T. Rowe Price International Bond Fund (USD Hedged)
Actively managed global bond fund
As of its 2026 Q2 report, T. Rowe Price International Bond Fund (USD Hedged) held 706 positions with $9.75B in net assets. Its ten largest holdings made up 21.5% of the fund. The TNIBX share class costs 0.79% a year. Over the 12 months to May 2026, TNIBX returned 2.9%, with dividends reinvested. In 2026 Q2 it added 246 new positions and exited 247.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TRPGRIAT. Rowe Price Government Reserve Fund | 7.47% | $727.89M | — |
JAPAN TREASURY DISC BILL 0.00% · due 2026-09-28 | 1.82% | $177.35M | — |
BELGIUM 1.00% · due 2031-06-22 | 1.73% | $169.06M | — |
U S TREASURY BILL 0.00% · due 2026-08-06 | 1.73% | $168.89M | — |
GERMANY INFL INDX 0.50% · due 2030-04-15 | 1.68% | $163.65M | — |
CANADA INFL INDX 4.00% · due 2031-12-01 | 1.67% | $163.18M | — |
SINGAPORE 2.25% · due 2036-08-01 | 1.53% | $149.55M | — |
AUSTRALIA 4.50% · due 2033-04-21 | 1.33% | $130.07M | — |
CANADA 4.00% · due 2029-03-01 | 1.27% | $124.05M | — |
JAPAN T-BILL 0.00% · due 2026-07-21 | 1.23% | $120.18M | — |
The 200 largest of 706 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 | 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.
How it has done
TNIBX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.60%. 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 |
|---|---|---|---|---|---|
| 0.79% | +2.94% | +14.88% | +4.34% | -1.86% | |
| 0.99% | +2.89% | +14.09% | +3.06% | -1.88% | |
| 0.53% | +3.22% | +15.80% | +5.60% | -1.84% | |
| 0.00% | +3.76% | +17.60% | +8.35% | -1.91% |
These classes hold the same portfolio, so the 5.29pp spread over 5 years is the cost difference between them — roughly 1.06pp a year — not a difference in what they own.
Fees & fund details
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
- Expense ratio, by class
- 0.00% – 0.99%· TNIBX 0.79%
- Portfolio turnover
- 71.30% 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.
246 new· the largest 7
247 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 | 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.
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