Home

<!DOCTYPE HTML> <html lang="en-US" data-literatureurl="https://www.troweprice.com" data-context-root="/institutional" data-rootpath="/content/institutional/us/en" data-site-country="us" data-site-language="en"> <head> <meta charset="UTF-8"/> <title>Home</title> <meta name="description" content="Institutional investors have confidence in T. Rowe Price as an experienced, global investment management firm. Explore capabilities, insights, & investments."/> <meta name="template" content="home-page"/> <meta name="viewport" content="width=device-width, initial-scale=1"/> <link rel="canonical" href="/institutional/us/en/home.html"/> <link rel="stylesheet" href="/etc.clientlibs/trp-core/clientlibs/clientlib-base.ca1d2fd683bb5d97e9cc2724b14c5fce.css" type="text/css"> <script type="text/javascript"> (function() { window.ContextHub = window.ContextHub || {}; /* setting paths */ ContextHub.Paths = ContextHub.Paths || {}; ContextHub.Paths.CONTEXTHUB_PATH = "/libs/settings/cloudsettings/legacy/contexthub"; ContextHub.Paths.RESOURCE_PATH = "\/content\/institutional\/us\/en\/home\/_jcr_content\/contexthub"; ContextHub.Paths.SEGMENTATION_PATH = ""; ContextHub.Paths.CQ_CONTEXT_PATH = ""; /* setting initial constants */ ContextHub.Constants = ContextHub.Constants || {}; ContextHub.Constants.ANONYMOUS_HOME = "/home/users/4/4eDLoK_eGOT-DigsFWWT"; ContextHub.Constants.MODE = "no-ui"; }()); </script><script src="/etc/cloudsettings.kernel.js/libs/settings/cloudsettings/legacy/contexthub" type="text/javascript"></script>  <script src="/etc.clientlibs/clientlibs/granite/jquery.1fc733054ddb2e2fcd4a0f763671047b.js"></script> <script src="/etc.clientlibs/clientlibs/granite/utils.15b6fc27cccbddb5fb7b88a7c6a2c7e4.js"></script> <script src="/etc.clientlibs/clientlibs/granite/jquery/granite.ed0d934d509c9dab702088c125c92b4f.js"></script> <script type="text/javascript"> window.metricsData = { page: { lob: "INST", site: "IDE" }, taxonomy: JSON.parse('{}') }; </script> <script src="//assets.adobedtm.com/launch-EN90fb1ec0352c471baa092594abc6fa6e.min.js" async></script>   <script async src="https://fml-x.com/load/5b05f5de-b126-4d81-9e5d-f352911b1ee0"></script>  <meta name="og:type" content="website"/> <script type="text/javascript"> var gdxAemWebConfiguration = { aemContextRoot: "\/institutional", audience: "institutional", country: "us", language: "en", dictionaryBaseUrl: '/libs/cq/i18n/dict.', gdxServicesBaseUrl: "https://api.public.troweprice.com/iid-services", gdxProductApigeeBaseUrl: "https://api.public.troweprice.com/iid-product", gdxProductApigeeApiKey: "OwTtEgNRAwsKVS2lHlkGTgM1A7iu7OIK", iidProductApigeeBaseUrl: "https://api.public.troweprice.com/iid-product", iidProductApigeeApiKey: "OwTtEgNRAwsKVS2lHlkGTgM1A7iu7OIK", gdxAemApigeeBaseUrl: "https://api.public.troweprice.com/gis-aem", gdxAemApiKey: "oQIlGkPYRyjb7MPqBtWNhCHA9v7yM7N7", complianceSiteRedirectFeature: "", contextRoot: "/institutional", enableAlfrescoLiteratureUrls: "", enableMyAccountChanges: "", gisAemApiKey: "OwTtEgNRAwsKVS2lHlkGTgM1A7iu7OIK", isInAEMEditMode: "false", wwwBaseUrl: "https://www.troweprice.com", isIdeCommonLoginEnabled: "true", isDisableSecureUserLookUp: "true" }; </script>  <link rel="stylesheet" href="/etc.clientlibs/iid/clientlibs/clientlib-dependencies.d41d8cd98f00b204e9800998ecf8427e.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/iid/clientlibs/clientlib-site.11b737b8033305b0af617e1a14df1afe.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/videocontainer/v1/videocontainer/clientlibs/clientlib-component-videocontainer.2d4878607432862d25a8dbe4722d47c8.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/video-full-width/v1/video-full-width/clientlibs.301cceb3e92827e691f692c4f26e6de8.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/title/clientlibs.b645ca77007e0471f3b1d30b07ba3bb6.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/tiles/value-prop/v1/value-prop/clientlibs.bf68f887711bd56382d056d75fe19f99.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/tiles/quote/v1/quote/clientlibs.afb60d6ee76aeae9760432822dfa9583.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/tiles/key-facts-and-figures/v1/key-facts-and-figures/clientlibs.e5018e84fe2bbe5e4b72af32bfabd2f3.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/text/v1/text/clientlibs.9963b5abebe3e474444371c819a2b2dc.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/tabs/v1/tabs/clientlibs.85e03a9c1cfadefd91a6b78c04d4704b.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/separator/clientlibs.bd0d3e51e0b87e979148a735de3c1e3a.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/modal/v1/modal/clientlibs.982e3b68c01455d001c79ba1d980bdfa.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/list/clientlibs.b46f40b0b435dd9da9f3214e62b41d3d.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/image/v1/image/clientlibs.36b27c35158e6c51b4bbc2e2ca23b83f.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/hero/v1/hero/clientlibs.37bc1f1f636626bd598158f1549b9705.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/experiencefragment/v2/experiencefragment/clientlibs.ad25d49d760d5d501be0c845db7464cc.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/experiencefragment/v1/experiencefragment/clientlibs.b46f40b0b435dd9da9f3214e62b41d3d.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/download/clientlibs.ea8c5c34f3dd737a1ad344eea9e38fa3.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/container/v1/container/clientlibs.7f8102bba59a9fc8a787426f2fa61602.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/container-layout-grid/v1/container-layout-grid/clientlibs.cbc04295c5f6a6c3cfcf2e268de336c8.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/accordion/clientlibs.7b43c9f97d64074c5191b925a2c2cbed.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies.d41d8cd98f00b204e9800998ecf8427e.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/clientlibs/clientlib-site.29f69429d54a306da87ef1282b3561d1.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/iid/clientlibs/clientlib-foundationRegistration.44ef188cbebe4f65ea2a165f92b3bd62.css" type="text/css"> <link rel="icon" type="image/ico" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/favicon.ico"/> <link rel="icon" sizes="192x192" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/icon-192x192.png"/> <link rel="apple-touch-icon" sizes="180x180" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/apple-touch-icon-180x180.png"/> <link rel="mask-icon" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/apple-touch-icon-180x180.png"/> <link rel="apple-touch-icon" sizes="167x167" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/apple-touch-icon-167x167.png"/> <link rel="apple-touch-icon" sizes="152x152" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/apple-touch-icon-152x152.png"/> <link rel="icon" type="image/x-icon" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/favicon.svg"/> <link rel="icon" type="image/png" href="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/icon-32x32.png"/> <meta name="msapplication-square310x310logo" content="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/icon-310x310.png"/> <meta name="msapplication-wide310x150logo" content="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/icon-310x150.png"/> <meta name="msapplication-square150x150logo" content="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/icon-150x150.png"/> <meta name="msapplication-square70x70logo" content="/etc.clientlibs/trp-core/clientlibs/clientlib-dependencies/resources/icon-70x70.png"/> </head> <body class="base-page page basicpage home-page beacon-theme-modern-outlook" id="base-page-817d5c631a"> <div class="root responsivegrid"> <div class="aem-Grid aem-Grid--12 aem-Grid--small--6 aem-Grid--default--12 aem-Grid--extraLarge--12 aem-Grid--large--12 aem-Grid--medium--12 "> <div class="structureexperiencefragment experiencefragment aem-GridColumn--extraLarge--12 aem-GridColumn--small--none aem-GridColumn--medium--none aem-GridColumn--offset--large--0 aem-GridColumn--default--none aem-GridColumn--extraLarge--none aem-GridColumn--offset--default--0 aem-GridColumn--small--6 aem-GridColumn--offset--medium--0 aem-GridColumn--offset--extraLarge--0 aem-GridColumn--large--none aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--offset--small--0 aem-GridColumn--default--12 aem-GridColumn--large--12"> <div class="cmp-experiencefragment cmp-experiencefragment--header"> <div class="xf-content-height"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="header-bar-container beacon-on-dark aem-GridColumn aem-GridColumn--default--12"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/header-bar-container/v1/header-bar-container/clientlib.8ca0d7dc260d2b092028f829b88a4e74.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/header-bar-container/v1/header-bar-container/clientlib.a3fa2d145b77d2b549d72862e6596a61.js"></script> <div class="trp-beacon beacon-theme-modern-outlook"> <div class="skip-to-main-content"><a href="#skip-header"> Skip to content</a></div> <header class="header-bar" data-metrics-location="HDR"> <input type="hidden" aria-hidden="true" class="blocked_data" id="txtHidWCMMode"/> <div class="header-bar-brand-zone"> <div class="header-bar-brand-zone-brandmark"> <img src="/content/dam/iid/trusty-logo.svg" alt="" role="presentation"/> </div> <div class="header-bar-brand-zone-wordmark header-bar-brand-zone-wordmark-border "> <a href="/institutional/us/en/home.html"> <img class="header-bar-mobile-wordmark" src="/content/dam/iid/trp-word-mark-xlarge-default-no-tm.svg" alt="T. Rowe Price - Home"/> </a> </div> <button class="cmp-menu-back header-bar-menu-back" tabindex="-1" disabled> <svg xmlns="http://www.w3.org/2000/svg" slot="icon" width="24" height="24" viewBox="0 0 24 24" fill="none"> <path d="M10 16L6 12L10 8" stroke="currentColor" stroke-width="1.5" stroke-linecap="round" stroke-linejoin="round"></path> </svg> <span class="header-bar-text">Back</span> </button> <div class="header-bar-sitetitlezone desktop-only"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/site-selector/v1/site-selector/clientlib/site.a435df4a72dbbd2876dd45fb762ee87b.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/site-selector/v1/site-selector/clientlib/site.eba97b0785eb5ed8a1b952f89b75c574.js"></script> <div class="site-selector-wrapper"> <a href="#" data-toggle="dropdown" data-metrics-section="Site_lvl0" class="site-selector-dropdown-heading" aria-haspopup="true" aria-expanded="false"> <span class="desktop-only flag-header-global flag-united-states"> <span class="sr-only">United States</span> </span> <span class="site-selector-desktop-heading">Institutional Investors/Consultants</span> <span class="site-selector-change-site-holder"> <span class="site-selector-change-site">Change site</span> <span class="site-selector-chevron-arrow"></span> </span> </a> <div role="region" class="site-selector-dropdown-wrapper with-children-8"> <div role="list" class="site-selector-dropdown-menu beacon-on-light"> <span class="site-selector-dropdown-menu-heading"> Choose your site </span> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item first-item " href="https://www.troweprice.com/en/us">Enterprise<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www.troweprice.com/corporate/en/corporate.html">Corporate<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www.troweprice.com/personal-investing/index.html">Personal Investing<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www3.troweprice.com/rws/public/v/home.jsp">Workplace Retirement<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item active " href="#">Institutional Investors/Consultants<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="/financial-intermediary/us/en/home.html">Financial Intermediary<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www3.troweprice.com/usrps/marketing/index.html">Retirement Plan Sponsors / Consultants<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item last-item" href="https://www.oakhilladvisors.com/">Oak Hill Advisors, L.P. (OHA) – External Site<span></span></a> <div class="desktop-only"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/language-selector/v1/language-selector/clientlib.156a433988870a1a734dae00d25bdf7c.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/language-selector/v1/language-selector/clientlib.556ca6b5856c663a4b302979cb01a374.js"></script> <div class="locale-selector"> <span class="locale-selector-heading"> Your location and language</span> <div class="locale-selector-country-wrapper" data-metrics-section="Site_lvl1_LocLangSelector"> <a href="#" class="locale-selector-country" aria-controls="localization-container" aria-haspopup="true" aria-expanded="false"> <div class="locale-selector-flag-heading-wrapper"> <span class="flag-header-global flag-united-states"></span> <span class="locale-selector-country-heading">United States</span> </div> <span class="locale-selector-chevron-arrow"></span> </a> <div class="locale-selector-country-language"> <span class="locale-selector-language-text">English</span> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="header-bar-action-zone"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/search/v1/search/clientlib.f328bb9e20f9abc0bdef00237dd06523.