International Bond Fund

Invests at least 80% of its assets in bonds, with 65% in investment-grade foreign bonds. It may also invest up to 20% in below investment-grade bonds and up to 20% in dollar-denominated emerging market bonds.

International investments are generally more volatile than domestic investments. Because the fund is normally heavily exposed to foreign currencies and does not attempt to hedge the impact of these currencies on the dollar, changes in currency exchange rates are likely to have a significant effect on the fund’s performance.

Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond
  (181 funds)

Data as of 03/31/2021

Data as of 03/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

7yrs
$1.3b

Data as of 03/31/2021

Data as of 03/31/2021

Price
(USD)

Daily Price Change

$9.64
$+0.06

Data as of 05/07/2021

Data as of 05/07/2021

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 03/31/2021

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)
Overall 181
3 Years 181
5 Years 168
10 Years 114

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 (Investor Class)

30-Day SEC Standardized Yield
with waiver
0.98%

Data as of 03/31/2021

without waiver
0.98%

Data as of 03/31/2021

30-Day Annualized Dividend Yield
with waiver
1.31%

Data as of 05/07/2021

Monthly Dividend
(USD)
$0.010230052

Data as of 03/31/2021

Monthly Dividend
Rate
0.00%

Data as of 05/07/2021

Average Annual Total Returns (Investor Class)

1 YR
11.32%
Benchmark
7.15%
Value
4.17% 4.17%

Data as of 03/31/2021

3 YR
1.65%
Benchmark
1.15%
Value
0.50% 0.50%

Data as of 03/31/2021

5 YR
2.77%
Benchmark
2.13%
Value
0.64% 0.64%

Data as of 03/31/2021

10 YR
1.48%
Benchmark
1.26%
Value
0.22% 0.22%

Data as of 03/31/2021

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Fund Inception: 09/10/1986

Expense Ratio

Gross
0.69%
Net
0.69%
**

Effective 1 July 2005, the benchmark changed to the Barclays Global Aggregate ex USD Bond Index. Prior to 1 July 2005, the benchmark was the JP Morgan Global Government Bond Ex. U.S. Broad Index. Prior to 1 July 2001, the benchmark was JP Morgan Non-US Government Bond Plus Index. Prior to 1 January 1998, the benchmark was JP Morgan Non-US Global Index. Prior to 1 July 1992, the benchmark was Citigroup Non-U.S. Dollar WGB Index. Each benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the fund. Historical benchmark representations have not been restated.

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.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

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
-2.33%
Benchmark
-2.91%
Value
0.58%

Data as of 05/07/2021

Monthly YTD
-5.40%
Benchmark
-5.29%
Value
-0.11%

Data as of 03/31/2021

One Month
-2.70%
Benchmark
-2.42%
Value
-0.28%

Data as of 03/31/2021

Three Months
-5.40%
Benchmark
-5.29%
Value
-0.11%

Data as of 03/31/2021

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Fund Inception: 09/10/1986

**

Effective 1 July 2005, the benchmark changed to the Barclays Global Aggregate ex USD Bond Index. Prior to 1 July 2005, the benchmark was the JP Morgan Global Government Bond Ex. U.S. Broad Index. Prior to 1 July 2001, the benchmark was JP Morgan Non-US Government Bond Plus Index. Prior to 1 January 1998, the benchmark was JP Morgan Non-US Global Index. Prior to 1 July 1992, the benchmark was Citigroup Non-U.S. Dollar WGB Index. Each benchmark change was made because the firm viewed the new benchmark to be a better representation of the investment strategy of the fund. Historical benchmark representations have not been restated.

Asset Allocation

Net Assets
(USD)
$1.3b

Data as of 03/31/2021

Largest Global ex-US Bonds 94.24% $1.2b
Other View complete

Holdings

Total
Holdings
274

Data as of 03/31/2021

Largest Holding Japan Government Thirty Year Bond 2.91% Was (12/31/2020) 1.18%
Other View complete
Top 10 Issuers 46.66% View the latest

Quality

N/A

Maturity

Weighted Average

8.66 Years

Duration

Weighted Average

8.12 Years

Top

A
26.90%
Was (02/28/2021) 27.81%

Top

10+ Years
26.75%
Was (02/28/2021) 26.75%

Top

Over 10 Years
22.24%
Was (02/28/2021) 22.26%

Over

Below Investment Grade
By 11.26%
Fund 11.40%
Benchmark 0.14%

Over

0-1 Years
By 8.29%
Fund 8.29%
Benchmark 0.00%

Over

Under 1 Year
By 9.38%
Fund 9.72%
Benchmark 0.35%

Under

AA
By -11.80%
Fund 9.86%
Benchmark 21.66%

Under

1-3 Years
By -15.53%
Fund 6.19%
Benchmark 21.71%

Under

1-3 Years
By -15.34%
Fund 7.25%
Benchmark 22.59%

Data as of 03/31/2021

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Sectors

Total
Sectors
6

Data as of 03/31/2021

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Largest Sector Government 73.23% Was (02/28/2021) 71.65%
Other View complete

Over

Sub Investment Grade
By 5.69%
Fund 5.69%
Benchmark 0.00%

Under

Agency/Supranationals
By -11.42%
Fund 1.95%
Benchmark 13.37%

Data as of 03/31/2021

Regions

Total
Regions
7

Data as of 03/31/2021

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Largest Region Europe 38.27% Was (02/28/2021) 38.21%
Other View complete Region Diversification

Over

Latin America
By 5.63%
Fund 6.58%
Benchmark 0.94%

Under

Europe
By -8.93%
Fund 38.27%
Benchmark 47.20%

Data as of 03/31/2021

Countries

Total
Countries
56

Data as of 03/31/2021

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Largest Country Japan 14.67% Was (02/28/2021) 14.94%
Other View complete Country Diversification

Over

Chile
By 3.20%
Fund 3.32%
Benchmark 0.12%

Under

Japan
By -8.59%
Fund 14.67%
Benchmark 23.26%

Data as of 03/31/2021

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

Currency

Total
Currencies
34

Data as of 03/31/2021

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Largest Currency euro 39.31% Was (02/28/2021) 33.88%
Other View complete Currency Diversification

Over

Canadian dollar
By 2.02%
Fund 6.83%
Benchmark 4.81%

Under

Offshore Chinese renminbi
By -3.07%
Fund -3.07%
Benchmark 0.00%

Data as of 03/31/2021

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 2014
  • 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, 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
Investor Class
Cusip 77956H104
$2,500 $100 0.00% 0.69% 0.69% N/A N/A
Advisor Class
Cusip 77956H831
$2,500 $100 0.25% 1.01% 1.01% N/A
N/A
I Class
Cusip 77956H450
$1,000,000* N/A 0.00% 0.54% 0.54% 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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