Skip to main content


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


Share Class: Language of the document:

Change Details

If you need to change your email address please contact us.
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

30 November 2020 / VIDEO

What COVID-19 Vaccines Could Mean for Markets

Executive Summary

The recent news on vaccines was a significant positive surprise for markets that was not yet priced in. If news remains positive, we could see a fast rotation toward small-caps, value stocks, and credit. In a more pessimistic scenario, growth stocks, large-caps, and the U.S. could continue to drive markets.


The Pfizer and Moderna vaccine news were significant positive surprises for markets. These developments, with 95% efficacy and good distribution capabilities, were not priced in. We had been tracking probability forecasts for 25 million doses to be ready before March of 2021—this is produced by a group called the Superforecasters—these probabilities jumped from about 50% to 88% just on the Pfizer release.

So we saw the market react. The pandemic will continue to be perhaps the most important theme driving markets and the economy for the next six to 18 months.

In that context, as asset allocators, we no longer just start our discussions with the usual question: Are we risk-on or risk-off? Now we add a second question: COVID-on or COVID-off?

In COVID-on, growth stocks, large-caps, and the U.S. stock market may be poised to continue to outperform value, small-caps, and non-U.S. stocks. In COVID-off, we could see a very fast great rotation, in favor of the more typical economic recovery trade that tends to favor small caps, value stocks, credit, and so on. And we saw a preview of this in markets over the last few weeks. As asset allocators with a six to 18 months horizon, we are positioned for this recovery trade with long positions in small-caps and value stocks, for example.

Nonetheless, the path to a vaccine will be rocky. The pandemic is getting worse, and lockdown measures are starting again. We expect a lot of volatility in shorter-term data for economic growth, unemployment, and, of course, in financial markets. In our Asset Allocation Committee discussions, we’ve been debating the distinction between the path and the destination. The path is uncertain, but our view is that the destination is much more certain.

We will get through this pandemic. COVID-off is the destination. In the meantime, we will need stimulus to provide the bridge, and markets will remain fragile, which could provide multiple entry points for investors to continue to use their cash on the sidelines to lean into risk assets.

*Source of vaccine probabilities: Good Judgment Inc. Optimistic probability for a vaccine is defined as before 3/31/2021. Pessimistic is defined as expected after 3/31/2021. Increase in optimistic probability referenced occurred 11/9/2020.


This material is being furnished for general informational purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, and prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources' accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request.  

It is not intended for distribution to retail investors in any jurisdiction.

Canada—Issued in Canada by T. Rowe Price (Canada), Inc. T. Rowe Price (Canada), Inc.’s investment management services are only available to Accredited Investors as defined under National Instrument 45-106. T. Rowe Price (Canada), Inc. enters into written delegation agreements with affiliates to provide investment management services.

© 2021 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.

Previous Article

30 November 2020 / GLOBAL FIXED INCOME

Five Reasons Why Investors Should Consider EM Local Bonds
Next Article

4 December 2020 / MARKET EVENTS

Market Optimism May Be Justified—But I Urge Caution

You are now leaving the T. Rowe Price website

T. Rowe Price is not responsible for the content of third party websites, including any performance data contained within them. Past performance cannot guarantee future results.