T. Rowe Price Hedged Equity Fund
T. Rowe Price Equity Funds, Inc. · 3 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| PHEFX | 0.99% | 0.75% | 2025 Q1 |
| PZHEX | 0.46% | 0.00% | 2025 Q1 |
| PHEIX | 0.47% | 0.47% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 54.50% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 92.89% |
| Cash & short-term | 5.59% |
| Bonds | 1.37% |
| Derivatives | 0.24% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Information Technology | 33.9% |
| Financials | 10.6% |
| Health Care | 8.8% |
| Communication Services | 8.6% |
| 11 smaller | 38.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Portfolio growth profile
How much of the fund’s stock holdings are in fast-growing companies · as of 2026 Q2
Share of the fund’s equity (by value) in companies whose trailing five-year revenue — or net-income — growth ranks in the top 25% of U.S. public companies. Foreign and newly-listed holdings are excluded, so the figure covers only part of the book. From SEC filings — not investment advice. How we measure this.
Latest quarter
What changed since the fund's previous filing
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +18.25% | — | — | 8.90% | — | |
| +19.08% | — | — | 8.87% | — | |
| +18.55% | — | — | 8.86% | — |
These classes hold the same portfolio, so the 0.83pp spread over 1 year is the cost difference between them — roughly 0.83pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| NVDA | NVIDIA CORPNVDA | 6.33% | $200.09 | $258.61M | 1.3M |
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 5.59% | — | $228.27M | — |
| AAPL | APPLE INCAAPL | 5.51% | $289.36 | $224.84M | 777.0K |
| MSFT | MICROSOFT CORPMSFT | 3.78% | $373.02 | $154.32M | 413.7K |
| AMZN | AMAZON.COM INCAMZN | 3.06% | $238.34 | $124.91M | 524.1K |
| GOOG | ALPHABET INC CL CGOOG | 2.90% | $353.33 | $118.59M | 335.6K |
| AVGO | BROADCOM INCAVGO | 2.29% | $377.75 | $93.64M | 247.9K |
| GOOGL | ALPHABET INC CL AGOOGL | 2.16% | $357.37 | $88.38M | 247.3K |
| MU | MICRON TECHNOLOGY INCMU | 1.73% | $1,154.29 | $70.43M | 61.0K |
| META | META PLATFORMS INC-CLASS AMETA | 1.71% | $563.29 | $69.88M | 124.1K |
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.
Top 10 positions are 35.06% of net assets, top 25 50.04%, across 346 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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