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/search/v1/search/clientlib.c67bc2a2252b36e4bd16f9c06c5e3830.js"></script> <div class="search-area" data-metrics-section="Hdr_lvl0"> <a href="#" class="search-icon" data-toggle="dropdown" aria-label="Search" aria-haspopup="true"> <span class="desktop-only">Search</span> </a> <div class="divider"></div> <div role="region" class="search-popup beacon-on-light" aria-expanded="false"> <div class="search-wrapper"> <div class="search-field"> <form id="top-nav-search-form" name="top-navigation-search-form" class="top-nav-search-form form-group" action="javascript:void(0)" method="GET"> <label class="search-label" for="top-navigation-search">Search</label> <div class="search-input"> <span class="error alert-container" id="search-error-message"> Please enter valid search characters </span> <input id="top-navigation-search" class="top-navigation-search blocked_data" name="top-navigation-search" placeholder="Enter Keyword" minlength="1" type="search" autocomplete="off"/> <button class="search-submit" id="site-search"> Search </button> </div> </form> </div> <div class="search-back-button"> <button class="search-back-link"> <span class="search-back-text">Close</span> <span class="search-close-icon"> <svg width="32" height="32" viewBox="0 0 32 32" fill="currentColor" xmlns="http://www.w3.org/2000/svg" slot="icon"> <path fill-rule="evenodd" clip-rule="evenodd" d="M22.4697 23.5303C22.7626 23.8232 23.2374 23.8232 23.5303 23.5303C23.8232 23.2374 23.8232 22.7626 23.5303 22.4697L17.0607 16L23.5303 9.53033C23.8232 9.23744 23.8232 8.76256 23.5303 8.46967C23.2374 8.17678 22.7626 8.17678 22.4697 8.46967L16 14.9393L9.53033 8.46967C9.23744 8.17678 8.76256 8.17678 8.46967 8.46967C8.17678 8.76256 8.17678 9.23744 8.46967 9.53033L14.9393 16L8.46967 22.4697C8.17678 22.7626 8.17678 23.2374 8.46967 23.5303C8.76256 23.8232 9.23744 23.8232 9.53033 23.5303L16 17.0607L22.4697 23.5303Z" fill="currentColor"></path> </svg> </span> </button> </div> </div> </div> </div> <div data-metrics-section="Hdr_lvl0" class="header-bar-action-menu"> <button aria-label="Navigation Menu" aria-expanded="false" class="header-bar-action-zone-navigation-icon hamburger-menu"> <svg xmlns="http://www.w3.org/2000/svg" slot="icon" width="32" height="32" viewBox="0 0 32 32" fill="currentColor" class="hamburger-menu beacon-button-icon"> <path fill-rule="evenodd" clip-rule="evenodd" d="M8 9.25C7.58579 9.25 7.25 9.58579 7.25 10C7.25 10.4142 7.58579 10.75 8 10.75L24 10.75C24.4142 10.75 24.75 10.4142 24.75 10C24.75 9.58579 24.4142 9.25 24 9.25H8ZM7.25 16C7.25 15.5858 7.58579 15.25 8 15.25L24 15.25C24.4142 15.25 24.75 15.5858 24.75 16C24.75 16.4142 24.4142 16.75 24 16.75L8 16.75C7.58579 16.75 7.25 16.4142 7.25 16ZM7.25 22C7.25 21.5858 7.58579 21.25 8 21.25H24C24.4142 21.25 24.75 21.5858 24.75 22C24.75 22.4142 24.4142 22.75 24 22.75H8C7.58579 22.75 7.25 22.4142 7.25 22Z" class="beacon-button-icon--icon"></path> </svg> </button> <button aria-label="Navigation Menu" aria-expanded="true" class="cmp-mobile-menu-close-x header-bar-menu-close"> <svg width="32" height="32" viewBox="0 0 32 32" fill="currentColor" xmlns="http://www.w3.org/2000/svg" slot="icon"> <path fill-rule="evenodd" clip-rule="evenodd" d="M22.4697 23.5303C22.7626 23.8232 23.2374 23.8232 23.5303 23.5303C23.8232 23.2374 23.8232 22.7626 23.5303 22.4697L17.0607 16L23.5303 9.53033C23.8232 9.23744 23.8232 8.76256 23.5303 8.46967C23.2374 8.17678 22.7626 8.17678 22.4697 8.46967L16 14.9393L9.53033 8.46967C9.23744 8.17678 8.76256 8.17678 8.46967 8.46967C8.17678 8.76256 8.17678 9.23744 8.46967 9.53033L14.9393 16L8.46967 22.4697C8.17678 22.7626 8.17678 23.2374 8.46967 23.5303C8.76256 23.8232 9.23744 23.8232 9.53033 23.5303L16 17.0607L22.4697 23.5303Z" fill="currentColor"></path> </svg> </button> </div> <div class="header-bar-link-zone"> <div class="header-bar-links-row desktop-only"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/hygiene-link/v1/hygiene-link/clientlib.ba4297fd7dc561e52cbd56c8bcd40eb6.css" type="text/css"> <ul data-metrics-section="Hdr_lvl0" class="beacon-hygiene-link"> <li class="beacon-hygiene-link-list"> <a class="beacon-hygiene-link-item" href="/institutional/us/en/about/contact-us.html"> Contact Us </a> </li> </ul> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/signin-register/v1/signin-register/clientlib.93d42a43a660d834772c774217aecb37.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/signin-register/v1/signin-register/clientlib.dc26452589c0adb975f4e870b1848bdd.js"></script> <div class="divider"></div> <div class="mobile-only signout-link signout-link-tpd hidden"> <gdx-signin-button data-metrics-section="Hdr_lvl0" signin-url="" sign-out-label="Sign Out" sign-in-label="" show-only-sign-out="true" register-label=""> </gdx-signin-button> </div> <div data-metrics-section="Hdr_lvl0" class="mobile-only signout-link signout-link-consultant hidden"> <gdx-consultant-signout data-test="sign-in-register sign-out-button" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> <div data-metrics-section="Hdr_lvl0" class="mobile-only signout-link signout-link-iinvestor hidden"> <gdx-consultant-signout [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> <div class="signin-register hidden"> <a href="/institutional/us/en/login/investor-registration.html" data-metrics-section="Hdr_lvl0" class="cmp-button secondary">Register</a> <a href="/institutional/us/en/login/sign-in.html" data-metrics-section="Hdr_lvl0" class="cmp-button primary">Sign in</a> </div> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/my-account/v1/my-account/clientlib.0742da31ed8c4e1150cc5c7f942b4d7f.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/my-account/v1/my-account/clientlib.961a0966159867ca474d2034a01ec4b0.js"></script> <div class="my-account-header my-account-header-consultant hidden"> <div class="my-account-wrapper beacon-on-light"> <a href="#" data-toggle="dropdown" class="my-account-dropdown-heading" aria-haspopup="true" aria-expanded="false" tabindex="-1" data-metrics-section="Hdr_lvl0"> <span class="my-account-desktop-heading">My Account</span> <span class="my-account-mobile-heading">My Account</span> </a> <div data-metrics-section="Hdr_lvl1" class="my-account-dropdown-wrapper with-children-1"> <div class="my-account-dropdown-menu"> <span class="my-account-dropdown-menu-heading">My Account</span> <a class="my-account-dropdown-item first-item" tabindex="-1" href="/institutional/us/en/dashboard.html">My Dashboard</a> <gdx-consultant-signout tabindex="-1" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> </div> </div> </div> <div class="my-account-header my-account-header-iinvestor hidden"> <div class="my-account-wrapper beacon-on-light"> <a href="#" data-toggle="dropdown" class="my-account-dropdown-heading" aria-haspopup="true" aria-expanded="false" tabindex="-1" data-metrics-section="Hdr_lvl0"> <span class="my-account-desktop-heading">My Account</span> <span class="my-account-mobile-heading">My Account</span> </a> <div data-metrics-section="Hdr_lvl1" class="my-account-dropdown-wrapper with-children-1"> <div class="my-account-dropdown-menu"> <span class="my-account-dropdown-menu-heading">My Account</span> <a class="my-account-dropdown-item first-item" tabindex="-1" href="/institutional/us/en/dashboard.html">My Dashboard</a> <gdx-consultant-signout tabindex="-1" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> </div> </div> </div> <div class="my-account-header my-account-header-institutional-client hidden"> <div class="my-account-wrapper beacon-on-light"> <a href="#" data-toggle="dropdown" class="my-account-dropdown-heading" aria-haspopup="true" aria-expanded="false" tabindex="-1" data-metrics-section="Hdr_lvl0"> <span class="my-account-desktop-heading">My Account</span> <span class="my-account-mobile-heading">My Account</span> </a> <div data-metrics-section="Hdr_lvl1" class="my-account-dropdown-wrapper with-children-2"> <div class="my-account-dropdown-menu"> <span class="my-account-dropdown-menu-heading">My Account</span> <a class="my-account-dropdown-item first-item" tabindex="-1" href="/institutional/us/en/dashboard.html">My Dashboard</a> <a class="my-account-dropdown-item " tabindex="-1" href="/institutional/us/en/my-account.html">Client Reports</a> <gdx-consultant-signout tabindex="-1" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> </div> </div> </div> </div> <div class="mobile-navigation mobile-only beacon-on-light"> <div class="site-selector-wrapper"> <a href="#" data-toggle="dropdown" data-metrics-section="Site_lvl0" class="site-selector-dropdown-heading" aria-haspopup="true" aria-expanded="false"> <span class="desktop-only flag-header-global flag-united-states"> <span class="sr-only">United States</span> </span> <span class="site-selector-desktop-heading">Institutional Investors/Consultants</span> <span class="site-selector-change-site-holder"> <span class="site-selector-change-site">Change site</span> <span class="site-selector-chevron-arrow"></span> </span> </a> <div role="region" class="site-selector-dropdown-wrapper with-children-8"> <div role="list" class="site-selector-dropdown-menu beacon-on-light"> <span class="site-selector-dropdown-menu-heading"> Choose your site </span> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item first-item " href="https://www.troweprice.com/en/us">Enterprise<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www.troweprice.com/corporate/en/corporate.html">Corporate<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www.troweprice.com/personal-investing/index.html">Personal Investing<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www3.troweprice.com/rws/public/v/home.jsp">Workplace Retirement<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item active " href="#">Institutional Investors/Consultants<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="/financial-intermediary/us/en/home.html">Financial Intermediary<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item " href="https://www3.troweprice.com/usrps/marketing/index.html">Retirement Plan Sponsors / Consultants<span></span></a> <a role="listitem" tabindex="-1" data-metrics-section="Site_lvl1_SiteSelector" class="site-selector-dropdown-item last-item" href="https://www.oakhilladvisors.com/">Oak Hill Advisors, L.P. (OHA) – External Site<span></span></a> <div class="desktop-only"> <div class="locale-selector"> <span class="locale-selector-heading"> Your location and language</span> <div class="locale-selector-country-wrapper" data-metrics-section="Site_lvl1_LocLangSelector"> <a href="#" class="locale-selector-country" aria-controls="localization-container" aria-haspopup="true" aria-expanded="false"> <div class="locale-selector-flag-heading-wrapper"> <span class="flag-header-global flag-united-states"></span> <span class="locale-selector-country-heading">United States</span> </div> <span class="locale-selector-chevron-arrow"></span> </a> <div class="locale-selector-country-language"> <span class="locale-selector-language-text">English</span> </div> </div> </div> </div> </div> </div> </div> <div id="experiencefragment-102dc1ff4f" class="cmp-experiencefragment cmp-experiencefragment--navigation"> <div class="xf-content-height"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="navigation parbase aem-GridColumn aem-GridColumn--default--12"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/navigation/v1/navigation/clientlib.c80661d2407ad3548e5154f0041b56e2.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/navigation/v1/navigation/clientlib.c06add78a9a29e2e0f1e63a327c792b3.js"></script> <div class="trp-beacon beacon-on-light"> <nav class="cmp-primary-nav" role="navigation" data-metrics-location="TN"> <ul class="cmp-primary-nav--nav-list"> <li class="cmp-primary-nav-item "> <a data-metrics-section="TN_lvl1" href="/institutional/us/en/home.html" aria-current="page" aria-label="current selected section" class="cmp-nav-link cmp-nav-current"> Home </a> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> Products </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/products/strategy.html" class="cmp-nav-link first-item"> View All Products </a> </div> <div class="cmp-nav-menu cmp-nav-items-2"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Strategy </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Strategy </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/strategy.html" rel="nofollow" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> All Asset Classes </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/strategy.html?assetClass=Equity" rel="nofollow" class="cmp-nav-link cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/strategy.html?assetClass=Fixed%20Income" rel="nofollow" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Fixed Income </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> US Mutual Fund </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> US Mutual Fund </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.html" rel="nofollow" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> All Asset Classes </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.overview.html?assetClass=Equity" rel="nofollow" class="cmp-nav-link cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.overview.html?assetClass=Fixed%20Income" rel="nofollow" class="cmp-nav-link cmp-nav-link--sub-nav "> Fixed Income </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.overview.html?assetClass=Asset%20Allocation" rel="nofollow" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Multi-Asset </a> </li> </ul> </div> </div> <div class="trp-beacon beacon-on-light"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> Capabilities </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/capabilities.html" class="cmp-nav-link first-item"> View All Capabilities </a> </div> <div class="cmp-nav-menu cmp-nav-items-1"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper "> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/equities.