T. Rowe Price Retirement 2040 Fund Class R
RRTDX
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- T. Rowe Price Retirement 2040 Fund Class R (RRTDX) is a target-date mutual fund managed by T. Rowe Price Group, Inc., a global investment management firm that provides a broad range of equity, fixed income, multi-asset, and alternative investment solutions to individual and institutional investors, retirement plan sponsors, and intermediaries worldwide; headquartered in Baltimore, Maryland, the firm was founded in 1937. The fund, launched on October 30, 2003, invests in a diversified portfolio of underlying T. Rowe Price stock and bond mutual funds across various asset classes and sectors, including prominent holdings such as T. Rowe Price Growth Stock Z (13.6%), Value Z (13.4%), U.S. Large-Cap Core Z (9.4%), Equity Index 500 Z (9.2%), and International Value Equity Z (7.9%); its allocation glides over time in accordance with its 2040 target retirement date, assuming a retirement age of 65, with a current emphasis on capital appreciation through substantial equity exposure (approximately 85% in U.S. and non-U.S. stocks), balanced by bonds, cash, and real assets. The fund maintains a blend investment style for equities (large-cap focus) and moderate credit quality and interest-rate sensitivity for bonds, with a net expense ratio of 1.09%, total net assets of $26.56 billion, and availability primarily to U.S. investors through retirement plans and individual accounts with minimum initial investments of $2,500. In recent developments, T. Rowe Price announced a strategic collaboration with Goldman Sachs in September 2025 to broaden access to public and private market portfolios for retirement and wealth channels, including Goldman Sachs' planned $1 billion investment in T. Rowe Price common stock; the firm completed the acquisition of Oak Hill Advisors in early 2025 for $7.5 billion to enhance private credit capabilities; formed a strategic partnership with Oak Hill Advisors and Aspida in February 2025 to expand insurance-related investment services; and launched multiple new active ETFs in late 2025, including four fixed income offerings (e.g., Multi-Sector Income ETF) in November and two active core equity ETFs (U.S. Equity and International Equity) in December, reflecting a push into ETFs while maintaining focus on retirement products like RRTDX.