T. Rowe Price New Income Fund I Class
PRXEX
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- T. Rowe Price New Income Fund I Class (PRXEX) 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. government and agency obligations, mortgage- and asset-backed securities (including commercial mortgage-backed securities), corporate bonds, foreign bonds, and Treasury Inflation-Protected Securities; derivatives such as interest rate futures, swaps, swaptions, currency options, inflation swaps, forward currency contracts, and credit default swap indexes are employed for hedging, exposure adjustment, and duration management, including to-be-announced (TBA) mortgage-backed securities transactions and dollar rolls. The fund maintains flexibility across maturities (weighted average expected from four to 15 years) and credit qualities, with 80% of debt securities rated investment grade, up to 15% in split-rated securities, and a net exposure of up to 5% in below investment-grade instruments; up to 20% may be allocated to non-U.S. dollar-denominated foreign debt, including emerging markets, with currency hedging. Primarily targeting institutional investors, the I Class shares require a $500,000 minimum initial investment and feature a net expense ratio of 0.35%; the fund is domiciled in the United States, available for sale there, and managed by T. Rowe Price Associates, Inc., headquartered in Baltimore, Maryland, with the broader New Income Fund franchise launched in 1973 and the I Class inaugurated on August 28, 2015. The fund's portfolio emphasizes U.S. bonds (approximately 89%), non-U.S. bonds (about 10%), with minimal cash, stock, and other allocations, and top holdings typically include U.S. Treasury Notes and Bonds such as 4.625% and 4.375% issues; it falls within the Morningstar Intermediate Core Bond category, with moderate interest-rate sensitivity and mid-credit quality focus. As of recent data, total net assets for the fund exceed $15 billion, with the I Class at around $2.05 billion. Current portfolio management is led by co-portfolio managers Christopher P. Brown and Anna Alexandra Dreyer, who assumed roles in July 2024 as cochairs of the Investment Advisory Committee, with Carolyn Roby scheduled to join as co-portfolio manager effective September 30, 2025; the committee includes additional fixed income specialists overseeing the broadly diversified strategy. In recent developments, T. Rowe Price has pursued strategic expansions in fixed income, including the launch of four new active fixed income ETFs in November 2025 and a Flexible Credit Income Fund in partnership with Oak Hill Advisors; further, a collaboration with Goldman Sachs Asset Management debuted the first joint model portfolio offerings in December 2025, targeting mass-affluent and high-net-worth clients through GeoWealth, with additional portfolios planned for 2026.