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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.25

$17.9 B

3.31%

$0.27

0.74%

Vitals

YTD Return

2.7%

1 yr return

-12.1%

3 Yr Avg Return

-5.7%

5 Yr Avg Return

-2.5%

Net Assets

$17.9 B

Holdings in Top 10

70.5%

52 WEEK LOW AND HIGH

$8.3
$7.74
$9.37

Expenses

OPERATING FEES

Expense Ratio 0.74%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 126.40%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$8.25

$17.9 B

3.31%

$0.27

0.74%

PANIX - Profile

Distributions

  • YTD Total Return 2.7%
  • 3 Yr Annualized Total Return -5.7%
  • 5 Yr Annualized Total Return -2.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.62%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    T. Rowe Price New Income Fund
  • Fund Family Name
    T. Rowe Price
  • Inception Date
    Sep 30, 2002
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Stephen Bartolini

Fund Description

The fund will invest at least 80% of its net assets in income-producing securities, which may include, but are not limited to, U.S. government and agency obligations, mortgage- and asset-backed securities (including commercial mortgage-backed securities), corporate bonds, foreign bonds, and Treasury Inflation Protected Securities. For purposes of this 80% policy, the fund includes derivative instruments that are linked to, or provide investment exposure to, income-producing securities.

Active management of the portfolio can result in securities being sold at gains or losses. However, over the long term, the fund seeks to achieve its objective by investing primarily in income-producing securities that possess what the fund believes are favorable total return (income plus increases in principal value) characteristics.

Eighty percent (80%) of the debt securities purchased by the fund will be rated investment grade (i.e., rated in one of the four highest rating categories) by each of the major credit rating agencies (S&P Global Ratings, Moody’s, and Fitch) that have assigned a rating to the security or, if unrated, deemed by T. Rowe Price to be of investment-grade quality. Up to 15% of the fund’s net assets may be invested in “split-rated securities,” which are securities that have been

rated investment grade by at least one rating agency but below investment grade by another rating agency. The fund may maintain a net exposure of up to 5% of its net assets in instruments (through direct holdings and derivatives) that have received below investment-grade ratings from each of the rating agencies that have assigned ratings to the instruments or, if unrated, deemed by T. Rowe Price to be below investment-grade quality (including high yield or “junk” bonds). The fund may invest up to 20% of its net assets in non-U.S. dollar-denominated foreign debt securities (including securities of issuers in emerging markets) and take currency positions to hedge this exposure as well as to capture appreciation from favorable currency changes.

The fund has considerable flexibility in seeking high income. There are no maturity restrictions so the fund can purchase long-term bonds, which tend to have higher yields than shorter-term bonds. In addition, when there is a large yield difference between the various quality levels, the fund may move down the credit scale and purchase lower-rated bonds with higher yields. When the difference is small or the outlook warrants, the fund may concentrate investments in higher-rated issues.

The fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date, but the delivered securities must meet specified terms and standards. The fund will generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage-backed securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date. The fund also expects to engage in short sales of TBA mortgages, including short sales on TBA mortgages the fund does not own, to potentially enhance returns or manage risk.

While most assets will typically be invested in bonds, the fund also uses interest rate futures, credit default swaps and forward currency exchange contracts. Interest rate futures would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Credit default swaps can be used to protect the value of certain portfolio holdings, as an alternative to cash bonds, and to manage the fund’s overall credit risk exposure. Forward currency exchange contracts would be used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar.

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PANIX - Performance

Return Ranking - Trailing

Period PANIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -50.1% 8.3% 62.92%
1 Yr -12.1% -29.7% 144.9% 69.56%
3 Yr -5.7%* -13.0% 105.3% 77.97%
5 Yr -2.5%* -9.6% 55.7% 70.75%
10 Yr -1.7%* -7.2% 12.7% 68.67%

* Annualized

Return Ranking - Calendar

Period PANIX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.4% -75.2% 1360.6% 62.15%
2021 -1.6% -14.5% 1027.9% 43.46%
2020 0.8% -9.6% 118.7% 81.39%
2019 1.5% -11.4% 5.8% 32.53%
2018 -0.7% -49.5% 12.4% 62.58%

Total Return Ranking - Trailing

Period PANIX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.7% -50.1% 8.3% 65.94%
1 Yr -12.1% -29.7% 144.9% 69.47%
3 Yr -5.7%* -13.0% 105.3% 77.97%
5 Yr -2.5%* -9.6% 55.7% 74.02%
10 Yr -1.6%* -7.2% 13.4% 79.11%

* Annualized

Total Return Ranking - Calendar

Period PANIX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.4% -75.2% 131.9% 60.36%
2021 -1.6% -14.5% 1027.9% 43.46%
2020 0.8% -9.6% 118.7% 81.39%
2019 1.5% -11.4% 5.8% 33.16%
2018 -0.7% -7.0% 12.4% 67.75%

