New America High Income Fund's reorganization into T. Rowe Price Fund is delayed, pending mutual agreement. Shareholders will receive Investor Class shares.
Quiver AI Summary
The New America High Income Fund, Inc. announced a delay in the reorganization process into the T. Rowe Price High Yield Fund, originally set to close on February 21, 2025. The new closing date will be determined in writing by the involved parties, pending customary closing conditions. Once completed, shareholders of the New America High Income Fund will transition to Investor Class shares of the T. Rowe Price Fund. The New America High Income Fund is a diversified, closed-end investment company managed by T. Rowe Price Associates, which oversees approximately $1.65 trillion in assets as of January 31, 2025. The press release serves solely as informational and emphasizes caution regarding forward-looking statements. Additional details can be found on their respective websites.
Potential Positives
- The reorganization into the T. Rowe Price High Yield Fund may enhance the investment options available to shareholders, potentially improving their returns.
- T. Rowe Price has a long-standing reputation and significant assets under management, which may provide increased stability and confidence for the Fund's shareholders.
- Transitioning to a more established fund could attract new investors and increase overall fund performance through T. Rowe Price's expertise.
Potential Negatives
- The closing date of the Fund's reorganization has been delayed, which may indicate unresolved issues or a lack of confidence in the process.
- The reliance on customary closing conditions for the reorganization indicates there may be uncertainties or risks involved in the transition, potentially causing concerns for shareholders.
- The mention of forward-looking statements and the caution advised in interpreting them may contribute to uncertainty around the Fund's future performance and strategic direction.
FAQ
What is the reorganization of the New America High Income Fund?
The Fund will reorganize into the T. Rowe Price High Yield Fund, subject to closing conditions.
When is the expected closing date for the reorganization?
The closing is now expected on a mutually agreed date rather than February 21, 2025.
How will shareholders be affected by this change?
Shareholders will become holders of Investor Class shares of the T. Rowe Price Fund.
Who manages the New America High Income Fund?
T. Rowe Price Associates, Inc. serves as the investment adviser for the Fund.
Where can I find more information about the funds?
More information is available at www.newamerica-hyb.com and www.troweprice.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$HYB Hedge Fund Activity
We have seen 20 institutional investors add shares of $HYB stock to their portfolio, and 33 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BULLDOG INVESTORS, LLP added 557,990 shares (+inf%) to their portfolio in Q4 2024, for an estimated $4,558,778
- RAYMOND JAMES FINANCIAL SERVICES ADVISORS, INC. removed 407,972 shares (-96.5%) from their portfolio in Q3 2024, for an estimated $3,398,406
- ICON ADVISERS INC/CO added 195,255 shares (+205.7%) to their portfolio in Q4 2024, for an estimated $1,595,233
- PATHSTONE HOLDINGS, LLC removed 178,722 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $1,488,754
- GLOBAL ENDOWMENT MANAGEMENT, LP removed 100,000 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $833,000
- GUGGENHEIM CAPITAL LLC added 99,121 shares (+33.4%) to their portfolio in Q4 2024, for an estimated $809,818
- SIT INVESTMENT ASSOCIATES INC added 77,411 shares (+2.9%) to their portfolio in Q4 2024, for an estimated $632,447
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BOSTON, Feb. 21, 2025 (GLOBE NEWSWIRE) -- The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB) announced today that the reorganization of the Fund into the T. Rowe Price High Yield Fund (the “
T. Rowe Price Fund
”), a separate series of the T. Rowe Price High Yield Fund, Inc. (the “
Reorganization
”), initially expected to close following the close of business of the New York Stock Exchange on Friday, February 21, 2025, is now expected to close on a mutually agreed upon date in writing by the parties, subject to satisfaction of customary closing conditions. Upon the closing of the Reorganization, shareholders of the Fund will become holders of Investor Class shares of the T. Rowe Price Fund.
About the Fund
The New America High Income Fund, Inc. is a diversified, closed-end management investment company with a leveraged capital structure. The Fund’s investment adviser is T. Rowe Price Associates, Inc. (“T. Rowe Price”). As of January 31, 2025, T. Rowe Price and its affiliates managed approximately $1.65 trillion of assets. T. Rowe Price has provided investment advisory services to investment companies since 1937.
This press release is for informational purposes only and is not intended to, and does not, constitute an offer to purchase or sell shares of the Fund or the T. Rowe Price Fund. Additional information about the Fund and the T. Rowe Price Fund, including performance and portfolio characteristic information, is available at
www.newamerica-hyb.com
or
www.troweprice.com
, respectively.
Statements in this press release that are not historical facts may be forward-looking statements, as defined by the U.S. securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors that may be beyond the Fund’s control and could cause actual results to differ materially from those set forth in the forward-looking statements.
Contact:
Ellen E. Terry, President
Telephone: 617-263-6400
www.newamerica-hyb.com
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