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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.44

$5.76 B

2.63%

$0.22

0.53%

Vitals

YTD Return

0.1%

1 yr return

7.5%

3 Yr Avg Return

-0.9%

5 Yr Avg Return

1.3%

Net Assets

$5.76 B

Holdings in Top 10

21.6%

52 WEEK LOW AND HIGH

$8.4
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.53%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 35.30%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$500,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.44

$5.76 B

2.63%

$0.22

0.53%

TNBMX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return -0.9%
  • 5 Yr Annualized Total Return 1.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.48%
DIVIDENDS
  • Dividend Yield 2.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    T. Rowe Price International Bond Fund (USD Hedged)
  • Fund Family Name
    TROWEPRICE
  • Inception Date
    Sep 12, 2017
  • Shares Outstanding
    N/A
  • Share Class
    I
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Arif Husain

Fund Description

Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in non-U.S. dollar-denominated bonds. In addition, under normal market conditions the fund will maintain at least 80% of its net assets in U.S. dollar currency exposure.

The fund ordinarily invests in the securities of at least three countries; however, it may invest in the securities of one country, including the U.S., for temporary defensive purposes.

The fund may at times have significant investments in European countries, as well as Japan.

The fund normally purchases bonds issued in foreign currencies, which may include bonds issued in emerging markets currencies. However, forward currency exchange contracts are typically used to protect the fund’s non-U.S. dollar-denominated holdings from adverse currency movements by hedging the fund’s foreign currency exposure back to the U.S. dollar. While the fund normally maintains at least 80% U.S. dollar currency exposure, the fund’s overall foreign currency exposure within the remainder of the portfolio (through unhedged non-U.S. dollar-denominated holdings and currency derivatives) will vary based on the adviser’s outlook on the strength or weakness of the U.S. dollar compared to foreign currencies and the relative value of various foreign currencies to one another. The fund’s overall foreign currency exposure will generally increase during periods where the U.S. dollar is viewed as less attractive relative to foreign currencies.

Currency derivatives will frequently be used to shift investment exposure from one currency into another for hedging purposes, but they may also be used to enhance returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. Forward currency exchange contracts and other currency derivatives, such as swaps, options and futures, may be used to help protect the fund’s holdings from unfavorable changes in currency exchange rates, and the fund has flexibility to purchase and sell currencies independently of whether the fund owns bonds in those currencies and to engage in currency hedging transactions. The fund may take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency or the fund might sell a currency even if it does not own any assets denominated in that currency.

The fund invests primarily in bonds that are rated investment grade (i.e., BBB- or equivalent, or better), although the fund may invest up to 25% of its total assets in bonds that have received a below investment-grade rating from a rating agency (i.e., BB and lower, or an equivalent rating), also known as junk bonds, or deemed by T. Rowe Price to be below investment-grade quality. If a bond is split-rated (i.e., rated investment grade by one rating agency or T. Rowe Price and below investment grade by another rating agency or T. Rowe Price), the higher rating will be used for purposes of this requirement. Investments may include bonds that are in default or with the lowest rating. There is no limit on the fund’s investments in investment-grade bonds of emerging markets issuers.

The fund may use credit default swaps to buy or sell credit protection on individual bond issuers or sectors of the bond markets. Credit default swaps may be used to replicate the exposure of a bond or portfolio of bonds and as a hedge against a default or other credit event involving one of the fund’s holdings. However, they may also be used to enhance returns by selling protection in situations where the adviser has a positive view on an issuer’s credit quality or by buying protection in situations where the adviser has a negative view on an issuer’s credit quality. If the fund buys protection, it effectively takes a short position, and if the fund sells protection, it effectively takes a long position, with respect to the creditworthiness of the issuer or sector.

Investment decisions are based on fundamental market factors, such as yield and credit quality differences among bonds as well as supply and demand trends and currency values. The fund generally invests in securities where the combination of fixed-income returns and currency exchange rates appears attractive or, if the currency trend is unfavorable, the adviser believes the currency risk can be minimized through hedging.

Although the fund expects to generally maintain an intermediate- to long-term weighted average maturity, there are no maturity restrictions on the overall portfolio or on individual securities purchased by the fund. Through the use of futures contracts and interest rate swaps, the fund may either extend or shorten the overall maturity of the fund and adjust its exposure with respect to particular countries or bond markets. A short position in a bond market means that the fund, for example, could sell interest rate futures with respect to bonds of a particular market and the value of the futures contract would exceed the value of the bonds held by the

fund (or the fund could sell futures with respect to a particular bond market without owning any bonds in that market).

The fund is “nondiversified,” meaning it may invest a greater portion of its assets in fewer issuers than is permissible for a “diversified” fund.

