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Comparing T. Rowe Price composites with their benchmarks

October 2025

This extensive study seeks to measure the value added by T. Rowe Price’s investing approach by comparing the performance of the firm’s actively managed composites with their primary benchmarks across standardized time period windows, rolled monthly, over the past 20 years.

The study compares the individual performance of 111 actively managed T. Rowe Price composites with their relevant benchmarks. The broad range of composites included in the study is intended to illustrate the performance of T. Rowe Price’s investing approach at asset class and total firm levels.

Composite returns were calculated net of fees, based on the highest breakpoint fee applicable for T. Rowe Price institutional clients.

Study universe

This broad study examines the performance of 111 actively managed T. Rowe Price composites (69 equity and 42 fixed income) over the 20 years ended December 31, 2024, or since inception for composites without a full 20-year performance history. The study included our actively managed institutional equity and fixed income composites. It excluded any dormant or previously terminated composites.

The study excluded money market and passive composites—those that sought to track the performance of a particular market or asset class benchmark. Also, in instances where a specific investment strategy included multiple composites, we used only the composite with the highest assets under management to avoid double counting. All told, the composites in the study represented 77% of composite assets managed by T. Rowe Price as of December 31, 2024.

For consistency, and to capture as much performance history as possible, composites with even a single period of comparability between the composite and its benchmark were included in the analysis.

The study examines whether T. Rowe Price’s investing approach has added value by comparing the performance of the firm’s actively managed composites with their primary benchmarks.

The dataset comprises 1‑, 3‑, 5‑, and 10‑year rolling returns for the T. Rowe Price composites and their benchmarks, rolled monthly. Because a number of composites had performance histories that were considerably shorter than the full 20‑year period covered by the study, the results are inherently time weighted because the number of eligible rolling periods for each composite in a given time window equals a percentage of the total number of rolling periods for all the composites in its asset class—or, for equity composites, in its equity subclass.

In other words, a composite with a shorter history had a lower weight in the average than a composite with a full performance history.

Returns for the multiyear rolling periods were annualized. Where permitted by the underlying performance data, these rolling analysis periods began on January 1, 2005, and ended on December 31, 2024.

Figure 1 shows how many different rolling periods of returns were produced in each rolling time window (one, three, five, and 10 years), when a T. Rowe Price composite and its benchmark both exhibited a full performance history.

Rolling periods in performance study*

(Fig. 1) Example of a composite with a full 20-year performance history
Bar chart of rolling performance periods for T. Rowe Price composites, where 1-, 3-, 5-, and 10-year periods are shown for a 20-year history.

Source: T. Rowe Price.
* For illustrative purposes. The graph depicts the number of rolling periods and their start dates for an actively managed T. Rowe Price composite with a full performance history. This applied to 56 of the 111 composites included in the study. Fewer performance periods were available for other T. Rowe Price composites, depending on their inception dates.

If a T. Rowe Price composite included in the study incepted after January 1, 2005, its performance was tracked across standardized rolling periods from the first full month for which it had a track record.

The one‑year time window contains the most rolling periods for analysis, potentially as many as 229 one‑year periods, rolled monthly. These data points are also proportionally indicative of how many rolling periods were analyzed in the multiyear time windows for each composite. In total, 12,145 rolling periods were analyzed for equity composites and 6,326 for fixed income composites.

Figure 2 breaks out the number of T. Rowe Price composites in each asset class for the 1‑, 3‑, 5‑, or 10‑year rolling time windows. Depending on the T. Rowe Price composite’s inception date, some composites may have lacked the track record to be included in the analysis for some rolling time windows.

Number of T. Rowe Price composites analyzed in each rolling time window

(Fig. 2) By asset class
Segmented bar chart, where segments show the number of U.S. equity, international equity, and fixed income composites covered in each time window.

Rolling periods from January 1, 2005, through December 31, 2024.
Source: T. Rowe Price. Composite categories based on T. Rowe Price’s internal classification. See Fig. 5 for details.

Performance metrics

All study results were based on total returns, which reflect the reinvestment of dividends and are net of all non-reclaimable withholding taxes on dividends, interest income, and capital gains. Performance was calculated net of fees, based on the highest breakpoint fee for T. Rowe Price institutional clients. In other words, the returns used in the study were based on each composite’s performance, net of fees.

Excess returns

Excess return is the difference between a T. Rowe Price composite’s return and the return on the relevant benchmark over a given analysis period.

Figure 3 highlights the average excess returns for T. Rowe Price composites, aggregated by asset class (equity and fixed income) and by equity subclass (U.S. equity and international equity).

Active success rate

The active success rate is the percentage of rolling periods that a T. Rowe Price composite generated excess returns that were greater than zero, indicating that it outperformed its benchmark. A composite that outperformed its benchmark in more than 50% of all rolling periods in a given time window was deemed to have achieved a positive active success rate for that window.

Figure 4 shows average returns‑based active success rates for T. Rowe Price composites at the asset class and equity sub‑asset class level. The composites included in the study are shown in Figure 5 (U.S. and international equity) and Figure 6 (fixed income). Those figures also show the number of rolling one-year periods in which each T. Rowe Price composite had a performance record.

Average annualized excess returns (net of fees) for T. Rowe Price composites

(Fig. 3) Time‑weighted averages in percentage points*

Asset and Sub‑asset Class Rolling Periods
1‑Year 3‑Year 5‑Year 10‑Year
Equity 1.18% 1.04% 1.25% 1.31%
U.S. Equity 1.14 1.19 1.36 1.37
International Equity 1.27 0.74 1.01 1.17
Fixed Income 0.33 0.15 0.16 0.33
All Composites 0.89 0.79 0.95 1.02

Past performance cannot guarantee future results.
Rolling periods from January 1, 2005, through December 31, 2024. Results are net of fees.
Source: T. Rowe Price. Composites categories based on T. Rowe Price’s internal classifications. See Fig. 5 for details.
* Averages are inherently time weighted to reflect the number of eligible rolling periods for each composite in a specific rolling time window (1, 3, 5, or 10 years) as a percentage of the aggregate number of rolling periods for all composites in its asset class and, for an equity composite, in its sub‑asset class.

Active success rates for T. Rowe Price composites

(Fig. 4) Rolling periods January 1, 2005, through December 31, 2024

Asset and Sub‑asset Class Rolling Periods
1‑Year 3‑Year 5‑Year 10‑Year
Equity 59.3% 65.5% 72.9% 77.8%
U.S. Equity 60 67.2 74.3 78.2
International Equity 58 62.1 69.8 77.1
Fixed Income 59.1 64.4 71.9 78.8

Past performance cannot guarantee future results.
Source: T. Rowe Price. Composites categories based on T. Rowe Price’s classifications. See Fig. 5 for details.

