Skip to main content

Address And Details

100 E Pratt Street , Baltimore, MD 21202
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The fund seeks high income and, secondarily, capital appreciation. The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in bonds. The fund seeks to invest in a diversified portfolio of high yield bonds, also known as junk bonds, and other high income producing instruments (such as bank loans). Junk bonds are bonds that are rated below investment grade (BB and lower, or an equivalent rating) by established credit rating agencies or, if unrated, deemed to be below investment grade by T. Rowe Price. The fund may invest in a variety of debt instruments issued by U.S. and foreign corporations, U.S. and foreign governments and agencies, and supranational organizations, as well as bank loans, which represent amounts borrowed by companies from banks and other lenders. The fund normally invests at least 40% of its net assets in foreign securities, including securities of issuers in emerging markets. However, the amount invested in foreign securities will vary based on market conditions and there is no maximum amount that the fund may invest in securities of foreign issuers, including issuers in emerging markets. For purposes of determining whether a fund holding is a foreign security, the fund uses the country assigned to a security by Bloomberg or another third-party data provider. In addition, there is no limit on the fund s holdings that are rated below investment grade. Junk 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, and should be considered speculative. 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. The fund may invest in junk bonds and other similar instruments located in emerging market countries. While high yield corporate bonds are typically issued with a fixed interest rate, bank loans usually have floating interest rates that reset periodically (typically quarterly or monthly). With bank loans, the borrowing companies tend to have significantly more debt than equity. The loans may or may not be secured by collateral and are often issued in connection with recapitalizations, acquisitions, leveraged buyouts, or refinancings. The bank loans in which the fund invests may be acquired directly from a lender or through the agent, as an assignment from another lender who holds the loans, or as a participation interest in another lender s pool of loans. The fund may invest in holdings of any maturity and does not attempt to maintain any particular weighted average maturity or duration. While most assets are typically invested in bonds and other income producing instruments, the fund also uses forward currency exchange contracts and credit default swaps in keeping with the fund s objective. Forward currency exchange contracts are primarily used to protect the fund s foreign bond holdings from adverse currency movements relative to the U.S. dollar. Credit default swaps may be used to help protect the value of certain portfolio holdings, to express a positive view on a particular issuer s creditworthiness, or as an efficient means of gaining exposure to a particular issuer.

Net Asset Value

as of 5:41 PM ET 12/07/2021

Performance

  • 1 Week
  • +0.91%
  • 1 Month
  • -0.10%
  • 3 Months
  • -2.82%
  • 1 Yr Return
  • -1.09%
  • 5 Yr Return
  • -0.99%

Equity Sector Breakdown

ConsumerDurables n/a
Energy n/a
Finance n/a
Health n/a
IndustrialCyclical n/a
NonDurables n/a
RetailTrade n/a
Services n/a
Technology n/a
Utilities n/a

Asset Allocation

Asset Type % Of Allocation
Bonds 93.09%
Cash 4.92%
Convertible 1.48%
Other 0.51%
Stocks 0.00%
Preferred 0.00%
ForeignStocks 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 130.12 M

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha 2.85 4.00 n/a
Beta 0.76 0.64 n/a
R Squared 0.05 0.06 n/a
Std Deviation 11.16 8.80 n/a
Sharpe Ratio 0.58 0.61 n/a

Purchase Information

as of 5:54 PM ET 12/06/2021
Minimum Initial $1000000
Minimum Additional $0
Minimum Initial IRA $1000000

Performance

Timeframe Average Annual Current Performance Monthly As Of 11/30/2021 Average Annual Current Performance Quarterly As Of 09/30/2021 Avg Annual Current Performance Monthly As Of 11/30/2021 Avg Annual Current Performance Quarterly As Of 09/30/2021
1 Year
  • +3.40%
  • +10.98%
+3.40% +10.98%
3 Year
  • +6.95%
  • +7.19%
+6.95% +7.19%
10 Year
  • n/a
  • n/a
n/a n/a
Life Of Fund
  • +6.53%
  • +7.14%
+6.53% +7.14%

Top 10 Holdings

Symbol Company Name % Of Assets
n/a

Recent Articles from TheStreet

22 grizzly bear sh

Stocks Beware, BofA Says: Real Earnings Yield at 74-Year Low

There only have been four historical instances of negative real earnings yield, all of which resulted in bear markets, BofA said.

Caleres Steps Up on Second-Quarter Earnings Beat

Should You React To Quarterly Results?

Be prepared to stick to your guns if the market gets it wrong on your stocks.

Bulls vs. Bears: Cramer's 'Mad Money' Recap (Friday 2/1/19)

Cramer's Mad Money Recap 12/8: Pfizer, Sweetgreen, Edwards Lifesciences

Jim Cramer reminds us the Dow has soared from 1,000 to 35,000 over the course of his career. That's quite a run, despite all the investor negativity.

Paradise Cruise Ship Lead

Can Jimmy Buffett Take On Royal Caribbean and Carnival?

The former Bahamas Paradise cruise line will be rebranded to the singer's Margaritaville brand.

crypto

Crypto Faces Biggest Test, Morgan Stanley Says

Bitcoin headwinds as the Federal Reserve signals it is planning several rate hikes in 2022.

VanEck Bitcoin Lead

Money Managers Think Cryptocurrencies Are Due For A Correction Next Year

Don’t look for bitcoin or other digital assets to calm down anytime soon.

Wall Street Lead

Apple, Google, Jefferies Delay Workers' Return to Office

Big employers like Google and Apple are delaying plans to bring workers back to the office, but some banks are bucking that trend.

Why Consumers Aren't Shopping for Christmas Sweaters

Here's Why Supply Chain Struggles Won't Lead to a Blue Christmas for Retailers

Even major retailers including Amazon, Walmart, and Target have struggled to keep certain items in stock.

Instagram

Instagram Chief Defends Practices Amid Capitol Hill Questioning

Adam Mosseri was in front of Congress Wednesday defending his company's efforts to reduce social media's harm on youth.

China's Credit Risks Are Down In Most Sectors, But Payment Delays Persist In Construction And Energy, Survey Finds

Earnings For Workers Rise As Labor Shortages Continue

With another 4.2 million people across the country quitting their jobs in October, 11 million job openings remained unfilled.