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Trending ETFs

T. Rowe Price Institutional High Yield Fund

mutual fund
TRHYX
Payout Change
Pending
Price as of:
$7.93 +0.0 +0.0%
primary theme
High Yield Bond
share class
TRHYX (Mutual Fund)

T. Rowe Price Institutional High Yield Fund

Payout Change
Pending
Price as of:
$7.93 +0.0 +0.0%
primary theme
High Yield Bond
share class
TRHYX (Mutual Fund)

T. Rowe Price Institutional High Yield Fund

Payout Change
Pending
Price as of:
$7.93 +0.0 +0.0%
primary theme
High Yield Bond
share class

Name

As of 12/11/2024

Price

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

$7.93

$1.77 B

6.84%

$0.54

0.50%

Vitals

YTD Return

7.5%

1 yr return

11.0%

3 Yr Avg Return

3.3%

5 Yr Avg Return

4.0%

Net Assets

$1.77 B

Holdings in Top 10

12.0%

52 WEEK LOW AND HIGH

$7.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.50%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 49.20%

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 12/11/2024

Price

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

$7.93

$1.77 B

6.84%

$0.54

0.50%

TRHYX - Profile

Distributions

  • YTD Total Return 7.5%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 4.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 5.21%
DIVIDENDS
  • Dividend Yield 6.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    T. Rowe Price Institutional High Yield Fund
  • Fund Family Name
    TROWEPRICE
  • Inception Date
    May 31, 2002
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Rodney Rayburn

Fund Description

The fund normally invests at least 80% of its net assets (including any borrowings for investment purposes) in a widely diversified portfolio of high yield corporate bonds, often called “junk” bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any credit rating agency but deemed by the adviser to be below investment grade. If a holding is split rated (i.e., rated investment grade by at least one credit

rating agency and below investment grade by another credit rating agency), the lower rating will be used for purposes of the fund’s 80% investment policy.

High yield bonds 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 bond issuers 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 up to 15% of its total assets in bank loans. While high yield corporate bonds are typically issued with a fixed interest rate, bank loans have floating interest rates that reset periodically (typically quarterly or monthly). Bank loans represent amounts borrowed by companies or other entities from banks and other lenders. 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. The loans held by the fund may be senior or subordinate obligations of the borrower.

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 the adviser’s credit research analysts. The fund focuses primarily on the higher-quality range (BB and B, or an equivalent rating) of the high yield market.

While most assets are typically 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.

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TRHYX - Performance

Return Ranking - Trailing

Period TRHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.5% -7.5% 17.7% 79.31%
1 Yr 11.0% -4.7% 18.4% 59.28%
3 Yr 3.3%* -14.4% 21.6% 39.33%
5 Yr 4.0%* -11.4% 37.2% 41.10%
10 Yr 4.9%* -4.7% 20.4% 19.43%

* Annualized

Return Ranking - Calendar

Period TRHYX Return Category Return Low Category Return High Rank in Category (%)
2023 6.5% -4.7% 14.3% 13.93%
2022 -16.6% -33.4% 3.6% 70.36%
2021 0.1% -8.4% 8.2% 46.91%
2020 -0.8% -13.2% 302.7% 63.72%
2019 8.4% -4.4% 13.3% 44.08%

Total Return Ranking - Trailing

Period TRHYX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.5% -7.5% 17.7% 79.31%
1 Yr 11.0% -4.7% 18.4% 59.28%
3 Yr 3.3%* -14.4% 21.6% 39.33%
5 Yr 4.0%* -11.4% 37.2% 41.10%
10 Yr 4.9%* -4.7% 20.4% 19.43%

* Annualized

Total Return Ranking - Calendar

Period TRHYX Return Category Return Low Category Return High Rank in Category (%)
2023 13.9% -4.7% 18.7% 10.66%
2022 -11.2% -33.4% 47.8% 62.25%
2021 5.3% -8.4% 12.4% 42.96%
2020 4.9% -9.6% 325.6% 61.24%
2019 15.0% -3.8% 19.4% 22.22%

NAV & Total Return History


TRHYX - Holdings

Concentration Analysis

TRHYX Category Low Category High TRHYX % Rank
Net Assets 1.77 B 3.13 M 25.3 B 31.37%
Number of Holdings 440 2 4432 37.11%
Net Assets in Top 10 213 M -492 M 6.67 B 30.54%
Weighting of Top 10 11.97% 4.2% 146.0% 59.28%