NAV & Total Return History


PANIX - Holdings

Concentration Analysis

PANIX Category Low Category High PANIX % Rank
Net Assets 17.9 B 1.19 M 287 B 10.34%
Number of Holdings 1320 1 17234 26.20%
Net Assets in Top 10 4.05 B -106 M 27.6 B 9.58%
Weighting of Top 10 70.53% 3.7% 100.0% 8.62%

Top 10 Holdings

  1. 2 Year Treasury Note Future June 22 15.02%
  2. 2 Year Treasury Note Future June 22 15.02%
  3. 2 Year Treasury Note Future June 22 15.02%
  4. 2 Year Treasury Note Future June 22 15.02%
  5. 2 Year Treasury Note Future June 22 15.02%
  6. 2 Year Treasury Note Future June 22 15.02%
  7. 2 Year Treasury Note Future June 22 15.02%
  8. 2 Year Treasury Note Future June 22 15.02%
  9. 2 Year Treasury Note Future June 22 15.02%
  10. 2 Year Treasury Note Future June 22 15.02%

Asset Allocation

Weighting Return Low Return High PANIX % Rank
Bonds
89.83% 3.97% 268.18% 83.53%
Cash
8.25% -181.13% 95.99% 18.16%
Convertible Bonds
1.70% 0.00% 10.39% 40.56%
Stocks
0.15% -0.98% 24.74% 12.15%
Preferred Stocks
0.07% 0.00% 77.13% 24.66%
Other
0.01% -13.23% 23.06% 8.40%

Stock Sector Breakdown

Weighting Return Low Return High PANIX % Rank
Financial Services
31.97% 0.00% 100.00% 20.44%
Technology
31.60% 0.00% 48.30% 3.31%
Communication Services
11.50% 0.00% 100.00% 8.29%
Consumer Cyclical
11.09% 0.00% 100.00% 14.92%
Healthcare
4.02% 0.00% 17.70% 11.05%
Consumer Defense
3.59% 0.00% 99.67% 16.57%
Utilities
3.38% 0.00% 100.00% 19.34%
Industrials
2.56% 0.00% 48.31% 28.73%
Basic Materials
0.29% 0.00% 100.00% 20.99%
Real Estate
0.00% 0.00% 99.26% 42.54%
Energy
0.00% 0.00% 100.00% 64.09%

Stock Geographic Breakdown

Weighting Return Low Return High PANIX % Rank
US
0.10% -0.94% 24.47% 16.89%
Non US
0.05% -0.04% 4.86% 1.90%

Bond Sector Breakdown

Weighting Return Low Return High PANIX % Rank
Government
36.45% 0.00% 86.23% 25.20%
Securitized
29.13% 0.00% 98.79% 50.86%
Corporate
24.15% 0.00% 100.00% 69.74%
Cash & Equivalents
10.25% 0.00% 95.99% 18.25%
Derivative
0.01% 0.00% 25.16% 33.24%
Municipal
0.00% 0.00% 100.00% 80.40%

Bond Geographic Breakdown

Weighting Return Low Return High PANIX % Rank
US
80.62% 3.63% 210.09% 75.43%
Non US
9.21% -6.54% 58.09% 46.88%

PANIX - Expenses

Operational Fees

PANIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.74% 0.01% 2.93% 34.13%
Management Fee 0.31% 0.00% 1.76% 34.84%
12b-1 Fee 0.25% 0.00% 1.00% 32.06%
Administrative Fee 0.15% 0.01% 0.50% 74.42%

Sales Fees

PANIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

PANIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

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.

PANIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 126.40% 2.00% 493.39% 49.18%

PANIX - Distributions

Dividend Yield Analysis

PANIX Category Low Category High PANIX % Rank
Dividend Yield 3.31% 0.00% 30.65% 86.94%

Dividend Distribution Analysis

PANIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

PANIX Category Low Category High PANIX % Rank
Net Income Ratio 1.62% -1.28% 8.97% 54.75%

Capital Gain Distribution Analysis

PANIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PANIX - Fund Manager Analysis

Managers

Stephen Bartolini


Start Date

Tenure

Tenure Rank

Jan 31, 2018

4.33

4.3%

Steve Bartolini has served as cochairman of the Investment Advisory Committee since January 2018 and became sole chairman in December 2018 at T. Rowe Price Associates, Inc. He joined the Firm in 2010 and his investment experience dates from 2000. During the past several years, he has served as a portfolio manager (beginning in 2016) and, prior to that, as an associate portfolio manager of the U.S. Inflation Protected Bond and U.S. Short-Term Inflation Focused Bond strategies, a member of the fixed income division’s Global Interest Rates and Currencies Strategy team, and a fixed income trader. Before joining T. Rowe Price in 2010, he spent nine years at Fannie Mae in the capital markets area, where he worked as director of portfolio management, senior trader, and analyst. He earned a B.S. in economics from George Washington University and an M.B.A. in finance from the University of Maryland, Robert H. Smith School of Business. Steve also has earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16