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Global Markets Weekly Update

Our analysts recap activities across global markets in our weekly report.
This Quarter (Q1 2025) Hide

January 2025 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

January 2025 / From the Field

Looking for income in 2025? These bond solutions could help

Looking for income in 2025? These bond solutions could help

Looking for income in 2025? These bond solutions...

Four bond approaches to help meet different investor needs.

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

January 2025 / From the Field

Highlights from T. Rowe Price’s annual technology tour

Highlights from T. Rowe Price’s annual technology tour

Highlights from T. Rowe Price’s annual technology...

T. Rowe Price investment professionals met with U.S. technology companies in Silicon...

By Nolan Quinn, Michael J. Signore & Brian Solomon

By Nolan Quinn, Michael J. Signore & Brian Solomon

January 2025 / From the Field

Three important insights from 2024

Three important insights from 2024

Three important insights from 2024

Three investment trends from 2024 could continue to influence capital market behavior...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist Multi‑Asset Division

January 2025 / From the Field

Consensus is totally consensus—a contrarian’s strategic scenarios

Ahead of the Curve: Consensus is totally consensus—a contrarian’s strategic...

Ahead of the Curve: Consensus is totally...

Discover contrarian strategies that active fixed income managers can apply.

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

January 2025 / From the Field

How investors are tracking progress on Japan's efforts to unwind cross-...

How investors are tracking progress on Japan’s efforts to unwind cross-sharehold...

How investors are tracking progress on Japan’s...

In our view, Japan is becoming increasingly attractive to institutional investors...

By Jocelyn Brown & Hiroshi Watanabe

By Jocelyn Brown & Hiroshi Watanabe

Previous Quarter (Q4 2024) Hide

December 2024 / From the Field

The calm before the storm: The outlook for Treasury yields

Ahead of the Curve: The calm before the storm — The outlook for Treasury...

Ahead of the Curve: The calm before the storm...

Expect higher Treasury yields as fiscal policies evolve.

By Arif Husain

Arif Husain Head of Fixed Income and Chief Investment Officer, Fixed Income

December 2024 / From the Field

A deeper look at flexible credit strategies and the critical role of...

A deeper look at flexible credit strategies and the critical role of manager...

A deeper look at flexible credit strategies...

Multi-asset credit strategies leverage flexibility to different degrees. Learn how...

By Camila Henao Arbelaez, Som Priestley & Christopher Tarui

By Camila Henao Arbelaez, Som Priestley & Christopher Tarui

December 2024 / From the Field

Do high margins justify high valuations?

Do high margins justify high valuations?

Do high margins justify high valuations?

Sustainable high profit margins justify high valuations for growth companies.

By Sébastien Page

Sébastien Page Head of Global Multi‑Asset and CIO

December 2024 / From the Field

China’s policy pivot marks a turning point in the economic cycle

China’s policy pivot marks a turning point in the economic cycle

China’s policy pivot marks a turning point...

A policy pivot from risk control to growth support suggests a more favorable environment...

By Wenli Zheng

Wenli Zheng Portfolio Manager, China Evolution Equity Strategy

December 2024 / From the Field

Growth or value? Why choose when you can have core?

Growth or value? Why choose when you can have core?

Growth or value? Why choose when you can...

Making stock selection the main driver of excess returns.

By Peter J. Bates

Peter J. Bates Portfolio Manager, Global Select Equity Strategy

December 2024 / From the Field

What will a second Trump presidency mean for markets?

What will a second Trump presidency mean for markets?

What will a second Trump presidency mean...

Markets appear optimistic about another Trump presidency. But inflation could spoil...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist Multi‑Asset Division

November 2024 / From the Field

Disciplined investing amid a dynamic U.S. market environment.

Disciplined investing amid a dynamic U.S. market environment

Disciplined investing amid a dynamic U.S....

Looking toward 2025, U.S. equity market returns are likely to be harder earned.

By Justin P. White

Justin P. White Portfolio Manager, US All‑Cap Opportunities Equity Strategy

November 2024 / From the Field

International small-caps: Unlocking the value in this unloved asset cla...

International small-caps: Unlocking the value in this unloved asset class

International small-caps: Unlocking the value...

Ex-U.S. small-cap stocks appear well-placed to outperform large-cap peers.

By Benjamin Griffiths & Ryan Gemmell

By Benjamin Griffiths & Ryan Gemmell

November 2024 / RETIREMENT

What if there were a better way to build target date solutions?

What if there were a better way to build target date solutions?

What if there were a better way to build...

T. Rowe Price has built a target date strategy customized for the needs of Canadian...

By Wyatt Lee, Louisa Schafer & Shannon Toy

By Wyatt Lee, Louisa Schafer & Shannon Toy

November 2024 / From the Field

Increased climate oversight in Europe: A competitive challenge for bank...

Increased climate oversight in Europe: A competitive challenge for banks

Increased climate oversight in Europe: A...

European banks face tougher climate regulations compared with U.S. banks, impacting...

By Joseph Baldwin

Joseph Baldwin Analyst, Responsible Investing

November 2024 / From the Field

Perspectives on securitized credit

Perspectives on securitized credit

Perspectives on securitized credit

Securitized credit market performance remained solid in the third quarter amid heavy...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

November 2024 / From the Field

Unlocking opportunities: Market broadening and a new chapter for emergi...

Unlocking opportunities: Market broadening and a new chapter for emerging...

Unlocking opportunities: Market broadening...

How broadening equity returns and reemergence of EMs require a different mindset.

By Scott Berg

Scott Berg Portfolio Manager, Global Growth Equity Strategy

November 2024 / VIDEO

The outlook for international equities amid the shifting market environ...

