PRFHX: T. Rowe Price Tax-Free High Yield

Welcome to MutualFunds.com

Please help us personalize your experience and select the one that best describes you.

Your personalized experience is almost ready.

Join other Individual Investors receiving FREE personalized market updates and research. Join other Institutional Investors receiving FREE personalized market updates and research. Join other Financial Advisors receiving FREE personalized market updates and research.

Thank you!

Check your email and confirm your subscription to complete your personalized experience.

Thank you for your submission

We hope you enjoy your experience

Channels

Find the latest content and information here about the 2019 Charles Schwab Impact Conference.

Advisors

Receive email updates about fund flows, news, upcoming CE accredited webcasts from industry thought leaders and more.

Content focused on helping financial advisors build successful client relationships and grow their business.

Content geared towards helping financial advisors build better client portfolios.

Get insights on the industry trends and investment news from leading fund managers and experts.

PRFHX T. Rowe Price Tax-Free High Yield


Profile

PRFHX - Profile

Vitals

  • YTD Return -10.8%
  • 3 Yr Annualized Return -2.3%
  • 5 Yr Annualized Return -1.8%
  • Net Assets $5.78 B
  • Holdings in Top 10 8.4%

52 WEEK LOW AND HIGH

$11.01
$10.80
$12.67

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.72%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 12.80%

TRADING FEES

  • Max Redemption Fee 2.00%

Min Investment

  • Standard (Taxable) $2,500
  • IRA $1,000

Fund Classification


Distributions

  • YTD Total Return -10.0%
  • 3 Yr Annualized Total Return -2.0%
  • 5 Yr Annualized Total Return -1.6%
  • Capital Gain Distribution Frequency None
  • Net Income Ratio 3.66%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    T. Rowe Price Tax Free High Yield Fund
  • Fund Family Name
    T. Rowe Price
  • Inception Date
    Mar 01, 1985
  • Shares Outstanding
    N/A
  • Share Class
    No Load
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    James Murphy

Fund Description

Normally, at least 80% of the fund's income will be exempt from federal income taxes. However, up to 20% of the fund's income could be derived from securities subject to the alternative minimum tax. It generally seeks higher yielding municipal bonds, including those that are rated noninvestment grade (BB and lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price, known as "junk" bonds.


Sign up for Advisor Access

Receive email updates about best performers, news, CE accredited webcasts and more.


Categories

Fund Company Quick Screens

PRFHX - Fund Company Quick Screens


Performance

PRFHX - Performance

Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.8% -15.7% 0.9% 61.62%
1 Yr -8.1% -15.1% 9.9% 64.58%
3 Yr -2.3%* -3.8% 4.5% 66.87%
5 Yr -1.8%* -3.6% 1.9% 59.12%
10 Yr 0.3%* -1.3% 1.9% 38.24%

* Annualized

Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
2019 5.2% -0.7% 9.1% 46.35%
2018 -3.0% -5.7% 9.2% 71.51%
2017 3.4% -9.7% 8.6% 59.38%
2016 -2.3% -6.1% -0.8% 25.49%
2015 -0.3% -5.6% 2.9% 62.50%

Total Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
YTD -10.0% -14.7% 0.9% 62.63%
1 Yr -7.3% -14.2% 10.7% 64.06%
3 Yr -2.0%* -3.4% 4.5% 69.28%
5 Yr -1.6%* -3.4% 1.9% 62.77%
10 Yr 0.4%* -1.1% 4.7% 43.14%

* Annualized

Total Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
2019 5.2% -0.7% 9.9% 46.35%
2018 -3.0% -5.7% 9.2% 74.30%
2017 3.4% -9.7% 8.8% 62.50%
2016 -2.3% -6.1% 1.0% 29.41%
2015 -0.3% -5.6% 5.3% 62.50%

NAV & Total Return History


Holdings

PRFHX - Holdings

Concentration Analysis

PRFHX Category Low Category High PRFHX % Rank
Net Assets 5.78 B 366 K 25 B 24.50%
Number of Holdings 1098 6 4048 25.25%
Net Assets in Top 10 461 M -40.6 M 2.72 B 22.22%
Weighting of Top 10 8.39% 4.6% 98.9% 86.36%

