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Mutual Funds
Mutual Fund Finder U.S. Equity International Equity Fixed Income Multi-Asset Target Date Money Market LiteratureSeparately Managed Accounts (SMAs)
Overview SMA Finder U.S. Equity International Equity Fixed Income Multi-Asset LiteratureModel Portfolios
Overview Target Allocation Building Block OutcomeExchange-Traded Funds (ETFs)
Overview ETF Finder U.S. Equity International Equity Fixed Income LiteratureCollective Investment Trusts (CITs)
Overview CIT Finder U.S. Equity International Equity Fixed Income Target Date LiteratureAlternatives
T. Rowe Price OHA Select Private Credit FundResources
Tax Center Capacity Constrained Strategies Product Literature FinderCapabilities
Performance in Volatile Markets
How we’ve helped investors navigate 20 years of market ups and downs.
How we’ve helped investors navigate 20 years of market ups and downs.
Insights
2024 Global Market Outlook
Tectonic shifts create new opportunities.
Portfolio Construction
Asset Allocation Viewpoints
Learn how our Asset Allocation Committee is positioning its portfolios.
Learn how our Asset Allocation Committee is positioning its portfolios.
Portfolio Construction Pulse
How your peers are positioning their portfolios and related insights.
How your peers are positioning their portfolios and related insights.
Practice Management
The Next Wave of Advice
Build trust, boost satisfaction, get results. Consider what coaching can do for you.
About
Performance in Volatile Markets
How we’ve helped investors navigate 20 years of market ups and downs.
How we’ve helped investors navigate 20 years of market ups and downs.
Global multi-asset expertise and experience to manage risk, uncover opportunities, and grow your practice.
$480+ Billion managed in multi-asset strategies
30+ Years offering multi-asset solutions
75+ Professionals dedicated to multi-asset investing
As of 12/31/2023
2022 Best U.S. Large Fund Family
Funds that have outperformed are the foundation of our multi-asset products.
Our actively managed funds beat comparable passive peers more often—and with higher returns—than the average of all other active managers, including the five largest. Many of these same T. Rowe Price mutual funds are the foundation of our multi-asset products. Our multi-asset security selection and asset allocation decisions are also informed by the rigorous research and in-depth analysis behind these funds. Learn more.
T. Rowe Price funds beat comparable passive peer funds 71% of the time. That’s more often than the average of all active managers—including the five largest.
Past performance is no guarantee of future results. View standardized returns and other information about the T. Rowe Price funds in this analysis.
Percentage of periods with better returns than passive peer funds.
Ten-year periods, rolling monthly, over the last 20 years ending 12/31/23.
T. Rowe Price funds beat comparable passive peer funds 71% of the time. That’s more often than the average of all active managers—including the five largest.
Percentage of periods with better returns than passive peer funds.
Ten-year periods, rolling monthly, over the last 20 years ending 12/31/23.
Past performance is no guarantee of future results. View standardized returns and other information about the T. Rowe Price funds in this analysis.
T. Rowe Price funds delivered 0.85% of additional return over comparable passive peer funds on average. That’s more than the average of all active managers—including the five largest.
Past performance is no guarantee of future results. View standardized returns and other information about the T. Rowe Price funds in this analysis.
Average additional return over passive peer funds across all periods analyzed.
Ten-year periods, rolling monthly, over the last 20 years ending 12/31/2023
T. Rowe Price funds delivered 0.85% of additional return over comparable passive peer funds on average. That’s more than the average of all active managers—including the five largest.
Average additional return over passive peer funds across all periods analyzed.
Ten-year periods, rolling monthly, over the last 20 years ending 12/31/2023
Past performance is no guarantee of future results. View standardized returns and other information about the T. Rowe Price funds in this analysis.
Address diverse client objectives with a broad range of multi-asset products.
We offer actively managed multi-asset strategies across a range of categories to serve your unique portfolio objectives. These strategies are available in a variety of investment vehicles.
Multi-Asset Product Capabilities
We offer a variety of retirement-focused multi-asset strategies, including our popular target date products. Structured to meet specific time horizons, these comprehensive asset allocation portfolios are designed to address retirement planning and income needs. Our Retirement Series places more emphasis on growth through retirement. And our Target Series takes a more moderate approach to manage volatility near retirement.
