Key Morningstar Metrics for T. Rowe Price Global Allocation Fund
- : GoldMorningstar Medalist Rating
- : Above AverageProcess Pillar
- : HighPeople Pillar
- : Above AverageParent Pillar
Strong resources overseen by veteran leaders, a lineup of solid underlying strategies, and a well-diversified portfolio continue to make T. Rowe Price Global Allocation, T. Rowe Price Global Allocation Extended, and T. Rowe Price Global Allocation-Series appealing multi-asset offerings.
T. Rowe Price’s asset-allocation effort is impressive. Portfolio managers Charles Shriver, Toby Thompson, and Christina Noonan are backed by a 70-plus-member multi-asset team, which is larger than most rivals and boasts proven veterans among its manager and research ranks. Management makes allocation calls but rarely deviates substantially from its neutral weights of 60% in equities, 28% in fixed income, and 12% in alternatives and cash for the US and Canadian funds (the split is 60%/23%/17% in the SICAV). One exception was when the equity stake hit 67% in early 2021, stemming from a reviving economy and very low bond yields; that stake was pared back to roughly 59% by June 2021 and has since stayed closer to its neutral weighting.
Many of the underlying managers steer impressive strategies. And while the portfolio includes 20-plus strategies, the niche holdings serve a purpose. For example, T. Rowe Price European Stock and T. Rowe Price Japan offer more exposure to smaller firms and thus more diversification than the firm’s broad non-US equity strategies—which the US vehicle does invest in, while the SICAV has historically relied more on regional equity strategies. The alternatives exposure comes in part from a Blackstone strategy that invests in hedge funds; it garners a 7.5% weighting in the US fund (10% until mid-2020) but was removed from the SICAV in December 2023 after Blackstone announced it would close the UCITS by the end of 2023. The fixed-income portfolio of the SICAV includes fewer niche strategies and offers less diversification, but that vehicle’s alternatives sleeve includes a greater weighting in the wide-ranging T. Rowe Price Dynamic Global Bond. The use of a handful of distinct building blocks can lead to different outcomes between the vehicles, but all offer investors a similar ride and have generated peer-beating returns. T. Rowe Price became subadvisor to the Canada-domiciled fund in January 2023, so its track record remains shorter.
T. Rowe Price Global Allocation Fund: Performance Highlights
This strategy has generated impressive results. From the US fund’s mid-2013 launch, its no-load shares surpassed the average global-allocation Morningstar Category fund on both an absolute and risk-adjusted basis (based on its Sharpe ratio) through June 2026. The fund also beat the Morningstar Global Allocation Index and its internal benchmark (a mix of the MSCI ACWI Investable Market, Bloomberg US Government/Credit, and the FTSE 3-Month US Treasury Bill Index) since its launch.
The strategy earns high marks thanks in part to its inclusion of a diversifying position in alternatives strategies; this has at times offset the volatility spurred by this strategy’s above-average stake in non-US equities.
The fund underperformed peers in 2021 and 2022, owing in part to atypically weak stock selection in underlying strategies such as T. Rowe Price Blue Chip Growth, while the value and European equity strategies struggled in 2025. But the security selection of the underlying managers has been the primary driver of outperformance for the US fund over the long term. Meanwhile, tactical allocation, which previously added minimal value, has been more of a positive contributor to the equity market’s turbulence since the start of 2020.
While the clean Q shares of the T. Rowe Price Global Allocation Extended SICAV also outpaced most category peers and the category benchmark from its August 2017 inception, selection results have been a mixed bag due to different building blocks being used here. The managers’ track record on the Canada-domiciled fund remains relatively short following a subadvisor change in January 2023, but the strategy has outperformed its peer group over that period.