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/fixed-income.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Fixed Income </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/multi-asset.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Multi-Asset </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/target-date-solutions.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Target Date Solutions </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="https://www.oakhilladvisors.com/" target="_blank" class="cmp-nav-link cmp-nav-link--sub-nav "> Oak Hill Advisors, L.P. (OHA) - External Site <span class="sr-only">Link opens in new window</span> </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/distribution-management-service.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Distribution Management Service </a> </li> </ul> </div> </div> <div data-metrics-section="TN_Promo" class="cmp-nav-promo cmp-promo-items-1"> <span class="cmp-nav-promo-heading">You might be interested in</span> <div class="cmp-nav-promo-box"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="promo-tile parbase dark aem-GridColumn aem-GridColumn--default--12"> <div class="cmp__article-tile cmp__article-tile--has-teaser-image"> <a class=" cmp__article-tile--thinking-landing" href="https://www.troweprice.com/institutional/us/en/lp/active-management-approach.html"> <div class="cmp__article-tile__banner-block cmp__article-tile__banner-block--campaign"> <img class="cmp__article-tile__banner-img" src="/content/dam/ide/images/active-management/active-management-nav-promo.jpg" alt="" role="presentation"/> <div class="tile-overlay"> </div> </div> <div class="cmp__article-tile__content-block"> <div class="cmp__article-tile__title cmp__article-tile__title"> <span class="bold h6 " aria-label="View page"> Active Management </span> </div> <div class="cmp__article-tile__dek-content"> <p>Learn how we generate more return, more often for our clients</p> </div> </div> </a> </div> </div> </div> </div> </div> <div class="mobile-only last-item" tabindex="0"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> ESG </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/lp/esg.html" class="cmp-nav-link first-item"> ESG </a> </div> <div class="cmp-nav-menu cmp-nav-items-2"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> ESG Overview </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> ESG Overview </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> ESG at T. Rowe Price </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/esg-investing-annual-report.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Annual Report </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/common-collections/environmental-social-and-governance.html" class="cmp-nav-link cmp-nav-link--sub-nav "> ESG Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/blue-economy.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> The Blue Economy </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Impact Investing </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Impact Investing </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/impact-investing.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Impact Investing </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/global-impact-equity.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Global Impact Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/global-impact-credit.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Global Impact Credit </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/us-impact-equity.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> US Impact Equity </a> </li> </ul> </div> </div> <div class="trp-beacon beacon-on-light"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> Insights </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/insights.html" class="cmp-nav-link first-item"> View All Insights </a> </div> <div class="cmp-nav-menu cmp-nav-items-4"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Asset Class </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Asset Class </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/equity-insights.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/fixed-income-insights.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Fixed Income </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Thematic </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Thematic </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/global-market-outlook.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> 2025 Global Market Outlook </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/retirement-market-outlook.html" class="cmp-nav-link cmp-nav-link--sub-nav "> 2024 U.S. Retirement Market Outlook </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/articles/2024/q2/capital-market-assumptions-na.html" class="cmp-nav-link cmp-nav-link--sub-nav "> 2024 Capital Market Assumptions </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/common-collections/environmental-social-and-governance.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> ESG Investing </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Featured </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Featured </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/your-partner-in-the-markets.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Market Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/articles/resources/global-asset-allocation-viewpoints.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Asset Allocation Viewpoints </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/sector-insights.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Sector Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/defined-contribution.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Defined Contribution Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/insurance.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Insurance Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/us-public-pensions.html" class="cmp-nav-link cmp-nav-link--sub-nav "> U.S. Public Pensions Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/defined-contribution/participant-education.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Participant Education </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Events & Media </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Events & Media </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/events.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Events and Webinars </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="https://www.troweprice.com/en/us/the-angle-podcast.html" target="_blank" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> The Angle Podcast <span class="sr-only">Link opens in new window</span> </a> </li> </ul> </div> </div> <div data-metrics-section="TN_Promo" class=" cmp-promo-items-0"> <div class="cmp-nav-promo-box"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> </div> </div> </div> <div class="mobile-only last-item" tabindex="0"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> About </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/about.html" class="cmp-nav-link first-item"> About </a> </div> <div class="cmp-nav-menu cmp-nav-items-1"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper "> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/about/contact-us.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Contact Us </a> </li> </ul> </div> </div> <div class="trp-beacon beacon-on-light"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> </ul> </nav> </div> </div> </div> </div></div> <ul data-metrics-section="Hdr_lvl0" class="beacon-hygiene-link"> <li class="beacon-hygiene-link-list"> <a class="beacon-hygiene-link-item" href="/institutional/us/en/about/contact-us.html"> Contact Us </a> </li> </ul> <div class="my-account-header my-account-header-consultant hidden"> <div class="my-account-wrapper beacon-on-light"> <a href="#" data-toggle="dropdown" class="my-account-dropdown-heading" aria-haspopup="true" aria-expanded="false" tabindex="-1" data-metrics-section="Hdr_lvl0"> <span class="my-account-desktop-heading">My Account</span> <span class="my-account-mobile-heading">My Account</span> </a> <div data-metrics-section="Hdr_lvl1" class="my-account-dropdown-wrapper with-children-1"> <div class="my-account-dropdown-menu"> <span class="my-account-dropdown-menu-heading">My Account</span> <a class="my-account-dropdown-item first-item" tabindex="-1" href="/institutional/us/en/dashboard.html">My Dashboard</a> <gdx-consultant-signout tabindex="-1" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> </div> </div> </div> <div class="my-account-header my-account-header-iinvestor hidden"> <div class="my-account-wrapper beacon-on-light"> <a href="#" data-toggle="dropdown" class="my-account-dropdown-heading" aria-haspopup="true" aria-expanded="false" tabindex="-1" data-metrics-section="Hdr_lvl0"> <span class="my-account-desktop-heading">My Account</span> <span class="my-account-mobile-heading">My Account</span> </a> <div data-metrics-section="Hdr_lvl1" class="my-account-dropdown-wrapper with-children-1"> <div class="my-account-dropdown-menu"> <span class="my-account-dropdown-menu-heading">My Account</span> <a class="my-account-dropdown-item first-item" tabindex="-1" href="/institutional/us/en/dashboard.html">My Dashboard</a> <gdx-consultant-signout tabindex="-1" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> </div> </div> </div> <div class="my-account-header my-account-header-institutional-client hidden"> <div class="my-account-wrapper beacon-on-light"> <a href="#" data-toggle="dropdown" class="my-account-dropdown-heading" aria-haspopup="true" aria-expanded="false" tabindex="-1" data-metrics-section="Hdr_lvl0"> <span class="my-account-desktop-heading">My Account</span> <span class="my-account-mobile-heading">My Account</span> </a> <div data-metrics-section="Hdr_lvl1" class="my-account-dropdown-wrapper with-children-2"> <div class="my-account-dropdown-menu"> <span class="my-account-dropdown-menu-heading">My Account</span> <a class="my-account-dropdown-item first-item" tabindex="-1" href="/institutional/us/en/dashboard.html">My Dashboard</a> <a class="my-account-dropdown-item " tabindex="-1" href="/institutional/us/en/my-account.html">Client Reports</a> <gdx-consultant-signout tabindex="-1" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> </div> </div> </div> <div class="locale-selector"> <span class="locale-selector-heading"> Your location and language</span> <div class="locale-selector-country-wrapper" data-metrics-section="Site_lvl1_LocLangSelector"> <a href="#" class="locale-selector-country" aria-controls="localization-container" aria-haspopup="true" aria-expanded="false"> <div class="locale-selector-flag-heading-wrapper"> <span class="flag-header-global flag-united-states"></span> <span class="locale-selector-country-heading">United States</span> </div> <span class="locale-selector-chevron-arrow"></span> </a> <div class="locale-selector-country-language"> <span class="locale-selector-language-text">English</span> </div> </div> </div> <div class="divider"></div> <div class="mobile-only signout-link signout-link-tpd hidden"> <gdx-signin-button data-metrics-section="Hdr_lvl0" signin-url="" sign-out-label="Sign Out" sign-in-label="" show-only-sign-out="true" register-label=""> </gdx-signin-button> </div> <div data-metrics-section="Hdr_lvl0" class="mobile-only signout-link signout-link-consultant hidden"> <gdx-consultant-signout data-test="sign-in-register sign-out-button" [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> <div data-metrics-section="Hdr_lvl0" class="mobile-only signout-link signout-link-iinvestor hidden"> <gdx-consultant-signout [showAsLink]="true" [redirectUrl]="/institutional/us/en/home.html"> </gdx-consultant-signout> </div> <div class="signin-register hidden"> <a href="/institutional/us/en/login/investor-registration.html" data-metrics-section="Hdr_lvl0" class="cmp-button