Dividend Investing Ideas Center
Critical Facts You Need to Know About Preferred Stocks
Have you ever wished for the safety of bonds, but the return potential...
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
5.8%
1 yr return
5.9%
3 Yr Avg Return
2.8%
5 Yr Avg Return
4.1%
Net Assets
$904 M
Holdings in Top 10
22.8%
Expense Ratio 0.95%
Front Load N/A
Deferred Load N/A
Turnover 252.10%
Redemption Fee N/A
Standard (Taxable)
$500,000
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 10/04/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments. The fund defines credit instruments broadly to include any debt instrument, including corporate and sovereign bonds, leveraged loans (or bank loans), municipal securities, and securitized instruments (including mortgage- and asset-backed securities). The fund may invest in debt instruments of any credit rating, and there are no limits on the fund’s investments in high-yield (junk) bonds. There is no limit on the fund’s investments in securities issued by foreign issuers, including issuers in emerging markets, although the fund’s overall net exposure to non-U.S. currencies through direct holdings and derivatives is normally limited to 25% of its net assets. The fund may invest up to 10% of its net assets in long and short positions in equity securities, including common and preferred stocks, convertible securities, warrants, and other equity securities in addition to derivatives that provide exposure to equity securities.
High yield instruments 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 instruments in which the fund may invest include bonds, leveraged loans, and securities in default. The fund may invest in debt instruments of any maturity or duration, although the fund expects to normally maintain an effective duration between -2 and 6 years.
The fund’s investment approach provides the fund the flexibility to invest across a wide variety of global credit instruments without constraints to particular benchmarks, asset classes, or sectors. Through this flexibility, and the use of active risk management and hedging positions, the fund attempts to benefit from the upsides of the fixed income credit markets while avoiding some of the downsides over a full market cycle.
When deciding whether to adjust allocations among the various sectors and asset classes (such as high yield corporate bonds, mortgage- and asset-backed securities, international bonds, sovereign bonds, municipal securities, and leveraged loans) or duration (which measures the fund’s price sensitivity to interest rate changes), the portfolio manager weighs such factors as expected interest rate movements and currency valuations, the outlook for inflation and the economy, and the yield advantage and potential for increased returns that lower rated bonds may offer over investment-grade bonds.
The fund may also purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date, but the delivered securities must meet specified terms and standards. The fund will generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage-backed securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date. The fund also expects to engage in short sales of TBA mortgages, including short sales on TBA mortgages the fund does not own, to potentially enhance returns or manage risk.
Bank loans, also known as leveraged loans, represent amounts borrowed by companies or other entities from banks and other lenders. These loans have floating interest rates that reset periodically (typically quarterly or monthly) and are often rated below investment grade. 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. Leveraged loans may be acquired directly through an agent acting on behalf of the lenders participating in the loan, as an assignment from another lender who holds a direct interest in the loan, or as a participation interest in another lender’s portion of the loan.
The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes such as for exposure or hedging. Specifically, the fund uses interest rate swaps, credit default index swaptions, interest rate futures, index futures, interest rate future options, interest rate swaptions, forward currency exchange contracts, equity options, inflation swaps, currency
options, credit default swaps (on both indexes and specific bonds or issuers), and fixed income total return swaps. The fund buys or sells credit default and total return swaps in order to generate returns, adjust the fund’s overall credit quality, or protect the value of certain portfolio holdings, as well as to profit from expected deterioration in the credit quality of an issuer or the widening of credit spreads. Total return swaps may also be used in order to obtain a short position with respect to a particular instrument. Interest rate futures and interest rate swaps are primarily used to manage the fund’s exposure to interest rate changes and limit overall volatility by adjusting the portfolio’s duration and extending or shortening the overall maturity of the fund. Equity options are primarily used to create or hedge equity exposure. Index futures are typically used as an efficient means of gaining exposure to a particular segment of the market, as well as to serve as a cash management tool and to enhance the fund’s returns. Interest rate future options and interest rate swaptions would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration.
Forward currency exchange contracts may be used to limit overall volatility by protecting the fund’s non-U.S. dollar-denominated holdings from adverse currency movements relative to the U.S. dollar or to generate returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. In addition, the fund may take a short position in a currency, which means that the fund could sell a currency in excess of its assets denominated in that currency (or the fund might sell a currency even if it doesn’t own any assets denominated in the currency).
The fund has the ability to take both long and short positions on individual bonds. When the fund takes a long position, it purchases a security that it anticipates will benefit from an increase in the price of that security or the income that the bond could generate. Similarly, a long position through a derivative instrument will benefit from an increase in the price of the underlying instrument and will lose value if the price of the underlying instrument decreases. When a fund takes a short position, the fund borrows the security from a third party and sells it at the then current market price. A short position will benefit from a decrease in price of the security and will lose value if the price of the security increases. The fund has the ability to establish short positions directly or through total return swaps and other derivative instruments, which will benefit from a decrease in price of the underlying instrument and will lose value if the price of the underlying instrument increases.
