T. Rowe Price Retirement 2045 Fund
Name
As of 11/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
17.5%
1 yr return
28.9%
3 Yr Avg Return
3.6%
5 Yr Avg Return
10.2%
Net Assets
$16.1 B
Holdings in Top 10
85.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.11%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 21.80%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
RRTRX - Profile
Distributions
- YTD Total Return 17.5%
- 3 Yr Annualized Total Return 3.6%
- 5 Yr Annualized Total Return 10.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.01%
- Dividend Yield 0.8%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameT. Rowe Price Retirement 2045 Fund
-
Fund Family NameTROWEPRICE
-
Inception DateMay 31, 2007
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerWyatt Lee
Fund Description
The fund pursues its objective(s) by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. The fund’s allocation among T. Rowe Price mutual funds will change over time in relation to its target retirement date.
The fund is managed based on the specific retirement year (target date 2045) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely stop making new investments in the fund. The fund is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement. However, if an investor retires earlier or later than age 65, the fund may not be an appropriate investment even if the investor retires on or near the fund’s target date.
Over time, the allocation to asset classes and funds will change according to a predetermined “glide path” shown in the following chart (the left axis indicates the overall neutral allocation to stocks with the remainder of the allocation to bonds). The glide path represents the shifting of asset classes over time and shows how the fund’s asset mix becomes more conservative–both prior to and after retirement–as time elapses. This reflects the need for reduced market risks as retirement approaches and the need for lower portfolio volatility after retiring. Although the glide path is meant to dampen the fund’s potential volatility as retirement approaches, the fund is not designed for a lump sum redemption at the retirement date. The fund pursues an asset allocation strategy that promotes asset accumulation prior to retirement, but it is intended to also serve as a post-retirement investment vehicle with allocations designed to support an income stream made up of regular withdrawals throughout retirement along with some portfolio growth that exceeds inflation. After the target date, the fund is designed to balance longevity and inflation risks along with the need for some income, although it does not guarantee a particular level of income.
The glide path provides for a neutral allocation to stocks at the target date of 55%. The fund’s overall exposure to stocks will continue to decline until approximately 30 years after its target date, when its neutral allocations to stocks and bonds will remain unchanged. There are no maturity restrictions within the fund’s overall allocation to bonds, although the underlying bond funds in which the fund invests may impose specific limits on maturity or credit quality. The allocations are referred to as “neutral” allocations because they do not reflect any tactical decisions made by T. Rowe Price to overweight or underweight a particular asset class or sector based on its market outlook. The target allocations assigned to the broad asset classes (Stocks and Bonds), which reflect these tactical decisions resulting from market outlook, are not expected to vary from the neutral allocations set forth in the glide path by more than plus or minus 5%. The target allocations and actual allocations may differ due to significant market movements or cash flows.
The following table illustrates how the portfolio is generally expected to be allocated between the asset classes and the underlying T. Rowe Price mutual funds that are used to represent the broad asset classes and specific sectors. The fund invests in the Z Class of each of its underlying funds. T. Rowe Price is contractually obligated to waive and/or bear all of the Z Class’ expenses, with certain limited exceptions. The fund’s overall allocation to stocks is represented by a diversified mix of U.S. and international stock funds that employ both growth and value investment approaches and consist of large-cap, mid-cap, and small-cap stocks. The fund’s overall allocation to bonds is represented by a “core” fixed income component designed to have lower overall volatility and a “diversifying” fixed income component designed to respond to a variety of market conditions and improve risk adjusted returns. The information in the table represents the neutral allocations for the fund as of August 1, 2024. The numbers may not add to 100% due to rounding. Updated allocations between stock funds and bond funds, and actual allocations to the individual T. Rowe Price mutual funds, are available through troweprice.com.
T. Rowe Price may periodically rebalance or modify the asset mix of the underlying funds and change the underlying fund allocations.
