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Trending ETFs

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$5.77

$7.46 B

6.69%

$0.39

0.70%

Vitals

YTD Return

3.8%

1 yr return

-10.4%

3 Yr Avg Return

-4.7%

5 Yr Avg Return

-3.2%

Net Assets

$7.46 B

Holdings in Top 10

9.5%

52 WEEK LOW AND HIGH

$5.8
$5.40
$6.49

Expenses

OPERATING FEES

Expense Ratio 0.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 55.00%

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

$5.77

$7.46 B

6.69%

$0.39

0.70%

PRHYX - Profile

Distributions

  • YTD Total Return 3.8%
  • 3 Yr Annualized Total Return -4.7%
  • 5 Yr Annualized Total Return -3.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.13%
DIVIDENDS
  • Dividend Yield 6.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    T. Rowe Price High Yield Fund
  • Fund Family Name
    T. Rowe Price
  • Inception Date
    Dec 31, 1984
  • Shares Outstanding
    N/A
  • Share Class
    No Load
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Rodney Rayburn

Fund Description

The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called “junk” bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed by T. Rowe Price to be below investment grade. If a holding is split rated (i.e., rated investment grade by at least one rating agency and below investment grade by another rating agency), the lower rating will be used for purposes of the fund’s 80% investment policy.

High yield bonds are rated below investment grade (BB and lower, or an equivalent rating), and 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 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. The fund may invest up to 15% of its total assets in bank loans.

The fund may purchase securities of any maturity and its weighted average maturity will vary with market conditions. In selecting investments, the fund relies extensively on T. Rowe Price credit research analysts. The fund intends to focus primarily on the higher-quality range (BB and B, or an equivalent rating) of the high yield market.

While most assets will typically be invested in U.S. dollar-denominated bonds, the fund may also invest in bonds of foreign issuers (including securities of issuers in emerging markets). The fund may invest up to 20% of its total assets in non-U.S. dollar-denominated securities and may invest without limitation in U.S. dollar-denominated bonds of foreign issuers. The fund may also use forward currency exchange contracts, credit default swaps, and index options. Forward currency exchange contracts would typically be used to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar. 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. Index options would typically be used to efficiently access or adjust exposure to certain market segments and to generate additional income.

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PRHYX - Performance

Return Ranking - Trailing

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.8% -39.9% 6.7% 22.03%
1 Yr -10.4% -28.0% 21.3% 58.50%
3 Yr -4.7%* -16.1% 66.9% 63.15%
5 Yr -3.2%* -14.2% 37.1% 64.01%
10 Yr -2.1%* -9.3% 16.6% 43.13%

* Annualized

Return Ranking - Calendar

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.3% -44.3% 3.7% 66.67%
2021 0.0% -56.9% 9.2% 52.97%
2020 -0.2% -53.7% 70.9% 62.03%
2019 2.0% -33.7% 5.1% 42.50%
2018 -1.8% -9.4% 12.0% 75.74%

Total Return Ranking - Trailing

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.8% -39.9% 6.7% 22.97%
1 Yr -10.4% -28.0% 23.7% 58.92%
3 Yr -4.7%* -16.1% 66.9% 63.90%
5 Yr -3.2%* -14.2% 37.1% 69.51%
10 Yr -2.1%* -9.3% 16.6% 56.59%

* Annualized

Total Return Ranking - Calendar

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
2022 -16.3% -44.3% 3.7% 66.39%
2021 0.0% -56.9% 9.2% 52.82%
2020 -0.2% -53.7% 70.9% 62.03%
2019 2.0% -33.7% 5.1% 45.60%
2018 -1.8% -9.4% 12.0% 80.86%

NAV & Total Return History


PRHYX - Holdings

Concentration Analysis

PRHYX Category Low Category High PRHYX % Rank
Net Assets 7.46 B 1.47 M 26.2 B 7.58%
Number of Holdings 513 2 2736 25.97%
Net Assets in Top 10 749 M -492 M 2.55 B 9.30%
Weighting of Top 10 9.50% 1.9% 100.0% 65.84%

