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PRHYX T. Rowe Price High Yield

  • Fund
  • PRHYX
  • Price as of: May 21, 2019
  • $6.53 + $0.01 + 0.15%
  • Category
  • High Yield Bonds

PRHYX - Profile

Vitals

  • YTD Return 6.0%
  • 3 Yr Annualized Return 0.8%
  • 5 Yr Annualized Return -2.2%
  • Net Assets $7.61 B
  • Holdings in Top 10 9.6%

52 WEEK LOW AND HIGH

$6.53
$6.13
$6.55

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.73%

SALES FEES

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

BROKERAGE FEES

  • Turnover 62.70%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

Closed to new investors as of Apr 30, 2012

STANDARD (TAXABLE)

$2,500

IRA

$1,000

Investment Themes

CATEGORY

High Yield Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 6.0%
  • 3 Yr Annualized Total Return 0.8%
  • 5 Yr Annualized Total Return -2.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.56%
DIVIDENDS
  • Dividend Yield 0.1%
  • 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 Mark J. Vaselkiv

Fund Description

The T. Rowe Price High-Yield Fund (PRHYX) seeks to provide a high level of current income from a portfolio of fixed-income securities. The actively managed fund invests at least 80% of its portfolio in junk bonds or debt made to firms with less-than-stellar credit ratings. PRHYX seeks to limit the default risk of such bonds by only focusing on the upper tier of junk and by using rigorous credit analysis when choosing its portfolio of bonds.

Given its low costs, PRHYX makes an ideal core holding in any fixed-income portfolio. The fund is internally managed by T. Rowe Price.

PRHYX - Performance

Return Ranking - Trailing

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -6.3% 15.9% 40.28%
1 Yr -0.5% -13.4% 4.0% 58.30%
3 Yr 0.8%* -6.9% 7.1% 52.82%
5 Yr -2.2%* -8.1% 1.6% 57.66%
10 Yr 2.0%* -13.4% 5.2% 34.30%

* Annualized


Return Ranking - Calendar

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
2018 -8.9% -23.1% -0.4% 77.89%
2017 1.7% -9.5% 28.5% 32.44%
2016 7.6% -14.4% 28.6% 39.87%
2015 -8.8% -34.3% 1.0% 54.49%
2014 -5.2% -23.1% 27.7% 66.08%

Total Return Ranking - Trailing

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 6.0% -6.3% 15.9% 44.89%
1 Yr -0.5% -13.4% 5.9% 68.62%
3 Yr 0.8%* -6.9% 10.5% 64.72%
5 Yr -2.2%* -7.5% 5.7% 73.62%
10 Yr 2.0%* -13.4% 9.2% 52.71%

* Annualized


Total Return Ranking - Calendar

Period PRHYX Return Category Return Low Category Return High Rank in Category (%)
2018 -8.9% -23.1% 1.3% 83.98%
2017 1.7% -4.9% 36.8% 47.31%
2016 7.6% -14.4% 39.0% 53.03%
2015 -8.8% -28.3% 4.3% 61.38%
2014 -5.2% -21.8% 27.7% 82.16%

NAV & Total Return History

PRHYX - Holdings

Concentration Analysis

PRHYX Category Low Category High PRHYX % Rank
Net Assets 7.61 B 673 K 24.4 B 8.82%
Number of Holdings 426 6 1644 26.85%
Net Assets in Top 10 706 M -36.7 K 3.73 B 8.82%
Weighting of Top 10 9.59% 5.4% 100.1% 59.32%

Top 10 Holdings

  1. Asurion 1.73%

  2. AVANTOR INC 9% 1.19%

  3. NRG Energy, Inc. 7.25% 0.92%

  4. CCO Holdings, LLC/ CCO Holdings Capital Corp. 5% 0.89%

  5. Targa Resources Co 9.5% 0.88%

  6. Clear Channel Worldwide Holdings Inc. 9.25% 0.83%

  7. Intelsat Jackson Holdings, Ltd. 9.5% 0.82%

  8. Netflix, Inc. 6.38% 0.78%

  9. Sprint Corporation 7.25% 0.78%

  10. Altice Luxembourg S.A. 7.62% 0.77%


Asset Allocation

Weighting Return Low Return High PRHYX % Rank
Bonds
90.04% -14.92% 103.60% 80.16%
Cash
6.68% -4.10% 114.92% 28.06%
Preferred Stocks
1.31% 0.00% 11.13% 5.21%
Convertible Bonds
1.07% 0.00% 17.73% 24.25%
Stocks
0.89% -0.44% 99.99% 28.66%
Other
0.00% -5.62% 22.60% 75.75%

