T. Rowe Price Dynamic Global Bond Fund
T. ROWE PRICE INTERNATIONAL FUNDS, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| RPIEX | 0.74% | 0.74% | 2025 Q1 |
| PAIEX | 1.32% | 0.90% | 2025 Q1 |
| RPEIX | 0.52% | 0.52% | 2025 Q1 |
| TRDZX | 0.50% | 0.00% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 69.70% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: TIPS, US TREASURY N/B ×4, JAPAN (30 YEAR ISSUE), CRF SEQUOIA LLC 4/2 144A CPIB PP, SERBIA TREASURY BONDS
Largest exited: GERMANY INFL INDX, COLOMBIA, HUNGARY GOVERNMENT BOND, TIPS, US TREASURY N/B, NORWAY ×2, BLOCK INC CB 0% 05/26
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +2.98% | +4.18% | +4.79% | 4.18% | -5.44% | |
| +2.71% | +3.66% | +3.89% | 4.08% | -5.39% | |
| +3.10% | +4.84% | +5.74% | 4.07% | -5.28% | |
| +3.62% | +6.51% | +8.55% | 4.09% | -5.09% |
These classes hold the same portfolio, so the 4.66pp spread over 5 years is the cost difference between them — roughly 0.93pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | UNITED KINGDOM4.38% · due 2028-03-07 | 12.85% | $607.37M | — |
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 6.27% | $296.35M | — |
| — | TIPS1.25% · due 2031-04-15 | 5.45% | $257.32M | — |
| — | UNITED KINGDOM4.38% · due 2054-07-31 | 3.76% | $177.80M | — |
| — | MEX BONOS DESARR FIX RT7.50% · due 2033-05-26 | 3.72% | $175.99M | — |
| — | NEW ZEALAND4.25% · due 2036-05-15 | 3.54% | $167.44M | — |
| — | US TREASURY N/B1.88% · due 2026-07-31 | 3.51% | $165.73M | — |
| — | US TREASURY N/B4.38% · due 2026-07-31 | 3.49% | $165.08M | — |
| — | UNITED KINGDOM GILT4.13% · due 2031-03-07 | 3.22% | $152.31M | — |
| — | UNITED KINGDOM GILT4.50% · due 2035-03-07 | 3.12% | $147.58M | — |
Top 10 positions are 48.94% of net assets, top 25 75.67%, across 173 issuers.
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