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12:00
Jul 31 ◎

TROW FY2026 Q2 Watch

T. Rowe Price Group, Inc. (TROW) FY2026 Q2 Earnings Call

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Rob Sharps

The strategic alliance with Goldman Sachs is progressing with the launch of the first interval fund and plans for a second, signalling strong partnership momentum and potential for revenue growth.

"We're also advancing our strategic alliance with Goldman Sachs. On the 1st of July, we launched the T. Rowe Price Goldman Sachs Private Markets Fund, our first interval fund in collaboration with Goldman Sachs."

GS WATCH

Eric Veiel

The 2026 Russell reconstitution was not a routine rebalance but a significant reshaping of benchmark risk characteristics, with substantial migration of AI-related exposures and momentum factors across benchmarks, causing volatility and creating opportunities for active management. — This unique 'rebalancing' event forced a reassignment of exposures, causing new buyers and sellers into stocks and adding volatility, which directly impacts active managers and those positioned around AI-driven growth.

"There was over $300 billion of turnover, but more importantly, there was a substantial migration of AI-related exposures, momentum factors, and technology leadership across benchmarks. ... In the Russell large and mid-cap growth"

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Rob Sharps

Management guidance is cautious and negative for H2 2026, citing expected challenges including active equity outflows, absence of large mandates, and an 'air pocket' in target date pipeline.

"We expect net flows in the second half of the year to be meaningfully more challenging than the first half, primarily due to a number of the things that you've cited. Ongoing outflows in active equity, especially in open-ended mutual funds"

TROW WATCH

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12:00
Apr 30 ◎

TROW FY2026 Q1 Watch

T. Rowe Price Group, Inc. (TROW) FY2026 Q1 Earnings Call

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Rob Sharps

The partnership with First Abu Dhabi Bank is on track for a mid-2026 launch, which could provide access to significant wealth management distribution in the Middle East.

"We advanced our partnership with First Abu Dhabi Bank from planning into execution, with preparations underway across marketing, training, and client support for a targeted mid-2026 launch."

FAB WATCH

Glenn August

Anthropic's new cloud release is cited as a catalyst for market concerns over AI disruption risk in incumbent software, a key risk factor in the credit portfolios.

"although it seemed like in February with Anthropic issuing its new cloud version, there seemed to be a lot more attention to it."

ANTHROPIC WATCH

Rob Sharps

Management expresses a cautiously optimistic tone, highlighting growth initiatives in ETFs, SMAs, alternatives (via OHA), and new partnerships like Goldman Sachs and First Abu Dhabi Bank, while acknowledging ongoing outflows in equity strategies. The outlook hinges on successful execution of these growth drivers.

"We are making progress in our partnership with Aspita, for which we manage both public and private assets totaling over half a billion dollars at the end of March."

TROW WATCH

Glenn August

OHA sees a divide between institutional and retail investor behavior, with institutions 'leaning in' during volatility while retail is redeeming from BDCs, specifically noting O-Credit redemptions were 'well below the 5% limit' during Q1. — This differentiates OHA's retail BDC (O-Credit) from industry-wide redemption fears, potentially signaling better underlying performance or distribution strength versus peers.

"The fund had redemptions well below the 5% limit during the first quarter and generated positive net flows for the period."

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Rob Sharps

The spread widening on new private credit deals is estimated at 25-50 basis points, with a noted decrease in PE-driven deal supply due to the war and AI disruption, creating a more favorable lending environment. — Wider spreads and less competition improve the economics for private credit lenders like OHA, though it also reflects broader market stress that could impact default rates.

"Our collaboration with Goldman Sachs is progressing with momentum building in model portfolios and product development advancing for the launch of an interval fund and target date sister series later this year."

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Glenn August

"The spread widening on new deals is probably in the neighborhood of 25 to 50 basis points and it could widen out."

KKR WATCH

Glenn August

OHA's credit selection has exposure to the AI disruption theme, but they claim differentiation by focusing on 'vertical mission-critical software and contractual recurring revenue models' and avoiding 'ARR loans'. — This strategy suggests OHA believes it is less exposed to AI disruption than peers with a focus on riskier, high-growth software credits, potentially protecting its loan portfolio performance.

"We focus on vertical mission-critical software and contractual recurring revenue models."

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Rob Sharps

TROW's ETF business is seeing rapid growth, with AUM surpassing $25 billion and $2.8 billion in net flows in Q1, with a 'majority' stemming from investors they wouldn't have reached otherwise. — This rapid growth in active ETFs represents a strategic pivot for TROW, capturing flows from clients that prefer the ETF vehicle, putting it in direct competition with other active and passive ETF managers.

"Our ETF assets under management surpassed $25 billion."

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13:00
Feb 04 ◎

TROW FY2025 Q4 Watch

T. Rowe Price Group, Inc. (TROW) FY2025 Q4 Earnings Call

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Rob Sharps

T. Rowe Price's partnership with Goldman Sachs is expanding into model portfolios and retirement offerings, potentially driving distribution and AUM growth for both firms.

"We established a strategic collaboration with Goldman Sachs, to pursue opportunities in wealth and retirement through co-developed public-private offerings and advice solutions."

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Rob Sharps

This strategic partnership with First Abu Dhabi Bank (FAB) is aimed at expanding T. Rowe Price's distribution into the Middle East.

"Our partnership with FAB aims to deliver world-class investment solutions across public and private markets, tailored to meet the needs of investors throughout the Middle East."

FAB WATCH

Rob Sharps

Launching on the Morgan Stanley platform is a key distribution milestone for T. Rowe Price's model portfolio strategy.

"In January, we launched one of the model series, the Goldman Sachs T. Rowe Price Dynamic ETF Portfolio, on the Morgan Stanley platform."

MS WATCH

Jen Dardis

Guidance is for moderate expense growth, but the tone on flows is cautious, with equity outflows expected to continue pressuring overall assets.

"we anticipate 2026 adjusted operating expenses, excluding carried interest expense, will be up 3 to 6% over 2025's $4.6 billion."

TROW WATCH

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