Fund Evaluator:
T. Rowe Price Dynamic Global Bond Inv (RPIEX)
Follow This Fund
Best Performing in Nontraditional Bond Over the Last Year
| 11.1% | Artisan Global Unconstrained Investor (APFPX) |
| 7.3% | Goldman Sachs Dynamic Bond Inv (GZIRX) |
| 5.9% | Potomac Managed Volatility - Instl (CRMVX) |
| 5.5% | PGIM Absolute Return Bond Z (PADZX) |
| 5.2% | Shelton Tactical Credit Investor (DEBTX) |
Fund Details
T. Rowe Price Dynamic Global Bond Inv Overview
T. Rowe Price Dynamic Global Bond Inv (RPIEX) is an actively managed Taxable Bond Nontraditional Bond fund. T. Rowe Price launched the fund in 2015.
The investment seeks high current income. The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in bonds, and seeks to offer some protection against rising interest rates and provide a low correlation with the equity markets. It may invest in a variety of debt securities, including obligations issued by U.S. and foreign governments and their agencies, bonds issued by U.S. and foreign corporations, and mortgage- and asset-backed securities, as well as bank loans, which represent amounts borrowed by companies from banks and other lenders. The fund is non-diversified.
About T. Rowe Price Dynamic Global Bond Inv (RPIEX)
There are 2 members of the management team with an average tenure of 2.52 years: Scott Solomon (2023), Adam Marden (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. T. Rowe Price Dynamic Global Bond Inv has 317 securities in its portfolio. The top 10 holdings constitute 58.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Dynamic Global Bond Inv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price Dynamic Global Bond Inv has 53.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. There is 0.0% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 64.9% (11.9% domestic bond, 53.1% foreign bond and 1.0% convertible bond). T. Rowe Price Dynamic Global Bond Inv has 33.3% of the portfolio in cash.
Assets Under Management
The fund has $72 million in total assets, which is below the $663 million average for the Nontraditional Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RPIEX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Dynamic Global Bond Inv expense ratio is above average compared to funds in the Nontraditional Bond category. T. Rowe Price Dynamic Global Bond Inv has an expense ratio of 0.75%, which is 47% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Dynamic Global Bond Inv has a portfolio turnover rate of 69%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 308% for the Nontraditional Bond category.
Recently, in the month of June 2026, T. Rowe Price Dynamic Global Bond Inv returned 0.7%, which earned it a grade of A, as the Nontraditional Bond category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price Dynamic Global Bond Inv has a trailing yield of 5.62%, which is above the 4.89% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Dynamic Global Bond Inv Grades
Year to date, the fund has returned 3.7%, 2.2 percentage points better than the category, which translates into a grade of A. The fund has returned 3.9% over the past year (grade of D), 3.6% over the past three years (grade of F) and 1.7% per year over the past five years (grade of D) and 2.0% per year over the past 10 years (grade of F).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about T. Rowe Price Dynamic Global Bond Inv, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
RPIEX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RPIEX Return (NAV) | 0.7% | 5.2% | 3.9% | 3.6% | 1.7% | 2.0% |
| RPIEX Grade | A | A | D | F | D | F |
| +/- Category | 0.5% | 3.5% | -1.0% | -2.3% | -0.9% | -1.3% |
| Nontraditional Bond Avg | 0.2% | 1.7% | 4.9% | 6.0% | 2.5% | 3.3% |
| RPIEX Tax Cost Ratio | na | na | 2.3% | 2.0% | 2.7% | 1.8% |
RPIEX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RPIEX Return (NAV) | 3.7% | 2.7% | 5.4% | -5.0% | 3.6% | 0.1% | 9.4% | -0.4% | 0.9% | -1.9% | 4.6% |
| RPIEX Grade | A | F | D | F | A | D | A | F | B | F | D |
| +/- Category | 2.2% | -4.1% | -0.1% | -11.5% | 9.7% | -1.3% | 4.0% | -6.9% | 1.7% | -6.0% | -1.8% |
| Nontraditional Bond Avg | 1.5% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 3.2% |
| Total Risk Index: | 0.26 - Low |
| Category Risk Index: | 0.89 - Average |
| Category Risk Grade: | C (54% Rank) |
| Beta: | -0.20 |
| R-Squared: | 12% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na Moderate Sensitivity |
| Yield: | 5.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4725 Mil |
| Fund Total Assets: | $ 72 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 70% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Solomon Scott (2023), Marden Adam (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 317 |
| % in Top 10 Holdings: | 58.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 53.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 11.9% |
| Foreign Bond: | 53.1% |
| Convertible Bond: | 1.0% |
| Other: | 0.5% |
| Cash: | 33.3% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | January 22, 2015 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | T. Rowe Price Dynamic Global Bond Inv |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