The outlook for international equities amid the shifting market environment

The outlook for international equities amid...

The rate-cutting environment will be particularly beneficial for ex-US markets

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

November 2024 / On the Horizon

High yield debt, financial stocks offer value amid uncertainty

High yield debt, financial stocks offer value amid uncertainty

High yield debt, financial stocks offer value...

An optimistic outcome is priced into most assets, leading to some conflicting signals.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

November 2024 / On the Horizon

Radical innovations revealing real prospects in health care

Radical innovations revealing real prospects in health care

Radical innovations revealing real prospects...

A new generation of treatments are paving the way for a golden age in the sector.

By Nabil Hanano

Nabil Hanano Associate Portfolio Manager, Global Focused Growth Equity Strategy

November 2024 / On the Horizon

Weaker growth and lower rates set to open up private markets

Weaker growth and lower rates set to open up private markets

Weaker growth and lower rates set to open...

Shifting conditions should create new opportunities in private credit and private...

By David M. DiPietro

David M. DiPietro Head of Private Equity, T. Rowe Price

November 2024 / On the Horizon

Finding income in high yield bonds, bank loans, and emerging markets

Finding income in high yield bonds, bank loans, and emerging markets

Finding income in high yield bonds, bank...

The non-investment-grade sectors of the bond market look the most attractive.

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

November 2024 / On the Horizon

Rate cuts provide opportunities for U.S. small‑caps and financials

Rate cuts provide opportunities for U.S. small-caps and financials

Rate cuts provide opportunities for U.S....

Valuations remain stretched, but the market is broadening.

By Stephon Jackson

Stephon Jackson Head of T. Rowe Price Investment Management

November 2024 / On the Horizon

Value and small‑caps could power international equities

Value and small-caps could power international equities

Value and small-caps could power international...

There are significant structural opportunities at attractive prices.

By Justin Thomson

Justin Thomson Head of International Equity

November 2024 / On the Horizon

U.S. exceptionalism has not run out of steam

U.S. exceptionalism has not run out of steam

U.S. exceptionalism has not run out of steam

The ingredients are there for another year of robust growth.

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist, Fixed Income

November 2024 / On the Horizon

Mapping the path from slowdown to recovery

Mapping the path from slowdown to recovery

Mapping the path from slowdown to recovery

The world is transitioning to manufacturing-led growth.

By Nikolaj Schmidt

Nikolaj Schmidt Chief Global Economist

January 2025 / From the Field

Looking for durable, needle-moving growth in the AI tech stack

Looking for durable, needle-moving growth in the AI tech stack

Looking for durable, needle-moving growth...

AI will be disruptive. Growth investors should focus on what creates value over the...

By Paul Greene

Paul Greene Portfolio Manager, U.S. Large-Cap Core Growth Equity Strategy

November 2024 / EQUITY

Integrated Equity Insights

Integrated Equity Insights

Integrated Equity Insights

Declining mean reversion and a focus on sustainable growth

By Peter Stournaras, David Corris & Brian Dausch

By Peter Stournaras, David Corris & Brian Dausch

11 November 2024 / FIXED INCOME

Why it’s time to consider moving out of cash and into fixed income

Why it’s time to consider moving out of cash and into fixed income

Why it’s time to consider moving out of cash...

Income and growth attributes support the case for redeploying cash into bond markets.

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

November 2024 / EQUITY

What is driving gold prices to all-time record highs?

What is driving gold prices to all-time record highs?

What is driving gold prices to all-time record...

A number of supportive tailwinds suggest a continuing positive outlook

By Richard de los Reyes

Richard de los Reyes Portfolio Manager

November 2024 / MARKETS & ECONOMY

What Trump’s win means for policy, the economy, and markets

What Trump’s win means for policy, the economy, and markets

What Trump’s win means for policy, the economy,...

Extending tax cuts and an assertive approach on trade policy likely to be areas of...

By Gilad Fortgang, Blerina Uruçi & Timothy C. Murray

By Gilad Fortgang, Blerina Uruçi & Timothy C. Murray

November 2024 / MULTI-ASSET

Can you trust recession forecasts?

Can you trust recession forecasts?

Can you trust recession forecasts?

Three special factors may help the U.S. economy avoid a recession.

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

October 2024 / In the Loop

Three policy developments to watch after the U.S. election

Three policy developments to watch after U.S. election

Three policy developments to watch after...

The postelection shift from campaigning to governing can create uncertainty for markets.

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, U.S. Equity Division of T. Rowe Price Investment Management, Inc.

October 2024 / MARKETS & ECONOMY

Friendshoring is reconfiguring global trade

Friendshoring is reconfiguring global trade

Friendshoring is reconfiguring global trade

Opportunities arise for the West’s allies to plug supply deficits.

By Roy Adkins, Ivan Morozov & Elliot Shue

By Roy Adkins, Ivan Morozov & Elliot Shue

October 2024 / FIXED INCOME

Could a 5% 10-year Treasury yield be around the corner?

Could a 5% 10-year Treasury yield be around the corner?

Could a 5% 10-year Treasury yield be around...

Higher Treasury yields expected due to fiscal spending and Fed quantitative tightening.

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

October 2024 / From the Field

Cash conundrum: Why the Fed’s cut is a game changer

Cash conundrum: Why the Fed’s cut is a game changer

Cash conundrum: Why the Fed’s cut is a game...

Discover how the Fed’s rate cut could impact your investment strategy.

By Alex Obaza

Alex Obaza Fixed Income Portfolio Manager

October 2024 / VIDEO

The Fed’s big cut may favor high yield bonds

The Fed’s big cut may favor high yield bonds

The Fed’s big cut may favor high yield bonds

The Fed’s September rate cut reduced the risk of a recession. High yield bonds may...

