T. Rowe Price GNMA Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.1%
1 yr return
1.7%
3 Yr Avg Return
-2.8%
5 Yr Avg Return
-0.4%
Net Assets
$961 M
Holdings in Top 10
36.2%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.44%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PRXAX - Profile
Distributions
- YTD Total Return -1.1%
- 3 Yr Annualized Total Return -2.8%
- 5 Yr Annualized Total Return -0.4%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.79%
- Dividend Yield 3.6%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameT. Rowe Price GNMA Fund
-
Fund Family NameTROWEPRICE
-
Inception DateMay 03, 2017
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerKeir Joyce
Fund Description
The fund will normally invest at least 80% of its total assets in mortgage-backed securities issued by the Government National Mortgage Association (GNMA), an agency of the U.S. Department of Housing and Urban Development. For purposes of this requirement, total assets means the fund’s net assets plus any amounts borrowed for investment purposes. These securities represent “pools” of mortgage loans that are guaranteed either by the Federal Housing Administration or the Veterans Administration. Mortgage lenders pool individual home mortgages to back a certificate or bond, which entitle the holder to a proportionate share of the principal and interest payments that are made on the underlying pool of mortgage loans.
Up to 20% of the fund’s total assets may be invested in high-quality securities that are not backed by the full faith and credit of the U.S. government. These securities must have a credit rating in one of the two highest rating categories (AA or AAA, or an equivalent rating) assigned by at least one of the major credit rating agencies at the time of purchase or, if unrated, deemed by the adviser to be of comparable quality. Such securities may include,
among others, mortgage-backed securities issued by government agencies (such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation) that are not backed by the full faith and credit of the U.S. government and mortgage-related securities issued by private banks and other non-governmental issuers.
In selecting securities, the portfolio manager may weigh the characteristics of various types of mortgage-backed securities and examine yield relationships in the context of the outlook for interest rates and the economy. For example, if interest rates seem likely to fall, the portfolio manager may purchase mortgage-backed securities expected to have below-average prepayment rates with longer maturities and allocate some assets to bonds or other securities that could appreciate in that environment.
GNMA guarantees the timely payment of interest and principal on the securities it issues, a guarantee backed by the U.S. Treasury. The GNMA guarantee does not apply to the price of GNMA securities or the fund’s share price, both of which will fluctuate with market conditions.
There is no limit on the maturity of individual securities in the fund’s portfolio or on the fund’s overall weighted average maturity, which will vary and can be influenced by various factors such as the general level of interest rates, and principal prepayments of GNMA and other mortgage-backed securities.
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 swaptions and interest rate futures primarily in an effort to manage its exposure to changes in interest rates or to adjust portfolio duration.
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 and simultaneously agrees to purchase substantially similar securities on a future date. 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.
