As I covered about two years ago , T. Rowe Price Group ( TROW ) was suffering from relatively weak investment performance that resulted in net outflows, a trend that was not easy to reverse asLabutes IR is a Fund Manager/Analyst specialized in the financial sector, with more than 18 years of experience in the financial markets. I have worked at several type of institutions in the industry, always at the buy side and related to portfolio management. Associated with the existing author The Outsider.Analyst’s ...

(Bloomberg) -- Capital Group succeeded in keeping a low profile for almost a century, not even posting a sign outside its sprawling Los Angeles headquarters to call attention to its presence, as it offered millions of investors an array of mutual funds branded with a different humdrum name.But over much of the past decade, the firm looked on while rivals reinvented themselves and the rise of passive index investing and exchange-traded funds eroded its core business. Now, insiders say the world’s biggest act ...

智通财经APP获悉，全球资产管理及领先的退休投资管理公司普徕仕(T. Rowe Price)今日发布2026 年环球金融市场展望，认为新兴市场投资前景向好。若美联储委任取态较"鸽派"的新任主席，或将令美 国中期利率下调及美元转弱。从历史经验来看，这种环境有利新兴市场表现，因为当地央行将拥有更大 空间放宽货币政策以支持经济增长。此外，普徕仕股票部投资专家伍心钿提到，中国市场仍存在具吸引 力的投资机会。 普徕仕亚太区环球投资方案主管Thomas Poullaouec表示："在环球财政及货币政策的双重支持下， 2026年经济增长环境较2025年或将更稳定。但通胀持续高企、就业市场疲弱，以及 AI 基建支出的可持 续性，仍是影响前景的主要风险。" Poullaouec 续指："我们的多元资产投资团队对未来6-18个月的市场持平衡观点。在股票及固定收益 的资产配置上保持中性。股票方面，以未来盈利增长及估值角度来看，新兴市场股票提供最佳机遇。固 定收益方面，只要经济保持稳健增长，从存续期及总回报角度来看，信贷市场仍然具吸引力。" 普徕仕多元资产部门资本市场策略师 Tim Murray 指出，美国经济正呈现两极分化：一边厢 ...

(Bloomberg) -- Goldman Sachs Group Inc. will pay $2 billion to buy Innovator Capital Management, a deal that combines the bank with an issuer of a relatively new type of exchange-traded fund that has caught the attention and ire of some on Wall Street.Wheaton, Illinois-based Innovator — which has over $28 billion of assets under supervision across more than 150 ETFs — specializes in defined-outcome ETFs, which seek to limit investors’ downside risk in exchange for capping upside potential, and have been pop ...

Core Insights - The article discusses the author's background in analytics and accounting, highlighting over 10 years of experience in the investment sector, progressing from an analyst to a management role [1]. Group 1 - The author holds a master's degree in Analytics from Northwestern University and a bachelor's degree in Accounting [1]. - The author has a personal interest in dividend investing and aims to share insights with the Seeking Alpha community [1]. Group 2 - The author has disclosed a beneficial long position in several companies, including ABBV, ADP, CTAS, FDS, HRL, JNJ, LOW, NEE, O, PEP, TROW, and WST, through various financial instruments [2]. - The article expresses the author's personal opinions and does not involve compensation from any mentioned companies [2].

Group 1 - The T. Rowe Price Capital Appreciation Equity ETF (TCAF) is an active ETF that does not have specific style preferences, allowing it to adapt between value and growth strategies to achieve its core objective of capital appreciation [1] - The ETF is managed by a team with over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation, market trends, and portfolio optimization [1] - The management team emphasizes a combination of rigorous risk management and a long-term perspective on value creation, with a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis [1]

Core Insights - The European Commission (EC) is investigating potential collusion between Deutsche Börse and Nasdaq regarding the listing, trading, and clearing of certain derivatives [2] Group 1 - The investigation is reminiscent of the 2007 antitrust case involving the International Securities Exchange (ISE) [2]

