T. Rowe Price Institutional Core Plus Fund

Data updated: 2020-10-27

C000005528 — T. Rowe Price Institutional Core Plus Fund. Total / Aggregate Bond · $437.97M AUM. Holdings, fees, performance and SEC filings.

C000005528 Fund Overview

T. Rowe Price Institutional Core Plus Fund is a US mutual fund managed by T. Rowe Price Institutional Income Funds, Inc., categorised as Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

C000005528 Investment Objective and Strategy

T. Rowe Price Institutional Core Plus Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by T. Rowe Price Institutional Income Funds, Inc..

Investment objective

The fund seeks to maximize total return through income and capital appreciation.

Principal investment strategy

The fund intends to invest at least 65% of its net assets (including any borrowings for investment purposes) in a core portfolio of investment grade, U.S. dollar-denominated fixed income securities that may include, but are not limited to, debt instruments issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed and asset-backed securities. Normally, the fund will also maintain a plus portion of its portfolio in other sectors of the bond market, including high yield, non-U.S. dollar-denominated, and emerging market securities, to seek additional returns. Under normal conditions, the fund expects to maintain an effective duration (which measures the portfolios price sensitivity to interest rate changes) within +/-20% of the Bloomberg Barclays U.S. Aggregate Bond Index.

As of July 31, 2018, the effective duration of this index was 5.96 years; however, it will change over time. Individual bond investments in the core portfolio will be rated investment grade, with a minimum credit quality of BBB- (or an equivalent rating). Ratings will be determined, at the time of purchase, by at least one credit rating agency or, if not so rated, a comparable rating by T. Rowe Price. If a security is split rated (i.e., at least one below investment-grade rating and at least one investment-grade rating), the higher rating will be used. The fund, in the aggregate, will seek to maintain a weighted average credit rating of A- or better, based on the weighted average credit quality of the funds portfolio securities. The plus portion of the funds portfolio may consist of below investment-grade bonds, also known as junk bonds, issued by companies in the U.S.

and other developed countries (not to exceed 20% of the funds net assets), below investment-grade emerging market debt instruments (not to exceed 10% of the funds net assets), non-U.S. dollar-denominated securities (not to exceed 20% of the funds net assets), and convertible and preferred securities (not to exceed 10% of the funds net assets), as well as other investments. The fund may invest in currencies without holding any bonds or other securities denominated in those particular currencies. The fund may continue to hold an investment in its core portfolio that is downgraded to below investment grade after purchase. If such rating downgrades cause high yield exposure to exceed 20% of net assets or below investment-grade emerging market securities to exceed 10% of net assets, the fund will seek to reduce its exposure within a reasonable period of time.

The fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the to-be-announced (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into dollar roll transactions in which the fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date. While most assets will typically be invested in bonds, the fund also uses interest rate futures and forward currency exchange contracts in keeping with the funds objective.

Interest rate futures would typically be used to manage the funds exposure to interest rate changes or to adjust portfolio duration. Forward currency exchange contracts would be used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the funds foreign bond holdings from adverse currency movements relative to the U.S. dollar. The fund may sell holdings for a variety of reasons, such as to adjust the portfolios average maturity, duration, or overall credit quality, or to shift assets into and out of higher-yielding or lower-yielding securities or certain sectors.

C000005528 Performance

Total returns for C000005528 (as of 2026-10-01), from SEC filings.

PeriodTotal return
1 year5.3%

C000005528 Risk Information

Risk metrics for C000005528, derived from monthly returns in SEC filings.

  • 1-year volatility (annualised): 7.8%

C000005528 Costs and Fees

C000005528 costs about $40 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 0.40%
  • Gross expense ratio: 0.46%
  • Portfolio turnover: 95%
  • Brokerage commissions: 0.31 bps of average net assets (SEC N-CEN)

C000005528 Cashflows

Over the 12 months to 2020-08, T. Rowe Price Institutional Core Plus Fund had net inflows of $153.89M, from monthly SEC N-PORT filings.

MonthNet flow
2020-08$19.63M
2020-07$6.47M
2020-06$12.60M
2020-05$9.08M
2020-04$10.73M
2020-03$38.01M

C000005528 Debt Constituents

No individual debt constituents are reported in T. Rowe Price Institutional Core Plus Fund's latest SEC N-PORT filing.

C000005528 Prospectus and SEC Filings

Official T. Rowe Price Institutional Core Plus Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Total / Aggregate Bond funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.