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Global Multi-Sector Bond Fund

Invests in domestic and foreign debt instruments, including government and corporate bonds; mortgage-backed, commercial mortgage-backed, and asset-backed securities; and preferred stocks.

If interest rates rise significantly from current levels, bond fund total returns will decline and may even turn negative in the short term. High-yield bonds carry greater default risk than higher-rated bonds along with greater liquidity risk. To the extent the fund holds foreign bonds, it will be subject to special risks, including potentially adverse political and economic developments overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar. Investments in emerging markets are subject to the risk of abrupt and severe price declines.

PRSNXCUSIP 74149N106
Subscribe/Watch Fund 
Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

World Bond
  (314 funds)

Data as of 02/28/2017

Data as of 02/28/2017

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$379.7m

Data as of 02/28/2017

Data as of 02/28/2017

Price
(USD)

Daily Price Change

$11.28
$0.00

Data as of 03/30/2017

Data as of 03/30/2017

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Steven C.  Huber
Steven C. Huber, Lead Portfolio Manager

Steve Huber is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Huber has lead portfolio management responsibilities for the Global and Institutional Global Multi-Sector Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Strategy

Investment Objective

The fund seeks to provide investors with high income along with the potential for some capital appreciation.

Morningstar Fixed Income Style

Low / Moderate

Data as of 02/28/2017

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Rank Funds In Category (World Bond)
Overall N/A 314
3 Years 33 314
5 Years 22 247
10 Years N/A N/A 129

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
3.44%
without waiver
3.37%

Data as of 02/28/2017

30-Day Annualized Dividend Yield
with waiver
3.34%

Data as of 03/29/2017

Monthly Dividend
(USD)
$0.031703663

Data as of 02/28/2017

Monthly Dividend
Rate
0.03%

Data as of 03/29/2017

Average Annual Total Returns (Investor Class)

1 YR
6.84%
Benchmark
4.52%
Value
2.32% 5.06%

Data as of 12/31/2016

3 YR
3.67%
Benchmark
4.21%
Value
-0.54% -0.08%
5 YR
4.38%
Benchmark
3.77%
Value
0.61% 0.32%
Since Inception
7.02%
Benchmark
4.62%
Value
2.40% 2.53%

Expense Ratio

Gross
0.83%
Net
0.77%

Benchmark: Bloomberg Barclays Multiverse USD Hedged Index

Fund Inception: 12/15/2008

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense ratio limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

T. Rowe Price Associates, Inc. is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price mutual funds. 

Current Year Performance (Investor Class)

Daily YTD
2.21%
Benchmark
0.63%
Value
1.58%

Data as of 03/29/2017

Monthly YTD
2.03%
Benchmark
0.64%
Value
1.39%

Data as of 02/28/2017

One Month
1.18%
Benchmark
0.90%
Value
0.28%
Three Months
3.12%
Benchmark
1.00%
Value
2.12%

Benchmark: Bloomberg Barclays Multiverse USD Hedged Index

Fund Inception: 12/15/2008

Asset Allocation

Net Assets
(USD)
$379.7m
Largest Global ex-US Bonds 55.01% $208.9m
Other View complete Asset Allocation

Data as of 02/28/2017

Holdings

Total
Holdings
384
Largest Holding TRP INST FLOATING RATE FUND 8.91% Was (09/30/2016) 7.40%
Other View complete Full Holdings

