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Trending ETFs

Name

As of 06/20/2024

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

$9.30

$3.46 B

8.83%

$0.82

1.04%

Vitals

YTD Return

3.4%

1 yr return

10.9%

3 Yr Avg Return

5.4%

5 Yr Avg Return

4.5%

Net Assets

$3.46 B

Holdings in Top 10

22.3%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.04%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 62.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/20/2024

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

$9.30

$3.46 B

8.83%

$0.82

1.04%

PAFRX - Profile

Distributions

  • YTD Total Return 3.4%
  • 3 Yr Annualized Total Return 5.4%
  • 5 Yr Annualized Total Return 4.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.67%
DIVIDENDS
  • Dividend Yield 8.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    T. Rowe Price Floating Rate Fund
  • Fund Family Name
    TROWEPRICE
  • Inception Date
    Jul 29, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Adv
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Paul Massaro

Fund Description

The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in floating rate loans and floating rate debt securities.

Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders. Most, if not all, of the loans in which the fund invests are rated below investment grade (below BBB, or an equivalent rating) or are not rated by established credit rating agencies (commonly referred to as “high yield” or “junk” bonds). The loans in which the fund invests may be referred to as “leveraged loans” because the borrowing companies often have significantly more debt than equity.

The loans held by the fund may be senior or subordinate obligations of the borrower, although the fund normally invests the majority of its assets in senior floating rate loans. In the event of bankruptcy, holders of senior floating rate loans are typically paid (to the extent assets are available) before other creditors of the borrower, such as bondholders and stockholders. Holders of subordinate loans may be paid after more senior bondholders. Loans may or may not be secured by collateral. There is no limit on the fund’s investments in unsecured loans or in companies involved in bankruptcy proceedings, reorganizations, or financial restructurings.

Floating rate loans have interest rates that reset periodically (typically quarterly or monthly). Floating rate loans may be structured and administered by a financial institution that acts as the agent of the lenders participating in the floating rate loan. The fund may acquire floating rate loans directly from a lender or through the agent, as an assignment from another lender who holds a floating rate loan, or as a participation interest in another lender’s floating rate loan or portion thereof.

Most assets will typically be invested in U.S. dollar-denominated floating rate loans and debt instruments, including U.S. dollar-denominated bonds or loans of foreign issuers or lenders. The fund may also invest up to 20% of its total assets in non-U.S. dollar-denominated investments.

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PAFRX - Performance

Return Ranking - Trailing

Period PAFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -96.4% 6.5% 71.90%
1 Yr 10.9% -96.3% 15.2% 30.66%
3 Yr 5.4%* -67.0% 8.3% 22.61%
5 Yr 4.5%* -47.8% 37.6% 27.53%
10 Yr 3.9%* -2.2% 19.3% 17.39%

* Annualized

Return Ranking - Calendar

Period PAFRX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -12.0% 11.1% 44.36%
2022 -5.7% -22.9% 5.1% 17.54%
2021 0.6% -12.2% 11.1% 73.56%
2020 -2.4% -14.1% 289.8% 41.20%
2019 3.4% -8.1% 7.5% 29.34%

Total Return Ranking - Trailing

Period PAFRX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.4% -96.4% 6.5% 71.90%
1 Yr 10.9% -96.3% 15.2% 30.66%
3 Yr 5.4%* -67.0% 8.3% 22.61%
5 Yr 4.5%* -47.8% 37.6% 27.53%
10 Yr 3.9%* -2.2% 19.3% 17.39%

* Annualized

Total Return Ranking - Calendar

Period PAFRX Return Category Return Low Category Return High Rank in Category (%)
2023 12.1% -12.0% 22.1% 60.36%
2022 -0.9% -22.9% 5.1% 17.54%
2021 4.4% -10.2% 11.1% 64.37%
2020 1.5% -14.1% 306.9% 57.60%
2019 8.3% -3.6% 10.5% 32.64%

