Fund Evaluator:
T. Rowe Price Retirement Balanced (TRRIX)
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Best Performing in Global Moderately Conservative Allocation Over the Last Year
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Fund Details
T. Rowe Price Retirement Balanced Overview
T. Rowe Price Retirement Balanced (TRRIX) is an actively managed Allocation Global Moderately Conservative Allocation fund. T. Rowe Price launched the fund in 2002.
The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund invests in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. It is intended for retired investors who seek income and relative stability from bonds along with some capital appreciation potential from stocks. The fund's "neutral allocations," which are what T. Rowe Price considers broadly appropriate for investors during their retirement years, are 40% equity funds and 60% fixed income funds.
About T. Rowe Price Retirement Balanced (TRRIX)
There are 3 members of the management team with an average tenure of 8.14 years: Wyatt Lee (2015), Kimberly DeDominicis (2019), Andrew Jacobs van Merlen (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P Target Date Retirement Income TR USD index with a weighting of 100%. T. Rowe Price Retirement Balanced has 27 securities in its portfolio. The top 10 holdings constitute 74.0% 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 Balanced is part of the Allocation global asset class and is within the Allocation fund group. T. Rowe Price Retirement Balanced has 23.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 27.6%. There is 11.6% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 54.3% (42.2% domestic bond, 12.1% foreign bond and 0.1% convertible bond). T. Rowe Price Retirement Balanced has 5.9% of the portfolio in cash.
Assets Under Management
The fund has $901 million in total assets, which is above the $304 million average for the Global Moderately Conservative 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.
TRRIX 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 Balanced expense ratio is average compared to funds in the Global Moderately Conservative Allocation category. T. Rowe Price Retirement Balanced has an expense ratio of 0.49%, which is 50% lower than its category average, making the fund expense ratio grade a A. 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 Balanced has a portfolio turnover rate of 20%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 50% for the Global Moderately Conservative Allocation category.
Recently, in the month of July 2026, T. Rowe Price Retirement Balanced returned -0.4%, which earned it a grade of B, as the Global Moderately Conservative Allocation category had an average return of -0.5%. 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 Balanced has a trailing yield of 3.22%, which is above the 3.07% category average. The fund normally distributes its income monthly 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 Retirement Balanced Grades
Year to date, the fund has returned 4.9%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 10.1% over the past year (grade of D), 9.2% over the past three years (grade of C) and 4.3% per year over the past five years (grade of B) and 6.2% per year over the past 10 years (grade of A).
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TRRIX 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 |
|
| TRRIX Return (NAV) | -0.4% | 1.3% | 10.1% | 9.2% | 4.3% | 6.2% |
| TRRIX Grade | B | C | D | C | B | A |
| +/- Category | 0.1% | -0.1% | -0.8% | 0.1% | 0.4% | 0.7% |
| Global Moderately Conservative Allocation Avg | -0.5% | 1.5% | 10.9% | 9.1% | 3.9% | 5.4% |
| TRRIX Tax Cost Ratio | na | na | 1.7% | 1.6% | 2.2% | 1.9% |
TRRIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRRIX Return (NAV) | 4.9% | 11.2% | 7.9% | 11.3% | -13.0% | 8.5% | 11.4% | 15.3% | -3.3% | 10.4% | 6.5% |
| TRRIX Grade | C | D | B | B | B | B | B | C | A | C | B |
| +/- Category | -0.2% | -0.4% | 0.6% | 1.0% | 0.5% | 0.9% | 2.5% | 0.3% | 1.5% | -0.4% | 0.4% |
| Global Moderately Conservative Allocation Avg | 5.1% | 11.6% | 7.3% | 10.4% | -13.5% | 7.5% | 8.9% | 15.0% | -4.8% | 10.7% | 6.1% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (5% Rank) |
| Beta: | 0.67 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2174 Mil |
| Fund Total Assets: | $ 902 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 20% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.0 years | |||
| Average Tenure: 8.1 years | |||
| Managers (Year): Lee Wyatt (2015), DeDominicis Kimberly (2019), Jacobs van Merlen Andrew (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 27 |
| % in Top 10 Holdings: | 74.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 23.7% |
Portfolio Allocation |
|
| Domestic Stock: | 27.6% |
| Foreign Stock: | 11.6% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 42.2% |
| Foreign Bond: | 12.1% |
| Convertible Bond: | 0.1% |
| Other: | 0.4% |
| Cash: | 5.9% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | September 30, 2002 |
| 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 (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.98% |
| Share Class: | T. Rowe Price Retirement Balanced |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
