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Fixed Income Capabilities
Independent in thought, disciplined in action
T. Rowe Price fixed income experts rely on active questioning, independent thinking, and a disciplined approach to find opportunities with the potential to deliver better client outcomes.
At a glance
55+
years managing fixed income assets
245+
fixed income investment professionals*
$334.3B
USD of fixed income AUM1
Our fixed income experts think independently and stay disciplined—always with client solutions in mind
Independent thinking for fresh ideas
We hold no house view and empower our experienced fixed income professionals to follow their curiosity and challenge consensus. We aim to generate new ideas and perspectives to develop solutions that address a wide range of client needs.
Disciplined process for lasting confidence
Our professionals challenge each other's thinking and stress test ideas from multiple angles. They ask better questions and engage in debates, to find opportunities that help clients achieve their long-term objectives while managing risk.
Rigorous research for an investing edge
Our fixed income experts have invested through many market cycles. They work around the globe to build relationships and draw connections, and we equip them with necessary resources that give them an information edge.
Our insights on issues shaping the fixed income market
Jan 2026
Ahead of the Curve
Yields poised to increase as global competition for capital endures
Explore why rising yields, robust U.S. growth, and volatility could shape fixed income this year.
Nov 2025
On the Horizon
Credit selection key while fiscal expansion pressures sovereign bonds
Non-investment-grade bonds and bank loans offer attractive yields versus equities.
Feb 2026
Uncovering Opportunities in Emerging Market Debt
Portfolio manager Samy Muadi highlights the attractive investment opportunities in emerging market debt and explains how T. Rowe Price’s experienced team goes beyond the numbers—leveraging deep research and local insights to uncover value for investors.
Our fixed income strategies delivered more return, more often than other top active managers
Ten-year periods, rolling monthly, over the last 20 years ended 31/12/25.
These T. Rowe Price fixed income strategies delivered higher average returns than their benchmark over time and compared favourably to the strategies of other active managers.
This outperformance stemmed from our ability to uncover fresh fixed income insights capable of driving better outcomes. Our investment professionals think independently and rely on a disciplined process, rigorous research, and a collaborative culture to help clients achieve their goals.
That's the T. Rowe Price fixed income difference.
Past performance is not a guarantee or a reliable indicator of future results.
Analysis by T. Rowe Price. Represents a comparison of all marketable institutional fixed income composites compared with the official composite primary benchmark assigned to each. Excludes money market, asset allocation and index/passive composites. In order to avoid double-counting in the analysis, specialised 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. An aggregated view of 10-year rolling monthly periods net returns from 1/1/06 to 31/12/25 is shown. All figures in USD and may increase or decrease due to currency fluctuations.
1 29 composites covering 2,507 rolling 10-year periods.
2 179 composites covering 18,177 rolling 10-year periods. The assets under management (AUM) as of 31/12/25 across all composites considered in the analysis are aggregated, and those composites offered by the largest 5 firms determined by total AUM, identified via eVestment, other than T. Rowe Price, are grouped together here. Source: Nasdaq’s eVestment Analytics database.
3 2,144 composites covering 192,898 rolling 10-year periods. Source: Nasdaq’s eVestment Analytics database.
An unexpected opportunity from the developing world
Learn how T. Rowe Price became an early investor in a bond designed to help children in underserved countries.
- The Children and Youth Bond is designed to direct capital toward projects supporting children in Latin America and the Caribbean.
- T. Rowe Price chose to be a primary investor, validating the bond's goals and innovative structure.
- Our independent thinking and disciplined approach led us to an investment designed to benefit both clients and society.
With an average of 22 years’ experience, our fixed income professionals are dedicated to helping you achieve your investment goals across market cycles
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 and the Global Government Bond Ex-Japan Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Samy Muaddi is the head of Emerging Markets in the Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Global High Income Bond Strategy. Samy also manages a range of customized separately managed accounts in emerging market debt and is a member of the Fixed Income Steering Committee and Asset Allocation Committee. He previously managed the firm’s Emerging Markets Corporate Bond Strategy from 2015 to 2024 and the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.
Matt Lawton is head of Impact Fixed Income and a portfolio manager in the Fixed Income Division. He manages the Global Impact Credit Strategy, the Global Impact Short Duration Bond Strategy and co-manages the Emerging Markets Blue Economy Bond Strategy. He also is a member of the ESG Committee. Matt is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
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 and Global Aggregate Bond Strategies. Kenneth is a member of the Fixed Income Steering Committee and the European and UK Asset Allocation Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
A broad range of solutions designed to meet your fixed income 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.
Global Multi-Sector Bond
Seeks to generate alpha through an effective combination of top-down sector allocation, currency positioning, and interest rate management with high-conviction, bottom-up security selection.
