T. Rowe Price New Income Fund
PRCIX
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ROIC.AI
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- T. Rowe Price New Income Fund (PRCIX) is an open-end mutual fund that seeks to maximize total return through income and capital appreciation by investing at least 80% of its net assets in income-producing debt securities, including U.S. Treasury notes and bonds, investment-grade corporate bonds, mortgage-backed securities, and non-U.S. bonds; it maintains flexibility across various credit qualities and maturities, with a weighted average maturity typically ranging from four to 15 years. The fund primarily allocates to U.S. bonds (approximately 89%), non-U.S. bonds (about 10%), and minimal cash and equity holdings, targeting the intermediate core bond category with top holdings such as United States Treasury Notes 4.625%, 4.375%, and related securities comprising around 11% of the portfolio. Managed by T. Rowe Price Group, Inc., a global investment management firm founded in 1937 and headquartered in Baltimore, Maryland, the fund operates primarily in the United States with total net assets of approximately $15.93 billion as of recent data. In July 2024, the fund underwent a significant portfolio management change with Christopher Brown and Anna Dreyer assuming roles as lead managers, reflecting T. Rowe Price's ongoing emphasis on experienced fixed income leadership. This transition aligns with broader firm initiatives, including the November 2025 launch of four new active fixed income ETFs—such as T. Rowe Price Short Municipal Income ETF (TMNS), Long Municipal Income ETF (TMNL), High Income Municipal ETF (THYM), and Multi-Sector Income ETF (TMSF)—expanding offerings in municipal and multi-sector bonds. Additionally, T. Rowe Price announced a multi-year strategic collaboration with Goldman Sachs Asset Management in September 2025, involving up to a $1 billion investment in T. Rowe Price stock and the debut of co-branded model portfolios in December 2025, aimed at enhancing wealth and retirement solutions with private market access.