Fixed Income Capabilities

Inspired to think, inspired to perform

Across our broad range of fixed income solutions, our investment teams are inspired to explore original ideas and test them through rigorous research in pursuit of better client outcomes.

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At a Glance

50+

years managing fixed income assets

248

fixed income investment professionals*

$295B

USD of fixed income AUM¹

We empower our fixed income experts to think creatively and explore new ideas to help achieve your investment objectives.

Open minds, original ideas

Our world-class fixed income professionals are curious and astute experts in their field — bringing compelling views that see past common narratives. We deliver real insights on opportunities across global markets.

Ideas tested from many angles

We nurture a culture of curiosity and debate. Our teams are incentivized to think creatively and to share and challenge ideas. We test our ideas from different viewpoints to gauge their true risk and potential reward.

Portfolios aligned to client goals

Our portfolio managers are individually accountable for every decision and client outcome. We prioritize managing risk to ensure each portfolio is intentional in aligning risk while looking to generate return.

Our thoughts on the issues that matter most to you.

Mar 2025 From the Field

"Uneasy equilibrium” creates an opportunity in global fixed income

With the U.S. economy in an uneasy equilibrium, global fixed income offers appealing opportunities.

Mar 2025 From the Field

Where can investors find defensive assets in today’s evolving markets?

Explore top defensive assets for today's changing market landscape.

Jan 2025 From the Field

Looking for income in 2025? These bond solutions could help

Three bond approaches to help meet different investor needs.

With an average of 22 years’ experience across markets and sectors, our fixed income professionals are committed to developing their expertise to help meet your objectives across market cycles.

Arif Husain, CFA® Head of Global Fixed Income and CIO

Arif Husain is the head of Global Fixed Income and chief investment officer of the Fixed Income Division. He is chairman of the Fixed Income Steering Committee and a member of the firm’s Management Committee. Arif is lead portfolio manager for the Global Government Bond High Quality Strategy and the Global Government Bond Ex-Japan Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Mike Della Vedova Global High Yield Portfolio Manager

Mike Della Vedova is a global high yield portfolio manager in the Fixed Income Division. He is a portfolio manager for the Europe High Yield Bond Strategy and co-portfolio manager for the Global High Yield Bond and Global High Income Bond Strategies. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Matthew Lawton, CFA® Portfolio Manager

Matt Lawton is a portfolio manager in the Fixed Income Division. He manages the Global Impact Credit Strategy and the Global Impact Short Duration Bond Strategy. Matt is a member of the Investment Advisory Committees for the Corporate Income, New Income, Ultra Short-Term Bond, and Short-Term Bond Funds. He also is a member of the Fixed Income ESG Steering & Advisory and the ESG Committees. Matt is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Kenneth A. Orchard, CFA® Head of International Fixed Income

Kenneth Orchard is head of International Fixed Income. He is portfolio manager for the Global Multi-Sector Bond and Diversified Income Bond Strategies and co-portfolio manager for the International Bond and Global Aggregate Bond Strategies. Kenneth is a member of the Fixed Income Steering Committee and the European and UK Asset Allocation Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Our fixed income range
Inspired to meet investor needs

While the investing landscape frequently changes, investor needs evolve over the longer term. Relying on our differentiated perspectives, we manage a wide range of investment strategies to help achieve a diverse set of goals.

Frequently asked questions

What are the key differentiators of T. Rowe Price Fixed Income investing?

We are an active, global fixed income management firm that is relentlessly pursuing investment excellence through:

Expertise and dedicated resources in every major global fixed income sector
Fundamentally driven, in-depth research processes
A culture that promotes collaboration and sharing of best ideas
A focus on pursuing strong risk-adjusted, long-term returns

What is the typical portfolio management team structure for T. Rowe Price Fixed Income?

Lead portfolio managers set sector allocation, risk budget, currency, country/duration, and yield curve exposures. They are fully accountable for security selection working with sector teams and for the strategy’s performance. Sector portfolio managers work with the lead portfolio manager to incorporate the top-down view and contribute high-conviction security selection and execution in coordination with their respective credit research and trading teams. Each sector portfolio manager is supported by a dedicated team of research analysts and traders. Leveraging the global research teams, our experienced portfolio managers work together to strive to construct an optimal fixed income portfolio. Our experienced professionals cover all time zones and are immersed in local markets to identify and explore investment opportunities for our clients.

