T. Rowe Price Total Return Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-1.1%
1 yr return
0.6%
3 Yr Avg Return
-3.6%
5 Yr Avg Return
0.1%
Net Assets
$653 M
Holdings in Top 10
16.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.83%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 458.40%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PTATX - Profile
Distributions
- YTD Total Return -1.1%
- 3 Yr Annualized Total Return -3.6%
- 5 Yr Annualized Total Return 0.1%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.42%
- Dividend Yield 4.4%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameT. Rowe Price Total Return Fund
-
Fund Family NameTROWEPRICE
-
Inception DateNov 15, 2016
-
Shares OutstandingN/A
-
Share ClassAdv
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerChristopher Brown
Fund Description
The fund invests in a diversified portfolio of bonds and other debt instruments. The fund has considerable flexibility in seeking strong returns and its portfolio is constructed with a goal of being able to respond to a wide variety of market conditions. The fund’s investments typically include, but are not limited to, debt instruments issued by the U.S. government and its agencies (such as U.S. Treasury securities), corporate bonds, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), and various types of mortgage-backed and asset-backed securities.
The fund may invest up to 35% of its net assets in corporate bonds and other debt instruments that are rated below investment grade (below BBB, or an equivalent rating), commonly known
as “high yield” or “junk” bonds, by each of the rating agencies that have assigned a rating to the security or, if unrated, deemed by the adviser to be below investment grade. The fund may purchase securities of any credit rating, including distressed and defaulted securities. If a holding is split rated (i.e., rated investment grade by at least one rating agency and below investment grade by another rating agency), the higher rating will be used for purposes of this requirement.
The fund may invest in securities issued by both U.S. and non-U.S. issuers, including issuers in emerging market countries. Up to 20% of the fund’s net assets can be invested in non-U.S. dollar-denominated holdings, and there is no limit on the fund’s investments in U.S. dollar-denominated securities of foreign issuers, including issuers in emerging markets. The fund relies on a classification by an unaffiliated third-party data provider to determine which countries are emerging markets. The fund may also gain exposure to currencies through derivative instruments without holding any bonds or other securities denominated in those particular currencies.
The fund may purchase securities of any maturity and there are no overall maturity restrictions for the portfolio. The fund’s weighted average maturity and duration will generally shift in response to current interest rates and expected interest rate changes.
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 swaps, credit default swaps, and currency swaps; forward currency exchange contracts; total return swaps and options on any of those instruments to manage duration and tactically gain or limit exposure to certain areas of the markets. Interest rate futures are typically used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Interest rate swaps are also used to adjust portfolio duration, credit default swaps can be used to protect the value of certain portfolio holdings, as an alternative to cash bonds, and to manage the fund’s overall credit risk exposure. Forward currency exchange contracts are used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the fund’s foreign holdings from adverse currency movements relative to the U.S. dollar. Total return swaps can be used in order to obtain a short position with respect to a particular instrument.
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.
When deciding whether to adjust allocations among the various types of securities in which the fund may invest, the adviser weighs such factors as the outlook for inflation and the economy, expected interest rate movements, credit conditions, and the yield advantage that lower-rated bonds may offer over investment-grade bonds. When there is a large yield difference between the various quality levels and the outlook warrants, the fund may move down the credit scale and purchase lower-rated bonds with higher yields, such as junk bonds and emerging market bonds. When the difference is small or the outlook warrants, the fund may concentrate investments in higher-rated issues, such as Treasury securities.