As the largest manager of active target date products in the U.S.,4 over 95% of our Retirement Funds with a 10-year track record beat their 10-year Lipper average as of 12/31/2023.5 Learn more about our target date solutions.
Featured Multi-Asset Strategies
Focused on managing volatility around retirement and helping support income in retirement
Designed to help support growth and income for a long retirement
Supported by active management with allocations to areas of opportunity combined with reduced costs of passive strategies
Explore Options
Explore Options
Explore Options
Focused on managing volatility around retirement and helping support income in retirement
Explore Options
Designed to help support growth and income for a long retirement
Explore Options
Supported by active management with allocations to areas of opportunity combined with reduced costs of passive strategies.
Explore Options
Designed to meet a wide variety of investment objectives, these strategies are meant to align with a range of risk tolerance levels or to meet specific portfolio exposure needs.
Featured Strategies
Provides access to a globally diversified portfolio of U.S. and international stocks, bonds, and alternatives that span across sectors, regions, and market capitalizations
Seeks differentiated sources of return from traditional stocks and bonds for lower correlation to help defend against market volatility
Invests in companies that conduct business in real assets such as real estate, basic materials, and natural resources—categories typically well-suited during inflationary periods
Approximately 50% allocated to a core portfolio of individual U.S. large cap equities and 50% dynamically allocated between broad equity and fixed income ETFs depending on market volatility
Investment Vehicles
T. Rowe Price offers strategies delivered in multiple ways to help achieve better outcomes for your clients’ needs including mutual funds, exchange-traded funds (ETF), separately managed accounts (SMA), collective investment trusts (CIT), and model portfolios.
Streamline your practice with our model portfolios.
Address a range of real-life client goals more efficiently than ever with our menu of model portfolios.
Investment Vehicles
T. Rowe Price offers strategies delivered in multiple ways to help achieve better outcomes for your clients’ needs including mutual funds, exchange-traded funds (ETF), separately managed accounts (SMA), collective investment trusts (CIT), and model portfolios.
Streamline your practice with our model portfolios.
Address a range of real-life client goals more efficiently than ever with our menu of model portfolios.
Build your own multi-asset portfolio from our wide range of actively managed equity, fixed income and retirement products.
*Not all strategies are available in all investment vehicles.
“For over 30 years, our dedicated and talented team has executed a disciplined investment process to meet client needs with excellence.”
Sébastien Page, CFA
Head of Global Multi-Asset and Chief Investment Officer
“For over 30 years, our dedicated and talented team has executed a disciplined investment process to meet client needs with excellence.”
Sébastien Page, CFA
Head of Global Multi-Asset and Chief Investment Officer
Amplify your multi-asset expertise with ours.
Gain critical insight on the risks and opportunities of the current market from our panel of experts.
Discover how our Asset Allocation Committee is positioning its portfolios in this popular monthly update.
T. Rowe Price Retirement Funds pursue strong, long-term returns for a better retirement. See how they have delivered.
Gain critical insight on the risks and opportunities of the current market from our panel of experts.
Discover how our Asset Allocation Committee is positioning its portfolios in this popular monthly update.
T. Rowe Price Retirement Funds pursue strong, long-term returns for a better retirement. See how they have delivered.
Check out our full collection of multi-asset insights.
Your investment process. Our expertise.
Refine holdings, build models, adjust portfolios, and inform investment decisions. Let's put our proven multi-asset expertise to work for your clients.
Set your practice up for success—contact us.
Uncover new investment opportunities
Take advantage of due diligence, fiduciary, and regulatory support
Streamline and grow your business
Free up valuable time for client-facing activities
Important Information
For more information on the methodology of this analysis, please visit troweprice.com/complete-performance-study.
Past performance is no guarantee of future results. All investments are subject to risk, including the possible loss of principal. Results from other time periods may differ. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities.
Analysis by T. Rowe Price. Comparable passive funds are (1) mutual funds and exchange-traded funds (ETFs) classified as an “index fund” in the Morningstar Direct database and (2) in the same Morningstar category as the active funds being analyzed. All Active Managers represents the actively managed (non-“index fund”) mutual funds and ETFs in the Morningstar Direct database, excluding those managed by T. Rowe Price. The performance of the T. Rowe Price active funds and the All Active Managers funds were compared against the comparable passive funds using 10-year rolling monthly periods from 1/1/04 to 12/31/23. The analysis was conducted at the Morningstar category level analyzing all open-end funds and ETFs within U.S. Morningstar categories where passive funds are present. Oldest share class returns are used for analysis. Money market funds are excluded from the analysis.
