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T Rowe Price Capital Appreciation & Income is live
It appears that I could buy PRCFX through my Schwab account now, if I wanted to. I can't confirm without placing the trade which I'm not motivated to do, though others might.
"1. The symbol you entered is not available to trade. If you have entered this symbol in error, please try again. If you are attempting to place an order for a fund in subscription, thank you, but the fund is not yet available. Once the Subscription Offering Period begins you will be able to enter your order. Please call 800-435-4000 if you need further assistance."
I tried placing an order at Fidelity and it recognized the symbol but when I tried to place the order I got message similar to the Schwab message above:
" The security you are trying to buy cannot be traded. You can search for tradable funds using the Mutual Fund Evaluator."
If PRCFX is just a more conservative clone to PRWCX, I wonder if owning PRCFX and adding the equity ETF, TCAF, would make it just like PRWCX. Should be an interesting chart to follow.
When this fund is available at Schwab, I'm sure there will be a transfer fee. All TRP funds do. FWIW.
There are no EOD quotes for PRCFX or PRCHX. M*, Nasdaq, etc are blank; Yahoo Finance and Price Homepage refuse to recognize tickers; Bloomberg says Pending Listing. May be there was some hitch and it didn't launch today. https://www.bloomberg.com/quote/PRCFX:US#xj4y7vzkg
I got alphabet-soup-itis from all this. OK, TCAF is the ETF.... Next: PRWCX, the existing, CLOSED fund. I bookmarked a Bloomberg link for TCIFX. Is this ticker DEAD, now?
Lastly, there is PRCFX (Investor class of the new fund: Cap. Apprec & Income Fund.) Then the Institutional shares are PRCHX. I will be watching for the ACTUAL grand opening. Figure $10/share?
I did try a Schwab test order around 2:00 PM Central, but the ticker was NOT recognized (just like yesterday). It may take a few days for 3rd party NTF/TF setups.
Geniuses at TRP don't even recognize the ticker. "The fund you have selected is not eligible for trading for a retail investor. Please contact T. Rowe Price Investment Services Inc. for further assistance."
That might just be a boilerplate, catch-all announcement, but it is HARDLY helpful. Surrounded by geniuses, wherever we turn!
If PRCFX is just a more conservative clone to PRWCX, I wonder if owning PRCFX and adding the equity ETF, TCAF, would make it just like PRWCX. Should be an interesting chart to follow.
When this fund is available at Schwab, I'm sure there will be a transfer fee. All TRP funds do. FWIW.
I own TRP funds at Schwab and there’s no transaction fee.
If PRCFX is just a more conservative clone to PRWCX, I wonder if owning PRCFX and adding the equity ETF, TCAF, would make it just like PRWCX. Should be an interesting chart to follow.
When this fund is available at Schwab, I'm sure there will be a transfer fee. All TRP funds do. FWIW.
I own TRP funds at Schwab and there’s no transaction fee.
Yes, no transaction fee at TD, Merrill, or Fidelity either for other TRP funds.
Placed orders to establish initial positions in the fund in a number of our accounts we hold directly with TRP.
I may end up using PRCFX and TRAIX/PRWCX in a similar way that others use Vanguard Wellington and Wellesley to maintain a more conservative allocation than TRAIX/PRWCX normally maintains as we get closer to retirement. This way I wouldn't need to be concerned with choosing fixed income investments to lower our equity allocation.
It is the bond portion that I am concerned about PRCFX. Historically, Giruox has well over 10% in floating rate/bank loan bonds in PRWCX. His fund has another manager besides Giroux, presumably he will manage the bond portion of the fund. Is there more information on this new fund?
Edits: thanks @Observant1. Mandate on bond investing is fairly broad. Farris Shugg manages the bond portion of PRCFX.
A minor nitpick ... Prof. Snowball writes that PRWCX is " (b) closed tight." Elsewhere (in discussing closed funds) he has noted that there are ways to get into some of these funds. Specifically, that T. Rowe Price Summit Select investors (those with over $250K at TRP) have access to PRWCX. And existing investors can add to their accounts.