By Ross Abaya

Ross Abaya Relationship Manager

October 2024 / EQUITY

Key considerations for global equities beyond the U.S. election

Key considerations for global equities beyond the U.S. election

Key considerations for global equities beyond...

Powerful factors provide a relatively positive backdrop for equity markets in 2025.

By David J. Eiswert

David J. Eiswert Portfolio Manager

October 2024 / MARKETS & ECONOMY

U.S. Election: What’s at stake for M&A and antitrust policy?

U.S. Election: What’s at stake for M&A and antitrust policy?

U.S. Election: What’s at stake for M&A and...

Next president to decide if tough antitrust policy continues.

By Gilad Fortgang

Gilad Fortgang Associate Analyst

October 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

October 2024 / MARKETS & ECONOMY

Three key themes to watch out for in emerging markets

Three key themes to watch out for in emerging markets

Three key themes to watch out for in emerging...

Door looks set to open for more emerging market countries to cut interest rates

By Christopher J. Kushlis

Christopher J. Kushlis Asia Sovereign Analyst, London

October 2024 / MULTI-ASSET

Cutting cycles and learning to love bonds again

Cutting cycles and learning to love bonds again

Cutting cycles and learning to love bonds...

History provides some clues about which asset classes are likely to outperform

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

Q3 2024  Show

October 2024 / EQUITY

Are we partying like it’s 1999 again?

Are we partying like it’s 1999 again?

Are we partying like it’s 1999 again?

AI versus Dotcom: There are some similarities, yet also key differences.

By Rahul Ghosh

Rahul Ghosh Portfolio Specialist

October 2024 / FIXED INCOME

AI and fixed income: Booming demand for data center ABS and CMBS

AI and fixed income: Booming demand for data center ABS and CMBS

AI and fixed income: Booming demand for data...

Artificial intelligence drives demand for data center ABS and CMBS investments.

By David Xu & Adam Haya

By David Xu & Adam Haya

September 2024 / FIXED INCOME

How AI’s impact is reaching into areas that might surprise you

How AI’s impact is reaching into areas that might surprise you

How AI’s impact is reaching into areas that...

Discover how rising AI energy demands are reshaping independent power producer credit...

By David Yatzeck

David Yatzeck Associate Portfolio Manager

September 2024 / ESG

The power of additionality: Blue bonds could boost sustainability

The power of additionality: Blue bonds could boost sustainability

The power of additionality: Blue bonds could...

Blue bonds could boost sustainability efforts in emerging markets

By Willem Visser & Tongai Kunorubwe

By Willem Visser & Tongai Kunorubwe

16 September 2024 / MARKETS & ECONOMY

How healthy is the U.S. labor market?

How healthy is the U.S. labor market?

How healthy is the U.S. labor market?

The Federal Reserve appears ready to cut rates. Job growth will be key for how stocks...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

September 2024 / MARKETS & ECONOMY

US election and trade policy: What investors need to know

US election and trade policy: What investors need to know

US election and trade policy: What investors...

Presidential election will shape the pace of deglobalization.

By Gilad Fortgang

Gilad Fortgang Associate Analyst

September 2024 / FIXED INCOME

Ahead of the Curve: The San Andreas fault of finance shakes the markets

Ahead of the Curve: The San Andreas fault of finance shakes the markets

Ahead of the Curve: The San Andreas fault...

Monetary tightening in Japan is rearranging global capital flows.

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

September 2024 / ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

How say-on-pay voting is shaping trends in executive compensation

How say-on-pay voting is shaping trends in executive compensation

How say-on-pay voting is shaping trends in...

Some 15+ years after the introduction of say-on-pay voting, we assess its impact...

By Donna Anderson & Jocelyn Brown

By Donna Anderson & Jocelyn Brown

September 2024 / ESG

Could GLP-1s help rebalance the food trilemma?

Could GLP-1s help rebalance the food trilemma?

Could GLP-1s help rebalance the food trilemma?

Anti-obesity medications could play a key role in balancing the food trilemma.

By Ross Abaya & Daniel Ryan

By Ross Abaya & Daniel Ryan

August 2024 / EQUITY

Are U.S. stocks too expensive?

Are U.S. stocks too expensive?

Are U.S. stocks too expensive?

Can levels of profitability and efficiency of U.S. tech companies be sustained?

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

August 2024 / MULTI-ASSET

Will government debt boil the frog?

Will government debt boil the frog?

Will government debt boil the frog?

How much should investors worry about the ballooning U.S. government debt?

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

23 August 2024 / In the Loop

U.S. election and trade policy: What investors need to know

U.S. election and trade policy: What investors need to know

U.S. election and trade policy: What investors...

Presidential election will shape the pace of deglobalization.

By Gilad Fortgang

Gilad Fortgang Washington Associate Analyst, U.S. Equity Division of T. Rowe Price Investment Management, Inc.

August 2024 / FIXED INCOME

Q2 perspectives on securitized credit

Q2 perspectives on securitized credit

Q2 perspectives on securitized credit

Although the rally lost some momentum in Q2, securitized credit markets still performed...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

August 2024 / FIXED INCOME

Growing government debt has raised concerns. Should it?

Growing government debt has raised concerns. Should it?

Growing government debt has raised concerns....

We believe governments have time and options to address historically high debt-to-gross...

By Thomas Kasanin & Ivan Morozov

By Thomas Kasanin & Ivan Morozov

August 2024 / MULTI-ASSET

The psychology of leadership in investment management

The psychology of leadership in investment management

The psychology of leadership in investment...

Five ways to become an effective leader in money management.

