T. Rowe Price High Yield Fund, Inc.
T. ROWE PRICE HIGH YIELD FUND, INC. · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price High Yield Fund, Inc. is an actively managed U.S. bond fund. 14% of PRHYX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 100% of the fund’s equity).
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2025 Q3
The fund seeks high current income and,
The fund invests at least 80% of assets in high-yield corporate bonds rated below investment grade, along with convertible securities and preferred stocks meeting the same credit standard, relying on the adviser's credit research to focus on the higher-quality segment of the high yield market (BB and B ratings). The fund may also hold up to 15% in bank loans with floating rates and up to 20% in non-U.S. dollar-denominated securities. Because returns depend on the adviser's credit selection and the creditworthiness of issuers in the portfolio, the fund faces the risk that its holdings will default on interest or principal payments.
Portfolio turnover 42.60% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 92.30% |
| Cash & short-term | 5.14% |
| Loans | 3.25% |
| Stocks | 1.87% |
| Derivatives | 0.00% |
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
| Other | 55.8% |
| International | 9.5% |
| Cash | 5.0% |
| Financials | 4.7% |
| 11 smaller | 25.0% |
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
Largest new: HOLOGIC TL 2L BANKDEBT, EDGED COMPUTE LLC 144A, SWORD PURCHASER LLC 144A, LIFEPOINT HEALTH INC 144A, MERIDIAN ARC HOLDCO LLC 144A, OAK-EAGLE ACQUIRECO INC 144A ×2, PR RNO PROPERTY OWNER 1 144A
Largest exited: TALEN ENERGY SUPPLY LLC 144A, LIFEPOINT HEALTH INC 144A, HOLOGIC TL 2L BANKDEBT, X/TWITTER TL 1L BANKDEBT, AMERICAN FIN TR/FINAN OP 144A, SIRIUS XM RADIO INC 144A, GEN DIGITAL INC 144A, TERRAFORM POWER OPERATIN 144A
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 |
|---|---|---|---|---|---|
| +9.30% | +27.78% | +22.24% | 2.88% | -2.40% | |
| +8.96% | +26.35% | +20.37% | 2.73% | -2.46% | |
| +9.40% | +27.85% | +22.75% | 2.73% | -2.56% | |
| +10.07% | +30.27% | +26.62% | 2.70% | -2.28% |
These classes hold the same portfolio, so the 6.25pp spread over 5 years is the cost difference between them — roughly 1.25pp a year — not a difference in what they own.
May 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.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 87.9% |
| Floating rate | 11.0% |
| Zero-coupon or unclassified | 1.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 10.8% |
| 3-5y | 37.4% |
| 5-10y | 43.4% |
| 10y+ | 4.8% |
| Unknown | 2.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 51% |
| Interest rates | 49% |
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 the fund's spread duration carried by each credit tier.
| High yield | +2.85 yr |
| Investment grade | +0.07 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.05 yr | 2% |
| 1 yr | 0.66 yr | 24% |
| 5 yr | 1.56 yr | 57% |
| 10 yr | 0.39 yr | 14% |
| 30 yr | 0.10 yr | 4% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.67 yr | 23% |
| 5 yr | 1.66 yr | 57% |
| 10 yr | 0.44 yr | 15% |
| 30 yr | 0.10 yr | 3% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.05 | +0.00 | +0.04 | $1.9k | $24.7k |
| 1 yr | +0.66 | +0.01 | +0.66 | $8.6k | $419.2k |
| 5 yr | +1.56 | +0.02 | +1.64 | $12.8k | $1.04m |
| 10 yr | +0.39 | +0.02 | +0.42 | $13.6k | $266.8k |
| 30 yr | +0.10 | +0.01 | +0.09 | $6.1k | $54.8k |
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 | Value | Shares |
|---|---|---|---|---|
| — | GRS - SECURITY LENDING COLLATERAL | 3.25% | $205.73M | — |
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 1.89% | $119.95M | — |
| — | CLOUD SOFTWARE GRP INC 144A9.00% · due 2029-09-30 | 1.01% | $63.98M | — |
| — | ECHOSTAR CORP10.75% · due 2029-11-30 | 0.88% | $55.98M | — |
| — | LIFEPOINT HEALTH INC 144A10.00% · due 2032-06-01 | 0.86% | $54.35M | — |
| — | RIVIAN HLD/AUTO LLC 144A10.00% · due 2031-01-15 | 0.82% | $52.22M | — |
| — | 1261229 BC LTD 144A10.00% · due 2032-04-15 | 0.75% | $47.61M | — |
| — | CARVANA CO 144A9.00% floating · due 2031-06-01 | 0.73% | $46.04M | — |
| — | TRANSDIGM INC 144A6.88% · due 2030-12-15 | 0.72% | $45.78M | — |
| — | HOLOGIC TL 2L BANKDEBT8.68% floating · due 2034-01-05 | 0.68% | $43.08M | — |
Top 10 positions are 11.59% of net assets, top 25 20.40%, across 293 issuers.
See more of this fund's book
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