Fund Evaluator:
T. Rowe Price Real Estate (TRREX)
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Best Performing in Real Estate Over the Last Year
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| 15.0% | Nuveen Real Estate Sec Sel I (TIRHX) |
| 14.3% | PGIM Real Estate Income Z (PRKZX) |
| 14.1% | American Century Real Estate Y (ARYEX) |
Fund Details
T. Rowe Price Real Estate Overview
T. Rowe Price Real Estate (TRREX) is an actively managed Sector Equity Real Estate fund. T. Rowe Price launched the fund in 1997.
The investment seeks long-term growth through a combination of capital appreciation and current income. The fund normally invests at least 80% of its net assets in the equity securities of real estate companies. It is likely to maintain a significant portion of assets in real estate investment trusts (REITs). REITs pool money to invest in properties (equity REITs) or mortgages (mortgage REITs). The fund generally invests in equity REITs. It is non-diversified.
About T. Rowe Price Real Estate (TRREX)
There are 1 members of the management team with an average tenure of 2.50 years: Gregg Korondi (2024). 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 FTSE Nareit All Equity REITs TR USD index with a weighting of 100%. T. Rowe Price Real Estate has 42 securities in its portfolio. The top 10 holdings constitute 60.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
T. Rowe Price Real Estate is part of the Equity global asset class and is within the Sector Equity fund group. T. Rowe Price Real Estate has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.2%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). T. Rowe Price Real Estate has 1.8% of the portfolio in cash.
Assets Under Management
The fund has $391 million in total assets, which is below the $657 million average for the Real Estate 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.
TRREX 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 Real Estate expense ratio is high compared to funds in the Real Estate category. T. Rowe Price Real Estate has an expense ratio of 0.92%, which is 25% 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 Real Estate has a portfolio turnover rate of 8%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 80% for the Real Estate category.
Recently, in the month of June 2026, T. Rowe Price Real Estate returned 1.6%, which earned it a grade of C, as the Real Estate category had an average return of 2.0%. 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 Real Estate has a trailing yield of 2.54%, which is above the 2.17% 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 Real Estate Grades
Year to date, the fund has returned 12.7%, 1.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 13.0% over the past year (grade of C), 8.2% over the past three years (grade of F) and 3.1% per year over the past five years (grade of D) and 3.7% per year over the past 10 years (grade of F).
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TRREX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TRREX Return (NAV) | 1.6% | 10.0% | 13.0% | 8.2% | 3.1% | 3.7% |
| TRREX Grade | C | D | C | F | D | F |
| +/- Category | -0.4% | -0.7% | -1.8% | -1.5% | -0.5% | -1.7% |
| Real Estate Avg | 2.0% | 10.7% | 14.9% | 9.8% | 3.6% | 5.5% |
| TRREX Tax Cost Ratio | na | na | 2.1% | 2.5% | 3.3% | 3.2% |
TRREX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRREX Return (NAV) | 12.7% | -0.1% | 3.6% | 13.1% | -25.8% | 47.2% | -11.4% | 22.5% | -9.0% | 4.4% | 6.0% |
| TRREX Grade | F | D | F | B | C | A | F | F | F | F | C |
| +/- Category | -1.4% | -1.4% | -2.9% | 0.8% | 0.3% | 5.4% | -7.6% | -6.1% | -3.0% | -2.2% | -0.1% |
| Real Estate Avg | 14.2% | 1.4% | 6.5% | 12.3% | -26.1% | 41.8% | -3.8% | 28.6% | -6.0% | 6.6% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 16.4% |
| Total Risk Index: | 1.35 - High |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (64% Rank) |
| Beta: | 0.94 |
| R-Squared: | 53% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 2.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $657 Mil |
| Fund Total Assets: | $ 391 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 9% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.5 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Korondi Gregg (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 60.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.8% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | October 31, 1997 |
| 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 (%): | 0.92% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | T. Rowe Price Real Estate |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
