Fund Evaluator:
T. Rowe Price Dynamic Credit I (RPELX)
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Fund Details
T. Rowe Price Dynamic Credit I Overview
T. Rowe Price Dynamic Credit I (RPELX) is an actively managed Taxable Bond Nontraditional Bond fund. T. Rowe Price launched the fund in 2019.
The investment seeks total return through a combination of income and capital appreciation. The fund normally invests at least 80% of its net assets in credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments. It may invest in debt instruments of any credit rating, and there are no limits on the fund's investments in high-yield bonds. The fund may invest up to 10% of its net assets in long and short positions in equity securities.
About T. Rowe Price Dynamic Credit I (RPELX)
There are 2 members of the management team with an average tenure of 2.01 years: Steven Boothe (2024), Kenneth Orchard (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and ICE BofA US 3M Trsy Bill TR USD index with a weighting of 100%. T. Rowe Price Dynamic Credit I has 350 securities in its portfolio. The top 10 holdings constitute 34.7% 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 Dynamic Credit I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price Dynamic Credit I has 21.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.1%. There is 0.3% allocated to foreign stock, and 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 90.2% (68.9% domestic bond, 21.3% foreign bond and 1.6% convertible bond). T. Rowe Price Dynamic Credit I has 5.4% of the portfolio in cash.
Assets Under Management
The fund has $238 million in total assets, which is below the $663 million average for the Nontraditional 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.
RPELX 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 Dynamic Credit I expense ratio is average compared to funds in the Nontraditional Bond category. T. Rowe Price Dynamic Credit I has an expense ratio of 0.55%, which is 61% lower than its category average, making the fund expense ratio grade a A. 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 Dynamic Credit I has a portfolio turnover rate of 130%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 304% for the Nontraditional Bond category.
Recently, in the month of July 2026, T. Rowe Price Dynamic Credit I returned -0.6%, which earned it a grade of F, as the Nontraditional 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 Dynamic Credit I has a trailing yield of 7.42%, which is above the 4.94% category average. The fund normally distributes its income monthly.
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 Dynamic Credit I Grades
Year to date, the fund has returned -0.1%, 1.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.0% over the past year (grade of F), 5.9% over the past three years (grade of C) and 3.5% per year over the past five years (grade of B).
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RPELX 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 |
|
| RPELX Return (NAV) | -0.6% | -1.1% | 2.0% | 5.9% | 3.5% | na |
| RPELX Grade | F | F | F | C | B | na |
| +/- Category | -0.3% | -1.4% | -2.4% | 0.3% | 1.0% | na |
| Nontraditional Bond Avg | -0.2% | 0.4% | 4.4% | 5.6% | 2.5% | 3.1% |
| RPELX Tax Cost Ratio | na | na | 2.9% | 2.8% | 2.9% | na |
RPELX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RPELX Return (NAV) | -0.1% | 7.1% | 7.4% | 4.0% | -0.0% | 6.4% | 2.5% | na | na | na | na |
| RPELX Grade | F | C | B | F | A | A | D | na | na | na | na |
| +/- Category | -1.4% | 0.3% | 2.0% | -2.6% | 6.0% | 5.0% | -2.9% | na | na | na | na |
| Nontraditional Bond Avg | 1.2% | 6.8% | 5.4% | 6.5% | -6.1% | 1.3% | 5.4% | 6.5% | -0.8% | 4.1% | 6.4% |
| Risk Measures | |
| Standard Deviation: | 2.6% |
| Total Risk Index: | 0.21 - Low |
| Category Risk Index: | 0.71 - Below Average |
| Category Risk Grade: | B (26% Rank) |
| Beta: | -0.06 |
| R-Squared: | 2% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 7.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $1444 Mil |
| Fund Total Assets: | $ 238 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 130% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 2.0 years | |||
| Managers (Year): Boothe Steven (2024), Orchard Kenneth (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 350 |
| % in Top 10 Holdings: | 34.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.5% |
Portfolio Allocation |
|
| Domestic Stock: | 1.1% |
| Foreign Stock: | 0.3% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 68.9% |
| Foreign Bond: | 21.3% |
| Convertible Bond: | 1.6% |
| Other: | 0.4% |
| Cash: | 5.4% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | January 10, 2019 |
| Min. Initial Purchase: | $500,000 |
| Min. Initial IRA Purchase: | $ 0 |
| 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 (%): | 0.55% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 1.42% |
| Share Class: | T. Rowe Price Dynamic Credit I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
