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Trending ETFs

Name

As of 04/11/2024

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

$10.88

$3.34 B

0.00%

0.77%

Vitals

YTD Return

0.8%

1 yr return

3.8%

3 Yr Avg Return

-1.0%

5 Yr Avg Return

1.5%

Net Assets

$3.34 B

Holdings in Top 10

11.0%

52 WEEK LOW AND HIGH

$10.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.77%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 11.80%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$2,500

IRA

$1,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 04/11/2024

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

$10.88

$3.34 B

0.00%

0.77%

PRFHX - Profile

Distributions

  • YTD Total Return 0.8%
  • 3 Yr Annualized Total Return -1.0%
  • 5 Yr Annualized Total Return 1.5%
  • Capital Gain Distribution Frequency None
  • Net Income Ratio 2.99%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    T. Rowe Price Tax-Free High Yield Fund, Inc.
  • Fund Family Name
    T. Rowe Price
  • Inception Date
    Mar 01, 1985
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Murphy

Fund Description

Although the fund may purchase securities of any maturity, the fund invests primarily in longer-term municipal securities. The fund generally seeks higher-yielding municipal bonds, including those that are rated below investment grade (BB and lower, or an equivalent rating) by a major credit rating agency or by T. Rowe Price, known as “junk” bonds.

T. Rowe Price’s active investment management approach emphasizes the value of in-depth fundamental credit research, diversification, and risk management practices. By using fundamental research, T. Rowe Price seeks to select investments for the fund’s portfolio based on its outlook for the different sectors of the tax-free municipal market (for example, T. Rowe Price may emphasize revenue bonds instead of state and local general obligation debt) and specific issuers or securities. The goal of this approach is to seek higher yields while taking a risk-conscious approach. Risk management practices include managing the fund’s duration (which is a measurement of the price sensitivity of a bond or bond fund to changes in interest rates), while also focusing on striking a balance between (i) investing more heavily in certain sectors or issuers and (ii) diversifying the fund’s investments across the broader municipal market.

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.

From time to time, the fund may invest a significant portion of its assets in sectors with special risks, such as health care, transportation, utilities, or private activity bonds.

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PRFHX - Performance

Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -3.8% 3.4% 38.35%
1 Yr 3.8% -6.3% 7.1% 33.98%
3 Yr -1.0%* -9.7% 1.7% 28.36%
5 Yr 1.5%* -4.8% 524.9% 29.17%
10 Yr 3.1%* 0.0% 155.6% 47.24%

* Annualized

Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
2023 3.1% -1.5% 7.5% 44.66%
2022 -16.7% -26.9% -3.5% 41.38%
2021 2.9% -1.9% 5.6% 26.00%
2020 -0.2% -10.1% 4.2% 68.69%
2019 5.2% 2.0% 9.1% 46.35%

Total Return Ranking - Trailing

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.8% -3.8% 3.4% 38.35%
1 Yr 3.8% -6.3% 7.1% 33.98%
3 Yr -1.0%* -9.7% 1.7% 28.36%
5 Yr 1.5%* -4.8% 524.9% 29.17%
10 Yr 3.1%* 0.0% 155.6% 47.24%

* Annualized

Total Return Ranking - Calendar

Period PRFHX Return Category Return Low Category Return High Rank in Category (%)
2023 7.0% 0.4% 10.9% 48.54%
2022 -13.6% -26.9% -2.9% 43.35%
2021 6.1% -1.9% 10.0% 34.50%
2020 3.1% -4.1% 8.2% 62.63%
2019 9.4% 3.5% 1028633.9% 31.77%

NAV & Total Return History


PRFHX - Holdings

Concentration Analysis

PRFHX Category Low Category High PRFHX % Rank
Net Assets 3.34 B 9.79 K 16.1 B 27.54%
Number of Holdings 1010 1 3076 26.21%
Net Assets in Top 10 373 M -102 M 3.44 B 29.61%
Weighting of Top 10 11.04% 4.7% 100.7% 77.56%