Data as of 12/31/2016

Quality

N/A

Maturity

Weighted Average

7.07 Years

Duration

Weighted Average

5.97 Years

Top

BB
19.20%
Was (01/31/2017) 20.90%

Top

5-7 Years
28.61%
Was (01/31/2017) 28.61%

Top

3-5 Years
32.80%
Was (01/31/2017) 26.73%

Over

BB
By 15.65%
Fund 19.20%
Benchmark 3.54%

Over

5-7 Years
By 13.31%
Fund 28.61%
Benchmark 15.30%

Over

Under 1 Year
By 16.50%
Fund 17.00%
Benchmark 0.50%

Under

AA
By -13.51%
Fund 1.48%
Benchmark 14.99%

Under

1-3 Years
By -14.26%
Fund 6.94%
Benchmark 21.19%

Under

1-3 Years
By -14.82%
Fund 8.59%
Benchmark 23.41%

Data as of 02/28/2017

Benchmark: Bloomberg Barclays Multiverse USD Hedged Index

Sectors

Total
Sectors
11
Largest Sector Emerging Markets (Local Currency) 25.40% Was (01/31/2017) 25.37%
Other View complete Sector Diversification

Data as of 02/28/2017

Benchmark: Bloomberg Barclays Multiverse USD Hedged Index

Over

Emerging Markets (Local Currency)
By 21.63%
Fund 25.40%
Benchmark 3.77%

Under

Global Sovereign
By -41.27%
Fund 16.56%
Benchmark 57.83%

Data as of 02/28/2017

Currency

Total
Currencies
27
Largest Currency U.S. dollar 102.34% Was (01/31/2017) 100.61%
Other View complete Currency Diversification

Data as of 02/28/2017

Benchmark: Bloomberg Barclays Multiverse USD Hedged Index

Over

U.S. dollar
By 55.98%
Fund 102.34%
Benchmark 46.36%

Under

euro
By -24.44%
Fund -1.46%
Benchmark 22.97%

Data as of 02/28/2017

Numbers may not total 100% due to rounding.

Team (As of )

Steven C.  Huber

Steven C. Huber
Lead Portfolio Manager

Steve Huber is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Huber has lead portfolio management responsibilities for the Global and Institutional Global Multi-Sector Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2008
  • Years at
    T. Rowe Price 10
  • Years investment
    experience 29
Michael J.  Conelius

Michael J. Conelius
Portfolio Manager

Michael Conelius is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Conelius is lead manager of T. Rowe Price's Emerging Markets Bond Strategy. He is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 28
  • Years investment
    experience 28
Andrew McCormick

Andrew McCormick
Portfolio Manager

Andrew McCormick is a portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. McCormick is head of the U.S. Taxable Bond team, lead portfolio manager of the firm's U.S. GNMA Bond Strategy, and co-portfolio manager for the Total Return Strategy. He also is a member of the Fixed Income Steering Committee. Mr. McCormick is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

  • Years at
    T. Rowe Price 8
  • Years investment
    experience 33
Paul Massaro

Paul Massaro
Portfolio Manager

Paul Massaro is a portfolio manager for high yield strategies in the Fixed Income Division at T. Rowe Price. He is chairman of the Investment Advisory Committee and portfolio manager of the Floating Rate Bank Loan Strategy. Mr. Massaro also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company.

  • Years at
    T. Rowe Price 13
  • Years investment
    experience 16
David Stanley

David Stanley
Portfolio Manager

David Stanley is a portfolio manager in the Fixed Income Division at T. Rowe Price, responsible for European corporate bond selection. Mr. Stanley is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd.

  • Years at
    T. Rowe Price 13
  • Years investment
    experience 29
Terry  A.  Moore

Terry A. Moore
Portfolio Specialist

Terry Moore is a portfolio specialist in the Fixed Income Division of T. Rowe Price. He is a member of the Global Multi-Sector, Global Unconstrained, and Customized Fixed Income teams, working closely with clients, consultants, and prospects. Mr. Moore is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 7
  • Years investment
    experience 21

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) Redemption Fee 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 74149N106
$2,500 $100 N/A 0.00% 0.83% 0.77% N/A N/A
Advisor Class
Cusip 74149N205
$2,500 $100 N/A 0.25% 1.14% 0.95% Contractual
09/30/2017
I Class
Cusip 87282M107
$1,000,000* N/A N/A 0.00% 0.70% 0.54% Contractual
09/30/2018

* Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.

1

© 2017 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.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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