PAFDX Mutual Fund — T. Rowe Price Equity Income Advisor

T. Rowe Price Equity Income Advisor (PAFDX)

Updated October 16, 2026.

PAFDX is a Mutual Fund. its distribution rate is 1.11%, its trailing-12-month yield is 1.71%, its expense ratio is 1.02%. Dividend Vision Distribution Safety Score™ is 72/100 (Generally safe). Total return is 718.0% over the past 26.5 years, 13.7 points ahead of SPY at 704.3%.

T. Rowe Price Equity Income Advisor is a mutual fund that invests at least eighty percent of its assets in large-capitalization stocks with a track record of paying dividends within the past year. The fund carries a modest current distribution rate and an expense ratio of 1.02%. It appeals to income-focused investors seeking dividend exposure primarily through established large-cap companies.

PAFDX performance versus SPY

Price and return data through 2026-10-16.

Total return is 718.0% over the past 26.5 years, 13.7 points ahead of SPY at 704.3%. Over the past year its total return — price change plus distributions reinvested — is 24.0%. Its deepest 1-year drawdown was 7.3%.

PAFDX key facts

Distribution Safety Score™

72 · Generally safe

Safety-Adjusted Yield

0.80%

Issuer

T. Rowe Price

Asset type

Mutual Fund

Asset class

Equity

Expense ratio

1.02%

Distribution rate

1.11%

Distribution frequency

Quarterly

Trailing yield

1.71%

Last close

$45.09 (as of 2026-10-16)

NAV

$44.65 as of 2026-09-30; source eodhd (stale)

Premium / discount

N/A (price 2026-10-16, NAV 2026-09-30) (NAV stale)

AUM

$21,615,251,456

Average volume

0.0

Dividend

$0.136

Ex-dividend date

09/28/2026

Beta

0.71

How Dividend Vision calculates yield and returns

Distribution rate (1.11%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (1.71%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: T. Rowe Price; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

PAFDX risks and drawbacks

PAFDX's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. The deepest 1-year drawdown on record here is 7.3%.

Who may consider PAFDX — and who may not

It is a weaker fit for investors who need monthly cash flow (PAFDX pays quarterly); investors hunting double-digit covered-call yields. This is educational context, not a recommendation to buy or sell.

More on PAFDX

• All tickers starting with P

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Frequently asked questions

More securities from T. Rowe Price.