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.
Global Multi-Sector Bond
Seeks to generate alpha through an effective combination of top-down sector allocation, currency positioning, and interest rate management with high-conviction, bottom-up security selection.
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
Conflict of interest - The investment manager's obligations to a fund may potentially conflict with its obligations to other investment portfolios it manages.
Counterparty - Counterparty risk may materialise if an entity with which the fund does business becomes unwilling or unable to meet its obligations to the fund.
Custody - In the event that the depositary and/or custodian becomes insolvent or otherwise fails, there may be a risk of loss or delay in return of certain fund's assets.
Cybersecurity - The fund may be subject to operational and information security risks resulting from breaches in cybersecurity of the digital information systems of the fund or its third-party service providers.
ESG - Environmental, social or governance event(s) or condition(s) may occur, which could have/result in a material negative impact on the value of an investment and performance of the fund
Investment fund - Investing in funds involves certain risks an investor would not face if investing in markets directly.
Inflation - Inflation may erode the value of the fund and its investments in real terms.
Market - Market risk may subject the fund to experience losses caused by unexpected changes in a wide variety of factors.
Market liquidity - In extreme market conditions it may be difficult to sell the fund's securities and it may not be possible to redeem shares at short notice.
Operational - Operational risk may cause losses as a result of incidents caused by people, systems, and/or processes.
Sustainability - Funds that seek to promote environmental and/or social characteristics may not or only partially succeed in doing so.
Leverage our broader investment expertise
Discover investment capabilities that can complement your fixed income goals
Learn more about our investment capabilities designed to meet a full range of client needs.
Frequently asked questions
Duration measures a bond's sensitivity to changes in interest rates. It estimates how much a bond's price will change with a 1% change in interest rates. Understanding duration helps investors manage interest rate risk.
Duration is managed by selecting bonds with varyingmaturities and interest rate sensitivities. Portfolio managers may adjust theportfolio's duration based on interest rate forecasts and economic conditionsto mitigate risk.
Credit risk is the risk that a bond issuer will default on its payments. It is assessed by evaluating the issuer's financial health, credit ratings from agencies like Moody's or S&P, and market conditions.
Corporate bonds typically offer higher yields than government bonds, providing potentially greater income. They also offer diversification benefits and can be selected based on credit quality and industry exposure.
High-yield bonds are issued by companies with lower credit ratings and offer higher yields to compensate for credit risk. They carry a higher risk of default compared to investment-grade bonds.
When interest rates rise, existing bond prices fall, leading to higher yields for new investors. Conversely, when interest rates fall, bond prices rise, resulting in lower yields.
Bonds can reduce overall portfolio volatility and provide a steady income stream. They tend to have a low correlation with stocks, meaning they can perform differently under various market conditions, thus enhancing diversification.
Bond liquidity is assessed by examining trading volume, bid-ask spreads, and the presence of active market makers. Highly liquid bonds can be bought or sold quickly with minimal price impact.
Maturity refers to the date when a bond's principal is repaid to investors. It matters because it affects the bond's interest rate risk and price volatility; longer maturities typically involve greater risk and potential reward.
Derivatives play several roles in a bond portfolio, primarily aimed at enhancing portfolio management and risk control. For example, hedging against risk such as interest rate risk, currency risk, and credit risk. Allowing mangers to create leverage and access no traditional markets. They also allow for more efficient adjustments to portfolio duration, credit exposure, and currency exposure without the need to buy or sell the underlying bonds directly.
By investing across multiple sectors, investors can spread risk and reduce the impact of any single sector's downturn on their overall portfolio. This approach provides the flexibility to shift allocations based on changing market conditions, interest rates, and economic outlooks, potentially enhancing returns.
Risks
Credit is the chance that any of the portfolio's holdings will have their credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the portfolio's income level and share price.
Fixed Income: Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall.
Inflation : high or sustained inflation levels will erode the purchasing power of distributions and the value of an investment.
Interest rate : the decline in bond prices that accompanies a rise in the overall level of interest rates.
Reinvestment : in a declining interest rate scenario, investors will reinvest distributions at a lower interest rate.
Additional Information
*All data as of 31 December 2025 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 in U.S. dollars (USD) as of 31 December 2025.
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
Important Information
The SICAV 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”). The OEIC Funds are sub-funds of the T. Rowe Price Funds OEIC, an investment company with variable capital incorporated in England and Wales which is registered with the UK Financial Conduct Authority and which qualifies as a 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 and via www.troweprice.com. A summary of investor rights for the T. Rowe Price Funds SICAV is available 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 guarantee or a reliable indicator of future results. 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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