T. Rowe Price Spectrum Moderate Allocation Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, T. Rowe Price Spectrum Moderate Allocation Fund held 1,959 positions with $2.12B in net assets. Its ten largest holdings made up 36.6% of the fund. Over the 12 months to May 2026, TRPBX returned 18.6%, with dividends reinvested. In 2026 Q2 it added 358 new positions and exited 226.
The fund seeks the highest total return over time consistent with an emphasis on both capital growth and income.
The fund allocates across stocks (50–70%), bonds and cash (20–45%), and alternative investments (0–15%), with up to 40% in foreign securities, adjusting weightings based on the adviser's outlook for economic growth and market conditions. The adviser selects individual stocks by comparing value and growth characteristics across market caps and geographies, and bonds by assessing duration, credit risk, and sector opportunities in light of inflation and interest rate expectations; it may also write call options on indexes to enhance risk-adjusted returns. Because the fund shifts its asset-class and sector positioning tactically according to the adviser's economic forecasts, its returns will diverge from any fixed benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
BLACKSTONE PARTNERS OFFSHORE FD-E1 | 6.03% | $127.94M | 41.7K | $3,064.88 |
TRP INST EMERGING MARKETS EQUITY FUND | 5.54% | $117.48M | 2.3M | $51.63 |
TNBMXTRP INTL BOND FD (USD HEDGED) - I | 4.73% | $100.38M | 11.8M | $8.52 |
TRP DYNAMIC GLOBAL BOND FD-I | 3.85% | $81.77M | 10.7M | $7.62 |
PRIKXT ROWE PR REAL ASSETS-I | 3.78% | $80.12M | 4.0M | $19.89 |
PRXIXTRP EMER MKTS BND FD-I | 3.15% | $66.77M | 6.8M | $9.89 |
NVDANVIDIA CORP | 2.79% | $59.14M | 280.1K | $211.14 |
TRHYXTRP INST HIGH YIELD FUND | 2.61% | $55.30M | 7.0M | $7.89 |
AAPLAPPLE INC | 2.07% | $43.95M | 140.8K | $312.06 |
PRUUXTRP US TREASURY LONG-TERM INDEX FD-I | 2.06% | $43.62M | 6.2M | $7.03 |
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.
The 200 largest of 1,959 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 | 66.52% |
| Bonds | 24.70% |
| Securitized | 6.11% |
| Cash & short-term | 2.23% |
| 2 smaller | 1.23% |
Look-through blends 10 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Other
- 34.9%
- International
- 13.8%
- Information Technology
- 12.4%
- Securitized
- 5.9%
- 12 other sectors
- 33.0%
- Other
- 34.9%
- International
- 13.8%
- Information Technology
- 12.4%
- Securitized
- 5.9%
- Financials
- 5.3%
- Government
- 4.7%
- Health Care
- 4.2%
- Communication Services
- 4.1%
- Consumer Discretionary
- 4.1%
- Industrials
- 4.0%
- Energy
- 1.6%
- Consumer Staples
- 1.2%
- Cash
- 1.1%
- Utilities
- 1.0%
- Real Estate
- 0.9%
- Materials
- 0.7%
How it has done
TRPBX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.35%. Past returns are a record, not a forecast.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +18.56% | +48.30% | +33.59% | -6.57% | |
| — | +18.71% | +48.87% | +34.45% | -6.55% |
These classes hold the same portfolio, so the 0.85pp spread over 5 years is the cost difference between them — roughly 0.17pp a year — not a difference in what they own.
Fees & fund details
T. Rowe Price Spectrum Moderate Allocation Fund is an actively managed U.S. equity fund.
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Portfolio turnover
- 45.00% 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.
358 new· the largest 6
226 exited· the largest 5
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 | 85.6% |
| Floating rate | 14.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 6.8% |
| 3-5y | 18.7% |
| 5-10y | 20.1% |
| 10y+ | 53.7% |
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
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.
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