PTATX - Performance
Return Ranking - Trailing
Period | PTATX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.1% | -5.6% | 4.3% | 75.67% |
1 Yr | 0.6% | -9.7% | 17.7% | 80.64% |
3 Yr | -3.6%* | -10.5% | 26.1% | 87.43% |
5 Yr | 0.1%* | -6.6% | 191.5% | 74.07% |
10 Yr | N/A* | -2.3% | 73.8% | N/A |
* Annualized
Return Ranking - Calendar
Period | PTATX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.6% | -16.2% | 8.1% | 92.47% |
2022 | -18.7% | -34.7% | 131.9% | 91.09% |
2021 | -2.6% | -11.6% | 4.4% | 21.22% |
2020 | 4.8% | -10.1% | 946.1% | 36.79% |
2019 | 4.5% | -1.7% | 156.4% | 78.36% |
Total Return Ranking - Trailing
Period | PTATX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -1.1% | -5.6% | 4.3% | 75.67% |
1 Yr | 0.6% | -9.7% | 17.7% | 80.64% |
3 Yr | -3.6%* | -10.5% | 26.1% | 87.43% |
5 Yr | 0.1%* | -6.6% | 191.5% | 74.07% |
10 Yr | N/A* | -2.3% | 73.8% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PTATX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.3% | -11.3% | 11.0% | 75.42% |
2022 | -16.1% | -32.2% | 131.9% | 93.83% |
2021 | 0.2% | -9.4% | 9.2% | 19.85% |
2020 | 8.1% | -1.9% | 1009.0% | 55.02% |
2019 | 9.7% | 1.1% | 21668.0% | 27.45% |
NAV & Total Return History
PTATX - Holdings
Concentration Analysis
PTATX | Category Low | Category High | PTATX % Rank | |
---|---|---|---|---|
Net Assets | 653 M | 2.73 M | 292 B | 59.77% |
Number of Holdings | 1209 | 1 | 17889 | 32.39% |
Net Assets in Top 10 | 112 M | -106 M | 36.5 B | 66.93% |
Weighting of Top 10 | 16.80% | 4.4% | 134.5% | 75.79% |
Top 10 Holdings
- T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND 4.18%
- UNITED STATES TREASURY NOTE/BOND 1.88%
- UNITED STATES TREASURY NOTE/BOND 1.69%
- UNITED STATES TREASURY NOTE/BOND 1.54%
- UNITED STATES TREASURY NOTE/BOND 1.51%
- FREDDIE MAC POOL 1.37%
- UNITED STATES TREASURY NOTE/BOND 1.18%
- UNITED STATES TREASURY NOTE/BOND 1.16%
- FREDDIE MAC POOL 1.16%
- UNITED STATES TREASURY NOTE/BOND 1.14%
Asset Allocation
Weighting | Return Low | Return High | PTATX % Rank | |
---|---|---|---|---|
Bonds | 94.62% | 0.00% | 215.98% | 50.00% |
Other | 7.35% | -13.23% | 58.65% | 32.49% |
Cash | 5.09% | -54.51% | 88.26% | 30.33% |
Convertible Bonds | 0.60% | 0.00% | 7.93% | 77.34% |
Preferred Stocks | 0.20% | 0.00% | 74.68% | 15.85% |
Stocks | 0.00% | 0.00% | 99.93% | 33.98% |
Stock Sector Breakdown
Weighting | Return Low | Return High | PTATX % Rank | |
---|---|---|---|---|
Technology | 43.45% | 0.00% | 43.45% | 0.58% |
Communication Services | 15.36% | 0.00% | 100.00% | 5.26% |
Consumer Cyclical | 15.29% | 0.00% | 100.00% | 7.02% |
Utilities | 11.01% | 0.00% | 100.00% | 12.28% |
Healthcare | 5.55% | 0.00% | 17.70% | 7.60% |
Consumer Defense | 4.94% | 0.00% | 99.67% | 14.62% |
Industrials | 3.53% | 0.00% | 48.31% | 24.56% |
Financial Services | 0.88% | 0.00% | 100.00% | 38.60% |
Real Estate | 0.00% | 0.00% | 99.26% | 30.41% |
Energy | 0.00% | 0.00% | 100.00% | 52.63% |
Basic Materials | 0.00% | 0.00% | 100.00% | 35.09% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | PTATX % Rank | |
---|---|---|---|---|
US | 0.00% | 0.00% | 99.93% | 32.19% |
Non US | 0.00% | 0.00% | 86.52% | 17.61% |
Bond Sector Breakdown
Weighting | Return Low | Return High | PTATX % Rank | |
---|---|---|---|---|
Securitized | 39.27% | 0.00% | 98.40% | 24.83% |
Government | 32.85% | 0.00% | 86.23% | 30.94% |
Corporate | 23.05% | 0.00% | 100.00% | 77.34% |
Cash & Equivalents | 5.09% | 0.00% | 88.06% | 28.47% |
Municipal | 1.67% | 0.00% | 100.00% | 16.45% |
Derivative | -0.08% | -5.38% | 58.65% | 79.55% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | PTATX % Rank | |
---|---|---|---|---|
US | 93.18% | 0.00% | 215.98% | 51.08% |
Non US | 1.44% | 0.00% | 39.04% | 23.87% |
PTATX - Expenses
Operational Fees
PTATX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.83% | 0.01% | 39.10% | 38.26% |
Management Fee | 0.31% | 0.00% | 1.76% | 34.78% |
12b-1 Fee | 0.25% | 0.00% | 1.00% | 25.41% |
Administrative Fee | 0.15% | 0.01% | 0.50% | 71.43% |
Sales Fees
PTATX 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% | 5.00% | N/A |
Trading Fees
PTATX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 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.
