Fund Evaluator:
T. Rowe Price Target 2015 (TRRTX)
Follow This Fund
Best Performing in Target-Date 2015 Over the Last Year
| 11.4% | T. Rowe Price Retirement 2015 (TRRGX) |
| 10.8% | Fidelity Advisor Freedom Blend 2015 Z (FJAPX) |
| 10.4% | Fidelity Advisor Sust Trgt Dt 2015 Z (FSVWX) |
| 9.9% | Fidelity Advisor Freedom 2015 Z (FIJKX) |
| 9.5% | Fidelity Freedom Index 2015 Investor (FLIFX) |
Fund Details
T. Rowe Price Target 2015 Overview
T. Rowe Price Target 2015 (TRRTX) is an actively managed Allocation Target-Date 2015 fund. T. Rowe Price launched the fund in 2013.
The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds that represent various asset classes and sectors. It is managed based on the specific retirement year (target date 2015) 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.
About T. Rowe Price Target 2015 (TRRTX)
There are 3 members of the management team with an average tenure of 8.79 years: Wyatt Lee (2013), 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 2015 TR USD index with a weighting of 100%. T. Rowe Price Target 2015 has 26 securities in its portfolio. The top 10 holdings constitute 75.2% 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 Target 2015 is part of the Allocation global asset class and is within the Allocation fund group. T. Rowe Price Target 2015 has 24.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 24.6%. There is 10.4% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 58.3% (44.6% domestic bond, 13.6% foreign bond and 0.1% convertible bond). T. Rowe Price Target 2015 has 6.2% of the portfolio in cash.
Assets Under Management
The fund has $54 million in total assets, which is below the $250 million average for the Target-Date 2015 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.
TRRTX 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 Target 2015 expense ratio is average compared to funds in the Target-Date 2015 category. T. Rowe Price Target 2015 has an expense ratio of 0.45%, which is 17% lower than its category average, making the fund expense ratio grade a C. 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 Target 2015 has a portfolio turnover rate of 23%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 19% for the Target-Date 2015 category.
Recently, in the month of July 2026, T. Rowe Price Target 2015 returned -0.4%, which earned it a grade of B, as the Target-Date 2015 category had an average return of -0.7%. 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 Target 2015 has a trailing yield of 3.48%, which is above the 2.89% category average. The fund normally distributes its income annually 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 Target 2015 Grades
Year to date, the fund has returned 4.4%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 9.4% over the past year (grade of F), 8.7% over the past three years (grade of D) and 4.0% per year over the past five years (grade of C) and 6.0% per year over the past 10 years (grade of D).
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TRRTX 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 |
|
| TRRTX Return (NAV) | -0.4% | 1.2% | 9.4% | 8.7% | 4.0% | 6.0% |
| TRRTX Grade | B | C | F | D | C | D |
| +/- Category | 0.3% | 0.1% | -0.7% | -0.3% | -0.1% | -0.2% |
| Target-Date 2015 Avg | -0.7% | 1.1% | 10.0% | 9.0% | 4.2% | 6.2% |
| TRRTX Tax Cost Ratio | na | na | 1.9% | 1.7% | 1.9% | 1.6% |
TRRTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TRRTX Return (NAV) | 4.4% | 10.8% | 7.5% | 11.0% | -12.9% | 7.9% | 11.4% | 15.3% | -3.3% | 11.0% | 6.6% |
| TRRTX Grade | D | F | B | C | B | C | D | D | B | D | D |
| +/- Category | -0.2% | -1.4% | 0.6% | 0.1% | 0.5% | -0.2% | 0.2% | -0.6% | 0.6% | -1.0% | -0.4% |
| Target-Date 2015 Avg | 4.6% | 12.2% | 6.9% | 10.8% | -13.4% | 8.1% | 11.3% | 15.9% | -3.9% | 12.0% | 6.9% |
| Risk Measures | |
| Standard Deviation: | 6.1% |
| Total Risk Index: | 0.50 - Below Average |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (4% Rank) |
| Beta: | 0.64 |
| 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: | 3.5% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $153 Mil |
| Fund Total Assets: | $ 55 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.0 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Lee Wyatt (2013), DeDominicis Kimberly (2019), Jacobs van Merlen Andrew (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 26 |
| % in Top 10 Holdings: | 75.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 24.0% |
Portfolio Allocation |
|
| Domestic Stock: | 24.6% |
| Foreign Stock: | 10.4% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 44.6% |
| Foreign Bond: | 13.6% |
| Convertible Bond: | 0.1% |
| Other: | 0.3% |
| Cash: | 6.2% |
Purchase Information
| Fund Family: | T. Rowe Price |
| Phone Number: | 800-638-5660 |
| Website: | www.troweprice.com |
| Status: | Open |
| Inception Date: | August 20, 2013 |
| 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 (%): | 0.45% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.54% |
| Share Class: | T. Rowe Price Target 2015 |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