Top 10 Holdings

  1. Asurion 1.51%
  2. AVANTOR INC 9% 1.49%
  3. T. Rowe Price Gov. Reserve 1.48%
  4. Targa Resources Co 9.5% 1.34%
  5. iHeartCommunications Inc 8.375% 1.29%
  6. Asurion 1.24%
  7. Rivian Holdings Llc / Rivian Llc / Rivian Automotive Llc 6.625% 1.17%
  8. Pacific Gas and Electric Company 6.05% 0.90%
  9. Asurion 0.87%
  10. T-Mobile US, Inc. 7.125% 0.76%

Asset Allocation

Weighting Return Low Return High PRHYX % Rank
Bonds
93.37% 0.00% 154.38% 63.32%
Preferred Stocks
2.49% 0.00% 14.10% 2.58%
Cash
2.18% -52.00% 100.00% 61.37%
Stocks
1.08% -0.60% 52.82% 29.73%
Convertible Bonds
0.90% 0.00% 17.89% 58.91%
Other
0.00% -63.70% 32.06% 48.84%

Stock Sector Breakdown

Weighting Return Low Return High PRHYX % Rank
Utilities
50.72% 0.00% 100.00% 4.69%
Communication Services
25.47% 0.00% 99.99% 15.06%
Basic Materials
19.69% 0.00% 100.00% 6.67%
Technology
4.12% 0.00% 34.19% 12.35%
Real Estate
0.00% 0.00% 86.71% 34.32%
Industrials
0.00% 0.00% 100.00% 53.33%
Healthcare
0.00% 0.00% 30.07% 30.62%
Financial Services
0.00% 0.00% 100.00% 38.52%
Energy
0.00% 0.00% 100.00% 80.99%
Consumer Defense
0.00% 0.00% 100.00% 32.84%
Consumer Cyclical
0.00% 0.00% 100.00% 50.37%

Stock Geographic Breakdown

Weighting Return Low Return High PRHYX % Rank
US
1.08% -0.60% 47.59% 28.81%
Non US
0.00% -0.01% 5.26% 47.03%

Bond Sector Breakdown

Weighting Return Low Return High PRHYX % Rank
Corporate
96.91% 0.00% 100.00% 32.47%
Cash & Equivalents
2.20% 0.00% 100.00% 67.66%
Municipal
0.48% 0.00% 1.17% 2.85%
Government
0.40% 0.00% 99.07% 22.90%
Derivative
0.00% 0.00% 45.95% 47.22%
Securitized
0.00% 0.00% 97.24% 62.23%

Bond Geographic Breakdown

Weighting Return Low Return High PRHYX % Rank
US
80.90% 0.00% 150.64% 50.13%
Non US
12.47% 0.00% 96.17% 53.10%

PRHYX - Expenses

Operational Fees

PRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.02% 3.87% 62.39%
Management Fee 0.58% 0.00% 1.84% 60.56%
12b-1 Fee N/A 0.00% 1.00% 1.27%
Administrative Fee 0.15% 0.00% 0.50% 69.57%

Sales Fees

PRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

PRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 7.27%

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.

PRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 55.00% 1.00% 327.00% 33.38%

PRHYX - Distributions

Dividend Yield Analysis

PRHYX Category Low Category High PRHYX % Rank
Dividend Yield 6.69% 0.00% 39.78% 20.82%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PRHYX Category Low Category High PRHYX % Rank
Net Income Ratio 5.13% -2.39% 14.30% 16.46%

Capital Gain Distribution Analysis

PRHYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Monthly Annually

Distributions History

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PRHYX - Fund Manager Analysis

Managers

Rodney Rayburn


Start Date

Tenure

Tenure Rank

Jan 14, 2019

3.38

3.4%

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 7.09 2.92