Fund Evaluator:
T. Rowe Price Credit Opportunities Adv (PAOPX)
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Best Performing in High Yield Bond Over the Last Year
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Fund Details
T. Rowe Price Credit Opportunities Adv Overview
T. Rowe Price Credit Opportunities Adv (PAOPX) is an actively managed Taxable Bond High Yield Bond fund. T. Rowe Price launched the fund in 2014.
The investment seeks a combination of long-term capital appreciation and high income. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit instruments and derivative instruments that are linked to,or provide investment exposure to, credit instruments. The fund may invest without limit in bonds that are rated below investment grade (below BBB or an equivalent rating) or are not rated by credit rating agencies, as well as bank loans and other instruments that are rated below investment grade or are not rated by credit rating agencies.
About T. Rowe Price Credit Opportunities Adv (PAOPX)
There are 2 members of the management team with an average tenure of 5.54 years: Rodney Rayburn (2015), Jason Bauer (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US HY 2% Issuer Cap TR USD index with a weighting of 100%. T. Rowe Price Credit Opportunities Adv has 298 securities in its portfolio. The top 10 holdings constitute 16.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Credit Opportunities Adv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price Credit Opportunities Adv has 5.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.3%. There is 0.1% allocated to foreign stock, and 6.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 87.8% (82.3% domestic bond, 5.6% foreign bond and 0.3% convertible bond). T. Rowe Price Credit Opportunities Adv has 4.8% of the portfolio in cash.
Assets Under Management
The fund has $96 million in total assets, which is below the $545 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PAOPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Credit Opportunities Adv expense ratio is high compared to funds in the High Yield Bond category. T. Rowe Price Credit Opportunities Adv has an expense ratio of 0.91%, which is 1% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Credit Opportunities Adv has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the High Yield Bond category.
Recently, in the month of June 2026, T. Rowe Price Credit Opportunities Adv returned -0.1%, which earned it a grade of F, as the High Yield Bond category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price Credit Opportunities Adv has a trailing yield of 6.80%, which is above the 6.26% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Credit Opportunities Adv Grades
Year to date, the fund has returned 1.8%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 5.6% over the past year (grade of C), 8.5% over the past three years (grade of B) and 4.5% per year over the past five years (grade of A) and 6.0% per year over the past 10 years (grade of A).
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PAOPX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PAOPX Return (NAV) | -0.1% | 1.8% | 5.6% | 8.5% | 4.5% | 6.0% |
| PAOPX Grade | F | F | C | B | A | A |
| +/- Category | -0.3% | -0.6% | -0.1% | 0.4% | 0.7% | 0.9% |
| High Yield Bond Avg | 0.2% | 2.4% | 5.7% | 8.1% | 3.8% | 5.1% |
| PAOPX Tax Cost Ratio | na | na | 2.7% | 2.8% | 2.6% | 2.4% |
PAOPX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PAOPX Return (NAV) | 1.8% | 8.6% | 7.4% | 13.2% | -9.2% | 6.2% | 5.4% | 13.7% | -1.7% | 6.7% | 16.3% |
| PAOPX Grade | C | B | C | A | B | B | C | C | B | C | A |
| +/- Category | -0.2% | 0.7% | -0.2% | 1.3% | 0.8% | 1.1% | 0.2% | 0.6% | 0.9% | -0.0% | 2.9% |
| High Yield Bond Avg | 1.9% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.3% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 3.9% |
| Total Risk Index: | 0.32 - Low |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (29% Rank) |
| Beta: | 0.52 |
| R-Squared: | 54% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | Medium Quality Limited Sensitivity |
| Yield: | 6.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $399 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 44% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 11.0 years | |||
| Average Tenure: 5.5 years | |||
| Managers (Year): Rayburn Rodney (2015), Bauer Jason (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 298 |
| % in Top 10 Holdings: | 16.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.3% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 6.1% |
| Domestic Bond: | 82.3% |
| Foreign Bond: | 5.6% |
| Convertible Bond: | 0.3% |
| Other: | 0.6% |
| Cash: | 4.8% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | troweprice.com |
| Status: | Open |
| Inception Date: | April 29, 2014 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.91% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | T. Rowe Price Credit Opportunities |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
