T. Rowe Price Hedged Equity Z (PZHEX)

Fund Assets	4.02B
Expense Ratio	0.00%
Min. Investment	$500,000
Turnover	54.50%
Dividend (ttm)	0.19
Dividend Yield	1.35%
Dividend Growth	-2.66%
Payout Frequency	Annual
Ex-Dividend Date	Dec 11, 2025

Previous Close	14.30
YTD Return	n/a
1-Year Return	n/a
5-Year Return	n/a
52-Week Low	12.54
52-Week High	14.42
Beta (5Y)	n/a
Holdings	353
Inception Date	Jul 5, 2023

About PZHEX

T. Rowe Price Hedged Equity Fund Z is an actively managed mutual fund that seeks long‑term capital growth while mitigating downside risk. The strategy primarily invests in a diversified portfolio of U.S. large‑cap equities and layers on a systematic hedging program intended to reduce tail risk during equity market drawdowns and deliver lower volatility than broad equity benchmarks over time. Stock selection is driven by fundamental, bottom‑up research, without a strict growth or value bias, with sector weights largely emerging from security‑level views. To implement its risk management, the fund employs derivatives such as equity options and index and interest rate futures, using these tools both for hedging and efficient portfolio management within its 80% equity‑exposure policy framework. The Z share class is designed for certain advisory clients of T. Rowe Price and affiliated mandates, reflecting an institutional orientation in access and fee arrangements. In multi‑asset contexts, the fund can serve as a core equity sleeve with embedded risk controls, seeking to preserve stock‑selection alpha while moderating the amplitude of market cycles.

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

Other Share Classes

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

Symbol	Share Class	Expense Ratio
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	$0.843	Dec 12, 2025
Dec 12, 2024	$0.3924	Dec 13, 2024
Dec 13, 2023	$0.070	Dec 14, 2023

Data Sources: Tiingo and Finnhub

Historical data is provided by Tiingo. Several fund data points are also provided by Finnhub.

Last checked:

Nov 2, 2026

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