T. Rowe Price Global Multi-Sector Bond Fund, Inc.
Actively managed global bond fund
As of its 2026 Q2 report, T. Rowe Price Global Multi-Sector Bond Fund, Inc. held 602 positions with $2.70B in net assets. Its ten largest holdings made up 34.0% of the fund. Over the 12 months to May 2026, PRSNX returned 5.7%, with dividends reinvested. In 2026 Q2 it added 251 new positions and exited 199.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TRPGRIAT. Rowe Price Government Reserve Fund | 12.56% | $339.09M | — |
TIPS 2.13% · due 2029-04-15 | 4.20% | $113.46M | — |
US TREASURY N/B 4.50% · due 2026-07-15 | 3.89% | $105.09M | — |
MALAYSIA 4.50% · due 2030-04-15 | 2.83% | $76.31M | — |
UNITED KINGDOM 4.38% · due 2030-03-07 | 1.91% | $51.67M | — |
NEW ZEALAND 4.25% · due 2036-05-15 | 1.88% | $50.70M | — |
UNITED KINGDOM 4.38% · due 2028-03-07 | 1.86% | $50.09M | — |
JAPAN 29 INFL INDX 0.01% · due 2034-03-10 | 1.77% | $47.92M | — |
JAPAN 30 INFL INDX 0.01% · due 2035-03-10 | 1.77% | $47.85M | — |
JAPAN 1.60% · due 2030-12-20 | 1.35% | $36.59M | — |
The 200 largest of 602 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 | 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.
How it has done
PRSNX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.44%. Past returns are a record, not a forecast.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +5.65% | +22.64% | +6.99% | -2.06% | |
| — | +5.35% | +21.56% | +5.50% | -2.03% | |
| — | +5.82% | +23.06% | +7.85% | -1.92% |
These classes hold the same portfolio, so the 2.34pp spread over 5 years is the cost difference between them — roughly 0.47pp a year — not a difference in what they own.
Fees & fund details
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
- Portfolio turnover
- 134.10% a year · as of 2025 Q3
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.
251 new· the largest 7
199 exited· the largest 6
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.
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