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

August 2024 / EQUITY

On global impact short duration bond

On global impact short duration bond

On global impact short duration bond

Our fundamental research platform and dedicated responsible investing (RI) team

By Matthew Lawton

Matthew Lawton Portfolio Manager

August 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

August 2024 / FIXED INCOME

Why passive flows and inelastic markets don’t mix

Why passive flows and inelastic markets don’t mix

Why passive flows and inelastic markets don’t...

The rise of passive fixed income investing has caused market structure to deteriorate

By Steve Boothe & Pranay Subedi

By Steve Boothe & Pranay Subedi

August 2024 / MULTI-ASSET

Manic market not a reason for investors to panic

Manic market not a reason for investors to panic

Manic market not a reason for investors to...

Recent market volatility appears to reflect extreme risk-on sentiment and positioning.

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

August 2024 / MULTI-ASSET

Special Topic: Can the Fed cut rates with financial conditions this loo...

Special Topic: Can the Fed cut rates with financial conditions this loose?

Special Topic: Can the Fed cut rates with...

The Fed appears ready to cut interest rates despite loose financial conditions.

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

August 2024 / EQUITY

Are GLP-1s the next industry disruptor?

Are GLP-1s the next industry disruptor?

Are GLP-1s the next industry disruptor?

Some are predicting that GLP-1s could pose a disruptive threat to the medtech industry.

By Taymour Tamaddon

Taymour Tamaddon Co-Portfolio Manager

August 2024 / EQUITY

Why balance is important amid equity market volatility

Why balance is important amid equity market volatility

Why balance is important amid equity market...

Geopolitics, sticky inflation, and peaking earnings growth point to elevated volatility. ...

By David J. Eiswert & Nabil Hanano

By David J. Eiswert & Nabil Hanano

August 2024 / EQUITY

Artificial intelligence, health care, and energy transition: Three area...

Artificial intelligence, health care, and energy transition: Three areas...

Artificial intelligence, health care, and...

How innovations in artificial intelligence, health care, and the energy transition...

By Hari Balkrishna

Hari Balkrishna Portfolio Manager

July 2024 / MARKETS & ECONOMY

How the U.S. election could impact the financials sector

How the U.S. election could impact the financials sector

How the U.S. election could impact the financials...

Next president will determine whether financial regulators will mount up or stand...

By Gilad Fortgang

Gilad Fortgang Associate Analyst

July 2024 / EQUITY

T. Rowe Price Integrated Equity Quarterly Newsletter

T. Rowe Price Integrated Equity Quarterly Newsletter

T. Rowe Price Integrated Equity Quarterly...

Measuring Equity Market Sensitivity to Interest Rate Changes

By Peter Stournaras, David Corris & Brian Dausch

By Peter Stournaras, David Corris & Brian Dausch

July 2024 / MULTI-ASSET

Could the Volatility Index (VIX) be broken?

Could the Volatility Index (VIX) be broken?

Could the Volatility Index (VIX) be broken?

The VIX has recently displayed a more subdued reaction to market sell-offs than expected....

July 2024 / EQUITY

M&A revival means management quality matters even more

M&A revival means management quality matters even more

M&A revival means management quality matters...

The M&A recovery creates opportunities, especially in mid-cap stocks.

By Dante Pearson

Dante Pearson Associate Portfolio Manager

July 2024 / EQUITY

Are U.S. smaller companies set to shine? Identifying the catalysts for...

Are U.S. smaller companies set to shine? Identifying the catalysts for...

Are U.S. smaller companies set to shine?...

Attractive valuations aside, a catalyst is needed to drive a positive rerating of...

By Matt Mahon

Matt Mahon Portfolio Manager

July 2024 / VIDEO

US Structured Research Equity Strategy Overview

US Structured Research Equity Strategy Overview

US Structured Research Equity Strategy Overview

Learn About Structured Research Equity From Portfolio Manager Alexa Gagliardi.

By Alexa M. Gagliardi

Alexa M. Gagliardi Co-Portfolio Manager

July 2024 / MULTI-ASSET

Active investing is suited to the uncertain markets ahead

Active investing is suited to the uncertain markets ahead

Active investing is suited to the uncertain...

Changing market conditions will provide new risks and opportunities.

By Robert W. Sharps

Robert W. Sharps Chair of the Board, Chief Executive Officer and President

July 2024 / EQUITY

South Korea value-up: Lessons from Japan

South Korea value-up: Lessons from Japan

South Korea value-up: Lessons from Japan

South Korea’s “Corporate Value-Up Program” is modeled after similar reforms in Japan.

By Ernest C. Yeung

Ernest C. Yeung Portfolio Manager

July 2024 / FIXED INCOME

Ahead of the Curve “Shadow banking system” creates a trickier path for...

Ahead of the Curve “Shadow banking system” creates a trickier path for...

Ahead of the Curve “Shadow banking system”...

Rise in nonbank lending drives banks to shift risk exposure

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

July 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

July 2024 / MULTI-ASSET

The inflation roller coaster

The inflation roller coaster

The inflation roller coaster

Diverging trends in goods and services prices complicate the inflation outlook.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

Q2 2024  Show

August 2024 / MARKETS & ECONOMY

Why U.S. fiscal policy will matter even more after the election

Why U.S. fiscal policy will matter even more after the election

Why U.S. fiscal policy will matter even more...

The next U.S. president faces a significant fiscal cliff in his or her first 12 months...

By Gilad Fortgang

Gilad Fortgang Associate Analyst

August 2024 / EQUITY

How do U.S. elections affect stock market performance?

How do U.S. elections affect stock market performance?

How do U.S. elections affect stock market...

It’s the economy that matters for U.S. presidential elections and stocks.

By Thomas Poullaouec & Nathan Wang

By Thomas Poullaouec & Nathan Wang

August 2024 / MARKETS & ECONOMY

Policy matters: U.S. election could impact renewables and electric vehi...

