T. Rowe Price Global Multi-Sector Bond Fund, Inc.
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Global Multi-Sector Bond Fund, Inc. is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2025 Q3
The fund seeks to provide high income and some capital appreciation.
The fund invests at least 80% of assets in bonds across government, corporate, mortgage-backed, asset-backed, and bank loan securities, with up to 65% in below-investment-grade debt, and shifts allocations among sectors and geographies based on the adviser's market outlook. The fund normally holds at least 40% of assets in securities issued outside the U.S. or by foreign issuers, and may use derivatives including interest rate futures, credit default swaps, and currency forwards to manage duration, credit risk, and currency exposure. Because the fund's sector and geographic allocations shift with the adviser's outlook rather than following a fixed benchmark, performance will depend on the adviser's forecasting decisions.
Portfolio turnover 134.10% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 77.79% |
| Cash & short-term | 7.46% |
| Securitized | 5.34% |
| Loans | 3.63% |
| Stocks | 0.35% |
| Derivatives | -0.22% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2026Q1, one or more quarters before the direct holdings (2026Q2).
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Latest quarter
What changed since the fund's previous filing
Largest new: TIPS, US TREASURY N/B, UNITED KINGDOM ×2, GERMANY, ROMANIA GOVERNMENT BOND, CHINA, SERBIA 144A
Largest exited: TREASURY BILL, JAPAN, TIPS, FNMA 30 YR TBA MAR ×3, TRP INST FLOATING RATE FUND, GERMANY INFL INDX
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 |
|---|---|---|---|---|---|
| +4.58% | +21.48% | +6.49% | 2.46% | -2.06% | |
| +4.27% | +20.43% | +5.01% | 2.46% | -2.03% | |
| +4.74% | +22.03% | +7.34% | 2.46% | -1.92% |
These classes hold the same portfolio, so the 2.33pp spread over 5 years is the cost difference between them — roughly 0.47pp a year — not a difference in what they own.
May 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.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 74.0% |
| Floating rate | 23.2% |
| Zero-coupon or unclassified | 2.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 8.0% |
| 1-3y | 16.8% |
| 3-5y | 22.1% |
| 5-10y | 29.2% |
| 10y+ | 23.0% |
| Unknown | 0.8% |
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
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 60% |
| Credit spreads | 40% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.17 yr |
| High yield | +0.20 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 1 yr | 0.05 yr | 2% |
| 5 yr | 0.11 yr | 5% |
| 10 yr | 1.40 yr | 65% |
| 30 yr | 0.60 yr | 28% |
3 mo is NEGATIVE (-0.07 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 1% |
| 1 yr | 0.28 yr | 20% |
| 5 yr | 0.61 yr | 44% |
| 10 yr | 0.37 yr | 27% |
| 30 yr | 0.11 yr | 8% |
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 | -0.07 | +0.01 | +0.00 | $1.9k | $1.1k |
| 1 yr | +0.05 | +0.21 | +0.07 | $55.7k | $18.6k |
| 5 yr | +0.11 | +0.61 | -0.01 | $165.8k | -$1.4k |
| 10 yr | +1.40 | +0.26 | +0.10 | $71.4k | $28.2k |
| 30 yr | +0.60 | +0.08 | +0.03 | $21.0k | $8.4k |
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 2.09 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 |
|---|---|---|---|---|
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 12.56% | $339.09M | — |
| — | TIPS2.13% · due 2029-04-15 | 4.20% | $113.46M | — |
| — | US TREASURY N/B4.50% · due 2026-07-15 | 3.89% | $105.09M | — |
| — | MALAYSIA4.50% · due 2030-04-15 | 2.83% | $76.31M | — |
| — | UNITED KINGDOM4.38% · due 2030-03-07 | 1.91% | $51.67M | — |
| — | NEW ZEALAND4.25% · due 2036-05-15 | 1.88% | $50.70M | — |
| — | UNITED KINGDOM4.38% · due 2028-03-07 | 1.86% | $50.09M | — |
| — | JAPAN 29 INFL INDX0.01% · due 2034-03-10 | 1.77% | $47.92M | — |
| — | JAPAN 30 INFL INDX0.01% · due 2035-03-10 | 1.77% | $47.85M | — |
| — | JAPAN1.60% · due 2030-12-20 | 1.35% | $36.59M | — |
Top 10 positions are 34.04% of net assets, top 25 46.34%, across 409 issuers.
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