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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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Responsible Global Aggregate Bond Fund

Formerly Global Aggregate Bond Fund

Risk-aware investing, exploiting inefficiencies in global bond markets.

ISIN LU0133095660 Bloomberg TRPGLBI:LX

3YR Return Annualised
(View Total Returns)

Total Assets


1YR Return
(View Total Returns)

Manager Tenure


Information Ratio
(5 Years)

Tracking Error
(5 Years)


Inception Date 25-Jan-2006

Performance figures calculated in USD

31-Oct-2021 - Arif Husain, Head of International Fixed Income,
While we continue to see momentum in the recovery, uncertainty over policy tightening timelines could renew market volatility. In addition, persistent inflation could be a potential risk as money supply growth clashes with supply side shortages and changes in consumer behaviour. Overall, we remain flexible within the portfolio to adapt to different market environments.
Arif Husain, CFA
Arif Husain, CFA, Co-Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Click for Manager Outlook


Manager's Outlook

Pandemic-driven uncertainty may be receding; however, the market environment remains uncertain as governments navigate the next stage of the recovery. Although financial conditions remain accommodative, policy tightening forecasts across many of the major central banks have been brought forward, causing concerns about how this will affect the global economic rebound. In addition, the recent supply chain bottlenecks and energy price rises seen in Europe have led to uncertainty about how aggressive the upcoming hiking cycle will be, while slowing growth in China is also a concern.

However, while the pace of growth may have peaked, we continue to see steady momentum in the global recovery. Spread markets remain well supported with solid fundamentals, while we anticipate that recent sharp price rises will dissipate into more structural, secular inflation as the rebound persists. However, we are cognizant that the upcoming tightening cycle, and the inherent reduction of market liquidity, could spark a renewed bout of volatility. With all this in mind, while we remain optimistic about the prospects for global economic growth, we remain flexible within the portfolio to adapt to different market environments.

Investment Objective

To maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of bonds of all types from issuers around the world.

Investment Approach

  • To generate a consistent performance over benchmark by exploiting inefficiencies in the full universe of the global fixed income and currency markets:~~Focus on successful alpha generation.^^~~Importance of effective risk management.^^
  • Target average tracking error: Between 150 basis points and 300 basis points per annum.
  • Alpha generation classified under three main performance activities:~~Currency Management: 35% Expected contribution to value added^^~~Country/Duration Management: 35% Expected contribution to value added ^^~~Sector Allocation/Security Selection: 30% Expected contribution to value added^^~~Sub investment Grade Allocation: 20% Expected contribution to value added^^~~Sector/Security Selection: 10% Expected contribution to value added^^
  • Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.

Portfolio Construction

  • Currency limit: maximum +/- 40% relative to benchmark
  • Weighted duration limit: maximum +/- 3 years relative to benchmark
  • Sub-investment grade: maximum 20%
  • Above investment grade: not restricted (includes corporates and emerging markets)
  • Portfolio holdings: between 400 and 600 issuers
  • Average credit quality: A- or better

Annualised Performance

  1 YR 3 YR
5 YR
10 YR
Since Manager Inception
Fund % -1.21% 5.21% 2.91% 2.16% 3.15%
Indicative Benchmark % -1.24% 4.55% 2.52% 1.70% 2.75%
Excess Return % 0.03% 0.66% 0.39% 0.46% 0.40%

Inception Date 25-Jan-2006

Manager Inception Date 13-Mar-2016

Indicative Benchmark: Bloomberg Global Aggregate Bond Index

Data as of 31-Oct-2021

Performance figures calculated in USD

  1 YR 3 YR
5 YR
10 YR
Fund % -1.16% 4.71% 2.32% 2.39%
Indicative Benchmark % -0.91% 4.24% 1.99% 1.86%
Excess Return % -0.25% 0.47% 0.33% 0.53%

Inception Date 25-Jan-2006

Indicative Benchmark: Bloomberg Global Aggregate Bond Index

Data as of 30-Sep-2021

Performance figures calculated in USD

Recent Performance

  Month to DateData as of 26-Nov-2021 Quarter to DateData as of 26-Nov-2021 Year to DateData as of 26-Nov-2021 1 MonthData as of 31-Oct-2021 3 MonthsData as of 31-Oct-2021
Fund % -1.01% -1.01% -5.59% 0.00% -2.50%
Indicative Benchmark % -0.28% -0.52% -4.56% -0.24% -2.42%
Excess Return % -0.73% -0.49% -1.03% 0.24% -0.08%

Inception Date 25-Jan-2006

Indicative Benchmark: Bloomberg Global Aggregate Bond Index

Indicative Benchmark: Bloomberg Global Aggregate Bond Index

Performance figures calculated in USD

Past performance is not a reliable indicator of future performance.  Source for fund performance: T. Rowe Price. Fund performance is calculated using the official NAV with dividends reinvested, if any. 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. It will be affected by changes in the exchange rate between the base currency of the fund and the subscription currency, if different. Sales charges (up to a maximum of 5% for the A Class), taxes and other locally applied costs have not been deducted and if applicable, they will reduce the performance figures. Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

Where the base currency of the fund differs from the share class currency, exchange rate movements may affect returns.

