T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Annual US Equities Conference (2026)
35 slides from T. Rowe Price's conference presentation, 2026
Slide 1: Signals in a New Era
Annual US Equities Conference Equity Solutions Signals in a New Era FOR INVESTMENT PROFESSIONAL CLIENTS ONLY. NOT FOR FURTHER DISTRIBUTION.
Slide 2: Laurence Taylor, Portfolio Manager, Equity Solutions
Laurence Taylor Portfolio Manager, Equity Solutions T. R O W E P R I C E 2
Slide 3: T. Rowe Price quantitative capabilities
T. Rowe Price quantitative capabilities Total AUM of Integrated Equity Strategies: 13.3 Billion USD As of 31 December 2025 T. Rowe Price Integrated Equity 1990s 2000s 2010s 2020s Beginning of 1997 2000 2006–2008 2010-to-Date 2023 Quantitative Integrated US EQ-Quant- 3 Additional 6 Additional Quantit
Slide 4: Our Integrated Equity team
Our Integrated Equity team As of 31 December 2025 Head of Global Integrated Equity Integrated Equity Team Tedd Alexander 31 years of investment experience 10 years with T. Rowe Price Kevin Benavente Kevin Byrnes David Corris Prashant Jeyaganesh Dan Kim James Lacroix CFA Ph.D. CFA CFA CFA Equity Solu
Slide 5: Evolution or new era? The past? The future?
Evolution or new era? The past? The future? ▪ Invisible hand ▪ Visible fist ▪ Globalisation ▪ National security ▪ Sanctions ▪ Tariffs ▪ Open borders ▪ Border control ▪ Elitism ▪ Populism ▪ Humans ▪ Robots ▪ Boomers ▪ Gen Z ▪ AI hyper spenders ▪ AI hyper adopters ▪ Buybacks ▪ Capex ▪ US Dollar ▪ Gold
Slide 6: Portfolio implications in a world redefined
Portfolio implications in a world redefined 01. 02. 03. 04. Fundamental Quantitative data Portfolio Customization research remains can bring construction reflects an era of critical clarity matters change Understanding a company In times of complexity, an In a world of index The fundamentals of our
Slide 7: Why fundamental research matters
01 Why fundamental research matters 1 June 2007 to 31 December 2025 Cumulative Change in Fundamentals 1000% 902% 900% Russell 1000 Value Russell 1000 Growth 800% 700% 600% 500% 400% 377% 324% 300% 272% 200% 125% 100% 60% 0% Earnings Per Share Free Cash Flow Total Return An era of low growth and acce
Slide 8: Earnings momentum shifting — Mag 7 and broad market
Earnings momentum shifting — Mag 7 and broad market As of 12 January 2026 Mag 7 Earnings Per Share Growth 58% 58% 60% 52% 37% 40% 32% 32% 32% 29% 28% 26% 21% 20% 23% 21% 19% 20% 0% Peak -3% Earnings Estimated -20% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25E 1Q26E 2Q26E 3Q26E 4Q26E S
Slide 9: Integrated and independent stock insights are powerful
02 Integrated and independent stock insights are powerful MSCI ACWI Universe June 2005 – December 20251 (Net of Fees) 5% 4% Buys Unrated Sells 3% Annualized Excess Return % 2% 1% 0% -1% -2% -3% -4% -5% 1 2 3 4 5 Worst Quant Model Quintiles Best Past performance is not a guarantee or a reliable indic
Slide 10: The Integrated Equity model
The Integrated Equity model Fundamental Rating Quality Durable Growth ▪ Leverage T. Rowe ▪ Profitability analysis ▪ Granular analysis of proprietary fundamental reflecting moat and corporate growth research operational excellence fundamentals ▪ Capture stock specific ▪ Preference for consistency ▪ S
Slide 11: Factor returns in 2025 — Fundamentalists look away
Factor returns in 2025— Fundamentalists look away As of 31 December 2025 Russell 1000 Index Factor Returns 20.00% 15.00% The purpose of integrating two 10.00% independent 5.00% viewpoints is 0.00% to seek a -5.00% broader alpha -10.00% spectrum and to -15.00% help manage risk Total Return Risk Momen
Slide 12: Speculation is spiking
Speculation is spiking As of 30 September 2025 Speculation Factor Returns 80 60 40 Forward 3-month Return 20 0 -20 -40 -60 -80 Jan-90 Jan-95 Jan-00 Jan-05 Jan-10 Jan-15 Jan-20 Sep-2025 Jan-25 Past performance is not a guarantee or a reliable indicator of future results. Total return data are in U.S.
