T. Rowe Price T. Rowe Price Trusty Logo


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®). TRP has been independently verified for the twenty one- year period ended June 30, 2017 by KPMG LLP. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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

Global Asset Allocation: November Insights

Yoram Lustig, CFA, Head of Multi-Asset Solutions, EMEA


As of October 31, 2019

Down But Not Out

After 21 months of slowing global growth, we are starting to see signs of stabilization, signaled by a potential bottoming in the industrial economy. The J.P. Morgan Global Manufacturing PMI ticked up in October—the indicator’s third increase in a row—tempering recession fears. The loosening of global financial conditions starting to kick in, resiliency of the U.S. consumer, receding trade war uncertainty, and progress on Brexit have all contributed to the rosier sentiment shift. However, some economic data remain worrisome and business investment remains on the sidelines, questioning the sustainability of the stabilization.

“Buck‑ing” the Trend

Since 2011, the U.S. dollar (USD) has been on a steady upward trajectory as U.S. growth and interest rates have outpaced other developed markets. However, in October, the trade‑weighted U.S. dollar index tumbled 2% as easing trade tensions and optimism around Brexit moved demand away from “safe‑haven” assets. Perhaps the recent stabilization in global growth and abating recession fears could give other currencies legs versus the USD going forward. Emerging markets would be the primary beneficiaries of this USD regime shift, as it would reduce their USD‑linked debt obligations. However, with the Fed indicating a reluctance to cut interest rates, we could see the U.S. dollar hold its ground a bit longer.

Earnings: A Bit Better Than Nothing?

With earnings season winding down, results have been modestly better than expected and may even escape a negative earnings‑per‑share print for Q3. Weakening revenues, margin pressures, cost savings, and trade tensions have been the focus of many companies’ earnings reports. Several companies have also highlighted their reluctancy to deploy capital given the large amount of uncertainty remaining in the macro backdrop. In Q3, weakening energy prices have been a major theme, with energy company earnings down over 30%. Expectations for 2020 earnings remain elevated, with a growth rate still targeting more than 9%, although many predict estimates could be revised lower should growth and capex remain tempered amid trade and election concerns.


For a region-by-region overview, download the PDF.



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.