T. Rowe Price High Yield Fund
PRHYX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- Baltimore MD 21202 Baltimore MD United States of America 21202
- IPO Date
- Dec 31, 1984
- CIK
- 0000754915
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price High Yield Fund (PRHYX) is an open-end mutual fund that seeks high current income and, secondarily, capital appreciation by investing at least 80% of its net assets in a widely diversified portfolio of high-yield corporate bonds, often referred to as "junk" bonds; income-producing convertible securities; and preferred stocks rated below investment grade or unrated but deemed of comparable quality by T. Rowe Price Associates, Inc., the fund's investment adviser. The fund employs a disciplined investment process emphasizing rigorous credit analysis, risk management, and active portfolio construction across various industries and sectors, including top holdings such as Cloud Software Group Inc. 9%, Asurion, UKG Inc. 6.875%, Venture Global LNG Inc. 9%, and Rivian Automotive LLC 10%; it also allocates to cash equivalents like T. Rowe Price Government Reserve for liquidity and derivatives for hedging. Managed primarily by Rodney Rayburn since January 2019, the fund targets income-seeking investors, including individuals and institutions, with total net assets of approximately $6.73 billion and share class size around $1.22 billion as of recent data. Launched on December 31, 1984, the fund operates from T. Rowe Price's headquarters at 100 East Pratt Street, Baltimore, Maryland 21202, United States, with a domicile in the United States and daily pricing in USD. Geographically, it focuses on U.S. high-yield fixed-income markets, investing in domestic corporate issuers while maintaining diversification to mitigate concentration risk. In recent developments, the fund is undergoing a strategic reorganization with the New America High Income Fund, Inc. (NYSE: HYB), a closed-end fund also managed by T. Rowe Price, which will merge into PRHYX, converting HYB shareholders to Investor Class shares of the High Yield Fund; originally targeted for early 2025, the closing awaits a mutually agreed date to eliminate trading discounts, streamline operations, and enhance shareholder value amid favorable high-yield market conditions driven by Federal Reserve rate cut signals. This follows improved 1-year and year-to-date returns in 2024-2025 as high-yield spreads tightened, bolstering the fund's performance relative to benchmarks like the Barclays Aggregate Index. No other major acquisitions, new product launches, or management shifts have been reported for PRHYX in the last 1-2 years, though T. Rowe Price Group continues to expand its broader high-yield and fixed-income offerings.