T. Rowe Price Spectrum Conservative Allocation Fund
T. ROWE PRICE SPECTRUM FUNDS II, INC. · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
T. Rowe Price Spectrum Conservative Allocation Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2025 Q3
The fund seeks the highest total return over time consistent with a primary emphasis on income and a secondary emphasis on capital growth.
The fund allocates across stocks, bonds, and alternative investments—typically 40%, 48%, and 12% respectively—with the adviser shifting weights based on economic outlook and adjusting duration and credit exposure within bonds based on inflation, rates, and valuation. Up to 40% of assets may be invested in foreign securities across developed and emerging markets. The fund uses derivatives including index options, futures, and credit default swaps to manage exposure, enhance returns, and hedge risk. Because the fund's tactical allocation and security selection depend on the adviser's economic and market forecasts, performance will diverge from any benchmark reflecting different allocations or holdings.
Portfolio turnover 45.30% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 48.88% |
| Bonds | 36.28% |
| Securitized | 9.05% |
| Cash & short-term | 4.58% |
| 2 smaller | 2.08% |
Look-through blends 10 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 42.6% |
| International | 9.7% |
| Securitized | 8.8% |
| Information Technology | 8.5% |
| 12 smaller | 30.4% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: US TREASURY N/B ×5, FNMA 30 YR TBA JUN, ROCHE HOLDING AG, APH
Largest exited: FNMA 30 YR TBA MAR ×4, GNMA II TBA MAR ×2, ROCHE HOLDING AG-GENUSSCHEIN, US TREASURY N/B
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +14.98% | +34.75% | +25.17% | 6.37% | -4.89% | |
| +15.13% | +35.21% | +25.93% | 6.35% | -4.86% |
These classes hold the same portfolio, so the 0.75pp spread over 5 years is the cost difference between them — roughly 0.15pp a year — not a difference in what they own.
May 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.
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.
| Fixed rate | 85.5% |
| Floating rate | 14.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 5.1% |
| 3-5y | 20.0% |
| 5-10y | 21.0% |
| 10y+ | 53.1% |
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 | 62% |
| Credit spreads | 38% |
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 | +0.76 yr |
| High yield | +0.01 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 | 0.10 yr | 8% |
| 5 yr | 0.38 yr | 30% |
| 10 yr | 0.45 yr | 35% |
| 30 yr | 0.34 yr | 27% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.06 yr | 8% |
| 5 yr | 0.34 yr | 44% |
| 10 yr | 0.28 yr | 36% |
| 30 yr | 0.09 yr | 12% |
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 | $283 | $52 |
| 1 yr | +0.10 | +0.06 | +0.00 | $12.4k | $215 |
| 5 yr | +0.38 | +0.33 | +0.00 | $69.0k | $627 |
| 10 yr | +0.45 | +0.27 | +0.00 | $56.5k | $306 |
| 30 yr | +0.34 | +0.09 | +0.00 | $19.2k | $132 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | BLACKSTONE PARTNERS OFFSHORE FD-E1 | 8.04% | $3,064.88 | $166.21M | 54.2K |
| TNBMX | TRP INTL BOND FD (USD HEDGED) - ITNBMX | 7.15% | $8.52 | $147.74M | 17.3M |
| PRXIX | TRP EMER MKTS BND FD-IPRXIX | 5.75% | $9.89 | $118.94M | 12.0M |
| — | TRP DYNAMIC GLOBAL BOND FD-I | 5.35% | $7.62 | $110.60M | 14.5M |
| TRHYX | TRP INST HIGH YIELD FUNDTRHYX | 4.70% | $7.89 | $97.11M | 12.3M |
| — | TRP INST EMERGING MARKETS EQUITY FUND | 3.71% | $51.63 | $76.72M | 1.5M |
| TRPGRIA | T. Rowe Price Government Reserve FundTRPGRIA | 2.98% | — | $61.50M | — |
| PRIKX | T ROWE PR REAL ASSETS-IPRIKX | 2.57% | $19.89 | $53.03M | 2.7M |
| NVDA | NVIDIA CORPNVDA | 1.87% | $211.14 | $38.65M | 183.1K |
| — | TRP INST FLOATING RATE FUND | 1.74% | $9.30 | $35.88M | 3.9M |
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.
Top 10 positions are 43.85% of net assets, top 25 55.21%, across 1.2K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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