Retirement 2045 Fund | ||||||
Asset Class | Sector(s) | Neutral Allocation | Underlying Fund(s) | |||
Stocks | 95.39 | % | Hedged Equity | 0.00 | % | Hedged Equity |
Inflation Focused | 4.77 | Real Assets | ||||
International Developed Market | 23.11 | International Stock, | ||||
International Value Equity, and/or | ||||||
Overseas Stock | ||||||
International Emerging Market | 4.08 | Emerging Markets Discovery Stock and/or | ||||
Emerging Markets Stock | ||||||
U.S. Large-Cap | 50.75 | Equity Index 500, | ||||
Growth Stock, | ||||||
U.S. Equity Research, | ||||||
U.S. Large-Cap Core, and/or | ||||||
Value | ||||||
U.S. Mid-Cap | 6.34 | Mid-Cap Growth, | ||||
Mid-Cap Index, and/or | ||||||
Mid-Cap Value | ||||||
U.S. Small-Cap | 6.34 | New Horizons, | ||||
Small-Cap Index, | ||||||
Small-Cap Stock, and/or | ||||||
Small-Cap Value | ||||||
Bonds | 4.60 | Core Fixed Income | 3.22 | Dynamic Global Bond, | ||
International Bond (USD Hedged), and/or | ||||||
New Income | ||||||
Diversifying Fixed Income | 1.38 | Dynamic Credit, | ||||
Emerging Markets Bond, | ||||||
Floating Rate, | ||||||
High Yield, | ||||||
Limited Duration Inflation Focused Bond, | ||||||
U.S. Treasury Long-Term Index, and/or | ||||||
U.S. Treasury Money | ||||||
RRTRX - Performance
Return Ranking - Trailing
Period | RRTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 17.5% | 11.7% | 24.0% | 49.75% |
1 Yr | 28.9% | 22.3% | 33.1% | 56.35% |
3 Yr | 3.6%* | -1.7% | 6.7% | 74.49% |
5 Yr | 10.2%* | 5.8% | 11.7% | 38.29% |
10 Yr | 8.8%* | 6.0% | 10.1% | 32.35% |
* Annualized
Return Ranking - Calendar
Period | RRTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.2% | 4.8% | 21.3% | 63.78% |
2022 | -25.1% | -65.7% | -14.5% | 66.84% |
2021 | 9.3% | -4.7% | 18.7% | 43.32% |
2020 | 13.1% | 2.3% | 15.5% | 29.71% |
2019 | 18.1% | 8.2% | 23.0% | 51.90% |
Total Return Ranking - Trailing
Period | RRTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 17.5% | 11.7% | 24.0% | 49.75% |
1 Yr | 28.9% | 22.3% | 33.1% | 56.35% |
3 Yr | 3.6%* | -1.7% | 6.7% | 74.49% |
5 Yr | 10.2%* | 5.8% | 11.7% | 38.29% |
10 Yr | 8.8%* | 6.0% | 10.1% | 32.35% |
* Annualized
Total Return Ranking - Calendar
Period | RRTRX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 19.9% | 11.2% | 37.0% | 44.39% |
2022 | -19.5% | -28.2% | 0.1% | 92.86% |
2021 | 16.6% | 4.2% | 22.9% | 61.50% |
2020 | 18.1% | 7.8% | 23.2% | 24.57% |
2019 | 24.7% | 21.3% | 37.2% | 65.82% |
NAV & Total Return History
RRTRX - Holdings
Concentration Analysis
RRTRX | Category Low | Category High | RRTRX % Rank | |
---|---|---|---|---|
Net Assets | 16.1 B | 6.93 M | 79.9 B | 11.68% |
Number of Holdings | 26 | 2 | 586 | 26.90% |
Net Assets in Top 10 | 14.9 B | 9.98 M | 84.8 B | 11.68% |
Weighting of Top 10 | 85.70% | 42.4% | 144.1% | 56.61% |
Top 10 Holdings
- T ROWE PRICE VALUE FUND INC 15.66%
- T ROWE PRICE GROWTH STOCK FUND INC 14.18%
- T ROWE PRICE US LARGE-CAP CORE FUND INC 10.24%
- T ROWE PRICE EQUITY INDEX 500 FUND 10.23%
- T ROWE PRICE OVERSEAS STOCK FUND 7.67%