The equity performance study universe

(Fig. 5) T. Rowe Price composites, benchmarks, and number of rolling periods studiedComposite Name

Composite Name Benchmark* No. of Rolling Periods†
U.S. Equity    
Communications & Technology Equity Custom Benchmark 229
Financial Services Equity Custom Benchmark 229
Global Consumer Equity MSCI All Country World Index Consumer Discretionary & Consumer Staples ex Automobile & Components 91
Global Industrials Equity MSCI All Country World Index Industrials Plus Automobiles and Auto Components 123
Global Natural Resources Equity Custom Benchmark 229
Global Technology Equity MSCI All Country World Index Information Technology 229
Health Sciences Equity Lipper Health/Biotechnology Funds Index‡ 229
Integrated Global Equity MSCI All Country World Index 93
Integrated International Equity MSCI EAFE Index Net 10
Integrated US Equity Lower Volatility MSCI USA Minimum Volatility Index Gross 60
Integrated US Large-Cap Growth Equity Russell 1000 Growth Index 73
Integrated US Large-Cap Value Equity Russell 1000 Value Index 95
Integrated US Small-Cap Growth Equity Custom Benchmark 229
Integrated US Small-Mid Cap Core Equity Russell 2500 Index 95
Science & Technology Equity Custom Benchmark 229
US All-Cap Opportunities Equity Custom Benchmark 229
US Capital Appreciation S&P 500 Index 229
US Diversified Small-Cap Value Equity Russell 2000 Value Index 229
US Dividend Growth Equity S&P 500 Index 229
US Growth Stock S&P 500 Index 229
US Impact Equity S&P 500 Net 30% Withholding Tax 14
US Large-Cap Core Equity S&P 500 Index 175
US Large-Cap Core Growth Equity S&P 500 Index 229
US Large-Cap Equity Income Custom Benchmark 229
US Large-Cap Growth Equity Russell 1000 Growth Index 229
US Large-Cap Value Equity Russell 1000 Value Index 229
US Mid-Cap Growth Equity Custom Benchmark 229
US Mid-Cap Value Equity Russell Midcap Value Index 229
US Real Estate Equity Custom Benchmark 229
US Select Value Equity Russell 1000 Value Index 82
US Small-Cap Core Equity Russell 2000 Index 229
US Small-Cap Growth I Equity Russell 2000 Growth Index 229
US Small-Cap Growth II Equity Russell 2000 Growth Index 229
US Small-Cap Value Equity Russell 2000 Value Index 229
US Smaller Companies Equity Russell 2500 Net 30% Index 229
US Structured Active Mid-Cap Growth Equity Russell Midcap Growth Index 229
US Structured Research Equity S&P 500 Index 229
US Tax-Efficient Large-Cap Core Equity S&P 500 Index 229
US Tax-Efficient Large-Cap Growth Equity Russell 1000 Growth Index 229
US Tax-Efficient Large-Cap Value Equity Russell 1000 Value Index 229
US Tax-Efficient Smaller Company Growth Equity Russell Midcap Growth Index 229
US Value Equity Custom Benchmark 229
International Equity    
Asia ex-Japan Equity MSCI All Country Asia ex Japan Index Net 229
Asia Opportunities Equity MSCI All Country Asia ex Japan Index Net 116
China Evolution Equity MSCI China All Shares Index Net 49
China Growth Opportunities Equity MSCI China 10-40 Index Net 36
Emerging Europe Equity Custom Benchmark 229
Emerging Markets Discovery Equity MSCI Emerging Markets Index Net 100
Emerging Markets Equity MSCI Emerging Markets Index Net 229
Europe Equity MSCI Europe Index Net 229
Europe Select Equity Responsible Approach MSCI Europe Index Net 52
Frontier Markets Equity Custom Benchmark 115
Global Focused Growth Equity MSCI All Country World Index 229
Global Growth Equity Custom Benchmark 183
Global Impact Equity MSCI All Country World Index Net 34
Global Metals & Mining Equity MSCI All Country World Index Metals & Mining 160
Global Real Estate Equity FTSE EPRA Nareit Developed Index 183
Global Select Equity MSCI World Index Net 37
Global Structured Research Equity§ MSCI ACWI ex Selected Securities Index Net 27
Global Value Equity MSCI World Index Net 138
International Core Equity MSCI EAFE Index Net 229
International Disciplined Equity MSCI EAFE Index Net 162
International Growth Equity Custom Benchmark 229
International Small-Cap Equity Custom Benchmark 229
International Structured Research Equity MSCI All Country World Index ex USA Net 28
International Value Equity MSCI EAFE Index Net 229
Japan Equity TOPIX Index Net 229
Latin America Equity MSCI Emerging Markets Latin America Index Net 229
Middle East & Africa Equity Custom Benchmark 196

As of December 31, 2024.
* For descriptions of the custom benchmarks in this table, see Fig. 7.
† Number of rolling periods for the trailing 1‑year time window in which a T. Rowe Price composite and its benchmark had a performance record. A composite with a full track record would have had performance data in 229 1-year periods, rolled monthly.
‡ The Lipper Index (“Index”) shown for the Health Sciences Equity composite reflects the performance of U.S. mutual funds and is shown for informational purposes only. The composite is not a fund and, therefore, is not included in the index performance calculations. There are differences between mutual funds and composites/separate accounts that may cause performance results to differ.§ §Formerly the Global Structured Research Equity Responsible Approach composite.
Source: T. Rowe Price. Composite categories based on T. Rowe Price’s classifications.

