Skip to content
Search

Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

The listed funds are not an exhaustive list of funds available. Visit www.funds.troweprice.com to see the full range of funds offered by T. Rowe Price, including those that consider environmental and social characteristics as part of their investment process.  For up to date information regarding any T. Rowe Price fund's investment strategy, please see the relevant fund KID and prospectus. 

SICAV
US Aggregate Bond Fund
The actively managed diversified portfolio aims to generate revenue from investment in a portfolio of US government, corporate, and asset-backed debt. Environmental, Social and Governance (ESG) considerations are integrated into the investment process as a component of the investment decision. The fund is categorised as Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
ISIN LU0181329318
Valoren A0CAFC
View more information on risks
FACTSHEET
KID
SFDR DISCLOSURE
31-Mar-2025 - Anna Dreyer Co-Portfolio Manager,
While a recession is not our base case, we have shifted to a more cautious stance on credit risk because of recent tariff developments. Amid heightened interest rate volatility, we remain focused on finding pockets of relative value that may emerge while simultaneously looking to manage risks through portfolio construction.

Strategy
Fund Summary
Our approach is based on proprietary fundamental research and relative value analysis. The investment manager seeks to add value primarily through sector allocation, duration management, and security selection. The investment process places a strong emphasis on risk management practices and portfolio diversification to manage the overall risk profile. The promotion of environmental and/or social characteristics is achieved through the fund's commitment to maintain at least 10% of the value of its portfolio invested in Sustainable Investments, as defined by the SFDR. Additionally, we apply a proprietary responsible screen (exclusion list). The manager is not constrained by the fund’s benchmark, which is used for performance comparison purposes only.
Performance (Class I)

Past performance is not a reliable indicator of future performance.

31-Mar-2025 - Anna Dreyer Co-Portfolio Manager,
The US investment-grade (IG) fixed income market, as measured by the Bloomberg US Aggregate Bond Index, posted a marginal gain in March. A slight drop in US Treasury yields across much of the curve at the very end of the month as well as the positive impact of bond coupon payments supported performance for the month, although this was largely offset by wider credit spreads. Within the portfolio, interest rate management, including positioning for a steeper yield curve in Europe and lower yields in Chile at the beginning of the month as well as Australia at the end of the month, all contributed to performance. In addition, a steepening yield curve position in the US was beneficial. Currency positions also modestly contributed to returns. Conversely, security selection in credit sectors was the largest detractor from relative results, largely due to our holdings in the IG corporate sector. Sector allocation had a largely neutral impact on relative results. Out-of-benchmark positions in zero-coupon inflation swaps and residential mortgage-backed securities and a lack of exposure to taxable municipal bonds were modest contributors, but our underweight exposures to government-related agency debt and US Treasuries were an offsetting factor.
31-Jan-2024 - Steve Bartolini Portfolio Manager,
We added to our allocations in Treasury inflation protected securities (TIPS) and asset-backed securities (ABS) during the month. We believe TIPS could benefit from a near-term rebound in economic data, while ABS looked attractive relative to corporate bonds. Conversely, we reduced our overweight allocation to investment-grade corporates as credit spreads tightened, while also increasing our underweight to nominal US Treasuries and reducing our position in the fundamentally challenged commercial mortgage-backed securities sector to near zero.

Risks

The following risks are materially relevant to the fund. Please click here to view the definitions of the risks listed below.

  • ABS/MBS
  • Contingent convertible bond
  • Credit
  • Derivatives
  • Distressed or defaulted debt securities
  • ESG
  • Geographic concentration
  • Hedging
  • Interest rate
  • Investment fund
  • Issuer concentration
  • Management
  • Market
  • Operational
  • Prepayment and extension
  • Real estate investments
  • Sector concentration
  • Total return swap

Typical Investor

Investors who plan to invest for the medium to long term, and who:

• are interested in a combination of income and investment growth
• understand and can accept the risks of the fund, including the risks of investing in bonds and in derivatives

Past performance is not a reliable indicator of future performance.

The Funds are sub-funds of the T. Rowe Price Funds SICAV, a Luxembourg investment company with variable capital which is registered with Commission de Surveillance du Secteur Financier and which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). Full details of the objectives, investment policies and risks are located in the prospectus which is available with the key investor information documents and/or key information document (KID) in English and in an official language of the jurisdictions in which the Funds are registered for public sale, together with the articles of incorporation and the annual and semi-annual reports (together “Fund Documents”). Any decision to invest should be made on the basis of the Fund Documents which are available free of charge from the local representative, local information/paying agent or from authorised distributors. They can also be found along with a summary of investor rights in English at www.troweprice.com. The Management Company reserves the right to terminate marketing arrangements.

Hedged share classes (denoted by 'h') utilise investment techniques to mitigate currency risk between the underlying investment currency(ies) of the fund and the currency of the hedged share class.  The costs of doing so will be borne by the share class and there is no guarantee that such hedging will be effective.

Before deciding to invest in the fund, you should read the offering document/prospectus (including its investment objectives, policies and any risk warnings) which are available and may be obtained from any appointed distributors.

The specific securities identified and described in this website do not represent all of the securities purchased, sold, or recommended for the sub-fund and no assumptions should be made that the securities identified and discussed were or will be profitable.

A full list of the currently issued Share Classes including Distributing, Hedged, and Accumulating Categories may be obtained, free of charge and upon request, from the registered office of the Company.  

Benchmark: Investors may use the benchmark to compare the fund’s performance. The benchmark has been selected because it is similar to the investment universe used by the investment manager and therefore acts as an appropriate comparator. The investment manager is not constrained by any country, sector and/or individual security weightings relative to the benchmark and has complete freedom to invest in securities that do not form part of the benchmark.

Disclosure on Vendor Indices can be found here.