Global Allocation Fund

Invests in a broadly diversified global portfolio of investments including developed and emerging market equities, a wide range of global developed and emerging market fixed income strategies, plus various diversifying strategies providing exposure to hedge funds, currency hedging, and equity index call writing.

The fund is subject to the unique risks of international investing, including unfavorable currency exchange rates and political or economic uncertainty abroad. To the extent the fund has investments in emerging market countries; it will be subject to abrupt and severe price declines. The portfolio’s investments in alternative investments and hedge funds are difficult to value and monitor when compared with more traditional investments, and may increase the fund’s liquidity risks. Diversification cannot assure a profit or protect against loss in a declining market. Derivatives are used in the fund for selective market exposures.

Morningstar (Category)

Morningstar
(Overall Rating)1

World Allocation
  (399 funds)

Data as of 05/31/2021

Data as of 05/31/2021

Fund Manager Tenure2

Net Assets3
(USD)

8yrs
$1.2b

Data as of 05/31/2021

Data as of 05/31/2021

Price
(USD)

Daily Price Change

$16.29
$-0.14

Data as of 06/18/2021

Data as of 06/18/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

Charles M.  Shriver, CFA
Charles M. Shriver, CFA, Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Pri...

Toby M. Thompson, CFA, CAIA
Toby M. Thompson, CFA, CAIA, Co-Portfolio Manager

Toby Thompson is a portfolio manager in the Multi-Asset Division. He is a co-portfolio manager of the Balanced Fund, Global Allocation Funds, Moderate Allocation Portfolio, Spectrum Funds, Act...

View more

Strategy

Investment Objective

The fund seeks long-term capital appreciation and income.

Morningstar Equity Style

Large Blend

Data as of 05/31/2021

Morningstar Fixed Income Style

Low / Moderate

Data as of 05/31/2021

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period Rating Funds In Category (World Allocation)
Overall 399
3 Years 399
5 Years 350
10 Years N/A 223

The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Average Annual Total Returns (Investor Class)

1 YR
40.68%
Benchmark
33.29%
Value
7.39% 3.69%

Data as of 03/31/2021

3 YR
9.58%
Benchmark
8.91%
Value
0.67% 0.42%

Data as of 03/31/2021

5 YR
10.29%
Benchmark
9.54%
Value
0.75% 0.54%

Data as of 03/31/2021

Since Inception
7.93%
Benchmark
7.39%
Value
0.54% 0.44%

Data as of 03/31/2021

Benchmark: Morningstar Global Allocation Index

Fund Inception: 05/28/2013

Expense Ratio

Gross
1.06%
Net
0.95%
Limitation Type
Contractual
expires N/A

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

Investors should note that short term returns greater than 40% are highly unusual and unlikely to be sustained.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement.  If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above.  Expense ratios are as of the most recent prospectus.

T. Rowe Price Associates, Inc. is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price mutual funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price mutual funds. 

Current Year Performance (Investor Class)

Daily YTD
6.54%
Benchmark
5.42%
Value
1.12%

Data as of 06/18/2021

Monthly YTD
7.26%
Benchmark
5.96%
Value
1.30%

Data as of 05/31/2021

One Month
1.05%
Benchmark
1.16%
Value
-0.11%

Data as of 05/31/2021

Three Months
4.86%
Benchmark
5.71%
Value
-0.85%

Data as of 05/31/2021

Benchmark: Morningstar Global Allocation Index

Fund Inception: 05/28/2013

Asset Allocation

Net Assets
(USD)
$1.2b

Data as of 05/31/2021

Largest Global Equity 59.09% $685.2m
Other View complete

Holdings

Total
Holdings
1635

Data as of 03/31/2021

Largest Holding Blackstone Partners Offshore Fund 7.33% Was (12/31/2020) 7.17%
Other View complete

Sectors

Total Sectors - Equity only
13

Data as of 05/31/2021

Benchmark: Morningstar Global Allocation Index

Largest - Equity only Information Technology 18.26% Was (04/30/2021) 18.86%
Other View complete

Over - Equity only

Information Technology
By 18.26%
Fund 18.26%
Benchmark 0.00%

Under - Equity only

Option
By -0.10%
Fund -0.10%
Benchmark 0.00%

Data as of 05/31/2021

Total Sectors - Fixed Income only
12

Data as of 05/31/2021

Benchmark: Morningstar Global Allocation Index

Largest - Fixed Income only Non-US$ Denominated 24.66% Was (04/30/2021) 24.69%
Other View complete

Over - Fixed Income only

Non-US$ Denominated
By 24.66%
Fund 24.66%
Benchmark 0.00%

Data as of 05/31/2021

Team (As of )

Charles M.  Shriver, CFA

Charles M. Shriver, CFA
Co-Portfolio Manager

Charles Shriver is the portfolio manager of the Global Allocation, Balanced, and Spectrum Funds, and he is cochair of the Asset Allocation Committee. Charles is a vice president of T. Rowe Price Group, Inc.

  • Fund manager
    since 2013
  • Years at
    T. Rowe Price 29
  • Years investment
    experience 22
Toby M. Thompson, CFA, CAIA

Toby M. Thompson, CFA, CAIA
Co-Portfolio Manager

Toby Thompson is a portfolio manager in the Multi-Asset Division. He is a co-portfolio manager of the Balanced Fund, Global Allocation Funds, Moderate Allocation Portfolio, Spectrum Funds, ActivePlus® Portfolios, and Managed Volatility Strategies. Toby is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

  • Years at
    T. Rowe Price 10
  • Years investment
    experience 27
Matthew Ko, CFA

Matthew Ko, CFA
Portfolio Specialist

Matthew Ko is a portfolio specialist in the Multi-Asset Division. He is the proxy portfolio manager for the suite of target risk asset allocation products and communicates the firm's global capital markets outlook and asset allocation viewpoints. Matt is a vice president of T. Rowe Price Group, Inc. 

  • Years at
    T. Rowe Price 4
  • Years investment
    experience 20

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information
Share Class Min Initial Investment (USD) Min Subsequent Investment (USD) 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 87281T103
$2,500 $100 0.00% 1.06% 0.95% Contractual N/A
Advisor Class
Cusip 87281T202
$2,500 $100 0.25% 1.39% 1.27% Contractual
02/28/2022
I Class
Cusip 87281T301
$1,000,000* N/A 0.00% 0.97% 0.85% Contractual
02/28/2022

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

1

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

2

Number of years managing the fund.  In the case of co-portfolio management, the longer tenure is displayed.

3

Figure applies to all share classes.

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