secondary">Register</a> <a href="/institutional/us/en/login/sign-in.html" data-metrics-section="Hdr_lvl0" class="cmp-button primary">Sign in</a> </div> </div> </div> </div> </header> <div id="navigationExperiencefragment-102dc1ff4f" class="cmp-experiencefragment cmp-experiencefragment--navigation"> <div class="xf-content-height"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="navigation parbase aem-GridColumn aem-GridColumn--default--12"> <div class="trp-beacon beacon-on-light"> <nav class="cmp-primary-nav" role="navigation" data-metrics-location="TN"> <ul class="cmp-primary-nav--nav-list"> <li class="cmp-primary-nav-item "> <a data-metrics-section="TN_lvl1" href="/institutional/us/en/home.html" aria-current="page" aria-label="current selected section" class="cmp-nav-link cmp-nav-current"> Home </a> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> Products </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/products/strategy.html" class="cmp-nav-link first-item"> View All Products </a> </div> <div class="cmp-nav-menu cmp-nav-items-2"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Strategy </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Strategy </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/strategy.html" rel="nofollow" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> All Asset Classes </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/strategy.html?assetClass=Equity" rel="nofollow" class="cmp-nav-link cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/strategy.html?assetClass=Fixed%20Income" rel="nofollow" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Fixed Income </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> US Mutual Fund </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> US Mutual Fund </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.html" rel="nofollow" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> All Asset Classes </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.overview.html?assetClass=Equity" rel="nofollow" class="cmp-nav-link cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.overview.html?assetClass=Fixed%20Income" rel="nofollow" class="cmp-nav-link cmp-nav-link--sub-nav "> Fixed Income </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/products/us-mutual-fund.overview.html?assetClass=Asset%20Allocation" rel="nofollow" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Multi-Asset </a> </li> </ul> </div> </div> <div class="trp-beacon beacon-on-light"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> Capabilities </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/capabilities.html" class="cmp-nav-link first-item"> View All Capabilities </a> </div> <div class="cmp-nav-menu cmp-nav-items-1"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper "> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/equities.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/fixed-income.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Fixed Income </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/multi-asset.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Multi-Asset </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/target-date-solutions.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Target Date Solutions </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="https://www.oakhilladvisors.com/" target="_blank" class="cmp-nav-link cmp-nav-link--sub-nav "> Oak Hill Advisors, L.P. (OHA) - External Site <span class="sr-only">Link opens in new window</span> </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/capabilities/distribution-management-service.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Distribution Management Service </a> </li> </ul> </div> </div> <div data-metrics-section="TN_Promo" class="cmp-nav-promo cmp-promo-items-1"> <span class="cmp-nav-promo-heading">You might be interested in</span> <div class="cmp-nav-promo-box"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="promo-tile parbase dark aem-GridColumn aem-GridColumn--default--12"> <div class="cmp__article-tile cmp__article-tile--has-teaser-image"> <a class=" cmp__article-tile--thinking-landing" href="https://www.troweprice.com/institutional/us/en/lp/active-management-approach.html"> <div class="cmp__article-tile__banner-block cmp__article-tile__banner-block--campaign"> <img class="cmp__article-tile__banner-img" src="/content/dam/ide/images/active-management/active-management-nav-promo.jpg" alt="" role="presentation"/> <div class="tile-overlay"> </div> </div> <div class="cmp__article-tile__content-block"> <div class="cmp__article-tile__title cmp__article-tile__title"> <span class="bold h6 " aria-label="View page"> Active Management </span> </div> <div class="cmp__article-tile__dek-content"> <p>Learn how we generate more return, more often for our clients</p> </div> </div> </a> </div> </div> </div> </div> </div> <div class="mobile-only last-item" tabindex="0"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> ESG </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/lp/esg.html" class="cmp-nav-link first-item"> ESG </a> </div> <div class="cmp-nav-menu cmp-nav-items-2"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> ESG Overview </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> ESG Overview </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> ESG at T. Rowe Price </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/esg-investing-annual-report.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Annual Report </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/common-collections/environmental-social-and-governance.html" class="cmp-nav-link cmp-nav-link--sub-nav "> ESG Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/blue-economy.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> The Blue Economy </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Impact Investing </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Impact Investing </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/impact-investing.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Impact Investing </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/global-impact-equity.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Global Impact Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/global-impact-credit.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Global Impact Credit </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/esg/us-impact-equity.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> US Impact Equity </a> </li> </ul> </div> </div> <div class="trp-beacon beacon-on-light"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> Insights </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/insights.html" class="cmp-nav-link first-item"> View All Insights </a> </div> <div class="cmp-nav-menu cmp-nav-items-4"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Asset Class </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Asset Class </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/equity-insights.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Equity </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/fixed-income-insights.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Fixed Income </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Thematic </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Thematic </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/global-market-outlook.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> 2025 Global Market Outlook </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/retirement-market-outlook.html" class="cmp-nav-link cmp-nav-link--sub-nav "> 2024 U.S. Retirement Market Outlook </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/articles/2024/q2/capital-market-assumptions-na.html" class="cmp-nav-link cmp-nav-link--sub-nav "> 2024 Capital Market Assumptions </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/common-collections/environmental-social-and-governance.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> ESG Investing </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Featured </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Featured </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/your-partner-in-the-markets.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Market Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/articles/resources/global-asset-allocation-viewpoints.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Asset Allocation Viewpoints </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/sector-insights.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Sector Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/insights/collections/na-collections/defined-contribution.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Defined Contribution Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/insurance.html" class="cmp-nav-link cmp-nav-link--sub-nav "> Insurance Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/us-public-pensions.html" class="cmp-nav-link cmp-nav-link--sub-nav "> U.S. Public Pensions Insights </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/defined-contribution/participant-education.html" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> Participant Education </a> </li> </ul> </div> </div> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <a data-metrics-section="TN_lvl2" aria-haspopup="true" aria-expanded="false" href="#" class="cmp-nav-link cmp-navigation-pane-heading "> Events & Media </a> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper with-navigation-pane-heading"> <div class="cmp-exp-nav-fly-out-wrapper mobile-only"> <span class="cmp-nav-fly-out-heading"> Events & Media </span> </div> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/lp/events.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Events and Webinars </a> </li> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="https://www.troweprice.com/en/us/the-angle-podcast.html" target="_blank" class="cmp-nav-link last-item cmp-nav-link--sub-nav "> The Angle Podcast <span class="sr-only">Link opens in new window</span> </a> </li> </ul> </div> </div> <div data-metrics-section="TN_Promo" class=" cmp-promo-items-0"> <div class="cmp-nav-promo-box"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> </div> </div> </div> <div class="mobile-only last-item" tabindex="0"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> <li class="cmp-primary-nav-item cmp-primary-nav-dropdown"> <a data-metrics-section="TN_lvl1" href="#" aria-haspopup="true" aria-expanded="false" class="cmp-nav-link "> About </a> <div class="cmp-primary-nav-pane layout-four-column"> <div class="cmp-primary-nav-pane-title"> <a data-metrics-section="TN_lvl1.2" href="/institutional/us/en/about.html" class="cmp-nav-link first-item"> About </a> </div> <div class="cmp-nav-menu cmp-nav-items-1"> <div class="cmp-navigation-pane"> <div class="cmp-exp-nav-container"> <ul class="cmp-exp-nav cmp-exp-nav--multi-level-wrapper "> <li class="cmp-exp-nav--list-item"> <a data-metrics-section="TN_lvl3" href="/institutional/us/en/about/contact-us.html" class="cmp-nav-link first-item cmp-nav-link--sub-nav "> Contact Us </a> </li> </ul> </div> </div> <div class="trp-beacon beacon-on-light"> </div> </div> <button class="cmp-nav-close desktop-only" tabindex="-1"> <span class="cmp-nav-close-text">Close</span> <span class="cmp-nav-close-icon"></span> </button> </div> </li> </ul> </nav> </div> </div> </div> </div></div> <div class="beacon-on-light"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/header/localization-container/v1/localization-container/clientlib.043b74d6662df6325af2c8cf209e5bec.