Free to think, free to perform

Across our broad range of fixed income solutions, our investment teams are inspired 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

247

fixed income investment professionals

$271B

USD of fixed income AUM¹

Our Approach to Fixed Income

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.

Mar 2024 GLOBAL FIXED INCOME

Current market inflation expectations are ridiculous

My view is that core inflation will fall to around 2%. My longer-term outlook is not as sanguine, however, as I think inflation will reaccelerate.

Feb 2024 INVESTMENT INSIGHTS

After the Fed pivot, 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.

Nov 2023 GLOBAL FIXED INCOME

High Yield Bond Market Changes Provide Support

Transformations have bolstered high yield for a modest downturn.

Established Performance

Our fixed income strategies beat their benchmarks 81% of the time.

They delivered higher average returns than their benchmarks over time. And they showed better results in the vast majority of rolling monthly periods over a 20-year span.

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.

_{¹ Based on an internal study done by T. Rowe Price. For more information on the methodology of this analysis, please see Comparing T. Rowe Price Composites with Their Benchmarks, which is available upon request.}

_{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 1/1/2004 to 12/31/2023.}

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

Expertise

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.

Kenneth A. Orchard Head of International Fixed Income and Portfolio Manager

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.

Matthew Lawton, CFA Portfolio Manager

Matt Lawton is a portfolio manager in the Fixed Income Division. He manages the Global Impact Credit Strategy and co-manages the US Investment Grade Corporate Bond Strategy. Matt is a vice president and member of the Investment Advisory Committees for the Corporate Income, New Income, and Ultra Short-Term Bond Funds, and he is a vice president of the Short-Term Bond Fund. 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.

Michael Della Vedova 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.

Experience our original ideas

Important Information

_{All data as of 31 December 2023 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 31 December 2023.}

_{Past performance is not a reliable indicator of future performance. All investments are subject to risk, including the possible loss of principal. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall. Results from other time periods may differ.}

_{T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc., investment advisers of T. Rowe Price strategies.}

_{Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are magnified in emerging markets. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. Diversification cannot assure a profit or protect against loss in a declining market.}

_{202308-3063668}

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This website is being furnished for general informational purposes only. The website 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.

This 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. This has not been reviewed by any regulatory authority in any jurisdiction.

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