International Bond Fund - I Class

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.

RPISXCUSIP 77956H450
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond
  (188 funds)

Data as of 04/30/2020

Data as of 04/30/2020

Fund Manager Tenure2

Net Assets3
(USD)

6yrs
$1.0b

Data as of 04/30/2020

Data as of 04/30/2020

Price
(USD)

Daily Price Change

$8.93
$+0.02

Data as of 06/03/2020

Data as of 06/03/2020

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™.

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...

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...

View more

Strategy

Investment Objective

The fund seeks to provide current income and capital appreciation.

Morningstar Fixed Income Style

Low / Extensive

Data as of 04/30/2020

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 (World Bond)
Overall 188
3 Years 188
5 Years N/A 172
10 Years N/A 103

*Ratings displayed with hollow stars represent Morningstar Extended Performance Ratings.  Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual fund share class that don't have a 1, 3-, 5-, or 10-year performance history.  These hypothetical Morningstar Ratings are based on the historical performance of the oldest share class of the fund, adjusted for fees and expenses.

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 (I Class)

30-Day SEC Standardized Yield
with waiver
1.75%

Data as of 04/30/2020

without waiver
1.75%

Data as of 04/30/2020

30-Day Annualized Dividend Yield
with waiver
1.43%

Data as of 06/03/2020

Monthly Dividend
(USD)
$0.011390366

Data as of 04/30/2020

Monthly Dividend
Rate
0.00%

Data as of 06/03/2020

Average Annual Total Returns (I Class)*

1 YR
-0.71%
Benchmark
0.74%
Value
-1.45% -1.42%

Data as of 03/31/2020

3 YR
2.19%
Benchmark
2.57%
Value
-0.38% -0.31%
5 YR
1.88%
Benchmark
2.04%
Value
-0.16% -0.11%
10 YR
1.31%
Benchmark
1.39%
Value
-0.08% -0.08%

Expense Ratio

Gross
0.56%
Net
0.54%
Limitation Type
Contractual
expires 04/30/2022

Benchmark: Linked Benchmark**

Investor Class Inception Date: 09/10/1986

I Class Inception Date: 08/28/2015

**

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.

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

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
-0.37%
Benchmark
-0.17%
Value
-0.20%

Data as of 06/03/2020

Monthly YTD
-2.84%
Benchmark
-0.69%
Value
-2.15%

Data as of 04/30/2020

One Month
2.48%
Benchmark
2.04%
Value
0.44%
Three Months
-3.45%
Benchmark
-1.44%
Value
-2.01%

Benchmark: Linked Benchmark**

Investor Class Inception Date: 09/10/1986

I Class Inception Date: 08/28/2015

**

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.

*The T. Rowe Price Funds-I Class share the portfolio of an existing fund (the original share class of the fund is referred to as the "investor class"). The total return figures for I Class shares have been calculated using the performance data of the investor class up to the inception date of the I Class (shown above) and the actual performance results of the I Class since that date.  Because the I Classes are expected to have lower expenses than the Investor Classes, The I Class performance, had it existed over the periods shown, would have been higher. 

Asset Allocation

Net Assets
(USD)
$1.0b
Largest Global ex-US Bonds 90.28% $934.7m
Other View complete Asset Allocation

Data as of 04/30/2020

Holdings

Total
Holdings
238
Largest Holding United Kingdom Gilt 3.82% Was (12/31/2019) 0.30%
Other View complete Full Holdings
Top 10 Issuers 43.59% View the latest Top 10 Issuers

Data as of 03/31/2020

Quality

N/A

Maturity

Weighted Average

9.12 Years

Duration

Weighted Average

8.03 Years

Top

A
26.20%
Was (03/31/2020) 27.10%

Top

10+ Years
27.23%
Was (03/31/2020) 27.23%

Top

Over 10 Years
23.37%
Was (03/31/2020) 22.79%

Over

Below Investment Grade
By 12.66%
Fund 12.85%
Benchmark 0.19%

Over

Cash Equivalents
By 9.40%
Fund 9.40%
Benchmark 0.00%

Over

Cash Equivalents
By 9.35%
Fund 9.35%
Benchmark 0.00%

Under

AA
By -10.21%
Fund 11.95%
Benchmark 22.16%

Under

0-1 Years
By -4.31%
Fund -4.31%
Benchmark 0.00%

Under

Under 1 Year
By -7.35%
Fund -5.83%
Benchmark 1.52%

Data as of 04/30/2020

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Sectors

Total
Sectors
7
Largest Sector Government 67.89% Was (03/31/2020) 68.96%
Other View complete Sector Diversification

Data as of 04/30/2020

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Over

Cash Equivalents
By 9.35%
Fund 9.35%
Benchmark 0.00%

Under

Agency/Supranationals
By -7.86%
Fund 3.93%
Benchmark 11.79%

Data as of 04/30/2020

Regions

Total
Regions
7
Largest Region Europe 38.64% Was (03/31/2020) 39.87%
Other View complete Region Diversification

Data as of 04/30/2020

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Over

Latin America
By 6.20%
Fund 6.93%
Benchmark 0.72%

Under

Japan
By -15.06%
Fund 12.91%
Benchmark 27.97%

Data as of 04/30/2020

Countries

Total
Countries
54
Largest Country Japan 12.91% Was (03/31/2020) 13.13%
Other View complete Country Diversification

Data as of 04/30/2020

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Over

Chile
By 3.26%
Fund 3.38%
Benchmark 0.12%

Under

Japan
By -15.06%
Fund 12.91%
Benchmark 27.97%

Data as of 04/30/2020

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

Currency

Total
Currencies
32
Largest Currency euro 37.86% Was (03/31/2020) 37.44%
Other View complete Currency Diversification

Data as of 04/30/2020

Benchmark: Bloomberg Barclays Global Aggregate ex USD Bond Index

Over

British pound sterling
By 2.55%
Fund 11.03%
Benchmark 8.48%

Under

U.S. dollar
By -9.13%
Fund -9.13%
Benchmark 0.00%

Data as of 04/30/2020

Numbers may not total due to rounding; all numbers are percentages.

Team (As of )

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.

  • Fund manager
    since 2014
  • Years at
    T. Rowe Price 6
  • Years investment
    experience 24
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.

  • Years at
    T. Rowe Price 9
  • Years investment
    experience 16
Ju Yen  Tan

Ju Yen Tan
Co-Portfolio Manager

Ju Yen Tan is a senior portfolio manager in the Fixed Income Division at T. Rowe Price and a member of the Global Fixed Income Investment Team, with a specific responsibility for leading the dollar bloc research. Since joining the firm in 2004, he has led the application of the risk and attribution analysis in global/international fixed income portfolios. He also chairs the T. Rowe Price Foreign Exchange Governance Committee. Mr. Tan is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 15
  • Years investment
    experience 23
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
I Class
Cusip 77956H450
$1,000,000* N/A 0.00% 0.56% 0.54% Contractual 04/30/2022
Investor Class
Cusip 77956H104
$2,500 $100 0.00% 0.70% 0.70% N/A
N/A
Advisor Class
Cusip 77956H831
$2,500 $100 0.25% 1.06% 1.06% 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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