Core Insights - The T. Rowe Price QM U.S. Bond ETF (TAGG) has seen significant growth, increasing from $1.2 billion to approximately $1.4 billion in assets over the past year, indicating strong investor interest in low-cost, actively managed fixed income ETFs [2][4] - TAGG has slightly outperformed the Bloomberg Aggregate Bond Index over the past year and since its inception, making it a favorable option for investors seeking active fixed income management [2][4] - T. Rowe Price is increasingly focusing on the ETF market, having launched several products in recent years, which reflects its commitment to becoming a significant player in the ETF space [3][4] Fund Performance and Characteristics - TAGG has an expense ratio of eight basis points, making it a cost-effective choice for active management compared to traditional mutual funds [4][5] - The fund has received a three-star rating from Morningstar, placing it in the middle of its peer group, which suggests consistent performance without extreme volatility [5][6] - The fund's strategy involves sector differences within the bond market, being underweighted in treasuries and overweighted in other investment-grade bonds, aligning with its active management approach [4][5] Market Context and Strategy - The current environment of expected rate cuts by the Federal Reserve makes TAGG a strategic choice for investors looking for core bond exposure rather than a tactical play [5][6] - Active management is particularly appealing during periods of volatility in the bond market, as it provides investors with professional navigation through interest rate changes and yield curve movements [5][6] - TAGG is positioned as a complement to passive strategies, offering a steady and consistent performance for cost-conscious investors [6][7]

Core Insights - OHA has increased its investment in IDEAL Holdings' Corporate Vehicle to 25% with an additional €41 million, enhancing the company's cash position [1][2] - The Corporate Vehicle holds most of IDEAL Holdings' investments, including attica Department Stores and various ICT companies [2] - OHA retains the right to co-invest up to an additional €200 million over the next two years, supporting IDEAL Holdings' growth and strategic expansion [3] Company Overview - IDEAL Holdings is a listed holding company with a diversified investment portfolio, focusing on companies with sustainable growth prospects [4] - Key investments include BYTE S.A., ADACOM S.A., BLUESTREAM SOLUTIONS S.A., attica Department Stores S.A., Barba Stathis S.A., and Chalvatzis Makedoniki S.A. [4] OHA Overview - Oak Hill Advisors (OHA) is a global credit-focused alternative asset manager with approximately $98 billion in assets under management as of June 30, 2025 [5] - OHA emphasizes long-term partnerships and provides customized credit solutions across market cycles [5]

Core Insights - T. Rowe Price Group reported preliminary assets under management (AUM) of $1.77 trillion as of September-end, an increase from $1.73 trillion at the end of August [3] Summary by Asset Class - Equity AUM stood at $885 billion [3] - Fixed income, including money market, accounted for $208 billion [3] - Multi-asset AUM was reported at $618 billion [3] - Alternatives AUM totaled $56 billion [3]

Core Insights - T. Rowe Price Group, Inc. reported preliminary assets under management of $1.77 trillion as of September 30, 2025, with net outflows of $2.0 billion for September and $7.9 billion for the quarter [1][5]. Assets Under Management - As of September 30, 2025, the breakdown of assets under management includes: - Equity: $867 billion, down from $830 billion in August 2025 [3] - Fixed Income: $208 billion, up from $205 billion in August 2025 [3] - Multi-Asset: $618 billion, up from $602 billion in August 2025 [3] - Alternatives: $56 billion, up from $55 billion in August 2025 [3] - Target Date Retirement Portfolios: $538 billion, up from $520 billion in August 2025 [3] Upcoming Earnings Release - T. Rowe Price is scheduled to release its Q3 2025 earnings on October 31, 2025, at 7:00 AM ET, followed by an earnings call from 8:00 to 8:45 AM ET [4].

Core Viewpoint - T. Rowe Price (TROW) is positioned well to potentially beat earnings estimates in its upcoming quarterly report, continuing a trend of positive earnings surprises [1]. Earnings Performance - T. Rowe Price has consistently beaten earnings estimates, with an average surprise of 5.44% over the last two quarters [2]. - In the last reported quarter, T. Rowe achieved earnings of $2.24 per share, exceeding the Zacks Consensus Estimate of $2.15 per share, resulting in a surprise of 4.19% [3]. - For the previous quarter, the company reported earnings of $2.23 per share against an expected $2.09 per share, delivering a surprise of 6.70% [3]. Earnings Estimates and Predictions - Earnings estimates for T. Rowe Price have been trending higher, supported by its history of earnings surprises [6]. - The stock has a positive Zacks Earnings ESP of +5.12%, indicating increased analyst optimism regarding its near-term earnings potential [9]. - The combination of a positive Earnings ESP and a Zacks Rank of 2 (Buy) suggests a strong likelihood of another earnings beat [9]. Earnings ESP Insights - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [7]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [8].

Core Viewpoint - T. Rowe Price Group, Inc. is positioned for potential growth despite recent stock performance challenges, with upcoming earnings expected to show revenue growth while EPS is projected to decline [3][5]. Group 1: Stock Performance - T. Rowe Price's stock closed at $103.28, reflecting a 1.54% increase from the previous day, outperforming the S&P 500's marginal gain of 0.01% [2][5]. - Over the past month, T. Rowe Price shares have declined by 8.8%, underperforming the Finance sector's gain of 1.42% and the S&P 500's increase of 4.83% [2][5]. - The stock price is currently approximately $103.73, with a trading range today between $103.47 and $104.99 [4]. Group 2: Financial Outlook - T. Rowe Price is expected to report an earnings per share (EPS) of $2.43, representing a 5.45% decrease from the same quarter last year [3][5]. - Revenue is anticipated to rise by 2.28% to $1.83 billion compared to the previous year, indicating potential growth in operations [3][5]. Group 3: Market Position - Morgan Stanley has set a price target of $125 for T. Rowe Price, suggesting a potential upside of 21.03% from its current trading price [1][5]. - The company's market capitalization stands at approximately $22.79 billion, with a trading volume of 200,143 shares on the NASDAQ exchange [4].

