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
  (95 funds)

Data as of 06/30/2021

Data as of 06/30/2021

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$1.7b

Data as of 06/30/2021

Data as of 06/30/2021

Price
(USD)

Daily Price Change

$11.90
$+0.01

Data as of 07/27/2021

Data as of 07/27/2021

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™.

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 / Extensive

Data as of 06/30/2021

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 (World Bond-USD Hedged)
Overall 95
3 Years 95
5 Years 64
10 Years 39

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
2.64%

Data as of 06/30/2021

without waiver
2.64%

Data as of 06/30/2021

30-Day Annualized Dividend Yield
with waiver
2.69%

Data as of 07/27/2021

Monthly Dividend
(USD)
$0.032987157

Data as of 06/30/2021

Monthly Dividend
Rate
0.02%

Data as of 07/27/2021

Average Annual Total Returns (Investor Class)

1 YR
8.29%
Benchmark
0.08%
Value
8.21% 8.21%

Data as of 06/30/2021

3 YR
6.82%
Benchmark
4.59%
Value
2.23% 2.23%

Data as of 06/30/2021

5 YR
5.18%
Benchmark
2.98%
Value
2.20% 2.20%

Data as of 06/30/2021

10 YR
4.71%
Benchmark
3.87%
Value
0.84% 0.84%

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Fund Inception: 12/15/2008

Expense Ratio

Gross
0.67%
Net
0.67%

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 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
1.14%
Benchmark
-0.37%
Value
1.51%

Data as of 07/27/2021

Monthly YTD
0.52%
Benchmark
-1.52%
Value
2.04%

Data as of 06/30/2021

One Month
0.11%
Benchmark
0.49%
Value
-0.38%

Data as of 06/30/2021

Three Months
1.41%
Benchmark
0.98%
Value
0.43%

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Fund Inception: 12/15/2008

Asset Allocation

Net Assets
(USD)
$1.7b

Data as of 06/30/2021

Largest Global ex-US Bonds 51.27% $861.4m
Other View complete

Holdings

Total
Holdings
552

Data as of 06/30/2021

Largest Holding United Kingdom Gilt 2.74% Was (03/31/2021) 0.24%
Other View complete
Top 10 Issuers 20.15% View the latest

Quality

N/A

Maturity

Weighted Average

6.84 Years

Duration

Weighted Average

5.16 Years

Top

BB
20.45%
Was (05/31/2021) 20.00%

Top

7-10 Years
26.13%
Was (05/31/2021) 26.13%

Top

Under 1 Year
30.65%
Was (05/31/2021) 28.62%

Over

BB
By 20.18%
Fund 20.45%
Benchmark 0.27%

Over

0-1 Years
By 17.55%
Fund 17.55%
Benchmark 0.00%

Over

Under 1 Year
By 30.33%
Fund 30.65%
Benchmark 0.33%

Under

A
By -12.44%
Fund 8.73%
Benchmark 21.17%

Under

1-3 Years
By -16.92%
Fund 4.25%
Benchmark 21.17%

Under

Over 10 Years
By -18.35%
Fund 4.77%
Benchmark 23.12%

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Sectors

Total
Sectors
7

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Largest Sector Global Sovereign 46.76% Was (05/31/2021) 43.77%
Other View complete

Over

Securitized
By 12.03%
Fund 14.98%
Benchmark 2.95%

Under

Global Sovereign
By -21.11%
Fund 46.76%
Benchmark 67.87%

Data as of 06/30/2021

Currency

Total
Currencies
25

Data as of 06/30/2021

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Largest Currency U.S. dollar 82.93% Was (05/31/2021) 81.16%
Other View complete Currency Diversification

Over

U.S. dollar
By 40.90%
Fund 82.93%
Benchmark 42.03%

Under

euro
By -18.58%
Fund 4.91%
Benchmark 23.49%

Data as of 06/30/2021

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, CFA

Terry A. Moore, CFA
Portfolio Specialist

Terry Moore is a portfolio specialist in the Fixed Income Division. 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. Terry is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, 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% 0.50% 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

© 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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