In contrast, TREMX is closed really tight.
The fund is currently closed to all purchases from new and existing shareholders. Even investors who already hold shares of the fund either directly with T. Rowe Price or through a retirement plan or financial intermediary may no longer purchase additional shares.
Now that's what I call a hard close. Weird timing, too.
Had it closed in early 2022 around the time the Ukraine war began and it lost 86% of its value in three weeks, that might have made sense. Closing it a year later, and so severely, doesn't. No significant in/outflows since mid 2022. Closure announcement, Feb 17, 2023.
You're right. Perhaps I should have said "closed without the prospect of reopening" since funds continue to flow in in 2023 from existing shareholders, keeping the fund capped.
The net flows are actually negative for the TTM, by $100 million, because of a big drawdown in December 2022. Perhaps an institutional account? Perhaps a tax game? Every month in '23 has seen net inflows.
Comments
Similar at Yahoo Finance + press release https://finance.yahoo.com/news/t-rowe-price-launches-capital-143000063.html?.tsrc=fin-srch
"1. The symbol you entered is not available to trade. If you have entered this symbol in error, please try again. If you are attempting to place an order for a fund in subscription, thank you, but the fund is not yet available. Once the Subscription Offering Period begins you will be able to enter your order. Please call 800-435-4000 if you need further assistance."
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=S000081993
" The security you are trying to buy cannot be traded. You can search for tradable funds using the Mutual Fund Evaluator."
When this fund is available at Schwab, I'm sure there will be a transfer fee. All TRP funds do. FWIW.
M*, Nasdaq, etc are blank; Yahoo Finance and Price Homepage refuse to recognize tickers; Bloomberg says Pending Listing. May be there was some hitch and it didn't launch today.
https://www.bloomberg.com/quote/PRCFX:US#xj4y7vzkg
OK, TCAF is the ETF.... Next:
PRWCX, the existing, CLOSED fund.
I bookmarked a Bloomberg link for TCIFX. Is this ticker DEAD, now?
Lastly, there is PRCFX (Investor class of the new fund: Cap. Apprec & Income Fund.) Then the Institutional shares are PRCHX.
I will be watching for the ACTUAL grand opening. Figure $10/share?
Enjoying everyone’s take on the new offering.
https://finance.yahoo.com/quote/PRCFX?p=PRCFX
https://www.cnbc.com/quotes/PRCFX
I did try a Schwab test order around 2:00 PM Central, but the ticker was NOT recognized (just like yesterday). It may take a few days for 3rd party NTF/TF setups.
I see that MFO now recognizes it.
That might just be a boilerplate, catch-all announcement, but it is HARDLY helpful. Surrounded by geniuses, wherever we turn!
https://www.troweprice.com/personal-investing/tools/fund-research
I may end up using PRCFX and TRAIX/PRWCX in a similar way that others use Vanguard Wellington and Wellesley to maintain a more conservative allocation than TRAIX/PRWCX normally maintains as we get closer to retirement. This way I wouldn't need to be concerned with choosing fixed income investments to lower our equity allocation.
Edits: thanks @Observant1. Mandate on bond investing is fairly broad. Farris Shugg manages the bond portion of PRCFX.
https://www.mutualfundobserver.com/2023/12/launch-alert-t-rowe-price-capital-appreciation-income-fund/
https://prospectus-express.broadridge.com/m_summary.asp?doctype=pros&clientid=trowepll&fundid=77954M402
In contrast, TREMX is closed really tight. Prospectus
Now that's what I call a hard close. Weird timing, too.
Had it closed in early 2022 around the time the Ukraine war began and it lost 86% of its value in three weeks, that might have made sense. Closing it a year later, and so severely, doesn't. No significant in/outflows since mid 2022.
Closure announcement, Feb 17, 2023.
You're right. Perhaps I should have said "closed without the prospect of reopening" since funds continue to flow in in 2023 from existing shareholders, keeping the fund capped.
The net flows are actually negative for the TTM, by $100 million, because of a big drawdown in December 2022. Perhaps an institutional account? Perhaps a tax game? Every month in '23 has seen net inflows.