T. Rowe Price Multi-Strategy Total Return Fund
TMSRX
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- T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) is an open-end mutual fund that seeks strong long-term risk-adjusted returns through a flexible, multi-strategy approach across diverse asset classes, including equities, fixed income, currencies, and derivatives. The fund employs a combination of fundamental and quantitative research to implement core strategies such as Macro and Absolute Return; Dynamic Global Bond; Equity Research Long/Short; Quantitative Equity Long/Short; Volatility Relative Value, which primarily uses equity index call and put options to capture volatility premiums; Style Premia, selecting instruments like currencies, equity index futures, and bond futures based on positive factors; Dynamic Credit; Dynamic Emerging Markets Bond; Global Stock; and Sector Strategies; it actively uses derivatives including futures, options, and forward currency contracts for exposure, hedging, and leveraging global research expertise in equities and fixed income. With significant allocations to cash (approximately 51%), U.S. and non-U.S. bonds (24% and 17%, respectively), and smaller equity positions, the fund targets diversification and capital preservation amid volatility, serving investors via platforms like Schwab, Fidelity, and TD Ameritrade in the United States. Launched on February 23, 2018, and managed by T. Rowe Price Associates, Inc., headquartered in Baltimore, Maryland, the fund had total net assets of about $303 million as of late 2024, with the Investor Class (TMSRX) at $11.9 million, a net expense ratio of 1.19%, and a minimum initial investment of $2,500. Recent developments include the appointment of Christopher Faulkner-MacDonagh as co-manager effective January 1, 2024, alongside lead manager Stefan Hubrich, reflecting ongoing enhancements to the management team amid a portfolio turnover of 110% and a TTM yield of 5.73% as of September 2024.