T. Rowe Price Short Term Bond Fund
PRWBX
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- T. Rowe Price Short-Term Bond Fund (PRWBX) is an open-end mutual fund managed by T. Rowe Price Group, Inc. that seeks a high level of income consistent with minimal fluctuation in principal value and liquidity by investing primarily in short- and intermediate-term investment-grade debt securities; the portfolio includes corporate bonds, government securities, asset-backed securities, mortgage-backed securities, money market securities, bank obligations, collateralized mortgage obligations, and foreign securities including those from emerging markets. The fund maintains an average effective maturity not exceeding three years and allocates at least 80% of its net assets (including borrowings for investment purposes) in bonds. Launched on March 2, 1984, PRWBX carries an expense ratio of 0.43% and targets individual and institutional investors seeking conservative fixed-income exposure. T. Rowe Price Group, Inc., the fund's investment manager, was founded in 1937 and is headquartered at 100 East Pratt Street in Baltimore, Maryland. The firm operates globally with 7,868 employees across 17 international offices serving clients in 55 countries, managing over $1.51 trillion in assets as of 2023. PRWBX forms part of T. Rowe Price's diversified lineup of U.S. mutual funds within its fixed-income segment, alongside offerings like the Ultra Short-Term Bond Fund, with primary operations focused on the United States and selective international exposure through portfolio holdings. In recent developments, T. Rowe Price Group announced in 2025 the acquisition of alternative credit manager Oak Hill Advisors for $7.5 billion, primarily in cash, to expand its private credit capabilities. The firm also partnered with Goldman Sachs Asset Management in December 2025 to launch co-branded model portfolios blending retirement and wealth management solutions for the initial phase of their strategic alliance. These moves reflect T. Rowe Price's ongoing strategic expansion into alternative assets and collaborative investment products amid a focus on active management.