Morningstar

T. Rowe Price New Income Fund Advisor Class PANIX

Morningstar Medalist Rating
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  • NAV / 1-Day Return $7.64  /  +0.13 %
  • Fund Size $17.4B
  • Adjusted Expense Ratio 0.920%
  • Net Expense Ratio 0.920%
  • Fee Level: Distribution High
  • 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 4.08%
  • Average Effective Duration 5.79 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis PANIX

Will PANIX 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 PANIX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the PANIX 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 PANIX’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 PANIX

More PANIX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 9.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Federal National Mortgage Association 6%

2.28 386M
Securitized

T. Rowe Price Gov. Reserve

1.77 299M
Cash and Equivalents

United States Treasury Notes 3.75%

1.64 276M
Government

United States Treasury Notes 4%

1.63 276M
Government

United States Treasury Notes 4.625%

1.51 255M
Government

United States Treasury Bonds 4.5%

1.44 242M
Government

Federal National Mortgage Association 4.5%

1.38 232M
Securitized

United States Treasury Bonds 4.25%

1.33 224M
Government

United States Treasury Bonds 4.375%

1.20 202M
Government

United States Treasury Notes 4.375%

1.18 198M
Government

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