T. Rowe Price Hedged Equity I (PHEIX)

Fund Assets	4.02B
Expense Ratio	0.486%
Min. Investment	$2,500
Turnover	54.50%
Dividend (ttm)	0.13
Dividend Yield	0.89%
Dividend Growth	-23.77%
Payout Frequency	Annual
Ex-Dividend Date	Dec 11, 2025

Previous Close	14.27
YTD Return	8.51%
1-Year Return	10.14%
5-Year Return	n/a
52-Week Low	12.46
52-Week High	14.29
Beta (5Y)	n/a
Holdings	353
Inception Date	Jul 5, 2023

About PHEIX

T. Rowe Price Hedged Equity Fund I Class is a mutual fund designed to provide long-term capital growth while aiming for a lower risk profile compared to the broader equity market. The fund primarily invests in a diversified portfolio of U.S. large-cap stocks and employs a series of hedging strategies—chiefly through equity options, index futures, and interest rate futures—to mitigate tail risk and reduce overall portfolio volatility. Its approach seeks to cushion the impact of equity market downturns and maintain strong risk-adjusted returns, even during periods of significant market stress. Managed with a fundamental, bottom-up stock selection process, the fund does not specifically favor growth or value investing but targets stocks with appealing fundamentals, earnings potential, and relative valuation. While the fund may occasionally maintain significant exposure to certain sectors, such as information technology, it is classified as nondiversified, permitting a more concentrated allocation to individual issuers. The fund’s structure makes it a distinctive tool for investors seeking equity exposure with embedded risk mitigation features, especially relevant for uncertain or volatile market environments.

• Fund Family: T. Rowe Price
• Category: Options Trading
• Stock Exchange: Nasdaq
• Ticker Symbol: PHEIX
• Share Class: -i Class
• Index: Index is not provided by Management Company

Performance

PHEIX had a total return of 10.14% in the past year, including dividends. Since the fund's inception, the average annual return has been 15.58%.

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

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	$0.7788	Dec 12, 2025
Dec 12, 2024	$0.3623	Dec 13, 2024
Dec 13, 2023	$0.056	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 16, 2026

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