Fund Evaluator:
T. Rowe Price Ltd Dur Infl Focus Bd Z (TRPZX)
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Best Performing in Short-Term Inflation-Protected Bond Over the Last Year
| 3.4% | Vanguard Shrt-Term Infl-Prot Sec Idx Adm (VTAPX) |
| 3.3% | T. Rowe Price US Limited Dtn TIPS Z (TLDZX) |
| 3.3% | American Century Short Dur Infl ProBd Y (APOYX) |
| 3.1% | iShares Short-Term TIPS Bond Idx Inv A (BAIPX) |
| 3.1% | American Century Short Dur Inf PrBd Inv (APOIX) |
Fund Details
T. Rowe Price Ltd Dur Infl Focus Bd Z Overview
T. Rowe Price Ltd Dur Infl Focus Bd Z (TRPZX) is an actively managed Taxable Bond Short-Term Inflation-Protected Bond fund. T. Rowe Price launched the fund in 2020.
The investment seeks a level of income that is consistent with the current rate of inflation. The fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. It will invest in a diversified portfolio of short- and intermediate-term investment-grade inflation-linked securities, including Treasury Inflation Protected Securities, as well as corporate, government, mortgage-backed and asset-backed securities. The fund will invest at least 20% of its net assets in inflation-linked securities, although normally the advisor expects to invest 50% or more of its net assets in inflation-linked securities.
About T. Rowe Price Ltd Dur Infl Focus Bd Z (TRPZX)
There are 2 members of the management team with an average tenure of 2.08 years: Robert Larkins (2024), Yongheon Lee (2024). 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. Treasury TIPS 1-5Y TR USD index with a weighting of 100%. T. Rowe Price Ltd Dur Infl Focus Bd Z has 52 securities in its portfolio. The top 10 holdings constitute 72.4% 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 Ltd Dur Infl Focus Bd Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. T. Rowe Price Ltd Dur Infl Focus Bd Z has 0.0% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.6% (99.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Ltd Dur Infl Focus Bd Z has 0.4% of the portfolio in cash.
Assets Under Management
The fund has $8 billion in total assets, which is above the $1 billion average for the Short-Term Inflation-Protected 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.
TRPZX 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 Ltd Dur Infl Focus Bd Z expense ratio is low compared to funds in the Short-Term Inflation-Protected Bond category. T. Rowe Price Ltd Dur Infl Focus Bd Z has an expense ratio of 0.00%, which is 100% 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 Ltd Dur Infl Focus Bd Z has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 63% for the Short-Term Inflation-Protected Bond category.
Recently, in the month of July 2026, T. Rowe Price Ltd Dur Infl Focus Bd Z returned 0.2%, which earned it a grade of C, as the Short-Term Inflation-Protected Bond category had an average return of 0.1%. 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 Ltd Dur Infl Focus Bd Z has a trailing yield of 4.88%, which is above the 4.56% 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 Ltd Dur Infl Focus Bd Z Grades
Year to date, the fund has returned 1.6%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 3.2% over the past year (grade of B), 5.0% over the past three years (grade of B) and 2.4% per year over the past five years (grade of C) and 2.9% per year over the past 10 years (grade of C).
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TRPZX 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 |
|
| TRPZX Return (NAV) | 0.2% | -0.4% | 3.2% | 5.0% | 2.4% | 2.9% |
| TRPZX Grade | C | D | B | B | C | C |
| +/- Category | 0.1% | -0.1% | 0.2% | 0.2% | -0.0% | -0.2% |
| Short-Term Inflation-Protected Bond Avg | 0.1% | -0.3% | 3.0% | 4.8% | 2.4% | 3.1% |
| TRPZX Tax Cost Ratio | na | na | 1.9% | 1.9% | 2.2% | na |
TRPZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRPZX Return (NAV) | 1.6% | 6.4% | 4.4% | 3.6% | -4.6% | 5.9% | 5.9% | 5.2% | 0.3% | 0.8% | 2.1% |
| TRPZX Grade | B | C | C | F | C | C | B | B | B | D | F |
| +/- Category | 0.2% | 0.1% | 0.1% | -0.6% | 0.4% | -0.6% | -0.1% | -0.2% | 0.7% | -0.4% | -1.9% |
| Short-Term Inflation-Protected Bond Avg | 1.4% | 6.3% | 4.3% | 4.2% | -5.0% | 6.5% | 6.1% | 5.5% | -0.4% | 1.2% | 4.0% |
| Risk Measures | |
| Standard Deviation: | 2.1% |
| Total Risk Index: | 0.17 - Low |
| Category Risk Index: | 0.94 - Average |
| Category Risk Grade: | C (56% Rank) |
| Beta: | 0.26 |
| R-Squared: | 52% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $10278 Mil |
| Fund Total Assets: | $8,983 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 34% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 2.1 years | |||
| Managers (Year): Larkins Robert (2024), Lee Yongheon (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 52 |
| % in Top 10 Holdings: | 72.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 99.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.4% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-8790 |
| Website: |
| Status: | Closed |
| Inception Date: | March 16, 2020 |
| Min. Initial Purchase: | $ 0 |
| 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 (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.52% |
| Share Class: | T. Rowe Price Ltd Dur Infl Focus Bd |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