31-Oct-2021 - Arif Husain, Head of International Fixed Income,
Core government bond yield curves flattened in October. Shorter-term rates rose faster than longer-term maturities, as inflation concerns contrasted with fears that sooner-than-expected policy tightening could slow down the recovery. The portfolio underperformed the Bloomberg Global Aggregate Bond Index as our steepening preference to the UK gilt curve weighed on relative performance. Gilt prices rose significantly toward the end of the month after the government cut its planned debt sales for the rest of the year by GBP 60 billion. By contrast, an underweight to Australian duration supported relative gains. Within currencies, the U.S. dollar’s relative weakness aided a number of our overweight positions, such as to the Australian and Canadian dollars, which both contributed to relative returns. Underweights to the Chinese yuan, South Korean won, and Swiss franc detracted, however. Looking at sector allocation and security selection, an allocation to U.S. dollar-denominated government-related debt supported relative returns.



Top 10 Issuers 52.33% Was (30-Sep-2021) 57.78%
Other View Top 10 Issuers

Monthly data as of31-Oct-2021


Largest Holding Japan Government Five Year Bond 4.17% Was (30-Jun-2021) 4.18%
Top 10 Holdings 26.84%
Other View Full Holdings Quarterly data as of  30-Sep-2021

Quality Rating View quality analysis

  Largest Overweight Largest Underweight
Quality Rating Below Investment Grade US Treasury
By % 9.25% -5.80%
Fund 9.56% 9.17%
Indicative Benchmark 0.31% 14.98%

Average Credit Quality


Monthly Data as of  31-Oct-2021
Indicative Benchmark:  Bloomberg Global Aggregate Bond Index

Sources for Credit Quality Diversification: Moody's Investors Service and Standard & Poor's (S&P) split ratings (i.e. BB/B and B/CCC) are assigned when the Moody's and S&P ratings differ. Short-Term holdings are not rated.

Maturity View maturity analysis

  Largest Overweight Largest Underweight
Maturity 7-10 Years 5-7 Years
By % 4.54% -4.26%
Fund 21.47% 12.33%
Indicative Benchmark 16.92% 16.59%

Weighted Average Maturity

10.06 Years

Monthly Data as of  31-Oct-2021
Indicative Benchmark:  Bloomberg Global Aggregate Bond Index

Duration View duration analysis

  Largest Overweight Largest Underweight
Duration 7-10 Years 1-3 Years
By % 3.06% -6.12%
Fund 16.23% 16.32%
Indicative Benchmark 13.17% 22.45%

Weighted Average Duration

5.79 Years

Monthly Data as of  31-Oct-2021
Indicative Benchmark: Bloomberg Global Aggregate Bond Index

31-Dec-2018 - Arif Husain, Head of International Fixed Income,

The portfolio's overall duration was increased over the quarter driven in part by adding to high-quality countries, such as the U.S. and Australia. We also reduced the underweight duration position in the eurozone and moved the UK up to neutral. The changes reflected our expectations that slowing global growth, geopolitics, and trade tensions could fuel a flight into high-quality government bonds.

Country/duration positioning

  • Within developed markets, we began increasing the overweight duration position in the U.S. around mid-October. This was driven by expectations for growth to moderate and the Federal Reserve to slow the pace of interest rate hikes in 2019. Overall, our bias for a flattening of the Treasury yield curve stayed in place as inflation remained well behaved. In the eurozone, we added to Germany in the 7- to 10-year part of the curve and moved Italy back to neutral as budget concerns eased. The overall underweight duration position was reduced as economic growth continued to slow. Over the medium-term, we believe eurozone government bonds are potentially vulnerable as the markets have yet to price in the European Central Bank taking a key step toward monetary policy normalization at the end of 2018 when its quantitative easing program finished.
  • Among other developed market moves, we opened a new overweight duration position in Australia on anticipation that the central bank will keep interest rates unchanged for the foreseeable future, a factor we believe should be supportive for bonds. Meanwhile, in the UK, we closed the underweight duration position in mid-November on uncertainty surrounding the country's exit from the European Union. Toward the end of the period, we opened a new underweight duration position in Canada as we felt that the market was being too pessimistic on the outlook for interest rate hikes.
  • Our allocation to local emerging market bonds remained low during the quarter. In terms of moves, we reduced overweight positions in Mexico and Thailand and took profit on the off-benchmark position in Brazil. We also added modestly to our off-benchmark exposure in domestic Romania on anticipation that inflation pressures could recede. Throughout, we maintained overweight positions in Chile, and off-benchmark exposures in India and South Africa. To balance some of the risks, we maintain a negative bias in Eastern Europe through underweight duration positions expressed in Hungary and Poland.

