In 2022, the Fed raised rates four times, and the typical bank loan fund lost 2.5% – but the Bloomberg U.S. Aggregate Bond Index fell 13% (Price Floating Rate lost 0.7%).

T. Rowe Price Floating Rate Adv has three-year annualized returns of 5.8%. As of the end of May 2024, PAFRX held 48.2% of its net assets in miscellaneous bonds.