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Fixed Income Capabilities
Free to think, free to perform
Across our broad range of fixed income solutions, our investment teams have the freedom to explore original ideas and test them through rigorous research in pursuit of better client outcomes.
At a Glance
years managing fixed income assets
fixed income investment professionals*
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
Uncertainty heightens the need for active fixed income management
Explore how active bond management can thrive in the new investing paradigm of higher inflation and volatilty.
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.
Our strategies beat their benchmarks more often – and at a higher level – than competitors.*
T. Rowe Price equity and fixed income strategies delivered higher average returns than their benchmarks 80% of the time. Plus, they beat their benchmark more frequently—and with better returns—than the average of all active managers. Dive into our active management composite study and learn more about how we achieved this.See below for standardized returns and other information about the T. Rowe Price composites in this analysis.
Our fixed income strategies beat their benchmarks 81% of the time.
They delivered higher average returns than their benchmarks over time. And they showed better results in the vast majority of rolling monthly periods over a 20-year span.
More return. More often.
Ten-year periods, rolling monthly, over the last 20 years ended 12/31/23
Past performance is not a reliable indicator of future results. View standardized returns and other information about the T. Rowe Price composites in this analysis.
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.
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.
Samy Muaddi, CFA®
Head of Emerging Markets
Samy Muaddi is the head of Emerging Markets in the Fixed Income Division. He is the portfolio manager of the Emerging Markets Bond Strategy and co-manages the Global High Income Bond Strategy. Samy also manages a range of customized separately managed accounts in emerging market debt and is a member of the Fixed Income Steering Committee. He previously managed the firm’s Emerging Market Corporate Bond Strategy from 2015 to 2024 and the firm’s Asia Credit Bond Strategy from its inception until 2020. Samy also is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price International Ltd.
Steve Boothe, CFA®
Head, Global Investment Grade
Steve Boothe is the head of Global Investment Grade and a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the Global Investment Grade Corporate Bond, US Investment Grade Corporate Bond, and Dynamic Credit Strategies. He is a member of the Sector Strategy Advisory Group, with a focus on global and U.S. investment-grade corporate bond portfolios. Steve is a member of the Investment Advisory Committees of the Corporate Income Fund, Global Multi-Sector Bond Fund, New Income Fund, and Institutional International Disciplined Equity Fund. In addition, he also is an Investment Advisory Committee member of the Institutional Income, International, Global, and China Evolution Equity Funds and an Investment Advisory Committee member of the Institutional Long Duration Credit, Dynamic Credit, and International Disciplined Equity Funds. Steve also is a member of the Fixed Income Steering, Global Trading, and Core/Core Plus Strategy Committees. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
Experience our original ideas — contact us.
A broad range of solutions designed to help meet your needs.
Actively managed credit capabilities customized to meet specific guidelines, preference and need.
US Investment Grade Corporate Bond
The strategy seeks current income and capital appreciation primarily through investment grade corporate bonds issued by U.S. domestic corporations.
Global Multi-Sector Bond
Seeks to generate alpha through an effective combination of top-down sector allocation, currency positioning, and interest rate management with high-conviction, bottom-up security selection.
Global High Income Bond
With a focus on global diversification, this strategy targets high yield companies from North America, Europe and Emerging Markets countries.
High Yield Bond
This High Yield strategy seeks to identify issues with above-average yields and the potential for appreciation.
Floating Rate Bank Loans
The strategy seeks high current income and capital appreciation primarily through investment in floating rate bank loans and floating rate debt securities rated below investment grade.
Credit Opportunities
Focus primarily on high yield bonds and floating rate bank loans through a concentrated and flexible approach while opportunistically investing in select special credit situations with an acute emphasis on downside support and risk-adjusted returns.
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
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
Investment Risks:
Past performance is not a reliable indicator of future results.
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.
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.
*All data as of 12/31/2024 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 (USD) as of 12/31/2024.
Analysis by T. Rowe Price. Represents a comparison of all marketable institutional fixed income composites compared to the official composite primary benchmark assigned to each. Excludes money market, and index/passive composites. In order to avoid double-counting in the analysis, specialized composites viewed as substantially similar to strategies already included (e.g. constrained strategies, ex-single country excluded strategies, etc.) are also excluded. Composite net returns are calculated using the highest applicable separate account fee schedule for institutional clients. All figures in USD. The performance of each T. Rowe Price composite was compared against its official composite primary benchmark using 10-year rolling monthly periods from 1/1/2003 to 12/31/2022.
Analysis aggregates and averages the performance history of 26 fixed income composites covering 2,407 periods.
T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc., are affiliated companies and investment advisers of T. Rowe Price strategies.
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