The fixed income performance study universe

(Fig. 6) T. Rowe Price composites, benchmarks, and number of rolling periods studied

Composite Name Benchmark* No. of Rolling Periods1
Asia Credit Bond J.P. Morgan Asia Credit Index Diversified 69
Credit Opportunities Custom Benchmark 116
Dynamic Credit (USD Hedged)§ Custom Benchmark 60

Dynamic Emerging Markets Bond§

 J.P. Morgan Emerging Markets Blend Equal Weight 42
Dynamic Global Bond (USD Hedged)§ Custom Benchmark 108
Emerging Markets Bond Custom Benchmark 229
Emerging Markets Corporate Bond Full-Authority J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified 152
Emerging Markets Local Currency Bond Custom Benchmark 196
Euro Corporate Bond Bloomberg Euro-Aggregate: Corporates Bond Index 229
Floating Rate Bank Loan Morningstar LSTA Performing Loan Index 191
Global Aggregate Strategy (USD) Bond Bloomberg Global Aggregate Bond Index 212
Global High Income Bond (USD Hedged) ICE BofA Global High Yield Index Hedged to USD 108
Global Impact Credit (USD Hedged) Bloomberg Global Aggregate Credit USD Hedged Index 25
Global Investment Grade Corporate Bond Bloomberg Global Aggregate Corporates Bond USD Hedged Index 103
Global Multi-Sector Bond (USD Hedged) Custom Benchmark 181
High Yield Master Bond Custom Benchmark 229
International Bond Custom Benchmark 229
International Bond (USD Hedged) Bloomberg Global Aggregate ex USD Bond (USD Hedged) Index 73
QM US Aggregate Bond Index Bloomberg U.S. Aggregate Bond Index 229
QM US Enhanced Aggregate Bond Index Bloomberg U.S. Aggregate Bond Index 94
QM US Intermediate Aggregate Bond Index Bloomberg U.S. Aggregate Intermediate Bond Index 187
Stable Value Master (USD) FTSE 3-Month Treasury Bill 157
US Core Bond Bloomberg U.S. Aggregate Bond Index 229
US High Yield Bond ICE BofA US High Yield Constrained Index 129
US Inflation Protected Bond Bloomberg U.S. TIPS Index 229
US Investment Grade Core Bond Bloomberg U.S. Aggregate Bond Index 229
US Investment Grade Corporate Bond Custom Benchmark 229
US Investment Grade Intermediate Credit Bloomberg U.S. Intermediate Credit Bond Index 59
US Long Duration Custom Benchmark 229
US Long Duration Credit Bond Bloomberg U.S. Long Credit Bond Index 127
US Long Duration Government/Credit Bond Bloomberg U.S. Long Government/Credit Bond Index 112
US Municipal High Yield Bond Bloomberg 65% High-Grade/35% High-Yield Index 229
US Municipal Intermediate-Term Bond (Bloomberg 1–15 Years) Custom Benchmark 229
US Municipal Long-Term Bond Bloomberg Municipal Bond Index 229
US Securitized Credit Bond Bloomberg 60% U.S. Non-Agency CMBS: Agg. Eligible 40% U.S. ABS 69
US Securitized Credit CLO Debt J.P. Morgan CLO Post-Crisis Index: 90% AAA-rated/10% AA-rated 55
US Short Duration Income Bloomberg 1-3 Year U.S. Corporate Bond Index 37
US Short-Term Bond Bloomberg 1-3 Year U.S. Government/Credit Bond Index 229
US Short-Term Inflation Focused Bond Bloomberg U.S. 1-5 Year Treasury TIPS Index 153
US Taxable Municipal Bond Bloomberg Municipal Taxable Bond Index 86
US Total Return Bond Bloomberg U.S. Aggregate Bond Index 86
US Ultra Short-Term Bond Bloomberg Short-Term Government/Corporate Index 133

§ The Dynamic Global Bond, Dynamic Credit, and Dynamic Emerging Markets Bond strategies are offered as Global Unconstrained Bond, Unconstrained Credit, and Unconstrained Emerging Markets Bond, respectively, in Canada.
As of December 31, 2024.
* For descriptions of the custom benchmarks in this table, see Fig. 7.
† Number of rolling periods for the trailing 1‑year time window in which a T. Rowe Price composite and its benchmark had a performance record. A composite with a full track record would have had performance data for 229 1‑year periods, rolled monthly.
Source: T. Rowe Price. Composite categories based on T. Rowe Price’s classifications.

Custom benchmarks for T. Rowe Price composites

(Fig. 7) Descriptions of linked or blended benchmarks

  Benchmark Description
U.S. Equity  
Communications & Technology Equity (Net) FTSE World Media & Telecom Sector Index to MSCI World IMI Communications Services 10/40 Index on 9/30/24.
Financial Services Equity (Net) Lipper Financial Services Funds Index to MSCI U.S. IMI Financials 5% Capped Index on 4/30/24.
Global Natural Resources Equity (Net) Lipper Natural Resources Index to Lipper Global Natural Resources Index on 6/1/08; to MSCI World Select Natural Resources Index on 3/31/17.
Integrated US Small-Cap Growth Equity (Net) Russell 2000 Growth Index to MSCI US Small Cap Growth Index on 9/30/06.
Science & Technology Equity (Net) Lipper Science & Technology Funds Index to S&P North American Technology Sector Index on 9/30/23.
US All-Cap Opportunities Equity (Net) Russell 1000 Growth Index to Russell 3000 Index on 2/28/21.
US Large-Cap Equity Income (Net) S&P 500 Index to Russell 1000 Value Index on 2/28/18.
US Mid-Cap Growth Equity (Net) S&P MidCap 400 Index to Russell Midcap Growth Index on 9/30/13.
US Real Estate Equity (Net) Dow Jones Wilshire Real Estate Security Index (Full Cap) to Wilshire Real Estate Securities Index on 6/30/07; to FTSE NAREIT All Equity REITs Index on 4/30/22.
US Value Equity (Net) S&P 500 Index to Russell 1000 Value Index on 2/28/18.
International Equity  
Emerging Europe Equity (Net) MSCI Emerging Markets Europe & Middle East Index (Net) to MSCI Emerging Markets Europe Index (Net) on 5/31/10.
Frontier Markets Equity (Net) MSCI Frontier Market Index (Net) to MSCI Frontier Market 10-40 Index (Net) on 12/31/19.
Global Growth Equity (Net) MSCI All Country World Index Large Cap to MSCI All Country World Index on 06/27/13.
International Growth Equity (Net) MSCI EAFE Index to MSCI All Country World Ex-US Index 9/30/07.
International Small-Cap Equity (Net) S&P Developed Ex-US Small-Cap Index (Net) to S&P Global ex-US Small Cap Index (Net) on 6/30/09.
Middle East & Africa Equity (Net) S&P/IFCG ME & ZA ex IL SA Index (Net) to MSCI Arabian Markets & Africa Index (Net) on 6/30/09; to S&P Emerging/Frontier ME & Africa BMI ex IL (Net) on 9/29/10; to MSCI Arabian Markets & Africa 10/40 Investable Market Index (Net) on 12/31/17.
Fixed Income  
Credit Opportunities (Net) Bloomberg U.S. High-Yield Ba/B 2% Issuer Capped Bond Index to Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index on 8/31/15.
Dynamic Credit (Net)§ 3 Month LIBOR in USD to ICE BofA US 3-Month Treasury Bill Index on 4/30/21.
Dynamic Global Bond (USD Hedged) (Net)§ 3 Month LIBOR in USD to ICE BofA US 3-Month Treasury Bill Index on 4/30/21.
Emerging Markets Bond (Net) J.P. Morgan Emerging Markets Bond Index Plus to J.P. Morgan Emerging Markets Bond Global Index on 12/31/02; to J.P. Morgan EMBI Global Diversified Index on 12/31/20.
Emerging Markets Local Currency Bond (Net) J.P. Morgan GBI-EM Broad Diversified Index to J.P. Morgan GBI-EM Global Diversified Index on 12/31/10.
Global Multi-Sector Bond (USD Hedged) (Net) Bloomberg Global Aggregate ex Treasury Bond USD Hedged Index to Bloomberg Multiverse USD Hedged Index on 1/31/17; to Bloomberg Global Aggregate Bond USD Hedged Index on 9/30/18.
High Yield Master Bond (Net) FTSE All BB & B-Rated Index to J.P. Morgan Global High Yield Index on 6/30/10; to Bloomberg U.S. High Yield 2% Issuer Capped Index on 7/1/24.
International Bond (Net) J.P. Morgan Non-US Government Bond Index Broad to Barclays Global Aggregate ex-U.S. Dollar Bond Index on 6/30/05.
US Investment Grade Corporate Bond (Net) FTSE US Credit Index to FTSE US Credit/Asset-Backed Bond Index on 6/30/06; to Bloomberg US Corporate Investment Grade Index on 8/31/09.
US Long Duration (Net) Blended benchmark adjusted monthly to reflect changes in sector composition of the composite. As of 12/31/22, the breakdown was 0.6% Bloomberg US Long Credit Bond Index, 8.3% Bloomberg US Long Government/Credit Bond Index, 88.8% Bloomberg US Long Treasury Bond Index, 0.3% Bloomberg Municipal Taxable Bond Index, and 2.1% U.S. Intermediate Treasury Bond Index.
US Municipal Intermediate-Term Bond (Bloomberg 1–15 Years) (Net) Bloomberg 3-15 Year Blend Index to Bloomberg Municipal 1-15 Year Blend (1-17) Bond Index on 10/31/03.