PRXAX - Performance
Return Ranking - Trailing
Period | PRXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.1% | -2.1% | 9.6% | 68.72% |
1 Yr | 1.7% | -2.8% | 36.8% | 39.21% |
3 Yr | -2.8%* | -7.8% | 11.7% | 33.19% |
5 Yr | -0.4%* | -5.4% | 3.4% | 43.93% |
10 Yr | N/A* | -1.9% | 3.4% | 55.89% |
* Annualized
Return Ranking - Calendar
Period | PRXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.9% | -1.0% | 22.1% | 8.77% |
2022 | -12.7% | -20.4% | -5.8% | 25.99% |
2021 | -2.8% | -7.1% | 16.6% | 33.78% |
2020 | 2.7% | -1.3% | 8.8% | 59.07% |
2019 | 2.7% | 0.3% | 7.1% | 72.64% |
Total Return Ranking - Trailing
Period | PRXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.1% | -2.1% | 9.6% | 68.72% |
1 Yr | 1.7% | -2.8% | 36.8% | 39.21% |
3 Yr | -2.8%* | -7.8% | 11.7% | 33.19% |
5 Yr | -0.4%* | -5.4% | 3.4% | 43.93% |
10 Yr | N/A* | -1.9% | 3.4% | 54.55% |
* Annualized
Total Return Ranking - Calendar
Period | PRXAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.4% | -0.5% | 28.8% | 12.28% |
2022 | -10.9% | -18.5% | -3.3% | 31.72% |
2021 | -2.0% | -4.5% | 25.3% | 61.71% |
2020 | 4.3% | -1.3% | 13.0% | 73.49% |
2019 | 5.3% | 1.8% | 11.3% | 75.94% |
NAV & Total Return History
PRXAX - Holdings
Concentration Analysis
PRXAX | Category Low | Category High | PRXAX % Rank | |
---|---|---|---|---|
Net Assets | 961 M | 9.79 M | 113 B | 45.18% |
Number of Holdings | 768 | 18 | 12861 | 28.95% |
Net Assets in Top 10 | 366 M | 5.49 M | 43.7 B | 45.61% |
Weighting of Top 10 | 36.24% | 6.3% | 115.2% | 54.39% |
Top 10 Holdings
- T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND 5.39%
- GINNIE MAE II POOL 5.10%
- GINNIE MAE II POOL 4.74%
- GINNIE MAE II POOL 4.15%
- GINNIE MAE II POOL 3.64%
- GINNIE MAE II POOL 3.60%
- GINNIE MAE II POOL 3.04%
- GINNIE MAE II POOL 2.36%
- GINNIE MAE 2.19%
- GINNIE MAE II POOL 2.02%
Asset Allocation
Weighting | Return Low | Return High | PRXAX % Rank | |
---|---|---|---|---|
Bonds | 106.76% | 0.08% | 167.02% | 29.39% |
Cash | 5.39% | -29.69% | 22.63% | 29.39% |
Other | 0.03% | -26.81% | 18.17% | 57.89% |
Stocks | 0.00% | 0.00% | 96.75% | 5.26% |
Preferred Stocks | 0.00% | 0.00% | 0.10% | 1.32% |
Convertible Bonds | 0.00% | 0.00% | 3.29% | 3.07% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PRXAX % Rank | |
---|---|---|---|---|
Securitized | 84.19% | 0.00% | 99.79% | 22.37% |
Government | 12.89% | 0.00% | 100.00% | 63.16% |
Cash & Equivalents | 5.39% | -29.63% | 33.75% | 33.33% |
Corporate | 0.00% | 0.00% | 9.48% | 31.58% |
Municipal | 0.00% | 0.00% | 5.24% | 21.49% |
Derivative | -0.02% | -20.68% | 6.72% | 81.14% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PRXAX % Rank | |
---|---|---|---|---|
US | 106.76% | 0.08% | 167.02% | 29.39% |
Non US | 0.00% | 0.00% | 12.01% | 3.95% |
PRXAX - Expenses
Operational Fees
PRXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.44% | 0.03% | 3.55% | 75.77% |
Management Fee | 0.36% | 0.00% | 0.85% | 53.07% |
12b-1 Fee | N/A | 0.00% | 1.00% | 15.83% |
Administrative Fee | N/A | 0.01% | 0.45% | N/A |
Sales Fees
PRXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 4.50% | N/A |
Deferred Load | N/A | 1.00% | 4.50% | N/A |
Trading Fees
PRXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
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.
PRXAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 3.35% | 948.00% | 82.67% |
PRXAX - Distributions
Dividend Yield Analysis
PRXAX | Category Low | Category High | PRXAX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.61% | 0.00% | 4.67% | 42.98% |
Dividend Distribution Analysis
PRXAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