Policy matters: U.S. election could impact renewables and electric vehicles

Policy matters: U.S. election could impact...

The outcome of the presidential election could have important implications for U.S....

By Gilad Fortgang

Gilad Fortgang Associate Analyst

3 July 2024 / FIXED INCOME

The value of a multi-sector diversified income approach for fixed incom...

The value of a multi-sector diversified income approach for fixed income

The value of a multi-sector diversified income...

Diversified Income Bond Strategy seeks to provide high yield-like returns with investment-...

By Kenneth A. Orchard & Vincent Chung

By Kenneth A. Orchard & Vincent Chung

July 2024 / EQUITY

Market concentration: Facts versus opinions

Market concentration: Facts versus opinions

Market concentration: Facts versus opinions

Market concentration in U.S. and technology stocks a concern for clients.

By Rahul Ghosh

Rahul Ghosh Portfolio Specialist, Global Equities

July 2024 / VIDEO

Growing pains and opportunity: Analyzing what's next in the AI boom

Growing pains and opportunity: Analyzing what's next in the AI boom

Growing pains and opportunity: Analyzing...

David Giroux explains why AI is likely to be deflationary over time and why he likes...

By David R. Giroux

David R. Giroux Head of Investment Strategy and Chief Investment Officer

July 2024 / MARKETS & ECONOMY

Stabilizing China’s housing market is a work in progress

Stabilizing China’s housing market is a work in progress

Stabilizing China’s housing market is a work...

We view China’s latest housing market support plan as a step in the right direction.

By Sheldon Chan, Christopher J. Kushlis & Leonard Kwan

By Sheldon Chan, Christopher J. Kushlis & Leonard Kwan

June 2024 / MULTI-ASSET INSIGHTS

Navigating the model portfolio landscape

Navigating the model portfolio landscape

Navigating the model portfolio landscape

Key considerations for model selection and implementation.

By Erin Garrett, Christine Johnson & Christina Kellar

By Erin Garrett, Christine Johnson & Christina Kellar

June 2024 / EQUITY

The quality factor: Its impact, foundation, and evolution

The quality factor: Its impact, foundation, and evolution

The quality factor: Its impact, foundation,...

Secular components have become an important part of quality investing.

By Laurence Taylor & Adam Karp

By Laurence Taylor & Adam Karp

June 2024 / VIDEO

Two questions on U.S. equities with Gabe Solomon

Two questions on U.S. equities with Gabe Solomon

Two questions on U.S. equities with Gabe...

Portfolio Manager Gabe Solomon discusses his outlook for U.S. large-cap value equities.

By Gabriel Solomon

Gabriel Solomon Co-Portfolio Manager

June 2024 / VIDEO

Two Questions on U.S. Equities with Matt Mahon

Two Questions on U.S. Equities with Matt Mahon

Two Questions on U.S. Equities with Matt...

Portfolio Manager Matt Mahon discusses his outlook and expectations for U.S. smaller...

By Matt Mahon

Matt Mahon Portfolio Manager

June 2024 / VIDEO

Two Questions on U.S. Equities with Julian Cook

Two Questions on U.S. Equities with Julian Cook

Two Questions on U.S. Equities with Julian...

Portfolio Specialist Julian Cook discusses his outlook and expectations for U.S....

By Julian Cook

Julian Cook Portfolio Specialist

June 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

June 2024 / MULTI-ASSET

The hottest debate in asset allocation: Value vs. Growth

The hottest debate in asset allocation: Value vs. Growth

The hottest debate in asset allocation: Value...

On the Asset Allocation Committee (AAC), we like value stocks as a tactical trade...

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

June 2024 / EQUITY

Assessing the potential impacts on U.S. health care in an election year

Assessing the potential impacts on U.S. health care in an election year

Assessing the potential impacts on U.S. health...

The potential impact and implications for U.S. health care could differ greatly depending...

By Jill Jortner

Jill Jortner Investment Analyst

June 2024 / EQUITY

How an investment strategy can blend the best of active and passive

How an investment strategy can blend the best of active and passive

How an investment strategy can blend the...

A research-enhanced strategy can help clients get more from their portfolio’s core.

By Tamzin Manning

Tamzin Manning Portfolio Specialist

June 2024 / MULTI-ASSET

Building next-generation target date strategies through personalization

Building next-generation target date strategies through personalization

Building next-generation target date strategies...

Technology has opened up new opportunities to personalize target date strategies.

By Multiple Authors

By Multiple Authors

June 2024 / FIXED INCOME

Credit investing for today’s evolving markets

Credit investing for today’s evolving markets

Credit investing for today’s evolving markets

Headwinds call for choosing credit solutions with rigorous research

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

June 2024 / MULTI-ASSET

A new era for commodities?

A new era for commodities?

A new era for commodities?

We may be on the cusp of another period of strong commodity returns.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

June 2024 / RETIREMENT

A five-dimensional framework for retirement income needs and solutions...

A five-dimensional framework for retirement income needs and solutions...

A five-dimensional framework for retirement...

A new tool to help DC plan sponsors evaluate retirement income solutions for their...

By Berg Cui & Jessica Sclafani

By Berg Cui & Jessica Sclafani

May 2024 / FIXED INCOME

Three Fed scenarios, same result: higher yields, steeper curves

Three Fed scenarios, same result: higher yields, steeper curves

Three Fed scenarios, same result: higher...

Ignore the noise. Very little has actually changed.

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

May 2024 / EQUITY

Meet Hari Balkrishna

Meet Hari Balkrishna

Meet Hari Balkrishna

Portfolio Manager, Global Impact Equity Strategy.

