Fund Evaluator:
T. Rowe Price High Yield (PRHYX)
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Fund Details
T. Rowe Price High Yield Overview
T. Rowe Price High Yield (PRHYX) is an actively managed Taxable Bond High Yield Bond fund. T. Rowe Price launched the fund in 1984.
The investment seeks high current income and, secondarily, capital appreciation. The fund will normally invest at least 80% of its net assets in a widely diversified portfolio of high yield corporate bonds, often called "junk" bonds, as well as income-producing convertible securities and preferred stocks that are rated below investment grade or not rated by any major credit rating agency but deemed to be below investment grade. High yield bonds are rated below investment grade (BB and lower, or an equivalent rating), and tend to provide high income in an effort to compensate investors for their higher risk of default.
About T. Rowe Price High Yield (PRHYX)
There are 2 members of the management team with an average tenure of 3.77 years: Rodney Rayburn (2019), David Yatzeck (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 High Yield has 431 securities in its portfolio. The top 10 holdings constitute 7.6% 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 High Yield is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price High Yield has 7.4% 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 3.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.8% (85.6% domestic bond, 7.2% foreign bond and 0.2% convertible bond). T. Rowe Price High Yield has 2.2% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above 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.
PRHYX 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 High Yield expense ratio is above average compared to funds in the High Yield Bond category. T. Rowe Price High Yield has an expense ratio of 0.70%, which is 24% lower than its category average, making the fund expense ratio grade a B. 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 High Yield has a portfolio turnover rate of 88%, 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 High Yield 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 High Yield has a trailing yield of 6.77%, 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 High Yield Grades
Year to date, the fund has returned 1.7%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 5.5% over the past year (grade of C), 8.3% over the past three years (grade of C) and 3.9% per year over the past five years (grade of C) and 5.3% per year over the past 10 years (grade of B).
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PRHYX 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 |
|
| PRHYX Return (NAV) | -0.1% | 2.0% | 5.5% | 8.3% | 3.9% | 5.3% |
| PRHYX Grade | F | D | C | C | C | B |
| +/- Category | -0.3% | -0.4% | -0.2% | 0.2% | 0.1% | 0.2% |
| High Yield Bond Avg | 0.2% | 2.4% | 5.7% | 8.1% | 3.8% | 5.1% |
| PRHYX Tax Cost Ratio | na | na | 2.7% | 2.7% | 2.6% | 2.4% |
PRHYX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRHYX Return (NAV) | 1.7% | 8.6% | 6.6% | 13.7% | -11.1% | 5.2% | 5.0% | 14.7% | -3.3% | 7.4% | 14.5% |
| PRHYX Grade | C | B | D | A | D | C | C | B | D | B | B |
| +/- Category | -0.2% | 0.7% | -1.0% | 1.8% | -1.1% | 0.1% | -0.3% | 1.6% | -0.7% | 0.7% | 1.1% |
| 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: | 4.4% |
| Total Risk Index: | 0.36 - Low |
| Category Risk Index: | 1.09 - Above Average |
| Category Risk Grade: | D (79% Rank) |
| Beta: | 0.62 |
| R-Squared: | 62% |
| 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: | $6312 Mil |
| Fund Total Assets: | $1,114 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 88% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.5 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Rayburn Rodney (2019), Yatzeck David (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 431 |
| % in Top 10 Holdings: | 7.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.3% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 3.9% |
| Domestic Bond: | 85.6% |
| Foreign Bond: | 7.2% |
| Convertible Bond: | 0.2% |
| Other: | 0.4% |
| Cash: | 2.2% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | December 31, 1984 |
| 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 (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | T. Rowe Price High Yield |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
