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Trending ETFs

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

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Vitals

YTD Return

2.5%

1 yr return

11.2%

3 Yr Avg Return

0.8%

5 Yr Avg Return

3.3%

Net Assets

$315 M

Holdings in Top 10

11.2%

52 WEEK LOW AND HIGH

$8.5
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.41%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 63.20%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

PAIHX - Profile

Distributions

  • YTD Total Return 2.5%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return 3.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.41%
DIVIDENDS
  • Dividend Yield 7.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    T Rowe Price International Funds Inc - T. Rowe Price Global High Inc Bd Fd USD Cls Adivosr
  • Fund Family Name
    TROWEPRICE
  • Inception Date
    Jan 22, 2015
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Della Vedova

Fund Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in bonds. The fund seeks to invest in a diversified portfolio of high yield bonds, also known as “junk” bonds, and other high income producing instruments (such as bank loans). Junk bonds are bonds that are rated below investment grade (BB and lower, or an equivalent rating) by established credit rating agencies or, if unrated, deemed to be below investment grade by T. Rowe Price.

The fund may invest in a variety of debt instruments issued by U.S. and foreign corporations, U.S. and foreign governments and agencies, and supranational organizations, as well as bank loans, which represent amounts borrowed by companies from banks and other lenders. The fund normally invests at least 40% of its net assets in foreign securities, including securities of

issuers in emerging markets. However, the amount invested in foreign securities will vary based on market conditions and there is no maximum amount that the fund may invest in securities of foreign issuers, including issuers in emerging markets. For purposes of determining whether a fund holding is a foreign security, the fund uses the country assigned to a security by Bloomberg or another third-party data provider. In addition, there is no limit on the fund’s holdings that are rated below investment grade.

Junk bonds tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments, and should be considered speculative. High yield bond issuers often include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads. The fund may invest in “junk” bonds and other similar instruments located in emerging market countries.

While high yield corporate bonds are typically issued with a fixed interest rate, bank loans usually have floating interest rates that reset periodically (typically quarterly or monthly). With bank loans, the borrowing companies tend to have significantly more debt than equity. The loans may or may not be secured by collateral and are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The bank loans in which the fund invests may be acquired directly from a lender or through the agent, as an assignment from another lender who holds the loans, or as a participation interest in another lender’s pool of loans.

The fund may invest in holdings of any maturity and does not attempt to maintain any particular weighted average maturity or duration. While most assets are typically invested in bonds and other income producing instruments, the fund also uses forward currency exchange contracts and credit default swaps in keeping with the fund’s objective. Forward currency exchange contracts are primarily used to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar. Credit default swaps may be used to help protect the value of certain portfolio holdings, to express a positive view on a particular issuer’s creditworthiness, or as an efficient means of gaining exposure to a particular issuer.

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PAIHX - Performance

Return Ranking - Trailing

Period PAIHX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -6.6% 8.3% 56.40%
1 Yr 11.2% -5.6% 19.5% 13.31%
3 Yr 0.8%* -16.2% 20.1% 64.69%
5 Yr 3.3%* -11.7% 37.1% 51.92%
10 Yr N/A* -5.2% 19.5% N/A

* Annualized

Return Ranking - Calendar

Period PAIHX Return Category Return Low Category Return High Rank in Category (%)
2023 6.5% -4.7% 14.3% 13.31%
2022 -19.9% -33.4% 3.6% 93.92%
2021 -2.3% -8.4% 8.2% 91.33%
2020 0.0% -13.2% 302.7% 49.23%
2019 7.7% -4.4% 13.3% 55.03%

Total Return Ranking - Trailing

Period PAIHX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.5% -6.6% 8.3% 56.40%
1 Yr 11.2% -5.6% 19.5% 13.31%
3 Yr 0.8%* -16.2% 20.1% 64.69%
5 Yr 3.3%* -11.7% 37.1% 51.92%
10 Yr N/A* -5.2% 19.5% N/A

* Annualized

Total Return Ranking - Calendar

Period PAIHX Return Category Return Low Category Return High Rank in Category (%)
2023 13.7% -4.7% 18.7% 12.36%
2022 -12.1% -33.4% 47.8% 78.40%
2021 2.8% -8.4% 12.4% 89.67%
2020 5.6% -9.6% 325.6% 47.68%
2019 14.3% -3.8% 19.4% 39.33%

NAV & Total Return History


PAIHX - Holdings

Concentration Analysis

PAIHX Category Low Category High PAIHX % Rank
Net Assets 315 M 1.45 M 23.6 B 65.88%
Number of Holdings 325 2 2888 54.60%
Net Assets in Top 10 41.5 M -492 M 5.26 B 69.68%
Weighting of Top 10 11.22% 4.2% 164.1% 68.10%