Source: T. Rowe Price.

T. Rowe Price’s investing approach

At T. Rowe Price, we don’t stop at surface‑level analysis, drawing on the size and depth of our global research organization to pursue opportunities across asset classes, sectors, geographies, and styles.

We focus on pursuing greater returns over long time horizons and take a proven and repeatable approach to carefully manage risk and pursue investment opportunities.

 

Appendix

The results shown in the main body of this study were aggregated at the asset class and equity subclass level. However, a more detailed breakdown of the study results can be found in this Appendix.

Figures A1 (equity composites) and A3 (fixed income composites) list the average annualized excess returns for each T. Rowe Price composite across each applicable rolling time window.

Figures A2 (equity composites) and A4 (fixed income composites) show the returns-based active success rates for each composite across those same time windows.

T. Rowe Price equity composites vs. benchmarks

(Figs. A1 and A2) Rolling periods January 1, 2005, through December 31, 2024
This chart compares T. Rowe Price equity composites and benchmarks in 1, 3, 5, and 10 year rolling periods from January 2005, through December 2024. One column shows average annualized excess returns, net of fees (percentage points) and the second column shows active success rates.

T. Rowe Price equity composites vs. benchmarks (cont.)

(Figs. A1 and A2) Rolling periods January 1, 2005, through December 31, 2024
This chart compares T. Rowe Price equity composites and benchmarks in 1, 3, 5, and 10 year rolling periods from January 2005, through December 2024. One column shows average annualized excess returns, net of fees (percentage points) and the second column shows active success rates.

T. Rowe Price equity composites vs. benchmarks (cont.)

(Figs. A1 and A2) Rolling periods January 1, 2005, through December 31, 2024
This chart compares T. Rowe Price equity composites and benchmarks in 1, 3, 5, and 10 year rolling periods from January 2005, through December 2024. One column shows average annualized excess returns, net of fees (percentage points) and the second column shows active success rates.

Colored in grey - Periods with positive active success rates (higher than 50%) or positive average excess returns.
Past performance cannot guarantee future results.
See standardized performance tables for standardized performance information.
* Excess return is the difference between a T. Rowe Price composite’s return and the primary benchmark return over a given analysis period.
† Active success rate = percentage of rolling periods in which a composite outperformed its primary benchmark, net of fees.
§ Formerly the Global Structured Research Equity Responsible Approach composite.
Source: T. Rowe Price. Composite categories based on T. Rowe Price’s classifications. See Fig. 5 for details.

 

 

T. Rowe Price fixed income composites vs. benchmarks

(Figs. A3 and A4) Rolling periods January 1, 2005, through December 31, 2024
This chart compares T. Rowe Price equity composites and benchmarks in 1, 3, 5, and 10 year rolling periods from January 2005, through December 2024. One column shows average annualized excess returns, net of fees (percentage points) and the second column shows active success rates.

Colored in grey - Periods with positive active success rates (higher than 50%) or positive average excess returns.
§ The Dynamic Global Bond, Dynamic Credit, and Dynamic Emerging Markets Bond strategies are offered as Global Unconstrained Bond, Unconstrained Credit, and Unconstrained Emerging Markets Bond, respectively, in Canada. For illustrative, informational purposes only. Not all strategies/structures shown are available in all jurisdictions from T. Rowe Price.
Performance from a past firm prior to 1 May 2017 has been linked to the ongoing performance of the composite and continues to be managed with the same investment strategy and objective as the composite.

T. Rowe Price fixed income composites vs. benchmarks (cont.)

(Figs. A3 and A4) Rolling periods January 1, 2005, through December 31, 2024
This chart compares T. Rowe Price equity composites and benchmarks in 1, 3, 5, and 10 year rolling periods from January 2005, through December 2024. One column shows average annualized excess returns, net of fees (percentage points) and the second column shows active success rates.

