T. Rowe Price International Bond Fund (USD Hedged)
T. ROWE PRICE INTERNATIONAL FUNDS, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price International Bond Fund (USD Hedged) 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
- Features
- Non-diversified
Fund profile
As filed in the prospectus · 2026 Q1
The fund seeks to provide current income and capital appreciation.
The fund invests at least 80% of assets in non-U.S. dollar-denominated bonds, typically using forward currency contracts to hedge foreign currency exposure back to the U.S. dollar while maintaining at least 80% U.S. dollar currency exposure overall. The manager selects bonds based on yield, credit quality, and currency value, with a focus on investment-grade securities though up to 25% may be in below-investment-grade bonds; the fund may also use derivatives including interest rate swaps, credit default swaps, and currency forwards to adjust duration, manage credit risk, or gain tactical currency exposure. Because the fund is nondiversified, it may invest a greater percentage of assets in a particular issuer than a diversified fund would permit.
| Share class | Gross | Net | As of |
|---|---|---|---|
| TNIBX | 0.79% | 0.79% | 2025 Q1 |
| TTABX | 1.70% | 0.99% | 2025 Q1 |
| TNBMX | 0.53% | 0.53% | 2025 Q1 |
| TRMZX | 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 71.30% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 88.81% |
| Cash & short-term | 7.67% |
| Derivatives | 2.93% |
| Securitized | 0.41% |
| Stocks | 0.09% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: JAPAN TREASURY DISC BILL, U S TREASURY BILL, JAPAN T-BILL ×2, CHINA, SPAIN INFL INDX 144A, ITALY INFL INDX, BONOS TESORERIA GENL REP
Largest exited: JAPAN T BILL ×2, U S TREASURY BILL, ITALY INFL INDX, REPUBLIC OF SERBIA, TREASURY BILL, NTT FINANCE AMERICAS INC 4/2 CP, SWEDEN I/L BOND
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 |
|---|---|---|---|---|---|
| +2.20% | +14.11% | +3.75% | 2.53% | -1.86% | |
| +2.04% | +13.46% | +2.47% | 2.59% | -1.88% | |
| +2.50% | +15.02% | +4.99% | 2.58% | -1.84% | |
| +3.03% | +16.81% | +7.72% | 2.65% | -1.91% |
These classes hold the same portfolio, so the 5.26pp spread over 5 years is the cost difference between them — roughly 1.05pp 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 | 86.6% |
| Zero-coupon or unclassified | 9.0% |
| Floating rate | 4.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 13.0% |
| 1-3y | 11.3% |
| 3-5y | 22.4% |
| 5-10y | 35.2% |
| 10y+ | 18.0% |
| Unknown | 0.1% |
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 | 64% |
| Credit spreads | 36% |
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 | +0.81 yr |
| High yield | +0.04 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 | 0.01 yr | 1% |
| 1 yr | 0.26 yr | 17% |
| 5 yr | 0.16 yr | 11% |
| 10 yr | 0.73 yr | 49% |
| 30 yr | 0.34 yr | 23% |
| 3 mo | 0.01 yr | 2% |
| 1 yr | 0.14 yr | 17% |
| 5 yr | 0.50 yr | 58% |
| 10 yr | 0.19 yr | 22% |
| 30 yr | 0.01 yr | 1% |
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 | +0.01 | +0.01 | +0.00 | $10.7k | $1.8k |
| 1 yr | +0.26 | +0.11 | +0.03 | $110.7k | $28.5k |
| 5 yr | +0.16 | +0.52 | -0.02 | $509.8k | -$24.2k |
| 10 yr | +0.73 | +0.16 | +0.03 | $154.7k | $29.4k |
| 30 yr | +0.34 | +0.01 | +0.00 | $7.6k | $2.6k |
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 1.51 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 | 7.47% | $727.89M | — |
| — | JAPAN TREASURY DISC BILL0.00% · due 2026-09-28 | 1.82% | $177.35M | — |
| — | BELGIUM1.00% · due 2031-06-22 | 1.73% | $169.06M | — |
| — | U S TREASURY BILL0.00% · due 2026-08-06 | 1.73% | $168.89M | — |
| — | GERMANY INFL INDX0.50% · due 2030-04-15 | 1.68% | $163.65M | — |
| — | CANADA INFL INDX4.00% · due 2031-12-01 | 1.67% | $163.18M | — |
| — | SINGAPORE2.25% · due 2036-08-01 | 1.53% | $149.55M | — |
| — | AUSTRALIA4.50% · due 2033-04-21 | 1.33% | $130.07M | — |
| — | CANADA4.00% · due 2029-03-01 | 1.27% | $124.05M | — |
| — | JAPAN T-BILL0.00% · due 2026-07-21 | 1.23% | $120.18M | — |
Top 10 positions are 21.48% of net assets, top 25 36.62%, across 380 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free