Fixed Income Capabilities

Free to think, free to perform

Across our broad range of fixed income solutions, our investment teams have the freedom to explore original ideas and test them through rigorous research in pursuit of better client outcomes.

At a Glance

50+

years managing fixed income assets

239

fixed income investment professionals

$285.7B

USD of fixed income AUM¹

We empower our fixed income experts to think creatively and explore new ideas to achieve your investment objectives.

Open minds, original ideas

Our world-class fixed income professionals are curious and astute experts in their field — bringing compelling views that see past common narratives. We deliver real insights on opportunities across global markets.

Ideas tested from many angles

We nurture a culture of curiosity and debate. Our teams are incentivized to think creatively and to share and challenge ideas. We test our ideas from different viewpoints to gauge their true risk and potential reward.

Portfolios aligned to client goals

Our portfolio managers are individually accountable for every decision and client outcome. We prioritize managing risk to ensure each portfolio is intentional in aligning risk to generate return.

Our thoughts on the issues that matter most to you.

Jul 2024 INVESTMENT INSIGHTS

Ahead of the Curve “Shadow banking system” creates a trickier path for the Fed

The rapid increase in US nonbank lending has caused banks to shift their risk exposure toward liquidity risk and away from credit risk.

Feb 2024 VIDEO

The Fed Has Pivoted. What’s Next?

Market optimism for Fed rate cuts has cooled, and investors are wondering when and how far U.S. rates will fall in 2024.

Feb 2024 INVESTMENT INSIGHTS

Putting cash to work in 2024

Trillions of dollars are parked in US money market funds. Where and when investors move these assets next could impact stock and bond returns in 2024.

Proven Performance

T. Rowe Price fixed income strategies delivered higher average annualised returns than their benchmarks over time. And they showed better results in the vast majority of rolling monthly periods over a 20-year span.

This fixed income performance was the result of our rigorous global research and a collaborative process that drove better decision making and thoughtful risk management.

Put simply, our fixed income strategies delivered more return, more often.

That's the T. Rowe Price difference.

Our fixed income strategies delivered periods with better returns than the benchmark 81% of the time and an average of .34% additional return over the benchmark across all periods analyzed.

Past performance is not a reliable indicator of future performance.
_{Ten-year periods, rolling monthly, over the last 20 years ended 12/31/23.}

_{Analysis by T. Rowe Price. Represents a comparison of all marketable institutional fixed income composites compared to the official composite primary benchmark assigned to each. Excludes money market, and index/passive composites. In order to avoid double-counting in the analysis, specialized composites viewed as substantially similar to strategies already included (e.g. constrained strategies, ex-single country excluded strategies, etc.) are also excluded. Composite net returns are calculated using the highest applicable separate account fee schedule for institutional clients. All figures in USD. The performance of each T. Rowe Price composite was compared against its official composite primary benchmark using 10-year rolling monthly periods from 1/1/04 to 31/12/23.}

_{Analysis aggregates and averages the performance history of 28 fixed income composites covering 2,555 periods.}

With an average of 22 years’ experience across markets and sectors, our fixed income professionals are committed to developing their expertise to help meet your objectives across market cycles.

Arif Husain, CFA® Head of Global Fixed Income and CIO

Arif Husain is the head of Global Fixed Income and chief investment officer of the Fixed Income Division. He is chairman of the Fixed Income Steering Committee and a member of the firm’s Management Committee. Arif is lead portfolio manager for the Global Government Bond High Quality Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Michael Della Vedova Global High Yield Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond and Global High Income Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Matthew Lawton, CFA® Portfolio Manager

Matt Lawton is a portfolio manager in the Fixed Income Division. He manages the Global Impact Credit Strategy and the Global Impact Short Duration Bond Strategy. Matt is a member of the Investment Advisory Committees for the Corporate Income, New Income, Ultra Short-Term Bond, and Short-Term Bond Funds. He also is a member of the Fixed Income ESG Steering & Advisory and the ESG Committees. Matt is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Kenneth A. Orchard Head of International Fixed Income

Kenneth Orchard is head of International Fixed Income. He is portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategy. Kenneth is a member of the Fixed Income Steering Committee, cochair of the fixed income Sector Strategy Advisory Group, and a member of the European and UK Asset Allocation Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

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A broad range of solutions designed to help meet your needs.