1 87 funds covering 7,603 rolling 10-year periods.
2 509 funds covering 41,596 rolling 10-year periods. The active assets under management (AUM) as of 12/31/23 across all funds considered in the analysis are aggregated and those funds offered at any point in the analysis period by the largest five active fund managers by AUM, identified by Morningstar, other than T. Rowe Price are grouped together here. Source: Morningstar.
3 5,134 funds covering 356,117 rolling 10-year periods, excluding T. Rowe Price.
Download a mutual fund prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.
Diversification cannot assure a profit or protect against loss in a declining market. Stock prices can fall because of weakness in the broad market, a particular industry, or specific holdings. Bonds may decline in response to rising interest rates, a credit rating downgrade or failure of the issue to make timely payments of interest or principal.
Multi-asset strategies assets include combined multi-asset portfolios managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates. This figure includes assets that are held outside of T. Rowe Price, but where T. Rowe Price influences trade decisions.
The principal value of the target date strategies is not guaranteed at any time, including at or after the target date, which is the approximate year an investor plans to retire (assumed to be age 65) and likely stop making new investments in the fund. If an investor plans to retire significantly earlier or later than age 65, the funds may not be an appropriate investment even if the investor is retiring on or near the target date. The funds' allocations among a broad range of underlying T. Rowe Price stock and bond funds and, at times, derivatives will (with the exception of the Retirement Balanced Fund) change over time. The funds (other than the Retirement Balanced Fund) emphasize potential capital appreciation during the early phases of retirement asset accumulation, balance the need for appreciation with the need for income as retirement approaches, and focus on supporting an income stream over a long-term postretirement withdrawal horizon. The funds are not designed for a lump-sum redemption at the target date and do not guarantee a particular level of income. The funds maintain a substantial allocation to equities both prior to and after the target date, which can result in greater volatility over shorter time horizons. Derivatives may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.
4 Based on the Morningstar 2023 Target Date Landscape Report.
5 36 of our 42 Retirement Funds had a 10-year track record as of 12/31/2023 (includes Investor, Advisor, and R-Class Shares). 35 of these 36 funds (97%) beat their Lipper average for the 10-year period. 42 of 42 (100%), 26 of 39 (67%), and 37 of 39 (95%) of the Retirement Funds outperformed their Lipper average for the 1-, 3-, and 5-year periods ended 12/31/2023, respectively. Calculations are based on cumulative total return. Not all funds outperformed for all periods. (Source for data: Lipper Inc.)
The T. Rowe Price common trust funds (Trusts) are not mutual funds. They are common trust funds established by T. Rowe Price Trust Company under Maryland banking law, and their units are exempt from registration under the Securities Act of 1933. Investments in the Trusts are not deposits or obligations of, or guaranteed by, the U.S. government or its agencies or T. Rowe Price Trust Company and are subject to investment risks, including possible loss of principal.
Refinitiv Lipper Fund Awards, ©2022 Refinitiv. All rights reserved. Used under license.
ABOUT THE REFINITIV LIPPER FUND AWARDS
The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers.
The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60, and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. The link to lipperfundawards.com will cause you to leave T. Rowe Price's website and will redirect you to a website that is not an affiliated of T. Rowe Price. T. Rowe Price assumes no responsibility for your or any other person's use this third-party website or any of its contents. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.
Winning funds over three years within the 20 largest classifications per award universe according to assets under management are awarded a trophy. Where appropriate, only funds domiciled in the respective country are taken into consideration for determining the largest classifications. All winning groups are awarded a trophy as well. The methodology for awarding trophies in regions is subject to change based on local market needs. However, all winners receive a certificate.
The Best Overall US Fund Group award is given to the group with the lowest average decile ranking of its respective asset class results based on the methodology described above. Large fund family groups with at least five equity, five bond, and three mixed-asset portfolios are eligible for an overall group award
ABOUT REFINITIV LIPPER
Refinitiv Lipper provides independent insight on global collective investments, including mutual funds, retirement funds, hedge funds and fund fees and expenses. Lipper offers premium-quality data, fund ratings, analytical tools and global commentary through specialized product offerings. Trusted by investment professionals for more than 40 years, Lipper provides unparalleled expertise and insight to the funds industry.
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