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T. Rowe Price Group Inc TROW

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Morningstar’s Analysis

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Economic Moat




Strong Flows and Market Gains Lift T. Rowe Price's AUM Back to Record Levels in 2Q

Greggory Warren, CFA Sector Strategist

Analyst Note

| Greggory Warren, CFA |

While there was little in wide-moat T. Rowe Price's second-quarter results that would alter our long-term view of the firm, we are likely to raise our $114 fair value estimate on improvements seen in the firm's near-term results that will positively impact our medium-term forecast. T. Rowe Price closed out the June quarter with a record $1.220 trillion in managed assets, up 20.9% sequentially and 8.4% on a year-over-year basis. Net inflows of $14.7 billion during the quarter were better than our expectations, as well as the positive $2.4 billion quarterly run rate we've seen for net flows at T. Rowe Price since the end of the 2008-09 financial crisis. Target-date funds saw an uncharacteristic $200 million in outflows during the second quarter, with most of the positive flows actually coming from the firm's subadvisory and separate account portfolios.

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Company Profile

Business Description

T. Rowe Price provides asset-management services for individual and institutional investors. It offers a broad range of no-load U.S. and international stock, hybrid, bond, and money market funds. At the end of March 2020, the firm had $1.009 trillion in managed assets, composed of equity (55%), balanced (31%) and fixed-income (14%) offerings. Approximately two thirds of the company's managed assets are held in retirement-based accounts, which provides T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a U.S.-based asset manager, deriving just 7% of its AUM from overseas.

100 East Pratt Street
Baltimore, MD, 21202
T +1 410 345-2000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 7,365