Morningstar

T. Rowe Price New Income Fund PRCIX

Morningstar Medalist Rating
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  • NAV / 1-Day Return $7.56  /  −0.13 %
  • Fund Size $16.9B
  • Adjusted Expense Ratio 0.440%
  • Net Expense Ratio 0.540%
  • Fee Level: Distribution Below Average
  • Share Class Type No Load
  • Morningstar Category Intermediate Core Bond
  • Fixed-Income Style Box (Funds) Medium/Moderate
  • Minimum Initial Investment $2,500
  • Investment Status Open
  • TTM Yield 4.59%
  • Average Effective Duration 5.95 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis PRCIX

Will PRCIX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable PRCIX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the PRCIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of PRCIX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Manager departure brings further uncertainty.

Associate Analyst River Meng

River Meng

Associate Analyst

Summary

T. Rowe Price New Income is on less steady footing following comanager Christopher Brown’s Feb. 19, 2026, departure, which drops the strategy’s People Pillar to Below Average from Average.

by River Meng
Rated on Published on

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Portfolio Holdings PRCIX

More PRCIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 11.4
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

T. Rowe Price Gov. Reserve

3.95 691M
Cash and Equivalents

United States Treasury Bonds 4.5%

2.05 358M
Government

United States Treasury Notes 3.75%

1.62 283M
Government

United States Treasury Notes 4%

1.61 282M
Government

United States Treasury Notes 4.625%

1.49 261M
Government

United States Treasury Bonds 4.25%

1.42 249M
Government

Federal National Mortgage Association 2%

1.24 216M
Securitized

United States Treasury Bonds 4.375%

1.21 213M
Government

United States Treasury Notes 4.375%

1.16 203M
Government

United States Treasury Bonds 4%

1.07 188M
Government

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