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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.

RPGAXCUSIP 87281T103
Fund Story Prospectus

Morningstar (Category)

Morningstar
(Overall Rating)1

World Allocation
  (399 funds)

Data as of 09/30/2017

Data as of 09/30/2017

Fund Manager Tenure2

Net Assets3
(USD)

4yrs
$295.2m

Data as of 09/30/2017

Data as of 09/30/2017

Price
(USD)

Daily Price Change

$12.66
$+0.01

Data as of 10/20/2017

Data as of 10/20/2017

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
Charles M. Shriver, Lead Portfolio Manager

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Global Allocation, Balanced, Spectrum, and Personal Strategy Funds. Mr. Shriver is a vice president of T. Rowe Price Group, Inc., and he is cochair of the Asset Allocation Committee.

Strategy

Investment Objective

The fund seeks long-term capital appreciation and income.

Morningstar Equity Style

Large Growth

Data as of 09/30/2017

Morningstar Fixed Income Style

Low / Moderate

Data as of 09/30/2017

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 Rank Funds In Category (World Allocation)
Overall N/A 399
3 Years 15 399
5 Years N/A N/A 343
10 Years N/A N/A 159

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
13.02%
Benchmark
11.12%
Value
1.90% 1.90%

Data as of 09/30/2017

3 YR
6.67%
Benchmark
5.66%
Value
1.01% 1.01%
5 YR
N/A
Benchmark
N/A
Value
N/A N/A
Since Inception
6.94%
Benchmark
6.34%
Value
0.60% 0.60%

Expense Ratio

Gross
1.24%
Net
1.15%
Limitation Type
Contractual
expires 02/28/2018

Benchmark: Morningstar Global Allocation Index

Fund Inception: 05/28/2013

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.

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
14.88%
Benchmark
N/A
Value
N/A

Data as of 10/20/2017

Monthly YTD
13.52%
Benchmark
12.67%
Value
0.85%

Data as of 09/30/2017

One Month
1.13%
Benchmark
1.06%
Value
0.07%
Three Months
3.73%
Benchmark
3.73%
Value
0.00%

Benchmark: Morningstar Global Allocation Index

Fund Inception: 05/28/2013

Asset Allocation

Net Assets
(USD)
$295.2m
Largest Global Equity 57.98% $171.1m
Other View complete Asset Allocation

Data as of 09/30/2017

Holdings

Total
Holdings
1366
Largest Holding Blackstone Partners Offshore Fund 9.38% Was (06/30/2017) 9.49%
Other View complete Full Holdings
Top 10 Holdings 6.16% View the latest Top 10 Holdings

Data as of 09/30/2017

Sectors

Total Sectors - Equity only
13
Largest - Equity only Financials 19.43% Was (08/31/2017) 18.70%
Other View complete Sector Diversification

Data as of 09/30/2017

Benchmark: Morningstar Global Allocation Index

Over - Equity only

Health Care
By 3.91%
Fund 14.45%
Benchmark 10.53%

Under - Equity only

Industrials & Business Services
By -2.69%
Fund 10.69%
Benchmark 13.38%

Data as of 09/30/2017

Total Sectors - Fixed Income only
12
Largest - Fixed Income only Non-US$ Denominated 25.03% Was (08/31/2017) 26.77%
Other View complete Sector Diversification

Data as of 09/30/2017

Benchmark: Morningstar Global Allocation Index

Over - Fixed Income only

U.S. Treasury
By 19.02%
Fund 19.10%
Benchmark 0.08%

Under - Fixed Income only

Non-US$ Denominated
By -45.40%
Fund 25.03%
Benchmark 70.43%

Data as of 09/30/2017

Team (As of )

Charles M.  Shriver

Charles M. Shriver
Lead Portfolio Manager

Charles M. Shriver is a portfolio manager for several asset allocation portfolios within the Asset Allocation Group. He is the lead portfolio manager for the Global Allocation, Balanced, Spectrum, and Personal Strategy Funds. Mr. Shriver is a vice president of T. Rowe Price Group, Inc., and he is cochair of the Asset Allocation Committee.

  • Fund manager
    since 2013
  • Years at
    T. Rowe Price 25
  • Years investment
    experience 18
Stefan Hubrich

Stefan Hubrich
Portfolio Manager

Stefan Hubrich is the director of Multi-Asset Research and an associate portfolio manager for the Global Allocation Fund. He is an Investment Advisory Committee member of the Global Stock, Real Assets, and Global Unconstrained Bond Funds. He is also a member of the Multi-Asset Steering Committee. He is a vice president of T. Rowe Price Group, Inc.

  • Years at
    T. Rowe Price 12
  • Years investment
    experience 14
Matthew Ko

Matthew Ko
Portfolio Specialist

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

  • Years at
    T. Rowe Price <1 year
  • Years investment
    experience 16

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) Redemption Fee 12b-1 Fee Expense Ratio
Gross Net Limitation Type Limitation Expiration Date
Investor Class
Cusip 87281T103
$2,500 $100 N/A 0.00% 1.24% 1.15% Contractual 02/28/2018
Advisor Class
Cusip 87281T202
$2,500 $100 N/A 0.25% 1.55% 1.25% Contractual
02/28/2018
I Class
Cusip 87281T301
$1,000,000* N/A N/A 0.00% 1.23% 0.84% Contractual
02/28/2018

* Minimum initial investment $1,000,000, certain exceptions may apply. Minimum waived for I Classes offered through Workplace Retirement plans.

1

© 2017 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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