We believe proprietary fundamental research is core to our ability to identify sound, long-term investments. This entails rigorous analysis at the regional, sector, industry, and company level to identify promising investment opportunities—and those to be avoided.

To select the best opportunities, we actively test and challenge our own opinions. For instance, selecting a corporate bond requires meeting with management teams to directly discuss their marketing strategies, company dynamics, and competitive landscape. We use these face-to-face meetings to challenge our own preconceptions and those of the management team—an approach that often results in a penetrating dialogue with revealing insights.

Combined with a thorough macro-understanding, our bottom-up approach forms the foundation for thousands of investment decisions every year, helping to ensure that we are well positioned to understand the true value and possible risks for our clients.

As foreign companies assumed greater importance in the global investment marketplace, we moved to ensure that our clients had access to these opportunities. In 1979, we partnered with U.K.-based Robert Fleming Holdings Limited to form Rowe Price-Fleming International.

We acquired complete ownership of the partnership in 2000, creating T. Rowe Price International Ltd. This greatly enhances our ability to reach new clients and distribute investment products around the world.