T. Rowe Price Floating Rate Fund, Inc.
PRFRX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 East Baltimore Street Baltimore MD United States of America 21202
- IPO Date
- Aug 1, 2011
- CIK
- 0001520245
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price Floating Rate Fund, Inc. (PRFRX) is an open-end mutual fund that seeks high current income, and secondarily capital appreciation, by investing primarily in floating-rate loans and floating rate debt securities. The fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in such instruments, with most holdings consisting of below-investment-grade loans (rated below BBB or equivalent, commonly known as "junk") issued by companies or other entities to banks and lenders; it maintains broad diversification across approximately 200-300 issuers, with top sectors including bank loans (87.44%), corporate bonds (8.18%), and cash equivalents (6.81%), and asset allocation heavily weighted toward U.S. bonds (89.03%) and non-U.S. bonds (6.11%). Managed by Paul Massaro since inception, the fund features a net expense ratio of 0.76%, daily pricing, a minimum initial investment of $2,500 (or $1,000 for IRAs), and total net assets of approximately $4.35 billion as of recent data. Launched on July 29, 2011, and domiciled in the United States, the fund operates within the bank loan category of the Morningstar classification, with its benchmark being the S&P/LSTA Performing Loan Index. It is available for sale to investors in the United States and targets income-focused investors seeking low interest-rate sensitivity and limited credit quality exposure. The fund is part of the T. Rowe Price family of funds, with the parent firm headquartered at 1307 Point Street in Baltimore, Maryland, where T. Rowe Price Group, Inc. was founded in 1937 and maintains global operations serving clients across 55 countries. In recent developments, T. Rowe Price extended its floating rate investment strategy with the launch of the related T. Rowe Price Floating Rate ETF (TFLR) in late 2022, mirroring the PRFRX approach to provide similar exposure through an exchange-traded structure focused on BB- and B-rated loans for income generation amid rising rates. The fund has demonstrated resilience in recent rate environments, posting a 12-month total return of approximately 6.12% and YTD gains of 3.65% as of September 2025, alongside strong historical performance in select years such as 12.05% in 2023 and 8.78% in 2024. No major acquisitions, partnerships, funding rounds, or portfolio manager changes have been reported for PRFRX within the last 1-2 years, reflecting stable operations under its established strategy.