Global Multi-Sector Bond Fund - Advisor Class

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.

PRSAXCUSIP 74149N205
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond-USD Hedged
  (80 funds)

Data as of 06/30/2020

Data as of 06/30/2020

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$1.1b

Data as of 06/30/2020

Data as of 06/30/2020

Price
(USD)

Daily Price Change

$11.42
$-0.01

Data as of 07/09/2020

Data as of 07/09/2020

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 of T. Rowe Price and a member of the Global Fixed Income Investment team, with responsibility for cochairing the Fixed Income Sector Strategy Advisory Group . He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies . 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 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 (World Bond-USD Hedged)
Overall 80
3 Years 80
5 Years 58
10 Years 37

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
2.80%

Data as of 06/30/2020

without waiver
2.70%

Data as of 06/30/2020

30-Day Annualized Dividend Yield
with waiver
2.97%

Data as of 07/09/2020

Monthly Dividend
(USD)
$0.02726416

Data as of 06/30/2020

Monthly Dividend
Rate
0.01%

Data as of 07/09/2020

Average Annual Total Returns (Advisor Class)

1 YR
3.32%
Benchmark
6.07%
Value
-2.75% -2.75%

Data as of 06/30/2020

3 YR
4.06%
Benchmark
5.14%
Value
-1.08% -1.08%
5 YR
4.36%
Benchmark
4.44%
Value
-0.08% -0.08%
10 YR
4.47%
Benchmark
4.07%
Value
0.40% 0.40%

Expense Ratio

Gross
1.07%
Net
0.95%
Limitation Type
Contractual
expires 09/30/2021

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Investor Class Inception Date: 12/15/2008

Advisor Class Inception Date: 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 (Advisor Class)

Daily YTD
0.95%
Benchmark
4.25%
Value
-3.30%

Data as of 07/09/2020

Monthly YTD
0.25%
Benchmark
3.90%
Value
-3.65%

Data as of 06/30/2020

One Month
2.04%
Benchmark
0.50%
Value
1.54%
Three Months
10.20%
Benchmark
2.42%
Value
7.78%

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Investor Class Inception Date: 12/15/2008

Advisor Class Inception Date: 12/15/2008

Asset Allocation

Net Assets
(USD)
$1.1b
Largest Global ex-US Bonds 50.61% $571.6m
Other View complete Asset Allocation

Data as of 06/30/2020

Holdings

Total
Holdings
515
Largest Holding Bonos de la Tesoreria de la Republica en pesos 2.54% Was (12/31/2019) 1.12%
Other View complete Full Holdings
Top 10 Issuers 17.28% View the latest Top 10 Issuers

Data as of 03/31/2020

Quality

N/A

Maturity

Weighted Average

7.43 Years

Duration

Weighted Average

5.24 Years

Top

BB
20.99%
Was (05/31/2020) 21.33%

Top

1-3 Years
32.14%
Was (05/31/2020) 32.14%

Top

1-3 Years
35.47%
Was (05/31/2020) 39.42%

Over

BB
By 20.63%
Fund 20.99%
Benchmark 0.36%

Over

1-3 Years
By 9.41%
Fund 32.14%
Benchmark 22.74%

Over

3-5 Years
By 9.11%
Fund 30.79%
Benchmark 21.68%

Under

A
By -14.85%
Fund 9.79%
Benchmark 24.65%

Under

10+ Years
By -8.00%
Fund 17.67%
Benchmark 25.66%

Under

Over 10 Years
By -11.30%
Fund 11.96%
Benchmark 23.27%

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Sectors

Total
Sectors
7
Largest Sector Global Sovereign 32.58% Was (05/31/2020) 31.13%
Other View complete Sector Diversification

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Over

Global High Yield
By 19.80%
Fund 19.80%
Benchmark 0.00%

Under

Global Sovereign
By -34.12%
Fund 32.58%
Benchmark 66.70%

Data as of 06/30/2020

Currency

Total
Currencies
22
Largest Currency U.S. dollar 88.41% Was (05/31/2020) 90.83%
Other View complete Currency Diversification

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Aggregate Bond USD Hedged Index

Over

U.S. dollar
By 44.80%
Fund 88.41%
Benchmark 43.61%

Under

euro
By -23.84%
Fund -0.23%
Benchmark 23.61%

Data as of 06/30/2020

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 of T. Rowe Price and a member of the Global Fixed Income Investment team, with responsibility for cochairing the Fixed Income Sector Strategy Advisory Group . He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies . 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 9
  • Years investment
    experience 16
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 10
  • Years investment
    experience 24

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 74149N205
$2,500 $100 0.25% 1.07% 0.95% Contractual 09/30/2021
Investor Class
Cusip 74149N106
$2,500 $100 0.00% 0.71% 0.69% Contractual
N/A
I Class
Cusip 87282M107
$1,000,000* N/A 0.00% 0.58% 0.50% Contractual
09/30/2020

* 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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