T. Rowe Price Global High Income Bond Fund
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
6.3%
1 yr return
13.0%
3 Yr Avg Return
1.9%
5 Yr Avg Return
3.9%
Net Assets
$368 M
Holdings in Top 10
10.1%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.69%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 63.20%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RPOIX - Profile
Distributions
- YTD Total Return 6.3%
- 3 Yr Annualized Total Return 1.9%
- 5 Yr Annualized Total Return 3.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 4.74%
- Dividend Yield 7.2%
- Dividend Distribution Frequency Monthly
Fund Details
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Legal NameT. Rowe Price Global High Income Bond Fund
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Fund Family NameTROWEPRICE
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Inception DateAug 28, 2015
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
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Domiciled CountryUS
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ManagerMichael Della Vedova
Fund Description
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in bonds. The fund seeks to invest in a diversified portfolio of high yield bonds, also known as “junk” bonds, and other high income producing instruments (such as bank loans). Junk bonds are bonds that are rated below investment grade (BB and lower, or an equivalent rating) by established credit rating agencies or, if unrated, deemed to be below investment grade by T. Rowe Price. There is no limit on the fund’s holdings that are rated below investment grade.
The fund may invest in a variety of debt instruments issued by U.S. and foreign corporations, U.S. and foreign governments and agencies, and supranational organizations, as well as bank loans, which represent amounts borrowed by companies from banks and other lenders. The fund normally invests at least 40% of its net assets in foreign securities, including securities of issuers in emerging markets. However, the amount invested in foreign securities will vary based on market conditions and there is no maximum amount that the fund may invest in securities of foreign issuers, including issuers in emerging markets. For purposes of determining whether a fund holding is a foreign security, the fund uses the country assigned to a security by Bloomberg or another third-party data provider. In addition, there is no limit on the fund’s holdings that are rated below investment grade.
Junk bonds tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments, and should be considered speculative. High yield bond issuers often include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The fund may invest in “junk” bonds and other similar instruments located in emerging market countries.
While high yield corporate bonds are typically issued with a fixed interest rate, bank loans usually have floating interest rates that reset periodically (typically quarterly or monthly). With bank loans, the borrowing companies tend to have significantly more debt than equity. The loans may or may not be secured by collateral and are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The bank loans in which the fund invests may be acquired directly from a lender or through the agent, as an assignment from another lender who holds the loans, or as a participation interest in another lender’s pool of loans. The fund may invest up to 20% of its total assets in bank loans.
The fund may invest in holdings of any maturity and does not attempt to maintain any particular weighted average maturity or duration. While most assets are typically invested in bonds and other income producing instruments, the fund also uses derivatives in keeping with the fund’s objective. The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund uses forward currency exchange contracts. Forward currency exchange contracts are primarily used to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar.
RPOIX - Performance
Return Ranking - Trailing
Period | RPOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.3% | -6.2% | 12.4% | 58.44% |
1 Yr | 13.0% | -3.6% | 19.2% | 26.91% |
3 Yr | 1.9%* | -15.4% | 20.6% | 58.24% |
5 Yr | 3.9%* | -12.0% | 37.3% | 42.78% |
10 Yr | N/A* | -5.4% | 19.9% | N/A |
