T. Rowe Price Introduces Two New Mutual Funds
Sep 23 14
T. Rowe Price introduced two new mutual funds--one that invests in international stocks and one that invests in noninvestment-grade municipal bonds. The International Concentrated Equity Fund is available in an Investor Class share (PRCNX) and an Advisor Class share (PRNCX). Each fund share class will build on the established investment process of its similarly named institutional strategy, the Institutional Concentrated International Equity Fund (RPICX). Additionally, the new Intermediate Tax-Free High Yield Fund, which is available in an Investor Class share (PRIHX) and Advisor Class share (PRAHX), will complement the similarly named, longer-maturity Tax-Free High Yield Fund (PRFHX). Fund Details--International Concentrated Equity Fund -- Federico Santilli, who has managed the T. Rowe Price Institutional Concentrated International Equity Fund since its inception in mid-2010, will manage the new fund. The fund will be relatively concentrated, consisting of the investment team's highest-conviction ideas for generating capital appreciation. The fund's focus is on companies that have solid positions in attractive industries, have an ability to generate visible and durable free cash flow, and can create shareholder value over time. Stock selection will dictate portfolio construction. Consequently, the fund may have significant overweights and underweights compared with the benchmark with respect to region, country, and sector allocations. The net expense ratio is capped at 0.90% for the Investor Class shares and 1.00% for the Advisor Class shares until February 28, 2017. The minimum initial investment in the International Concentrated Equity Fund is $2,500, or $1,000 for retirement accounts or gifts or transfers to minors (UGMA/UTMA) accounts. The Institutional Concentrated International Equity Fund generally requires a $1 million minimum initial investment. Share prices are subject to the risks associated with unfavorable currency exchange rates and political or economic uncertainty abroad. Further, the fund is 'non-diversified,' meaning it may invest a greater portion of its assets in a single company than in a diversified fund. Fund Details--Intermediate Tax-Free High Yield Fund -- James Murphy, who has managed the T. Rowe Price Tax-Free High Yield Fund since 2002, will also manage the new fund. The Intermediate Tax-Free High Yield Fund's principal investment strategy is to generate a high level of income that is exempt from federal taxes. Similar to the Tax-Free High Yield Fund, the new fund will be largely composed of a diversified array of revenue bonds that span both the lower and below investment-grade municipal bond universe. Both funds are expected to have similar credit quality profiles--approximately 65% investment-grade (with a focus on A and BBB rated securities) and 35% below investment-grade securities. In contrast to the Tax-Free High Yield Fund, the new fund will feature an intermediate-duration profile. The new fund's target is a weighted average maturity not to exceed 10 years. The fund's net expense ratio is capped at 0.75% for the Investor Class shares and 0.85% for Advisor Class shares until June 30, 2017. The minimum initial investment in the Intermediate Tax-Free High Yield Fund is $2,500, or $1,000 for retirement accounts or gifts or transfers to minors (UGMA/UTMA) accounts. Investors should note that if interest rates rise significantly from current levels bond fund total returns will decline and may even turn negative in the short term. In addition to their sensitivity to interest rates, high yield bonds carry a significant level of credit risk. Some income may be subject to state and local taxes and the federal alternative minimum tax. Diversification cannot assure a profit or protect against loss in a declining market.
T. Rowe Price Group, Inc. Announces Executive Appointments
Sep 16 14
T. Rowe Price Group, Inc. appointed Donato Savatteri from Lombard Odier as new country head for Italy. In addition, Savatteri will also join the T. Rowe Price's EMEA executive committee. At Lombard Odier, Savatteri was CEO for three years in Milan. Also, T. Rowe Price has hired Maurizio Tassielli from Lombard Odier to manage client relationships in the Italian market. Prior to joining T. Rowe Price, Tassielli previously served as head of sales, distributors and wholesale at Lombard Odier in Milan.
T. Rowe Price Group, Inc. Presents at The RBC Capital Markets' 2014 Financial Institutions Conference, Sep-16-2014
Aug 22 14
T. Rowe Price Group, Inc. Presents at The RBC Capital Markets' 2014 Financial Institutions Conference, Sep-16-2014 . Venue: Hyatt Regency Boston, One Avenue de Lafayette, Boston, MA 02111, United States. Speakers: Kenneth Van Moreland, Chief Financial Officer, Vice President and Treasurer, Teresa Whitaker, Investor Relations.