T. Rowe Price Retirement 2045 Fund
PARLX
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- T. Rowe Price Retirement 2045 Fund (PARLX) is an open-end mutual fund managed by T. Rowe Price Group, Inc., that seeks the highest total return over time consistent with an emphasis on both capital growth and income; it invests in a diversified portfolio of other T. Rowe Price stock, bond, and money market mutual funds representing various asset classes and sectors, with allocations that glide to become more conservative over time in relation to its target retirement date of 2045, assuming a retirement age of 65. The fund's top holdings as of the latest available data include T. Rowe Price Growth Stock Fund Z Class (14.81%), T. Rowe Price Value Fund Z Class (14.51%), T. Rowe Price U.S. Large-Cap Core Fund Z Class (10.01%), T. Rowe Price Equity Index 500 Fund Z Class (9.97%), and T. Rowe Price International Value Equity Fund Z Class (8.51%), comprising 57.81% of the portfolio; its asset allocation features approximately 62.82% U.S. stocks, 30.27% non-U.S. stocks, 3.54% cash, 2.28% U.S. bonds, 0.58% non-U.S. bonds, and 0.51% other assets, with sector exposures led by technology (21.87%), financial services (14.94%), and industrials (10.20%). The Advisor Class shares carry a net expense ratio of 0.85%, with a minimum initial investment of $2,500 and additional investments of $100; total net assets stand at approximately $18.79 billion, with the share class at $866.57 million. Part of T. Rowe Price's Retirement series in the target-date 2045 category, the fund targets retirement savers and plan participants seeking a "set-it-and-forget-it" approach with maintained substantial equity exposure even post-target date for long-term income generation amid volatility; it serves individual investors, financial advisors, institutions, and retirement plan sponsors primarily in the United States. T. Rowe Price Group, Inc., founded in 1937 and headquartered at 100 East Pratt Street in Baltimore, Maryland, manages the fund as part of its $1.6 trillion in assets under management, with global operations across 17 international offices serving clients in 55 countries; the firm emphasizes active management in equities, fixed income, multi-asset, and retirement strategies. In recent developments, T. Rowe Price announced a strategic collaboration with Goldman Sachs Asset Management in September 2025, involving up to $1 billion in open-market purchases of T. Rowe Price common stock (aiming for up to 3.5% ownership) and the launch of co-branded model portfolios, including the Goldman Sachs T. Rowe Price Dynamic ETF Portfolio, Tax-Aware Dynamic ETF Portfolio, Dynamic Hybrid Portfolio, and Tax-Aware Dynamic Hybrid Portfolio debuted in December 2025, with further offerings like a high-net-worth portfolio incorporating direct indexing and evergreen funds planned for mid-2026; these target retirement and wealth channels with diversified public and private market access. Additionally, in February 2025, T. Rowe Price formed a strategic partnership with Oak Hill Advisors (OHA) and Aspida to deliver diversified public and private investment strategies and services to insurance companies, leveraging T. Rowe Price's existing minority equity interest in Aspida and exploring product development for insurance growth. The Retirement 2045 Fund itself maintains its core glide path strategy without reported fund-specific launches or reorganizations in 2024-2025, amid T. Rowe Price's broader midyear 2025 outlook emphasizing inflation protection, international equities, and multi-asset diversification.