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PRFHX T. Rowe Price Tax-Free High Yield

  • Fund
  • PRFHX
  • Price as of: Dec 02, 2016
  • $11.56
  • - $0.00
  • - 0.00%
  • Category
  • High Yield Municipal Bonds

PRFHX - Profile

Vitals

  • YTD Return -3.4%
  • 3 Yr Annualized Return 7.6%
  • 5 Yr Annualized Return 6.8%
  • Net Assets $4.55 B
  • Holdings in Top 10 8.2%

52 WEEK LOW AND HIGH

$11.56
$11.56
$12.48

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.69%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 13.10%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$1,000

Investment Themes

CATEGORY

High Yield Municipal Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Muni

Distributions

  • YTD Total Return -3.4%
  • 3 Yr Annualized Total Return 7.6%
  • 5 Yr Annualized Total Return 6.8%
  • Capital Gain Distribution Frequency None
  • Net Income Ratio 4.03%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name T. Rowe Price Tax Free High Yield Fund
  • Fund Family Name T. Rowe Price
  • Inception Date Mar 01, 1985
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager James M. Murphy

Fund Description

The T. Rowe Price Tax-Free High Yield Fund (PRFHX) is a low-cost, actively managed municipal bond fund that seeks to provide a high level of tax-free income. PRFHX does this by betting on the intermediate high-yield subsector of the muni market. These bonds are often tied to special projects or are from states or towns with less-than-stellar credit. The fund engages in intensive credit analysis to find bonds that are trading below their real worth.

Given its mandate on tax-free (riskier) income, high earners looking to save on taxes could find the fund a great fit in their taxable accounts. The fund is managed by T. Rowe Price.

PRFHX - Performance

Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.4% -5.3% 3.6% 22.07% 2
1 Yr 6.3% 2.4% 12.2% 52.05% 3
3 Yr 7.6% * 2.6% 10.2% 49.29% 3
5 Yr 6.8% * 2.7% 9.6% 37.40% 2
10 Yr 4.9% * 0.8% 5.8% 13.64% 1

* Annualized


Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.3% -2.0% 2.9% 39.31% 4
2014 10.2% 0.0% 13.1% 21.01% 2
2013 -8.6% -13.7% 0.0% 13.93% 2
2012 8.8% 0.0% 14.5% 28.21% 3
2011 5.4% -5.1% 8.6% 23.28% 2

Total Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD -3.4% -5.3% 3.6% 29.66% 3
1 Yr 6.3% -1.7% 11.2% 32.19% 2
3 Yr 7.6% * 1.8% 10.2% 38.57% 2
5 Yr 6.8% * 2.5% 9.6% 28.46% 2
10 Yr 4.9% * 0.8% 5.8% 10.91% 1

* Annualized


Total Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.2% -2.0% 6.8% 46.21% 4
2014 10.2% 0.0% 20.0% 27.54% 2
2013 -8.6% -13.7% 0.0% 17.21% 2
2012 8.8% 0.0% 18.2% 33.33% 3
2011 5.5% -5.1% 19.4% 26.72% 2

NAV & Total Return History

PRFHX - Holdings

Filings data as of: Sep 30, 2016

Concentration Analysis

PRFHX Category Low Category High PRFHX % Rank Quintile
Net Assets 4.55 B 152 K 14.1 B 4.76% 1
Number of Holdings 815 58 2489 6.12% 2
Net Assets in Top 10 367 M 45.4 K 1.58 B 6.12% 1
Weighting of Top 10 8.2% 7.3% 27.9% 26.53% 5

Top 10 Holdings

  1. St John Baptist Parish La Rev Rev 5.125% 1.00%
  2. Salt Verde Finl Corp Sr Gas Re Senior 5% 0.97%
  3. Golden St Tob Securitization C Toba 4.5% 0.96%
  4. Texas Mun Gas Acquisition & Su Sr 6.25% 0.87%
  5. Metropolitan Pier & Exposition Bds 5.25% 0.79%
  6. Tobacco Settlement Fing Corp N Asset 5% 0.77%
  7. Virginia Small Busn Fing A Rev Bds 6% 0.74%
  8. Buckeye Ohio Tob Settlement Fi Toba 6.5% 0.73%
  9. Liberty N Y Dev Corp Rev Rev Bds 5.25% 0.72%
  10. Pennsylvania St Tpk Commn Tpk Rev Bds 5% 0.65%