Slide 13: Portfolio construction: respect innovation, manage extremes
03 Portfolio construction: respect innovation, manage extremes Take risk where you have an edge. Avoid unintended bets. Underweights and blind spots can dominate active risk if left unmanaged. Measure more than traditional risk factors to mitigate potential threats to performance. Build intentional,
Slide 14: We have reached unprecedented levels of index concentration
We have reached unprecedented levels of index concentration December 1965 through December 2025 S&P 500 Historical Concentration Levels and Cumulative Performance Post Peak Concentration 40% Peak to Average Dec. 1965 – Mar. 1981 Top 10 107% 35% Rest of Index 190% Peak to Average Historically, when S
Slide 15: Integrating quant and fundamental views into portfolio construction
Integrating quant and fundamental views into portfolio construction Fundamental Analyst Rating Sell Unrated Buy 1 (Highest) 2 3 4 Quant Model 5 Decile Rating 6 7 8 9 10 (Lowest) Sell Hold Buy Table is shown for illustrative purposes only. T. Rowe Price Associates, Inc. (TRPA) fundamental analysts us
Slide 16: From product to partnership
04 From product to partnership Insight integration, driven by experience and capability, remains key when designing solutions that reflect investment goals, governance requirements, responsible investing needs, and appetite for risk. Performance Risk Responsible Policy or objectives budgeting invest
Slide 17: Making more of your core
Making more of your core • Diversification – Broad market exposure • Predictability – Low tracking error • Alpha Potential – In a key portfolio segment • Cost Efficiency – Competitive pricing • Clarity – Know what you own and why T. R O W E P R I C E 17
Slide 18: US Equity Active Core model portfolio profiles
US Equity Active Core model portfolio profiles As of 31 December 2025 IE Core Model Model 1 Model 2 Model 3 Model 4 Number of stocks 187 241 385 529 577 Tracking error1 1.94% 1.64% 0.99% 0.70% 0.50% Largest stock position Nvidia – 6.46% Nvidia – 6.54% Nvidia – 6.70% Nvidia – 6.78% Nvidia – 6.83% Lar
Slide 19: Active Core simulated performance — Gross of fees
Active Core simulated performance — Gross of fees 1 November 2021 to 31 December 2025 IE Core Model Model 1 Model 2 Model 3 Model 4 Russell 1000 Index Annualized Return 13.10% 12.80% 12.12% 11.74% 11.47% 10.83% Excess Return to Russell 1000 Index 2.27% 1.97% 1.29% 0.91% 0.64% - Hit Rate 58% 58% 58%
Slide 20: Integrated US Large-Cap Value Equity - Composite Performance
Integrated US Large-Cap Value Equity - Composite Performance Periods Ended 31 December 2025 Figures are Calculated in U.S. Dollars Annualized Three One Three Five Since Inception Months Year Years Years 29 Feb 2016 Integrated US Large-Cap Value Equity Composite 3.71% 15.43% 14.92% 13.90% 12.47% (Gro
Slide 21: Integrated US Large-Cap Growth Equity - Composite Performance
Integrated US Large-Cap Growth Equity - Composite Performance Periods Ended 31 December 2025 Figures are Calculated in U.S. Dollars Annualized Three One Three Five Since Inception Months Year Years Years 31 Dec 2017 Integrated US Large-Cap Growth Equity Composite 1.04% 19.12% 30.35% 16.94% 18.10% (G
Slide 22: Summary
Summary Goldilocks Has A Beginning, A Broad Perspective Is Critical Solutions Are Evolving Into Middle and An End When Assessing Complexity Partnerships ▪ This has been a golden era for ▪ Disruption, change and ▪ The bifurcation of regulation and equity investors, because dispersion of returns all i
Slide 23: Our Integrated Equity product range
