T. Rowe Price Corporate Income
PRPIX
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- T. Rowe Price Corporate Income Fund (PRPIX) is an open-end mutual fund that seeks high current income with some capital appreciation through investments primarily in investment-grade and non-investment-grade corporate bonds; high-yield bonds; convertible securities; foreign securities; asset-backed securities; bank loans; U.S. government agency obligations; municipal securities; and derivatives such as interest rate futures and credit default swaps for positioning and risk hedging. The fund allocates the majority of its portfolio to corporate bonds (86.8% as of May 31, 2025), followed by asset-backed securities (6.7%), securities lending collateral (2.2%), and foreign government obligations (2.0%), with top holdings including Bank of America, Morgan Stanley, Citigroup, and Goldman Sachs Group. Launched on October 31, 1995, and managed by Steven Boothe and Lauren Wagandt since January 31, 2018, the fund is domiciled in the United States and available primarily to U.S. investors through retail and institutional channels, including platforms like Schwab, Fidelity, and TD Ameritrade. T. Rowe Price Corporate Income Fund, Inc. operates from its principal address at 1307 Point Street, Baltimore, Maryland 21231, as part of T. Rowe Price Group, Inc., a global investment management firm founded in 1937 and headquartered at 100 East Pratt Street in Baltimore. The fund targets investors seeking high income and moderate capital growth who can tolerate share price volatility, interest rate risk, credit risk from junk bonds, and foreign investment exposures, with a net expense ratio of 0.59% for the Investor Class and total net assets of approximately $331 million as of May 31, 2025. In a significant strategic shift effective August 1, 2025, the fund updated its investment policy to normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in income-producing securities issued by corporations, reflecting a heightened emphasis on corporate debt to enhance income generation amid evolving market conditions. This change, detailed in the fund's updated prospectus, aligns with ongoing portfolio adjustments, including increased allocation to U.S. corporate investment-grade bonds and sector selections in banking, communication, and electric utilities that contributed to relative outperformance against the Bloomberg U.S. Corporate Investment Grade Bond Index over the fiscal year ended May 31, 2025. The portfolio maintains a moderate interest-rate sensitivity and mid-credit quality profile, with an effective duration of 6.68 years and annual turnover of 78.1%.