Global Multi-Sector Bond Fund

Invests in domestic and foreign debt instruments, including government and corporate bonds; mortgage-backed, commercial mortgage-backed, and asset-backed securities; and preferred stocks.

If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. High-yield bonds carry greater default risk than higher-rated bonds along with greater liquidity risk. To the extent the fund holds foreign bonds, it will be subject to special risks, including potentially adverse political and economic developments overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar. Investments in emerging markets are subject to the risk of abrupt and severe price declines.

Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond-USD Hedged
  (91 funds)

Data as of 10/31/2020

Data as of 10/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$1.2b

Data as of 10/31/2020

Data as of 10/31/2020

Price
(USD)

Daily Price Change

$11.95
$+0.01

Data as of 12/04/2020

Data as of 12/04/2020

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™.

Kenneth A.  Orchard
Kenneth A. Orchard, Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

View more

Strategy

Investment Objective

The fund seeks to provide high income and some capital appreciation.

Morningstar Fixed Income Style

Low / Moderate

Data as of 10/31/2020

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 (World Bond-USD Hedged)
Overall 91
3 Years 91
5 Years 60
10 Years 38

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 (Investor Class)

30-Day SEC Standardized Yield
with waiver
2.96%

Data as of 10/31/2020

without waiver
2.96%

Data as of 10/31/2020

30-Day Annualized Dividend Yield
with waiver
2.69%

Data as of 12/04/2020

Monthly Dividend
(USD)
$0.03307596

Data as of 10/31/2020

Monthly Dividend
Rate
0.01%

Data as of 12/04/2020

Average Annual Total Returns (Investor Class)

1 YR
5.16%
Benchmark
4.14%
Value
1.02% 1.20%

Data as of 09/30/2020

3 YR
5.04%
Benchmark
5.12%
Value
-0.08% 0.26%
5 YR
5.77%
Benchmark
4.32%
Value
1.45% 1.28%
10 YR
4.60%
Benchmark
3.92%
Value
0.68% 0.60%

Expense Ratio

Gross
0.67%
Net
0.67%

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Fund Inception: 12/15/2008

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.

T. Rowe Price Associates, Inc. is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price mutual funds. 

Current Year Performance (Investor Class)

Daily YTD
7.31%
Benchmark
4.97%
Value
2.34%

Data as of 12/04/2020

Monthly YTD
4.51%
Benchmark
4.66%
Value
-0.15%

Data as of 10/31/2020

One Month
0.63%
Benchmark
0.01%
Value
0.62%
Three Months
1.46%
Benchmark
-0.35%
Value
1.81%

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Fund Inception: 12/15/2008

Asset Allocation

Net Assets
(USD)
$1.2b
Largest Global ex-US Bonds 47.94% $594.6m
Other View complete Asset Allocation

Data as of 10/31/2020

Holdings

Total
Holdings
534
Largest Holding U.S. Treasury Inflation Indexed Bonds 3.22% Was (06/30/2020) 3.04%
Other View complete Full Holdings
Top 10 Issuers 15.89% View the latest Top 10 Issuers

Data as of 09/30/2020

Quality

N/A

Maturity

Weighted Average

6.60 Years

Duration

Weighted Average

5.47 Years

Top

BBB
21.57%
Was (09/30/2020) 20.82%

Top

3-5 Years
23.31%
Was (09/30/2020) 23.31%

Top

1-3 Years
23.29%
Was (09/30/2020) 26.65%

Over

BB
By 18.70%
Fund 19.00%
Benchmark 0.31%

Over

0-1 Years
By 8.11%
Fund 8.11%
Benchmark 0.00%

Over

Under 1 Year
By 13.35%
Fund 15.76%
Benchmark 2.42%

Under

A
By -12.09%
Fund 11.54%
Benchmark 23.63%

Under

10+ Years
By -9.88%
Fund 16.03%
Benchmark 25.91%

Under

Over 10 Years
By -11.20%
Fund 12.22%
Benchmark 23.43%

Data as of 10/31/2020

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Sectors

Total
Sectors
7
Largest Sector Global Sovereign 35.59% Was (09/30/2020) 33.92%
Other View complete Sector Diversification

Data as of 10/31/2020

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Over

Global High Yield
By 17.97%
Fund 17.97%
Benchmark 0.00%

Under

Global Sovereign
By -32.19%
Fund 35.59%
Benchmark 67.78%

Data as of 10/31/2020

Currency

Total
Currencies
23
Largest Currency U.S. dollar 87.00% Was (09/30/2020) 87.17%
Other View complete Currency Diversification

Data as of 10/31/2020

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Over

U.S. dollar
By 45.08%
Fund 87.00%
Benchmark 41.92%

Under

euro
By -22.97%
Fund 0.97%
Benchmark 23.93%

Data as of 10/31/2020

Numbers may not total due to rounding; all numbers are percentages.

Team (As of )

Kenneth A.  Orchard

Kenneth A. Orchard
Portfolio Manager

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division and a member of the Global Fixed Income Investment team. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2018
  • Years at
    T. Rowe Price 10
  • Years investment
    experience 17
Terry  A.  Moore

Terry A. Moore
Portfolio Specialist

Terry Moore is a portfolio specialist in the Fixed Income Division of T. Rowe Price. He is a member of the Global Multi-Sector, Dynamic Global Bond, International Bond, and Customized Fixed Income Solutions teams, working closely with clients, consultants, and prospects. Mr. Moore is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 11
  • Years investment
    experience 25

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
Investor Class
Cusip 74149N106
$2,500 $100 0.00% 0.67% 0.67% N/A N/A
Advisor Class
Cusip 74149N205
$2,500 $100 0.25% 1.06% 0.95% Contractual
09/30/2021
I Class
Cusip 87282M107
$1,000,000* N/A 0.00% 0.54% 0.54% Contractual
09/30/2021

* 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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