Top 10 Holdings

  1. T. Rowe Price Government Reserve Fund 4.11%
  2. PROGROUP AG 1.08%
  3. VERMILION ENERGY INC 0.82%
  4. VENTURE GLOBAL LNG INC 0.79%
  5. FERRELLGAS LP / FERRELLGAS FINANCE CORP 0.78%
  6. LEASEPLAN CORP NV 0.75%
  7. TENNECO INC 0.73%
  8. CEMEX SAB DE CV 0.73%
  9. ONEMAIN FINANCE CORP 0.72%
  10. KANE BIDCO LTD 0.71%

Asset Allocation

Weighting Return Low Return High PAIHX % Rank
Bonds
97.43% -0.88% 154.38% 23.70%
Cash
4.11% -52.00% 48.07% 41.11%
Convertible Bonds
1.48% 0.00% 17.89% 31.43%
Other
0.14% -63.70% 100.29% 33.49%
Stocks
0.00% 0.00% 99.58% 89.26%
Preferred Stocks
0.00% 0.00% 7.88% 76.83%

Bond Sector Breakdown

Weighting Return Low Return High PAIHX % Rank
Corporate
91.60% 0.00% 100.00% 76.31%
Cash & Equivalents
4.11% 0.00% 48.07% 39.05%
Government
2.58% 0.00% 99.07% 12.72%
Municipal
0.23% 0.00% 1.17% 5.09%
Derivative
0.14% -14.70% 42.26% 20.63%
Securitized
0.00% 0.00% 97.24% 79.17%

Bond Geographic Breakdown

Weighting Return Low Return High PAIHX % Rank
US
66.06% -0.88% 129.21% 93.49%
Non US
31.37% 0.00% 98.19% 2.22%

PAIHX - Expenses

Operational Fees

PAIHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.41% 0.02% 38.33% 25.20%
Management Fee 0.56% 0.00% 1.84% 54.91%
12b-1 Fee 0.25% 0.00% 1.00% 40.19%
Administrative Fee 0.15% 0.00% 0.50% 74.35%

Sales Fees

PAIHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PAIHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 32.00%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PAIHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 63.20% 1.00% 255.00% 48.79%

PAIHX - Distributions

Dividend Yield Analysis

PAIHX Category Low Category High PAIHX % Rank
Dividend Yield 7.24% 0.00% 11.76% 36.44%

Dividend Distribution Analysis

PAIHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PAIHX Category Low Category High PAIHX % Rank
Net Income Ratio 4.41% -2.39% 14.30% 49.43%

Capital Gain Distribution Analysis

PAIHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PAIHX - Fund Manager Analysis

Managers

Michael Della Vedova


Start Date

Tenure

Tenure Rank

Jan 22, 2015

7.36

7.4%

Michael Della Vedova is a global high yield portfolio manager in the Fixed Income Division at T. Rowe Price. Mr. Della Vedova is co-portfolio manager for the firm's Global High Income Bond Strategy. He is a vice president of T. Rowe Price Group, Inc. and T. Rowe Price International Ltd. Mr. Della Vedova has 23 years of investment experience, seven of which have been with T. Rowe Price. Prior to joining the firm in 2009, he was a cofounder and partner of Four Quarter Capital, a credit hedge fund focusing on below investment-grade European corporate debt. Mr. Della Vedova also spent six years as a senior analyst and assistant portfolio manager with Muzinich & Company Limited in London. Mr. Della Vedova earned both an LL.B. and a B.Com. degree in finance from the University of New South Wales and a G.D.L.P. from the University of Technology, Sydney, Australia. He also was admitted as a solicitor to the Supreme Court of New South Wales, Sydney.

Samy Muaddi


Start Date

Tenure

Tenure Rank

Jan 01, 2020

2.41

2.4%

Mr. Muaddi has been chairman of the committee since 2015. Mr. Muaddi joined T. Rowe Price in 2006 and his investment experience dates from that time. Throughout the past five years, he has served as a credit analyst and portfolio manager (beginning in 2015). The Statement of Additional Information provides additional information about the portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership of the fund’s shares.

Michael Connelly


Start Date

Tenure

Tenure Rank

Jan 01, 2020

2.41

2.4%

Mike Connelly is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. He is a portfolio manager/credit analyst in the Fixed Income Division, responsible for high yield investments and credit research. Prior to joining T. Rowe Price in 2005, Mike worked as an equity research analyst at Robert W. Baird & Co., Inc., in Milwaukee, Wisconsin. He earned a B.A. in finance and marketing from Marquette University and an M.B.A. in finance from the University of Wisconsin-Madison. Mike also has earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.17 8.17