Fund Evaluator:
T. Rowe Price Balanced (RPBAX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
T. Rowe Price Balanced Overview
T. Rowe Price Balanced (RPBAX) is an actively managed Allocation Moderate Allocation fund. T. Rowe Price launched the fund in 1939.
The investment seeks to provide capital growth, current income, and preservation of capital through a portfolio of stocks and fixed income securities. The fund normally invests approximately 65% of its net assets in stocks and 35% of its net assets in fixed income securities, although the amount may vary based on market conditions. The fund invests at least 25% of its net assets in fixed income senior securities and may invest up to 35% of its net assets in foreign securities.
About T. Rowe Price Balanced (RPBAX)
There are 3 members of the management team with an average tenure of 7.75 years: Charles Shriver (2011), Toby Thompson (2020), Christina Noonan (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Morningstar Mod Tgt Risk TR USD index with a weighting of 100%. T. Rowe Price Balanced has 1810 securities in its portfolio. The top 10 holdings constitute 21.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Balanced is part of the Allocation global asset class and is within the Allocation fund group. T. Rowe Price Balanced has 23.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 44.1%. There is 20.6% allocated to foreign stock, and 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 33.6% (30.8% domestic bond, 2.9% foreign bond and 0.0% convertible bond). T. Rowe Price Balanced has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $2 billion average for the Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RPBAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The T. Rowe Price Balanced expense ratio is above average compared to funds in the Moderate Allocation category. T. Rowe Price Balanced has an expense ratio of 0.61%, which is 39% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. T. Rowe Price Balanced has a portfolio turnover rate of 43%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of July 2026, T. Rowe Price Balanced returned 0.0%, which earned it a grade of B, as the Moderate Allocation category had an average return of -0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
T. Rowe Price Balanced has a trailing yield of 2.02%, which is above the 1.97% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
T. Rowe Price Balanced Grades
Year to date, the fund has returned 6.3%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 14.0% over the past year (grade of C), 12.8% over the past three years (grade of B) and 6.8% per year over the past five years (grade of C) and 9.1% per year over the past 10 years (grade of B).
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RPBAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RPBAX Return (NAV) | 0.0% | 1.7% | 14.0% | 12.8% | 6.8% | 9.1% |
| RPBAX Grade | B | D | C | B | C | B |
| +/- Category | 0.3% | -0.4% | 0.9% | 0.8% | 0.1% | 0.6% |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| RPBAX Tax Cost Ratio | na | na | 2.0% | 1.8% | 1.9% | 1.7% |
RPBAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RPBAX Return (NAV) | 6.3% | 16.1% | 11.8% | 18.0% | -17.3% | 13.4% | 14.6% | 20.7% | -4.9% | 18.0% | 5.9% |
| RPBAX Grade | C | A | C | A | F | D | B | B | C | A | D |
| +/- Category | -0.2% | 2.7% | -0.4% | 3.7% | -3.3% | -1.0% | 1.6% | 0.9% | 0.2% | 4.2% | -1.8% |
| Moderate Allocation Avg | 6.4% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 9.1% |
| Total Risk Index: | 0.74 - Below Average |
| Category Risk Index: | 0.98 - Below Average |
| Category Risk Grade: | B (37% Rank) |
| Beta: | 0.95 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.0% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5268 Mil |
| Fund Total Assets: | $2,650 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 44% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.3 years | |||
| Average Tenure: 7.8 years | |||
| Managers (Year): Shriver Charles (2011), Thompson Toby (2020), Noonan Christina (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1810 |
| % in Top 10 Holdings: | 21.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.5% |
Portfolio Allocation |
|
| Domestic Stock: | 44.1% |
| Foreign Stock: | 20.6% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 30.8% |
| Foreign Bond: | 2.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.5% |
| Cash: | 1.0% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | December 29, 1939 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.61% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | T. Rowe Price Balanced |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
