T. Rowe Price Retirement 2040 Fund
Target-date 2040 fund
As of its 2026 Q2 report, T. Rowe Price Retirement 2040 Fund held 30 positions with $27.41B in net assets. Its ten largest holdings made up 78.1% of the fund. Over the 12 months to May 2026, TRRDX returned 23.7%, with dividends reinvested. In 2026 Q2 it added 5 new positions and exited 4.
The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income.
The fund invests in a diversified portfolio of other T. Rowe Price mutual funds across equity and fixed income asset classes, with allocations that shift over time according to a predetermined glide path tied to its 2040 target retirement date. The equity allocation, currently 87%, gradually declines as the target date approaches and continues declining for approximately 30 years after retirement, eventually stabilizing at 55% equity and 45% fixed income to balance growth with reduced volatility and income needs. Because the fund's actual allocations may diverge from its neutral glide path allocations by up to plus or minus 5% based on T. Rowe Price's tactical market outlook, results will differ from the predetermined path.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TRJZXTRP GROWTH STOCK FD-Z | 14.69% | $4.03B | 34.1M | $117.94 |
TRZAXTRP VALUE FD-Z | 14.24% | $3.90B | 72.7M | $53.67 |
TRZLXTRP US LARGE-CAP CORE FD-Z | 7.97% | $2.18B | 46.3M | $47.12 |
TRHZXTRP EQUITY INDEX 500 FD-Z | 7.94% | $2.18B | 11.0M | $197.02 |
TROZXTRP INTL VALUE EQUITY FD-Z | 7.18% | $1.97B | 74.6M | $26.37 |
TRZSXTRP OVERSEAS STOCK FD-Z | 6.59% | $1.81B | 101.4M | $17.81 |
TRNZXTRP INTL STOCK FD-Z | 5.80% | $1.59B | 69.7M | $22.83 |
TRVZXTRP NEW INCOME FD-Z | 5.48% | $1.50B | 189.5M | $7.92 |
TRZRXTRP REAL ASSETS FD-Z | 5.22% | $1.43B | 71.1M | $20.13 |
TRFZXTRP EM MKTS DISCOVERY STK FD-Z CL | 2.95% | $808.06M | 35.5M | $22.74 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 30 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 | 84.72% |
| Bonds | 10.52% |
| Cash & short-term | 2.47% |
| Securitized | 2.28% |
| 2 smaller | 0.44% |
Look-through blends 24 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
How it has done
TRRDX share class · total returns with dividends reinvested
Volatility over the last 12 months: 10.98%. Past returns are a record, not a forecast.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +23.73% | +64.16% | +48.47% | -8.78% | |
| — | +23.42% | +62.91% | +46.54% | -8.83% | |
| — | +23.10% | +61.68% | +44.65% | -8.88% | |
| — | +23.97% | — | — | — |
These classes hold the same portfolio, so the 0.88pp spread over 1 year is the cost difference between them — roughly 0.88pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Retirement 2040 Fund is a target-date 2040 fund.
- Asset class
- Target-date
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Target year
- 2040
- Features
- Fund of funds
- Portfolio turnover
- 14.90% a year · as of 2025 Q3
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.
5 new
4 exited
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Zero-coupon or unclassified | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $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.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — TRRDX, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”