T. Rowe Price Ultra Short-Term Bond I T. Rowe Price Dynamic Global Bond I T. Rowe Price Dynamic Credit I T. Rowe Price Global Stock I T. Rowe Price Gov. Reserve [Is this a Money Market fund? Ugh...] T. Rowe Price Global Technology I T. Rowe Price Global Industrials I T. Rowe Price Comm & Tech I T. Rowe Price Global Consumer T. Rowe Price Health Sciences I
TRP's strategy statement says: "The fund uses a highly flexible investment approach in an effort to provide strong risk-adjusted returns, pursue positive returns through various market environments, and maintain low overall volatility. The fund has broad discretion in seeking investments and utilizes a wide range of strategies to invest across a variety of asset classes including stocks, fixed-income securities, and derivatives. The fund primarily seeks exposure to the following strategies, relying on both fundamental and quantitative research, although additional strategies may be employed at any time: Macro and Absolute Return; Fixed Income Absolute Return; Equity Research Long/Short; Quantitative Equity Long/Short; Volatility Relative Value; and Style Premia."
Unfortunately, the Investor class costs a whopping 1.22%; seems very high for a mostly-bonds fund. The I-class isn't cheap either (1.08%) and like all TRP I-class funds requires $1m and there are no cheaper ways in.
You probably know that 1.22% is inclusive of ER of constituent funds.
Of course, but most (or all) of those I-class fund constituents have ERs under 0.9%, some well under. TRP funds have never been cheap, and it appears the FOF managers are adding a thick percentage. It's a turn-off for me.
If you are satisfied with the performance, I would grin and bear. 2020 performance is good, but I would not have held it the prior two years. In 2020, ANBEX beats it, but if it repeats 2020 performance in 2021, it could be worth a look in 2022.