T. Rowe Price Group, Inc. · NASDAQ:TROW
T. Rowe Price — Annual US Equities Conference 2026
37 slides from T. Rowe Price's conference presentation, April 2026
Slide 1: US Structured Research Equity
Annual US Equities Conference US Structured Research Equity Alexa Gagliardi, CFA Portfolio Manager April 2026 FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION.
Slide 2: Agenda
Agenda 1 What is SRS? Introduction to Structured Research 2 Reflections on the last couple years 3 What we mean by “all-weather” 4 Appendix T. R O W E P R I C E 2
Slide 3: Introduction to Structured Research
Digging deeper into US Structured Research Introduction to Structured Research
Slide 4: US Structured Research Equity Strategy Highlights
US Structured Research Equity Strategy Highlights Core equity strategy T. Rowe Price industry Straightforward 1 benchmarked against the S&P 500 Index1 2 analysts make buy and sell decisions 3 methodology to help manage risk ▪ Goal is consistent ▪ Approximately 30 ▪ Expected tracking error of outperf
Slide 5: T. Rowe Price Associates Equity Research Team
T. Rowe Price Associates Equity Research Team As of 31 December 2025 BAL Baltimore DC Washington DC HKG Hong Kong LON London MEL Melbourne NYC New York SFO San Francisco SHA Shanghai SGP Singapore SYD Sydney TOK Tokyo HEAD OF EQUITY: Joshua Nelson, Head of Global Equity (BAL) HEAD OF GLOBAL EQUITY R
Slide 6: How it Works in Practice—Participating Analysts
How it Works in Practice—Participating Analysts As of 31 December 2025 Bill Ledley US Industrials & Business Services Analyst % of US SRS Active bet % of Active bet Portfolio Analyst US SRS weight S&P 500 (total % analyst Index (analyst Analyst Sector Allocation Name (% total portfolio) weight portf
Slide 7: Strategy Investment Process
US Structured Research Equity Strategy Investment Process 1 Analyst Sub-Portfolios 2 Risk Management 3 Final Portfolio ▪ Capital allocated across analyst team to ▪ Industry and sector neutral ▪ 200–275 stocks align portfolio weights with S&P 500 Index 1 ▪ Industries within 100 bps ▪ Typical over (un
Slide 8: US Structured Research Portfolio Oversight Team
US Structured Research Portfolio Oversight Team As of 31 March 2026 US Directors of Equity Research Dedicated Strategy PM Portfolio Specialists Ann Holcomb, CFA Jason Nogueira, CFA Jason Polun, CFA Alexa Gagliardi, CFA Tamzin Manning Eric Papesh, CFA Director of Equity Director of Equity Director of
Slide 9: Market-like Exposures to Key Risk Factors
Market-like Exposures to Key Risk Factors As of 31 March 2026 Sectors Industries (Top / Bottom 5) Styles1 Wireless Telecommunication U.S. Growth Financials Services U.S. Beta Information Technology Machinery U.S. Momentum Electronic Equip & Instr & U.S. Residual Volatility Communication Services Cmp
Slide 10: Security Selection—Consistent Source of Added Value
Security Selection—Consistent Source of Added Value 10 Years Ended 31 March 2026 Sector Attribution Analysis (USD) Total 2.0 Total Value Added Information Technology Sector Allocation 1.5 Stock Selection Financials Communication Services Industrials & Business Services 1.0 Consumer Staples 0.5 Utili
Slide 11: Largest Overweights and Underweights
Largest Overweights and Underweights As of 31 March 2026 US Structured Research Equity Representative Portfolio vs. S&P 500 Index1 10 Largest % of % of 10 Largest % of % of Overweights Portfolio Index Difference Underweights Portfolio Index Difference T-Mobile US 1.0 0.2 0.9 Berkshire Hathaway 1.0 1
Slide 12: Reflections on the last couple years
Digging deeper into US Structured Research Reflections on the last couple years
Slide 13: Positive Stock Selection from Late 2023
Positive Stock Selection from Late 2023 Since 15 December 2023 to 31 March 2026 0.40 Total Value Added 0.30 Value Added - Percentage 0.20 Value Added From Sector Weight 0.10 Value Added From 0.00 Stock Selection -0.10 -0.20 Info Industrials Consum Comm Consum Health Total Financials Materials Utilit
Slide 14: A “Structured” Approach to Address Clients’ ESG Considerations
A “Structured” Approach to Address Clients’ ESG Considerations An Integrated Approach Application of Firmwide and Responsible Exclusion Lists 2 Category Exclusion Policies Firmwide Responsible Exclusions 2 Human rights violators Integration Collaboration Materiality Adult entertainment 1 As ESG in
Slide 15: What we mean by “all weather”
Digging deeper into US Structured Research What we mean by “all weather”
Slide 16: All Weather – Disciplined and Consistent Investment Process
All Weather – Disciplined and Consistent Investment Process As of 31 March 2026 US Structured Research Equity Composite One-year Excess Returns (Annualized) 75% Hit rate % 10.0 8.0 One-Year Excess Returns +0.96% 6.0 Average excess return 4.0 2.0 0.0 -2.0 -4.0 2000 2001 2002 2003 2004 2005 2006 2007
Slide 17: All Weather – Style Leadership and Market Direction
All Weather – Style Leadership and Market Direction As of 31 March 2026 Growth and Value-Market Excess Returns (Net of Fees)1 Growth Markets % 10.0 Growth-Market Excess Returns 76% +1.1% 8.0 Hit rate Average Value-Market Excess Returns excess return 6.0 4.0 2.0 Value Markets 0.0 73% +0.8% -2.0 Hit r
Slide 18: All Weather – Inflection Points
