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T. Rowe Price Institutional Floating Rate Fund
mutual fund
RPIFX
Payout Change
Pending
Price as of:
$9.45
+0.0
+0.0%
primary theme
Bank Loan
share class
RPIFX (Mutual Fund)
T. Rowe Price Institutional Floating Rate Fund
Payout Change
Pending
Price as of:
$9.45
+0.0
+0.0%
primary theme
Bank Loan
share class
RPIFX (Mutual Fund)
T. Rowe Price Institutional Floating Rate Fund
Payout Change
Pending
Price as of:
$9.45
+0.0
+0.0%
primary theme
Bank Loan
share class
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
6.6%
1 yr return
10.4%
3 Yr Avg Return
6.3%
5 Yr Avg Return
5.4%
Net Assets
$4.31 B
Holdings in Top 10
23.4%
52 WEEK LOW AND HIGH
$9.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.57%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 62.60%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
RPIFX - Profile
Distributions
- YTD Total Return 6.6%
- 3 Yr Annualized Total Return 6.3%
- 5 Yr Annualized Total Return 5.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 4.12%
- Dividend Yield 7.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameT. Rowe Price Institutional Floating Rate Fund
-
Fund Family NameTROWEPRICE
-
Inception DateJan 31, 2008
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPaul Massaro
Fund Description
The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in floating rate loans and floating rate debt securities.
Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders. Most, if not all, of the loans in which the fund invests are rated below investment grade (below BBB, or an equivalent rating) or are not rated by credit rating agencies (commonly referred to as “high yield” or “junk” bonds). The loans in which the fund invests may be referred to as “leveraged loans” because the borrowing companies often have significantly more debt than equity.
The loans held by the fund may be senior or subordinate obligations of the borrower, although the fund normally invests the majority of its assets in senior floating rate loans. In the event of bankruptcy, holders of senior floating rate loans are typically paid (to the extent assets are available) before other creditors of the borrower, such as bondholders and stockholders. Holders of subordinate loans may be paid after more senior bondholders. Loans may or may not be secured by collateral. There is no limit on the fund’s investments in unsecured loans or in companies involved in bankruptcy proceedings, reorganizations, or financial restructurings.
Floating rate loans have interest rates that reset periodically (typically quarterly or monthly). Floating rate loans may be structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. The fund may acquire floating rate loans directly from a lender or through the agent, as an assignment from another lender who holds a floating rate loan, or as a participation interest in another lender’s floating rate loan or portion thereof.
Most assets are typically be invested in U.S. dollar-denominated floating rate loans and debt instruments, including U.S. dollar-denominated bonds or loans of foreign issuers or lenders. The fund may also invest up to 20% of its total assets in non-U.S. dollar-denominated investments.
RPIFX - Performance
Return Ranking - Trailing
| Period | RPIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.6% | -3.2% | 9.6% | 54.48% |
| 1 Yr | 10.4% | -3.6% | 14.6% | 20.52% |
| 3 Yr | 6.3%* | -6.7% | 8.1% | 8.20% |
| 5 Yr | 5.4%* | -6.5% | 38.0% | 11.89% |
| 10 Yr | 4.6%* | -2.1% | 19.6% | 4.89% |
* Annualized
Return Ranking - Calendar
| Period | RPIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 3.1% | -12.0% | 11.1% | 49.25% |