Core Viewpoint - The stock market experienced a rally on Friday, but uncertainty remains about whether the selling frenzy from the previous week has concluded, with expectations for a higher opening on Monday [1] Market Performance - The past week was challenging for investors, with significant market fluctuations despite strong earnings reports from major companies like Nvidia [3] - Key market indices showed mixed results: - S&P 500: Up 1% on Friday, down nearly 2% for the week, and down 3.4% in November - Nasdaq Composite: Up 0.9% on Friday, down 2.7% for the week, and down 6.1% in November - Dow Jones Industrial Average: Up 1.1% on Friday, down nearly 1.9% for the week, and down 2.8% in November - Bitcoin: Down 2.1% on Friday, down 10.3% for the week, and down 20.5% so far in November [6] Corporate Earnings and Revenue - U.S. corporate revenues are projected to increase by 8.4% for the third quarter, potentially marking the best quarter since Q3 2022, when revenues rose by 11% [4] - Despite robust earnings, concerns arose that stock valuations may be inflated, with the S&P 500 up nearly 37% since early April, and the Nasdaq up 51% during the same period [5]

Core Viewpoint - Market volatility has raised concerns among investors, but experts at T. Rowe Price believe that the current nervousness will lead to a better market environment by 2026 [1][3]. Market Performance - Major stock indices experienced significant declines last week, with the S&P 500 Index falling nearly 2% and the Nasdaq-100 Index dropping 3.1%. Bitcoin also saw a substantial slump of 10.3% last week, down 23% in November, and down 9.6% for the year [2]. Future Outlook - T. Rowe Price anticipates a less volatile market in 2026, driven by a benign economic environment despite current challenges such as labor market weakness and persistent inflation [3][4]. - The firm remains optimistic that the impact of Donald Trump's tariffs has been less detrimental to the economy than initially feared, which is seen as a positive sign for stocks [5]. Economic Drivers - Significant corporate spending on artificial intelligence is contributing to economic growth, helping to offset weaknesses in the housing market and manufacturing sectors [6]. - The jobs data indicates a bifurcated economy, with non-cyclical sectors like government, education, and healthcare facing stagnation or struggles [7]. Contributing Factors - Factors contributing to the positive outlook include business and personal tax cuts, substantial tax refunds in the first half of the year, increased capital spending, job growth, and reduced tariff uncertainty [8].

Core Insights - Separate Managed Accounts (SMA) are customized investment tools for high-net-worth and institutional clients, allowing investors to directly own each security in their account while benefiting from professional management, combining the advantages of fund-like management with personal asset control [3][6][10] - Compared to Model Portfolios, SMAs offer significant differences in customization, ownership, and tax management, enabling tailored investment strategies based on individual risk preferences and ESG considerations [3][10] - The global SMA market is evolving towards digitalization, deeper ESG customization, and scalability, with opportunities for domestic accounts to adopt similar strategies to enhance personalization and tax efficiency [3][10] Overview of SMA Business - SMA allows investors to have direct ownership of securities, providing transparency and tax efficiency, making it a preferred choice for high-net-worth and institutional investors [6][10] - Various forms of SMA exist, including discretionary, non-discretionary, model-driven, multi-manager, and tax-optimized types, catering to different investor preferences and needs [12][10] International SMA Practices - J.P. Morgan is a leading SMA provider with over $300 billion in assets under management, utilizing a tax-driven index strategy that has significantly outperformed benchmarks [24][3] - Vanguard's SMA strategy focuses on low-cost, direct indexing, enhancing tax efficiency through coordinated rebalancing, with a minimum investment threshold of $10,000 [31][3] - Fidelity employs a tax-smart investing approach, utilizing a proprietary STAR Score system for stock selection and achieving a tax efficiency rate of 85% in 2024 [34][35] Key Features of SMA Providers - J.P. Morgan's SMA includes a comprehensive management structure with dedicated teams for investment management and client service, ensuring tailored solutions and compliance monitoring [16][24] - Vanguard's SMA leverages a direct indexing platform to provide personalized investment solutions, enhancing tax management and cost efficiency [31][32] - Morgan Stanley's SMA platform emphasizes professional management and tax optimization, allowing clients to directly hold assets while benefiting from expert guidance [51][53] Investment Strategies and Performance - J.P. Morgan's Large Cap Growth Strategy SMA achieved a five-year annualized net return of 15.25%, significantly outperforming the Russell 1000 Growth Index [24][3] - Morgan Stanley's ClearBridge Small Cap SMA focuses on undervalued small-cap stocks, employing a probability distribution valuation model to identify long-term growth opportunities [59][60] - Fidelity's cross-account tax loss harvesting technology enhances after-tax returns by 0.5%-1.2%, demonstrating the effectiveness of tax optimization strategies [35][3]