Global High Income Bond Fund - Advisor Class

The fund invests primarily in global, below-investment grade corporate debt securities. The Fund normally invests at least 80% of its net assets in bonds and 50% in foreign securities. The Fund may invest up to 20% of its net assets in bank loans.

Morningstar (Category)

Morningstar
(Overall Rating)1

High Yield Bond
  (630 funds)

Data as of 09/30/2021

Data as of 09/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$264.3m

Data as of 09/30/2021

Data as of 09/30/2021

Price
(USD)

Daily Price Change

$10.11
$+0.02

Data as of 10/15/2021

Data as of 10/15/2021

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™.

Michael Della Vedova
Michael Della Vedova, Co-Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global Hi...

Michael Connelly, CFA
Michael Connelly, CFA, Co-Portfolio Manager

Michael Connelly is a portfolio manager in the Fixed Income Division, co-managing the Global High Income Bond Strategy.  He also contributes to the U.S. Core, U.S. Core Plus, and Global Multi-...

View more

Strategy

Investment Objective

The fund seeks high income and, secondarily, capital appreciation.

Morningstar Fixed Income Style

Low / Limited

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 (High Yield Bond)
Overall 630
3 Years 630
5 Years 552
10 Years N/A 358

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
3.40%

Data as of 09/30/2021

without waiver
3.15%

Data as of 09/30/2021

30-Day Annualized Dividend Yield
with waiver
4.28%

Data as of 10/15/2021

Monthly Dividend
(USD)
$0.035569541

Data as of 09/30/2021

Monthly Dividend
Rate
0.02%

Data as of 10/15/2021

Average Annual Total Returns (Advisor Class)

1 YR
10.68%
Benchmark
10.18%
Value
0.50% 0.50%

Data as of 09/30/2021

3 YR
6.83%
Benchmark
6.84%
Value
-0.01% -0.01%

Data as of 09/30/2021

5 YR
6.14%
Benchmark
6.34%
Value
-0.20% -0.20%

Data as of 09/30/2021

Since Inception
6.45%
Benchmark
6.50%
Value
-0.05% -0.05%

Data as of 09/30/2021

Benchmark: ICE BofAML Global High Yield Index Hedged to USD

Investor Class Inception Date: 01/22/2015

Advisor Class Inception Date: 01/22/2015

Expense Ratio

Gross
1.22%
Net
0.96%
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 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
2.75%
Benchmark
2.64%
Value
0.11%

Data as of 10/15/2021

Monthly YTD
3.76%
Benchmark
3.37%
Value
0.39%

Data as of 09/30/2021

One Month
-0.14%
Benchmark
-0.43%
Value
0.29%

Data as of 09/30/2021

Three Months
0.58%
Benchmark
0.21%
Value
0.37%

Data as of 09/30/2021

Benchmark: ICE BofAML Global High Yield Index Hedged to USD

Investor Class Inception Date: 01/22/2015

Advisor Class Inception Date: 01/22/2015

Asset Allocation

Net Assets
(USD)
$264.3m

Data as of 09/30/2021

Largest US Bonds 51.30% $135.6m
Other View complete

Holdings

Total
Holdings
300

Data as of 09/30/2021

Largest Holding Jerrold Finco 1.07% Was (06/30/2021) 0.93%
Other View complete
Top 10 Issuers 12.34% View the latest

Quality

N/A

Maturity

Weighted Average

6.74 Years

Duration

Weighted Average

3.22 Years

Top

B Rated
39.60%
Was (08/31/2021) 38.90%

Top

5-7 Years
34.80%
Was (08/31/2021) 34.80%

Top

3-5 Years
30.06%
Was (08/31/2021) 30.90%

Over

B Rated
By 9.79%
Fund 39.60%
Benchmark 29.81%

Over

7-10 Years
By 12.19%
Fund 33.24%
Benchmark 21.05%

Over

Under 1 Year
By 6.60%
Fund 21.90%
Benchmark 15.30%

Under

BB Rated
By -34.29%
Fund 26.48%
Benchmark 60.76%

Under

1-3 Years
By -13.49%
Fund 3.06%
Benchmark 16.56%

Under

1-3 Years
By -6.12%
Fund 24.42%
Benchmark 30.54%

Data as of 09/30/2021

Benchmark: ICE BofAML Global High Yield Index

Industry

Total
Industries
32

Data as of 09/30/2021

Benchmark: ICE BofAML Global High Yield Index

Largest Industry Financial 9.72% Was (08/31/2021) 10.15%
Other View complete Industry Diversification

Over

Cable Operators
By 6.64%
Fund 9.34%
Benchmark 2.70%

Under

Energy
By -4.96%
Fund 8.89%
Benchmark 13.85%

Data as of 09/30/2021

Team (As of )

Michael Della Vedova

Michael Della Vedova
Co-Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond Fund and Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2015
  • Years at
    T. Rowe Price 12
  • Years investment
    experience 28
Michael Connelly, CFA

Michael Connelly, CFA
Co-Portfolio Manager

Michael Connelly is a portfolio manager in the Fixed Income Division, co-managing the Global High Income Bond Strategy.  He also contributes to the U.S. Core, U.S. Core Plus, and Global Multi-Sector Bond Strategies. He is a cochairman of the Investment Advisory Committee for the Global High Income Bond Fund and a member of the Sector Strategy Advisory Group. Michael is a vice president of T. Rowe Price Associates, Inc., and T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 16
  • Years investment
    experience 22
Samy Muaddi, CFA

Samy Muaddi, CFA
Co-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.

  • Years at
    T. Rowe Price 15
  • Years investment
    experience 15
Gregor T. Dannacher, CFA

Gregor T. Dannacher, CFA
Portfolio Specialist

Gregor Dannacher is a global credit portfolio specialist in the Fixed Income Division. He supports the Multi-Asset Credit, Global High Income, US and Global High Yield, Dynamic Credit, and US Investment-Grade Strategies, working closely with clients, prospects, and consultants. Gregor is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 6
  • Years investment
    experience 29

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 77956H542
$2,500 $100 0.25% 1.22% 0.96% Contractual 04/30/2022
Investor Class
Cusip 77956H559
$2,500 $100 0.00% 0.87% 0.75% Contractual
04/30/2022
I Class
Cusip 77956H476
$1,000,000* N/A 0.00% 0.71% 0.60% 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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