For investors who want to manage risk and seek to minimize loss by focusing on stable, low-risk investments that can better withstand market volatility.

Dynamic Global Bond Fund

An actively managed fund with high-conviction approach on countries, interest rates, yield curves as well as credit security selection seeking consistent returns through fixed income market cycles.

Global Aggregate Bond Fund

An actively managed fund seeking consistent outperformance against the benchmark by exploiting inefficiencies within the global fixed income market of primarily investment grade government, bank, corporate debt issuers

For investors who want to diversify against correlations across their portfolio to help manage risk and reduce volatility.

Dynamic Global Bond Fund

An actively managed fund with high-conviction approach on countries, interest rates, yield curves as well as credit security selection seeking consistent returns through fixed income market cycles.

Dynamic Credit Fund

An actively managed fund seeking attractive alpha with low correlations through the credit cycle in bonds typically issued by government entities, companies and banks.

For investors aiming to grow their investments via exposure to higher return (non-investment grade) bonds.

Asia Credit Bond Fund

An actively managed, fundamental research driven fund, seeking to exploit evolving, long-term investment opportunities within Asian country issuers

European High Yield Bond Fund

An actively managed fund using intensive credit research to unearth attractive income opportunities

Emerging Markets Bond Fund

An actively managed, high-quality portfolio with the flexibility to use the full credit-rating range to exploit emerging market fixed income opportunities.

For investors who need a reasonable and reliable income from their investments as a contribution to total returns.

Euro Corporate Bond Fund

An actively managed fund investing primarily in euro-denominated corporate debt using proprietary, fundamental credit research to focus on identifying corporate bonds that offer attractive yields in relation to their credit fundamentals

Global High Income Bond Fund

An actively managed fund that seeks to exploit changing market conditions and disruptions to bring the best global high yield bond market opportunities

For investors who seek to mitigate the impact of interest rate risk by focusing on strategies with low and dynamic duration approaches.

Dynamic Global Bond Fund

An actively managed fund with high-conviction approach on countries, interest rates, yield curves as well as credit security selection seeking consistent returns through fixed income market cycles.

Risks: For fund specific risks please refer to the prospectus

General Fund Risks

Capital risk - the value of your investment will vary and is not guaranteed. It will be affected by changes in the exchange rate between the base currency of the fund and the currency in which you subscribed, if different. Counterparty risk - an entity with which the portfolio transacts may not meet its obligations to the fund. ESG and Sustainability risk - may result in a material negative impact on the value of investment and performance of the fund. Geographic concentration risk - to the extent that a fund invests a large portion of its assets in a particular geographic area, its performance will be more strongly affected by events within that area. Hedging risk - a fund's attempts to reduce or eliminate certain risks through hedging may not work as intended. Investment fund risk - investing in funds involves certain risks an investor would not face if investing in markets directly. Management risk - the investment manager or its designees may at times find their obligations to a fund to be in conflict with their obligations to other investment funds they manage (although in such cases, all funds will be dealt with equitably). Operational risk - operational failures could lead to disruptions of fund operations or financial losses.

Additional Information

_{All data as of 30 June 2024 unless otherwise stated.}

_{¹The total fixed income assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Total fixed income assets include all fixed income separate accounts and funds along with a portion of certain T. Rowe Price U.S.-registered multi-asset funds as of 30 June 2024.}

_{CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.}

Important Information

_{The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents (KIID) and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com . The Management Company reserves the right to terminate marketing arrangements.}

_{This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.}

_{The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.}

_{Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.}

_{The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.}

_{It is not intended for distribution to retail investors in any jurisdiction.}

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