Fund Evaluator:
T. Rowe Price Retirement Blend 2065 (TRBPX)
Follow This Fund
Best Performing in Target-Date 2065 Over the Last Year
| 23.7% | Fidelity Advisor Freedom Blend 2065 Z (FAXGX) |
| 23.1% | Fidelity Advisor Sust Trgt Dt 2065 Z (FTHDX) |
| 23.0% | Fidelity Advisor Sust Trgt Dt 2065 I (FTHBX) |
| 22.9% | BlackRock LifePath® Dynamic 2065 Inv A (LPWAX) |
| 22.2% | BlackRock LifePath ESG Index 2065 Inv A (LEWAX) |
Fund Details
T. Rowe Price Retirement Blend 2065 Overview
T. Rowe Price Retirement Blend 2065 (TRBPX) is an actively managed Allocation Target-Date 2065 fund. T. Rowe Price launched the fund in 2021.
The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The manager pursues the fund's objective by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds that represent various asset classes and sectors. It is managed based on the specific retirement year (target date 2065) included in its name and assumes a retirement age of 65.
About T. Rowe Price Retirement Blend 2065 (TRBPX)
There are 3 members of the management team with an average tenure of 5.02 years: Wyatt Lee (2021), Kimberly DeDominicis (2021), Andrew Jacobs van Merlen (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and S&P Target Date 2065+ TR USD index with a weighting of 100%. T. Rowe Price Retirement Blend 2065 has 21 securities in its portfolio. The top 10 holdings constitute 89.4% 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 Retirement Blend 2065 is part of the Allocation global asset class and is within the Allocation fund group. T. Rowe Price Retirement Blend 2065 has 30.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 66.1%. There is 30.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.7% (1.4% domestic bond, 0.2% foreign bond and 0.0% convertible bond). T. Rowe Price Retirement Blend 2065 has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $31 million in total assets, which is below the $248 million average for the Target-Date 2065 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.
TRBPX 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 Retirement Blend 2065 expense ratio is average compared to funds in the Target-Date 2065 category. T. Rowe Price Retirement Blend 2065 has an expense ratio of 0.44%, which is 35% 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 Retirement Blend 2065 has a portfolio turnover rate of 25%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 25% for the Target-Date 2065 category.
Recently, in the month of July 2026, T. Rowe Price Retirement Blend 2065 returned -0.3%, which earned it a grade of B, as the Target-Date 2065 category had an average return of -0.8%. 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 Retirement Blend 2065 has a trailing yield of 1.43%, which is below the 1.44% category average. The fund normally distributes its income 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 Retirement Blend 2065 Grades
Year to date, the fund has returned 11.3%, 0.7 percentage points better than the category, which translates into a grade of B. The fund has returned 22.1% over the past year (grade of B), 16.7% over the past three years (grade of B) and 9.6% per year over the past five years (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about T. Rowe Price Retirement Blend 2065, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
TRBPX 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 |
|
| TRBPX Return (NAV) | -0.3% | 3.6% | 22.1% | 16.7% | 9.6% | na |
| TRBPX Grade | B | C | B | B | B | na |
| +/- Category | 0.4% | 0.1% | 1.8% | 0.4% | 0.3% | na |
| Target-Date 2065 Avg | -0.8% | 3.5% | 20.3% | 16.3% | 9.2% | na |
| TRBPX Tax Cost Ratio | na | na | 0.9% | 0.7% | 0.7% | na |
TRBPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRBPX Return (NAV) | 11.3% | 20.2% | 14.9% | 21.0% | -18.4% | na | na | na | na | na | na |
| TRBPX Grade | B | C | C | B | C | na | na | na | na | na | na |
| +/- Category | 0.7% | 0.6% | 0.0% | 0.9% | -0.1% | na | na | na | na | na | na |
| Target-Date 2065 Avg | 10.7% | 19.6% | 14.8% | 20.1% | -18.3% | 17.4% | 15.9% | 27.3% | -10.0% | na | na |
| Risk Measures | |
| Standard Deviation: | 12.1% |
| Total Risk Index: | 0.99 - Average |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (48% Rank) |
| Beta: | 1.25 |
| R-Squared: | 94% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 1.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | |
| Total Assets: | $332 Mil |
| Fund Total Assets: | $ 32 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 25% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.0 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Lee Wyatt (2021), DeDominicis Kimberly (2021), Jacobs van Merlen Andrew (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 21 |
| % in Top 10 Holdings: | 89.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 30.9% |
Portfolio Allocation |
|
| Domestic Stock: | 66.1% |
| Foreign Stock: | 30.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 1.4% |
| Foreign Bond: | 0.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.3% |
| Cash: | 1.3% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | July 26, 2021 |
| 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 (%): | 0.44% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | T. Rowe Price Retirement Blend 2065 I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