PRXAX | Category Low | Category High | PRXAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.79% | -0.80% | 2.96% | 46.26% |
Capital Gain Distribution Analysis
PRXAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Feb 29, 2024 | $0.024 | DailyAccrualFund |
Jan 31, 2024 | $0.023 | DailyAccrualFund |
Dec 29, 2023 | $0.024 | DailyAccrualFund |
Nov 30, 2023 | $0.024 | DailyAccrualFund |
Oct 31, 2023 | $0.022 | DailyAccrualFund |
Sep 29, 2023 | $0.023 | DailyAccrualFund |
Aug 31, 2023 | $0.023 | DailyAccrualFund |
Jul 31, 2023 | $0.021 | DailyAccrualFund |
Jun 30, 2023 | $0.024 | DailyAccrualFund |
May 31, 2023 | $0.023 | DailyAccrualFund |
Apr 28, 2023 | $0.021 | DailyAccrualFund |
Mar 31, 2023 | $0.023 | DailyAccrualFund |
Feb 28, 2023 | $0.021 | DailyAccrualFund |
Jan 31, 2023 | $0.020 | DailyAccrualFund |
Dec 30, 2022 | $0.021 | DailyAccrualFund |
Nov 30, 2022 | $0.019 | DailyAccrualFund |
Oct 31, 2022 | $0.017 | DailyAccrualFund |
Sep 30, 2022 | $0.019 | DailyAccrualFund |
Aug 31, 2022 | $0.017 | DailyAccrualFund |
Jul 29, 2022 | $0.016 | DailyAccrualFund |
Jun 30, 2022 | $0.014 | DailyAccrualFund |
May 31, 2022 | $0.011 | DailyAccrualFund |
Apr 29, 2022 | $0.011 | DailyAccrualFund |
Mar 31, 2022 | $0.011 | DailyAccrualFund |
Feb 28, 2022 | $0.011 | DailyAccrualFund |
Jan 31, 2022 | $0.007 | DailyAccrualFund |
Dec 31, 2021 | $0.008 | DailyAccrualFund |
Nov 30, 2021 | $0.008 | DailyAccrualFund |
Oct 29, 2021 | $0.009 | DailyAccrualFund |
Sep 30, 2021 | $0.008 | DailyAccrualFund |
Aug 31, 2021 | $0.004 | DailyAccrualFund |
Jul 30, 2021 | $0.006 | DailyAccrualFund |
Jun 30, 2021 | $0.003 | DailyAccrualFund |
May 31, 2021 | $0.006 | DailyAccrualFund |
Apr 30, 2021 | $0.006 | DailyAccrualFund |
Mar 31, 2021 | $0.006 | DailyAccrualFund |
Feb 26, 2021 | $0.006 | DailyAccrualFund |
Jan 29, 2021 | $0.000 | DailyAccrualFund |
Dec 31, 2020 | $0.007 | DailyAccrualFund |
Nov 30, 2020 | $0.006 | DailyAccrualFund |
Oct 30, 2020 | $0.006 | DailyAccrualFund |
Sep 30, 2020 | $0.008 | DailyAccrualFund |
Aug 31, 2020 | $0.005 | DailyAccrualFund |
Jul 31, 2020 | $0.015 | DailyAccrualFund |
Jun 30, 2020 | $0.016 | DailyAccrualFund |
May 29, 2020 | $0.016 | DailyAccrualFund |
Apr 30, 2020 | $0.016 | DailyAccrualFund |
Mar 31, 2020 | $0.016 | DailyAccrualFund |
Feb 28, 2020 | $0.017 | DailyAccrualFund |
Jan 31, 2020 | $0.019 | DailyAccrualFund |
Dec 31, 2019 | $0.016 | DailyAccrualFund |
Nov 29, 2019 | $0.019 | DailyAccrualFund |
Oct 31, 2019 | $0.015 | DailyAccrualFund |
Sep 30, 2019 | $0.015 | DailyAccrualFund |
Aug 30, 2019 | $0.019 | DailyAccrualFund |
Jul 31, 2019 | $0.017 | DailyAccrualFund |
Jun 28, 2019 | $0.017 | OrdinaryDividend |
May 31, 2019 | $0.024 | DailyAccrualFund |
Apr 30, 2019 | $0.022 | DailyAccrualFund |
Mar 29, 2019 | $0.022 | DailyAccrualFund |
Feb 28, 2019 | $0.022 | DailyAccrualFund |
Jan 31, 2019 | $0.020 | DailyAccrualFund |
Dec 31, 2018 | $0.022 | DailyAccrualFund |
Nov 30, 2018 | $0.023 | DailyAccrualFund |
Oct 31, 2018 | $0.021 | DailyAccrualFund |
Aug 31, 2018 | $0.023 | DailyAccrualFund |
Jul 31, 2018 | $0.020 | DailyAccrualFund |
Jun 29, 2018 | $0.022 | DailyAccrualFund |
May 31, 2018 | $0.021 | DailyAccrualFund |
Apr 30, 2018 | $0.020 | DailyAccrualFund |
Mar 29, 2018 | $0.022 | DailyAccrualFund |
Feb 28, 2018 | $0.023 | DailyAccrualFund |
Jan 31, 2018 | $0.023 | DailyAccrualFund |
Dec 29, 2017 | $0.031 | DailyAccrualFund |
Nov 30, 2017 | $0.026 | DailyAccrualFund |
Oct 31, 2017 | $0.026 | DailyAccrualFund |
Sep 29, 2017 | $0.024 | DailyAccrualFund |
Aug 31, 2017 | $0.022 | DailyAccrualFund |
Jul 31, 2017 | $0.021 | DailyAccrualFund |
Jun 30, 2017 | $0.024 | DailyAccrualFund |
May 31, 2017 | $0.022 | DailyAccrualFund |