A rotor for an electric machine includes a central hub with a cylindrical outer surface. A plurality of elongate spacers are affixed to the central hub at its outer surface. The spacers are circumferentially spaced apart from each other and extend axially along the outer surface of the central hub. A plurality of permanent magnets reside on the outer surface between the spacers. The magnets define at least two magnetic poles of the rotor. A metallic shield surrounds an outward facing surface of the permanent magnets and spacers to shield the magnets from high frequency magnetic fields that would cause eddy currents, and thus magnet heating. The metallic shield includes a metallic foil. A carbon fiber retaining sleeve surrounds an outward facing surface of the metallic shield. The carbon fiber sleeve is configured to retain the magnets to the central hub during operation of the electric machine.