| 2022 | -5.8% | -22.9% | 5.1% | 19.54% |
| 2021 | 0.6% | -12.2% | 11.1% | 74.90% |
| 2020 | -2.0% | -14.1% | 289.8% | 32.65% |
| 2019 | 3.3% | -8.1% | 7.5% | 29.83% |
Total Return Ranking - Trailing
| Period | RPIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 6.6% | -3.2% | 9.6% | 54.48% |
| 1 Yr | 10.4% | -3.6% | 14.6% | 20.52% |
| 3 Yr | 6.3%* | -6.7% | 8.1% | 8.20% |
| 5 Yr | 5.4%* | -6.5% | 38.0% | 11.89% |
| 10 Yr | 4.6%* | -2.1% | 19.6% | 4.89% |
* Annualized
Total Return Ranking - Calendar
| Period | RPIFX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 12.5% | -12.0% | 22.1% | 48.51% |
| 2022 | -0.6% | -22.9% | 5.1% | 11.88% |
| 2021 | 4.7% | -10.2% | 11.1% | 51.76% |
| 2020 | 2.4% | -14.1% | 306.9% | 32.65% |
| 2019 | 8.8% | -3.6% | 10.5% | 18.49% |
NAV & Total Return History
RPIFX - Holdings
Concentration Analysis
| RPIFX | Category Low | Category High | RPIFX % Rank | |
|---|---|---|---|---|
| Net Assets | 4.31 B | 29.9 M | 13.5 B | 12.98% |
| Number of Holdings | 310 | 2 | 1977 | 66.15% |
| Net Assets in Top 10 | 1 B | -191 M | 2.37 B | 5.38% |
| Weighting of Top 10 | 23.40% | 5.2% | 100.7% | 20.85% |
Top 10 Holdings
- T. Rowe Price Government Reserve Fund 6.72%
- HUB INTERNATIONAL LTD 2.47%
- TRUIST INSURANCE HOLDINGS LLC 2.40%
- ASSUREDPARTNERS INC 2.31%
- UKG INC 2.11%
- CLOUD SOFTWARE GROUP INC 1.53%
- BOXER PARENT CO INC 1.48%
- APPLIED SYSTEMS INC 1.47%
- EPICOR SOFTWARE CORP 1.46%
- UFC HOLDINGS LLC 1.45%
Asset Allocation
| Weighting | Return Low | Return High | RPIFX % Rank | |
|---|---|---|---|---|
| Bonds | 97.89% | 0.00% | 161.82% | 20.77% |
| Cash | 6.72% | -61.90% | 16.36% | 29.23% |
| Stocks | 0.09% | 0.00% | 100.74% | 84.23% |
| Other | 0.03% | -52.39% | 34.87% | 46.54% |
| Preferred Stocks | 0.00% | -3.99% | 7.30% | 92.69% |
| Convertible Bonds | 0.00% | 0.00% | 5.51% | 90.31% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | RPIFX % Rank | |
|---|---|---|---|---|
| Utilities | 100.00% | 0.00% | 100.00% | 5.22% |
| Technology | 0.00% | 0.00% | 100.00% | 96.52% |
| Real Estate | 0.00% | 0.00% | 48.61% | 89.57% |
| Industrials | 0.00% | 0.00% | 100.00% | 94.78% |
| Healthcare | 0.00% | 0.00% | 100.00% | 89.57% |
| Financial Services | 0.00% | 0.00% | 89.61% | 89.57% |
| Energy | 0.00% | 0.00% | 100.00% | 94.78% |
| Communication Services | 0.00% | 0.00% | 100.00% | 95.65% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 92.17% |
| Consumer Cyclical | 0.00% | 0.00% | 97.66% | 93.91% |
| Basic Materials | 0.00% | 0.00% | 1.36% | 90.43% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | RPIFX % Rank | |
|---|---|---|---|---|
| US | 0.09% | -0.01% | 100.74% | 82.31% |
| Non US | 0.00% | 0.00% | 0.68% | 92.69% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | RPIFX % Rank | |
|---|---|---|---|---|
| Corporate | 90.40% | 0.00% | 99.80% | 41.86% |
| Cash & Equivalents | 6.72% | 0.00% | 25.03% | 27.69% |
| Derivative | 0.03% | -10.96% | 0.85% | 29.23% |
| Securitized | 0.00% | 0.00% | 91.68% | 94.19% |
| Municipal | 0.00% | 0.00% | 0.47% | 91.86% |
| Government | 0.00% | 0.00% | 3.18% | 90.31% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | RPIFX % Rank | |
|---|---|---|---|---|
| US | 97.32% | 0.00% | 123.41% | 19.62% |
| Non US | 0.57% | 0.00% | 63.23% | 42.31% |
RPIFX - Expenses
Operational Fees
| RPIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.57% | 0.03% | 5.51% | 98.13% |
| Management Fee | 0.55% | 0.00% | 1.89% | 22.10% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.15% | 0.02% | 0.27% | 86.67% |
Sales Fees
| RPIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| RPIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | 47.62% |
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.
