T. Rowe Price Target Retirement 2050 Fund
TRFOX
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USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 100 East Pratt Street Baltimore MD United States of America 21202
- IPO Date
- Aug 22, 2013
- CIK
- 0001177017
- Website
- troweprice.com
- Similar Companies
- Business
- T. Rowe Price Target Retirement 2050 Fund (TRFOX) is an actively managed target-date mutual fund that seeks the highest total return over time, consistent with an emphasis on both capital growth and income, through investments in a diversified portfolio of other T. Rowe Price equity, fixed income, and multi-asset funds representing various sectors and asset classes including U.S. stocks, non-U.S. stocks, U.S. bonds, non-U.S. bonds, and cash equivalents. The fund adjusts its strategic asset allocation over time according to a predetermined glide path that becomes more conservative as it approaches and passes the target retirement date of 2050, assuming a retirement age of 65; it promotes asset accumulation prior to retirement while supporting a post-retirement income stream through gradual withdrawals, maintaining significant equity exposure (approximately 55% at the target date, declining to 20% about 30 years later) without guaranteeing a specific income level or suitability for lump-sum redemptions. Top holdings include T. Rowe Price Value Fund Z Class, Growth Stock Fund Z Class, U.S. Large-Cap Core Fund Z Class, Equity Index 500 Fund Z Class, and Blue Chip Growth Fund, comprising over 55% of the portfolio, with current asset allocation reflecting about 61% U.S. stocks, 30% non-U.S. stocks, 4% U.S. bonds, and smaller positions in cash and non-U.S. bonds. Launched on August 20, 2013, the fund is managed by Wyatt Lee (since inception), Kimberly DeDominicis (since October 2019), and Andrew Jacobs van Merlen (since January 2020), with total net assets of approximately $376 million and a net expense ratio of 0.62%; minimum initial investment is $2,500 ($1,000 for IRAs), with $100 for additional investments. It operates within the target-date 2050 category, primarily serving individual and institutional investors planning retirement around 2050, including through retirement plans, financial intermediaries, and brokerage accounts in the United States. The fund is offered by T. Rowe Price Group, Inc., a global investment management firm founded in 1937 and headquartered in Baltimore, Maryland, with operations across 17 international offices serving clients in 55 countries. In September 2025, T. Rowe Price announced a strategic collaboration with Goldman Sachs Asset Management, under which Goldman Sachs will invest up to $1 billion (approximately 3.5% ownership) in T. Rowe Price to jointly develop and distribute new public and private market investment products, including target-date fund strategies incorporating private equity, credit, infrastructure, and real assets, aimed at retirement plans, wealth channels, financial advisors, plan sponsors, and participants, with initial offerings such as active equity portfolios launched by December 2025. This partnership builds on T. Rowe Price's retirement expertise and Goldman's private markets capabilities to expand access to alternatives in retirement savings; earlier, in 2023, T. Rowe Price acquired Retiree, Inc., a retirement income fintech, to enhance its retirement planning software suite, though no fund-specific changes or new launches for TRFOX were reported in 2024-2025. The fund continues regular annual dividend distributions, with the most recent ex-dividend date in December 2024.