T. Rowe Price OEIC

Assessment of Value Report 2023

On behalf of the T. Rowe Price UK Limited Board, it gives me great pleasure to present our annual Assessment of Value (AoV) report. Since the publication of our last report, Consumer Duty came into effect in July 2023, which requires the industry to deliver good outcomes for our retail clients, not only in terms of the products and services provided but also, price and value, consumer understanding and support. These principles, along with the annual and ongoing Assessment of Value reinforces and complements our own key principle of putting our clients first.

This report reflects our assessment of value delivered to our shareholders for the assessment period ended 31 December 2023. It provides details of our key findings, along with proposed actions of the board around potential remedies where needed.

Nick Trueman
Chair, Board of Directors
T. Rowe Price UK Limited

In 2019, the Financial Conduct Authority (FCA), the UK regulator, introduced the requirement for all authorised fund managers (AFM) to perform annually a detailed assessment of whether their funds are providing value to shareholders and publish the findings.

The aim of the Assessment of Value is to ensure that fund mangers are acting in shareholders best interests, strengthening the rules related to duty of care and making fund managers accountable for the services they provide to their shareholders.

We believe this aligns with the fundamental values of T. Rowe Price.

We assessed our OEIC funds to determine if they provided value to investors using the seven criteria identified by the FCA:

Quality of Service:

Considers the range and quality of services that were provided to shareholders by investing in the fund, directly or indirectly

Performance:

How each of the funds performed, after charges have been deducted

AFM costs – general:

The charges paid by shareholders and whether these were reasonable for the level of service provided and relative to the underlying cost of providing them

Economies of Scale:

Whether savings and benefits exist from economies of scale and were passed through to shareholders

Comparable Market Rates:

How the charges paid by shareholders compare with the market rate for comparable products

Comparable Services:

How the charges paid by shareholders compare to charges of comparable services offered by T. Rowe Price

Classes of Units:

Considers whether shareholders are in the best value share class available to them when compared to other classes of the fund bearing substantially similar rights

We are committed to objectivity and engaged with an external party to provide independent and supplementary data and analysis on performance and fund charges.

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