Dynamic Credit Fund

Seeks to deliver attractive returns through the credit cycle by being flexible and broad enough to find opportunities created by changing global markets. Is benchmark-agnostic and can invest in a broad range of traditional and non-traditional fixed income securities across a variety of sectors.

Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities. Derivatives may be more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions. Short sales are speculative transactions with potentially unlimited losses; use of leverage can magnify the effect of losses.

RPIDXCUSIP 77956H179
Prospectus

Morningstar (Category)

Morningstar1

N/A
N/A

Fund Manager Tenure2

Net Assets3
(USD)

1yr
$49.1m

Data as of 10/31/2020

Data as of 10/31/2020

Price
(USD)

Daily Price Change

$9.86
$+0.02

Data as of 11/20/2020

Data as of 11/20/2020

Saurabh Sud
Saurabh Sud, Portfolio Manager

Saurabh Sud is a senior portfolio manager in the Fixed Income Division at T. Rowe Price and a member of the Global Fixed Income Investment team, with a specific expertise in credit markets. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

View more

Strategy

Investment Objective

The fund seeks total return through a combination of income and capital appreciation.

Morningstar Fixed Income Style

Low / Limited

Data as of 10/31/2020

Morningstar Rating

No data available.

Yields & Dividends (Investor Class)

30-Day SEC Standardized Yield
with waiver
4.61%

Data as of 10/31/2020

without waiver
4.05%

Data as of 10/31/2020

30-Day Annualized Dividend Yield
with waiver
3.35%

Data as of 11/20/2020

Monthly Dividend
(USD)
$0.026833757

Data as of 10/31/2020

Monthly Dividend
Rate
0.02%

Data as of 11/20/2020

Average Annual Total Returns (Investor Class)

1 YR
0.55%
Benchmark
1.10%
Value
-0.55% 1.02%

Data as of 09/30/2020

3 YR
N/A
Benchmark
N/A
Value
N/A N/A
5 YR
N/A
Benchmark
N/A
Value
N/A N/A
Since Inception
2.96%
Benchmark
1.68%
Value
1.28% 1.89%

Expense Ratio

Gross
1.56%
Net
0.64%
Limitation Type
Contractual
expires 04/30/2021

Benchmark: 3 Month LIBOR in USD

Fund Inception: 01/10/2019

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The 30-day dividend yield represents the average daily dividends for the 30-day period, annualized and divided by the net asset values per share at the end of the period; it is available the first quarter after the fund's inception. The SEC standardized yield is computed under an SEC standardized formula and reflects an estimated yield to maturity (assuming all portfolio securities are held to maturity); it is available the first month after the fund's inception.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

T. Rowe Price Associates, Inc. is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price mutual funds. 

Current Year Performance (Investor Class)

Daily YTD
-0.01%
Benchmark
0.64%
Value
-0.65%

Data as of 11/20/2020

Monthly YTD
-0.21%
Benchmark
0.62%
Value
-0.83%

Data as of 10/31/2020

One Month
1.20%
Benchmark
0.02%
Value
1.18%
Three Months
4.20%
Benchmark
0.06%
Value
4.14%

Benchmark: 3 Month LIBOR in USD

Fund Inception: 01/10/2019

Asset Allocation

Net Assets
(USD)
$49.1m
Largest US Bonds 62.52% $30.7m
Other View complete Asset Allocation

Data as of 10/31/2020

Holdings

Total
Holdings
134
Largest Holding Avolon Holdings Funding 2.07%
Other View complete Full Holdings
Top 10 Issuers 22.38% View the latest Top 10 Issuers

Data as of 09/30/2020

Quality

N/A

Maturity

Weighted Average

6.16 Years

Duration

Weighted Average

3.59 Years

Top

B
23.31%
Was (09/30/2020) 23.29%

Top

3-5 Years
120.04%
Was (09/30/2020) 120.04%

Top

3-5 Years
108.43%
Was (09/30/2020) 30.52%

Over

B
By 23.31%
Fund 23.31%
Benchmark 0.00%

Over

3-5 Years
By 120.04%
Fund 120.04%
Benchmark 0.00%

Over

3-5 Years
By 108.43%
Fund 108.43%
Benchmark 0.00%

Under

0-1 Years
By -63.19%
Fund -63.19%
Benchmark 0.00%

Under

Under 1 Year
By -28.83%
Fund -28.83%
Benchmark 0.00%

Data as of 10/31/2020

Benchmark: 3 Month LIBOR in USD

Sectors

Total
Sectors
6
Largest Sector Corporate 54.86% Was (09/30/2020) 51.06%
Other View complete Sector Diversification

Data as of 10/31/2020

Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index

Over

Corporate
By 27.27%
Fund 54.86%
Benchmark 27.59%

Under

Government
By -31.37%
Fund 8.21%
Benchmark 39.58%

Data as of 10/31/2020

Team (As of )

Saurabh Sud

Saurabh Sud
Portfolio Manager

Saurabh Sud is a senior portfolio manager in the Fixed Income Division at T. Rowe Price and a member of the Global Fixed Income Investment team, with a specific expertise in credit markets. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Fund manager
    since 2019
  • Years at
    T. Rowe Price 2
  • Years investment
    experience 13

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 77956H179
$2,500 $100 0.00% 1.56% 0.64% Contractual 04/30/2021
I Class
Cusip 77956H161
$1,000,000* N/A 0.00% 1.62% 0.61% Contractual
04/30/2021

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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