Top 10 Holdings

  1. BUCKEYE TOBACCO SETTLEMENT FINANCING AUTHORITY 3.14%
  2. PUERTO RICO SALES TAX FINANCING CORP SALES TAX REVENUE 1.58%
  3. MARYLAND ECONOMIC DEVELOPMENT CORP 1.25%
  4. METROPOLITAN PIER EXPOSITION AUTHORITY 0.92%
  5. VIRGINIA SMALL BUSINESS FINANCING AUTHORITY 0.91%
  6. NEW YORK LIBERTY DEVELOPMENT CORP 0.83%
  7. PUERTO RICO COMMONWEALTH AQUEDUCT SEWER AUTHORITY 0.66%
  8. PUERTO RICO HIGHWAY TRANSPORTATION AUTHORITY 0.60%
  9. COMMONWEALTH OF PUERTO RICO 0.60%
  10. TEXAS PRIVATE ACTIVITY BOND SURFACE TRANSPORTATION CORP 0.57%

Asset Allocation

Weighting Return Low Return High PRFHX % Rank
Bonds
99.04% 0.00% 146.69% 37.80%
Cash
0.95% -0.64% 100.00% 59.71%
Stocks
0.01% 0.00% 99.38% 26.32%
Preferred Stocks
0.00% -47.61% 1.89% 54.85%
Other
0.00% -12.04% 9.96% 55.34%
Convertible Bonds
0.00% 0.00% 0.00% 55.34%

Stock Sector Breakdown

Weighting Return Low Return High PRFHX % Rank
Consumer Cyclical
77.65% 0.00% 77.65% 37.50%
Basic Materials
17.58% 17.58% 100.00% 100.00%
Industrials
4.78% 0.00% 4.78% 37.50%
Utilities
0.00% 0.00% 0.00% 75.00%
Technology
0.00% 0.00% 0.00% 75.00%
Real Estate
0.00% 0.00% 0.00% 75.00%
Healthcare
0.00% 0.00% 0.00% 75.00%
Financial Services
0.00% 0.00% 0.00% 75.00%
Energy
0.00% 0.00% 0.00% 75.00%
Communication Services
0.00% 0.00% 0.00% 75.00%
Consumer Defense
0.00% 0.00% 0.00% 75.00%

Stock Geographic Breakdown

Weighting Return Low Return High PRFHX % Rank
US
0.01% 0.00% 99.38% 26.70%
Non US
0.00% 0.00% 0.00% 55.34%

Bond Sector Breakdown

Weighting Return Low Return High PRFHX % Rank
Municipal
99.85% 0.00% 100.00% 14.08%
Derivative
0.00% -12.35% 1.55% 50.97%
Cash & Equivalents
0.00% 0.00% 100.00% 73.79%
Securitized
0.00% 0.00% 22.44% 57.28%
Corporate
0.00% 0.00% 2.83% 80.10%
Government
0.00% 0.00% 0.09% 57.28%

Bond Geographic Breakdown

Weighting Return Low Return High PRFHX % Rank
US
99.04% 0.00% 139.84% 33.50%
Non US
0.00% 0.00% 13.35% 57.77%

PRFHX - Expenses

Operational Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.77% 0.21% 3.44% 66.34%
Management Fee 0.59% 0.00% 1.41% 83.25%
12b-1 Fee N/A 0.00% 1.00% 11.48%
Administrative Fee 0.15% 0.02% 0.35% 70.49%

Sales Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

PRFHX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% 76.92%

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 11.80% 2.00% 121.00% 11.98%

PRFHX - Distributions

Dividend Yield Analysis

PRFHX Category Low Category High PRFHX % Rank
Dividend Yield 0.00% 0.00% 6.72% 67.46%

Dividend Distribution Analysis

PRFHX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

PRFHX Category Low Category High PRFHX % Rank
Net Income Ratio 2.99% 1.11% 5.70% 61.72%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PRFHX - Fund Manager Analysis

Managers

James Murphy


Start Date

Tenure

Tenure Rank

Jan 19, 2001

21.38

21.4%

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
0.06 21.43 7.46 2.52