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 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
YTD Return
3.5%
1 yr return
6.7%
3 Yr Avg Return
-2.2%
5 Yr Avg Return
N/A
Net Assets
$16.4 B
Holdings in Top 10
25.5%
Expense Ratio 0.32%
Front Load N/A
Deferred Load N/A
Turnover 126.40%
Redemption Fee N/A
Standard (Taxable)
$0
IRA
N/A
Fund Type
Open End Mutual Fund
Name
As of 12/10/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
The fund invests at least 80% of its net assets in income-producing securities, which may include, but are not limited to, U.S. government and agency obligations, mortgage- and asset-backed securities (including commercial mortgage-backed securities), corporate bonds, foreign bonds, and Treasury Inflation Protected Securities. For purposes of this 80% policy, the fund includes derivative instruments that are linked to, or provide investment exposure to, income-producing securities.
Over the long term, the fund seeks to achieve its objective by investing primarily in income-producing securities that possess what the fund believes are favorable total return (income plus increases in principal value) characteristics.
Eighty percent (80%) of the debt securities purchased by the fund are rated investment grade (i.e., rated in one of the four highest rating categories) by each of the credit rating agencies (S&P Global Ratings, Moody’s, and Fitch) that have assigned a rating to the security or, if unrated, deemed by the adviser to be of investment-grade quality. Up to 15% of the fund’s net assets may be invested in “split-rated securities,” which are securities that have been rated investment grade by at least one credit rating agency but below investment grade by another credit rating agency. The fund may maintain a net exposure of up to 5% of its net assets in instruments (through direct holdings and derivatives) that have received below investment-grade ratings from each of the credit rating agencies that have assigned ratings to the instruments or, if unrated, deemed by the adviser to be below investment-grade quality (including high yield or “junk” bonds). The fund may invest up to 20% of its net assets in non-U.S. dollar-denominated foreign debt securities (including securities of issuers in emerging markets) and take currency positions to hedge this exposure as well as to capture appreciation from favorable currency changes.
The fund has considerable flexibility in seeking high income. There are no maturity restrictions so the fund can purchase long-term bonds, which tend to have higher yields than shorter-term bonds. In addition, when there is a large yield difference between the various quality levels, the fund may move down the credit scale and purchase lower-rated bonds with higher yields. When the difference is small or the outlook warrants, the fund may concentrate investments in higher-rated issues.
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 futures, interest rate future options, interest rate swaptions, forward currency exchange contracts, credit default swaps, credit default swap indexes (CDX), and mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market as a means of adjusting the fund’s duration and gaining exposure to investment-grade bonds.
The fund buys or sells credit default 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. CDXs are primarily used to hedge the portfolio’s overall credit risk or to efficiently gain exposure to certain sectors or asset classes (such as high yield bonds). Interest rate futures and interest rate future options 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. 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.