Top 10 Holdings

  1. T. Rowe Price Government Reserve Fund \u2013 Collateral 3.05%
  2. T. Rowe Price Government Reserve Fund 1.77%
  3. RIVIAN HOLDINGS LLC/RIVIAN LLC/RIVIAN AUTOMOTIVE LLC 1.22%
  4. UKG INC 0.97%
  5. VENTURE GLOBAL LNG INC 0.88%
  6. ASURION LLC 0.87%
  7. CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP 0.87%
  8. CLOUD SOFTWARE GROUP INC 0.87%
  9. HUB INTERNATIONAL LTD 0.77%
  10. TALEN ENERGY SUPPLY LLC 0.70%

Asset Allocation

Weighting Return Low Return High TRHYX % Rank
Bonds
96.41% 0.00% 145.36% 38.07%
Cash
4.82% -52.00% 48.02% 36.45%
Convertible Bonds
0.75% 0.00% 17.89% 64.04%
Stocks
0.75% 0.00% 97.54% 36.60%
Preferred Stocks
0.00% 0.00% 4.97% 97.54%
Other
0.00% -39.08% 99.23% 90.80%

Stock Sector Breakdown

Weighting Return Low Return High TRHYX % Rank
Utilities
50.90% 0.00% 100.00% 4.15%
Communication Services
26.70% 0.00% 99.99% 15.13%
Basic Materials
18.16% 0.00% 100.00% 8.31%
Technology
4.23% 0.00% 33.17% 12.76%
Real Estate
0.00% 0.00% 86.71% 96.74%
Industrials
0.00% 0.00% 93.12% 97.63%
Healthcare
0.00% 0.00% 22.17% 95.55%
Financial Services
0.00% 0.00% 100.00% 97.63%
Energy
0.00% 0.00% 100.00% 99.11%
Consumer Defense
0.00% 0.00% 100.00% 96.44%
Consumer Cyclical
0.00% 0.00% 100.00% 97.63%

Stock Geographic Breakdown

Weighting Return Low Return High TRHYX % Rank
US
0.75% 0.00% 97.54% 36.62%
Non US
0.00% -0.01% 0.83% 97.21%

Bond Sector Breakdown

Weighting Return Low Return High TRHYX % Rank
Corporate
96.60% 0.00% 100.00% 33.39%
Cash & Equivalents
4.82% 0.00% 48.02% 28.41%
Municipal
0.49% 0.00% 1.17% 2.96%
Government
0.42% 0.00% 99.07% 22.53%
Securitized
0.00% 0.00% 97.24% 97.70%
Derivative
0.00% -14.58% 42.26% 87.68%

Bond Geographic Breakdown

Weighting Return Low Return High TRHYX % Rank
US
94.80% 0.00% 126.57% 40.07%
Non US
1.61% 0.00% 96.91% 28.08%

TRHYX - Expenses

Operational Fees

TRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.50% 0.02% 38.33% 91.15%
Management Fee 0.50% 0.00% 1.75% 36.99%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.15% 0.00% 0.50% 78.38%

Sales Fees

TRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

TRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 65.45%

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.

TRHYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 49.20% 1.00% 255.00% 30.34%

TRHYX - Distributions

Dividend Yield Analysis

TRHYX Category Low Category High TRHYX % Rank
Dividend Yield 6.84% 0.00% 11.76% 27.90%

Dividend Distribution Analysis

TRHYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

TRHYX Category Low Category High TRHYX % Rank
Net Income Ratio 5.21% -2.39% 9.30% 13.88%

Capital Gain Distribution Analysis

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

Distributions History

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TRHYX - Fund Manager Analysis

Managers

Rodney Rayburn


Start Date

Tenure

Tenure Rank

Jan 14, 2019

3.38

3.4%

Rodney Rayburn is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc., and a portfolio manager in the Fixed Income Division. He is president and chairman of the Investment Advisory Committee of the Credit Opportunities Fund. Prior to joining T. Rowe Price in 2014, Rodney spent five years as a managing director at Värde Partners in Minneapolis, where he was actively involved in performing and nonperforming loans, bonds, and reorganized equities across a variety of industries. Prior to that, he was a senior investment analyst at Stark Investments in Milwaukee. Rodney earned a B.S. in economics from the Georgia Institute of Technology and an M.B.A. in finance and economics from the University of Chicago Booth School of Business. He also has earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.31 8.17