| RPIFX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 62.60% | 4.00% | 180.00% | 53.47% |
RPIFX - Distributions
Dividend Yield Analysis
| RPIFX | Category Low | Category High | RPIFX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 7.80% | 0.00% | 11.13% | 30.97% |
Dividend Distribution Analysis
| RPIFX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| RPIFX | Category Low | Category High | RPIFX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 4.12% | 1.77% | 9.82% | 19.92% |
Capital Gain Distribution Analysis
| RPIFX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Sep 27, 2024 | $0.061 | OrdinaryDividend |
| Aug 29, 2024 | $0.073 | OrdinaryDividend |
| Jul 30, 2024 | $0.069 | OrdinaryDividend |
| Apr 29, 2024 | $0.068 | OrdinaryDividend |
| Mar 28, 2024 | $0.070 | OrdinaryDividend |
| Feb 28, 2024 | $0.066 | OrdinaryDividend |
| Jan 30, 2024 | $0.071 | OrdinaryDividend |
| Dec 28, 2023 | $0.074 | OrdinaryDividend |
| Nov 29, 2023 | $0.070 | OrdinaryDividend |
| Oct 30, 2023 | $0.069 | OrdinaryDividend |
| Sep 28, 2023 | $0.072 | OrdinaryDividend |
| Aug 30, 2023 | $0.073 | OrdinaryDividend |
| Jul 28, 2023 | $0.067 | OrdinaryDividend |
| Jun 29, 2023 | $0.071 | OrdinaryDividend |
| May 30, 2023 | $0.070 | OrdinaryDividend |
| Apr 27, 2023 | $0.060 | OrdinaryDividend |
| Mar 30, 2023 | $0.071 | OrdinaryDividend |
| Feb 27, 2023 | $0.063 | OrdinaryDividend |
| Jan 30, 2023 | $0.060 | OrdinaryDividend |
| Dec 29, 2022 | $0.064 | OrdinaryDividend |
| Nov 29, 2022 | $0.057 | OrdinaryDividend |
| Oct 28, 2022 | $0.050 | OrdinaryDividend |
| Sep 29, 2022 | $0.050 | OrdinaryDividend |
| Aug 30, 2022 | $0.047 | OrdinaryDividend |
| Jul 28, 2022 | $0.041 | OrdinaryDividend |
| Jun 29, 2022 | $0.037 | OrdinaryDividend |
| May 27, 2022 | $0.034 | OrdinaryDividend |
| Apr 28, 2022 | $0.033 | OrdinaryDividend |
| Mar 30, 2022 | $0.034 | OrdinaryDividend |
| Feb 25, 2022 | $0.030 | OrdinaryDividend |
| Jan 28, 2022 | $0.029 | OrdinaryDividend |
| Dec 30, 2021 | $0.033 | OrdinaryDividend |
| Nov 29, 2021 | $0.032 | OrdinaryDividend |
| Oct 28, 2021 | $0.033 | OrdinaryDividend |
| Sep 29, 2021 | $0.033 | OrdinaryDividend |
| Aug 30, 2021 | $0.032 | OrdinaryDividend |
| Jul 29, 2021 | $0.033 | OrdinaryDividend |
| Jun 29, 2021 | $0.031 | OrdinaryDividend |
| May 27, 2021 | $0.032 | OrdinaryDividend |
| Apr 29, 2021 | $0.033 | OrdinaryDividend |
| Mar 30, 2021 | $0.034 | OrdinaryDividend |
| Feb 25, 2021 | $0.028 | OrdinaryDividend |
| Jan 28, 2021 | $0.031 | OrdinaryDividend |
| Dec 30, 2020 | $0.041 | OrdinaryDividend |
| Nov 27, 2020 | $0.031 | OrdinaryDividend |
| Oct 29, 2020 | $0.035 | OrdinaryDividend |
| Sep 29, 2020 | $0.034 | OrdinaryDividend |
| Aug 28, 2020 | $0.032 | OrdinaryDividend |
| Jul 30, 2020 | $0.034 | OrdinaryDividend |
| Jun 29, 2020 | $0.031 | OrdinaryDividend |
| May 28, 2020 | $0.033 | OrdinaryDividend |
| Apr 29, 2020 | $0.032 | OrdinaryDividend |
| Mar 30, 2020 | $0.037 | OrdinaryDividend |
| Feb 27, 2020 | $0.035 | OrdinaryDividend |
| Jan 30, 2020 | $0.041 | OrdinaryDividend |
| Dec 30, 2019 | $0.039 | OrdinaryDividend |
| Nov 27, 2019 | $0.039 | OrdinaryDividend |
| Oct 30, 2019 | $0.041 | OrdinaryDividend |
| Sep 27, 2019 | $0.038 | OrdinaryDividend |
| Aug 29, 2019 | $0.045 | OrdinaryDividend |
| Jul 30, 2019 | $0.043 | OrdinaryDividend |
| Dec 19, 2011 | $0.066 | CapitalGainLongTerm |
| Dec 17, 2010 | $0.010 | CapitalGainShortTerm |
RPIFX - Fund Manager Analysis
Managers
Paul Massaro
Start Date
Tenure
Tenure Rank
May 01, 2009
13.09
13.1%
Paul Massaro 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 for high yield strategies in the Fixed Income Division. Paul is executive vice president of the T. Rowe Price Institutional Income Funds, Inc.; and the T. Rowe Price Floating Rate Fund, Inc. He also is chairman of the Investment Advisory Committee and portfolio manager of the Floating Rate and Institutional Floating Rate Funds. Prior to joining T. Rowe Price in 2003, Paul worked in equity research at Banc of America Securities and at J.P. Morgan Chase, both in New York. He earned a B.S. in business management from Cornell University and an M.B.A. in finance and strategic management from The Wharton School, University of Pennsylvania. Paul also has earned the Chartered Financial Analyst designation.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 21.18 | 6.06 | 3.25 |