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 to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. 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.
Period | TRVZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.5% | -6.3% | 11.5% | 60.93% |
1 Yr | 6.7% | -2.1% | 15.6% | 51.61% |
3 Yr | -2.2%* | -10.0% | 28.7% | 70.18% |
5 Yr | N/A* | -7.2% | 58.9% | 57.93% |
10 Yr | N/A* | -2.8% | 74.0% | 65.29% |
* Annualized
Period | TRVZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.6% | -16.2% | 8.1% | 92.72% |
2022 | -16.3% | -34.7% | 131.9% | 60.11% |
2021 | -3.1% | -11.6% | 4.4% | 39.27% |
2020 | N/A | -9.9% | 946.1% | N/A |
2019 | N/A | -1.7% | 16.9% | N/A |
Period | TRVZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 3.5% | -6.3% | 11.5% | 60.93% |
1 Yr | 6.7% | -2.1% | 15.6% | 51.61% |
3 Yr | -2.2%* | -10.0% | 28.7% | 70.18% |
5 Yr | N/A* | -7.2% | 58.9% | 52.62% |
10 Yr | N/A* | -2.8% | 74.0% | 61.52% |
* Annualized
Period | TRVZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.1% | -11.3% | 11.9% | 83.37% |
2022 | -13.9% | -32.2% | 131.9% | 60.64% |
2021 | -0.1% | -9.4% | 9.2% | 24.69% |
2020 | N/A | -1.9% | 1009.0% | N/A |
2019 | N/A | 1.1% | 21668.0% | N/A |
TRVZX | Category Low | Category High | TRVZX % Rank | |
---|---|---|---|---|
Net Assets | 16.4 B | 2.9 M | 314 B | 14.51% |
Number of Holdings | 1539 | 1 | 17880 | 29.39% |
Net Assets in Top 10 | 4.39 B | 1.62 M | 35.1 B | 12.25% |
Weighting of Top 10 | 25.49% | 4.7% | 3984.6% | 39.73% |
Weighting | Return Low | Return High | TRVZX % Rank | |
---|---|---|---|---|
Bonds | 92.65% | 0.00% | 9231.88% | 65.18% |
Other | 6.13% | -27.25% | 1695.17% | 37.90% |
Cash | 4.18% | -54.51% | 237.69% | 38.73% |
Convertible Bonds | 1.70% | 0.00% | 7.93% | 42.68% |
Stocks | 0.00% | 0.00% | 99.98% | 33.06% |
Preferred Stocks | 0.00% | 0.00% | 72.34% | 87.33% |
Weighting | Return Low | Return High | TRVZX % Rank | |
---|---|---|---|---|
Financial Services | 31.97% | 0.00% | 100.00% | 19.75% |
Technology | 31.60% | 0.00% | 43.45% | 3.09% |
Communication Services | 11.50% | 0.00% | 100.00% | 8.02% |
Consumer Cyclical | 11.09% | 0.00% | 100.00% | 16.05% |
Healthcare | 4.02% | 0.00% | 17.70% | 11.11% |
Consumer Defense | 3.59% | 0.00% | 99.67% | 17.90% |
Utilities | 3.38% | 0.00% | 100.00% | 18.52% |
Industrials | 2.56% | 0.00% | 48.31% | 26.54% |
Basic Materials | 0.29% | 0.00% | 100.00% | 22.84% |
Real Estate | 0.00% | 0.00% | 99.26% | 85.19% |
Energy | 0.00% | 0.00% | 100.00% | 84.57% |
Weighting | Return Low | Return High | TRVZX % Rank | |
---|---|---|---|---|
US | 0.00% | 0.00% | 99.98% | 31.57% |
Non US | 0.00% | 0.00% | 88.46% | 82.76% |
Weighting | Return Low | Return High | TRVZX % Rank | |
---|---|---|---|---|
Government | 36.45% | 0.00% | 86.23% | 25.21% |
Securitized | 29.13% | 0.00% | 98.40% | 51.57% |
Corporate | 24.15% | 0.00% | 100.00% | 71.86% |
Cash & Equivalents | 4.18% | 0.00% | 237.69% | 38.01% |
Derivative | 0.18% | -6.56% | 44.82% | 25.55% |
Municipal | 0.00% | 0.00% | 100.00% | 94.35% |
Weighting | Return Low | Return High | TRVZX % Rank | |
---|---|---|---|---|
US | 92.13% | 0.00% | 9042.62% | 57.84% |
Non US | 0.52% | 0.00% | 189.26% | 30.43% |
TRVZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.32% | 0.01% | 39.64% | 90.07% |
Management Fee | 0.32% | 0.00% | 1.76% | 39.14% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
TRVZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
TRVZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 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.
TRVZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 126.40% | 2.00% | 493.39% | 49.03% |
TRVZX | Category Low | Category High | TRVZX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.83% | 0.00% | 10.11% | 14.92% |
TRVZX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Quarterly | Monthly | Monthly |
TRVZX | Category Low | Category High | TRVZX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.37% | -1.28% | 4.79% | 14.57% |
TRVZX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Date | Amount | Type |
---|---|---|
Nov 27, 2024 | $0.032 | OrdinaryDividend |
Oct 30, 2024 | $0.033 | OrdinaryDividend |
Sep 27, 2024 | $0.030 | OrdinaryDividend |
Aug 29, 2024 | $0.035 | OrdinaryDividend |
Jul 30, 2024 | $0.033 | OrdinaryDividend |
Apr 29, 2024 | $0.034 | OrdinaryDividend |
Mar 28, 2024 | $0.034 | OrdinaryDividend |
Feb 28, 2024 | $0.029 | OrdinaryDividend |
Jan 30, 2024 | $0.028 | OrdinaryDividend |
Dec 28, 2023 | $0.032 | OrdinaryDividend |
Nov 29, 2023 | $0.030 | OrdinaryDividend |
Oct 30, 2023 | $0.029 | OrdinaryDividend |
Sep 28, 2023 | $0.030 | OrdinaryDividend |
Aug 30, 2023 | $0.030 | OrdinaryDividend |
Jul 28, 2023 | $0.028 | OrdinaryDividend |
Jun 29, 2023 | $0.031 | OrdinaryDividend |
May 30, 2023 | $0.030 | OrdinaryDividend |
Apr 27, 2023 | $0.026 | OrdinaryDividend |
Mar 30, 2023 | $0.030 | OrdinaryDividend |
Feb 27, 2023 | $0.025 | OrdinaryDividend |
Jan 30, 2023 | $0.025 | OrdinaryDividend |
Dec 29, 2022 | $0.028 | OrdinaryDividend |
Nov 29, 2022 | $0.025 | OrdinaryDividend |
Oct 28, 2022 | $0.023 | OrdinaryDividend |
Sep 29, 2022 | $0.024 | OrdinaryDividend |
Aug 30, 2022 | $0.022 | OrdinaryDividend |
Jul 28, 2022 | $0.019 | OrdinaryDividend |
Jun 29, 2022 | $0.018 | OrdinaryDividend |
May 27, 2022 | $0.016 | OrdinaryDividend |
Apr 28, 2022 | $0.017 | OrdinaryDividend |
Mar 30, 2022 | $0.016 | OrdinaryDividend |
Feb 25, 2022 | $0.014 | OrdinaryDividend |
Jan 28, 2022 | $0.014 | OrdinaryDividend |
Dec 30, 2021 | $0.016 | OrdinaryDividend |
Dec 08, 2021 | $0.100 | CapitalGainLongTerm |
Nov 29, 2021 | $0.015 | OrdinaryDividend |
Oct 28, 2021 | $0.016 | OrdinaryDividend |
Sep 29, 2021 | $0.015 | OrdinaryDividend |
Aug 30, 2021 | $0.015 | OrdinaryDividend |
Jul 29, 2021 | $0.017 | OrdinaryDividend |
Jun 29, 2021 | $0.016 | OrdinaryDividend |
May 27, 2021 | $0.016 | OrdinaryDividend |
Apr 29, 2021 | $0.019 | OrdinaryDividend |
Mar 30, 2021 | $0.018 | OrdinaryDividend |
Feb 25, 2021 | $0.017 | OrdinaryDividend |
Jan 28, 2021 | $0.018 | OrdinaryDividend |
Dec 30, 2020 | $0.023 | OrdinaryDividend |
Dec 08, 2020 | $0.020 | CapitalGainShortTerm |
Dec 08, 2020 | $0.070 | CapitalGainLongTerm |
Nov 27, 2020 | $0.020 | OrdinaryDividend |
Oct 29, 2020 | $0.023 | OrdinaryDividend |
Sep 29, 2020 | $0.022 | OrdinaryDividend |
Aug 28, 2020 | $0.022 | OrdinaryDividend |
Jul 30, 2020 | $0.026 | OrdinaryDividend |
Jun 29, 2020 | $0.024 | OrdinaryDividend |
May 28, 2020 | $0.025 | OrdinaryDividend |
Apr 29, 2020 | $0.025 | OrdinaryDividend |
Mar 30, 2020 | $0.013 | OrdinaryDividend |
Start Date
Tenure
Tenure Rank
Jan 31, 2018
4.33
4.3%
Steve Bartolini has served as cochairman of the Investment Advisory Committee since January 2018 and became sole chairman in December 2018 at T. Rowe Price Associates, Inc. He joined the Firm in 2010 and his investment experience dates from 2000. During the past several years, he has served as a portfolio manager (beginning in 2016) and, prior to that, as an associate portfolio manager of the U.S. Inflation Protected Bond and U.S. Short-Term Inflation Focused Bond strategies, a member of the fixed income division’s Global Interest Rates and Currencies Strategy team, and a fixed income trader. Before joining T. Rowe Price in 2010, he spent nine years at Fannie Mae in the capital markets area, where he worked as director of portfolio management, senior trader, and analyst. He earned a B.S. in economics from George Washington University and an M.B.A. in finance from the University of Maryland, Robert H. Smith School of Business. Steve also has earned the Chartered Financial Analyst designation.
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 33.43 | 6.77 | 1.16 |
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...