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Trending ETFs

Name

As of 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.37

$653 M

4.40%

$0.37

0.83%

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

$8.4
N/A
N/A

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 03/26/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$8.37

$653 M

4.40%

$0.37

0.83%

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%
DIVIDENDS
  • Dividend Yield 4.4%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    T. Rowe Price Total Return Fund
  • Fund Family Name
    TROWEPRICE
  • Inception Date
    Nov 15, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Christopher 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.

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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

  1. T ROWE PRICE GOVERNMENT RESERVE INVESTMENT FUND 4.18%
  2. UNITED STATES TREASURY NOTE/BOND 1.88%
  3. UNITED STATES TREASURY NOTE/BOND 1.69%
  4. UNITED STATES TREASURY NOTE/BOND 1.54%
  5. UNITED STATES TREASURY NOTE/BOND 1.51%
  6. FREDDIE MAC POOL 1.37%
  7. UNITED STATES TREASURY NOTE/BOND 1.18%
  8. UNITED STATES TREASURY NOTE/BOND 1.16%
  9. FREDDIE MAC POOL 1.16%
  10. 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

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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