Our funds have delivered more returns than passive peers, more often than top active managers.
Over the last 20 years, our actively managed funds beat comparable passive funds more often—and with higher returns—than the average of all other active managers, including the five largest.
Ten-year trailing periods, rolling monthly. Period analyzed is 20 years ended 12/31/24.
TRPI funds beat comparable passive peer funds 71% of the time. That's more often than the average of all active managers—including the five largest.
Past performance is no guarantee of future results. View standardized returns and other information about TRPI’s strategy outperformance can be found here.
View more on this analysis and other important information.
For institutional investors: Information about TRPI’s strategy outperformance can be found here.
Ten-year trailing periods, rolling monthly. Period analyzed is 20 years ended 12/31/24.
TRPI funds delivered 0.78% of additional return over comparable passive peer funds on average. That's more than the average of all active managers—including the five largest.
Past performance is no guarantee of future results. View standardized returns and other information about TRPI’s strategy outperformance can be found here.
View more on this analysis and other important information.
For institutional investors: Important information about TRPI's strategy outperformance can be found here.
Our active management approach
Experts equipped with a world of information...
Experienced professionals operating around the world are supported by broad and innovative sources of information, giving them an information edge as they seek out opportunities wherever they may be.
...asking better questions...
Curiosity powers us to dig deeper and uncover insights that others might miss. Our culture demands we challenge each other’s thinking and drives a deep understanding of the companies, economies, markets, and trends to help make better decisions.
...for a dynamic, holistic view.
We push past common narratives and develop differentiated ideas by synthesizing insights and identifying patterns. Rigorous research intersects with creative thinking to provide a more comprehensive view of the investable universe and position portfolios for long-term success.
Investment expertise designed to meet client needs
Our investment capabilities harness the power of our research to meet a full range of client needs, never losing sight of our ultimate goal: to deliver better outcomes.
Retirement Solutions
Wherever you are on your retirement savings journey, we have the products, planning tools, and dedicated support to help you feel confident in your retirement.
General Investing Solutions
Invest for your short- and long-term goals with investments that put your money to work and offer flexible access whenever you need it.
Financial Advice Solutions
Take advantage of our advice solutions to work toward building a more secure financial future.
College Savings Plans
Save for your child’s future education with a tax-advantaged 529 College Savings Plan. For over 20 years, we’ve managed three 529 plans that have helped families like yours save for a brighter future.
Our investment capabilities harness the power of our research to meet a full range of client needs, never losing sight of our ultimate goal: to deliver better outcomes.
Equities
Investing across geographies, styles, capitalization size, sectors, and approaches—backed by an investment ecosystem that’s always on.
Fixed Income
Addressing clients’ needs for capital preservation, diversification, growth, and income, driven by insights from free-thinking experts who are encouraged to explore original ideas.
Multi-Asset
Powered by quality to go beyond diversification to unlock potential and find more opportunities to help our clients meet their diverse goals.
Private Equity
Staying connected to the next generation of companies through established relationships with thought leaders and a deep understanding of specific industries.
Private Credit: Oak Hill Advisors, L.P. (OHA)—External Site
Employing a rigorous, fundamental, value-based approach to credit investing that seeks to generate strong performance through our subsidiary Oak Hill Advisors (OHA).
Target Date Solutions
Leveraging active and active/passive blends that are uncompromising on risk with the aim to deliver strong results and help clients feel retirement certain.
Impact Investing
Offering equity and fixed income investments that pursue a dual mandate of positive environmental or social change alongside long-term benchmark outperformance.
Our investment capabilities harness the power of our research to meet a full range of client needs, never losing sight of our ultimate goal: to deliver better outcomes.
Equity
Investing across geographies, styles, capitalization size, sectors, and approaches—backed by an investment ecosystem that’s always on.
Fixed Income
Addressing clients’ needs for capital preservation, diversification, growth, and income, driven by insights from free-thinking experts who are encouraged to explore original ideas.
Multi-Asset
Powered by quality to go beyond diversification to unlock potential and find more opportunities to help our clients meet their diverse goals.
Private Equity
Staying connected to the next generation of companies through established relationships with thought leaders and a deep understanding of specific industries.
Private Credit: Oak Hill Advisors, L.P. (OHA)—External Site
Employing a rigorous, fundamental, value-based approach to credit investing that seeks to generate strong performance through our subsidiary Oak Hill Advisors (OHA).
