Download

Audience for the document: Share Class: Language of the document:

Download

Share Class: Language of the document:

Change Details

If you need to change your email address please contact us.
Subscriptions
OK
You are ready to start subscribing.
Get started by going to our products or insights section to follow what you're interested in.

Products Insights

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

Other Literature

You have successfully subscribed.

Notify me by email when
regular data and commentary is available
exceptional commentary is available
new articles become available

Thank you for your continued interest

Please enter valid search characters

Video

Three Reasons for Optimism Despite Market Uncertainty

Sébastien Page, CFA, Head of Global Multi-Asset

Transcript

These are really difficult times to make asset allocation decisions. We’ve just had the worst data for unemployment claims in history, and it’s forecasted that this year we’ll lose more in terms of GDP than we did throughout the entire financial crisis of 2008 and 2009. So I wanted to put these numbers in context and offer some balance – Three reasons to be optimistic. Because it’s difficult nowadays to be optimistic.

First, we will get through this. It’ going to take a long time. But we seem to have reached a point in the pandemic where things have stopped getting worse, and if you look at the jobless claims, at least 80% of them are already classified as temporary. And also a lot of them are in the service sector, and typically those jobs are easier to put back on line than for other sectors of the economy.

Second, we’ve had a tremendous amount of stimulus, representing about $10 trillion globally between monetary and fiscal measures. Authorities have learned from the 2008/2009 crisis. One of our portfolio managers in our multi-asset division put it this way, “You’re looking at some of the worst economic data ever against the biggest set of stimulus measures ever. And if you don’t like to fight the Fed, it’s hard to get bearish here.”

Third, it doesn’t feel like it because equity markets have rallied from the bottom, but expectations are actually quite low at the moment. There’s a lot of pessimism. Earnings forecasts are dropping like a stone. GDP forecasts are dire. Investor confidence, close to an all-time low. And there is a lot of cash on the sidelines if you look at the assets under management in money market funds, for example. So when expectations are that low, there is room for positive surprises that can sustain risk assets even though it doesn’t feel like it.

So what does it mean for investors, in particular those concerned with asset allocation decisions.

Now’s the time to remain diversified and invested for the long run. And for those who are fairly far from retirement, it means a healthy allocation to risk assets and stocks in particular.