T. Rowe Price Retirement 2040 I (TRHDX)

Fund Assets	26.53B
Expense Ratio	0.42%
Min. Investment	$2,500
Turnover	14.90%
Dividend (ttm)	1.57
Dividend Yield	4.08%
Dividend Growth	104.30%
Payout Frequency	Annual
Ex-Dividend Date	Dec 19, 2025

Previous Close	38.66
YTD Return	12.94%
1-Year Return	18.65%
5-Year Return	n/a
52-Week Low	33.26
52-Week High	39.03
Beta (5Y)	n/a
Holdings	31
Inception Date	Nov 13, 2023

About TRHDX

T. Rowe Price Retirement 2040 Fund - I Class is a target-date mutual fund designed to provide a professionally managed, age-appropriate asset mix for investors planning to retire around 2040. The fund seeks the highest total return over time with an emphasis on both capital growth and income, allocating across underlying T. Rowe Price stock and bond funds and adjusting its mix along a defined glide path as the target date approaches and through retirement. Early in the accumulation phase, it emphasizes equities to pursue growth, then gradually shifts toward fixed income to moderate volatility and support income needs, with ongoing adjustments extending up to 30 years past retirement. The strategy is actively managed, drawing on T. Rowe Price’s multi-asset research and diversified underlying fund lineup across U.S. and international equities, real assets, and core fixed income. Positioned within the Target-Date 2040 category, it is benchmarked to the S&P Target Date 2040 Index and is intended to serve as a comprehensive, single-fund retirement solution that evolves with an investor’s lifecycle.

• Fund Family: T. Rowe Price
• Category: Target-Date 2040
• Performance Rating: Above Average
• Risk Rating: Above Average
• Stock Exchange: NASDAQ
• Ticker Symbol: TRHDX
• Share Class: -i Class
• Index: Russell 3000 TR

Performance

TRHDX had a total return of 18.65% in the past year, including dividends. Since the fund's inception, the average annual return has been 17.24%.

Other Share Classes

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

Symbol	Share Class	Expense Ratio
PARDX	-advisor Class	0.84%
RRTDX	-r Class	1.09%

Top 10 Holdings

78.45% of assets

Name	Symbol	Weight
T. Rowe Price Value Z	TRZAX	14.59%
T. Rowe Price Growth Stock Z	TRJZX	13.01%
T. Rowe Price International Value Eq Z	TROZX	8.04%
T. Rowe Price Equity Index 500 Z	TRHZX	7.98%
T. Rowe Price US Large-Cap Core Z	TRZLX	7.64%
T. Rowe Price Overseas Stock Z	TRZSX	7.50%
T. Rowe Price Real Assets Z	TRZRX	5.98%
T. Rowe Price International Stock Z	TRNZX	5.91%
T. Rowe Price New Income Z	TRVZX	4.78%
T. Rowe Price Em Mkts Discv Stk Z	TRFZX	3.01%

Dividend History

Ex-Dividend	Amount	Pay Date
Dec 19, 2025	$1.5725	Dec 22, 2025
Dec 20, 2024	$0.7697	Dec 23, 2024
Dec 21, 2023	$1.5529	Dec 22, 2023

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 26, 2026

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