All Weather – Inflection Points As of 31 December 2025 8000 SPX_Price Trough Peaks 7000 6000 5000 Peak 1 4000 Trough 1 3000 2000 1000 0 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Twelve Month Returns Following Troughs Twelve Month Returns Follow
Slide 19: All Weather – Concentrated Markets
All Weather – Concentrated Markets Three years to 28 February 2026 Contribution to Return Top 20 Contributors 0.30 0.25 Mag 7 +0.3% 0.20 0.15 Ex-Mag 7 +1.1% 0.10 0.05 0.00 Total excess return: +1.45% p.a. The specific securities identified and described do not represent all of the securities purchas
Slide 20: All Weather – Geopolitics
All Weather – Geopolitics As of 31 January 2026 10 9/11 attacks Geopolitical Risk (GPR) Index 8 Russia-Ukraine Iraq war invasion 6 Index level 4 2 0 -2 Jun-99 Nov-01 Apr-04 Sep-06 Feb-09 Jul-11 Dec-13 May-16 Oct-18 Mar-21 Aug-23 Jan-26 Forward 12 Month Excess Returns In Various Geopolitical Environm
Slide 21: Key Takeaways for T. Rowe Price Structured Research Strategies
Key Takeaways for T. Rowe Price Structured Research Strategies A risk-controlled, analyst-driven strategy leveraging the depth of T. Rowe Price’s proprietary research Over 100 billion ~ 70 directly Each analyst Broadly diversified, Limits on all Ability to invest USD* in client AUM participating ind
Slide 22: 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 22
Slide 23: Next breakout
Annual US Equities Conference Next breakout Starts now ▪ In the other breakout for US Integrated Equity
Slide 24: Appendix
Digging deeper into US Structured Research Appendix
Slide 25: Performance—US Structured Research Equity Composite
Performance—US Structured Research Equity Composite Periods Ended 31 March 2026 Figures are Calculated in U.S. Dollars Annualised Three One Three Five Ten Fifteen Months Year Years Years Years Years US Structured Research Equity Composite -4.36% 17.32% 19.52% 12.92% 15.19% 14.12% (Gross of Fees) US
Slide 26: Portfolio Characteristics
Portfolio Characteristics US Structured Research Equity Representative Portfolio As of 31 March 2026 US Structured Research Equity Representative Portfolio S&P 500 IndexɎ Projected Earnings Growth Rate (3 to 5 Years)*†‡ 13.4% 12.4% Price to Earnings (12 Months Forward)*†‡ 22.6X 22.0X Price to Book (
Slide 27: Historical Characteristics
Historical Characteristics 30 June 2016 Through 31 March 2026 Historical Sector Weights of US Structured Research Equity Representative Portfolio Relative to S&P 500 Index1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 30 31 30 31 30 31 30 31 30 31 30 31 30 31 30 31 30 31 30 31 31 Jun Dec J
Slide 28: Historical Characteristics
Historical Characteristics 30 June 2016 Through 31 March 2026 Historical Barra Risk Characteristics for US Structured Research Equity Representative Portfolio— Active Exposures 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 30 31 30 31 30 31 30 31 30 31 30 31 30 31 30 31 30 31 30 31 31 High
Slide 29: Attribution Analysis (USD)—Major Impacts, One Year
Attribution Analysis (USD)—Major Impacts One Year Ended 31 March 2026 US Structured Research Equity Representative Portfolio vs. S&P 500 IndexɎ By Sector (%) Total Value Added 0.60 Value Added - 0.40 Value Added From Percentage 0.20 Sector Weight 0.00 Value Added From -0.20 Stock Selection -0.40 -0.
Slide 30: Attribution Analysis (USD)—Major Impacts, Three Years
Attribution Analysis (USD)—Major Impacts Three Years Ended 31 March 2026 US Structured Research Equity Representative Portfolio vs. S&P 500 IndexɎ By Sector (%) Total Value Added 1.50 Value Added - Value Added From Percentage 1.00 Sector Weight 0.50 Value Added From Stock Selection 0.00 -0.50 Indust
Slide 31: Attribution Analysis (USD)—Major Impacts, Five Years
Attribution Analysis (USD)—Major Impacts Five Years Ended 31 March 2026 US Structured Research Equity Representative Portfolio vs. S&P 500 IndexɎ By Sector (%) Total Value Added 1.60 1.40 1.20 Value Added - Value Added From Percentage 1.00 Sector Weight 0.80 0.60 Value Added From 0.40 Stock Selectio
Slide 32: Risks
Risks The following risks are materially relevant to the Structured Research Equity portfolios: 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 in performance being more s
Slide 33: GIPS Composite Report
GIPS® Composite Report Period Ended 31 December 2025 Figures Shown in U.S. Dollar US Structured Research Equity Composite 2016 2017 2018 2019 2020 2021 2022 2023 2024 2023 Gross Annual Returns (%) 10.90 24.38 -3.94 33.14 20.68 28.51 -18.40 30.33 26.97 16.81 Net Annual Returns (%)1 9.43 22.74 -5.24 3
Slide 34: Fee Schedule
Fee Schedule As of 31 March 2026 US Structured Research Equity Composite The US Structured Research Equity Composite seeks sector- and industry neutral exposure to the S&P500 Index, with value added through stock selection skill. The strategy combines fundamental research with a disciplined portfoli
Slide 35: Additional Disclosures
Additional Disclosures The representative portfolio is an account in the composite we believe most closely reflects current portfolio management style for the strategy. Performance is not a consideration in the selection of the representative portfolio. The characteristics of the representative port
Slide 36: 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 37: Thank You
D4 T.RowePrice Thank You
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