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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 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.

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Travelling through time: The history of asset management

Asset management company T. Rowe Price has opened its extensive archiv. By roaming through letters and historic documents, we gain an entirely new way of looking at the history of asset management in the twentieth century. At the same time, the documents also tell the fascinating story of T. Rowe Price itself since its founding in 1937. While the first part of the story starts with the Great Depression, this trip back through time looks at the 1950s, 60s, 70s, 80s and 90s and finally the industry’s current situation.

It was 1929. On 29 October – known as Black Tuesday – the US stock market collapsed. This had a domino effect across the globe, with GDP falling by approximately 15 percent between 1929 and 1932. Some countries’ national economies took until the start of the Second World War to recover. It affected both poor countries and rich countries like the USA equally: personal incomes, prices, taxes and profits fell, while unemployment in the US rose to around 25 percent. As a result, people were suspicious of anything to do with finance. If they had money, they were reluctant to let it go. The idea of investing, particularly in equities, was almost inconceivable for many.

In the years that followed, the US returned to growth as it became the main driving force in the arms industry. However, it experienced an economic recession in 1937 and 1938,

A man named Thomas Rowe Price Jr. was not discouraged by hard times. In 1937, he founded a firm focusing solely on portfolio management on a fee basis – something that was new at the time. The entrepreneur named the firm after himself: T. Rowe Price. Initially, other companies and individual asset managers viewed Price’s new firm with amusement and did not take it seriously.

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This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. 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.