Institutional Emerging Markets Bond Fund

Invests at least 80% in the government or corporate debt securities of emerging nations. Fund holdings may include the lowest-rated bonds, including those in default.

Possible higher short-term volatility than U.S. investments as political instability may impact emerging economies. Investing internationally involves special risks, including economic and political uncertainty and currency fluctuation. To the extent the funds use futures, swaps, and other derivatives, they are exposed to additional volatility and potential losses.

TREBXCUSIP 74144Q401
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (252 funds)

Data as of 08/31/2019

Data as of 08/31/2019

Fund Manager Tenure2

Net Assets3
(USD)

12yrs
$458.2m

Data as of 08/31/2019

Data as of 08/31/2019

Price
(USD)

Daily Price Change

$8.54
$+0.02

Data as of 09/20/2019

Data as of 09/20/2019

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 J.  Conelius
Michael J. Conelius, Portfolio Manager

Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

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Strategy

Investment Objective

The fund seeks to provide high income and capital appreciation.

Morningstar Fixed Income Style

Low / Extensive

Data as of 08/31/2019

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 252
3 Years 252
5 Years 185
10 Years 49

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 (Institutional)

30-Day SEC Standardized Yield
with waiver
5.20%

Data as of 08/31/2019

without waiver
5.20%

Data as of 08/31/2019

30-Day Annualized Dividend Yield
with waiver
5.48%

Data as of 09/20/2019

Monthly Dividend
(USD)
$0.042150518

Data as of 08/31/2019

Monthly Dividend
Rate
0.03%

Data as of 09/20/2019

Average Annual Total Returns (Institutional)

1 YR
11.73%
Benchmark
12.45%
Value
-0.72% -3.34%

Data as of 06/30/2019

3 YR
5.93%
Benchmark
5.47%
Value
0.46% -0.90%
5 YR
5.29%
Benchmark
5.30%
Value
-0.01% -0.53%
10 YR
7.82%
Benchmark
7.78%
Value
0.04% -0.49%

Expense Ratio

Gross
0.70%
Net
0.70%

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Fund Inception: 11/30/2006

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 (Institutional)

Daily YTD
10.50%
Benchmark
13.57%
Value
-3.07%

Data as of 09/20/2019

Monthly YTD
9.91%
Benchmark
13.50%
Value
-3.59%

Data as of 08/31/2019

One Month
-2.03%
Benchmark
0.75%
Value
-2.78%
Three Months
2.22%
Benchmark
5.44%
Value
-3.22%

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Fund Inception: 11/30/2006

Asset Allocation

Net Assets
(USD)
$458.2m
Largest Global ex-US Bonds 96.60% $442.6m
Other View complete Asset Allocation

Data as of 08/31/2019

Holdings

Total
Holdings
252
Largest Holding Petrobras Global Finance BV 3.18% Was (03/31/2019) 0.17%
Other View complete Full Holdings
Top 10 Issuers 38.51% View the latest Top 10 Issuers

Data as of 06/30/2019

Quality

N/A

Maturity

Weighted Average

10.43 Years

Duration

Weighted Average

7.29 Years

Top

B
35.76%
Was (07/31/2019) 41.64%

Top

7-10 Years
26.55%
Was (07/31/2019) 26.55%

Top

5-7 Years
30.89%
Was (07/31/2019) 33.41%

Over

B
By 9.75%
Fund 35.76%
Benchmark 26.01%

Over

7-10 Years
By 6.53%
Fund 26.55%
Benchmark 20.01%

Over

5-7 Years
By 8.99%
Fund 30.89%
Benchmark 21.90%

Under

A
By -14.57%
Fund 3.24%
Benchmark 17.81%

Under

10+ Years
By -11.53%
Fund 23.83%
Benchmark 35.37%

Under

7-10 Years
By -5.61%
Fund 7.22%
Benchmark 12.82%

Data as of 08/31/2019

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Sectors

Total
Sectors
5
Largest Sector Sovereign 62.23% Was (07/31/2019) 62.49%
Other View complete Sector Diversification

Data as of 08/31/2019

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Over

Corporate
By 16.65%
Fund 16.65%
Benchmark 0.00%

Under

Sovereign
By -19.85%
Fund 62.23%
Benchmark 82.08%

Data as of 08/31/2019

MSCI index returns are shown with gross dividends reinvested.

Currency

Total
Currencies
15
Largest Currency U.S. dollar 100.75% Was (07/31/2019) 99.22%
Other View complete Currency Diversification

Data as of 08/31/2019

Benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified

Over

U.S. dollar
By 0.75%
Fund 100.75%
Benchmark 100.00%

Under

Chilean peso
By -0.75%
Fund -0.75%
Benchmark 0.00%

Data as of 08/31/2019

Team (As of )

Michael J.  Conelius

Michael J. Conelius
Portfolio Manager

Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

  • Fund manager
    since 2006
  • Years at
    T. Rowe Price 31
  • Years investment
    experience 31
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 3
  • Years investment
    experience 19

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
Institutional
Cusip 74144Q401
$1,000,000 N/A 0.00% 0.70% 0.70% N/A N/A
1

© 2019 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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