T. Rowe Price Dynamic Global Bond Fund
Actively managed global bond fund
As of its 2026 Q2 report, T. Rowe Price Dynamic Global Bond Fund held 369 positions with $4.73B in net assets. Its ten largest holdings made up 48.9% of the fund. The RPIEX share class costs 0.74% a year. Over the 12 months to May 2026, RPIEX returned 3.1%, with dividends reinvested. In 2026 Q2 it added 136 new positions and exited 154.
The fund seeks high current income.
The fund invests at least 80% of net assets in bonds across the global fixed income universe, including government and corporate debt, mortgage- and asset-backed securities, and bank loans, with at least 40% in foreign securities. The portfolio manager adjusts duration, sector allocation, and credit quality based on interest rate outlook, inflation expectations, and yield opportunities, with discretion to hold up to 35% in high yield bonds rated below investment grade. The fund is nondiversified, meaning it may invest a greater percentage of assets in a particular issuer than a diversified fund permits. Because the fund maintains a relatively concentrated portfolio with broad flexibility across asset classes and geographies rather than tracking a benchmark, its composition and performance will diverge from any fixed income index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UNITED KINGDOM 4.38% · due 2028-03-07 | 12.85% | $607.37M | — |
TRPGRIAT. Rowe Price Government Reserve Fund | 6.27% | $296.35M | — |
TIPS 1.25% · due 2031-04-15 | 5.45% | $257.32M | — |
UNITED KINGDOM 4.38% · due 2054-07-31 | 3.76% | $177.80M | — |
MEX BONOS DESARR FIX RT 7.50% · due 2033-05-26 | 3.72% | $175.99M | — |
NEW ZEALAND 4.25% · due 2036-05-15 | 3.54% | $167.44M | — |
US TREASURY N/B 1.88% · due 2026-07-31 | 3.51% | $165.73M | — |
US TREASURY N/B 4.38% · due 2026-07-31 | 3.49% | $165.08M | — |
UNITED KINGDOM GILT 4.13% · due 2031-03-07 | 3.22% | $152.31M | — |
UNITED KINGDOM GILT 4.50% · due 2035-03-07 | 3.12% | $147.58M | — |
The 200 largest of 369 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 87.79% |
| Cash & short-term | 6.45% |
| Securitized | 3.05% |
| Derivatives | 1.71% |
| 2 smaller | 1.42% |
Derivatives are shown at market value, not notional exposure.
How it has done
RPIEX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.23%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.74% | +3.12% | +8.04% | +6.37% | -3.54% | |
| 0.90% | +3.12% | +7.66% | +5.60% | -3.47% | |
| 0.52% | +3.51% | +8.88% | +7.49% | -3.38% | |
| 0.00% | +4.04% | +10.62% | +10.23% | -3.25% |
These classes hold the same portfolio, so the 4.63pp spread over 5 years is the cost difference between them — roughly 0.93pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Dynamic Global Bond Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Features
- Non-diversified
- Expense ratio, by class
- 0.00% – 0.90%· RPIEX 0.74%
- Portfolio turnover
- 69.70% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
136 new· the largest 5
154 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 92.7% |
| Floating rate | 6.3% |
| Zero-coupon or unclassified | 1.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 16.6% |
| 1-3y | 23.5% |
| 3-5y | 18.7% |
| 5-10y | 23.3% |
| 10y+ | 17.8% |
| Unknown | 0.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.17 yr |
| High yield | +0.41 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 2% |
| 1 yr | 1.25 yr | 65% |
| 30 yr | 0.63 yr | 33% |
5 yr and 10 yr are NEGATIVE (-1.81 yr, -2.28 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.23 yr | 15% |
| 5 yr | 0.94 yr | 60% |
| 10 yr | 0.21 yr | 13% |
| 30 yr | 0.19 yr | 12% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.00 | +0.01 | $1.7k | $2.7k |
| 1 yr | +1.25 | +0.05 | +0.18 | $22.6k | $85.8k |
| 5 yr | -1.81 | +0.82 | +0.12 | $387.5k | $57.4k |
| 10 yr | -2.28 | +0.14 | +0.06 | $67.6k | $30.2k |
| 30 yr | +0.63 | +0.15 | +0.03 | $72.2k | $16.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's -2.17 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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