T. Rowe Price Target 2045 Fund (RPTFX)

Fund Assets	458.78M
Expense Ratio	0.59%
Min. Investment	$2,500
Turnover	23.50%
Dividend (ttm)	0.34
Dividend Yield	1.59%
Dividend Growth	9.27%
Payout Frequency	Annual
Ex-Dividend Date	Dec 22, 2025

Previous Close	21.42
YTD Return	12.34%
1-Year Return	18.16%
5-Year Return	46.15%
52-Week Low	18.45
52-Week High	21.53
Beta (5Y)	0.81
Holdings	24
Inception Date	Aug 20, 2013

About RPTFX

The T. Rowe Price Target 2045 Fund is a multi-asset, actively managed mutual fund designed to serve individuals planning to retire around the year 2045. Its core purpose is to balance capital growth and income by investing in a broad range of underlying T. Rowe Price stock and bond funds, covering various asset classes and sectors. The fund’s allocation strategy follows a glide path that adjusts its mix of equities and fixed income securities over time: it maintains a higher allocation to equities during the early savings years to prioritize growth, and gradually increases fixed income exposure as the target retirement date approaches, aiming to reduce portfolio risk and support post-retirement income needs. As of June 2025, the fund allocates approximately 84% to equities (including U.S. and international stocks) and about 13% to fixed income holdings, with the remainder in cash. This diversified approach is intended to manage risk across market cycles while seeking to provide long-term total return consistent with an individual’s changing risk profile as they near and transition into retirement. The fund plays a significant role in the retirement planning market, functioning as a "set-it-and-monitor" solution for long-term investors seeking professional asset allocation and ongoing risk management.

• Fund Family: T. Rowe Price
• Category: Target-Date 2045
• Performance Rating: Average
• Risk Rating: Below Average
• Stock Exchange: NASDAQ
• Ticker Symbol: RPTFX
• Index: S&P Target Date 2045 TR

Performance

RPTFX had a total return of 18.16% in the past year, including dividends. Since the fund's inception, the average annual return has been 8.97%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
TRFWX	-i Class	0.42%
PAFFX	-advisor Class	0.84%

Top 10 Holdings

76.18% of assets

Name	Symbol	Weight
T. Rowe Price Value Z	TRZAX	14.04%
T. Rowe Price Growth Stock Z	TRJZX	13.89%
T. Rowe Price Equity Index 500 Z	TRHZX	7.90%
T. Rowe Price US Large-Cap Core Z	TRZLX	7.64%
T. Rowe Price International Value Eq Z	TROZX	6.75%
T. Rowe Price New Income Z	TRVZX	6.70%
T. Rowe Price Overseas Stock Z	TRZSX	6.07%
T. Rowe Price International Stock Z	TRNZX	5.58%
T. Rowe Price Real Assets Z	TRZRX	4.79%
T. Rowe Price Em Mkts Discv Stk Z	TRFZX	2.84%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 22, 2025	$1.0104	Dec 23, 2025
Dec 23, 2024	$0.4842	Dec 24, 2024
Dec 22, 2023	$0.4636	Dec 26, 2023
Dec 22, 2022	$0.7945	Dec 23, 2022
Dec 22, 2021	$0.138	Dec 23, 2021
Dec 22, 2020	$0.460	Dec 23, 2020

Data Sources: Tiingo, Financial Modeling Prep, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Financial Modeling Prep. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

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