T. Rowe Price Credit Opportunities Fund, Inc.
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.1%
1 yr return
9.8%
3 Yr Avg Return
2.7%
5 Yr Avg Return
4.3%
Net Assets
$163 M
Holdings in Top 10
23.6%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.95%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 53.50%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TCRRX - Profile
Distributions
- YTD Total Return 0.1%
- 3 Yr Annualized Total Return 2.7%
- 5 Yr Annualized Total Return 4.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 5.37%
- Dividend Yield 7.5%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameT. Rowe Price Credit Opportunities Fund, Inc.
-
Fund Family NameTROWEPRICE
-
Inception DateNov 29, 2016
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRodney Rayburn
Fund Description
Under normal conditions, the fund invests at least 80% of its net assets (including any borrowings for investment purposes) in credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments. The fund defines credit instruments broadly to include any debt instrument or instrument with debt-like characteristics. The fund’s investments in credit instruments typically include corporate and sovereign bonds, bank loans, convertible securities and preferred stocks, and securitized instruments, which are vehicles backed by pools of assets such as mortgages, loans, or other receivables.
The fund may invest without limit in bonds that are rated below investment grade (below BBB, or an equivalent rating) or are not rated by established credit rating agencies (commonly referred to as “high yield” bonds or “junk” bonds), as well as bank loans and other instruments that are rated below investment grade or are not rated by established credit rating agencies. Such investments should be considered speculative and may include distressed and defaulted securities. The fund may invest in bonds and other instruments of any maturity and does not attempt to maintain any particular weighted average maturity or duration.
High yield bonds tend to provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. High yield bond issuers often include small or relatively new companies lacking the history or capital to merit investment-grade status, former blue chip companies downgraded because of financial problems, companies electing to borrow heavily to finance or avoid a takeover or buyout, and firms with heavy debt loads.
While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, the borrowing companies have significantly more debt than equity and the loans have been issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The loans held by the fund may be senior or subordinate obligations of the borrower, and may or may not be secured by collateral. The fund may acquire bank loans directly from a lender or through the agent, as an assignment from another lender who holds a floating rate loan, or as a participation interest in another lender’s floating rate loan or portion thereof. The fund may invest up to 50% of its net assets in bank loans.
The fund may invest in securities issued by both U.S. and non-U.S. issuers, including emerging markets (and frontier markets) issuers, and up to 50% of the fund’s net assets may be invested in non-U.S. dollar-denominated holdings. The fund may invest up to 10% of its net assets in securitized instruments, which may include residential and commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities, and other instruments backed by pools of assets. The fund may also invest up to 20% of its net assets in equity securities, including common and preferred stocks and securities that are convertible into, or which carry warrants for, common stocks and other equity securities.
TCRRX - Performance
Return Ranking - Trailing
Period | TCRRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.1% | -7.6% | 7.3% | 76.18% |
1 Yr | 9.8% | -8.1% | 17.2% | 18.08% |
3 Yr | 2.7%* | -16.6% | 20.0% | 14.75% |