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/header/localization-container/v1/localization-container/clientlib.8a8595ddd23bcd9756e42d57cd07162b.js"></script> <div class="localization-container beacon-on-light" data-metrics-location="HDR" data-metrics-section="Site_lvl2_LocLangSelector"> <div class="localization-container-wrapper" aria-modal="true" role="dialog"> <p class="localization-container-heading">Choose your location</p> <div class="mobile-only"> <p class="accordion-button current-selection">Current selection</p> <div class="country-language"> <div class="country-language-wrapper"> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-united-states"> </span> <span class="country-language-country-heading">United States </span> </div> <div class="country-language-languages"> <span class="country-language-text">English</span> </div> </div> </div> </div> </div> <div class="accordion">  <button type="button" id="accordion-section-0" class="accordion-button first-accordion-button " aria-expanded="false" aria-controls="accordion-section-control-0"> Americas (2) </button> <div id="accordion-section-control-0" class="accordion-body " role="region" aria-labelledby="accordion-section-0"> <div class="country-language"> <div class="country-language-wrapper"> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-canada"></span> <span class="country-language-country-heading">Canada </span> </div> <div class="country-language-languages"> <a href="/institutional/ca/en/home.html" class="country-language-link" aria-label=" Canada English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-united-states"></span> <span class="country-language-country-heading">United States </span> </div> <div class="country-language-languages"> <a href="/institutional/us/en/home.html" class="country-language-link" aria-label=" United States English">English</a> </div> </div> </div> </div> </div> <button type="button" id="accordion-section-1" class="accordion-button " aria-expanded="false" aria-controls="accordion-section-control-1"> Asia Pacific (3) </button> <div id="accordion-section-control-1" class="accordion-body " role="region" aria-labelledby="accordion-section-1"> <div class="country-language"> <div class="country-language-wrapper"> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-asia-regional"></span> <span class="country-language-country-heading">Asia Regional </span> </div> <div class="country-language-languages"> <a href="/institutional/ac/en/home.html" class="country-language-link" aria-label=" Asia Regional English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-australia"></span> <span class="country-language-country-heading">Australia </span> </div> <div class="country-language-languages"> <a href="/institutional/au/en/home.html" class="country-language-link" aria-label=" Australia English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-new-zealand"></span> <span class="country-language-country-heading">New Zealand </span> </div> <div class="country-language-languages"> <a href="/institutional/nz/en/home.html" class="country-language-link" aria-label=" New Zealand English">English</a> </div> </div> </div> </div> </div> <button type="button" id="accordion-section-2" class="accordion-button last-accordion-button" aria-expanded="false" aria-controls="accordion-section-control-2"> Europe (20) </button> <div id="accordion-section-control-2" class="accordion-body last-accordion-body" role="region" aria-labelledby="accordion-section-2"> <div class="country-language"> <div class="country-language-wrapper"> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-austria"></span> <span class="country-language-country-heading">Austria </span> </div> <div class="country-language-languages"> <a href="/institutional/at/en/home.html" class="country-language-link" aria-label=" Austria English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-belgium"></span> <span class="country-language-country-heading">Belgium </span> </div> <div class="country-language-languages"> <a href="https://www.funds.troweprice.com/institutional/be/en/" class="country-language-link" aria-label=" Belgium English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-denmark"></span> <span class="country-language-country-heading">Denmark </span> </div> <div class="country-language-languages"> <a href="/institutional/dk/en/home.html" class="country-language-link" aria-label=" Denmark English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-estonia"></span> <span class="country-language-country-heading">Estonia </span> </div> <div class="country-language-languages"> <a href="https://www.troweprice.com/en/ee" class="country-language-link" aria-label=" Estonia English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-finland"></span> <span class="country-language-country-heading">Finland </span> </div> <div class="country-language-languages"> <a href="/institutional/fi/en/home.html" class="country-language-link" aria-label=" Finland English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-france"></span> <span class="country-language-country-heading">France </span> </div> <div class="country-language-languages"> <a href="https://www.troweprice.com/en/fr/home" class="country-language-link" aria-label=" France English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-germany"></span> <span class="country-language-country-heading">Germany </span> </div> <div class="country-language-languages"> <a href="/institutional/de/en/home.html" class="country-language-link" aria-label=" Germany English">English</a> <a href="/institutional/de/de/home.html" class="country-language-link" aria-label=" Germany German">Deutsch</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-iceland"></span> <span class="country-language-country-heading">Iceland </span> </div> <div class="country-language-languages"> <a href="https://www.troweprice.com/en/is/home" class="country-language-link" aria-label=" Iceland English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-ireland"></span> <span class="country-language-country-heading">Ireland </span> </div> <div class="country-language-languages"> <a href="https://www.troweprice.com/en/ie/home" class="country-language-link" aria-label=" Ireland English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-italy"></span> <span class="country-language-country-heading">Italy </span> </div> <div class="country-language-languages"> <a href="https://www.funds.troweprice.com/institutional/it/en/" class="country-language-link" aria-label=" Italy English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-latvia"></span> <span class="country-language-country-heading">Latvia </span> </div> <div class="country-language-languages"> <a href="https://www.troweprice.com/en/lv/home" class="country-language-link" aria-label=" Latvia English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-lithuania"></span> <span class="country-language-country-heading">Lithuania </span> </div> <div class="country-language-languages"> <a href="https://www.troweprice.com/en/lt/home" class="country-language-link" aria-label=" Lithuania English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-luxembourg"></span> <span class="country-language-country-heading">Luxembourg </span> </div> <div class="country-language-languages"> <a href="/institutional/lu/en/home.html" class="country-language-link" aria-label=" Luxembourg English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-netherlands"></span> <span class="country-language-country-heading">Netherlands </span> </div> <div class="country-language-languages"> <a href="/institutional/nl/en/home.html" class="country-language-link" aria-label=" Netherlands English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-norway"></span> <span class="country-language-country-heading">Norway </span> </div> <div class="country-language-languages"> <a href="/institutional/no/en/home.html" class="country-language-link" aria-label=" Norway English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-portugal"></span> <span class="country-language-country-heading">Portugal </span> </div> <div class="country-language-languages"> <a href="https://www.funds.troweprice.com/institutional/pt/en/" class="country-language-link" aria-label=" Portugal English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-spain"></span> <span class="country-language-country-heading">Spain </span> </div> <div class="country-language-languages"> <a href="https://www.funds.troweprice.com/institutional/es/en/" class="country-language-link" aria-label=" Spain English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-sweden"></span> <span class="country-language-country-heading">Sweden </span> </div> <div class="country-language-languages"> <a href="/institutional/se/en/home.html" class="country-language-link" aria-label=" Sweden English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-switzerland"></span> <span class="country-language-country-heading">Switzerland </span> </div> <div class="country-language-languages"> <a href="/institutional/ch/en/home.html" class="country-language-link" aria-label=" Switzerland English">English</a> </div> </div> <div class="country-language-item"> <div class="country-language-name"> <span class="country-language-icon flag-header-global flag-united-kingdom"></span> <span class="country-language-country-heading">United Kingdom </span> </div> <div class="country-language-languages"> <a href="/institutional/uk/en/home.html" class="country-language-link" aria-label=" United Kingdom English">English</a> </div> </div> </div> </div> </div> </div> <button class="localization-container-back-button desktop-only"> <span class="localization-back-text">Close</span> <span class="localization-close-icon"></span> </button> </div> </div> </div> </div> <div id="skip-header"></div> </div> </div> </div></div> </div> <div class="responsivegrid aem-GridColumn--extraLarge--12 aem-GridColumn--small--none aem-GridColumn--medium--none aem-GridColumn--offset--large--0 aem-GridColumn--default--none aem-GridColumn--extraLarge--none aem-GridColumn--offset--default--0 aem-GridColumn--small--6 aem-GridColumn--offset--medium--0 aem-GridColumn--offset--extraLarge--0 aem-GridColumn--large--none aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--offset--small--0 aem-GridColumn--default--12 aem-GridColumn--large--12"> <div class="aem-Grid aem-Grid--12 aem-Grid--small--6 aem-Grid--default--12 aem-Grid--extraLarge--12 aem-Grid--large--12 aem-Grid--medium--12 "> <div class="hero image aem-GridColumn--extraLarge--12 aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--default--12 aem-GridColumn--small--6 aem-GridColumn--large--12"> <div> <div class="beacon-on-dark"> <iid-aem-beacon-hero orientation="left" contained="true" eyebrow="2025 Global Market Outlook" size="normal" variant="side-block" standfirst="<p>Experience our 2025 outlook from T. Rowe Price’s experts. Read actionable insights on key economic and investment themes set to shape stock and bond markets. <br /> </p> " scale="normal" pagetitle="Investing During Transition<br /> " motion-state="disabled" defer-until="defined visible"> <div slot="media"> <img src="/content/dam/ide/images/home/gmo-hero.png" role="presentation"/> </div> <div slot="toolbelt"></div> <span slot="eyebrow">2025 Global Market Outlook</span> <h1 slot="page-title">Investing During Transition<br /> </h1> <div class="b-flow-space" slot="standfirst"> <p>Experience our 2025 outlook from T. Rowe Price’s experts. Read actionable insights on key economic and investment themes set to shape stock and bond markets. <br /> </p> </div> <div slot="cta" class="b-flex b-direction-row"> <iid-aem-beacon-button aria-label="Read our full 2025 Global Market Outlook" slot="cta" scale="jumbo" link-href="/institutional/us/en/lp/global-market-outlook.html" link-target="_self" variant="primary" defer-until="defined visible"> Learn More </iid-aem-beacon-button> </div> </iid-aem-beacon-hero> </div> </div> </div> <div class="container-layout-grid aem-GridColumn--extraLarge--12 aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--default--12 aem-GridColumn--small--6 aem-GridColumn--large--12" beacon-aem-core="grid-layout-container"> <div class="trp-beacon cmp-container-beacon container-trp-light-grey beacon-on-light"> <div class="cmp-container__background"></div> <div class="cmp-container__front b-container"> <div class="b-margin-block-start--macro--jumbo b-margin-block-end--macro--mini"> <div class="b-grid"> <div class="b-grid-item--12-col b-lg:12-col b-item-md-order- b-item-sm-order-"> <link rel="stylesheet" href="/etc.clientlibs/trp-core/components/content/textimage/v1/textimage/clientlibs/site.fb19a50ebcad398e1383ed5b6a744b03.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/content/foundation/text-image/v1/text-image/clientlib.2d32726dd433a02afb2b76f2de8c402f.css" type="text/css"> <div class="text-image-content left "> <div class="text-container "> <div class="cmp-text b-flow-space"> <h2>U.S. Election Update Webinar</h2> <p>T. Rowe Price’s panel of experts offers an early post-election appraisal of the 2024 U.S. elections and how they may shape markets from economic, capital markets, and personal finance perspectives.</p> </div> <div class="b-flex b-direction-row"> <iid-aem-beacon-button data-aly-attribute.aria-label="View replay for the 2024 U.S. Election Update webinar" slot="cta" scale="jumbo" link-target="_self" link-href="https://events.troweprice.com/2024USElectionUpdate?utm_source=AmericasWeb&utm_medium=AmericasWeb" variant="primary" icon-align="left" defer-until="defined visible"> View Replay </iid-aem-beacon-button> </div> </div> <div class="image-container"> <div class="cmp-image size-100"> <picture> <source media="(min-width: 640px)" srcset="/content/dam/ide/images/events/us-election-update-promo.png"/> <img slot="image" role="presentation" src="/content/dam/ide/images/events/us-election-update-promo.png" height="100%" width="100%"/> </picture> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container-layout-grid aem-GridColumn--extraLarge--12 aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--default--12 aem-GridColumn--small--6 aem-GridColumn--large--12" beacon-aem-core="grid-layout-container"> <div class="trp-beacon cmp-container-beacon container-trp-dark-blue beacon-on-dark"> <div class="cmp-container__background"></div> <div class="cmp-container__front b-container"> <div class="b-margin-block-start--macro--jumbo b-margin-block-end--macro--mini"> <div class="cmp-container__title"> <h4>We put our clients at the center of our best thinking.