PTATX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 458.40% | 2.00% | 493.39% | 92.63% |
PTATX - Distributions
Dividend Yield Analysis
PTATX | Category Low | Category High | PTATX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.40% | 0.00% | 9.77% | 11.23% |
Dividend Distribution Analysis
PTATX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Monthly | Annual |
Net Income Ratio Analysis
PTATX | Category Low | Category High | PTATX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.42% | -1.28% | 4.79% | 12.76% |
Capital Gain Distribution Analysis
PTATX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Feb 29, 2024 | $0.031 | OrdinaryDividend |
Jan 31, 2024 | $0.029 | DailyAccrualFund |
Dec 29, 2023 | $0.033 | DailyAccrualFund |
Nov 30, 2023 | $0.032 | DailyAccrualFund |
Oct 31, 2023 | $0.031 | DailyAccrualFund |
Sep 29, 2023 | $0.032 | DailyAccrualFund |
Aug 31, 2023 | $0.035 | DailyAccrualFund |
Jul 31, 2023 | $0.034 | DailyAccrualFund |
Jun 30, 2023 | $0.036 | DailyAccrualFund |
May 31, 2023 | $0.035 | DailyAccrualFund |
Apr 28, 2023 | $0.030 | DailyAccrualFund |
Mar 31, 2023 | $0.034 | DailyAccrualFund |
Feb 28, 2023 | $0.029 | DailyAccrualFund |
Jan 31, 2023 | $0.028 | DailyAccrualFund |
Dec 30, 2022 | $0.031 | DailyAccrualFund |
Nov 30, 2022 | $0.029 | DailyAccrualFund |
Oct 31, 2022 | $0.026 | DailyAccrualFund |
Sep 30, 2022 | $0.028 | DailyAccrualFund |
Aug 31, 2022 | $0.027 | DailyAccrualFund |
Jul 29, 2022 | $0.023 | DailyAccrualFund |
Jun 30, 2022 | $0.022 | DailyAccrualFund |
May 31, 2022 | $0.023 | DailyAccrualFund |
Apr 29, 2022 | $0.022 | DailyAccrualFund |
Mar 31, 2022 | $0.021 | DailyAccrualFund |
Feb 28, 2022 | $0.018 | DailyAccrualFund |
Jan 31, 2022 | $0.018 | DailyAccrualFund |
Dec 31, 2021 | $0.025 | DailyAccrualFund |
Nov 30, 2021 | $0.019 | DailyAccrualFund |
Oct 29, 2021 | $0.020 | DailyAccrualFund |
Sep 30, 2021 | $0.019 | DailyAccrualFund |
Aug 31, 2021 | $0.017 | DailyAccrualFund |
Jul 30, 2021 | $0.018 | DailyAccrualFund |
Jun 30, 2021 | $0.017 | DailyAccrualFund |
May 28, 2021 | $0.018 | DailyAccrualFund |
Apr 30, 2021 | $0.021 | DailyAccrualFund |
Mar 31, 2021 | $0.020 | DailyAccrualFund |
Feb 26, 2021 | $0.016 | DailyAccrualFund |
Jan 29, 2021 | $0.016 | DailyAccrualFund |
Dec 31, 2020 | $0.022 | DailyAccrualFund |
Nov 30, 2020 | $0.019 | DailyAccrualFund |
Oct 30, 2020 | $0.024 | DailyAccrualFund |
Sep 30, 2020 | $0.022 | DailyAccrualFund |
Aug 31, 2020 | $0.022 | DailyAccrualFund |
Jul 31, 2020 | $0.025 | DailyAccrualFund |
Jun 30, 2020 | $0.023 | DailyAccrualFund |
May 29, 2020 | $0.025 | DailyAccrualFund |
Apr 30, 2020 | $0.023 | DailyAccrualFund |
Mar 31, 2020 | $0.023 | DailyAccrualFund |
Feb 28, 2020 | $0.023 | DailyAccrualFund |
Jan 31, 2020 | $0.026 | DailyAccrualFund |
Dec 31, 2019 | $0.036 | DailyAccrualFund |
Nov 29, 2019 | $0.027 | DailyAccrualFund |
Oct 31, 2019 | $0.026 | DailyAccrualFund |
Sep 30, 2019 | $0.024 | DailyAccrualFund |
Aug 30, 2019 | $0.027 | DailyAccrualFund |
Jul 31, 2019 | $0.027 | DailyAccrualFund |
May 31, 2019 | $0.033 | DailyAccrualFund |
Apr 30, 2019 | $0.029 | DailyAccrualFund |
Mar 29, 2019 | $0.029 | DailyAccrualFund |
Feb 28, 2019 | $0.023 | DailyAccrualFund |
