2023 Global Market Outlook

The Need for Agility

Heading into 2023, markets have priced in a significant global economic slowdown.  But for agile investors, there could be potential. We see relative valuation advantages in some equity sectors and in non-U.S. markets. The 2022 bond bear market pushed yields to the most attractive levels since the global financial crisis. And with central bank tightening having reached a critical point, investors will look to see whether inflation and interest rates peak later in the year.

Our 2023 Global Market Outlook covers four key themes currently shaping markets and, most importantly, what this could mean for your investments in the year ahead. 

Put our insights into action.

Questions? Call us at 1-800-332-6161.

A Time to Be Selectively Contrarian

To help optimize your investment approach, discover the future we see for financial markets and how we’re investing to prepare for it.

MARKETS & ECONOMY
January 5, 2023

Watch as our senior investment leaders share insights into what could lie in store for investors in 2023.

MARKETS & ECONOMY
January 5, 2023

Read about the potential opportunities and challenges facing investors over the coming months.

Four Investment Themes

Key themes to follow as we enter 2023.

Explore Our Insights

Our investment and financial professionals give you firsthand insights and guidance on markets to help inform your investing journey.

T. Rowe Price Mutual Funds to Consider

Choose from our 4- and 5-star Select Funds encompassing a broad range of asset classes.

Dividend Growth Fund (PRDGX)

5-star Overall Morningstar RatingTM out of 1,223 dividend growth funds as of 12/31/2022.*

Global Multi-Sector Bond Fund (PRSNX)

4-star Overall Morningstar RatingTM out of 112 global multi-sector bond funds as of 12/31/2022.*

Find more highly rated performers.

Over 65 of our funds have earned a 4- or 5-star Overall Morningstar Rating™ as of 12/31/2022.*

Morningstar RatingsTM are based on risk-adjusted returns. Click on “Overall Morningstar Rating” for the fund’s 3-, 5-, and 10-year (if applicable) Morningstar RatingsTM.

All funds are subject to market risk, including possible loss of principal.

Download a Prospectus

Past performance cannot guarantee future results.

All investments are subject to market 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.

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.

*Morningstar gives its best ratings of 5 or 4 stars to the top 32.5% of all funds (of the 32.5%, 10% get 5 stars and 22.5% get 4 stars) based on their risk-adjusted returns. The Overall Morningstar RatingTM is derived from a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar RatingTM metrics. As of 12/31/2022, 68 of 152 of our Investor Class funds received an overall rating of 5 or 4 stars.

The Morningstar RatingTM for funds, or “star rating,” is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

Source for Morningstar data: ©2022 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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