International Bond Fund (USD Hedged) - I Class

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.

Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond-USD Hedged
  (94 funds)

Data as of 12/31/2020

Data as of 12/31/2020

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$5.8b

Data as of 12/31/2020

Data as of 12/31/2020

Price
(USD)

Daily Price Change

$10.34
$+0.01

Data as of 01/15/2021

Data as of 01/15/2021

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, Co-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 ...

Arif Husain, CFA
Arif Husain, CFA, Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio ma...

View more

Strategy

Investment Objective

The fund seeks to provide current income and capital appreciation.

Morningstar Fixed Income Style

Mid / Extensive

Data as of 12/31/2020

Morningstar Rating

Period Rating Funds In Category (World Bond-USD Hedged)
Overall 94
3 Years 94
5 Years N/A 62
10 Years N/A 38

Yields & Dividends (I Class)

30-Day SEC Standardized Yield
with waiver
1.01%

Data as of 12/31/2020

without waiver
1.01%

Data as of 12/31/2020

30-Day Annualized Dividend Yield
with waiver
1.30%

Data as of 01/15/2021

Monthly Dividend
(USD)
$0.012802182

Data as of 12/31/2020

Monthly Dividend
Rate
0.01%

Data as of 01/15/2021

Average Annual Total Returns (I Class)

1 YR
5.72%
Benchmark
3.94%
Value
1.78% 1.78%

Data as of 12/31/2020

3 YR
5.51%
Benchmark
4.88%
Value
0.63% 0.63%
5 YR
N/A
Benchmark
N/A
Value
N/A N/A
Since Inception
5.40%
Benchmark
4.68%
Value
0.72% 0.72%

Expense Ratio

Gross
0.51%
Net
0.51%

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

Investor Class Inception Date: 09/12/2017

I Class Inception Date: 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 (I Class)

Daily YTD
-0.14%
Benchmark
-0.22%
Value
0.08%

Data as of 01/15/2021

Monthly YTD
5.72%
Benchmark
3.94%
Value
1.78%

Data as of 12/31/2020

One Month
0.80%
Benchmark
0.40%
Value
0.40%
Three Months
2.11%
Benchmark
0.94%
Value
1.17%

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

Investor Class Inception Date: 09/12/2017

I Class Inception Date: 09/12/2017

Asset Allocation

Net Assets
(USD)
$5.8b
Largest Global ex-US Bonds 96.88% $5.6b
Other View complete Asset Allocation

Data as of 12/31/2020

Holdings

Total
Holdings
308
Largest Holding Japan Government Twenty Year Bond 3.42% Was (09/30/2020) 0.09%
Other View complete Full Holdings
Top 10 Issuers 44.52% View the latest Top 10 Issuers

Data as of 12/31/2020

Quality

N/A

Maturity

Weighted Average

9.04 Years

Duration

Weighted Average

8.81 Years

Top

A
28.46%
Was (11/30/2020) 28.04%

Top

10+ Years
28.75%
Was (11/30/2020) 28.75%

Top

Over 10 Years
24.46%
Was (11/30/2020) 24.09%

Over

Below Investment Grade
By 13.14%
Fund 13.28%
Benchmark 0.14%

Over

5-7 Years
By 5.27%
Fund 18.89%
Benchmark 13.63%

Over

Under 1 Year
By 3.13%
Fund 3.34%
Benchmark 0.20%

Under

AA
By -14.76%
Fund 6.66%
Benchmark 21.42%

Under

1-3 Years
By -4.38%
Fund 16.84%
Benchmark 21.22%

Under

1-3 Years
By -3.94%
Fund 18.11%
Benchmark 22.05%

Data as of 12/31/2020

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

Sectors

Total
Sectors
6
Largest Sector Government 72.32% Was (11/30/2020) 72.52%
Other View complete Sector Diversification

Data as of 12/31/2020

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

Over

Sub Investment Grade
By 6.72%
Fund 6.72%
Benchmark 0.00%

Under

Agency/Supranationals
By -10.90%
Fund 2.18%
Benchmark 13.07%

Data as of 12/31/2020

Regions

Total
Regions
7
Largest Region Europe 39.01% Was (11/30/2020) 39.59%
Other View complete Region Diversification

Data as of 12/31/2020

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

Over

Latin America
By 6.47%
Fund 7.47%
Benchmark 1.00%

Under

Japan
By -11.14%
Fund 12.62%
Benchmark 23.77%

Data as of 12/31/2020

Countries

Total
Countries
58
Largest Country Japan 12.62% Was (11/30/2020) 13.10%
Other View complete Country Diversification

Data as of 12/31/2020

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

Over

United States
By 4.26%
Fund 6.25%
Benchmark 1.99%

Under

Japan
By -11.14%
Fund 12.62%
Benchmark 23.77%

Data as of 12/31/2020

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

Currency

Total
Currencies
26
Largest Currency U.S. dollar 97.30% Was (11/30/2020) 91.68%
Other View complete Currency Diversification

Data as of 12/31/2020

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

Over

U.S. dollar
By 97.30%
Fund 97.30%
Benchmark 0.00%

Under

euro
By -42.85%
Fund -1.82%
Benchmark 41.03%

Data as of 12/31/2020

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 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 2017
  • Years at
    T. Rowe Price 10
  • Years investment
    experience 17
Arif Husain, CFA

Arif Husain, CFA
Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 7
  • Years investment
    experience 25
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, Dynamic Credit Strategy, 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
I Class
Cusip 77956H195
$1,000,000* N/A 0.00% 0.51% 0.51% N/A N/A
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

* 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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