Target Date Solutions
Leveraging active and active/passive blends that are uncompromising on risk with the aim to deliver strong results and help clients feel retirement certain.
Impact Investing
Offering equity and fixed income investments that pursue a dual mandate of positive environmental or social change alongside long-term benchmark outperformance.
Leadership to guide clients through any market environment
Eric Veiel is head of Global Investments and chief investment officer; cochair of the Investment Management Steering Committee, and a member of the Management Committee, the Global Equity Steering Committee, the Fixed Income Steering Committee, the Multi-Asset Steering Committee, the Product Steering Committee, and the Management Compensation and Development Committee. Eric also is a member of the Board of the T. Rowe Price Mutual Funds.
Steph Jackson is the head of T. Rowe Price Investment Management (TRPIM). He is a member of the Management Committee and the chairman of the TRPIM Investment Steering Committee. He is a member of the Investment Management Steering Committee, the Product Strategy Committee, and the Enterprise Risk Management Committee. He also is the Management Committee champion for the business resource group WAVE and Amplify Voices, which is focused on supporting and informing our firm’s ongoing efforts to attract, develop, advance, and retain underrepresented female talent. He is the executive sponsor of Moonshot, a T. Rowe Price Foundation-sponsored program supporting for-profit and nonprofit entrepreneurs in Baltimore. Steph also is the president of T. Rowe Price Investment Management, Inc.
Arif Husain is the head of Global Fixed Income and chief investment officer of the Fixed Income Division. He is chairman of the Fixed Income Steering Committee and a member of the firm’s Management Committee. Arif is lead portfolio manager for the Global Government Bond High Quality Strategy and the Global Government Bond Ex-Japan Strategy. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Sébastien Page is head of Global Multi-Asset and chief investment officer. He is a member of the Asset Allocation Committee, which is responsible for tactical investment decisions across asset allocation portfolios. Sébastien also is a member of the Management Committee of TRPI Group, Inc. He also serves as the Management Committee champion for VALOR @ TRPI, the firm’s associate-led business resource group dedicated to advancing inclusion and engagement for veterans and allies, while honoring their strength, contributions, and experience.
Josh Nelson is the Global Head of Equity, Chairman of the Global Equity Steering Committee and a member of the Management Committee. He is also a member of the Investment Management Steering Committee and the Product Steering Committee. He is Co-President of TRPI Equity Funds and TRPI ETFs. In addition, he is the Management Committee Leader of PRIDE @ T. RowePrice, a partner-led business resource group dedicated to advancing inclusion and engagement for LGBTQ+ talent and their allies. Josh is a Vice President of TRPI and TRPI Trust Company.
Justin Thomson is head of the Investment Institute and chief investment officer. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.
Important Information
All data as of December 31, 2024 unless otherwise stated.
For more information on the methodology of this analysis, please visit complete-performance-study.
Past performance is no guarantee of future results. All investments are subject to risk, including the possible loss of principal. Results from other time periods may differ. Active investing may have higher costs than passive investing and may underperform the broad market or passive peers with similar objectives. Passive investing may lag the performance of actively managed peers as holdings are not reallocated based on changes in market conditions or outlooks on specific securities.
Analysis by TRPI. Comparable passive funds are (1) mutual funds and exchange-traded funds (ETFs) classified as an "index fund" in the Morningstar Direct database and (2) in the same Morningstar category as the active funds being analyzed. All Active Managers represents the actively managed (non-"index fund") mutual funds and ETFs in the Morningstar Direct database, excluding those managed by TRPI. The performance of the TRPI active funds and the All Active Managers funds were compared against the comparable passive funds using 10- year rolling monthly periods from 1/1/05 to 12/31/24. The analysis was conducted at the Morningstar category level analyzing all open-end funds and ETFs within U.S. Morningstar categories where passive funds are present. Oldest share class returns are used for analysis. Money market funds are excluded from the analysis.
1115 funds covering 9,303 rolling 10-year periods.
2579 funds covering 48,375 rolling 10-year periods. The active assets under management (AUM) as of 12/31/24 across all funds considered in the analysis are aggregated and those funds offered at any point in the analysis period by the largest five active fund managers by AUM, identified by Morningstar, other than TRPI are grouped together here. Source: Morningstar.
35,562 funds covering 393,259 rolling 10-year periods, excluding TRPI.