- T ROWE PRICE INTERNATIONAL VALUE EQUITY FUND 7.48%
- T ROWE PRICE INTERNATIONAL STOCK FUND 6.78%
- T ROWE PRICE REAL ASSETS FUND INC 6.33%
- T ROWE PRICE MID-CAP GROWTH FUND INC 3.68%
- T ROWE PRICE MID-CAP VALUE FUND INC 3.46%
Asset Allocation
Weighting | Return Low | Return High | RRTRX % Rank | |
---|---|---|---|---|
Stocks | 98.97% | 0.00% | 100.07% | 59.90% |
Cash | 0.94% | 0.00% | 45.56% | 30.96% |
Bonds | 0.12% | 0.00% | 25.62% | 27.92% |
Convertible Bonds | 0.02% | 0.00% | 1.09% | 94.42% |
Preferred Stocks | 0.00% | 0.00% | 0.03% | 87.82% |
Other | -0.02% | -0.02% | 11.52% | 100.00% |
Stock Sector Breakdown
Weighting | Return Low | Return High | RRTRX % Rank | |
---|---|---|---|---|
Technology | 19.36% | 14.05% | 23.99% | 41.62% |
Financial Services | 14.55% | 13.09% | 18.83% | 64.47% |
Healthcare | 13.52% | 10.69% | 14.59% | 29.95% |
Consumer Cyclical | 12.81% | 8.06% | 13.31% | 5.58% |
Industrials | 10.00% | 9.12% | 12.31% | 71.07% |
Communication Services | 9.92% | 5.69% | 10.23% | 5.08% |
Basic Materials | 5.05% | 3.18% | 6.86% | 36.55% |
Consumer Defense | 4.75% | 4.68% | 11.06% | 97.46% |
Real Estate | 4.28% | 1.86% | 10.17% | 50.25% |
Utilities | 3.31% | 1.89% | 8.09% | 4.57% |
Energy | 2.44% | 2.33% | 6.54% | 95.94% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | RRTRX % Rank | |
---|---|---|---|---|
US | 98.97% | 0.00% | 100.07% | 59.90% |
Non US | 0.00% | 0.00% | 38.46% | 87.82% |
Bond Sector Breakdown
Weighting | Return Low | Return High | RRTRX % Rank | |
---|---|---|---|---|
Government | 30.31% | 11.67% | 67.01% | 70.56% |
Corporate | 6.38% | 3.21% | 43.85% | 94.92% |
Securitized | 6.07% | 0.00% | 34.36% | 76.14% |
Cash & Equivalents | 0.94% | 0.00% | 78.34% | 31.47% |
Municipal | 0.09% | 0.00% | 1.01% | 56.35% |
Derivative | -0.02% | -0.02% | 0.14% | 100.00% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | RRTRX % Rank | |
---|---|---|---|---|
US | 0.12% | 0.00% | 24.00% | 27.92% |
Non US | 0.00% | 0.00% | 1.62% | 87.82% |
RRTRX - Expenses
Operational Fees
RRTRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.11% | 0.01% | 19.43% | 29.44% |
Management Fee | 0.61% | 0.00% | 0.89% | 91.89% |
12b-1 Fee | 0.50% | 0.00% | 1.00% | 83.70% |
Administrative Fee | 0.15% | 0.01% | 0.29% | 69.77% |
Sales Fees
RRTRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
RRTRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
RRTRX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 21.80% | 0.42% | 115.00% | 55.31% |
RRTRX - Distributions
Dividend Yield Analysis
RRTRX | Category Low | Category High | RRTRX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.82% | 0.00% | 6.14% | 7.11% |
Dividend Distribution Analysis
RRTRX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annual | SemiAnnual | Annual |
Net Income Ratio Analysis
RRTRX | Category Low | Category High | RRTRX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.01% | -0.42% | 3.87% | 97.27% |
Capital Gain Distribution Analysis
