Investment objective & strategy
As of June 29, 2023 · prospectusObjective. The fund seeks high current income and, secondarily, capital appreciation.
Strategy. The fund invests in a diversified portfolio of high yield corporate bonds, also known as junk bonds. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds that are rated below investment grade (BB and lower, or an equivalent rating) by an established credit rating agency or are not rated by any credit rating agency but deemed to be below investment grade by T. Rowe Price. If a holding is split-rated (i.e., rated investment grade by at least one rating agency and rated below investment grade by another rating agency), the lower rating will be used for purposes of the funds 80% investment policy. The fund may purchase securities of … The fund invests in a diversified portfolio of high yield corporate bonds, also known as junk bonds. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds that are rated below investment grade (BB and lower, or an equivalent rating) by an established credit rating agency or are not rated by any credit rating agency but deemed to be below investment grade by T. Rowe Price. If a holding is split-rated (i.e., rated investment grade by at least one rating agency and rated below investment grade by another rating agency), the lower rating will be used for purposes of the funds 80% investment policy. 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.
Top holdings
As of Nov. 30, 2023 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| IQVIA INC REGD 144A P/P 6.50000000 | IQV | $201.68K | 2.60% |
| CCO Holdings, LLC/CCO Holdings Capital Corp. | — | $125.12K | 1.61% |
| RIVIAN HOLDINGS LLC/RIVIAN LLC/RIVIAN AUTOMOTIVE LLC | — | $110.00K | 1.42% |
| T Rowe Price Government Reserve Investment Fund | TRPGRIA | $107.07K | 1.38% |
| THC 6 1/8 10/01/28 | THC | $87.19K | 1.12% |
| Vistra Corp. | — | $83.09K | 1.07% |
| Altice France Holding SA | — | $81.00K | 1.04% |
| ENACT HOLDINGS INC SR UNSECURED 144A 08/25 6.5 | ACT | $69.21K | 0.89% |
| Venture Global LNG Inc | — | $68.78K | 0.89% |
| PG&E CORP SR SEC 1ST LIEN 5.25% 07-01-30 | PCG30 | $65.87K | 0.85% |
Portfolio moves
Aug 31, 2023 → Nov 30, 2023How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF | 17% | 0.20% |
| Virtus Seix High Income Fund | 16% | 0.59% |
| Virtus Seix High Yield Income Fund | 15% | 0.80% |
Footnotes
- Net assets and holdings count as of November 30, 2023, from the fund's N-PORT filing.
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.