Asset Allocation

Weighting Category Low Category High PRFHX % Rank Quintile
Bonds
99.27% 84.14% 102.61% 8.84% 2
Stocks
0.50% 0.00% 2.97% 2.04% 1
Cash
0.23% -2.61% 15.84% 21.77% 4
Convertible Bonds
0.00% 0.00% 0.00% 0.68% 2
Preferred Stocks
0.00% 0.00% 0.00% 0.68% 2
Other
0.00% -0.32% 3.26% 10.88% 3

Stock Sector Breakdown

Weighting Category Low Category High PRFHX % Rank Quintile
Industrials
0.49% 0.00% 2.96% 8.33% 1
Financial Services
0.00% 0.00% 0.00% 2.78% 2
Real Estate
0.00% 0.00% 0.00% 2.78% 2
Utilities
0.00% 0.00% 0.00% 2.78% 2
Healthcare
0.00% 0.00% 0.00% 2.78% 2
Technology
0.00% 0.00% 0.00% 2.78% 2
Energy
0.00% 0.00% 0.00% 2.78% 2
Communication Services
0.00% 0.00% 0.00% 2.78% 2
Consumer Defense
0.00% 0.00% 0.00% 2.78% 2
Consumer Cyclical
0.00% 0.00% 0.01% 5.56% 2
Basic Materials
0.00% 0.00% 0.00% 2.78% 2

Stock Geographic Breakdown

Weighting Category Low Category High PRFHX % Rank Quintile
US
0.50% 0.00% 2.97% 2.04% 1
Non US
0.00% 0.00% 0.00% 0.68% 2

Bond Sector Breakdown

Weighting Category Low Category High PRFHX % Rank Quintile
Municipal
97.76% 84.14% 100.99% 12.93% 3
Government
1.42% -2.19% 3.25% 9.52% 2
Cash & Equivalents
0.23% -2.61% 15.84% 21.77% 4
Corporate
0.10% 0.00% 1.22% 8.84% 2
Securitized
0.00% 0.00% 0.62% 1.36% 2
Derivative
0.00% -0.04% 0.00% 0.68% 2

Bond Geographic Breakdown

Weighting Category Low Category High PRFHX % Rank Quintile
US
99.27% 84.14% 102.61% 8.84% 2
Non US
0.00% -0.14% 0.00% 0.68% 2

PRFHX - Expenses

Operational Fees

PRFHX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.69% 0.27% 44.43% 43.54% 1
Management Fee 0.59% 0.00% 0.75% 3.40% 5
12b-1 Fee 0.00% 0.00% 1.00% 18.92% 1
Administrative Fee 0.15% 0.00% 0.35% 9.62% 4

Sales Fees

PRFHX Fees (% of AUM) Category Low Category High PRFHX Rank Quintile
Front Load N/A 1.00% 4.75% N/A N/A
Deferred Load N/A 0.60% 5.50% N/A N/A

Trading Fees

PRFHX Fees (% of AUM) Category Low Category High PRFHX Rank Quintile
Max Redemption Fee 2.00% 0.75% 2.00% 5.00% 3

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PRFHX Fees (% of AUM) Category Low Category High PRFHX Rank Quintile
Turnover 13.10% 4.00% 120.00% 14.97% 2

PRFHX - Distributions

Dividend Yield Analysis

PRFHX Category Low Category High PRFHX % Rank Quintile
Dividend Yield 0.5% 0.16% 0.96% 15.38% 1

Dividend Distribution Analysis

PRFHX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Monthly Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

PRFHX Category Low Category High PRFHX % Rank Quintile
Net Income Ratio 4.03% 1.34% 6.68% 36.73% 3

Capital Gain Distribution Analysis

PRFHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency None Annually Monthly Annually

PRFHX - Managers

James M. Murphy

Manager

Start Date

Jan 19, 2001

Tenure

15.79

Tenure Rank

1.4%

Mr. Murphy has been chairman of the committee since 2002 and he is a portfolio manager in T. Rowe Price's Fixed Income Group. He is a vice president of T. Rowe Price Group, Inc.,. Prior to joining the firm in 2000, he worked as a portfolio manager for Prudential Investments. Mr. Murphy received a B.S. in finance from the University of Delaware and an M.B.A. in finance from Seton Hall University. He has also earned the Chartered Financial Analyst accreditation.


Tenure Analysis

Category Low

0.1

Category High

27.9

Category Average

7.62

Category Mode

4.8