May 2024 / FIXED INCOME

Opportunities in fixed income for investors moving out of cash

Opportunities in fixed income for investors moving out of cash

Opportunities in fixed income for investors...

Income and growth attributes can help investors put cash to work.

By Kenneth A. Orchard

Kenneth A. Orchard Head of International Fixed Income

May 2024 / FIXED INCOME

Perspectives on securitized credit

Perspectives on securitized credit

Perspectives on securitized credit

Following an extended rally, T. Rowe Price's securitized credit team discusses the...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

May 2024 / MARKETS & ECONOMY

What factors are driving U.S. exceptionalism, and will they last?

What factors are driving U.S. exceptionalism, and will they last?

What factors are driving U.S. exceptionalism,...

U.S. economic growth has outperformed other developed markets, and inflation has...

By Blerina Uruçi

Blerina Uruçi Chief U.S. Economist

May 2024 / FIXED INCOME

No green without blue: How blue bonds could support climate goals

No green without blue: How blue bonds could support climate goals

No green without blue: How blue bonds could...

Earth’s oceans capture the majority of the global CO2 produced by humans.

By Willem Visser & Tongai Kunorubwe

By Willem Visser & Tongai Kunorubwe

May 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

May 2024 / FIXED INCOME

The benefits of hedged diversification

The benefits of hedged diversification

The benefits of hedged diversification

Non-U.S. bonds currently offer higher yields on a currency-hedged basis

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

May 2024 / ASSET ALLOCATION

Let’s get real (about interest rates)

Let’s get real (about interest rates)

Let’s get real (about interest rates)

Higher real rates in the coming years might favor value stocks

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

May 2024 / ASSET ALLOCATION

Momentum: Don’t fear the reapers (of high profit)

Momentum: Don’t fear the reapers (of high profit)

Momentum: Don’t fear the reapers (of high...

History shows that momentum-driven markets don’t necessarily lead to market downturns

By Sébastien Page

Sébastien Page Head of Global Multi-Asset and CIO

May 2024 / VIDEO

Hedging inflation risk

Hedging inflation risk

Hedging inflation risk

Recession fears are fading, but inflation concerns are on the rise.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

April 2024 / FIXED INCOME

A decade-long adventure navigating treacherous markets successfully

A decade-long adventure navigating treacherous markets successfully

A decade-long adventure navigating treacherous...

The unconstrained Bond Strategy celebrated its 10-year anniversary in February since...

By Scott Solomon

Scott Solomon Portfolio Manager

April 2024 / EQUITY

T. Rowe Price Integrated Equity Quarterly Newsletter

T. Rowe Price Integrated Equity Quarterly Newsletter

T. Rowe Price Integrated Equity Quarterly...

Compelling Opportunities Among High-Quality Small-Cap Stocks

By T. Rowe Price

T. Rowe Price Integrated Equity Team

April 2024 / EQUITY

Are UK stocks too cheap to ignore?

Are UK stocks too cheap to ignore?

Are UK stocks too cheap to ignore?

Improving fundamentals are not yet reflected in prices.

By Federico Santilli & Tomasz Wieladek

By Federico Santilli & Tomasz Wieladek

April 2024 / EQUITY

The U.S. economy has defied recessionary fears. What now?

The U.S. economy has defied recessionary fears. What now?

The U.S. economy has defied recessionary...

An economic “soft landing” is undoubtedly positive, but there are reasons to be cautious.

By Justin P. White

Justin P. White Portfolio Manager

April 2024 / RETIREMENT INSIGHTS

Reference Point

Reference Point

Reference Point

By T. Rowe Price

T. Rowe Price

April 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

April 2024 / EQUITY

Investment implications of generative artificial intelligence

Investment implications of generative artificial intelligence

Investment implications of generative artificial...

Reasons why investors should embrace AI as a long-term investment theme.

By Rahul Ghosh

Rahul Ghosh Portfolio Specialist

April 2024 / FIXED INCOME

Why is it important to measure the impact of a blue bond?

Why is it important to measure the impact of a blue bond?

Why is it important to measure the impact...

Blue bonds need to be evaluated with additional rigor to mitigate against bluewashing...

By Tongai Kunorubwe

Tongai Kunorubwe Head of ESG, Fixed Income

April 2024 / EQUITIES & FIXED INCOME

Blue bonds: The key to unlocking the blue economy’s potential

Blue bonds: The key to unlocking the blue economy’s potential

Blue bonds: The key to unlocking the blue...

Blue bonds provide financing for ocean-friendly or clean water projects in support...

April 2024 / FIXED INCOME

With Rising Headwinds-Uncover the Power of Quality Credit Research

With Rising Headwinds-Uncover the Power of Quality Credit Research

With Rising Headwinds-Uncover the Power of...

Corporate bonds offer attractive income, but security selection is imperative amid...

By Justin Gerbereux

Justin Gerbereux Head of Global Fixed Income Research

April 2024 / EQUITY

Vietnam: Asia’s next frontier Tiger

Vietnam: Asia’s next frontier Tiger

Vietnam: Asia’s next frontier Tiger

Tailwinds are gathering to support another major leap.

By Johannes Loefstrand & Eric L. Veiel

By Johannes Loefstrand & Eric L. Veiel

Q1 2024  Show

March 2024 / FIXED INCOME

Dynamic Credit Investing: A Q&A With Saurabh Sud

Dynamic Credit Investing: A Q&A With Saurabh Sud

Dynamic Credit Investing: A Q&A With Saurabh...

Dynamic Credit’s flexible approach has been pivotal over different market conditions.

By Saurabh Sud

Saurabh Sud Portfolio Manager

March 2024 / VIDEO

The Case for Value Video

The Case for Value Video

The Case for Value Video

Reasonable valuations could provide an upside surprise.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

March 2024 / EQUITY

Three-year anniversary reflections: A tumultuous market unveils Global...