Colored in grey - Periods with positive active success rates (higher than 50) or positive average excess returns.
Past performance cannot guarantee future results.
See standardized performance tables for standardized performance information.
* Excess return is the difference between a T. Rowe Price composite’s return and the primary benchmark return over a given analysis period.
† The active success rate is the percentage of rolling periods in which a composite outperformed its primary benchmark, net of fees.
‡ The Stable Value Master Strategy is not available to most defined benefit plans, 403(b) plans, nonqualified plans, or IRAs. Analysis is based on market value, not book value, which could have different results.
Source: T. Rowe Price. Composites categories based on T. Rowe Price’s internal classifications.

 

Standardized performance: T. Rowe Price equity composites

Annualized total returns for periods ended June 30, 2025

Composite* Inception Date Fee 1 Year 3 Years 5 Years 10 Years Since Inception†
US Equity              
Communications & Technology Equity (Net) 12/31/1995 0.6 28.37 25.46 12.01 15.78  
Custom Benchmark 12/31/1995   35.55 22.38 12.54 10.75  
Financial Services Equity (Net) 10/31/1996 0.6 29.23 21.38 22.23 12.68  
Custom Benchmark 10/31/1996   29.14 18.85 19.95 10.92  
Global Consumer Equity (Net) 06/30/2016 0.5 9.97 13.44 7.71 — 8.55
MSCI All Country World Index Consumer Discretionary & Consumer Staples              
ex Automobile & Components 06/30/2016 13.76 12.27 7.83 — 8.43
Global Industrials Equity (Net) 10/31/2013 0.55 15.44 18.03 14.51 10.78  
MSCI All Country World Index Industrials Plus Automobiles and Auto Components 10/31/2013   23.17 19.26 16.45 10.04  
Global Natural Resources Equity (Net) 06/30/1981 0.55 3.48 8.55 13.56 5.3  
Custom Benchmark 06/30/1981   4.45 11.1 18.22 6.97  
Global Technology Equity (Net) 10/31/2000 0.7 15.95 27.31 9.4 15.43  
MSCI All Country World Index Information Technology 10/31/2000   15.11 28.86 20.1 20.36  
Health Sciences Equity (Net) 01/31/1996 0.6 -8.15 3.05 4.41 6.53  
Lipper Health/Biotechnology Funds Index‡ 01/31/1996   -3.83 5.3 2.3 5.15  
Integrated Global Equity (Net) 04/30/2016 0.315 17.78 19.08 14.75 — 12.31
MSCI All Country World Index 04/30/2016   16.69 17.91 14.18 — 11.91
Integrated International Equity (Net) 03/31/2023 0.365 21.62 — — — 16.76
MSCI EAFE Index Net 03/31/2023   17.73 — — — 14.35
Integrated US Equity Lower Volatility (Net) 01/31/2019 0.27 13.42 12.49 11.56 — 11.25
MSCI USA Minimum Volatility Index Gross 01/31/2019   13.84 12.11 11.01 — 10.6
Integrated US Large-Cap Growth Equity (Net) 12/31/2017 0.285 16.88 25.02 18.62 — 17.38
Russell 1000 Growth Index 12/31/2017   17.22 25.76 18.15 — 17.72
Integrated US Large-Cap Value Equity (Net) 02/29/2016 0.285 11.47 13.51 16.21 — 11.7
Russell 1000 Value Index 02/29/2016   13.7 12.76 13.93 — 10.89
Integrated US Small-Cap Growth Equity (Net) 04/30/1997 0.55 5.51 13.48 9.49 8.98  
Custom Benchmark 04/30/1997   9.44 12.79 9.77 8.6  
Integrated US Small-Mid Cap Core Equity (Net) 02/29/2016 0.5 10.47 15.96 14.73 — 12.48
Russell 2500 Index 02/29/2016   9.91 11.31 11.44 — 10.81
Science & Technology Equity (Net) 12/31/1995 0.6 15.92 29.1 15.63 17.54  
Custom Benchmark 12/31/1995   17.9 28.2 17.46 17.73  
US All-Cap Opportunities Equity (Net) 12/31/1995 0.55 13.35 21.4 16.44 16.62  
Custom Benchmark 12/31/1995   15.3 19.08 15.34 15.61  
US Capital Appreciation (Net) 12/31/1995 0.5 12.04 13.72 12.08 11.01  
S&P 500 Index 12/31/1995   15.16 19.71 16.64 13.65  
US Diversified Small-Cap Value Equity (Net) 12/31/1995 0.75 8.22 7.38 10.93 8.03  
Russell 2000 Value Index 12/31/1995   5.54 7.45 12.47 6.72  
US Dividend Growth Equity (Net) 12/31/1995 0.5 11.44 13.98 13.84 12.21  
S&P 500 Index 12/31/1995   15.16 19.71 16.64 13.65  
US Growth Stock (Net) 12/31/1995 0.5 13.56 23.87 12.57 13.7  
S&P 500 Index 12/31/1995   15.16 19.71 16.64 13.65  
US Impact Equity (Net) 11/30/2022 0.5 8.85 — — — 18
S&P 500 Net 30% Withholding Tax 11/30/2022   14.7 — — — 18.86
US Large-Cap Core Equity (Net) 06/30/2009 0.45 9.63 18.24 15.84 12.87  
S&P 500 Index 06/30/2009   15.16 19.71 16.64 13.65  
US Large-Cap Core Growth Equity (Net) 12/31/1995 0.5 17.39 27.2 14.16 15.27  
Russell 1000 Growth Index 12/31/1995   17.22 25.76 18.15 17.01  
US Large-Cap Equity Income (Net) 12/31/1989 0.475 10.18 11.35 14.75 9.41  
Custom Benchmark 12/31/1989   13.7 12.76 13.93 10.13  
US Large-Cap Growth Equity (Net) 11/30/2001 0.5 16.12 26.24 15.7 16.35  
Russell 1000 Growth Index 11/30/2001   17.22 25.76 18.15 17.01  
US Large-Cap Value Equity (Net) 03/31/1990 0.475 6.96 10.24 13.89 9.11  
Russell 1000 Value Index 03/31/1990   13.7 12.76 13.93 9.19  
US Mid-Cap Growth Equity (Net) 12/31/1995 0.6 7 11.48 8.52 9.69  
Custom Benchmark 12/31/1995   26.49 21.46 12.65 12.13  
US Mid-Cap Value Equity (Net) 07/31/1996 0.6 5.48 13.11 15.41 9.62  
Russell Midcap Value Index 07/31/1996   11.53 11.34 13.71 8.39  
US Real Estate Equity (Net) 11/30/1997 0.5 7.08 3.13 7.71 4.65  
Custom Benchmark 11/30/1997   9.2 3.36 8.01 6.09  
US Select Value Equity (Net) 03/31/2017 0.5 6.84 10.62 14.34 — 10.14
Russell 1000 Value Index 03/31/2017   13.7 12.76 13.93 — 9.12
US Small-Cap Core Equity (Net) 12/31/1995 0.75 11.29 10.42 9.8 9.44  