Company Performance - T. Rowe Price (TROW) closed at $103.28, reflecting a +1.54% change from the previous day, outperforming the S&P 500's daily gain of 0.01% [1] - Over the past month, TROW shares have decreased by 8.8%, underperforming the Finance sector's gain of 1.42% and the S&P 500's gain of 4.83% [1] Upcoming Financial Results - T. Rowe Price is expected to report an EPS of $2.43, which represents a 5.45% decrease from the same quarter last year [2] - The consensus estimate for revenue is $1.83 billion, indicating a 2.28% increase compared to the same quarter of the previous year [2] Annual Forecast - For the entire year, the Zacks Consensus Estimates predict earnings of $9.22 per share and revenue of $7.17 billion, reflecting changes of -1.18% and +1.1% respectively from the previous year [3] Analyst Estimates - Recent adjustments to analyst estimates for T. Rowe Price are important as they indicate changing near-term business trends, with upward revisions suggesting analyst confidence in the company's profitability [4] Zacks Rank and Valuation - T. Rowe Price currently holds a Zacks Rank of 3 (Hold), with a Forward P/E ratio of 11.03, which is lower than the industry average Forward P/E of 11.74 [6] - The Zacks Consensus EPS estimate has increased by 1.11% over the last 30 days [6] PEG Ratio - T. Rowe Price has a PEG ratio of 2.62, compared to the Financial - Investment Management industry's average PEG ratio of 1.18 [7] Industry Overview - The Financial - Investment Management industry is part of the Finance sector and currently holds a Zacks Industry Rank of 86, placing it in the top 35% of over 250 industries [8]

Group 1 - U.S. stocks experienced a rise as investors focused on OpenAI's $500 billion valuation, overlooking the government shutdown [4][5] - The S&P 500 index increased by 0.1%, the Nasdaq Composite rose by 0.4%, and the Dow Jones Industrial Average gained 0.2%, with the S&P 500 and Nasdaq reaching new record highs [4] - OpenAI's recent secondary share sale raised $6.6 billion, contributing to its valuation of $500 billion, with notable investors including Thrive Capital and SoftBank Group [5][6] Group 2 - The high valuation of OpenAI reflects optimism for its future and sustained demand for its products, particularly ChatGPT, which has positively impacted other AI-related companies like Nvidia and AMD [6] - Stock futures for major indices, including the S&P 500 and Nasdaq 100, showed positive movement ahead of the market opening [6] Group 3 - The economic calendar is currently light due to the government shutdown, but upcoming speeches from Federal Reserve officials may provide insights into monetary policy [7][8] - Federal Reserve Vice Chair Philip Jefferson emphasized the need to balance inflation risks with labor market support, while Dallas Fed President Lorie Logan advised caution regarding future rate cuts amid persistent inflation [8]

Core Insights - Oak Hill Advisors ("OHA") acted as the Administrative Agent and Lead Left Arranger for a private unitranche financing to support Francisco Partners' acquisition of Elite, a leading provider of ERP software and integrated payment solutions for law firms globally [1][2] Company Overview - OHA is a global credit-focused alternative asset manager with over 30 years of investment experience, managing approximately $98 billion of capital across various credit strategies as of June 30, 2025 [4] - Elite, founded in 1947, is a leading independent technology company that provides innovative digital financial solutions for law firms [6] - Francisco Partners is a global investment firm specializing in technology and technology-enabled businesses, having invested in over 450 technology companies and raised more than $50 billion in capital [7] Transaction Details - The financing transaction follows OHA's previous role as the sole lender for TPG's carve-out of Elite from Thomson Reuters in 2023, showcasing OHA's familiarity with the company and its expertise in ERP software investments [2] - Eric Muller, Partner and Portfolio Manager at OHA, highlighted Elite's strong performance and growth, emphasizing its market leadership and customer retention [3]

Group 1: S&P 500 Overview - The S&P 500 index currently has an average yield of around 1.2%, which may not be sufficient for most investors' retirement goals [1] Group 2: Realty Income - Realty Income is known as "The Monthly Dividend Company," emphasizing its commitment to reliable dividend payments, having increased payouts annually for 30 consecutive years [2] - As a major player in the net lease REIT sector, Realty Income owns over 15,600 properties, focusing on retail and industrial assets, although its growth rate is slow due to its size [3] - Realty Income offers a dividend yield of 5.3% at current share prices, making it attractive for income investors [4][7] Group 3: T. Rowe Price - T. Rowe Price has a strong asset-management business with a customer base that is generally reluctant to move their investments, contributing to its reliability [6] - The company faces pressure on its assets under management due to the rise of low-cost ETFs, but it is adapting by introducing ETFs and expanding into private market investments [8] - T. Rowe Price currently has a dividend yield of 4.9% and benefits from a debt-free balance sheet [7][8] Group 4: Bank of Nova Scotia - The Bank of Nova Scotia also offers a dividend yield of 4.9% and has a long history of paying dividends since 1833 [7]