Three-year anniversary reflections: A tumultuous market unveils Global...

Three-year anniversary reflections: A tumultuous...

Style balance helped Portfolio Manager Peter Bates In a Tumultuous Market.

By Peter J. Bates

Peter J. Bates Portfolio Manager

March 2024 / EQUITY

China’s National People’s Congress: Key points

China’s National People’s Congress: Key points

China’s National People’s Congress: Key points

NPC announcements in line with expectations.

By Robert Secker

Robert Secker Portfolio Specialist

March 2024 / FIXED INCOME

A Decade-Long Adventure Navigating Treacherous Markets Successfully

A Decade-Long Adventure Navigating Treacherous Markets Successfully

A Decade-Long Adventure Navigating Treacherous...

The Dynamic Global Bond Strategy celebrates its 10-year anniversary this month since...

By Scott Solomon

Scott Solomon Portfolio Manager

March 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

March 2024 / VIDEO

Three key themes in emerging markets for 2024

Three key themes in emerging markets for 2024

Three key themes in emerging markets for...

Emerging markets are poised for a year of interest rate cuts in 2024.

By Christopher J. Kushlis

Christopher J. Kushlis Asia Sovereign Analyst, London

March 2024 / EQUITY

The Case for Value

The Case for Value

The Case for Value

Reasonable valuations could provide an upside surprise.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

March 2024 / MULTI-ASSET

A Closer Look at the Diversification Potential of Private Assets

A Closer Look at the Diversification Potential of Private Assets

A Closer Look at the Diversification Potential...

Private assets can enhance multi-asset portfolios. However, careful risk analysis...

By Robert Panariello, Som Priestley & Fahad Siddiqui

By Robert Panariello, Som Priestley & Fahad Siddiqui

March 2024 / FIXED INCOME

How Impact Credit’s Financial and Sustainability Aims Go Hand In Hand

How Impact Credit’s Financial and Sustainability Aims Go Hand In Hand

How Impact Credit’s Financial and Sustainability...

Fundamentals and return potential are as important as impact to an investment case.

By Matthew Lawton & Ellen O'Doherty

By Matthew Lawton & Ellen O'Doherty

February 2024 / MARKETS & ECONOMY

Emerging Markets Poised for a Year of Interest Rate Cuts

Emerging Markets Poised for a Year of Interest Rate Cuts

Emerging Markets Poised for a Year of Interest...

Inflation continues to fall, paving the way for more interest rate cuts from emerging...

By Christopher J. Kushlis

Christopher J. Kushlis Asia Sovereign Analyst, London

February 2024 / FIXED INCOME

Central Bank Rate-Cut Pricing is Eye-Catching But Deceiving

Central Bank Rate-Cut Pricing is Eye-Catching But Deceiving

Central Bank Rate-Cut Pricing is Eye-Catching...

The large number of priced-in 2024 rate cuts is an average of expectations across...

By Arif Husain

Arif Husain Head of Global Fixed Income and CIO

February 2024 / FIXED INCOME

Perspectives on Securitized Credit

Perspectives on Securitized Credit

Perspectives on Securitized Credit

Following a strong finish to 2023, securitized credit markets entered 2024 with a...

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

By Christopher P. Brown, Ramon de Castro & Jean-Marc Breaux

February 2024 / MARKETS & ECONOMY

Conditions Are Ripe For A Goldilocks Economy, But Dangers Lurk

Conditions Are Ripe For A Goldilocks Economy, But Dangers Lurk

Conditions Are Ripe For A Goldilocks Economy,...

Conditions are ripe for a moderate growth recovery, but political risks pose a threat.

By Nikolaj Schmidt

Nikolaj Schmidt Chief Global Economist

February 2024 / INVESTMENT INSIGHTS

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Global Asset Allocation Viewpoints

Our experts share perspective on market themes and regional trends, plus insights...

February 2024 / EQUITY

Meet David Rowlett, Portfolio Manager, US Impact Equity Strategy

Meet David Rowlett, Portfolio Manager, US Impact Equity Strategy

Meet David Rowlett, Portfolio Manager, US...

The portfolio manager shares his experiences and thoughts.

By David L. Rowlett

David L. Rowlett Portfolio Manager

February 2024 / VIDEO

After the Fed Pivot, What’s Next?

After the Fed Pivot, What’s Next?

After the Fed Pivot, What’s Next?

With cooling expectations, investors wonder when and how far U.S. rates will fall...

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

February 2024 / EQUITY

New Diabetes and Obesity Drugs Show Promise for Patients and Investors

New Diabetes and Obesity Drugs Show Promise for Patients and Investors

New Diabetes and Obesity Drugs Show Promise...

GLP-1 treatments are poised to reshape the health care sector

By Nabil Hanano & Jeffrey Holford

By Nabil Hanano & Jeffrey Holford

February 2024 / FIXED INCOME

Will New Long-Term Debt Holders Effectively Discipline Banks?

Will New Long-Term Debt Holders Effectively Discipline Banks?

Will New Long-Term Debt Holders Effectively...

New U.S. regional bank debt can lower the odds of a default and help reduce the cost...

By Steve Boothe & Pranay Subedi

By Steve Boothe & Pranay Subedi

February 2024 / FIXED INCOME

Corporate Bonds—A Compelling Long-Term Income Profile

Corporate Bonds—A Compelling Long-Term Income Profile

Corporate Bonds—A Compelling Long-Term Income...

Fundamental research is imperative in credit markets as headwinds rise.

