T. Rowe Price Limited-Duration Inflation Focused Bond Fund, Inc.
Actively managed U.S. bond fund
As of its 2026 Q2 report, T. Rowe Price Limited-Duration Inflation Focused Bond Fund, Inc. held 49 positions with $10.24B in net assets. Its ten largest holdings made up 75.6% of the fund. Over the 12 months to May 2026, TRBFX returned 4.0%, with dividends reinvested. In 2026 Q2 it added 2 new positions and exited 4.
The fund seeks a level of income that is consistent with the current rate of inflation.
The fund invests at least 80% of assets in short- and intermediate-term investment-grade bonds, with at least 20% in inflation-linked securities such as Treasury Inflation Protected Securities, and maintains duration within two years of the Bloomberg U.S. 1-5 Year Treasury TIPS Index. The adviser adjusts the allocation between inflation-linked and non-indexed bonds based on its outlook for inflation and interest rates, and uses interest rate futures and inflation swaps to manage duration and inflation exposure. Because the fund's holdings depend on the adviser's economic forecasts, performance may diverge from inflation-linked bond benchmarks.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TIPS 2.13% · due 2029-04-15 | 13.03% | $1.33B | — |
TSY INFL IX N/B 1.63% · due 2030-04-15 | 10.36% | $1.06B | — |
TIPS 2.38% · due 2028-10-15 | 9.90% | $1.01B | — |
TSY INFL IX N/B 1.13% · due 2030-10-15 | 7.79% | $798.36M | — |
TIPS 1.63% · due 2027-10-15 | 7.30% | $748.21M | — |
TIPS 0.13% · due 2030-07-15 | 5.87% | $601.10M | — |
TIPS 1.63% · due 2029-10-15 | 5.72% | $586.30M | — |
TIPS 1.25% · due 2028-04-15 | 5.36% | $548.72M | — |
TIPS 0.25% · due 2029-07-15 | 5.34% | $547.19M | — |
TIPS 0.13% · due 2031-01-15 | 4.97% | $509.42M | — |
All 49 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 | 99.92% |
| Derivatives | 0.01% |
| Cash & short-term | 0.01% |
| Securitized | 0.00% |
Derivatives are shown at market value, not notional exposure.
How it has done
TRBFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.81%. Past returns are a record, not a forecast.
The 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +4.00% | +14.54% | +11.96% | -0.70% | |
| — | +4.21% | +15.08% | +13.01% | -0.69% | |
| — | +4.54% | +16.20% | +14.68% | -0.67% |
These classes hold the same portfolio, so the 2.72pp spread over 5 years is the cost difference between them — roughly 0.54pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Limited-Duration Inflation Focused Bond Fund, Inc. is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Rate sensitivity
- Short duration
- Portfolio turnover
- 40.90% 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.
2 new
4 exited
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 | 100.0% |
| Floating rate | 0.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.8% |
| 1-3y | 52.8% |
| 3-5y | 44.4% |
| 5-10y | 0.0% |
| 10y+ | 0.0% |
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
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
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% |
| Credit spreads | 0% |
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.
| Investment grade | +0.00 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 | 0.00 yr | 0% |
| 1 yr | 1.16 yr | 41% |
| 5 yr | 1.66 yr | 59% |
10 yr is NEGATIVE (-0.05 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.00 yr | 3% |
| 5 yr | 0.00 yr | 47% |
| 10 yr | 0.00 yr | 50% |
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 | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +1.16 | +0.00 | +0.00 | $6 | $0 |
| 5 yr | +1.66 | +0.00 | +0.00 | $115 | $0 |
| 10 yr | -0.05 | +0.00 | +0.00 | $121 | $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 — TRBFX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”