PRFHX: T. Rowe Price Tax-Free High Yield

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PRFHX T. Rowe Price Tax-Free High Yield

  • Fund
  • PRFHX
  • Price as of: Dec 05, 2019
  • $12.34
    - $0.00 - 0.00%

Profile

PRFHX - Profile

Vitals

  • YTD Return 5.2%
  • 3 Yr Annualized Return 2.1%
  • 5 Yr Annualized Return 0.7%
  • Net Assets $5.48 B
  • Holdings in Top 10 8.5%

52 WEEK LOW AND HIGH

$12.34
$11.69
$12.46

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.72%

SALES FEES

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

BROKERAGE FEES

  • Turnover 12.80%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

  • Standard (Taxable) $2,500
  • IRA $1,000

Fund Classification


Distributions

  • YTD Total Return 5.2%
  • 3 Yr Annualized Total Return 2.1%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency None
  • Net Income Ratio 3.66%
DIVIDENDS
  • Dividend Yield 1.2%
  • 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.


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Categories

Fund Company Quick Screens

PRFHX - Fund Company Quick Screens


Performance

PRFHX - Performance

Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% 0.6% 8.8% 47.24%
1 Yr 5.3% 0.3% 13.4% 57.71%
3 Yr 2.1%* -0.1% 8.5% 72.94%
5 Yr 0.7%* -0.8% 6.6% 63.27%
10 Yr 1.6%* -0.3% 8.1% 41.75%

* Annualized

Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.0% -5.7% 9.2% 70.97%
2017 3.4% -9.7% 8.6% 57.23%
2016 -2.3% -6.1% -0.8% 24.53%
2015 -0.3% -5.6% 2.9% 63.38%
2014 10.2% 2.9% 83.0% 29.63%

Total Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.2% 0.6% 9.6% 46.73%
1 Yr 5.3% 0.3% 13.4% 55.72%
3 Yr 2.1%* -0.1% 8.5% 72.94%
5 Yr 0.7%* -0.8% 6.4% 66.67%
10 Yr 1.6%* -0.3% 8.0% 45.63%

* Annualized

Total Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
2018 -3.0% -5.7% 9.2% 73.66%
2017 3.4% -9.7% 8.8% 60.24%
2016 -2.3% -6.1% 1.0% 28.30%
2015 -0.3% -5.6% 5.3% 63.38%
2014 10.2% 2.9% 83.0% 33.33%

NAV & Total Return History


Holdings

PRFHX - Holdings

Concentration Analysis

PRFHX Category Low Category High PRFHX % Rank
Net Assets 5.48 B 15.5 M 22.2 B 24.02%
Number of Holdings 1065 6 4506 23.90%
Net Assets in Top 10 464 M -345 M 1.25 B 12.20%
Weighting of Top 10 8.54% 4.4% 98.8% 94.15%

Top 10 Holdings

  1. VIRGINIA SMALL BUSINESS FING AUTH PRIVATE ACTIVITY REV 5% 1.76%
  2. VIRGINIA SMALL BUSINESS FING AUTH REV 5% 0.94%
  3. SALT VERDE FINL CORP SR GAS REV ARIZ 5% 0.85%
  4. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88% 0.79%
  5. DENVER COLO CITY & CNTY SPL FACS ARPT REV 5% 0.77%
  6. LIBERTY N Y DEV CORP REV 5.25% 0.73%
  7. METROPOLITAN PIER & EXPOSITION AUTH ILL DEDICATED ST TAX REV 0% 0.73%
  8. TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV 6.25% 0.71%
  9. TOBACCO SETTLEMENT FING CORP N J 5.25% 0.64%
  10. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.3% 0.63%

Asset Allocation

Weighting Return Low Return High PRFHX % Rank
Bonds
99.67% 87.19% 144.05% 33.66%
Stocks
0.25% 0.00% 0.65% 4.39%
Cash
0.07% -5.30% 11.78% 76.59%
Preferred Stocks
0.00% -44.14% 0.41% 86.83%
Other
0.00% 0.00% 1.82% 90.24%
Convertible Bonds
0.00% 0.00% 0.01% 87.32%

Stock Sector Breakdown

Weighting Return Low Return High PRFHX % Rank
Industrials
0.25% 0.00% 0.65% 14.29%
Utilities
0.00% 0.00% 0.00% 90.48%
Technology
0.00% 0.00% 0.00% 90.48%
Real Estate
0.00% 0.00% 0.00% 90.48%
Healthcare
0.00% 0.00% 0.00% 90.48%
Financial Services
0.00% 0.00% 0.00% 90.48%
Energy
0.00% 0.00% 0.72% 90.48%
Communication Services
0.00% 0.00% 0.00% 90.48%
Consumer Defense
0.00% 0.00% 0.00% 90.48%
Consumer Cyclical
0.00% 0.00% 0.00% 90.48%
Basic Materials
0.00% 0.00% 0.06% 90.48%

Stock Geographic Breakdown

Weighting Return Low Return High PRFHX % Rank
US
0.25% 0.00% 0.65% 4.39%
Non US
0.00% 0.00% 0.00% 87.32%

Bond Sector Breakdown

Weighting Return Low Return High PRFHX % Rank
Municipal
99.67% 88.69% 144.05% 41.95%
Cash & Equivalents
0.07% -5.06% 11.78% 73.17%
Derivative
0.00% -0.10% 0.02% 83.90%
Securitized
0.00% 0.00% 0.02% 87.32%
Corporate
0.00% -44.14% 4.62% 90.24%
Government
0.00% -10.89% 6.64% 68.29%

Bond Geographic Breakdown

Weighting Return Low Return High PRFHX % Rank
US
96.09% 79.66% 138.15% 37.56%
Non US
3.58% 0.00% 14.04% 66.34%

Expenses

PRFHX - Expenses

Operational Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.72% 0.21% 3.71% 73.63%
Management Fee 0.59% 0.00% 1.32% 85.85%
12b-1 Fee 0.00% 0.00% 1.00% 18.33%
Administrative Fee 0.15% 0.01% 0.35% 84.72%

Sales Fees

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

Trading Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.75% 2.00% 52.63%

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 Return Low Category Return High Rank in Category (%)
Turnover 12.80% 1.00% 280.00% 13.73%

Distributions

PRFHX - Distributions

Dividend Yield Analysis

PRFHX Category Low Category High PRFHX % Rank
Dividend Yield 1.15% 0.00% 19816.20% 63.41%

Dividend Distribution Analysis

PRFHX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PRFHX Category Low Category High PRFHX % Rank
Net Income Ratio 3.66% 1.46% 6.17% 63.18%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

PRFHX - Fund Manager Analysis

Managers

James M. Murphy


Start Date

Tenure

Tenure Rank

Jan 19, 2001

18.87

18.9%

Mr. Murphy, who joined T. Rowe Price in 2000, is a Vice President of T. Rowe Price Group, Inc. and T. Rowe Price Associates, Inc., and Portfolio Manager in the Fixed Income Division managing the firm's tax-free high-yield strategy. 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 designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 27.93 7.0 0.02