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T. Rowe Price High Yield PRHYX Fund Analysis

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Morningstar’s Analysis PRHYX

Will PRHYX outperform in future?

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

Convincing.

Senior Analyst Elbie Louw

Elbie Louw

Senior Analyst

Summary

The vast resources backing the strategy, deep credit team, and consistent process drive its appeal. We reaffirm our People and Process pillar ratings of Above Average. Michael Della Vedova and Rodney Rayburn have steered this strategy, since 2015 and 2019, respectively. While Rayburn has a limited track record as portfolio manager of a high-yield strategy, his experience with distressed and special situations, the consistency of the team’s approach, and the quality of his supporting cast give us confidence. Della Vedova, who joined the firm in 2009, has built a solid track record managing the Luxembourg-domiciled European High Yield strategy since September 2011. The managers are well supported by an additional six global high-yield portfolio managers and a deep bench of 18 dedicated high-yield credit analysts.

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