T. Rowe Price High Yield Fund, Inc.
Actively managed U.S. bond fund
As of its 2026 Q2 report, T. Rowe Price High Yield Fund, Inc. held 437 positions with $6.34B in net assets. Its ten largest holdings made up 11.6% of the fund. Over the 12 months to May 2026, PRHYX returned 7.4%, with dividends reinvested. In 2026 Q2 it added 46 new positions and exited 47.
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.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
GRS - SECURITY LENDING COLLATERAL | 3.25% | $205.73M | — |
TRPGRIAT. Rowe Price Government Reserve Fund | 1.89% | $119.95M | — |
CLOUD SOFTWARE GRP INC 144A 9.00% · due 2029-09-30 | 1.01% | $63.98M | — |
ECHOSTAR CORP 10.75% · due 2029-11-30 | 0.88% | $55.98M | — |
LIFEPOINT HEALTH INC 144A 10.00% · due 2032-06-01 | 0.86% | $54.35M | — |
RIVIAN HLD/AUTO LLC 144A 10.00% · due 2031-01-15 | 0.82% | $52.22M | — |
1261229 BC LTD 144A 10.00% · due 2032-04-15 | 0.75% | $47.61M | — |
CARVANA CO 144A 9.00% floating · due 2031-06-01 | 0.73% | $46.04M | — |
TRANSDIGM INC 144A 6.88% · due 2030-12-15 | 0.72% | $45.78M | — |
HOLOGIC TL 2L BANKDEBT 8.68% floating · due 2034-01-05 | 0.68% | $43.08M | — |
The 200 largest of 437 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%.
| 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.
By sector
- Other
- 55.8%
- International
- 9.5%
- Cash
- 5.0%
- Financials
- 4.7%
- 11 other sectors
- 25.0%
- Other
- 55.8%
- International
- 9.5%
- Cash
- 5.0%
- Financials
- 4.7%
- Communication Services
- 4.1%
- Health Care
- 4.0%
- Utilities
- 3.6%
- Consumer Discretionary
- 3.5%
- Energy
- 2.5%
- Materials
- 1.8%
- Industrials
- 1.6%
- Real Estate
- 1.6%
- Information Technology
- 1.5%
- Consumer Staples
- 0.5%
- Government
- 0.5%
How it has done
PRHYX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.45%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +7.42% | +29.60% | +22.57% | -2.40% | |
| — | +7.09% | +28.15% | +20.51% | -2.46% | |
| — | +7.52% | +29.91% | +22.91% | -2.56% | |
| — | +8.19% | +32.12% | +26.78% | -2.28% |
These classes hold the same portfolio, so the 6.27pp spread over 5 years is the cost difference between them — roughly 1.25pp a year — not a difference in what they own.
Fees & fund details
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
- Portfolio turnover
- 42.60% a year · as of 2025 Q3
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.
46 new· the largest 7
47 exited· the largest 8
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.
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