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TNBMX - Performance

Return Ranking - Trailing

Period TNBMX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -15.2% -2.4% 20.00%
1 Yr 7.5% -10.4% -2.5% 8.40%
3 Yr -0.9%* -1.2% 4.2% 34.75%
5 Yr 1.3%* -0.1% 3.7% N/A
10 Yr N/A* 0.0% 4.6% N/A

* Annualized

Return Ranking - Calendar

Period TNBMX Return Category Return Low Category Return High Rank in Category (%)
2023 7.1% -9.4% -0.6% 64.52%
2022 -20.2% -1.3% 7.0% 49.56%
2021 -4.3% 0.5% 200.9% 46.79%
2020 3.7% -15.5% 3.1% 95.00%
2019 5.7% -0.6% 30.6% N/A

Total Return Ranking - Trailing

Period TNBMX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -15.2% -2.4% 16.92%
1 Yr 7.5% -12.6% -2.5% 6.87%
3 Yr -0.9%* -1.6% 4.2% 29.66%
5 Yr 1.3%* -0.1% 3.7% N/A
10 Yr N/A* 0.0% 4.6% N/A

* Annualized

Total Return Ranking - Calendar

Period TNBMX Return Category Return Low Category Return High Rank in Category (%)
2023 10.0% -9.4% -0.6% 64.52%
2022 -11.8% -1.3% 7.0% 49.56%
2021 -1.6% 0.5% 200.9% 50.46%
2020 5.7% -15.5% 3.3% 95.00%
2019 9.3% 0.1% 30.6% N/A

NAV & Total Return History


TNBMX - Holdings

Concentration Analysis

TNBMX Category Low Category High TNBMX % Rank
Net Assets 5.76 B 21.8 M 93.5 B 19.85%
Number of Holdings 547 5 7040 64.39%
Net Assets in Top 10 1.31 B -839 M 6.06 B 15.91%
Weighting of Top 10 21.63% 6.1% 100.0% 38.64%

Top 10 Holdings

  1. UNITED STATES TREASURY BILL 5.90%
  2. ITALY BUONI POLIENNALI DEL TESORO 2.62%
  3. UNITED STATES TREASURY BILL 1.97%
  4. BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE 1.69%
  5. SWEDEN GOVERNMENT BOND 1.67%
  6. JAPAN GOVERNMENT THIRTY YEAR BOND 1.61%
  7. JAPAN GOVERNMENT TEN YEAR BOND 1.58%
  8. CHINA GOVERNMENT BOND 1.57%
  9. T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND - Collateral 1.54%
  10. JAPAN TREASURY DISCOUNT BILL 1.49%

Asset Allocation

Weighting Return Low Return High TNBMX % Rank
Bonds
97.06% 36.86% 100.73% 37.12%
Cash
5.53% -2.75% 67.17% 58.33%
Convertible Bonds
0.36% 0.00% 14.16% 96.21%
Stocks
0.00% 0.00% 0.70% 96.97%
Preferred Stocks
0.00% 0.00% 0.73% 93.18%
Other
-2.59% -8.93% 0.72% 87.12%

Bond Sector Breakdown

Weighting Return Low Return High TNBMX % Rank
Government
78.79% 1.71% 97.31% 4.55%
Corporate
11.94% 0.00% 70.79% 75.76%
Cash & Equivalents
2.72% 0.00% 51.02% 24.24%
Securitized
0.25% 0.00% 29.11% 84.85%
Municipal
0.23% 0.00% 3.10% 28.03%
Derivative
-2.69% 0.00% 50.79% 73.48%

Bond Geographic Breakdown

Weighting Return Low Return High TNBMX % Rank
Non US
85.69% 26.05% 98.85% 15.15%
US
11.37% -11.86% 53.57% 83.33%

TNBMX - Expenses

Operational Fees

TNBMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.53% 0.02% 1.81% 76.56%
Management Fee 0.49% 0.00% 0.83% 44.70%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

TNBMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 4.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

TNBMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A 63.64%

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.

TNBMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 35.30% 2.00% 402.00% 27.93%

TNBMX - Distributions

Dividend Yield Analysis

TNBMX Category Low Category High TNBMX % Rank
Dividend Yield 2.63% 0.00% 2.20% 99.24%

Dividend Distribution Analysis

TNBMX Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Monthly Monthly

Net Income Ratio Analysis

TNBMX Category Low Category High TNBMX % Rank
Net Income Ratio 1.48% -0.30% 3.10% 40.46%

Capital Gain Distribution Analysis

TNBMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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TNBMX - Fund Manager Analysis

Managers

Arif Husain


Start Date

Tenure

Tenure Rank

Sep 12, 2017

4.72

4.7%

Arif Husain is head of International Fixed Income at T. Rowe Price and a member of the Global Fixed Income Investment Team. Mr. Husain is lead portfolio manager for the Global Aggregate and Global Unconstrained Bond Strategies and is co-portfolio manager for the firm's International Bond and Institutional International Bond Strategies. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd. Mr. Husain has 20 years of investment experience, two of which have been with T. Rowe Price. Prior to joining the firm in 2013, he spent 14 years as director of both European Fixed Income and Euro Portfolio Management at AllianceBernstein. He was also a member of the global fixed income and absolute return portfolio management teams. Mr. Husain previously worked as assistant director of European Derivatives Trading at Greenwich NatWest and also traded interest rate swaps at Bank of America National Trust & Savings Association. Mr. Husain received a B.Sc. (hons.) in banking and international finance from the City University, London Business School. He also has earned the Chartered Financial Analyst designation.

Kenneth Orchard


Start Date

Tenure

Tenure Rank

Sep 12, 2017

4.72

4.7%

Kenneth Orchard is a senior portfolio manager in the Fixed Income Division of T. Rowe Price and a member of the Global Fixed Income Investment Team. He is the portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond Strategies. Mr. Orchard earned a B.A. in international relations from the University of British Columbia and an M.Sc. in public financial policy from the London School of Economics. He has also earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.12 31.42 5.43 0.92