Russell 2000 Index 12/31/1995   7.68 10 10.04 7.12  
US Small-Cap Growth I Equity (Net) 12/31/1978 0.75 2.59 8.52 0.94 10.03  
Russell 2000 Growth Index 12/31/1978   9.73 12.38 7.42 7.14  
US Small-Cap Growth II Equity (Net) 12/31/1995 0.75 1.33 6.63 1.51 9.86  
Russell 2000 Growth Index 12/31/1995   9.73 12.38 7.42 7.14  
US Small-Cap Value Equity (Net) 06/30/1993 0.75 8.45 8.14 10.48 7.55  
Russell 2000 Value Index 06/30/1993   5.54 7.45 12.47 6.72  
US Smaller Companies Equity (Net) 07/31/2001 0.65 4.47 10 9.7 10.43  
Russell 2500 Net 30% Index 07/31/2001   9.45 10.82 10.99 7.92  
US Structured Active Mid-Cap Growth Equity (Net) 12/31/1992 0.6 26.74 20.92 12.98 12.57  
Russell Midcap Growth Index 12/31/1992   26.49 21.46 12.65 12.13  
US Structured Research Equity (Net) 05/31/1999 0.3 14 21.02 17.58 14.39  
S&P 500 Index 05/31/1999   15.16 19.71 16.64 13.65  
US Tax-Efficient Large-Cap Core Equity (Net) 06/30/1994 0.3 14.38 19.5 16.23 13.87  
S&P 500 Index 06/30/1994   15.16 19.71 16.64 13.65  
US Tax-Efficient Large-Cap Growth Equity (Net) 04/30/1998 0.5 16.09 24.52 16.13 15.97  
Russell 1000 Growth Index 04/30/1998   17.22 25.76 18.15 17.01  
US Tax-Efficient Large-Cap Value Equity (Net) 03/31/1999 0.475 13.84 14.33 15.53 11.03  
Russell 1000 Value Index 03/31/1999   13.7 12.76 13.93 9.19  
US Tax-Efficient Smaller Company Growth Equity (Net) 06/30/1997 0.6 24.5 20.47 13.04 12.73  
Russell Midcap Growth Index 06/30/1997   26.49 21.46 12.65 12.13  
US Value Equity (Net) 12/31/1995 0.475 10.82 12.75 15.34 10.11  
Custom Benchmark 12/31/1995   13.7 12.76 13.93 10.13  
International Equity              
Asia ex-Japan Equity (Net) 12/31/1995 0.7 9.55 4.62 3.06 5.03  
MSCI All Country Asia ex Japan Index Net 12/31/1995   16.81 9.24 6.42 5.41  
Asia Opportunities Equity (Net) 05/31/2014 0.7 11.69 5.71 4.34 6.47  
MSCI All Country Asia ex Japan Index Net 05/31/2014   16.81 9.24 6.42 5.41  
China Evolution Equity (Net) 12/31/2019 0.8 13.11 -2.69 1.1 — 4.8
MSCI China All Shares Index Net 12/31/2019   27.18 -0.12 -0.37 — 0.39
China Growth Opportunities Equity (Net) 01/31/2021 0.7 19.52 -3.55 — — -12.53
MSCI China 10-40 Index Net 01/31/2021   34.4 2.71 — — -6.91
Emerging Europe Equity (Net) 09/30/2000 0.85 26.15 52.96 -6.66 -2.12  
Custom Benchmark 09/30/2000   23.87 32.47 -6.73 -2.8  
Emerging Markets Discovery Equity (Net) 09/30/2015 0.7 14.85 11.25 10.15 — 8.31
MSCI Emerging Markets Index Net 09/30/2015   15.29 9.7 6.81 — 7.09
Emerging Markets Equity (Net) 12/31/1995 0.7 9.08 2.56 0.38 3.15  
MSCI Emerging Markets Index Net 12/31/1995   15.29 9.7 6.81 4.81  
Europe Equity (Net) 06/30/1995 0.5 12.86 15.77 9.82 6.03  
MSCI Europe Index Net 06/30/1995   18.38 17.21 12.38 6.78  
Europe Select Equity Responsible Approach (Net) 09/30/2019 0.6 10.23 13.96 7.97 — 8.16
MSCI Europe Index Net 09/30/2019   18.38 17.21 12.38 — 9.69
Frontier Markets Equity (Net) 06/30/2014 0.95 11.26 14.85 14.87 6.57  
Custom Benchmark 06/30/2014   23.9 10.59 9.45 4.56  
Global Focused Growth Equity (Net) 01/31/1996 0.6 10.5 18.01 11.87 13.5  
MSCI All Country World Index 01/31/1996   16.69 17.91 14.18 10.55  
Global Growth Equity (Net) 10/31/2008 0.6 11.53 16.09 9.21 10.77  
Custom Benchmark 10/31/2008   16.69 17.91 14.18 10.55  
Global Impact Equity (Net) 03/31/2021 0.6 7.82 11.69 — — 3.14
MSCI All Country World Index Net 03/31/2021   16.17 17.35 — — 9.35
Global Metals & Mining Equity (Net) 09/30/2010 0.7 8.3 10.45 11.71 6.62  
MSCI All Country World Index Metals & Mining 09/30/2010   5.64 9.43 12.09 9.24  
Global Real Estate Equity (Net) 10/31/2008 0.6 7.14 3.53 5.22 3.53  
FTSE EPRA Nareit Developed Index 10/31/2008   12.36 4.6 6.13 4.16  
Global Select Equity (Net) 12/31/2020 0.6 9.96 19.16 — — 11.19
MSCI World Index Net 12/31/2020   16.26 18.31 — — 11.08
Global Structured Research Equity (Net)§ 10/31/2021 0.315 15.33 18.5 — — 8.41
MSCI ACWI ex Selected Securities Index Net 10/31/2021   16.17 17.35 — — 7.63
Global Value Equity (Net) 07/31/2012 0.6 13.88 14.43 14.19 8.64  
MSCI World Index Net 07/31/2012   16.26 18.31 14.55 10.66  
International Core Equity (Net) 01/31/2000 0.6 16.3 14.23 10.76 6.33  
MSCI EAFE Index Net 01/31/2000   17.73 15.97 11.16 6.51  
International Disciplined Equity (Net) 07/31/2010 0.6 17.55 13.66 9.4 6.59  
MSCI EAFE Index Net 07/31/2010   17.73 15.97 11.16 6.51  
International Growth Equity (Net) 03/31/1981 0.6 13.44 12.43 7.89 6.26  
Custom Benchmark 03/31/1981   17.72 13.99 10.13 6.12  
International Small-Cap Equity (Net) 12/31/1995 0.95 15.76 11.09 6.63 7.5  
Custom Benchmark 12/31/1995   16.93 11.88 9.22 5.87  
International Structured Research Equity (Net) 09/30/2021 0.365 17.12 14.22 — — 5.25
MSCI All Country World Index ex USA Net 09/30/2021   17.72 13.99 — — 5.68
International Value Equity (Net) 01/31/1999 0.6 27.08 19.98 15.63 6.57  
MSCI EAFE Index Net 01/31/1999   17.73 15.97 11.16 6.51  
Japan Equity (Net) 12/31/1995 0.55 21.87 11.9 2.43 6.35  
TOPIX Index Net 12/31/1995   15.49 15.18 8.63 6.08  
Latin America Equity (Net) 12/31/1995 0.85 16.62 14.19 9.01 4.78  
MSCI Emerging Markets Latin America Index Net 12/31/1995   13.38 11.6 11.07 3.68  
Middle East & Africa Equity (Net) 09/30/2007 0.85 15.83 9.58 15.38 5.15  
Custom Benchmark 09/30/2007   17.26 6.45 12.39 4.23  

