Conelius
Portfolio Manager

Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 1994
  • Years at
    T. Rowe Price 31
  • Years investment
    experience 31
Benjamin Robins, CFA

Benjamin Robins, CFA
Portfolio Specialist

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

  • Years at
    T. Rowe Price 3
  • Years investment
    experience 19

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
I Class
Cusip 77956H534
$1,000,000* N/A 0.00% 0.78% 0.78% N/A N/A
Investor Class
Cusip 77956H872
$2,500 $100 0.00% 0.91% 0.91% N/A
N/A
Advisor Class
Cusip 77956H492
$2,500 $100 0.25% 1.35% 1.20% Contractual
04/30/2020

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

1

© 2019 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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