Top 10 Holdings

  1. VIRGINIA SMALL BUSINESS FING AUTH PRIVATE ACTIVITY REV 5% 1.73%
  2. VIRGINIA SMALL BUSINESS FING AUTH REV 5% 0.92%
  3. SALT VERDE FINL CORP SR GAS REV ARIZ 5% 0.83%
  4. BUCKEYE OHIO TOB SETTLEMENT FING AUTH 5.88% 0.81%
  5. DENVER COLO CITY & CNTY SPL FACS ARPT REV 5% 0.75%
  6. LIBERTY N Y DEV CORP REV 5.25% 0.72%
  7. METROPOLITAN PIER & EXPOSITION AUTH ILL DEDICATED ST TAX REV 0% 0.71%
  8. TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV 6.25% 0.65%
  9. TOBACCO SETTLEMENT FING CORP N J 5.25% 0.63%
  10. GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV 5.3% 0.63%

Asset Allocation

Weighting Return Low Return High PRFHX % Rank
Bonds
99.63% 81.55% 142.87% 45.96%
Stocks
0.27% 0.00% 0.35% 2.02%
Cash
0.11% -4.51% 17.48% 62.12%
Preferred Stocks
0.00% -43.10% 0.37% 52.53%
Other
0.00% -2.90% 2.08% 54.55%
Convertible Bonds
0.00% 0.00% 0.01% 53.03%

Stock Sector Breakdown

Weighting Return Low Return High PRFHX % Rank
Industrials
97.95% 0.00% 100.00% 39.29%
Consumer Cyclical
1.53% 0.00% 19.23% 28.57%
Basic Materials
0.52% 0.00% 100.00% 28.57%
Utilities
0.00% 0.00% 0.00% 71.43%
Technology
0.00% 0.00% 0.00% 71.43%
Real Estate
0.00% 0.00% 0.00% 71.43%
Healthcare
0.00% 0.00% 0.00% 71.43%
Financial Services
0.00% 0.00% 0.00% 71.43%
Energy
0.00% 0.00% 100.00% 78.57%
Communication Services
0.00% 0.00% 0.00% 71.43%
Consumer Defense
0.00% 0.00% 0.00% 71.43%

Stock Geographic Breakdown

Weighting Return Low Return High PRFHX % Rank
US
0.27% 0.00% 0.35% 2.02%
Non US
0.00% 0.00% 0.00% 52.02%

Bond Sector Breakdown

Weighting Return Low Return High PRFHX % Rank
Municipal
99.89% 83.27% 100.00% 21.21%
Cash & Equivalents
0.11% 0.00% 16.36% 75.25%
Derivative
0.00% 0.00% 0.22% 57.07%
Securitized
0.00% 0.00% 0.09% 54.55%
Corporate
0.00% 0.00% 4.40% 67.68%
Government
0.00% -2.36% 5.69% 58.59%

Bond Geographic Breakdown

Weighting Return Low Return High PRFHX % Rank
US
96.03% 74.35% 136.82% 34.85%
Non US
3.60% 0.00% 14.36% 67.17%

Expenses

PRFHX - Expenses

Operational Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.72% 0.21% 2.89% 73.60%
Management Fee 0.59% 0.00% 1.25% 84.08%
12b-1 Fee N/A 0.00% 1.00% 11.48%
Administrative Fee N/A 0.01% 0.35% 78.95%

Sales Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 1.00% 2.00% 46.15%

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.

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 12.80% 6.16% 125.00% 18.18%

Distributions

PRFHX - Distributions

Dividend Yield Analysis

PRFHX Category Low Category High PRFHX % Rank
Dividend Yield 0.00% 0.00% 4.50% 72.00%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

PRFHX Category Low Category High PRFHX % Rank
Net Income Ratio 3.66% 1.99% 5.67% 63.45%

Capital Gain Distribution Analysis

PRFHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency None Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

PRFHX - Fund Manager Analysis

Managers

James Murphy


Start Date

Tenure

Tenure Rank

Jan 19, 2001

19.12

19.1%

Mr. Murphy, who joined T. Rowe Price in 2000, is a Vice President of T. Rowe Price Group, Inc. and T. Rowe Price Associates, Inc., and Portfolio Manager in the Fixed Income Division managing the firm's tax-free high-yield strategy. Mr. Murphy received a B.S. in finance from the University of Delaware and an M.B.A. in finance from Seton Hall University. He has also earned the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.18 6.93 0.27