Past performance is not a reliable indicator of future performance.
* For descriptions of the custom benchmarks in this table, see Fig. 7.
† For composites without a 10-year performance history.
‡ The Lipper Index (“Index”) shown for the Health Sciences Equity composite reflects the performance of U.S. mutual funds and is shown for informational purposes only. The composite is not a fund and, therefore, is not included in the Index performance calculations. There are differences between mutual funds and composites/separate accounts that may cause performance results to differ.
§ Formerly the Global Structured Research Equity Responsible Approach composite.
Net-of-fees performance reflects the deduction of the highest applicable management fee, as shown in the chart, that would be charged to an institutional client without the benefit of breakpoints.For any equity benchmarks shown, returns are shown with gross dividends reinvested, unless otherwise noted.
For illustrative, informational purposes only. Not all strategies/structures shown are available in all jurisdictions from T. Rowe Price.
Source: T. Rowe Price.

Standardized performance: T. Rowe Price fixed income composites

Annualized total returns for periods ended June 30, 2025

Composite* Inception Date Fee 1 Year 3 Years 5 Years 10 Years Since Inception†
Asia Credit Bond 04/30/2018 0.21 7.61 5.95 1.42 — 3.32
J.P. Morgan Asia Credit Index Diversified 04/30/2018   6.82 5.86 1.86 — 3.28
Credit Opportunities 05/31/2014 0.4 10.13 10.29 6.77 5.57  
Custom Benchmark 05/31/2014   10.29 9.93 5.96 5.42  
Dynamic Credit (USD Hedged)§ 01/31/2019 0.36 8.66 6.74 6.29 — 4.82
Custom Benchmark 01/31/2019   4.71 4.59 2.8 — 2.6
Dynamic Emerging Markets Bond§ 07/31/2020 0.42 9.62 8.62 — — 3.2
J.P. Morgan Emerging Markets Blend Equal Weight 07/31/2020   10.56 8.35 — — 1.7
Dynamic Global Bond (USD Hedged)§ 01/31/2015 0.31 6.39 0.64 2.34 2.43  
Custom Benchmark 01/31/2015   4.71 4.59 2.8 2.14  
Emerging Markets Bond 12/31/1995 0.385 9.69 10.26 2.93 3.65  
Custom Benchmark 12/31/1995   9.97 8.86 1.72 3.41  
Emerging Markets Corporate Bond Full-Authority 05/31/2011 0.385 8.1 7.63 3.12 4.38  
J.P. Morgan Corporate Emerging Market Bond Index Broad Diversified 05/31/2011   7.82 7.59 3.02 4.07  
Emerging Markets Local Currency Bond 09/30/2007 0.36 12.75 8.93 2.76 2.73  
Custom Benchmark 09/30/2007   13.81 8.47 1.88 2.11  
Euro Corporate Bond 07/31/2001 0.118 16.29 8.19 1.94 2.47  
Bloomberg Euro-Aggregate: Corporates Bond Index 07/31/2001   16.15 8.27 1.41 1.96  
Floating Rate Bank Loan 02/29/2008 0.4 7.84 9.87 7.15 5.08  
Morningstar LSTA Performing Loan Index 02/29/2008   7.39 9.93 7.69 5.37  
Global Aggregate Strategy (USD) Bond 05/31/2006 0.185 9 0.84 -1.93 1.03  
Bloomberg Global Aggregate Bond Index 05/31/2006   8.91 2.75 -1.16 1.17  
Global High Income Bond (USD Hedged) 01/31/2015 0.4 10.55 10.43 5.41 5.34  
ICE BofA Global High Yield Index Hedged to USD 01/31/2015   10.26 10.43 5.55 5.35  
Global Impact Credit (USD Hedged) 12/31/2021 0.23 7.04 5.15 — — 0.16
Bloomberg Global Aggregate Credit USD Hedged Index 12/31/2021   7.01 4.68 — — 0
Global Investment Grade Corporate Bond 06/30/2015 0.23 7.61 5.75 1.4 3.39  
Bloomberg Global Aggregate Corporates Bond USD Hedged Index 06/30/2015   7.3 5.03 0.92 3.13  
Global Multi-Sector Bond (USD Hedged) 12/31/2008 0.285 6.36 4.76 2.33 3.66  
Custom Benchmark 12/31/2008   6.15 3.6 0.26 2.34  
High Yield Master Bond 06/30/1985 0.375 9.62 9.87 5.77 5.07  
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index 06/30/1985   10.29 9.93 5.96 5.37  
International Bond (USD Hedged) 12/31/2017 0.3 6.05 4.31 1.26 — 2.58
Bloomberg Global Aggregate ex USD Bond (USD Hedged) Index 12/31/2017   6.09 4.27 0.91 — 2.32
International Bond 12/31/1995 0.3 11.58 3.01 -1.16 1.12  
Custom Benchmark 12/31/1995   11.21 2.74 -1.63 0.61  
QM US Aggregate Bond Index 06/30/1990 0.063 6.13 2.55 -0.58 1.94  
Bloomberg U.S. Aggregate Bond Index 06/30/1990   6.08 2.55 -0.73 1.76  
QM US Enhanced Aggregate Bond Index 03/31/2016 0.095 6.07 2.51 -0.58 — 1.68
Bloomberg U.S. Aggregate Bond Index 03/31/2016   6.08 2.55 -0.73 — 1.5
QM US Intermediate Aggregate Bond Index 06/30/2008 0.063 6.69 3.17 0.27 1.84  
Bloomberg U.S. Aggregate Intermediate Bond Index 06/30/2008   6.69 3.17 0.23 1.8  
Stable Value Master (USD) 12/31/2010 0.185 6.76 3.99 1.32 2.12  
FTSE 3-Month Treasury Bill 12/31/2010   4.88 4.75 2.88 2.01  
US Core Bond 12/31/1995 0.185 6.27 2.32 -0.4 1.75  