Stock Sector Breakdown

Weighting Return Low Return High PRHYX % Rank
Utilities
0.48% -0.04% 2.00% 4.25%
Energy
0.21% -0.06% 2.74% 23.75%
Communication Services
0.13% -0.04% 2.00% 11.25%
Basic Materials
0.07% 0.00% 1.46% 19.50%
Technology
0.00% -0.17% 30.52% 50.75%
Real Estate
0.00% -0.03% 2.98% 51.75%
Industrials
0.00% 0.00% 14.47% 64.75%
Healthcare
0.00% 0.00% 14.67% 58.00%
Financial Services
0.00% -0.03% 16.74% 55.75%
Consumer Defense
0.00% -0.09% 4.73% 48.50%
Consumer Cyclical
0.00% -0.14% 15.43% 68.75%

Stock Geographic Breakdown

Weighting Return Low Return High PRHYX % Rank
US
0.88% -0.43% 50.32% 23.65%
Non US
0.01% -0.01% 49.67% 26.85%

Bond Sector Breakdown

Weighting Return Low Return High PRHYX % Rank
Corporate
88.97% 0.00% 105.22% 76.55%
Cash & Equivalents
6.93% -1.83% 114.92% 26.05%
Securitized
0.11% 0.00% 61.18% 32.87%
Government
0.09% -5.69% 66.73% 26.65%
Municipal
0.00% 0.00% 99.98% 49.70%
Derivative
-0.06% -14.92% 10.55% 93.59%

Bond Geographic Breakdown

Weighting Return Low Return High PRHYX % Rank
US
72.58% -14.92% 99.77% 79.96%
Non US
17.46% 0.00% 58.16% 19.84%

PRHYX - Expenses

Operational Fees

PRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.73% 0.00% 6.42% 81.16%
Management Fee 0.59% 0.00% 1.00% 53.31%
12b-1 Fee 0.00% 0.00% 1.00% 6.36%
Administrative Fee 0.15% 0.01% 0.45% 69.96%

Sales Fees

PRHYX 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

PRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 22.81%

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.

PRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 62.70% 5.00% 1334.00% 71.34%

PRHYX - Distributions

Dividend Yield Analysis

PRHYX Category Low Category High PRHYX % Rank
Dividend Yield 0.05% 0.00% 1.62% 34.87%

Dividend Distribution Analysis

PRHYX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Semi-Annually Monthly Monthly

Dividend Payout History


Net Income Ratio Analysis

PRHYX Category Low Category High PRHYX % Rank
Net Income Ratio 5.56% -1.92% 7.02% 20.44%

Capital Gain Distribution Analysis

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

PRHYX - Managers

Mark J. Vaselkiv

Manager

Start Date

Tenure

Tenure Rank

Jun 30, 1996

22.85

22.9%

Mark Vaselkiv is a vice president of T. Rowe Price Group, Inc., T. Rowe Price Associates, Inc., and T. Rowe Price Trust Company. He is a portfolio manager in the Fixed Income Division and head of the Global High Yield team. Mark is a member of both the Fixed Income Steering Committee and the firm's Asset Allocation Committee. He is president and chairman of the Investment Advisory Committees for the High Yield and Institutional High Yield Funds. Mark also is co-portfolio manager and cochairman of the Investment Advisory Committee for the Global High Income Bond Fund and president of the Floating Rate and Institutional Income Funds. In addition to his existing portfolio management and leadership responsibilities, effective April 1, 2017, Mark will become chief investment officer of Fixed Income, with a focus on fixed income investing. Prior to joining T. Rowe Price in 1988, he was employed as a vice president for Shenkman Capital Management, Inc., in New York, analyzing and trading high yield debt securities, and as a private placement credit analyst in the Capital Markets Group of Prudential Insurance Company. Mark earned a B.A. in political science from Wheaton College, Illinois, and an M.B.A. in finance from New York University, Leonard N. Stern School of Business.


Tenure Analysis

Category Low

0.0

Category High

34.71

Category Average

6.92

Category Mode

0.33