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.

Morningstar (Category)

Morningstar
(Overall Rating)1

Emerging Markets Bond
  (244 funds)

Data as of 12/31/2020

Data as of 12/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

14yrs
$441.7m

Data as of 12/31/2020

Data as of 12/31/2020

Price
(USD)

Daily Price Change

$8.43
$+0.01

Data as of 01/20/2021

Data as of 01/20/2021

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 J.  Conelius, CFA
Michael J. Conelius, CFA, Co-Portfolio Manager

Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each...

Samy Muaddi, CFA
Samy Muaddi, CFA, Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerg...

View more

Strategy

Investment Objective

The fund seeks to provide high income and capital appreciation.

Morningstar Fixed Income Style

Low / Extensive

Data as of 12/31/2020

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 (Emerging Markets Bond)
Overall 244
3 Years 244
5 Years 192
10 Years 59

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
4.31%

Data as of 12/31/2020

without waiver
4.31%

Data as of 12/31/2020

30-Day Annualized Dividend Yield
with waiver
5.16%

Data as of 01/20/2021

Monthly Dividend
(USD)
$0.040665262

Data as of 12/31/2020

Monthly Dividend
Rate
0.02%

Data as of 01/20/2021

Average Annual Total Returns (Institutional)

1 YR
4.99%
Benchmark
5.26%
Value
-0.27% -0.27%

Data as of 12/31/2020

3 YR
3.75%
Benchmark
5.05%
Value
-1.30% -1.30%
5 YR
6.96%
Benchmark
7.08%
Value
-0.12% -0.12%
10 YR
5.55%
Benchmark
6.22%
Value
-0.67% -0.67%

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
-1.29%
Benchmark
-1.37%
Value
0.08%

Data as of 01/20/2021

Monthly YTD
4.99%
Benchmark
5.26%
Value
-0.27%

Data as of 12/31/2020

One Month
2.51%
Benchmark
1.90%
Value
0.61%
Three Months
8.34%
Benchmark
5.80%
Value
2.54%

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

Fund Inception: 11/30/2006

Asset Allocation

Net Assets
(USD)
$441.7m
Largest Global ex-US Bonds 96.84% $427.7m
Other View complete Asset Allocation

Data as of 12/31/2020

Holdings

Total
Holdings
273
Largest Holding Mexico City Airport Trust 2.46% Was (09/30/2020) 2.00%
Other View complete Full Holdings
Top 10 Issuers 33.83% View the latest Top 10 Issuers

Data as of 12/31/2020

Quality

N/A

Maturity

Weighted Average

12.16 Years

Duration

Weighted Average

7.94 Years

Top

B
30.60%
Was (11/30/2020) 31.45%

Top

10+ Years
37.04%
Was (11/30/2020) 37.04%

Top

Over 10 Years
31.70%
Was (11/30/2020) 30.97%

Over

BB
By 12.08%
Fund 29.65%
Benchmark 17.56%

Over

5-7 Years
By 3.53%
Fund 17.89%
Benchmark 14.36%

Over

5-7 Years
By 4.95%
Fund 22.50%
Benchmark 17.55%

Under

A
By -12.41%
Fund 3.67%
Benchmark 16.08%

Under

10+ Years
By -4.70%
Fund 37.04%
Benchmark 41.73%

Under

1-3 Years
By -10.76%
Fund 5.32%
Benchmark 16.07%

Data as of 12/31/2020

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

Sectors

Total
Sectors
4
Largest Sector Sovereign 69.15% Was (11/30/2020) 69.09%
Other View complete Sector Diversification

Data as of 12/31/2020

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

Over

Corporate
By 15.91%
Fund 15.98%
Benchmark 0.07%

Under

Sovereign
By -13.47%
Fund 69.15%
Benchmark 82.62%

Data as of 12/31/2020

MSCI index returns are shown with gross dividends reinvested.

Currency

Total
Currencies
10
Largest Currency U.S. dollar 97.57% Was (11/30/2020) 97.52%
Other View complete Currency Diversification

Data as of 12/31/2020

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

Over

Chinese renminbi
By 0.96%
Fund 0.96%
Benchmark 0.00%

Under

U.S. dollar
By -2.43%
Fund 97.57%
Benchmark 100.00%

Data as of 12/31/2020

Team (As of )

Michael J.  Conelius, CFA

Michael J. Conelius, CFA
Co-Portfolio Manager

Michael Conelius is a portfolio manager in the International Fixed Income Division. He co-manages the Emerging Markets Bond and the Institutional Emerging Markets Bond Funds and is chairman of each fund’s Investment Advisory Committee. Michael is an executive vice president of the Global Funds and International Funds, a vice president and an Investment Advisory Committee member of the Global Multi-Sector Bond Fund, a vice president of the Institutional Income Funds and Multi-Sector Account Portfolios, and a member of the Distressed Advisory Committee. He also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., T. Rowe Price Trust Company, and T. Rowe Price International Ltd.

  • Fund manager
    since 2006
  • Years at
    T. Rowe Price 32
  • Years investment
    experience 26
Samy Muaddi, CFA

Samy Muaddi, CFA
Co-Portfolio Manager

Samy Muaddi is a portfolio manager in the International Fixed Income Division. He is the lead manager of the Emerging Markets Corporate Bond and Asia Credit Bond Strategies and co-manages the Emerging Markets Bond and Global High Income Bond Strategies. Samy also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 14
  • Years investment
    experience 14
Benjamin Robins, CFA

Benjamin Robins, CFA
Portfolio Specialist

Ben Robins is a portfolio specialist in the Global Fixed Income Division. He supports the emerging market debt strategies, which include hard currency- and local currency-denominated sovereign and corporate debt, and works closely with clients, consultants, and prospects. Ben is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 4
  • Years investment
    experience 20

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

© 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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