5 Yr | 4.3%* | -12.2% | 36.5% | 11.98% |
10 Yr | N/A* | -5.0% | 19.4% | N/A |
* Annualized
Return Ranking - Calendar
Period | TCRRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.7% | -4.7% | 14.3% | 37.44% |
2022 | -14.6% | -33.4% | 3.6% | 32.60% |
2021 | 1.0% | -8.4% | 14.9% | 23.28% |
2020 | -0.2% | -13.9% | 302.7% | 51.35% |
2019 | 7.9% | -4.4% | 13.3% | 52.51% |
Total Return Ranking - Trailing
Period | TCRRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.1% | -7.6% | 7.3% | 76.18% |
1 Yr | 9.8% | -8.1% | 17.2% | 18.08% |
3 Yr | 2.7%* | -16.6% | 20.0% | 14.75% |
5 Yr | 4.3%* | -12.2% | 36.5% | 11.98% |
10 Yr | N/A* | -5.0% | 19.4% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | TCRRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.8% | -4.7% | 18.2% | 12.17% |
2022 | -8.9% | -33.4% | 47.8% | 23.46% |
2021 | 6.6% | -8.4% | 24.8% | 18.85% |
2020 | 5.8% | -9.6% | 325.6% | 42.91% |
2019 | 14.2% | 0.9% | 21.5% | 43.15% |
NAV & Total Return History
TCRRX - Holdings
Concentration Analysis
TCRRX | Category Low | Category High | TCRRX % Rank | |
---|---|---|---|---|
Net Assets | 163 M | 1.45 M | 23.6 B | 76.43% |
Number of Holdings | 288 | 2 | 2736 | 60.84% |
Net Assets in Top 10 | 30.6 M | -492 M | 4.55 B | 71.36% |
Weighting of Top 10 | 23.63% | 4.2% | 146.9% | 16.10% |
Top 10 Holdings
- T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND - Collateral 8.04%
- T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND 4.23%
- VISTRA CORP 1.86%
- UKG INC 1.67%
- RIVIAN HOLDINGS LLC/RIVIAN LLC/RIVIAN AUTOMOTIVE LLC 1.51%
- VISTRA CORP 1.47%
- ASURION LLC 1.34%
- CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 1.33%
- ENTEGRIS ESCROW CORP 1.09%
- ONEMAIN FINANCE CORP 1.08%
Asset Allocation
Weighting | Return Low | Return High | TCRRX % Rank | |
---|---|---|---|---|
Bonds | 93.62% | -3.13% | 154.38% | 62.87% |
Cash | 12.27% | -52.00% | 48.07% | 5.11% |
Stocks | 0.93% | 0.00% | 99.54% | 37.90% |
Convertible Bonds | 0.89% | 0.00% | 17.89% | 61.61% |
Preferred Stocks | 0.13% | 0.00% | 7.88% | 34.37% |
Other | -0.06% | -63.70% | 102.57% | 90.56% |
Stock Sector Breakdown
Weighting | Return Low | Return High | TCRRX % Rank | |
---|---|---|---|---|
Utilities | 38.98% | 0.00% | 100.00% | 5.62% |
Communication Services | 22.33% | 0.00% | 99.99% | 21.63% |
Basic Materials | 22.19% | 0.00% | 100.00% | 5.34% |
Real Estate | 13.44% | 0.00% | 86.71% | 10.39% |
Technology | 3.07% | 0.00% | 33.17% | 15.17% |
Industrials | 0.00% | 0.00% | 93.12% | 77.25% |
Healthcare | 0.00% | 0.00% | 22.17% | 73.31% |
Financial Services | 0.00% | 0.00% | 100.00% | 76.69% |
Energy | 0.00% | 0.00% | 100.00% | 91.57% |
Consumer Defense | 0.00% | 0.00% | 100.00% | 76.40% |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | 82.58% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | TCRRX % Rank | |
---|---|---|---|---|
US | 0.93% | 0.00% | 99.54% | 37.93% |
Non US | 0.00% | -0.01% | 0.83% | 73.68% |
Bond Sector Breakdown
Weighting | Return Low | Return High | TCRRX % Rank | |
---|---|---|---|---|
Corporate | 96.30% | 0.00% | 129.69% | 37.52% |
Cash & Equivalents | 12.27% | 0.00% | 48.07% | 4.95% |
Municipal | 1.17% | 0.00% | 4.66% | 0.31% |
Government | 0.37% | 0.00% | 99.07% | 23.57% |
Securitized | 0.00% | 0.00% | 97.24% | 84.03% |
Derivative | -0.06% | -15.04% | 42.26% | 92.88% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | TCRRX % Rank | |
---|---|---|---|---|
US | 92.93% | -3.13% | 129.21% | 50.93% |
Non US | 0.70% | 0.00% | 98.19% | 35.60% |
TCRRX - Expenses
Operational Fees
TCRRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.95% | 0.04% | 31.61% | 53.87% |
Management Fee | 0.56% | 0.00% | 1.84% | 54.78% |
12b-1 Fee | N/A | 0.00% | 1.00% | 16.79% |
Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
TCRRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.25% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
TCRRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 61.82% |
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.
TCRRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 53.50% | 1.00% | 255.00% | 32.31% |
TCRRX - Distributions
Dividend Yield Analysis
TCRRX | Category Low | Category High | TCRRX % Rank | |
---|---|---|---|---|
Dividend Yield | 7.48% | 0.00% | 11.76% | 12.00% |
Dividend Distribution Analysis
TCRRX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
TCRRX | Category Low | Category High | TCRRX % Rank | |
---|---|---|---|---|
Net Income Ratio | 5.37% | -2.39% | 14.30% | 11.81% |
Capital Gain Distribution Analysis
TCRRX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.049 | OrdinaryDividend |
Feb 29, 2024 | $0.045 | OrdinaryDividend |
Jan 31, 2024 | $0.045 | DailyAccrualFund |
Dec 29, 2023 | $0.049 | DailyAccrualFund |
Nov 30, 2023 | $0.047 | DailyAccrualFund |
Oct 31, 2023 | $0.048 | DailyAccrualFund |
Sep 29, 2023 | $0.049 | DailyAccrualFund |
Aug 31, 2023 | $0.049 | DailyAccrualFund |
Jul 31, 2023 | $0.045 | DailyAccrualFund |
Jun 30, 2023 | $0.049 | DailyAccrualFund |
May 31, 2023 | $0.045 | DailyAccrualFund |
Apr 28, 2023 | $0.044 | DailyAccrualFund |
Mar 31, 2023 | $0.054 | DailyAccrualFund |
Feb 28, 2023 | $0.042 | DailyAccrualFund |
Jan 31, 2023 | $0.043 | DailyAccrualFund |
Dec 30, 2022 | $0.049 | DailyAccrualFund |
Dec 13, 2022 | $0.020 | OrdinaryDividend |
Nov 30, 2022 | $0.042 | DailyAccrualFund |
Oct 31, 2022 | $0.042 | DailyAccrualFund |
Sep 30, 2022 | $0.044 | DailyAccrualFund |
Aug 31, 2022 | $0.042 | DailyAccrualFund |
Jul 29, 2022 | $0.042 | DailyAccrualFund |
Jun 30, 2022 | $0.039 | DailyAccrualFund |
May 31, 2022 | $0.041 | DailyAccrualFund |
Apr 29, 2022 | $0.038 | DailyAccrualFund |
Mar 31, 2022 | $0.038 | DailyAccrualFund |
Feb 28, 2022 | $0.034 | DailyAccrualFund |
Jan 31, 2022 | $0.035 | DailyAccrualFund |
Dec 31, 2021 | $0.067 | DailyAccrualFund |
Nov 30, 2021 | $0.037 | DailyAccrualFund |
Oct 29, 2021 | $0.038 | DailyAccrualFund |
Sep 30, 2021 | $0.036 | DailyAccrualFund |
Aug 31, 2021 | $0.034 | DailyAccrualFund |
Jul 30, 2021 | $0.037 | DailyAccrualFund |
Jun 30, 2021 | $0.034 | DailyAccrualFund |
May 28, 2021 | $0.039 | DailyAccrualFund |
Apr 30, 2021 | $0.040 | DailyAccrualFund |
Mar 31, 2021 | $0.039 | DailyAccrualFund |
Feb 26, 2021 | $0.033 | DailyAccrualFund |
Jan 29, 2021 | $0.036 | DailyAccrualFund |
Dec 31, 2020 | $0.059 | DailyAccrualFund |
Nov 30, 2020 | $0.040 | DailyAccrualFund |
Oct 30, 2020 | $0.046 | DailyAccrualFund |
Sep 30, 2020 | $0.039 | DailyAccrualFund |
Aug 31, 2020 | $0.037 | DailyAccrualFund |
Jul 31, 2020 | $0.040 | DailyAccrualFund |
Jun 30, 2020 | $0.036 | DailyAccrualFund |
May 29, 2020 | $0.041 | DailyAccrualFund |
Apr 30, 2020 | $0.037 | DailyAccrualFund |