Period | RPELX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.8% | -8.0% | 14.8% | 59.88% |
1 Yr | 5.9% | -5.8% | 30.2% | 94.18% |
3 Yr | 2.8%* | -16.8% | 16.8% | 22.33% |
5 Yr | 4.1%* | -14.0% | 14.3% | 11.55% |
10 Yr | N/A* | -6.8% | 6.9% | N/A |
* Annualized
Period | RPELX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -2.0% | -12.0% | 15.7% | 92.81% |
2022 | -8.3% | -31.8% | 18.4% | 22.57% |
2021 | 0.9% | -16.2% | 25.7% | 11.99% |
2020 | -4.6% | -31.1% | 18.7% | 88.91% |
2019 | N/A | -6.1% | 15.3% | N/A |
Period | RPELX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.8% | -8.0% | 14.8% | 59.88% |
1 Yr | 5.9% | -5.8% | 30.2% | 94.18% |
3 Yr | 2.8%* | -16.8% | 16.8% | 22.33% |
5 Yr | 4.1%* | -14.0% | 14.3% | 11.55% |
10 Yr | N/A* | -6.8% | 6.9% | N/A |
* Annualized
Period | RPELX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.0% | -6.9% | 22.2% | 88.53% |
2022 | 0.0% | -31.8% | 21.1% | 5.02% |
2021 | 6.9% | -13.5% | 49.9% | 9.08% |
2020 | 2.5% | -28.6% | 24.1% | 75.70% |
2019 | N/A | -4.8% | 19.1% | N/A |
RPELX | Category Low | Category High | RPELX % Rank | |
---|---|---|---|---|
Net Assets | 904 M | 2.53 M | 143 B | 44.41% |
Number of Holdings | 281 | 4 | 9195 | 67.44% |
Net Assets in Top 10 | 221 M | -204 M | 80.4 B | 46.45% |
Weighting of Top 10 | 22.76% | 6.2% | 209.5% | 62.05% |
Weighting | Return Low | Return High | RPELX % Rank | |
---|---|---|---|---|
Bonds | 80.40% | 0.00% | 192.97% | 69.91% |
Other | 12.10% | -73.61% | 112.16% | 26.54% |
Convertible Bonds | 5.55% | 0.00% | 33.50% | 12.04% |
Stocks | 4.31% | -4.92% | 99.66% | 21.45% |
Cash | 3.25% | -94.66% | 91.07% | 53.70% |
Preferred Stocks | 0.00% | 0.00% | 26.42% | 75.31% |
Weighting | Return Low | Return High | RPELX % Rank | |
---|---|---|---|---|
Technology | 19.09% | 0.00% | 28.30% | 9.97% |
Healthcare | 18.60% | 0.00% | 18.60% | 0.57% |
Financial Services | 16.55% | 0.00% | 100.00% | 30.77% |
Basic Materials | 14.36% | 0.00% | 100.00% | 5.41% |
Consumer Defense | 10.77% | 0.00% | 99.97% | 9.40% |
Energy | 7.35% | 0.00% | 100.00% | 49.57% |
Industrials | 6.55% | 0.00% | 100.00% | 33.33% |
Communication Services | 2.66% | 0.00% | 100.00% | 33.05% |
Consumer Cyclical | 2.12% | 0.00% | 89.95% | 35.04% |
Utilities | 1.67% | 0.00% | 100.00% | 36.18% |
Real Estate | 0.29% | 0.00% | 100.00% | 42.74% |
Weighting | Return Low | Return High | RPELX % Rank | |
---|---|---|---|---|
US | 4.31% | -4.84% | 99.66% | 20.68% |
Non US | 0.00% | -0.26% | 17.73% | 66.05% |
Weighting | Return Low | Return High | RPELX % Rank | |
---|---|---|---|---|
Corporate | 40.90% | 0.00% | 96.66% | 42.36% |
Securitized | 23.11% | 0.00% | 99.65% | 37.26% |
Government | 13.26% | 0.00% | 99.43% | 43.79% |
Municipal | 4.26% | 0.00% | 54.26% | 3.18% |
Cash & Equivalents | 3.09% | 0.00% | 88.00% | 47.37% |
Derivative | -0.08% | -73.61% | 112.16% | 79.10% |
Weighting | Return Low | Return High | RPELX % Rank | |
---|---|---|---|---|
US | 73.61% | 0.00% | 192.97% | 57.41% |
Non US | 6.79% | 0.00% | 74.14% | 34.10% |
RPELX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.95% | 0.03% | 20.67% | 64.62% |
Management Fee | 0.51% | 0.00% | 2.29% | 28.18% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.00% | 0.70% | N/A |
RPELX 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% | 1.50% | N/A |
RPELX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.50% | 2.00% | N/A |
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.