</h4> </div> <div class="b-grid"> <div class="b-grid-item--12-col b-md:6-col b-lg:4-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-article-tile class=" beacon-article-tile__vertical-fill " scale="normal" position="vertical" layout="standard" defer-until="defined visible"> <img src="/content/dam/trp-ecl/global/en/ipc/assets/article-hero-image/2024/q4/what-trumps-win-means-for-policy-the-economy-and-markets.png" role="presentation" slot="media"/> <div slot="body"> <div class="clear"></div> <span class="beacon-article-tile__eyebrow">Nov 2024 • MULTI-ASSET</span> <h3 class="beacon-article-tile__title"> <a href="/institutional/us/en/insights/articles/2024/q4/what-trumps-win-means-for-policy-the-economy-and-markets-na.html">What Trump’s win means for policy, the economy, and markets</a></h3> </div> <div slot="footer" class="beacon-article-tile__footer"> <div class="b-margin-block-end--micro--normal" slot="footnote"></div> <iid-aem-beacon-byline> <span slot="attribution-text">By </span> <span slot="author"> Gilad Fortgang, Blerina Uruçi, Timothy C. Murray </span> </iid-aem-beacon-byline> </div> </iid-aem-beacon-article-tile> </div> <div class="b-grid-item--12-col b-md:6-col b-lg:4-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-article-tile class=" beacon-article-tile__vertical-fill " scale="normal" position="vertical" layout="standard" defer-until="defined visible"> <img src="/content/dam/ide/articles/images/2024/q4/why-its-time-to-consider-moving-out-of-cash-into-fixed-income-na.png" role="presentation" slot="media"/> <div slot="body"> <div class="clear"></div> <span class="beacon-article-tile__eyebrow">Nov 2024 • FIXED INCOME</span> <h3 class="beacon-article-tile__title"> <a href="/institutional/us/en/insights/articles/2024/q4/why-its-time-to-consider-moving-out-of-cash-into-fixed-income-na.html">Why it’s time to consider moving out of cash and into fixed income</a></h3> </div> <div slot="footer" class="beacon-article-tile__footer"> <div class="b-margin-block-end--micro--normal" slot="footnote"></div> <iid-aem-beacon-byline> <span slot="attribution-text">By </span> <span slot="author"> Kenneth A. Orchard </span> </iid-aem-beacon-byline> </div> </iid-aem-beacon-article-tile> </div> <div class="b-grid-item--12-col b-md:6-col b-lg:4-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-article-tile class=" beacon-article-tile__vertical-fill " scale="normal" position="vertical" layout="standard" defer-until="defined visible"> <iid-aem-beacon-video slot="media" position="vertical"> <img src="/content/dam/ide/articles/images/2024/q4/the-outlook-for-international-equities-amid-shifting-market-environment-na.png" role="presentation"/> <iid-aem-beacon-video-tag button-label="Video" link-href="/content/institutional/us/en/insights/articles/2024/q4/the-outlook-for-international-equities-amid-the-shifting-market-environment-na.html" aspect-ratio="2:1"></iid-aem-beacon-video-tag> </iid-aem-beacon-video> <div slot="body"> <div class="clear"></div> <span class="beacon-article-tile__eyebrow">Nov 2024 • EQUITY</span> <h3 class="beacon-article-tile__title"> <a href="/institutional/us/en/insights/articles/2024/q4/the-outlook-for-international-equities-amid-the-shifting-market-environment-na.html">The outlook for international equities amid the shifting market environment</a></h3> </div> <div slot="footer" class="beacon-article-tile__footer"> <div class="b-margin-block-end--micro--normal" slot="footnote"></div> <iid-aem-beacon-byline> <span slot="attribution-text">By </span> <span slot="author"> Justin Thomson </span> </iid-aem-beacon-byline> </div> </iid-aem-beacon-article-tile> </div> <div class="b-grid-item--12-col b-lg:8-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-promo-tile class="beacon-promo-tile__vertical-fill " scale="normal" media-template="standard" position="horizontal-left" layout="standard" defer-until="defined visible"> <img slot="media" src="/content/dam/ide/images/New_Home_Page_Brand_Refresh/New_web_Homepage_assets_AAVP_450x450.jpg" alt="Cityscape with various animated building sizes"/> <div slot="body"> <div slot="eyebrow" class="beacon-promo-tile__eyebrow">INVESTMENT INSIGHTS</div> <h3 class="beacon-promo-tile__title"> <a href="https://www.troweprice.com/institutional/us/en/insights/articles/resources/global-asset-allocation-viewpoints.html">Global Asset Allocation Viewpoints</a></h3> </div> </iid-aem-beacon-promo-tile> </div> <div class="b-grid-item--12-col b-md:6-col b-lg:4-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-article-tile class="beacon-article-tile__wide-aspect-ratio-alternate beacon-article-tile__vertical-fill " scale="normal" position="vertical" layout="standard" defer-until="defined visible"> <img src="/content/dam/ide/images/New_Home_Page_Brand_Refresh/New_web_Homepage_assets_GMWU_512x256.jpg" alt="Global Markets Weekly Update" slot="media"/> <div slot="body"> <div class="clear"></div> <span class="beacon-article-tile__eyebrow">Nov 2024 • MARKET INSIGHTS</span> <h3 class="beacon-article-tile__title"> <a href="/institutional/us/en/insights/articles/resources/global-markets-weekly-update.html">Global Markets Weekly Update</a></h3> </div> </iid-aem-beacon-article-tile> </div> <div class="b-grid-item--12-col b-md:6-col b-lg:4-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-article-tile class=" beacon-article-tile__vertical-fill " scale="normal" position="vertical" layout="standard" defer-until="defined visible"> <img src="/content/dam/ide/articles/images/2024/q1/dontbebasic-three-reasons-to-evaluate-your-target-date-solution.jpg" role="presentation" slot="media"/> <div slot="body"> <div class="clear"></div> <span class="beacon-article-tile__eyebrow">Mar 2024 • RETIREMENT INSIGHTS</span> <h3 class="beacon-article-tile__title"> <a href="/institutional/us/en/insights/articles/2024/q1/dontbebasic-three-reasons-to-evaluate-your-target-date-solution-na.html">#Dontbebasic: Three Reasons to Evaluate Your Target Date Solution</a></h3> </div> <div slot="footer" class="beacon-article-tile__footer"> <div class="b-margin-block-end--micro--normal" slot="footnote"></div> <iid-aem-beacon-byline> <span slot="attribution-text">By </span> <span slot="author"> Jessica Sclafani </span> </iid-aem-beacon-byline> </div> </iid-aem-beacon-article-tile> </div> <div class="b-grid-item--12-col b-lg:8-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-promo-tile class="beacon-promo-tile__vertical-fill " scale="normal" media-template="standard" position="horizontal-left" layout="standard" defer-until="defined visible"> <img slot="media" src="/content/dam/ide/images/New_Home_Page_Brand_Refresh/New_web_Homepage_assets-view%20FI_450x450.jpg" alt="Binoculars showing a global view in focus"/> <div slot="body"> <div slot="eyebrow" class="beacon-promo-tile__eyebrow">FIXED INCOME INSIGHTS</div> <h3 class="beacon-promo-tile__title"> <a href="https://www.troweprice.com/institutional/us/en/insights/articles/resources/a-view-from-global-fixed-income.html">A View from Global Fixed Income</a></h3> </div> </iid-aem-beacon-promo-tile> </div> <div class="b-grid-item--12-col b-lg:8-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-article-tile class=" beacon-article-tile__vertical-fill " scale="jumbo" position="horizontal-left" layout="standard" defer-until="defined visible"> <div slot="body"> <div class="clear"></div> <h3 class="beacon-article-tile__title"> View All Insights</h3> <div slot="description" class="beacon-article-tile__description b-flow-space"><p>Our insights show you what’s ahead, what’s most important, and how our investment teams are responding now - so you have the full picture.</p> </div> </div> <div slot="footer" class="beacon-article-tile__footer"> <div class="b-margin-block-end--micro--normal" slot="footnote"></div> <div class=" beacon-action-zone b-flex b-direction-row"> <iid-aem-beacon-button slot="cta" icon-align="left" scale="normal" link-href="/content/institutional/us/en/insights.html" variant="primary" defer-until="visible"> Visit Insights </iid-aem-beacon-button> </div> </div> </iid-aem-beacon-article-tile> </div> <div class="b-grid-item--12-col b-md:6-col b-lg:4-col b-item-md-order- b-item-sm-order-"> <iid-aem-beacon-contact-tile class="beacon-contact-tile__vertical-fill " defer-until="defined visible"> <div slot="body"> <h3 class="beacon-contact-tile__title"> Customize your insights and product subscriptions</h3> <div class="beacon-contact-tile__description b-flow-space"><p>Register or sign in as an institutional investor or consultant to tailor your preferences.<br /> </p> </div> </div> <div slot="footer" class="tile__footer--full-width"> <div class=" beacon-action-zone b-flex b-direction-row"> <iid-aem-beacon-button slot="cta" icon-align="left" scale="normal" link-href="https://www.troweprice.com/institutional/us/en/login/investor-registration.html" variant="primary" defer-until="visible"> Register </iid-aem-beacon-button> <iid-aem-beacon-button slot="cta" icon-align="left" scale="normal" link-href="https://www.troweprice.com/institutional/us/en/login/sign-in.html" variant="secondary" defer-until="visible"> Sign In </iid-aem-beacon-button> </div> </div> </iid-aem-beacon-contact-tile> </div> </div> </div> </div> </div> </div> <div class="container-layout-grid aem-GridColumn--extraLarge--12 aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--default--12 aem-GridColumn--small--6 aem-GridColumn--large--12" beacon-aem-core="grid-layout-container"> <div class="trp-beacon cmp-container-beacon container-white beacon-on-light"> <div class="cmp-container__background"></div> <div class="cmp-container__front b-container"> <div class="b-margin-block-start--macro--jumbo b-margin-block-end--macro--mini"> <div class="b-grid"> <div class="b-grid-item--12-col b-lg:12-col b-item-md-order- b-item-sm-order-"> <div class="text-image-content left "> <div class="text-container align-center"> <div class="cmp-text b-flow-space"> <h3>Events and On-Demand Webinars</h3> <p>Hear directly from our experts on timely themes and topics. </p> </div> <div class="b-flex b-direction-row"> <iid-aem-beacon-button slot="cta" scale="jumbo" link-href="/institutional/us/en/lp/events.html" variant="primary" defer-until="defined visible"> Explore Events </iid-aem-beacon-button> </div> </div> <div class="image-container"> <div class="cmp-image "> <picture> <source media="(min-width: 640px)" srcset="/content/dam/ide/images/New_Home_Page_Brand_Refresh/New_web_Homepage_assets_events_620x310.jpg"/> <img slot="image" alt="An animated image with four individuals on a screen" src="/content/dam/ide/images/New_Home_Page_Brand_Refresh/New_web_Homepage_assets_events_620x310.jpg" height="100%" width="100%"/> </picture> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="container-layout-grid aem-GridColumn--extraLarge--12 aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--default--12 aem-GridColumn--small--6 aem-GridColumn--large--12" beacon-aem-core="grid-layout-container"> <div class="trp-beacon cmp-container-beacon "> <div class="cmp-container__background"></div> <div class="cmp-container__front b-container"> <div class="b-margin-block-start--macro--jumbo b-margin-block-end--macro--mini"> <div class="b-grid"> <div class="b-grid-item--12-col b-lg:12-col b-item-md-order- b-item-sm-order-"> <div class="text-image-content left "> <div class="text-container "> <div class="cmp-text b-flow-space"> <p>202409-3904131</p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="structureexperiencefragment experiencefragment aem-GridColumn--extraLarge--12 aem-GridColumn--small--none aem-GridColumn--medium--none aem-GridColumn--offset--large--0 aem-GridColumn--default--none aem-GridColumn--extraLarge--none aem-GridColumn--offset--default--0 aem-GridColumn--small--6 aem-GridColumn--offset--medium--0 aem-GridColumn--offset--extraLarge--0 aem-GridColumn--large--none aem-GridColumn--medium--12 aem-GridColumn aem-GridColumn--offset--small--0 aem-GridColumn--default--12 aem-GridColumn--large--12"> <div class="cmp-experiencefragment cmp-experiencefragment--footer"> <link rel="stylesheet" href="/etc.clientlibs/iid/components/structure/footer/v1/clientlib.7449660549278bd18c66f4d0305f36ab.css" type="text/css"> <script src="/etc.clientlibs/iid/components/structure/footer/v1/clientlib.90aabd4278a2082821b1bd3e682f2339.js"></script> <footer class="beacon-theme-modern-outlook beacon-on-darker" data-metrics-location="FTR"> <iid-aem-beacon-footer defer-until="defined visible"> <div slot="trademark">Invest With Confidence<sup>®</sup></div> <div slot="mission"> We’re driven by our purpose: To identify and actively invest in opportunities to help people thrive in an evolving world. </div> <iid-aem-beacon-navigation-footer slot="links" defer-until="defined visible"> <h3 slot="title"></h3> <ul> <li> <a href="/enterprise/legal/us/en/privacy-notices.html" target="_blank">U.S. & Canada Privacy Notice</a> </li> <li> <a href="/en/us/terms-of-use" target="_blank">Terms of Use</a> </li> <li> <a href="/enterprise/legal/cookie-policy/en.html" target="_self">Cookie Policy</a> </li> <li> <a href="/institutional/us/en/site-content/footer/legal-information.html" target="_self">Legal Information</a> </li> <li> <a href="/en/us/accessibility" target="_blank">Accessibility Statement</a> </li> </ul> </iid-aem-beacon-navigation-footer> <iid-aem-beacon-navigation-footer slot="links" defer-until="defined visible"> <h3 slot="title"></h3> <ul> <li> <a href="https://www.troweprice.com/content/dam/ide/footer/Company_Overview_USD.pdf" target="_blank">Company Overview</a> </li> <li> <a href="/corporate/us/en/what-sets-us-apart/corporate-responsibility.html" target="_blank">Responsibility</a> </li> <li> <a href="/corporate/us/en/careers.html" target="_blank">Careers</a> </li> <li> <a href="/corporate/us/en/press.html" target="_self">Newsroom</a> </li> <li> <a href="/institutional/global/en/site-content/footer/site-map.html" target="_self">Site Map</a> </li> </ul> </iid-aem-beacon-navigation-footer> <div slot="disclaimer" class="b-flow-space"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="text aem-GridColumn aem-GridColumn--default--12" beacon-aem-core="text"> <div> <div id="text-ad2ea12076" class="cmp-text"> <p><a><span class="ot-sdk-show-settings">Do Not Sell or Share My Personal Information</span></a></p> <p>This website does not provide investment advice or recommendations. Nothing in this website shall be considered a solicitation to buy or an offer to sell a security, or any other product or service, to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction.</p> </div> </div></div> </div> </div> <div slot="copyright" class="b-flow-space"> <div class="aem-Grid aem-Grid--12 aem-Grid--default--12 "> <div class="text aem-GridColumn aem-GridColumn--default--12" beacon-aem-core="text"> <div> <div id="text-2adb30c868" class="cmp-text"> <p>© 2024 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the Bighorn Sheep design are, collectively and/ or apart, trademarks of T. Rowe Price Group, Inc.</p> <p>T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc., investment advisers of T. Rowe Price strategies and mutual funds. T. Rowe Price Investment Services, Inc., distributor of T. Rowe Price mutual funds.<br /> </p> </div> </div></div> </div> </div> </iid-aem-beacon-footer> </footer> </div> </div> </div> </div> <script src="/etc.clientlibs/iid/clientlibs/clientlib-foundationRegistration.372d3262d847a0ae29044247e5cc7c11.js"></script> <script src="/etc.clientlibs/core/wcm/components/commons/site/clientlibs/container.027d01df25f17066242db969c9bf2ade.js"></script> <script src="/etc.clientlibs/trp-core/clientlibs/clientlib-base.fa58e1cf439b2c8f846b0d7cd9944352.js"></script>  <script type="text/javascript"> try { _satellite.pageBottom(); } catch (e) {/* Do nothing */ } </script>  <div> <div class="gdx-web-components"> <div class="cmp-leaving-site gdx-overlay" data-trusted-domains="troweprice.com,on24.com"> <link rel="stylesheet" href="/etc.clientlibs/gdx/clientlibs/branding.2bae01cd4b84d42c5e05d199fbfcb238.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/gdx/components/structure/leaving-site/v1/leaving-site/clientlibs.fee1f64b851c9e0aa6feefac3f0ab044.css" type="text/css"> <script src="/etc.clientlibs/gdx/clientlibs/deep-object-creator.835078ad491098187cea8e476bedf558.js"></script> <script src="/etc.clientlibs/gdx/components/structure/leaving-site/v1/leaving-site/clientlibs.0f03645bb4445314583e4b6a42450cfc.js"></script> <div class="gdx-popup" role="dialog" aria-labelledby="dialog-title" aria-modal="true"> <header id="dialog-title"><h2>You are now leaving the T. Rowe Price website</h2> </header> <a class="gdx-close" href="#"><i class="gims-fa gims-fa-times"></i></a> <p>T. Rowe Price is not responsible for the content of third party websites, including any performance data contained within them. <b>Past performance is not a reliable indicator of future performance.</b></p> <div class="gdx-controls"> <button class="cancel trp-ds-button-secondary-white">Cancel</button> <button class="submit trp-ds-button-primary-white">OK</button> </div> </div> </div> </div> </div> <script src="/etc.clientlibs/gdx/clientlibs/angularDist.5b2b9e884799e6756dc80961a0c2a365.js"></script> <link rel="stylesheet" href="/etc.clientlibs/gdx/clientlibs/jqueryui.a56d3284b36a15c92d1d60884d5f0d58.css" type="text/css"> <script src="/etc.clientlibs/gdx/clientlibs/jquery-plugins.8311a343c7a5a014555d2b0a600244bf.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/jqueryui.a631873e0f4be6f476465b7c2ad35745.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/search.e0ed9d492fdcd2e3fbd4b610e6a97ed6.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/handlebars.c29e40d32ace051a672be040fadc6683.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/highcharts.6cbf68ea8afbe71607e392cb75201929.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/i18n.16b1569553fd9cf0ea8afa0e431d60a1.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/common.f5e6c9ac76d997055f87aacde453b414.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/services.f26fdf3eafe53190f87d2ae4cd7e300e.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/home.306b9c4f59f3b54dfa2a7785c0623f10.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/user.c0382021a1f79209deeab82619290940.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/pcre.a297c952ee1c92dc3bb9493f699195af.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/validatejs.f28cb6a9fc9acbb836f03d605dae98d1.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/one-trust.6cc48698d03673cb6ca45253dd80139b.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/footer.4e28c9ce52985231ebb52ca0b45dd288.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/charts.cd4598a45a70edb0fc730eebbbe5be12.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/fooTable.d6cb7ec34864308d4c01817fd9aef1c6.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/personalisation.2c8151544e849e0d46606813d7ba5bc4.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/fund.d93162ba1d44e71f6cfeb97b1e7085e2.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/overlay.03487c9a590cf22206e4a3bdf5ca5c69.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/header.25d015da7304674c402fe6a4513fce37.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/base.e360ced40019a76db1e9b67bb46fccde.js"></script> <script src="/etc.clientlibs/gdx/clientlibs/country-configuration/us.d234a5cde06056b6419561e9ec3ed113.js"></script> <script src="//geoip.maxmind.com/js/apis/geoip2/v2.1/geoip2.js" type="text/javascript"></script> <script src="/etc.clientlibs/ide/clientlibs/base.e63fef63da3c68efcd871c957a80e79a.js"></script> <script type="text/javascript"> const globalFeaturesConfig = { enableEntryPoints: 'false' }; </script> <script type="module" src="https://www.troweprice.com/entry-point/lit-server.js"></script> <link rel="stylesheet" href="https://www.troweprice.com/entry-point/style.css"> <entry-point-app data-metrics-location="PU"></entry-point-app> <link rel="stylesheet" href="/etc.clientlibs/gdx/components/content/standard-htl/error-tile/clientlib.79ac46ae87aab565674200c696c6c436.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/gdx/components/content/tile/fund/clientlib.680311f104fc36dbc5e7c0d8b241dc89.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/gdx/components/content/standard-htl/fund-tile/v1/fund-tile/clientlib.cee6404a104bb03a84852942009be87d.css" type="text/css"> <link rel="stylesheet" href="/etc.clientlibs/gdx/clientlibs/base.c53636eb01acaeeedfd39279a634e289.css" type="text/css"> <div class="overlay-container fact-sheet" data-metrics-location="PU"> <i class="fa fa-times cancel"></i> <h4>Download</h4> <div class="range-selector"> <a class="active single-date">Latest</a> <a class="date-range">Date Range</a> </div> <div class="date-range-panel hidden"> <span class="sub-heading">From</span> <select name="yearFrom" class="yearFrom light fundYears"></select> <select name="monthFrom" class="monthFrom light"> <option data-month="1" value="January">January</option> <option data-month="2" value="February">February</option> <option data-month="3" value="March">March</option> <option data-month="4" value="April">April</option> <option data-month="5" value="May">May</option> <option data-month="6" value="June">June</option> <option data-month="7" value="July">July</option> <option data-month="8" value="August">August</option> <option data-month="9" value="September">September</option> <option data-month="10" value="October">October</option> <option data-month="11" value="November">November</option> <option data-month="12" value="December">December</option> </select> <span class="sub-heading">To</span> <select name="yearTo" class="yearTo light fundYears"></select> <select name="monthTo" class="monthTo light"> <option data-month="1" value="January">January</option> <option data-month="2" value="February">February</option> <option data-month="3" value="March">March</option> <option data-month="4" value="April">April</option> <option data-month="5" value="May">May</option> <option data-month="6" value="June">June</option> <option data-month="7" value="July">July</option> <option data-month="8" value="August">August</option> <option data-month="9" value="September">September</option> <option data-month="10" value="October">October</option> <option data-month="11" value="November">November</option> <option data-month="12" value="December">December</option> </select> </div> <div class="options-panel"> <span class="sub-heading">Audience for the document:</span> <select name="audience" class="audience light"></select> <span class="sub-heading">Share Class:</span> <select name="share-class" class="share-class light"></select> <span class="sub-heading">Language of the document:</span> <select name="language" class="language light"></select> </div> <div class="button-control"> <a href="#fact-sheet|latest" class="button superslim nohover primary download-docs" target="_blank"> Download</a> <a href="#cancel" class="button cancel superslim nohover cancel-button">Cancel</a> </div> <div class="fundrange_error error alert-container" style="display: none;"> No document available. Please <a href="/institutional/us/en/about/contact-us.html" target="_blank"><strong>contact us</strong></a> for more information.</div> </div><div class="overlay-container kiid-overlay" data-metrics-location="PU"> <i class="fa fa-times cancel"></i> <h4>Download</h4> <div class="options-panel"> <span class="sub-heading">Share Class:</span> <select name="share-class" class="share-class light"></select> <span class="sub-heading">Language of the document:</span> <select name="language" class="language light"></select> </div> <div class="button-control"> <a href="#kiid" class="button superslim nohover primary download-docs" target="_blank">Download</a> <a href="#cancel" class="button superslim nohover cancel">Cancel</a> </div> <div class="fundrange_error error alert-container" style="display: none;"> No document available</div> </div> <div class="overlay-container sign-in-overlay" data-metrics-location="PU"> <em class="fa fa-times cancel" data-overlay-type="close-sign-in-register"></em> <div class="options-panel"> <form id="signin-form" data-form-type="only-email-check" method="post"> <div class="overlay-description"> Sign in to manage subscriptions for products, insights and email updates.</div> <div class="form-group overlay-input-container border-colored"> <label class="control-label">Sign in as an Eligible Investor</label> <label class="control-label" for="forgotPasswordEmail">Email address</label> <input type="email" class="overlay-input blocked_data" id="company-email" placeholder="Your email address"/> <input type="hidden" class="blocked_data" id = "navigationItem-title" value = ""> </div> <div class="button-control"> <div class="non-registered-country-message alert-container warning"> <div class="heading">Continue with sign in?</div> <div class="msg"> To complete sign in and be redirected to your registered country, please select continue. Select cancel to remain on the current site.</div> </div> <a href="javascript:void(0)" class="button slim nohover tertiary" id="sign-in-continue">Continue</a> <a href="javascript:void(0)" class="button slim nohover cancel" data-overlay-type="close-sign-in-register">Cancel</a> </div> </form> <form id="registration-form" class="registration-field" data-form-type="registration-form-check" method="post"> <div class="overlay-description">Once registered, you'll be able to start subscribing.</div> <div class="form-group"> <ul class="overlay-ul-heading"> <li class="overflow relative" style="all: unset;"> <div class="signinregisterlabel overlay-input-container"> <label class="control-label" for="register-form-company-email">Email address</label> <input id="register-form-company-email" type="email" class="overlay-input blocked_data" disabled="disabled" tabindex="1" placeholder="Your email address"/> </div> </li> <li class="overflow relative" style="all: unset;"><label class="control-label" for="register-form-first-name">First name</label> <div class="signinregisterlabel overlay-input-container"> <input id="register-form-first-name" class="overlay-input blocked_data" type="text" onkeyup="" title="First Name" maxlength="35" tabindex="2" name="firstName" placeholder="Your first name" data-validation="^[a-zA-ZÀ-ÿ\s',\-,\.]