By Saurabh Sud

Saurabh Sud Portfolio Manager

February 2024 / MULTI-ASSET

Forecasting European Equity Earnings with Macro Factors

Forecasting European Equity Earnings with Macro Factors

Forecasting European Equity Earnings with...

A strong relationship exists between equity earnings, inflation, and unemployment.

February 2024 / FIXED INCOME

Could Energy Productivity Cycles Lead to Credit Opportunities

Could Energy Productivity Cycles Lead to Credit Opportunities

Could Energy Productivity Cycles Lead to...

Why we believe the energy productivity cycle is turning and the opportunities this...

By Steve Boothe & Elliot Shue

By Steve Boothe & Elliot Shue

Q4 2023  Show

September 2024 / RETIREMENT

Planning for Spending Volatility in Retirement

Planning for Spending Volatility in Retirement

Planning for Spending Volatility in Retirement

Access to liquidity and a focus on growth could mitigate spending increases.

By Sudipto Banerjee

Sudipto Banerjee Director of Retirement Thought Leadership

August 2024 / RETIREMENT

Stretching a Match

Stretching a Match

Stretching a Match

Restructuring employer matching contributions could encourage higher employee deferral...

February 2023 / ENERGY

The Energy Crisis Is Only Just Beginning

The Energy Crisis Is Only Just Beginning

The Energy Crisis Is Only Just Beginning

Next winter is where the real challenge lies.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

October 2022 / U.S. FIXED INCOME

Finding Opportunities in Evolving Fixed Income Markets

Finding Opportunities in Evolving Fixed Income Markets

Finding Opportunities in Evolving Fixed Income...

Flexible multi-sector approach is essential as markets shift.

By Christopher P. Brown & Anna Dreyer

By Christopher P. Brown & Anna Dreyer

September 2022 / INTERNATIONAL EQUITIES

How Value Can Benefit From a New Investment Cycle

How Value Can Benefit From a New Investment Cycle

How Value Can Benefit From a New Investment...

Four factors set to drive a boom in capital expenditure.

By Ernest C. Yeung

Ernest C. Yeung Portfolio Manager

September 2022 / INTERNATIONAL EQUITIES

Playing Field is Now More Even for Value

Playing Field is Now More Even for Value

Playing Field is Now More Even for Value

Headwinds dissipating and valuations at trough levels.

By Colin McQueen

Colin McQueen Portfolio Manager

September 2022 / U.S. EQUITIES

Market Turbulence Puts Active Management in the Spotlight

Market Turbulence Puts Active Management in the Spotlight

Market Turbulence Puts Active Management...

Refocusing on company fundamentals favors quality stock picking

By Josh Nelson

Josh Nelson Head of Global Equity

September 2022 / U.S. EQUITIES

A Goldilocks Approach to Equity Investing

A Goldilocks Approach to Equity Investing

A Goldilocks Approach to Equity Investing

Durable dividend growers are "just right" in most markets.

By Thomas J. Huber

Thomas J. Huber Portfolio Manager

September 2022 / VIDEO

Semiconductor Subsidies Signal Shift in U.S. Industrial Policy

Semiconductor Subsidies Signal Shift in U.S. Industrial Policy

Semiconductor Subsidies Signal Shift in U.S....

Focus on shoring up key supply chains likely has legs.

By Michael Pinkerton

Michael Pinkerton Associate Analyst

September 2022 / ASSET ALLOCATION VIEWPOINT

Adjusting Asset Allocation for ESG Preferences

Adjusting Asset Allocation for ESG Preferences

Adjusting Asset Allocation for ESG Preferences

A systematic portfolio construction framework to reflect ESG considerations.

By Multiple Authors

By Multiple Authors

September 2022 / INTERNATIONAL EQUITIES

The Regime Change in Markets Demands Fresh Ideas

The Regime Change in Markets Demands Fresh Ideas

The Regime Change in Markets Demands Fresh...

Alpha potential is still available for those who adapt to the new paradigm.

By Justin Thomson

Justin Thomson Head, Investment Institute and CIO

September 2022 / VIDEO

Fed's Inflation Fight Likely to Persist

Fed's Inflation Fight Likely to Persist

Fed's Inflation Fight Likely to Persist

Steady rise in cost of services clouds inflation outlook.

By Timothy C. Murray

Timothy C. Murray Capital Markets Strategist

September 2022 / MULTI-ASSET SOLUTIONS

Contrarian Investing During a Sell-Off: An Update

Contrarian Investing During a Sell-Off: An Update

Contrarian Investing During a Sell-Off: An...

High inflation and rising rates complicate the analysis.

By Megumi Chen, Sébastien Page & Som Priestley

By Megumi Chen, Sébastien Page & Som Priestley

September 2022 / U.S. EQUITIES

High Inflation and Rising Rates? Think Smaller Companies

High Inflation and Rising Rates? Think Smaller Companies

High Inflation and Rising Rates? Think Smaller...

Why U.S. smaller companies may prove more resilient than many expect.

By Curt J. Organt

Curt J. Organt Co-Portfolio Manager

May 2024 / RETIREMENT

When the Retirement Clock Gets Wound Forward

When the Retirement Clock Gets Wound Forward

When the Retirement Clock Gets Wound Forward

Glide path design should reflect possibility of early retirement.

By Justin Harvey & Adam Langer

By Justin Harvey & Adam Langer

April 2024 / RETIREMENT

Plan Sponsor, Plan Sponsor, Make Me a Match

Plan Sponsor, Plan Sponsor, Make Me a Match

Plan Sponsor, Plan Sponsor, Make Me a Match

Savings behavior impacts glide paths more than defined contribution plan match formulas.

By Justin Harvey & Adam Langer

By Justin Harvey & Adam Langer

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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the 27-year period ended June 30, 2023, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

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