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Fund Range Documents

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 diversified portfolio aims to generate revenue from investment in a portfolio of US government, corporate, and asset-backed debt. Securities can include fixed and floating rate bonds, convertible bonds, warrants, and other transferable debt securities, including high yield.
ISIN LU0181329318
Bloomberg TRUABIC LX
View more information on risks
FACTSHEET
KID
31-Jan-2020 - Brian J. Brennan Portfolio Manager,
Our outlook remains optimistic, but more evidence is required to confirm a re-acceleration in growth. Easy financial conditions and reduced uncertainty have led to lower market volatility and strong credit returns, but further gains must be supported by an improving growth environment that has yet to be confirmed. While the effects will likely be transitory, the coronavirus outbreak could disrupt supply chains and negatively affect GDP growth in the first quarter.

Overview
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.
30-Apr-2025 - Anna Dreyer Co-Portfolio Manager,
The US investment-grade (IG) fixed income market, as measured by the Bloomberg US Aggregate Bond Index, produced a fourth consecutive month of positive returns in April despite considerable volatility caused by varying tariff announcements. Within the portfolio, security selection in the IG corporate sector was a detractor from relative performance, largely due to the leverage created through use of long IG credit default swaps. Sector allocation slightly hurt performance. Our underweight to government-related agency debt and out-of-benchmark position in zero-coupon inflation swaps detracted. On the positive side, interest rate management was an overall contributor to relative results. The portfolio benefitted from long rates positions in Australia and the Czech Republic as well as being positioned for a steepening of the US and European yield curves. However, short average duration positions in the US and Europe were offsetting factors. A long currency position in the Japanese yen also added value.
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.

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.

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