NAV & Total Return History


PAFRX - Holdings

Concentration Analysis

PAFRX Category Low Category High PAFRX % Rank
Net Assets 3.46 B 29.9 M 13.5 B 16.23%
Number of Holdings 327 2 1848 49.81%
Net Assets in Top 10 770 M -191 M 2.48 B 8.61%
Weighting of Top 10 22.33% 5.2% 100.8% 21.43%

Top 10 Holdings

  1. T. Rowe Price Government Reserve Fund 7.67%
  2. HUB INTERNATIONAL LTD 2.52%
  3. UFC HOLDINGS LLC 1.80%
  4. UKG INC 1.73%
  5. EPICOR SOFTWARE CORP 1.59%
  6. UKG INC 1.47%
  7. BOXER PARENT CO INC 1.45%
  8. APPLIED SYSTEMS INC 1.42%
  9. ASURION LLC 1.36%
  10. CLOUD SOFTWARE GROUP INC 1.33%

Asset Allocation

Weighting Return Low Return High PAFRX % Rank
Bonds
96.49% 0.00% 161.82% 34.08%
Cash
7.67% -61.90% 20.29% 26.22%
Other
0.04% -52.39% 26.58% 46.44%
Stocks
0.00% 0.00% 100.78% 96.25%
Preferred Stocks
0.00% -3.99% 6.22% 70.04%
Convertible Bonds
0.00% 0.00% 5.51% 73.58%

Bond Sector Breakdown

Weighting Return Low Return High PAFRX % Rank
Corporate
89.40% 0.00% 99.80% 50.19%
Cash & Equivalents
7.67% 0.00% 25.03% 23.60%
Derivative
0.04% -11.50% 1.00% 31.46%
Securitized
0.00% 0.00% 91.68% 78.11%
Municipal
0.00% 0.00% 0.47% 56.98%
Government
0.00% 0.00% 3.18% 64.91%

Bond Geographic Breakdown

Weighting Return Low Return High PAFRX % Rank
US
96.04% 0.00% 143.64% 28.46%
Non US
0.45% 0.00% 63.23% 46.82%

PAFRX - Expenses

Operational Fees

PAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.04% 0.03% 12.26% 56.93%
Management Fee 0.59% 0.00% 1.89% 33.21%
12b-1 Fee 0.25% 0.00% 1.00% 40.44%
Administrative Fee 0.15% 0.02% 0.27% 73.33%

Sales Fees

PAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 23.81%

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.

PAFRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 62.00% 4.00% 180.00% 51.59%

PAFRX - Distributions

Dividend Yield Analysis

PAFRX Category Low Category High PAFRX % Rank
Dividend Yield 8.83% 0.00% 11.13% 55.64%

Dividend Distribution Analysis

PAFRX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

PAFRX Category Low Category High PAFRX % Rank
Net Income Ratio 3.67% 1.77% 9.82% 45.04%

Capital Gain Distribution Analysis

PAFRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PAFRX - Fund Manager Analysis

Managers

Paul Massaro


Start Date

Tenure

Tenure Rank

Jul 29, 2011

10.85

10.9%

Paul Massaro is a vice president of T. Rowe Price Group, Inc.; T. Rowe Price Associates, Inc.; and T. Rowe Price Trust Company. He is a portfolio manager for high yield strategies in the Fixed Income Division. Paul is executive vice president of the T. Rowe Price Institutional Income Funds, Inc.; and the T. Rowe Price Floating Rate Fund, Inc. He also is chairman of the Investment Advisory Committee and portfolio manager of the Floating Rate and Institutional Floating Rate Funds. Prior to joining T. Rowe Price in 2003, Paul worked in equity research at Banc of America Securities and at J.P. Morgan Chase, both in New York. He earned a B.S. in business management from Cornell University and an M.B.A. in finance and strategic management from The Wharton School, University of Pennsylvania. Paul also has earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.03 3.25