*$"/> </div> </li> <li class="overflow relative" style="all: unset;"><label for="register-form-last-name" class="control-label">Last name</label> <div class="signinregisterlabel overlay-input-container"> <input id="register-form-last-name" class="overlay-input blocked_data" type="text" onkeyup="" title="Last Name" maxlength="35" tabindex="3" name="lastName" placeholder="Your last name" data-validation="^[a-zA-ZÀ-ÿ\s',\-\.]*$"/> </div> </li> <li class="overflow relative" style="all: unset;"><label for="register-form-firm-name" class="control-label">Company name</label> <div class="signinregisterlabel overlay-input-container"> <input id="register-form-firm-name" class="overlay-input blocked_data" type="text" onkeyup="" title="Company" maxlength="125" tabindex="4" name="firmName" placeholder="Your company name" data-validation="^[A-z0-9À-ÿ\s\,\.\?\@&\!#\~\*\_\-|;\+'\:]+$"/> </div> </li> </ul> </div> <div class="button-control"> <div class="content-only base-page page basicpage"><div class="content-only-par parsys"><div class="paragraph parbase section"></div> </div> </div> <a href="javascript:void(0)" class="button slim nohover tertiary" id="registration-continue">Continue</a> <a href="javascript:void(0)" class="button slim nohover registration-cancel" id="registration-cancel">Back</a> </div> </form> </div> </div>  <div class="overlay-container settings-overlay" data-metrics-location="PU"> <em class="fa fa-times cancel" data-overlay-type="close-settings"></em> <div class="alert-container registration-status-message"></div> <div><p class="overlay-description">Change Details</p></div> <div class="trp-client-message"> If you need to change your email address please <a href="/institutional/us/en/about/contact-us.html">contact us</a>. </div> <form id="settings-form" method="post" class="settings-field" data-form-type="registration-form-check"> <div class="form-group"> <ul class="overlay-ul-heading"> <li> <label for="settings-overlay-email">Email address</label> <div class="overlay-input-container"> <input type="email" class="overlay-input blocked_data" id="settings-overlay-email"/> </div> </li> <li> <label for="settings-overlay-first-name">First name</label> <div class="overlay-input-container"> <input type="name" class="overlay-input blocked_data" id="settings-overlay-first-name" data-validation="^[a-zA-ZÀ-ÿ\s',\-,\.]*$" /> </div> </li> <li> <label for="settings-overlay-last-name">Last name</label> <div class="overlay-input-container"> <input type="name" class="overlay-input blocked_data" id="settings-overlay-last-name" data-validation="^[a-zA-ZÀ-ÿ\s',\-\.]*$" /> </div> </li> <li> <label for="settings-overlay-firm-name">Company name</label> <div class="overlay-input-container"> <input type="name" class="overlay-input blocked_data" id="settings-overlay-firm-name" data-validation="^[A-z0-9À-ÿ\s\,\.\?\@&\!#\~\*\_\-|;\+'\:]+$" /> </div> </li> </ul> </div> <div style="display:none;" class="alert-container error"> <div> <span></span> </div> </div> <div class="button-control"> <div class="trp-client-message"><a href="javascript:void(0)" class='pwd-change-link'>Change password</a></div> <div class="registration-resend-fail"></div> <a href="javascript:void(0)" id="save-user-settings" class="button slim nohover tertiary" tabindex="1">Save</a> <a href="javascript:void(0)" style="line-height:0px;" class="button slim nohover cancel" data-overlay-type="close-settings">Cancel</a> </div> </form> </div><div class="overlay-container subscriptions-overlay" data-metrics-location="PU"> <em class="fa fa-times cancel" data-overlay-type="close-subscription-overlay"></em> <div id="has-subscriptions"> <div class="alert-container registration-status-message"></div> <div class="registration-resend-fail"></div> <div class="overlay-description">Subscriptions</div> <div id="targetFundsDiv" class="subscribed-funds-container"></div> <div id="targetCollectionsDiv"></div> <div class="button-control"> <a class="button slim tertiary" id="subscriptions-overlay-ok">OK</a> </div> </div> <div id="no-subscriptions"> <div class="alert-container registration-status-message"></div> <div class="registration-resend-fail"></div> <div class="overlay-description">You are ready to start subscribing.</div> <div class="messagecon">Get started by going to our products or insights section to follow what you're interested in.<br> <br> <a class="subs-button button tertiary" href="/institutional/us/en/products.html">Products</a> <a class="subs-button button tertiary" href="/institutional/us/en/insights.html">Insights</a> </div> </div> </div> <script id="subscribed-funds-list-template" type="text/x-handlebars-template"> {{#if subscribedFunds}} <table class="watchlist"> <thead> <tr id="Fund_watchlistoverlayTopRow" style="height:30px;"> <th class="watchheader" style="text-align:left; width:300px;">Product</th> <th class="watchheader" style="width:90px;"></th> <th class="watchheader" style="width:90px; padding-left: 30px;">Subscribed</th> <th class="watchheader" style="width:105px;">Email Updates<br>Product data/literature<br>(monthly/quarterly)</th> <th class="watchheader" style="width:105px;">Email Updates<br>Fund news/events<br>(ad-hoc)</th> </tr> </thead> <tbody> {{#each subscribedFunds}} <tr> <td id="{{fundCode}}-fundname" style="text-align:left; cursor:pointer;" class="watchdata"> <a href="{{path}}" data-code="{{fundCode}}" class="overlay-switch product-name">{{productDisplayName}}</a> </td> <td class="watchdata product-type" style="text-align:center;"> {{#ifCountryEquals 'ac'}} {{#ifEquals investmentVehicleTypeCode 'SICAV Fund'}} <span>Fund</span> {{else}} {{#equal investmentVehicleTypeCode 'Separate Account'}} {{investmentVehicleTypeCode}} {{/equal}} {{/ifEquals}} {{else}} {{#equal investmentVehicleTypeCode 'Separate Account'}} {{investmentVehicleTypeCode}} {{/equal}} {{/ifCountryEquals}} </td> <td class="watchdata"> <div class="onoffswitch" style="text-align:left;"> <input type="checkbox" name="onoffswitch" class="onoffswitch-checkbox hidden blocked_data" id="{{fundCode}}-fundonoffswitch" data-type="Product" checked=""> <label class="onoffswitch-label" for="{{fundCode}}-fundonoffswitch"> <span class="onoffswitch-inner" data-on="On" data-off="Off"></span> <span class="onoffswitch-switch"></span> </label> </div> </td> <td class="watchdata alignment"> {{#if regularEmailUpdates}} <input type="checkbox" name="notify" class="subscription-notification blocked_data" id="{{fundCode}}_ProductEmailNotification" data-originalState="checked" checked="checked"> {{else}} <input type="checkbox" name="notify" class="subscription-notification blocked_data" id="{{fundCode}}_ProductEmailNotification" data-originalState="unchecked"> {{/if}} </td> <td class="watchdata alignment"> {{#if exceptionalEmailUpdates}} <input type="checkbox" name="notify" class="subscription-notification blocked_data" id="{{fundCode}}_ProductExpEmailNotification" data-originalState="checked" checked="checked"> {{else}} <input type="checkbox" name="notify" class="subscription-notification blocked_data" id="{{fundCode}}_ProductExpEmailNotification" data-originalState="unchecked"> {{/if}} </td> </tr> {{/each}} </tbody> </table> {{/if}} </script> <script id="subscribed-collections-list-template" type="text/x-handlebars-template"> {{#if subscribedCollections}} <table class="watchlist"> <thead> <tr id="Thinking_watchlistoverlayTopRow" style="height:30px;"> <th class="watchheader" style="text-align:left; width:435px;">Insights</th> <th class="watchheader" style="width:90px;">Subscribed</th> <th class="watchheader" style="width:110px;">Email Updates</th> <th class="watchheader" style="width:105px;"> </th> <th class="watchheader" style="width:1px;"> </th> </tr> </thead> <tbody> {{#each subscribedCollections}} <tr> <td id="{{contentId}}" style="text-align:left; cursor:pointer;" class="watchdata"> <a href="{{path}}" class="overlay-switch collection-name">{{contentId}}</a> </td> <td style="text-align:left;" class="watchdata"> <div class="onoffswitch"> <input type="checkbox" name="onoffswitch" class="hidden onoffswitch-checkbox blocked_data" id="{{contentId}}-fundonoffswitch" data-type="Content" checked=""> <label class="onoffswitch-label" for="{{contentId}}-fundonoffswitch"> <span class="onoffswitch-inner" data-on="On" data-off="Off"></span> <span class="onoffswitch-switch"></span> </label> </div> </td> <td class="watchdata alignment"> {{#if regularEmailUpdates}} <input type="checkbox" name="notify" class="subscription-notification blocked_data" id="{{contentId}}_ContentEmailNotification" data-originalState="checked" checked="checked"> {{else}} <input type="checkbox" name="notify" class="subscription-notification blocked_data" id="{{contentId}}_ContentEmailNotification" data-originalState="unchecked"> {{/if}} </td> <td class="watchdata" style="text-align:center;"> </td> <td class="watchdata alignment"> </td> </tr> {{/each}} </tbody> </table> {{/if}} </script><div class="overlay-container fund-range-documents-overlay" data-metrics-location="PU"> <em class="fa fa-times cancel" data-overlay-type="close-fund-range-documents-overlay"></em> <div class="fundrange_error error alert-container" style="display:none;"> No document available</div> <div class="fund-range-documents-overlay-error-container"></div> </div> <div class="overlay-container gips-overlay" data-metrics-location="PU"> <em class="fa fa-times cancel" data-overlay-type="close-gips-overlay"></em> <h4>GIPS<sup>®</sup> Information</h4>  <div data-disclaimer-code="SEP-GIPS"> <p>T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the 27-year period ended June 30, 2023, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.</p> <p>TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.</p> <p>A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are <a adhocenable="false" href="mailto:institutional@troweprice.com" target="_blank">available upon request</a>. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is <a adhocenable="false" href="mailto:institutional@troweprice.com" target="_blank">available upon request</a>. </p> </div> </div> <div id="-otherliterature-overlay" class="overlay-container otherliterature-overlay" data-metrics-location="PU"> <em class="fa fa-times cancel" data-overlay-type="close-otherliterature-overlay"></em> <h4>Other Literature</h4> <ul> </ul> </div> <div id="legalPop" class="legalContainerBackground status-overlay-background overlay-background"></div> <div class="overlay-container product-on-off" data-metrics-location="PU"> <div id = "success-case"> <i class="fa fa-times close-status-overlay"></i> <div class="alert-container registration-status-message"></div> <h4>You have successfully subscribed.</h4> <div> <span class="sub-heading">Notify me by email when</span> </div> <div class="fund-on-off"> <span id="regularemailcontainer"> <input type="checkbox" data-cb="ProductEmailNotification" checked class="on-off-overlay-checkbox blocked_data"> </span> <span class="subtitle2">regular data and commentary is available</span><br> <span id="exceptionalemailcontainer"> <input type="checkbox" data-cb="ProductExpEmailNotification" checked class="on-off-overlay-checkbox blocked_data"> </span> <span class="subtitle2">exceptional commentary is available</span> </div> <div class="collection-on-off"> <span id="contentregularemailcontainer"> <input type="checkbox" data-cb="ContentEmailNotification" checked class="on-off-overlay-checkbox blocked_data"> </span> <span class="subtitle2">new articles become available</span> </div> <div class="registration-resend-fail"></div> <div class="button-control"> <button onclick="void(0)" class="productOnOff-ok button superslim nohover tertiary" >OK</button> </div> </div> <div id = "fail-case"> <i class="fa fa-times cancel"></i> <h4>Thank you for your continued interest</h4> <div id="subscription-error" class="alert-container error"></div> </div> </div> <div class="inactive-message-copy hidden"> <b>Registration incomplete.</b> <div class="note">Please reference the email we sent you and click the link to confirm. If you don't see an email, please check your spam folder or<a href="javascript:void(0)" class="resend-activation-email">request another email</a>. </div> </div> <div class="bounced-message-copy hidden"> <b>We need to confirm your email.</b> <div class="note"> We've been unable to send a confirmation through to the email address provided. Please kindly<a href="javascript:void(0)" class="confirm-email">confirm your email address</a> to complete your subscription and start receiving email updates.</div> </div> <script async type="text/javascript" data-turtl-script="embed" data-turtl-assets-hostname="https://assets.turtl.co" src="/etc.clientlibs/gdx/clientlibs/turtl.c0daa007ec8f22ebffa3c5efe0df56c3.js"> </script> </body> </html>

CINXE.COM

Home