T. Rowe Price Fixed Income

50 years of investing in fixed income

When T. Rowe Price founded its fixed income division in 1971, the world was a very different place. The term “emerging markets” had not yet been coined, the first junk bond boom was a decade away, and for most investors the only tools in the fixed income toolkit were domestic government bonds. In the five decades that followed, our bond expertise evolved as fast as the markets did.

Over the years, we have navigated multiple market crises and followed new asset classes as they grew from infancy. When we talk about T. Rowe Price’s “deep expertise”, we’re referring to that institutional memory, and the sound judgment born of long experience. Join our investment professionals as they reflect on their own careers, the evolution of their asset classes – and lessons for the future.


Three fixed income leaders reminisce

Watch as Mark Vaselkiv - CIO of Fixed Income, Cheryl Mickel – Portfolio Manager, and Mike Conelius – former Head of Emerging Markets Debt, share their memories of 30 years in the business, challenges faced, and lessons learned.

Everything we've learned goes into your portfolio

How do you measure 50 years?

The milestones of our fixed income journey - watch the video


Take a trip to 1975

Our first fixed income brochure

The world in 1971

As we were setting up our first fixed income team in Baltimore (comprising two people), the world was a rapidly changing place and far reaching events were underway, including...

  • Apollo 14 Moon landing
  • US May Day Protests against Vietname war
  • Suspension of Gold Standard
  • Nasdaq opened
  • China admitted to United Nations
  • Start of North Sea oil production in Norway
  • First single-chip microprocessor introduced by Intel

Experience in action

We're experts in global fixed income. Through active management, world-class research, true collaboration and a risk management focus we’re your global fixed income experts.

Investment strategies that have stood the test of time

Want to know more about our global fixed income capabilities?

Important Information

Equity Trustees Limited (“Equity Trustees”) (ABN: 46 004 031 298, AFSL: 240975) is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Stock Exchange (ASX:EQT). Equity Trustees and T. Rowe Price Australia Limited ("TRPAU") (ABN: 13 620 668 895, AFSL: 503741) are, respectively, the responsible entity and investment manager of the T. Rowe Price Australian Unit Trusts. Available in Australia for Wholesale Clients only.

A Target Market Determination for each T. Rowe Price Australian Unit Trust (or class of units in a Trust) is available here. A Target Market Determination is a document which is required to be made available from 5 October 2021. It describes who the financial product is likely to be appropriate for (i.e. the target market), and any conditions around how the product can be distributed to investors. It also describes the events or circumstances where Equity Trustees Limited, the responsible entity of the T. Rowe Price Australian Unit Trusts may need to review the Target Market Determination for the financial product.

Past performance is not a reliable indicator of future performance. The price of any fund may go up or down. Investment involves risk including a possible loss to the principal amount invested. For general information purposes only, does not take into account the investment objectives, financial situation or needs of any particular investor. For further details, please refer to each fund's product disclosure statement and reference guide which are available from Equity Trustees or TRPAU.

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.

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