T. Rowe Price Hedged Equity Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, T. Rowe Price Hedged Equity Fund held 351 positions with $4.08B in net assets. Its ten largest holdings made up 35.1% of the fund. The PHEFX share class costs 0.75% a year. Over the 12 months to May 2026, PHEFX returned 18.3%, with dividends reinvested. In 2026 Q2 it added 48 new positions and exited 40.
The fund seeks to provide long-term capital growth.
The fund invests primarily in large-cap U.S. common stocks selected through fundamental, bottom-up research for favorable company fundamentals, earnings potential, and relative valuation, without emphasis on growth or value style. It employs a derivatives overlay using equity options, index futures, and interest rate futures designed to hedge tail risk and reduce overall volatility relative to equity markets. Because the fund is nondiversified, it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund, and at times may hold a significant portion in a single economic sector such as information technology.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA CORP | 6.33% | $258.61M | 1.3M | $200.09 |
TRPGRIAT. Rowe Price Government Reserve Fund | 5.59% | $228.27M | — | — |
AAPLAPPLE INC | 5.51% | $224.84M | 777.0K | $289.36 |
MSFTMICROSOFT CORP | 3.78% | $154.32M | 413.7K | $373.02 |
AMZNAMAZON.COM INC | 3.06% | $124.91M | 524.1K | $238.34 |
2.90% | $118.59M | 335.6K | $353.33 | |
AVGOBROADCOM INC | 2.29% | $93.64M | 247.9K | $377.75 |
GOOGLALPHABET INC CL A | 2.16% | $88.38M | 247.3K | $357.37 |
1.73% | $70.43M | 61.0K | $1,154.29 | |
1.71% | $69.88M | 124.1K | $563.29 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 351 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 92.89% |
| Cash & short-term | 5.59% |
| Bonds | 1.37% |
| Derivatives | 0.24% |
Derivatives are shown at market value, not notional exposure.
By sector
- Information Technology
- 33.9%
- Financials
- 10.6%
- Health Care
- 8.8%
- Communication Services
- 8.6%
- 11 other sectors
- 38.2%
- Information Technology
- 33.9%
- Financials
- 10.6%
- Health Care
- 8.8%
- Communication Services
- 8.6%
- Consumer Discretionary
- 8.1%
- Industrials
- 6.9%
- Cash
- 5.6%
- Consumer Staples
- 4.4%
- International
- 3.7%
- Energy
- 2.8%
- Utilities
- 2.6%
- Government
- 1.4%
- Real Estate
- 1.4%
- Materials
- 1.1%
- Other
- 0.3%
How it has done
PHEFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.90%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.75% | +18.27% | — | — | — | |
| 0.00% | +19.18% | — | — | — | |
| 0.47% | +18.48% | — | — | — |
These classes hold the same portfolio, so the 0.90pp spread over 1 year is the cost difference between them — roughly 0.90pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Hedged Equity Fund is an actively managed U.S. equity fund. 22% of PHEFX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 95% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 0.00% – 0.75%· PHEFX 0.75%
- Portfolio turnover
- 54.50% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
48 new· the largest 8
40 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 57.3% |
| Zero-coupon or unclassified | 42.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.00 yr | 0% |
| 5 yr | 0.45 yr | 61% |
| 10 yr | 0.28 yr | 38% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.45 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.28 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — PHEFX, QQQ and the fund in my 401(k)?”
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