Emerging Markets Corporate Bond Fund - Advisor Class

Invests in at least 80% in bonds issued by companies located, listed, or conducting predominant business activites in emerging markets.

May invest in unrated or below investment-grade bonds. Involves a high-risk approach to income from foreign bonds, and its share price could fluctuate significantly. Subject to the risks unique to international investing, including unfavorable changes in currency values, as well as interest rate and credit risks normally associated with investing in bonds.

PACEXCUSIP 77956H641
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (233 funds)

Data as of 06/30/2020

Data as of 06/30/2020

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$329.7m

Data as of 06/30/2020

Data as of 06/30/2020

Price
(USD)

Daily Price Change

$10.38
$-0.01

Data as of 07/10/2020

Data as of 07/10/2020

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™.

Samy Muaddi, CFA
Samy Muaddi, CFA, Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

View more

Strategy

Investment Objective

The fund seeks to provide high current income and, secondarily, capital appreciation.

Morningstar Fixed Income Style

Low / Moderate

Data as of 06/30/2020

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 233
3 Years 233
5 Years 181
10 Years N/A 55

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
4.17%

Data as of 06/30/2020

without waiver
3.93%

Data as of 06/30/2020

30-Day Annualized Dividend Yield
with waiver
4.10%

Data as of 07/10/2020

Monthly Dividend
(USD)
$0.035354431

Data as of 06/30/2020

Monthly Dividend
Rate
0.01%

Data as of 07/10/2020

Average Annual Total Returns (Advisor Class)

1 YR
1.22%
Benchmark
3.74%
Value
-2.52% -2.52%

Data as of 06/30/2020

3 YR
3.76%
Benchmark
4.52%
Value
-0.76% -0.76%
5 YR
4.76%
Benchmark
5.13%
Value
-0.37% -0.37%
Since Inception
4.88%
Benchmark
5.35%
Value
-0.47% -0.47%

Expense Ratio

Gross
1.64%
Net
1.25%
Limitation Type
Contractual
expires 04/30/2021

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Investor Class Inception Date: 05/24/2012

Advisor Class Inception Date: 05/24/2012

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 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 (Advisor Class)

Daily YTD
-1.69%
Benchmark
0.49%
Value
-2.18%

Data as of 07/10/2020

Monthly YTD
-2.39%
Benchmark
-0.16%
Value
-2.23%

Data as of 06/30/2020

One Month
2.94%
Benchmark
2.75%
Value
0.19%
Three Months
12.72%
Benchmark
11.15%
Value
1.57%

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Investor Class Inception Date: 05/24/2012

Advisor Class Inception Date: 05/24/2012

Asset Allocation

Net Assets
(USD)
$329.7m
Largest Global ex-US Bonds 92.18% $303.9m
Other View complete Asset Allocation

Data as of 06/30/2020

Holdings

Total
Holdings
182
Largest Holding Emirates Airline 1.36% Was (12/31/2019) 1.26%
Other View complete Full Holdings
Top 10 Issuers 14.71% View the latest Top 10 Issuers

Data as of 03/31/2020

Quality

N/A

Maturity

Weighted Average

7.28 Years

Duration

Weighted Average

5.63 Years

Top

BB
34.86%
Was (05/31/2020) 34.99%

Top

3-5 Years
27.30%
Was (05/31/2020) 27.30%

Top

3-5 Years
28.30%
Was (05/31/2020) 27.43%

Over

BB
By 15.62%
Fund 34.86%
Benchmark 19.24%

Over

5-7 Years
By 4.73%
Fund 19.35%
Benchmark 14.62%

Over

5-7 Years
By 6.53%
Fund 24.43%
Benchmark 17.90%

Under

A
By -17.09%
Fund 3.69%
Benchmark 20.78%

Under

1-3 Years
By -8.26%
Fund 14.86%
Benchmark 23.12%

Under

1-3 Years
By -11.05%
Fund 15.70%
Benchmark 26.75%

Data as of 06/30/2020

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Sectors

Total
Sectors
15
Largest Sector TMT 18.10% Was (05/31/2020) 18.25%
Other View complete Sector Diversification

Data as of 06/30/2020

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Over

TMT
By 6.89%
Fund 18.10%
Benchmark 11.21%

Under

Financial
By -13.43%
Fund 17.44%
Benchmark 30.87%

Data as of 06/30/2020

Regions

Total
Regions
5
Largest Region Asia 41.70% Was (05/31/2020) 38.93%
Other View complete Region Diversification

Data as of 06/30/2020

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Over

Asia
By 3.81%
Fund 41.70%
Benchmark 37.89%

Under

Middle East & Africa
By -5.66%
Fund 15.94%
Benchmark 21.60%

Data as of 06/30/2020

Countries

Total
Countries
37
Largest Country China 15.95% Was (05/31/2020) 14.41%
Other View complete Country Diversification

Data as of 06/30/2020

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Over

China
By 8.22%
Fund 15.95%
Benchmark 7.73%

Under

Hong Kong
By -3.68%
Fund 1.03%
Benchmark 4.72%

Data as of 06/30/2020

Currency

Total
Currencies
2
Largest Currency U.S. dollar 99.99% Was (05/31/2020) 99.98%
Other View complete Currency Diversification

Data as of 06/30/2020

Benchmark: J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified

Over

euro
By 0.01%
Fund 0.01%
Benchmark 0.00%

Under

U.S. dollar
By -0.01%
Fund 99.99%
Benchmark 100.00%

Data as of 06/30/2020

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 lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 14
  • Years investment
    experience 14
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 4
  • Years investment
    experience 20

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 77956H641
$2,500 $100 0.25% 1.64% 1.25% Contractual 04/30/2021
Investor Class
Cusip 77956H658
$2,500 $100 0.00% 1.19% 0.97% Contractual
04/30/2021
I Class
Cusip 77956H351
$1,000,000* N/A 0.00% 1.03% 0.84% 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

© 2020 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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