U.S. High Yield Fund - Advisor Classa
The fund normally invests at least 80% of its net assets in U.S. high yield instruments (below investment grade) corporate debt securities. The fund focuses its investments on high yield corporate bonds but may also invest in other income producing instruments including bank loans, convertible securities, and preferred stocks.
In selecting bonds, the portfolio manager utilizes a disciplined, fundamental, bottom-up credit selection process, combined with forward-looking research to identify a concentration of high conviction total return opportunities. The income provided by the bond and the bond's appreciation potential, as well as the issuer's ability to make coupon and principal payments are also evaluated.
All investments are subject to risk, including the possible loss of principal. Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest-rate risk. As interest rates rise, bond prices generally fall. Investments in high-yield bonds involve greater risk of price volatility, illiquidity, and default than higher-rated debt securities.
Important Information: Read 11/19/20 press release regarding a proposal to launch a new investment adviser.
Morningstar (Category)
Morningstar
(Overall Rating)1
Data as of 12/31/2020
Data as of 12/31/2020
Fund Manager Tenurea
Net Assets3
(USD)
Data as of 12/31/2020
Data as of 12/31/2020
Price
(USD)
Daily Price Change
Data as of 01/15/2021
Data as of 01/15/2021
Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.
Strategy
Investment Objective
The fund seeks total return, and secondarily, current income.
Morningstar Fixed Income Style
Low / Limited
Data as of 12/31/2020
The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.
Yields & Dividends (Advisor Class)
30-Day SEC Standardized Yield
with waiver
3.63%Data as of 12/31/2020
without waiver
3.60%Data as of 12/31/2020
30-Day Annualized Dividend Yield
with waiver
4.70%Data as of 01/15/2021
Monthly Dividend
(USD)
$0.044873474
Data as of 12/31/2020
Monthly Dividend
Rate
0.02%
Data as of 01/15/2021
Average Annual Total Returns (Advisor Class)*
1 YR
6.81%Benchmark
6.07%Value
0.74%Data as of 12/31/2020
3 YR
5.89%Benchmark
5.85%Value
0.04%5 YR
8.41%Benchmark
8.42%Value
-0.01%Since Inception
6.43%Benchmark
5.44%Value
0.99%Expense Ratio
Gross
1.12%Net
0.94%Limitation Type
ContractualCurrent 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 Fund commenced operations on May 19, 2017. Performance prior to that date reflects the performance of the Class A of the Predecessor Fund. Predecessor Fund performance reflects its actual operating expense at the time and was not adjusted to reflect the impact of the Fund’s current fees. Since inception returns are shown from the inception date of the Predecessor Fund, April 30, 2013.
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.
Current Year Performance (Advisor Class)*
Daily YTD
0.29%Benchmark
0.37%Value
-0.08%Data as of 01/15/2021
Monthly YTD
6.81%Benchmark
6.07%Value
0.74%Data as of 12/31/2020
One Month
1.45%Benchmark
1.91%Value
-0.46%Three Months
6.10%Benchmark
6.47%Value
-0.37%*The Fund commenced operations on May 19, 2017. Performance prior to that date reflects the performance of the Class A of the Predecessor Fund. Predecessor Fund performance reflects its actual operating expense at the time and was not adjusted to reflect the impact of the Fund’s current fees. Since inception returns are shown from the inception date of the Predecessor Fund, April 30, 2013.
Asset Allocation
Net Assets
(USD)
$438.0m
Holdings
Total
Holdings
130
Quality
N/A
Maturity
Weighted Average
5.94 YearsDuration
Weighted Average
2.84 YearsTop
BB Rated
31.54%Top
5-7 Years
34.42%Top
1-3 Years
39.20%Over
BB/B Rated
By 13.75%Over
5-7 Years
By 5.61%Over
5-7 Years
By 5.11%Under
BB Rated
By -22.91%Under
10+ Years
By -6.60%Under
Over 10 Years
By -4.60%Industry
Total
Industries
19
Over
Cash
By 4.65%Under
Healthcare
By -3.89%Currency
Total
Currencies
1
Over
U.S. dollar
By 0.00%Under
U.S. dollar
By 0.00%Numbers may not total due to rounding; all numbers are percentages.
Team (As of )
Kevin Loome, CFA
Portfolio Manager
Kevin Loome is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US High Yield Bond Strategy. He is an executive vice president of the High Yield Fund, Inc., and a member of the Investment Advisory Committee for the U.S. High Yield Fund. Kevin also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
- Fund manager
since 2013 - Years at
T. Rowe Price 14 - Years investment
experience 27
Gregor T. Dannacher, CFA
Portfolio Specialist
Gregor Dannacher is a global credit portfolio specialist in the Fixed Income Division. He supports the Multi-Asset Credit, Global High Income, Global High Yield, US High Yield, Global Loan, and US Investment-Grade Strategies, working closely with clients, prospects, and consultants. Gregor is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.
- Years at
T. Rowe Price 5 - Years investment
experience 28
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 | ||||
|
Advisor Class Cusip 741481501 |
$2,500 | $100 | 0.25% | 1.12% | 0.94% | Contractual | 09/30/2021 |
|
I Class Cusip 741481600 |
$1,000,000* | N/A | 0.00% | 0.72% | 0.64% |
Contractual |
09/30/2021 |
|
Investor Class Cusip 741481402 |
$2,500 | $100 | 0.00% | 0.87% | 0.79% |
Contractual |
09/30/2021 |
* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.
© 2021 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.
Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.
Figure applies to all share classes.
The T. Rowe Price US High Yield Fund (“Fund”) commenced operations on May 19, 2017. At that time, the Fund received all of the assets and liabilities of the Henderson High Yield Opportunities Fund (the “Predecessor Fund”) and adopted its performance and accounting history. The Fund and the Predecessor Fund have substantially similar investment objectives and strategies. The Predecessor Fund was managed by the same portfolio manager as the Fund.
Kevin Loome is a portfolio manager in the Fixed Income Division. He has lead portfolio management responsibilities for the US High Yield Bond Strategy. He is an executive vice president of the High Yield Fund, Inc., and a member of the Investment Advisory Committee for the U.S. High Yield Fund. Kevin also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.