T. Rowe Price Retirement 2045 Fund
TRRKX
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- T. Rowe Price Retirement 2045 Fund (TRRKX) is an open-end mutual fund managed by T. Rowe Price Group, Inc., a global investment management firm founded in 1937 and headquartered in Baltimore, Maryland, that seeks the highest total return over time consistent with an emphasis on both capital growth and income for investors targeting retirement around 2045. The fund pursues its objective through a diversified portfolio of other T. Rowe Price equity and fixed income mutual funds representing various asset classes and sectors, including U.S. large-cap growth (such as T. Rowe Price Growth Stock Fund Z Class), U.S. large-cap value (T. Rowe Price Value Fund Z Class), U.S. large-cap core (T. Rowe Price U.S. Large-Cap Core Fund Z Class), U.S. equity index (T. Rowe Price Equity Index 500 Fund Z Class), and international value equity (T. Rowe Price International Value Equity Fund Z Class); fixed income holdings such as limited duration inflation-focused bonds, international bonds (USD hedged), dynamic global bonds, high yield, and emerging markets bonds; with current asset allocation approximately 63% U.S. stocks, 30% non-U.S. stocks, 4% cash, 2% U.S. bonds, 1% non-U.S. bonds, and minor other positions. It follows a glide path that maintains a substantial equity allocation both before and after the target date to support long-term post-retirement income, adjusting toward more conservative mixes over time, and operates primarily in the United States with global exposure through underlying funds serving individual and institutional retirement savers. In recent developments, T. Rowe Price Group entered a strategic collaboration with Goldman Sachs Asset Management announced in September 2025, involving Goldman Sachs' up to $1 billion open-market investment in T. Rowe Price common stock (targeting up to 3.5% ownership) to co-develop diversified public and private market portfolios focused on retirement and wealth channels, with initial co-branded model portfolio launches in December 2025 and further products expected by mid-2026. This multi-year alliance leverages T. Rowe Price's active management expertise alongside Goldman Sachs' multi-asset solutions to enhance retirement offerings, including private market access for plan sponsors, advisors, and participants. The fund itself, launched on May 31, 2005, with total net assets of approximately $18.37 billion (share class $6.21 billion) and a net expense ratio of 0.61%, continues to emphasize its target-date 2045 strategy amid T. Rowe Price's broader expansions in active ETFs and retirement solutions.