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GIPS® Information

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 twenty four-year period ended June 30, 2020, 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.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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Our Founder’s Words Still Ring True Today

T. Rowe Price

In September 1939, Thomas Rowe Price, Jr., the founder of T. Rowe Price, sent a letter to clients with his thoughts and advice on how to manage their investments during an uneasy period that began with this statement:

When Mr. Price wrote this letter, a new war had begun in Europe as the Great Depression was winding down in the United States. He wanted to send a strong message regarding what he believed to be the best way to weather through the uncertainty.

Then, as now, the message was clear: while economic conditions and events change and evolve, the best long-term investment strategy is to keep steady and stay the course—regardless of, as Mr. Price noted, “rumors, reports and prognostications.”

He provided us with a road map for navigating periods of market volatility that has served us and our clients well through numerous extraordinary market events during our 80-year history. It includes:

  • Putting clients first. Mr. Price believed that when our clients succeed, the firm succeeds. Our day to day remains the same in that we are continually positioning our systems and staff to ensure that you receive the support you need and the service you expect from T. Rowe Price.
  • Remaining disciplined and risk aware. Our depth of experience allows us to understand geopolitical and economic factors and react to them opportunistically— even defensively—when necessary. As conditions change, we’re able to remain focused on achieving solid long-term results.

The world has changed remarkably since our founding in 1937, but to this day we remain dedicated to staying at our investors’ sides regardless of economic climate or market volatility. As with prior market events, we will maintain our long-term approach of staying calm, and staying invested.

Important Information

This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action.

The views contained herein are those of the authors as of March 2020 and are subject to change without notice; these views may differ from those of other T. Rowe Price associates.

This information is not intended to reflect a current or past recommendation, investment advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. The opinions and commentary provided do not take into account the investment objectives or financial situation of any particular investor or class of investor. Investors will need to consider their own circumstances before making an investment decision.

Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy.

Past performance is not a reliable indicator of future performance. All investments are subject to market risk, including the possible loss of principal. All charts and tables are shown for illustrative purposes only.

©2020 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the bighorn sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc.

T. Rowe Price Investment Services, Inc.