Jan 31, 2019 | $0.024 | DailyAccrualFund |
Dec 31, 2018 | $0.026 | DailyAccrualFund |
Nov 30, 2018 | $0.028 | DailyAccrualFund |
Oct 31, 2018 | $0.027 | DailyAccrualFund |
Aug 31, 2018 | $0.029 | DailyAccrualFund |
Jul 31, 2018 | $0.025 | DailyAccrualFund |
Jun 29, 2018 | $0.025 | DailyAccrualFund |
May 31, 2018 | $0.024 | DailyAccrualFund |
Apr 30, 2018 | $0.025 | DailyAccrualFund |
Mar 29, 2018 | $0.023 | DailyAccrualFund |
Feb 28, 2018 | $0.018 | DailyAccrualFund |
Jan 31, 2018 | $0.022 | DailyAccrualFund |
Dec 29, 2017 | $0.023 | DailyAccrualFund |
Nov 30, 2017 | $0.024 | DailyAccrualFund |
Oct 31, 2017 | $0.022 | DailyAccrualFund |
Sep 29, 2017 | $0.022 | DailyAccrualFund |
Aug 31, 2017 | $0.021 | DailyAccrualFund |
Jul 31, 2017 | $0.020 | DailyAccrualFund |
Jun 30, 2017 | $0.022 | DailyAccrualFund |
May 31, 2017 | $0.021 | DailyAccrualFund |
Apr 28, 2017 | $0.021 | DailyAccrualFund |
Mar 31, 2017 | $0.024 | DailyAccrualFund |
Feb 28, 2017 | $0.019 | DailyAccrualFund |
Jan 31, 2017 | $0.020 | DailyAccrualFund |
Dec 30, 2016 | $0.021 | DailyAccrualFund |
Nov 30, 2016 | $0.006 | DailyAccrualFund |
PTATX - Fund Manager Analysis
Managers
Christopher Brown
Start Date
Tenure
Tenure Rank
Nov 15, 2016
5.54
5.5%
Chris Brown is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc., and an associate portfolio manager in the Fixed Income Division. He is a member of the U.S. Taxable Bond team focusing on securitized products portfolios. In addition, Chris works closely with the Quantitative Research team to incorporate quantitative analysis into the multi-sector investment process. Prior to joining T. Rowe Price in 2005, he was employed as a fixed income analyst and trader by Riggs Investment Advisors, Inc., in Washington, D.C. Prior to Riggs, Chris was employed as an investment analyst by Cambridge Associates LLC in Arlington, Virginia. He earned a B.A. in economics from Washington & Lee University and an M.B.A. from the University of Maryland, Robert H. Smith School of Business. Chris also has earned the Chartered Financial Analyst designation.
Anna Dreyer
Start Date
Tenure
Tenure Rank
Jan 01, 2021
1.41
1.4%
Anna Dreyer is a Vice President of T. Rowe Price Group, Inc., and T. Rowe Price. She is a quantitative analyst and portfolio manager within the T. Rowe Price Asset Allocation Group. She serves as co-portfolio manager of the T. Rowe Price Managed Volatility Strategy. Anna joined the firm in 2008. During the past five years, Ms. Dreyer served, and continues to serve, as head of Risk and Portfolio Construction Research in the firm’s Fixed Income Division (beginning January 2019) and prior to that, as portfolio manager of the firm’s Managed Volatility Investment strategies and as an associate director of research within the Multi-Asset Division. She earned a B.S. and an M.Eng. in electrical engineering and computer science, with a minor in economics, and a Ph.D. in biomedical engineering, all from the Massachusetts Institute of Technology (MIT). While at MIT, Ms. Dreyer was an Intel Women in Science and Engineering Scholar. Ms. Dreyer has also earned the Chartered Financial Analyst designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.43 | 6.82 | 1.16 |