RPELX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 252.10% | 0.00% | 632.00% | 94.79% |
RPELX | Category Low | Category High | RPELX % Rank | |
---|---|---|---|---|
Dividend Yield | 6.26% | 0.00% | 23.30% | 18.81% |
RPELX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
RPELX | Category Low | Category High | RPELX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.51% | -1.55% | 11.51% | 29.15% |
RPELX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Sep 27, 2024 | $0.046 | OrdinaryDividend |
Aug 29, 2024 | $0.055 | OrdinaryDividend |
Jul 30, 2024 | $0.055 | OrdinaryDividend |
Apr 29, 2024 | $0.053 | OrdinaryDividend |
Mar 27, 2024 | $0.056 | OrdinaryDividend |
Feb 28, 2024 | $0.049 | OrdinaryDividend |
Jan 30, 2024 | $0.035 | OrdinaryDividend |
Dec 28, 2023 | $0.045 | OrdinaryDividend |
Nov 29, 2023 | $0.046 | OrdinaryDividend |
Oct 30, 2023 | $0.049 | OrdinaryDividend |
Sep 28, 2023 | $0.051 | OrdinaryDividend |
Aug 30, 2023 | $0.039 | OrdinaryDividend |
Jul 28, 2023 | $0.034 | OrdinaryDividend |
Jun 29, 2023 | $0.053 | OrdinaryDividend |
May 30, 2023 | $0.040 | OrdinaryDividend |
Apr 27, 2023 | $0.045 | OrdinaryDividend |
Mar 30, 2023 | $0.056 | OrdinaryDividend |
Feb 27, 2023 | $0.033 | OrdinaryDividend |
Jan 30, 2023 | $0.035 | OrdinaryDividend |
Dec 29, 2022 | $0.050 | OrdinaryDividend |
Dec 12, 2022 | $0.446 | OrdinaryDividend |
Nov 29, 2022 | $0.047 | OrdinaryDividend |
Oct 28, 2022 | $0.041 | OrdinaryDividend |
Sep 29, 2022 | $0.034 | OrdinaryDividend |
Aug 30, 2022 | $0.037 | OrdinaryDividend |
Jul 28, 2022 | $0.025 | OrdinaryDividend |
Jun 29, 2022 | $0.018 | OrdinaryDividend |
May 27, 2022 | $0.009 | OrdinaryDividend |
Apr 28, 2022 | $0.013 | OrdinaryDividend |
Mar 30, 2022 | $0.034 | OrdinaryDividend |
Feb 25, 2022 | $0.020 | OrdinaryDividend |
Jan 28, 2022 | $0.028 | OrdinaryDividend |
Dec 30, 2021 | $0.040 | OrdinaryDividend |
Dec 16, 2021 | $0.185 | CapitalGainShortTerm |
Nov 29, 2021 | $0.038 | OrdinaryDividend |
Oct 28, 2021 | $0.027 | OrdinaryDividend |
Sep 29, 2021 | $0.028 | OrdinaryDividend |
Aug 30, 2021 | $0.029 | OrdinaryDividend |
Jul 29, 2021 | $0.033 | OrdinaryDividend |
Jun 29, 2021 | $0.025 | OrdinaryDividend |
May 27, 2021 | $0.027 | OrdinaryDividend |
Apr 29, 2021 | $0.032 | OrdinaryDividend |
Mar 30, 2021 | $0.023 | OrdinaryDividend |
Feb 25, 2021 | $0.022 | OrdinaryDividend |
Jan 28, 2021 | $0.021 | OrdinaryDividend |
Dec 31, 2020 | $0.045 | OrdinaryDividend |
Dec 16, 2020 | $0.320 | OrdinaryDividend |
Nov 30, 2020 | $0.028 | OrdinaryDividend |
Nov 02, 2020 | $0.027 | OrdinaryDividend |
Sep 30, 2020 | $0.028 | OrdinaryDividend |
Aug 31, 2020 | $0.028 | OrdinaryDividend |
Jul 30, 2020 | $0.036 | OrdinaryDividend |
Jun 29, 2020 | $0.035 | OrdinaryDividend |
May 28, 2020 | $0.033 | OrdinaryDividend |
Apr 29, 2020 | $0.027 | OrdinaryDividend |
Mar 30, 2020 | $0.029 | OrdinaryDividend |
Feb 27, 2020 | $0.033 | OrdinaryDividend |
Jan 30, 2020 | $0.031 | OrdinaryDividend |
Dec 30, 2019 | $0.030 | OrdinaryDividend |
Dec 17, 2019 | $0.040 | CapitalGainShortTerm |
Nov 27, 2019 | $0.030 | OrdinaryDividend |
Oct 30, 2019 | $0.029 | OrdinaryDividend |
Sep 27, 2019 | $0.030 | OrdinaryDividend |
Aug 29, 2019 | $0.032 | OrdinaryDividend |
Jul 30, 2019 | $0.028 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Jan 10, 2019
3.39
3.4%
Mr. Sud joined T. Rowe Price Associates in 2018 and his investment experience dates from 2006. Since joining the Firm, he has served as a portfolio manager in the fixed income division. Prior to joining T. Rowe Price Associates, he served as a Senior Vice President at PIMCO, where he helped manage the Credit Opportunities Bond Strategy and managed long duration credit assets.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 28.19 | 5.72 | 3.19 |
Dividend Investing Ideas Center
Have you ever wished for the safety of bonds, but the return potential...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...
Dividend Investing Ideas Center
If you are reaching retirement age, there is a good chance that you...