T. Rowe Price Investment Approach

Research is the lifeblood of our investment organizations

We believe that fundamental, proprietary research drives value-added, active management. To put this belief into practice, we maintain a powerful global research platform that includes interconnected teams of research analysts.

It starts with bottom-up analysis. Over 150 specialized analysts across the globe focus on finding opportunities for our clients. These are bright and capable professionals, driven to find insights—both qualitative and quantitative—that support investment recommendations and, ultimately, decisions.

But what makes this platform so effective is the culture that supports it—one in which ideas are shared and debated, and knowledge is transferred across geographies and sectors. The result: Ideas translate into well-informed investment decisions.

Discipline has distinguished our approach for over seven decades

T. Rowe Price has been managing assets for clients since 1937. Through all types of market environments, we have kept our heads down, fine-tuned our process, and focused on long-term results.

Consistency is a hallmark of our investment process. By adhering to stated investment objectives and style, regardless of market conditions or fashion, we help ensure the long-term integrity of client portfolios.

We are also keenly focused on risk management. Our professionals assess risk and potential rewards at the security and portfolio level for all strategies. All portfolios are managed to provide long-term reward commensurate with risk accepted.

A seasoned investment team means continuity for our clients

There is no substitute for experience. T. Rowe Price portfolio managers have an average of 19 years' investment experience and 14 years' tenure with the firm.

Because of this individual expertise and collective experience, we are able to keep rapidly evolving markets in historical perspective. We are able to hone our investment approach through changing economic conditions. And we are able to thoughtfully focus on our ultimate goal—consistent, competitive performance for our clients.

¹ Institutional Investor magazine, December 2008/January 2009. Institutional Investor selects its winning "Best of the Buy Side" analysts each year by asking the Wall Street sell-side analysts who receive All-America Research Team votes to designate outstanding buy-side analysts at money management firms. These data have been compiled based on the responses of approximately 475 sell-side analysts from 74 firms in 2001, 600 sell-side analysts from 87 firms in 2002, 440 sell-side analysts from 78 firms in 2003, 480 sell-side analysts from 90 firms in 2004, 550 sell-side analysts from 85 firms in 2005, 470 sell-side analysts from 80 firms in 2006, more than 570 sell-side analysts from 100 firms in 2007, and nearly 400 sell-side analysts from 95 firms in 2008.

T. Rowe Price Investment Services Inc., distributor

Leadership

A long-tenured management team helps to ensure continuity in the firm's mission as well as our commitment to long-term client success.

Culture

Our associates offer unique perspectives. They actively listen to one another and debate ideas. This environment results in carefully considered views for our clients.

History

“Profitable operations are essential if the firm is to survive and grow, but profits must follow a job well done, and result from the good will of the investing public.”

– Thomas Rowe Price, Jr.,
from a 1951 memo