Bloomberg U.S. Aggregate Bond Index 12/31/1995   6.08 2.55 -0.73 1.76  
US High Yield Bond 04/30/2013 0.4 9.19 9.73 5.28 5.53  
ICE BofA US High Yield Constrained Index 04/30/2013   10.24 9.86 6 5.29  
US Inflation Protected Bond 11/30/2002 0.115 5.78 1.71 1.18 2.52  
Bloomberg U.S. TIPS Index 11/30/2002   5.84 2.34 1.61 2.67  
US Investment Grade Core Bond 06/30/1979 0.17 6.24 2.48 -0.55 1.88  
Bloomberg U.S. Aggregate Bond Index 06/30/1979   6.08 2.55 -0.73 1.76  
US Investment Grade Corporate Bond 03/31/1987 0.21 7.39 4.66 0.32 2.91  
Custom Benchmark 03/31/1987   6.91 4.34 0.14 2.94  
US Investment Grade Intermediate Credit 02/28/2019 0.21 7.95 5.45 1.96 — 3.18
Bloomberg U.S. Intermediate Credit Bond Index 02/28/2019   7.64 4.9 1.45 — 2.95
US Long Duration 06/30/2002 0.275 1.78 -3.68 -8.02 0.09  
Custom Benchmark 06/30/2002   1.97 -3.2 -7.67 0.4  
US Long Duration Credit Bond 06/30/2013 0.145 5.2 2.53 -2.15 3.33  
Bloomberg U.S. Long Credit Bond Index 06/30/2013   5.13 2.72 -2.32 2.95  
US Long Duration Government/Credit Bond 09/30/2014 0.125 3.1 -0.54 -4.94 1.84  
Bloomberg U.S. Long Government/Credit Bond Index 09/30/2014   3.32 -0.31 -4.93 1.79  
US Municipal High Yield Bond 12/31/1995 0.285 1.21 3.48 2.18 3.13  
Bloomberg 65% High-Grade/35% High-Yield Index 12/31/1995   1.34 3.19 1.43 3  
US Municipal Intermediate-Term Bond (Bloomberg 1-15 Years) 12/31/1980 0.185 2.1 2.91 1.01 2.21  
Custom Benchmark 12/31/1980   2.63 2.7 0.86 2.13  
US Municipal Long-Term Bond 09/30/1994 0.185 0.36 2.84 1.11 2.41  
Bloomberg Municipal Bond Index 09/30/1994   1.11 2.5 0.51 2.2  
US Securitized Credit Bond 04/30/2018 0.185 7.61 4.55 2.08 — 2.79
Bloomberg 60% U.S. Non-Agency CMBS: Agg Eligible 40% U.S. ABS 04/30/2018   7.45 4.48 1.75 — 3.03
US Securitized Credit CLO Debt 06/30/2019 0.185 6.1 7.33 4.76 — 4.09
JP Morgan CLO Post-Crisis Index: 90% AAA-rated/10% AA-rated 06/30/2019   6.15 7.23 4.8 — 4.23
US Short Duration Income 12/31/2020 0.17 7.21 5.2 — — 2.55
Bloomberg 1-3 Year U.S. Corporate Bond Index 12/31/2020   6.6 4.68 — — 2.26
US Short-Term Bond 03/31/1990 0.16 6.47 4.43 2.26 2.38  
Bloomberg 1-3 Year U.S. Government/ Credit Bond Index 03/31/1990   5.94 3.75 1.58 1.84  
US Short-Term Inflation Focused Bond 04/30/2011 0.115 6.74 3.13 3.38 2.74  
Bloomberg U.S. 1-5 Year Treasury TIPS Index 04/30/2011   6.85 3.78 3.61 2.83  
US Taxable Municipal Bond 11/30/2016 0.185 4.46 1.81 -1.35 — 2.41
Bloomberg Municipal Taxable Bond Index 11/30/2016   5.54 2.99 -0.43 — 2.8
US Total Return Bond 11/30/2016 0.21 6.67 2.82 0.09 — 2.33
Bloomberg U.S. Aggregate Bond Index 11/30/2016   6.08 2.55 -0.73 — 1.68
US Ultra Short-Term Bond 12/31/2012 0.105 6.02 5.64 3.41 2.92  
Bloomberg Short-Term Government/ Corporate Index 12/31/2012   4.99 4.58 2.7 2.12  

Past performance is no guarantee of future performance.
§ The Dynamic Global Bond, Dynamic Credit, and Dynamic Emerging Markets Bond strategies are offered as Global Unconstrained Bond, Unconstrained Credit, and Unconstrained Emerging Markets Bond, respectively, in Canada. For illustrative, informational purposes only. Not all strategies/structures shown are available in all jurisdictions from T. Rowe Price.
Performance from a past firm prior to 1 May 2017 has been linked to the ongoing performance of the composite and continues to be managed with the same investment strategy and objective as the composite.
* For descriptions of the custom benchmarks in this table, see Fig. 7.
† For composites without a 10-year performance history.
Net-of-fees performance reflects the deduction of the highest applicable management fee, as shown in the chart, that would be charged to an institutional client without the benefit of breakpoints.
For illustrative, informational purposes only. Not all strategies/structures shown are available in all jurisdictions from T. Rowe Price. Source: T. Rowe Price.

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Past performance cannot guarantee future results.

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FTSE/Russell indexes—London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. FTSE® and Russell® are trade marks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. The LSE Group is not responsible for the formatting or configuration of this material or for any inaccuracy in T. Rowe Price’s presentation thereof.

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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.

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