T. Rowe Price Retirement 2035 Fund
TRRJX
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- T. Rowe Price Retirement 2035 Fund (TRRJX) is a target-date mutual fund that seeks the highest total return over time, consistent with an emphasis on both capital growth and income, by investing in a diversified portfolio of other T. Rowe Price stock and bond mutual funds representing various asset classes and sectors. The fund follows a predefined glide path that gradually shifts its allocation from a growth-oriented mix—currently approximately 50.72% U.S. stocks, 24.59% non-U.S. stocks, 12.89% U.S. bonds, 5.68% non-U.S. bonds, and 5.57% cash—to a more conservative profile as it approaches and passes its 2035 target date, assuming a retirement age of 65; at the target date, equities are anticipated to comprise about 55% of assets, declining further to around 20% approximately 30 years post-target. Core holdings include T. Rowe Price Growth Stock Fund (12.08%), Value Fund (11.97%), New Income Fund (8.70%), U.S. Large-Cap Core Fund (8.44%), and Equity Index 500 Fund (8.01%), among 31 total positions, with top sectors encompassing technology (18.01%), financial services (12.33%), and industrials (8.41%); the fund maintains a net expense ratio of 0.59% and targets individual and institutional investors in retirement plans, including 401(k)s. Launched on February 27, 2004 (inception March 1, 2004), TRRJX forms part of T. Rowe Price Group, Inc.'s retirement series, which operates from headquarters in Baltimore, Maryland, where the parent firm was founded in 1937; the fund is available for sale in the United States with a minimum initial investment of $2,500 ($1,000 for IRAs). In recent developments, T. Rowe Price Group announced a multi-year strategic collaboration with Goldman Sachs in September 2025, involving up to $1 billion in equity investment from Goldman and joint efforts to develop and launch private-market products for retirement savers and high-net-worth investors by mid-2026; additionally, in February 2025, T. Rowe Price partnered with OHA and Aspida to manage public and private assets for insurance products while exploring further growth initiatives. These alliances reflect T. Rowe Price's strategic push into private markets and diversified investment services amid its $1.61 trillion in assets under management as of late 2024.