Multi-Strategy Total Return Fund

The fund uses a highly flexible investment approach in an effort to provide strong risk-adjusted returns, pursue positive returns through various market environments, and maintain low overall volatility. The fund has broad discretion in seeking investments and utilizes a wide range of strategies to invest across a variety of asset classes including stocks, fixed-income securities, and derivatives. The fund primarily seeks exposure to the following strategies, relying on both fundamental and quantitative research, although additional strategies may be employed at any time: Macro and Absolute Return; Fixed Income Absolute Return; Equity Research Long/Short; Quantitative Equity Long/Short; Volatility Relative Value; and Style Premia.

The fund is subject to risk, including possible loss of principal. Multi-Strategy Total Return Fund’s performance is also subject risks associated with international and fixed income investing, short sales, derivatives, options, swaps, forward and futures contracts, leverage, and non-diversification risks, which may result in greater price fluctuation than the overall stock market.

Morningstar (Category)

Morningstar
(Overall Rating)1

Multialternative
  (127 funds)

Data as of 10/31/2021

Data as of 10/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

3yrs
$453.5m

Data as of 10/31/2021

Data as of 10/31/2021

Price
(USD)

Daily Price Change

$10.56
$-0.01

Data as of 11/24/2021

Data as of 11/24/2021

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™.

Richard de los Reyes
Richard de los Reyes, Co-Portfolio Manager

Rick de los Reyes is a portfolio manager for the Macro and Absolute Return Strategies and co-portfolio manager for the Multi-Strategy Total Return Fund in the Multi-Asset Division. Rick also is a m...

Stefan Hubrich, CFA, Ph.D.
Stefan Hubrich, CFA, Ph.D., Co-Portfolio Manager

Stefan Hubrich is a director of research in the Multi-Asset Division. He is a co-portfolio manager of the Multi-Strategy Total Return Strategy. He is a member of the Investment Advisory Committees ...

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Strategy

Investment Objective

The fund seeks strong long-term risk adjusted returns.

Average Annual Total Returns (Investor Class)

1 YR
6.13%
Benchmark
0.07%
Value
6.06% 4.68%

Data as of 09/30/2021

3 YR
6.12%
Benchmark
1.18%
Value
4.94% 5.55%

Data as of 09/30/2021

5 YR
N/A
Benchmark
N/A
Value
N/A N/A

Data as of 09/30/2021

Since Inception
4.78%
Benchmark
1.29%
Value
3.49% N/A

Data as of 09/30/2021

Benchmark: ICE BofAML US 3-Month Treasury Bill Index

Fund Inception: 02/23/2018

Expense Ratio

Gross
1.80%
Net
1.29%
Limitation Type
Contractual
expires 02/28/2022

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 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.

T. Rowe Price Associates, Inc. is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price mutual funds. 

Team (As of )

Richard de los Reyes

Richard de los Reyes
Co-Portfolio Manager

Rick de los Reyes is a portfolio manager for the Macro and Absolute Return Strategies and co-portfolio manager for the Multi-Strategy Total Return Fund in the Multi-Asset Division. Rick also is a member of the Investment Advisory Committees of the Global Natural Resources Equity, Global Real Assets Equity, Global Focused Growth Equity, Global Growth Equity, Global Value Equity, and International Value Equity Strategies. He is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2018
  • Years at
    T. Rowe Price 15
  • Years investment
    experience 22
Stefan Hubrich, CFA, Ph.D.

Stefan Hubrich, CFA, Ph.D.
Co-Portfolio Manager

Stefan Hubrich is a director of research in the Multi-Asset Division. He is a co-portfolio manager of the Multi-Strategy Total Return Strategy. He is a member of the Investment Advisory Committees of the Global Stock and Dynamic Global Bond Funds and a member of the Multi-Asset Steering Committee. Stefan also is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 16
  • Years investment
    experience 16

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

View platform information
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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