Fund Evaluator:
T. Rowe Price New Income (PRCIX)
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Fund Details
T. Rowe Price New Income Overview
T. Rowe Price New Income (PRCIX) is an actively managed Taxable Bond Intermediate Core Bond fund. T. Rowe Price launched the fund in 1973.
The investment seeks to maximize total return through income and capital appreciation. The fund normally invests at least 80% of its net assets in income-producing securities, which may include, but are not limited to, 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.
About T. Rowe Price New Income (PRCIX)
There are 2 members of the management team with an average tenure of 1.35 years: Anna Dreyer (2024), Carolyn Roby (2025). 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 Lipper Core Fund Avg index with a weighting of 100%. T. Rowe Price New Income has 1724 securities in its portfolio. The top 10 holdings constitute 21.5% 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 New Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price New Income has 8.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.7%. There is 0.0% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.7% (89.6% domestic bond, 8.1% foreign bond and 0.0% convertible bond). T. Rowe Price New Income has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $531 million in total assets, which is below the $3 billion average for the Intermediate Core 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.
PRCIX 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 New Income expense ratio is average compared to funds in the Intermediate Core Bond category. T. Rowe Price New Income has an expense ratio of 0.44%, which is 23% 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 New Income has a portfolio turnover rate of 67%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 150% for the Intermediate Core Bond category.
Recently, in the month of June 2026, T. Rowe Price New Income returned 0.1%, which earned it a grade of F, as the Intermediate Core 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 New Income has a trailing yield of 4.42%, which is above the 3.97% 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 New Income Grades
Year to date, the fund has returned 0.4%, 0.2 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.4% over the past year (grade of D), 3.9% over the past three years (grade of D) and -0.4% per year over the past five years (grade of F) and 1.2% per year over the past 10 years (grade of D).
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PRCIX 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 |
|
| PRCIX Return (NAV) | 0.1% | 0.7% | 3.4% | 3.9% | -0.4% | 1.2% |
| PRCIX Grade | F | C | D | D | F | D |
| +/- Category | -0.1% | -0.0% | -0.2% | -0.3% | -0.4% | -0.3% |
| Intermediate Core Bond Avg | 0.2% | 0.7% | 3.7% | 4.2% | -0.0% | 1.6% |
| PRCIX Tax Cost Ratio | na | na | 1.8% | 1.8% | 1.5% | 1.3% |
PRCIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRCIX Return (NAV) | 0.4% | 7.1% | 1.3% | 4.7% | -14.3% | -0.6% | 5.7% | 9.3% | -0.6% | 4.0% | 2.6% |
| PRCIX Grade | F | C | D | F | F | A | F | B | D | B | C |
| +/- Category | -0.2% | 0.1% | -0.3% | -0.9% | -1.2% | 0.9% | -2.4% | 0.8% | -0.2% | 0.4% | -0.1% |
| Intermediate Core Bond Avg | 0.6% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.3% |
| Total Risk Index: | 0.44 - Low |
| Category Risk Index: | 0.97 - Low |
| Category Risk Grade: | A (17% Rank) |
| Beta: | 0.96 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $17935 Mil |
| Fund Total Assets: | $ 532 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 67% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 1.4 years | |||
| Managers (Year): Dreyer Anna (2024), Roby Carolyn (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 1724 |
| % in Top 10 Holdings: | 21.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 8.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.7% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 89.6% |
| Foreign Bond: | 8.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.3% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | August 31, 1973 |
| 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: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.44% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | T. Rowe Price New Income |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
