T. Rowe Price Target 2065
PRSLX
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- T. Rowe Price Target 2065 Fund (PRSLX) is an actively managed open-end mutual fund that seeks the highest total return over time consistent with an emphasis on both capital growth and income, targeting investors planning to retire around 2065. Launched on October 13, 2020, the fund invests in a diversified portfolio of underlying T. Rowe Price equity and fixed income funds representing various asset classes and sectors, including U.S. large-cap value (T. Rowe Price Value Fund Z Class, 16.47%), growth stock (T. Rowe Price Growth Stock Fund Z Class, 14.07%), U.S. large-cap core (T. Rowe Price U.S. Large-Cap Core Fund Z Class, 10.28%), equity index (T. Rowe Price Equity Index 500 Fund Z Class, 10.03%), and international value equity (T. Rowe Price International Value Equity Fund Z Class, 8.27%); its current allocation emphasizes equities at approximately 97% (65.46% U.S. stocks, 31.45% non-U.S. stocks), with minimal bonds (0.84%) and cash (1.67%), gradually shifting toward a more conservative mix as the target date approaches. The fund, with total net assets of around $41.6 million and a net expense ratio of 0.64%, is available to U.S. investors with a minimum initial investment of $2,500. T. Rowe Price Target 2065 Fund operates within the target-date 2065+ category as part of T. Rowe Price Group, Inc.'s multi-asset franchise, which serves individual and institutional investors focused on retirement planning through a glide path strategy balancing growth, risk reduction, and income generation. The fund's portfolio reflects broad sector exposure, with top holdings in technology (21.37%), financial services (15.19%), healthcare (11.12%), industrials (10.49%), and consumer cyclical (9.70%), alongside geographic diversification across the United States (65.45%), Eurozone (7.99%), United Kingdom (4.14%), Japan (4.11%), and emerging Asia (4.11%). Managed by Wyatt Lee, Kimberly DeDominicis, and Andrew Jacobs van Merlen since inception, it maintains a portfolio turnover rate of 24.6% and is domiciled in the United States. T. Rowe Price Group, Inc., the fund's sponsor, was founded in 1937 and is headquartered at 100 East Pratt Street in Baltimore, Maryland, with additional offices in Colorado Springs, Owings Mills, San Francisco, New York, Philadelphia, Tampa, Toronto, and Hellerup, supporting operations for clients in 55 countries. In recent developments, the firm formed a strategic partnership in February 2025 with OHA and Aspida to manage public and private assets for insurance clients, leveraging T. Rowe Price's $1.6 trillion in assets under management; additionally, in September 2025, Goldman Sachs agreed to invest up to $1 billion in T. Rowe Price stock while collaborating on private-market products for retail and retirement investors, with new launches expected by mid-2026. These alliances underscore T. Rowe Price's expansion in insurance and alternatives amid its focus on active management and multi-asset strategies.