T. Rowe Price Hedged Equity (PHEFX)

Fund Assets	4.02B
Expense Ratio	0.726%
Min. Investment	$2,500
Turnover	54.50%
Dividend (ttm)	0.11
Dividend Yield	0.80%
Dividend Growth	-24.68%
Payout Frequency	Annual
Ex-Dividend Date	Dec 11, 2025

Previous Close	14.18
YTD Return	8.32%
1-Year Return	9.84%
5-Year Return	n/a
52-Week Low	12.40
52-Week High	14.19
Beta (5Y)	n/a
Holdings	353
Inception Date	n/a

About PHEFX

T. Rowe Price Hedged Equity Fund is an open‑end mutual fund designed to pursue long‑term capital growth while targeting a lower risk profile than broad equities. The strategy primarily invests in U.S. large‑cap stocks and overlays a disciplined program of equity options, index futures, and interest rate futures to mitigate tail risk and dampen volatility during market drawdowns. The portfolio emphasizes fundamentally selected large‑cap companies across sectors, with benchmark awareness to the S&P 500 Index and flexibility to concentrate when bottom‑up convictions are strongest. The derivatives overlay is structured to manage overall equity beta and correlation, aiming to preserve stock‑selection alpha while cushioning downside variability over time. Launched in 2023, the fund carries a contractual expense limitation through February 2027, and maintains liquidity through cash and reserve positions as part of its risk framework. It serves investors seeking equity market participation with explicit hedging features and a systematic approach to volatility management within a single, actively managed vehicle.

• Fund Family: T. Rowe Price
• Category: Options Trading
• Stock Exchange: Nasdaq
• Ticker Symbol: PHEFX

Performance

PHEFX had a total return of 9.84% in the past year, including dividends. Since the fund's inception, the average annual return has been 15.25%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
PZHEX	-z Class	n/a
PHEIX	-i Class	0.49%

Top 10 Holdings

35.06% of assets

Name	Symbol	Weight
NVIDIA Corporation	NVDA	6.33%
T. Rowe Price Government Reserve Fund	TRPGRIA	5.59%
Apple Inc.	AAPL	5.51%
Microsoft Corporation	MSFT	3.78%
Amazon.com, Inc.	AMZN	3.06%
Alphabet Inc.	GOOG	2.90%
Broadcom Inc.	AVGO	2.29%
Alphabet Inc.	GOOGL	2.16%
Micron Technology, Inc.	MU	1.72%
Meta Platforms, Inc.	META	1.71%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 11, 2025	$0.7654	Dec 12, 2025
Dec 12, 2024	$0.3465	Dec 13, 2024
Dec 13, 2023	$0.0535	Dec 14, 2023

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Oct 15, 2026

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