RRTRX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Semi-Monthly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 21, 2023 | $0.186 | OrdinaryDividend |
Dec 21, 2023 | $0.041 | CapitalGainShortTerm |
Dec 21, 2023 | $0.564 | CapitalGainLongTerm |
Dec 21, 2022 | $1.261 | OrdinaryDividend |
Dec 21, 2021 | $1.474 | OrdinaryDividend |
Dec 22, 2020 | $0.890 | OrdinaryDividend |
Dec 20, 2019 | $0.200 | OrdinaryDividend |
Dec 20, 2019 | $0.010 | CapitalGainShortTerm |
Dec 20, 2019 | $0.800 | CapitalGainLongTerm |
Dec 20, 2018 | $0.110 | CapitalGainShortTerm |
Dec 20, 2018 | $1.045 | CapitalGainLongTerm |
Dec 20, 2018 | $0.150 | OrdinaryDividend |
Dec 21, 2017 | $0.110 | CapitalGainShortTerm |
Dec 21, 2017 | $0.310 | CapitalGainLongTerm |
Dec 21, 2017 | $0.140 | OrdinaryDividend |
Dec 21, 2016 | $0.020 | CapitalGainShortTerm |
Dec 21, 2016 | $0.480 | CapitalGainLongTerm |
Dec 21, 2016 | $0.140 | OrdinaryDividend |
Dec 18, 2015 | $0.005 | CapitalGainShortTerm |
Dec 18, 2015 | $0.640 | CapitalGainLongTerm |
Dec 18, 2015 | $0.140 | OrdinaryDividend |
Dec 19, 2014 | $0.080 | CapitalGainShortTerm |
Dec 19, 2014 | $0.270 | CapitalGainLongTerm |
Dec 19, 2014 | $0.140 | OrdinaryDividend |
Dec 20, 2013 | $0.040 | CapitalGainShortTerm |
Dec 20, 2013 | $0.190 | CapitalGainLongTerm |
Dec 20, 2013 | $0.110 | OrdinaryDividend |
Dec 20, 2012 | $0.020 | CapitalGainShortTerm |
Dec 20, 2012 | $0.075 | CapitalGainLongTerm |
Dec 20, 2012 | $0.120 | OrdinaryDividend |
Dec 21, 2011 | $0.015 | CapitalGainShortTerm |
Dec 21, 2011 | $0.010 | CapitalGainLongTerm |
Dec 21, 2011 | $0.100 | OrdinaryDividend |
Dec 21, 2010 | $0.010 | CapitalGainShortTerm |
Dec 21, 2010 | $0.110 | OrdinaryDividend |
Dec 18, 2009 | $0.100 | OrdinaryDividend |
Dec 18, 2009 | $0.033 | CapitalGainLongTerm |
Dec 19, 2008 | $0.020 | CapitalGainShortTerm |
Dec 19, 2008 | $0.230 | CapitalGainLongTerm |
Dec 19, 2008 | $0.130 | OrdinaryDividend |
Dec 20, 2007 | $0.170 | OrdinaryDividend |
Dec 20, 2007 | $0.080 | CapitalGainShortTerm |
Dec 20, 2007 | $0.220 | CapitalGainLongTerm |
RRTRX - Fund Manager Analysis
Managers
Wyatt Lee
Start Date
Tenure
Tenure Rank
Aug 01, 2015
6.84
6.8%
Wyatt Lee, CFA is a Vice President and Portfolio Manager at T. Rowe Price. Mr. Lee became chairman of the committee in 2011. He joined the Firm in 1999 and his investment experience dates from 1997.
Kimberly DeDominicis
Start Date
Tenure
Tenure Rank
Oct 01, 2019
2.67
2.7%
Ms. DeDominicis originally joined T. Rowe Price in 1998 and returned to the Firm in 2003. Her investment experience dates from 1999. Ms. DeDominicis has served as an associate portfolio manager for the target date strategies during the past five years.
Andrew Jacobs van Merlen
Start Date
Tenure
Tenure Rank
Jan 01, 2020
2.41
2.4%
Andrew Jacobs van Merlen is a Vice President of T. Rowe Price Group. Mr. Jacobs van Merlen earned a BS in finance from the University of Maryland and an MBA in sustainable business from the University of Cambridge. He also has earned the Chartered Financial Analyst designation.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 17.59 | 5.7 | 2.41 |