Rising Equity Markets and Diminished Outflows Should Continue To Lift T. Rowe Price's AUM

In an environment where active fund managers are under assault for poor relative performance and high fees, narrow-moat T. Rowe Price should be one of the better-positioned US-based traditional asset managers we cover on the active side of the business. Its biggest differentiators historically have been the size and scale of its operations, the strength of its brands, its ability to generate above-average active fund outperformance, and reasonable fees. T. Rowe Price also has a stickier set of clients than its peers, with close to two-thirds of its managed assets derived from retirement-based accounts.