Currency selection

  • On the currency front, we shifted to an underweight position in the U.S. dollar toward the end of the quarter. This was driven in part by adding to the overweight position in the Swiss franc and opening a new overweight position in the Swedish krona after the central bank raised interest rates for the first time since 2011 in December. Overall, we felt that with U.S. growth slowing and the Fed potentially delivering fewer hikes in 2019, the dollar could be vulnerable to a correction. In other moves, underweight positions in the euro and Australian dollar were closed. Throughout, we maintained an overweight position in the Japanese yen and underweight allocations to the Singapore dollar and Taiwanese dollar.
  • In emerging markets, we added tentatively to a select number of currencies. This included the Mexican peso, the Argentine peso, the South African rand, and the Malaysian ringgit. These complemented existing exposures in the Romania leu and the Colombian peso. The overweight position in the Czech koruna was closed.

Sector allocation and security selection

  • We maintain an allocation to hard currency emerging market sovereign debt as the income stream remains attractive. We also hold modest exposure to European high yield bonds.
  • To reduce portfolio risk, we continue to hold defensive positions in credit markets. The majority of this is expressed through short credit default swap positions in a U.S. investment-grade bond index. In emerging markets, except for Mexico, we closed the credit default swap positions at an individual country level in Turkey, South Africa, and Indonesia.


Largest Sector Government 59.89% Was (30-Sep-2021) 63.82%
Other View complete Sector Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: Bloomberg Global Aggregate Bond Index

Largest Overweight

Fund 17.90%
Indicative Benchmark 13.27%

Largest Underweight

Fund 0.33%
Indicative Benchmark 10.65%

Monthly Data as of 31-Oct-2021

31-Oct-2021 - Arif Husain, Head of International Fixed Income,
We continue to hold a modest overweight position in European and U.S. high yield and have maintained an overweight exposure to hard-currency sovereign debt. For hedging purposes, we pair these exposures with short positions to credit risk through index-level synthetic instruments in both the U.S. investment-grade and euro high yield spaces.


Largest Country United States 34.18% Was (30-Sep-2021) 35.43%
Other View complete Country Diversification

Monthly Data as of 31-Oct-2021

Indicative Benchmark: Bloomberg Global Aggregate Bond Index

Largest Overweight

United Kingdom
Fund 9.46%
Indicative Benchmark 5.29%

Largest Underweight

Fund 8.32%
Indicative Benchmark 13.25%

Monthly Data as of 31-Oct-2021

30-Sep-2021 - Arif Husain, Head of International Fixed Income,
We moved the portfolio’s duration profile to underweight from overweight during the period. In the U.S. we moved underweight the Treasury curve on the conviction that the U.S. Federal Reserve’s hawkish tilt could push yields higher. Elsewhere, we increased our underweight exposures to eurozone and Japan duration, and opened underweight positions in Australia and Canada on the, belief that rising inflation expectations could weigh on core bonds. In emerging markets, meanwhile, we reduced an overweight duration stance to China.
31-Oct-2021 - Arif Husain, Head of International Fixed Income,
We marginally increased our U.S. dollar overweight during the month. While we maintain a long-term negative view on the dollar, factors such as early Fed tapering could support the currency in the short term. In other developed markets, meanwhile, we closed a euro overweight. The recent gas price spike will likely weigh more on economic activity in Europe, relative to the U.S., potentially putting downward pressure on the single currency. We also opened an Israeli shekel overweight. In developing markets, we opened a new underweight stance to the Polish zloty, given the country’s high inflation prints and, despite a recent rate hike, relatively dovish central bank action compared with its central Eastern European peers.

Fee Schedule

Share Class Minimum Initial Investment and Holding Amount (USD) Minimum Subsequent Investment (USD) Minimum Redemption Amount (USD) Sales Charge (up to) Investment Management Fee (up to) Ongoing Charges
Class A $1,000 $100 $100 5.00% 75 basis points 0.92%
Class I $2,500,000 $100,000 $0 0.00% 45 basis points 0.55%
Class Q $1,000 $100 $100 0.00% 45 basis points 0.62%
Class Sd $10,000,000 $0 $0 0.00% 0 basis points 0.10%

Please note that the Ongoing Charges figure is inclusive of the Investment Management Fee and is charged per annum.