Mar 31, 2020 | $0.038 | DailyAccrualFund |
Feb 28, 2020 | $0.034 | DailyAccrualFund |
Jan 31, 2020 | $0.039 | DailyAccrualFund |
Dec 31, 2019 | $0.042 | DailyAccrualFund |
Nov 29, 2019 | $0.038 | DailyAccrualFund |
Oct 31, 2019 | $0.040 | DailyAccrualFund |
Sep 30, 2019 | $0.035 | DailyAccrualFund |
Aug 30, 2019 | $0.040 | DailyAccrualFund |
Jul 31, 2019 | $0.038 | DailyAccrualFund |
May 31, 2019 | $0.045 | DailyAccrualFund |
Apr 30, 2019 | $0.042 | DailyAccrualFund |
Mar 29, 2019 | $0.042 | DailyAccrualFund |
Feb 28, 2019 | $0.039 | DailyAccrualFund |
Jan 31, 2019 | $0.040 | DailyAccrualFund |
Dec 31, 2018 | $0.039 | DailyAccrualFund |
Nov 30, 2018 | $0.043 | DailyAccrualFund |
Oct 31, 2018 | $0.043 | DailyAccrualFund |
Aug 31, 2018 | $0.047 | DailyAccrualFund |
Jul 31, 2018 | $0.038 | DailyAccrualFund |
Jun 29, 2018 | $0.038 | DailyAccrualFund |
May 31, 2018 | $0.040 | DailyAccrualFund |
Apr 30, 2018 | $0.037 | DailyAccrualFund |
Mar 29, 2018 | $0.034 | DailyAccrualFund |
Feb 28, 2018 | $0.035 | DailyAccrualFund |
Jan 31, 2018 | $0.041 | DailyAccrualFund |
Dec 29, 2017 | $0.040 | DailyAccrualFund |
Nov 30, 2017 | $0.038 | DailyAccrualFund |
Oct 31, 2017 | $0.037 | DailyAccrualFund |
Sep 29, 2017 | $0.038 | DailyAccrualFund |
Aug 31, 2017 | $0.039 | DailyAccrualFund |
Jul 31, 2017 | $0.036 | DailyAccrualFund |
Jun 30, 2017 | $0.039 | DailyAccrualFund |
May 31, 2017 | $0.037 | DailyAccrualFund |
Apr 28, 2017 | $0.034 | DailyAccrualFund |
Mar 31, 2017 | $0.039 | DailyAccrualFund |
Feb 28, 2017 | $0.036 | DailyAccrualFund |
Jan 31, 2017 | $0.033 | DailyAccrualFund |
Dec 30, 2016 | $0.037 | DailyAccrualFund |
Nov 30, 2016 | $0.001 | DailyAccrualFund |
TCRRX - Fund Manager Analysis
Managers
Rodney Rayburn
Start Date
Tenure
Tenure Rank
Jul 08, 2015
6.9
6.9%
Rodney Rayburn is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc., and a portfolio manager in the Fixed Income Division. He is president and chairman of the Investment Advisory Committee of the Credit Opportunities Fund. Prior to joining T. Rowe Price in 2014, Rodney spent five years as a managing director at Värde Partners in Minneapolis, where he was actively involved in performing and nonperforming loans, bonds, and reorganized equities across a variety of industries. Prior to that, he was a senior investment analyst at Stark Investments in Milwaukee. Rodney earned a B.S. in economics from the Georgia Institute of Technology and an M.B.A. in finance and economics from the University of Chicago Booth School of Business. He also has earned the Chartered Financial Analyst designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.13 | 37.79 | 7.11 | 8.17 |