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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Past performance is not a reliable indicator of future performance.


US Short-Term Bond

The US Short-Term Bond Composite seeks current income with minimal price volatility primarily through investment in fixed income securities included in the Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index. The strategy may also include exposure to asset-backed, mortgage-backed, and other securities not present in the reference index.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)


1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)


Inception Date 31-Mar-1990

Performance figures calculated in USD

Michael  F.  Reinartz, CFA
Michael F. Reinartz, CFA, Portfolio Manager

Mike Reinartz is the portfolio manager for the US Short-Term Bond strategies in the Fixed Income Division. He is an executive vice president of the Fixed Income Series, Inc., an executive vice president and the chairman of the Investment Advisory Committee of the Short-Term Bond Fund, and a vice president of the Inflation Protected Bond and Limited Duration Inflation Focused Bond Funds. He also is the chairman of the Investment Advisory Committee for the Limited-Term Bond Portfolio and a member of the Investment Advisory Committees for the Ultra Short-Term Bond and Short Duration Income Funds. Mike is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.



Investment Approach

  • The strategy seeks to provide a high level of income, consistent with belief that yields plays a greater role than price appreciation in generating excess returns.
  • Focus primarily on short- and intermediate-term investment-grade U.S. fixed income securities, with the ability to integrate non-index sectors and securities, such as foreign bonds, mortgage-backed, commercial mortgage-backed and asset-backed securities.
  • Seeks to add value primarily through sector rotation, individual security selection, and term structure positioning.
  • Integrate proprietary credit and capital market research to identify market inefficiencies.

Portfolio Construction

  • Average credit quality of the portfolio is typically AA.
  • Non-dollar foreign bond exposure is limited to 10% (hedged and unhedged).
  • Duration is typically managed within +/- 20% of the benchmark.
  • Target tracking error range: 40 to 80 basis points.