* Annualized
Return Ranking - Calendar
Period | RPOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.5% | -4.7% | 14.3% | 13.10% |
2022 | -19.9% | -33.4% | 3.6% | 94.52% |
2021 | -2.2% | -8.4% | 8.2% | 90.62% |
2020 | 0.0% | -13.2% | 302.7% | 50.52% |
2019 | 7.6% | -4.4% | 13.3% | 56.38% |
Total Return Ranking - Trailing
Period | RPOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 6.3% | -6.2% | 12.4% | 58.44% |
1 Yr | 13.0% | -3.6% | 19.2% | 26.91% |
3 Yr | 1.9%* | -15.4% | 20.6% | 58.24% |
5 Yr | 3.9%* | -12.0% | 37.3% | 42.78% |
10 Yr | N/A* | -5.4% | 19.9% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | RPOIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.1% | -4.7% | 18.7% | 8.47% |
2022 | -11.8% | -33.4% | 47.8% | 75.16% |
2021 | 3.3% | -8.4% | 12.4% | 84.76% |
2020 | 6.0% | -9.6% | 325.6% | 37.41% |
2019 | 14.6% | -3.8% | 19.4% | 33.51% |
NAV & Total Return History
RPOIX - Holdings
Concentration Analysis
RPOIX | Category Low | Category High | RPOIX % Rank | |
---|---|---|---|---|
Net Assets | 368 M | 3.13 M | 23.6 B | 63.38% |
Number of Holdings | 298 | 2 | 3879 | 61.44% |
Net Assets in Top 10 | 36.6 M | -492 M | 5.25 B | 71.52% |
Weighting of Top 10 | 10.10% | 4.4% | 144.6% | 77.60% |
Top 10 Holdings
- T. Rowe Price Government Reserve Fund 2.17%
- FLUTTER TREASURY DESIGNATED ACTIVITY CO 1.52%
- PROGROUP AG 1.09%
- VERMILION ENERGY INC 0.84%
- VENTURE GLOBAL LNG INC 0.82%
- MIDCAP FINANCIAL ISSUER TRUST 0.76%
- KANE BIDCO LTD 0.73%
- ONEMAIN FINANCE CORP 0.73%
- BANCO DE CREDITO E INVERSIONES SA 0.72%
- JONES DESLAURIERS INSURANCE MANAGEMENT INC 0.72%
Asset Allocation
Weighting | Return Low | Return High | RPOIX % Rank | |
---|---|---|---|---|
Bonds | 97.84% | 0.00% | 145.36% | 16.72% |
Cash | 2.17% | -52.00% | 100.09% | 77.44% |
Convertible Bonds | 1.48% | 0.00% | 17.89% | 31.84% |
Other | 0.39% | -39.08% | 99.96% | 21.92% |
Stocks | 0.00% | 0.00% | 99.64% | 97.93% |
Preferred Stocks | 0.00% | 0.00% | 7.50% | 96.16% |
Bond Sector Breakdown
Weighting | Return Low | Return High | RPOIX % Rank | |
---|---|---|---|---|
Corporate | 91.60% | 0.00% | 100.00% | 76.76% |
Government | 2.58% | 0.00% | 99.07% | 12.98% |
Cash & Equivalents | 2.17% | 0.00% | 100.09% | 63.04% |
Derivative | 0.39% | -14.19% | 42.26% | 8.48% |
Municipal | 0.23% | 0.00% | 1.17% | 5.29% |
Securitized | 0.00% | 0.00% | 97.24% | 96.47% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | RPOIX % Rank | |
---|---|---|---|---|
US | 68.77% | 0.00% | 126.57% | 91.20% |
Non US | 29.07% | 0.00% | 96.20% | 2.72% |
RPOIX - Expenses
Operational Fees
RPOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.69% | 0.02% | 38.33% | 78.12% |
Management Fee | 0.56% | 0.00% | 1.75% | 55.66% |
12b-1 Fee | N/A | 0.00% | 1.00% | 15.82% |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
RPOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
RPOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 36.00% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RPOIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 63.20% | 1.00% | 255.00% | 49.04% |
RPOIX - Distributions
Dividend Yield Analysis
RPOIX | Category Low | Category High | RPOIX % Rank | |
---|---|---|---|---|
Dividend Yield | 7.18% | 0.00% | 11.76% | 22.42% |
Dividend Distribution Analysis
RPOIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | SemiAnnual | Monthly | Monthly |
Net Income Ratio Analysis
RPOIX | Category Low | Category High | RPOIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 4.74% | -2.39% | 9.30% | 31.11% |
Capital Gain Distribution Analysis
RPOIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Jul 30, 2024 | $0.052 | OrdinaryDividend |
Apr 29, 2024 | $0.048 | OrdinaryDividend |
Mar 27, 2024 | $0.049 | OrdinaryDividend |
Feb 28, 2024 | $0.045 | OrdinaryDividend |
Jan 30, 2024 | $0.046 | OrdinaryDividend |
Dec 28, 2023 | $0.048 | OrdinaryDividend |
Nov 29, 2023 | $0.048 | OrdinaryDividend |
Oct 30, 2023 | $0.049 | OrdinaryDividend |
Sep 28, 2023 | $0.050 | OrdinaryDividend |
Aug 30, 2023 | $0.049 | OrdinaryDividend |
Jul 28, 2023 | $0.045 | OrdinaryDividend |
Jun 29, 2023 | $0.049 | OrdinaryDividend |
May 30, 2023 | $0.047 | OrdinaryDividend |
Apr 27, 2023 | $0.043 | OrdinaryDividend |
Mar 30, 2023 | $0.049 | OrdinaryDividend |
Feb 27, 2023 | $0.041 | OrdinaryDividend |
