T. Rowe Price Floating Rate Fund (PRFRX)
The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in floating rate loans and floating rate debt securities. Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders. Most, if not all, of the loans in which the fund invests are rated below investment grade (below BBB or an equivalent rating and commonly referred to as “junk”) or are not rated by established credit rating agencies.
Fund Info
| ISIN | US87279B1061 |
|---|---|
| CUSIP | 87279B106 |
| Issuer | T. Rowe Price |
| Inception Date | Jul 29, 2011 |
| Category | High Yield Bonds |
| Min. Investment | $2,500 |
| Asset Class | Bond |
Expense Ratio
PRFRX features an expense ratio of 0.75%, falling within the medium range.
Share Price Chart
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Compare to other instruments
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Popular comparisons: PRFRX vs. FFRHX, PRFRX vs. FFRAX, PRFRX vs. SPYD, PRFRX vs. OOSAX, PRFRX vs. PRWAX, PRFRX vs. SPY, PRFRX vs. ICVT, PRFRX vs. MFHVX, PRFRX vs. FLRN, PRFRX vs. AGG
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in T. Rowe Price Floating Rate Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
T. Rowe Price Floating Rate Fund had a return of 7.44% year-to-date (YTD) and 10.23% in the last 12 months. Over the past 10 years, T. Rowe Price Floating Rate Fund had an annualized return of 4.49%, while the S&P 500 had an annualized return of 11.39%, indicating that T. Rowe Price Floating Rate Fund did not perform as well as the benchmark.
| Period | Return | Benchmark |
|---|---|---|
| Year-To-Date | 7.44% | 25.45% |
| 1 month | 0.88% | 2.91% |
| 6 months | 4.23% | 14.05% |
| 1 year | 10.23% | 35.64% |
| 5 years (annualized) | 5.32% | 14.13% |
| 10 years (annualized) | 4.49% | 11.39% |
Monthly Returns
The table below presents the monthly returns of PRFRX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 0.62% | 0.79% | 0.72% | 0.59% | 0.98% | 0.42% | 0.93% | 0.65% | 0.53% | 0.77% | 7.44% | ||
| 2023 | 2.52% | 0.44% | 0.19% | 0.74% | -0.26% | 2.07% | 1.24% | 1.08% | 0.52% | 0.06% | 1.50% | 1.64% | 12.36% |
| 2022 | 0.19% | -0.56% | 0.01% | 0.11% | -2.32% | -2.37% | 2.45% | 1.25% | -2.11% | 1.10% | 1.26% | 0.34% | -0.79% |
| 2021 | 0.83% | 0.49% | 0.14% | 0.55% | 0.43% | 0.30% | 0.02% | 0.43% | 0.54% | 0.33% | -0.31% | 0.76% | 4.61% |
| 2020 | 0.18% | -1.32% | -10.11% | 4.09% | 3.16% | 0.09% | 2.21% | 0.75% | 0.22% | 0.14% | 1.83% | 1.25% | 1.75% |
| 2019 | 2.23% | 1.44% | -0.09% | 1.58% | -0.15% | 0.39% | 0.73% | 0.02% | 0.48% | -0.12% | 0.58% | 1.09% | 8.46% |
| 2018 | 0.66% | -0.09% | 0.28% | 0.34% | -0.01% | -0.01% | 0.71% | 0.47% | 0.56% | 0.01% | -0.68% | -2.28% | -0.08% |
| 2017 | 0.42% | 0.32% | 0.06% | 0.43% | 0.34% | -0.05% | 0.74% | -0.25% | 0.45% | 0.52% | 0.11% | 0.36% | 3.49% |
| 2016 | -0.12% | -0.41% | 2.23% | 1.27% | 0.66% | -0.18% | 1.28% | 0.58% | 0.59% | 0.45% | 0.15% | 0.98% | 7.71% |
| 2015 | 0.33% | 1.33% | 0.54% | 0.73% | 0.24% | -0.19% | 0.36% | -0.69% | -0.49% | 0.23% | -0.71% | -0.46% | 1.21% |
| 2014 | 0.49% | 0.19% | 0.23% | 0.12% | 0.42% | 0.50% | -0.17% | 0.34% | -0.70% | 0.31% | 0.40% | -0.84% | 1.29% |
| 2013 | 0.82% | 0.30% | 0.69% | 0.60% | 0.01% | -0.79% | 1.05% | -0.20% | 0.20% | 0.88% | 0.30% | 0.20% | 4.12% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current risk-adjusted rank of PRFRX is 98, placing it in the top 2% of mutual funds on our website in terms of risk-adjusted performance. This ranking is based on the combined values of the indicators listed below.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for T. Rowe Price Floating Rate Fund (PRFRX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
T. Rowe Price Floating Rate Fund provided a 8.39% dividend yield over the last twelve months, with an annual payout of $0.78 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.78 | $0.77 | $0.47 | $0.37 | $0.38 | $0.47 | $0.46 | $0.40 | $0.41 | $0.39 | $0.38 | $0.36 |
Dividend yield | 8.39% | 8.33% | 5.20% | 3.87% | 4.00% | 4.84% | 4.86% | 4.04% | 4.08% | 4.08% | 3.85% | 3.53% |
Monthly Dividends
The table displays the monthly dividend distributions for T. Rowe Price Floating Rate Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | $0.07 | $0.06 | $0.07 | $0.06 | $0.07 | $0.06 | $0.07 | $0.07 | $0.06 | $0.06 | $0.00 | $0.64 | |
| 2023 | $0.06 | $0.06 | $0.07 | $0.06 | $0.07 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.77 |
| 2022 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 | $0.05 | $0.05 | $0.05 | $0.06 | $0.47 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.37 |
| 2020 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.38 |
| 2019 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.47 |
| 2018 | $0.04 | $0.03 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.05 | $0.04 | $0.04 | $0.04 | $0.04 | $0.46 |
| 2017 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.04 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.04 | $0.40 |
| 2016 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.04 | $0.04 | $0.03 | $0.04 | $0.04 | $0.41 |
| 2015 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.39 |
| 2014 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.04 | $0.38 |
| 2013 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.36 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Worst Drawdowns
The table below displays the maximum drawdowns of the T. Rowe Price Floating Rate Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the T. Rowe Price Floating Rate Fund was 20.05%, occurring on Mar 23, 2020. Recovery took 174 trading sessions.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -20.05% | Jan 21, 2020 | 44 | Mar 23, 2020 | 174 | Nov 27, 2020 | 218 |
| -5.6% | Jan 24, 2022 | 113 | Jul 6, 2022 | 131 | Jan 11, 2023 | 244 |
| -5.01% | Aug 2, 2011 | 17 | Aug 24, 2011 | 129 | Feb 29, 2012 | 146 |
| -3.46% | Nov 13, 2018 | 30 | Dec 27, 2018 | 38 | Feb 22, 2019 | 68 |
| -3.25% | Aug 3, 2015 | 142 | Feb 24, 2016 | 36 | Apr 15, 2016 | 178 |
Volatility
Volatility Chart
The current T. Rowe Price Floating Rate Fund volatility is 0.70%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.