What makes the T. Rowe Price Fixed Income research platform so robust?

Our rigorous research platform includes dynamic perspectives and differentiated insights from firmwide collaboration across asset classes, sectors, and regions including directors of research, credit analysts, economists, quantitative portfolio managers, and quantitative analysts.

How is risk management integrated into the T. Rowe Price Fixed Income portfolio management process?

We integrate risk management through:

Proprietary research to seek attractive compensation for security-level risks
Portfolio construction to efficiently use portfolio risk budget
Portfolio risk assessment to reveal portfolio risks under normal and adverse markets
Oversight to ensure portfolio risks are aligned with mandates

How does the T. Rowe Price fixed income team evaluate holdings and strategies?

We have a process we call Policy Week. Policy Week is a set of monthly meetings designed to promote collaboration, challenge assumptions, and improve decisions. Top-down discussions of Policy Week complement our fundamental credit research process. Conviction scores, quantitative tools, and market forecasts facilitate the Policy Week process. The meeting typically covers global economics, global interest rate and currency strategy, global sector strategy, and global forecasting.

How we integrate risk management.

We integrate risk management through:

Proprietary research to seek attractive compensation for security-level risks
Portfolio construction to efficiently use portfolio risk budget
Portfolio risk assessment to reveal portfolio risks under normal and adverse markets
Oversight to ensure portfolio risks are aligned with mandates

What are high-yield bonds, why invest in them and what risks do they carry?

High-yield bonds are issued by companies with lower credit ratings and offer higher yields to compensate for credit risk. They carry a higher risk of default compared to investment-grade bonds.

How can bonds be used to diversify an investment portfolio?

Bonds can reduce overall portfolio volatility and provide a steady income stream. They tend to have a low correlation with stocks, meaning they can perform differently under various market conditions, thus enhancing diversification.

What is the role of derivatives in a bond portfolio?

Derivatives play several roles in a bond portfolio, primarily aimed at enhancing portfolio management and risk control. For example, hedging against risk such as interest rate risk, currency risk, and credit risk. Allowing mangers to create leverage and access no traditional markets. They also allow for more efficient adjustments to portfolio duration, credit exposure, and currency exposure without the need to buy or sell the underlying bonds directly.

Why consider a multi-sector bond approach?

By investing across multiple sectors, investors can spread risk and reduce the impact of any single sector's downturn on their overall portfolio. This approach provides the flexibility to shift allocations based on changing market conditions, interest rates, and economic outlooks, potentially enhancing returns.

Credit risk is the chance that any of the portfolio's holdings will have their credit ratings downgraded or will default (fail to make scheduled interest or principal payments), potentially reducing the portfolio's income level and share price.

Risks

Fixed Income: Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall.

Inflation risk: high or sustained inflation levels will erode the purchasing power of distributions and the value of an investment.

Interest rate risk: the decline in bond prices that accompanies a rise in the overall level of interest rates.

Reinvestment risk: in a declining interest rate scenario, investors will reinvest distributions at a lower interest rate.

Important Information

_{*All data as of 至2024年 12月 31日 unless otherwise stated.}

_{¹The total fixed income assets managed by T. Rowe Price Associates, Inc., and its investment advisory affiliates. Total fixed income assets include all fixed income separate accounts and funds along with a portion of certain T. Rowe Price U.S.-registered multi-asset funds in U.S. dollars (US) as of 2024年12月31日.}

_{Past performance is not a reliable indicator of future performance. All investments are subject to risk, including the possible loss of principal. Fixed income securities are subject to credit risk, liquidity risk, call risk, and interest rate risk. As interest rates rise, bond prices generally fall. Results from other time periods may differ.}

_{T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc., investment advisers of T. Rowe Price strategies.}

_{Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. International investments can be riskier than U.S. investments due to the adverse effects of currency exchange rates, differences in market structure and liquidity, as well as specific country, regional, and economic developments. These risks are magnified in emerging markets. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. Diversification cannot assure a profit or protect against loss in a declining market.}

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