Jan 30, 2023 | $0.043 | OrdinaryDividend |
Dec 29, 2022 | $0.048 | OrdinaryDividend |
Dec 12, 2022 | $0.317 | OrdinaryDividend |
Nov 29, 2022 | $0.045 | OrdinaryDividend |
Oct 28, 2022 | $0.043 | OrdinaryDividend |
Sep 29, 2022 | $0.044 | OrdinaryDividend |
Aug 30, 2022 | $0.044 | OrdinaryDividend |
Jul 28, 2022 | $0.040 | OrdinaryDividend |
Jun 29, 2022 | $0.040 | OrdinaryDividend |
May 27, 2022 | $0.044 | OrdinaryDividend |
Apr 28, 2022 | $0.038 | OrdinaryDividend |
Mar 30, 2022 | $0.040 | OrdinaryDividend |
Feb 25, 2022 | $0.036 | OrdinaryDividend |
Jan 28, 2022 | $0.036 | OrdinaryDividend |
Dec 30, 2021 | $0.043 | OrdinaryDividend |
Dec 16, 2021 | $0.075 | OrdinaryDividend |
Nov 29, 2021 | $0.039 | OrdinaryDividend |
Oct 28, 2021 | $0.040 | OrdinaryDividend |
Sep 29, 2021 | $0.039 | OrdinaryDividend |
Aug 30, 2021 | $0.039 | OrdinaryDividend |
Jul 29, 2021 | $0.042 | OrdinaryDividend |
Jun 29, 2021 | $0.038 | OrdinaryDividend |
May 27, 2021 | $0.039 | OrdinaryDividend |
Apr 29, 2021 | $0.040 | OrdinaryDividend |
Mar 30, 2021 | $0.042 | OrdinaryDividend |
Feb 25, 2021 | $0.041 | OrdinaryDividend |
Jan 28, 2021 | $0.036 | OrdinaryDividend |
Dec 30, 2020 | $0.049 | OrdinaryDividend |
Nov 27, 2020 | $0.043 | OrdinaryDividend |
Oct 29, 2020 | $0.048 | OrdinaryDividend |
Sep 29, 2020 | $0.045 | OrdinaryDividend |
Aug 28, 2020 | $0.044 | OrdinaryDividend |
Jul 30, 2020 | $0.050 | OrdinaryDividend |
Jun 29, 2020 | $0.047 | OrdinaryDividend |
May 28, 2020 | $0.047 | OrdinaryDividend |
Apr 29, 2020 | $0.046 | OrdinaryDividend |
Mar 30, 2020 | $0.047 | OrdinaryDividend |
Feb 27, 2020 | $0.043 | OrdinaryDividend |
Jan 30, 2020 | $0.050 | OrdinaryDividend |
Dec 30, 2019 | $0.048 | OrdinaryDividend |
Dec 17, 2019 | $0.045 | CapitalGainShortTerm |
Nov 27, 2019 | $0.048 | OrdinaryDividend |
Oct 30, 2019 | $0.048 | OrdinaryDividend |
Sep 27, 2019 | $0.043 | OrdinaryDividend |
Aug 29, 2019 | $0.052 | OrdinaryDividend |
Jul 30, 2019 | $0.048 | OrdinaryDividend |
Dec 17, 2018 | $0.100 | CapitalGainShortTerm |
Dec 17, 2018 | $0.006 | CapitalGainLongTerm |
Dec 18, 2017 | $0.050 | CapitalGainLongTerm |
Dec 16, 2016 | $0.050 | CapitalGainShortTerm |
Dec 16, 2015 | $0.025 | CapitalGainShortTerm |
RPOIX - Fund Manager Analysis
Managers
Michael Della Vedova
Start Date
Tenure
Tenure Rank
Jan 22, 2015
7.36
7.4%
Michael Della Vedova is a global high yield portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Della Vedova is co-portfolio manager for the firm's Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd. Mr. Della Vedova has 23 years of investment experience, seven of which have been with T. Rowe Price. Prior to joining the firm in 2009, he was a cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mr. Della Vedova also spent six years as a senior analyst and assistant portfolio manager with Muzinich & Company Limited in London. Mr. Della Vedova earned both an LL.B. and a B.Com. degree in finance from the University of New South Wales and a G.D.L.P. from the University of Technology, Sydney, Australia. He also was admitted as a solicitor to the Supreme Court of New South Wales, Sydney.
Samy Muaddi
Start Date
Tenure
Tenure Rank
Jan 01, 2020
2.41
2.4%
Mr. Muaddi has been chairman of the committee since 2015. Mr. Muaddi joined T. Rowe Price in 2006 and his investment experience dates from that time. Throughout the past five years, he has served as a credit analyst and portfolio manager (beginning in 2015). The Statement of Additional Information provides additional information about the portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership of the fund’s shares.
Michael Connelly
Start Date
Tenure
Tenure Rank
Jan 01, 2020
2.41
2.4%
Mike Connelly is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. He is a portfolio manager/credit analyst in the Fixed Income Division, responsible for high yield investments and credit research. Prior to joining T. Rowe Price in 2005, Mike worked as an equity research analyst at Robert W. Baird & Co., Inc., in Milwaukee, Wisconsin. He earned a B.A. in finance and marketing from Marquette University and an M.B.A. in finance from the University of Wisconsin-Madison. Mike also has earned the Chartered Financial Analyst designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.21 | 8.17 |