T. Rowe Price Balanced Fund, Inc.
Aggressive allocation fund
As of its 2026 Q2 report, T. Rowe Price Balanced Fund, Inc. held 1,819 positions with $5.28B in net assets. Its ten largest holdings made up 21.6% of the fund. The RPBAX share class costs 0.6% a year. Over the 12 months to May 2026, RPBAX returned 18.5%, with dividends reinvested. In 2026 Q2 it added 152 new positions and exited 96.
The fund seeks to provide capital growth, current income, and preservation of capital through a portfolio of stocks and fixed income securities.
The fund maintains a balanced allocation of approximately 65% stocks and 35% fixed income, adjusting the mix based on economic outlook; it selects stocks by examining relative value across growth and value styles, market caps, and geographies, while bonds are chosen from investment-grade and lower-rated securities across government, corporate, and mortgage-backed markets, with duration and credit positioning guided by inflation, interest rate, and earnings forecasts. The fund gains additional exposure through investments in other T. Rowe Price mutual funds and exchange-traded funds. Because security selection depends on the adviser's assessment of value and economic conditions, portfolio composition may shift materially toward particular sectors or markets that appear attractive at any given time.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
PRIKXT ROWE PR REAL ASSETS-I | 3.94% | $207.96M | 11.0M | $18.88 |
TRHYXTRP INST HIGH YIELD FUND | 3.75% | $197.70M | 25.2M | $7.85 |
NVDANVIDIA CORP | 3.32% | $175.32M | 876.2K | $200.09 |
AAPLAPPLE INC | 2.29% | $120.77M | 417.4K | $289.36 |
AMZNAMAZON.COM INC | 1.80% | $95.02M | 398.7K | $238.34 |
MSFTMICROSOFT CORP | 1.72% | $90.84M | 243.5K | $373.02 |
1.41% | $74.14M | 209.8K | $353.33 | |
AVGOBROADCOM INC | 1.34% | $70.66M | 187.1K | $377.75 |
GOOGLALPHABET INC CL A | 1.22% | $64.22M | 179.7K | $357.37 |
TRPGRIAT. Rowe Price Government Reserve Fund | 0.87% | $45.85M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,819 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 65.50% |
| Bonds | 22.76% |
| Securitized | 10.99% |
| Cash & short-term | 1.47% |
| 2 smaller | 0.15% |
Look-through blends 4 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- International
- 20.2%
- Information Technology
- 15.2%
- Other
- 11.5%
- Securitized
- 10.9%
- 12 other sectors
- 42.1%
- International
- 20.2%
- Information Technology
- 15.2%
- Other
- 11.5%
- Securitized
- 10.9%
- Government
- 9.4%
- Financials
- 7.3%
- Consumer Discretionary
- 4.7%
- Communication Services
- 4.6%
- Health Care
- 4.5%
- Industrials
- 3.8%
- Energy
- 1.7%
- Utilities
- 1.6%
- Consumer Staples
- 1.5%
- Cash
- 1.2%
- Real Estate
- 1.1%
- Materials
- 0.6%
How it has done
RPBAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.69%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.60% | +18.47% | +52.68% | +42.29% | -7.08% | |
| 0.47% | +18.61% | +53.30% | +43.26% | -7.06% |
These classes hold the same portfolio, so the 0.98pp spread over 5 years is the cost difference between them — roughly 0.20pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Balanced Fund, Inc. is an aggressive allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Expense ratio, by class
- 0.47% – 0.60%· RPBAX 0.60%
- Portfolio turnover
- 43.70% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
152 new· the largest 7
96 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 86.9% |
| Floating rate | 13.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.3% |
| 1-3y | 11.6% |
| 3-5y | 17.1% |
| 5-10y | 20.4% |
| 10y+ | 47.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 63% |
| Credit spreads | 37% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.02 yr |
| High yield | +0.00 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.13 yr | 7% |
| 5 yr | 0.52 yr | 30% |
| 10 yr | 0.64 yr | 37% |
| 30 yr | 0.43 yr | 25% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.09 yr | 9% |
| 5 yr | 0.45 yr | 44% |
| 10 yr | 0.40 yr | 39% |
| 30 yr | 0.08 yr | 8% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $1.5k | $147 |
| 1 yr | +0.13 | +0.09 | +0.00 | $46.8k | $464 |
| 5 yr | +0.52 | +0.45 | +0.00 | $236.1k | $524 |
| 10 yr | +0.64 | +0.40 | +0.00 | $209.8k | $0 |
| 30 yr | +0.43 | +0.08 | +0.00 | $43.0k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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