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.