Company Reports

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 have historically been the size and scale of its operations, the strength of its brands, its track record of active fund outperformance, and its 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.

T. Rowe Price exited August 2026 with a record $1.897 trillion in managed assets, up 6.6% year to date on $158.0 billion of market gains, offset by $36.3 billion worth of net outflows, primarily from the company's active equity operations.

T. Rowe Price announced the acquisition of F/m Investments, a fixed-income manager with expertise in exchange-traded funds and around $19 billion in assets under management, or AUM, on Aug. 20, 2026.

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.

T. Rowe Price exited July 2026 with $1.867 trillion in assets under management, or AUM, up 9.6% year over year but down from $1.893 trillion at the end of June, with both market losses and outflows driving the decline.

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.

T. Rowe Price exited June with a record $1.893 trillion in assets under management. Despite fee rates being down year over year, higher average AUM led to adjusted revenue rising 8.6% to $1.9 billion in the second quarter, with adjusted operating margin increasing to 37.2% from 35.7%.

Rowe Price ended June 2026 with a record $1.893 trillion in assets under management, or AUM, up 12.9% year over year on stronger markets and diminished outflows. We expect this to have a positive impact on both revenue and profitability in the near term.

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 are 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 two-thirds of its assets under management derived from retirement-based accounts.

With the US equity markets up more than 15% in the second quarter and more than 10% year to date at the end of June 2026, most of the traditional asset managers have positive momentum coming into the second-quarter earnings season.

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 are 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 two-thirds of its assets under management derived from retirement-based accounts.

T. Rowe Price ended March 2026 with $1.710 trillion in assets under management, or AUM. Despite fee rates being flat year over year, higher average AUM offset lower performance fees, with adjusted revenue rising 4.8% to $1.9 billion and adjusted operating margins increasing from 36.3% to 38.0%.

In an environment where active fund managers are under assault for poor relative performance and high fees, we believe narrow-moat T. Rowe Price is one of the better-positioned US-based traditional asset managers we cover on the active side of the business. Its biggest differentiators are 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 two-thirds of its assets under management derived from retirement-based accounts.

T. Rowe Price ended December 2025 with $1.776 trillion in assets under management, or AUM. Despite fee rates being down, higher average AUM and performance fees lifted revenue 6.0% year over year to $1.9 billion, while fourth-quarter adjusted non-GAAP operating margins increased from 34.0% to 35.8%.

T. Rowe Price ended September 2025 with $1.767 trillion in assets under management, or AUM. Despite fee rates being down, higher average AUM and performance fees lifted revenue 6.0% year over year, while third-quarter adjusted non-GAAP operating margins increased 65 basis points to 40.9%.

In an environment where active fund managers are under assault for poor relative performance and high fees, we believe narrow-moat T. Rowe Price is one of the better-positioned US-based traditional asset managers we cover on the active side of the business. Its biggest differentiators are 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 two-thirds of its assets under management derived from retirement-based accounts.

Goldman Sachs has agreed to invest as much as $1 billion in T. Rowe Price as part of a strategic collaboration in which the two financial services firms will deliver a range of diversified public and private market solutions to retirement and wealthy investors.

In an environment where active fund managers are under assault for poor relative performance and high fees, we believe narrow-moat T. Rowe Price is one of the better-positioned US-based traditional asset managers we cover on the active side of the business. Its biggest differentiators are 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 two-thirds of its assets under management derived from retirement-based accounts.

T. Rowe Price closed out June 2025 with $1.667 trillion in assets under management, or AUM. With average AUM up, but fee rates down, second-quarter revenue declined 0.6% year over year. As for profitability, second-quarter adjusted non-GAAP operating margins declined 280 basis points to 33.4%.

In an environment where active fund managers are under assault for poor relative performance and high fees, we believe narrow-moat T. Rowe Price is one of the better-positioned US-based traditional asset managers we cover on the active side of the business. Its biggest differentiators are 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 two-thirds of its assets under management derived from retirement-based accounts.