International Bond Fund (USD Hedged)

Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in non-U.S. dollar-denominated bonds. In addition, under normal market conditions the fund will maintain at least 80% of its net assets in U.S. dollar currency exposure.

The fund is subject to a variety of risks including the risk of investing in foreign markets, the types of bonds purchased, the degree of currency exposure, and whether the bonds are issued by countries in developed markets, emerging markets, or both. In addition, there are the interest rate and credit risks normally associated with investing in bonds.

TNIBXCUSIP 77956H211
Prospectus

Morningstar (Category)

Morningstar1

World Bond-USD Hedged
N/A

Fund Manager Tenure2

Net Assets3
(USD)

2yrs
$5.7b

Data as of 06/30/2020

Data as of 06/30/2020

Price
(USD)

Daily Price Change

$10.12
$+0.01

Data as of 07/09/2020

Data as of 07/09/2020

Kenneth A.  Orchard
Kenneth A. Orchard, Co-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 Inc...

Arif Husain
Arif Husain, Co-Portfolio Manager

Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global Bond Strategies. Mr. Husain is also co-portfolio manager for the firm's Inter...

View more

Strategy

Investment Objective

The fund seeks to provide current income and capital appreciation.

Morningstar Fixed Income Style

Low / Extensive

Data as of 06/30/2020

Morningstar Rating

No data available.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
1.10%

Data as of 06/30/2020

without waiver
1.10%

Data as of 06/30/2020

30-Day Annualized Dividend Yield
with waiver
1.18%

Data as of 07/09/2020

Monthly Dividend
(USD)
$0.01035011

Data as of 06/30/2020

Monthly Dividend
Rate
0.00%

Data as of 07/09/2020

Average Annual Total Returns (Investor Class)

1 YR
3.91%
Benchmark
4.00%
Value
-0.09% -0.09%

Data as of 06/30/2020

3 YR
N/A
Benchmark
N/A
Value
N/A N/A
5 YR
N/A
Benchmark
N/A
Value
N/A N/A
Since Inception
4.81%
Benchmark
4.94%
Value
-0.13% -0.13%

Expense Ratio

Gross
0.64%
Net
0.64%

Benchmark: Bloomberg Barclays Global Agg ex USD - USD Hdg Index

Fund Inception: 09/12/2017

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 (Investor Class)

Daily YTD
2.19%
Benchmark
2.36%
Value
-0.17%

Data as of 07/09/2020

Monthly YTD
1.76%
Benchmark
2.28%
Value
-0.52%

Data as of 06/30/2020

One Month
1.00%
Benchmark
0.32%
Value
0.68%
Three Months
4.59%
Benchmark
1.76%
Value
2.83%

Benchmark: Bloomberg Barclays Global Agg ex USD - USD Hdg Index

Fund Inception: 09/12/2017

Asset Allocation

Net Assets
(USD)
$5.7b
Largest Global ex-US Bonds 95.00% $5.4b
Other View complete Asset Allocation

Data as of 06/30/2020

Holdings

Total
Holdings
297
Largest Holding Japan Government Twenty Year Bond 3.57% Was (12/31/2019) 0.66%
Other View complete Full Holdings
Top 10 Issuers 42.09% View the latest Top 10 Issuers

Data as of 03/31/2020

Quality

N/A

Maturity

Weighted Average

8.64 Years

Duration

Weighted Average

8.16 Years

Top

A
24.16%
Was (05/31/2020) 24.32%

Top

10+ Years
28.60%
Was (05/31/2020) 28.60%

Top

3-5 Years
27.19%
Was (05/31/2020) 26.58%

Over

Below Investment Grade
By 12.95%
Fund 13.09%
Benchmark 0.15%

Over

Cash Equivalents
By 4.80%
Fund 4.80%
Benchmark 0.00%

Over

3-5 Years
By 7.38%
Fund 27.19%
Benchmark 19.81%

Under

AA
By -17.08%
Fund 4.95%
Benchmark 22.03%

Under

7-10 Years
By -7.25%
Fund 9.21%
Benchmark 16.46%

Under

7-10 Years
By -6.32%
Fund 9.95%
Benchmark 16.27%

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Agg ex USD - USD Hdg Index

Sectors

Total
Sectors
6
Largest Sector Government 69.85% Was (05/31/2020) 64.49%
Other View complete Sector Diversification

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Agg ex USD - USD Hdg Index

Over

Sub Investment Grade
By 6.64%
Fund 6.64%
Benchmark 0.00%

Under

Agency/Supranationals
By -8.91%
Fund 3.04%
Benchmark 11.95%

Data as of 06/30/2020

Regions

Total
Regions
7
Largest Region Europe 38.84% Was (05/31/2020) 35.85%
Other View complete Region Diversification

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Agg ex USD - USD Hdg Index

Over

Latin America
By 6.02%
Fund 6.71%
Benchmark 0.69%

Under

Japan
By -10.06%
Fund 16.08%
Benchmark 26.14%

Data as of 06/30/2020

Countries

Total
Countries
51
Largest Country Japan 16.08% Was (05/31/2020) 12.51%
Other View complete Country Diversification

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Agg ex USD - USD Hdg Index

Over

United States
By 3.54%
Fund 5.59%
Benchmark 2.06%

Under

Japan
By -10.06%
Fund 16.08%
Benchmark 26.14%

Data as of 06/30/2020

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.  Excludes cash and derivatives.

Currency

Total
Currencies
27
Largest Currency U.S. dollar 91.49% Was (05/31/2020) 92.48%
Other View complete Currency Diversification

Data as of 06/30/2020

Benchmark: Bloomberg Barclays Global Agg ex USD - USD Hdg Index

Over

U.S. dollar
By 91.49%
Fund 91.49%
Benchmark 0.00%

Under

euro
By -41.83%
Fund 0.03%
Benchmark 41.87%

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
Co-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 2017
  • Years at
    T. Rowe Price 9
  • Years investment
    experience 16
Arif Husain

Arif Husain
Co-Portfolio Manager

Arif Husain is head of International Fixed Income at T. Rowe Price. He is lead portfolio manager for the Dynamic Global Bond Strategies. Mr. Husain is also co-portfolio manager for the firm's International Bond, Global Aggregate Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 6
  • Years investment
    experience 24
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
Investor Class
Cusip 77956H211
$2,500 $100 0.00% 0.64% 0.64% N/A N/A
Advisor Class
Cusip 77956H187
$2,500 $100 0.25% 1.18% 0.99% Contractual
04/30/2022
I Class
Cusip 77956H195
$1,000,000* N/A 0.00% 0.51% 0.51% N/A
N/A

* 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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