Our Integrated Equity product range As of 31 December 2025 U.S. Global U.S. Small-/Mid-Cap U.S. Large-Cap Integrated Integrated Integrated Integrated Integrated Integrated Integrated Integrated Integrated Integrated Integrated Integrated Global Equity US Small-Cap US Small-Mid US Large-Cap US Large-
Slide 24: Factor returns in Q1 2026 — Rotation and more rotation
Factor returns in Q1 2026 — Rotation and more rotation 31 January - 31 March 2026 Russell 1000 Index Factor Returns 10.00% Quarter one 5.00% evidenced 0.00% market weakness, -5.00% cyclical rotation and value -10.00% leadership -15.00% Total Momentum Valuation Size Profitability Quality Risk Growth
Slide 25: Please share your feedback
Please share your feedback For every survey completed, £10 will go to One for the World Charity Enter passcode USEQUITY26 Scan QR code Enter your email address Complete surveys T. R O W E P R I C E 25
Slide 26: GIPS Composite Report
GIPS® Composite Report Period Ended December 31, 2024 Integrated US Large-Cap Value Equity Composite Figures Shown in U.S. dollar 20162 2017 2018 2019 2020 2021 2022 2023 2024 Gross Annual Returns (%) 25.05 16.71 -10.24 26.20 0.25 29.81 -2.71 12.44 16.95 Net Annual Returns (%)1 23.65 15.13 -11.48 24
Slide 27: Fee Schedule
Fee Schedule As of 31 December 2025 Integrated US Large-Cap Value Equity Composite The Integrated US Large-Cap Value Equity Composite seeks long-term capital appreciation primarily through the investment in companies that appear to be undervalued. The strategy applies quantitative and active managem
Slide 28: GIPS Composite Report
GIPS® Composite Report Period Ended December 31, 2024 Integrated US Large-Cap Growth Equity Composite Figures Shown in U.S. dollar 2018 2019 2020 2021 2022 2023 2024 Gross Annual Returns (%) -2.37 36.95 29.42 29.79 -23.93 39.84 32.97 Net Annual Returns (%)1 -2.76 36.41 28.91 29.28 -24.24 39.30 32.45
Slide 29: Fee Schedule
Fee Schedule As of 31 December 2025 Integrated US Large-Cap Growth Equity Composite The Integrated US Large-Cap Growth Equity Composite seeks long-term capital appreciation primarily through investment in large-cap companies with potential for above-average growth. The strategy applies quantitative
Slide 30: 2025: A broader bull market
2025: A broader bull market As of 31 December 2025 Global market returns in 2025 (USD) % 75 Gold: 65% 50 Europe: 35% EM: 34% China: 31% 25 Mag 7: 25% MSCI ACWI: 22% USA: 17% 0 Bitcoin: -6% USD: -9% -25 31-Dec 31-Jan 28-Feb 31-Mar 30-Apr 31-May 30-Jun 31-Jul 31-Aug 30-Sep 31-Oct 30-Nov 31-Dec Past pe
Slide 31: The driving force of the equity cycle
The driving force of the equity cycle As of 12 January 2026 This time has been ‘different’ 40% A rapid change in technology infrastructure has enabled the mass monetization absent 35% Magnificent 7* from the tech bubble 30% Redefined fiscal and monetary policy has Return on Equity prevented a
Slide 32: Risks
Risks Risks – the following risks are materially relevant to the portfolio (please see the prospectus for further details): Equity – Equities can lose value rapidly for a variety of reasons and can remain at low prices indefinitely. Geographic Concentration – Geographic concentration risk may result
Slide 33: Additional Disclosures
Additional Disclosures MSCI, S&P, FactSet data, Russell and BAML do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness timeliness, merchantability and fitness for a particular purpose. No pa
Slide 34: Important Information
Important Information 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. Prospective investors are recommended to seek independent legal, financi
Slide 35: Thank You
D4 T.RowePrice Thank You
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