Fund Evaluator:

T. Rowe Price International Bond I Overview

T. Rowe Price International Bond I (RPISX) is an actively managed Taxable Bond Global Bond fund. T. Rowe Price launched the fund in 2015.

The investment seeks to provide current income and capital appreciation. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in foreign bonds. The fund relies on Bloomberg or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund is non-diversified.

About T. Rowe Price International Bond I (RPISX)

There are 2 members of the management team with an average tenure of 7.01 years: Andrew Keirle (2023), Kenneth Orchard (2015). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg Gbl Agg Ex USD TR USD index with a weighting of 100%. T. Rowe Price International Bond I has 493 securities in its portfolio. The top 10 holdings constitute 18.2% 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 International Bond I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price International Bond I has 79.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 85.1% (5.3% domestic bond, 79.8% foreign bond and 0.0% convertible bond). T. Rowe Price International Bond I has 14.9% of the portfolio in cash.

Assets Under Management

The fund has $637 million in total assets, which is above the $422 million average for the Global 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.

RPISX 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 International Bond I expense ratio is average compared to funds in the Global Bond category. T. Rowe Price International Bond I has an expense ratio of 0.53%, which is 45% 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 International Bond I has a portfolio turnover rate of 70%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.

Recently, in the month of July 2026, T. Rowe Price International Bond I returned 0.9%, which earned it a grade of A, as the Global Bond category had an average return of -0.3%. 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 International Bond I has a trailing yield of 3.52%, which is below the 4.17% category average. The fund normally distributes its income monthly.

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 International Bond I Grades

Year to date, the fund has returned -0.2%, 0.0 percentage points worse than the category, which translates into a grade of C. The fund has returned 1.9% over the past year (grade of C), 3.0% over the past three years (grade of D) and -3.0% per year over the past five years (grade of F) and -0.3% per year over the past 10 years (grade of F).

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