Fund Evaluator:
T. Rowe Price Corporate Income (PRPIX)
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Best Performing in Corporate Bond Over the Last Year
| 3.2% | Vanguard Global Credit Bond Admiral (VGCAX) |
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Fund Details
T. Rowe Price Corporate Income Overview
T. Rowe Price Corporate Income (PRPIX) is an actively managed Taxable Bond Corporate Bond fund. T. Rowe Price launched the fund in 1995.
The investment seeks high income and some capital growth. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in income-producing securities issued by corporations. Holdings will mainly consist of investment-grade bonds, although the fund has the flexibility to purchase some below investment-grade bonds (also called high-yield bonds or junk bonds). It may invest in other securities in an effort to enhance income and achieve capital growth.
About T. Rowe Price Corporate Income (PRPIX)
There are 2 members of the management team with an average tenure of 8.50 years: Steven Boothe (2018), Lauren Wagandt (2018). 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 U.S. Corp Invst Grade TR USD index with a weighting of 100%. T. Rowe Price Corporate Income has 332 securities in its portfolio. The top 10 holdings constitute 11.3% 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 Corporate Income is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price Corporate Income has 17.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. 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 96.8% (79.0% domestic bond, 17.8% foreign bond and 0.2% convertible bond). T. Rowe Price Corporate Income has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $109 million in total assets, which is below the $723 million average for the Corporate 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.
PRPIX 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 Corporate Income expense ratio is average compared to funds in the Corporate Bond category. T. Rowe Price Corporate Income has an expense ratio of 0.59%, which is 21% 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 Corporate Income has a portfolio turnover rate of 112%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 117% for the Corporate Bond category.
Recently, in the month of July 2026, T. Rowe Price Corporate Income returned -1.8%, which earned it a grade of D, as the Corporate Bond category had an average return of -1.6%. 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 Corporate Income has a trailing yield of 4.83%, which is above the 4.39% 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 Corporate Income Grades
Year to date, the fund has returned -1.1%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.2% over the past year (grade of C), 4.8% over the past three years (grade of B) and -0.5% per year over the past five years (grade of D) and 1.9% per year over the past 10 years (grade of D).
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PRPIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PRPIX Return (NAV) | -1.8% | -0.9% | 2.2% | 4.8% | -0.5% | 1.9% |
| PRPIX Grade | D | D | C | B | D | D |
| +/- Category | -0.2% | -0.1% | -0.1% | 0.3% | -0.2% | -0.3% |
| Corporate Bond Avg | -1.6% | -0.8% | 2.3% | 4.5% | -0.3% | 2.2% |
| PRPIX Tax Cost Ratio | na | na | 1.9% | 1.9% | 1.9% | 1.7% |
PRPIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PRPIX Return (NAV) | -1.1% | 7.9% | 2.8% | 8.8% | -17.0% | -0.8% | 7.9% | 14.6% | -3.1% | 6.6% | 5.1% |
| PRPIX Grade | D | B | C | B | F | B | F | B | D | C | F |
| +/- Category | -0.3% | 0.5% | 0.1% | 0.6% | -1.3% | 0.2% | -2.2% | 0.6% | -0.2% | 0.2% | -1.8% |
| Corporate Bond Avg | -0.9% | 7.4% | 2.7% | 8.2% | -15.7% | -1.0% | 10.0% | 13.9% | -2.9% | 6.3% | 6.9% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 1.05 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 1.11 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $274 Mil |
| Fund Total Assets: | $ 109 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 113% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.5 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Boothe Steven (2018), Wagandt Lauren (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 332 |
| % in Top 10 Holdings: | 11.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 17.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 79.0% |
| Foreign Bond: | 17.8% |
| Convertible Bond: | 0.2% |
| Other: | 0.3% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | October 31, 1995 |
| 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 (%): | 0.59% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.75% |
| Share Class: | T. Rowe Price Corporate Income |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
