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United States 410.345.2000©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.

2023 Annual Report

For more information, visit troweprice.com.

T. Rowe Price Group

View our digital Annual Report at:troweprice.com/annualreport2023

2023
2023

AnnualAnnualReport
ReportT. Rowe Price GroupWe’re driven by our purpose: to identify
and actively invest in opportunites tohelp people thrive in an evolving world.

Board of Directors

Corporate Headquarters

Additional Information

William J. Stromberg
Non-executive Chair of the Board
T. Rowe Price Group, Inc.

100 East Pratt Street
Baltimore, MD 21202
United States
410.345.2000

SEC Form 10-k
A paper copy is available, at no charge,
by sending a written request to:

We provide an array of commingled funds, subadvisory services, separate accountmanagement, collective investment trusts, retirement recordkeeping, and related services
for individuals, advisors, institutions, and retirement plan sponsors.

Glenn R. AugustFounder and Chief Executive Officer
Oak Hill Advisors, L.P.

Our intellectual rigor helps us seek the best ideas for our clients, our integrity ensuresthat we always put their interests first, and our stability lets us stay focused on their goals
as we pursue better investment outcomes.

Robert W. Sharps
Chief Executive Officer and President
T. Rowe Price Group, Inc.

Mark S. Bartlett
Retired Managing Partner
Ernst & Young
William P. Donnelly
Retired Executive Vice President
Mettler Toledo International, Inc.
Dina Dublon
Retired Executive Vice President
and Chief Financial Officer
JPMorgan Chase & Co.
Dr. Freeman A. Hrabowski III
President Emeritus
University of Maryland,
Baltimore County
Robert F. MacLellan
Non-executive Chairman
Northleaf Capital Partners
Eileen P. Rominger
Former Senior Advisor
CamberView Partners
Cynthia Smith
Senior Vice President,
Regional Business andDistribution Development
MetLife, Inc.
Robert J. Stevens
Retired Chairman, President,
and Chief Executive Officer
Lockheed Martin Corporation
Sandra S. Wijnberg
Former Partner and Chief
Administrative Officer
Aquiline Holdings LLC
Alan D. Wilson
Retired Executive Chairman
McCormick & Company, Inc.

New HQ in Late 2024:
1307 Point Street
Baltimore, MD 21231
United States

Office Locations

David Oestreicher
General Counsel and Corporate Secretary
T. Rowe Price Group, Inc.
100 East Pratt Street
Baltimore, MD 21202
Fax: 410.345.6575
A copy is available on our website:
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Virtual Annual Meeting

T. R OW E P R I C E G R O U P

A letter from
our CEO andPresident
Dear Stockholder,
While 2023 was a challenging year for us
with substantial net outflows, it also brought
progress. Investment performance improved,
and we advanced important work to ensure
our firm is positioned for future growth.
We are building momentum and are seeing
a number of early indicators that support
our confidence that better days are ahead.
We have a long and solid track record of
putting clients first and pursuing excellence.

“Magnificent Seven.”1 For the year, theseI am confident that we will build on thisseven stocks returned 75.15% on a capitalization-

tradition—delivering compelling value for ourweighted basis versus a 15.08% gain for the rest

clients, our associates, and our stockholders.

of the stocks in the S&P 500 Index and 26.29%
for the S&P 500 as a whole. That same relative

Capital Markets
A year that began with serious doubts about the
global economic outlook ended on a brighter noteas investors began to anticipate a pivot away frommonetary tightening by the U.S. Federal Reserveand other central banks. Hopes rose that the
U.S. economy might reach a soft landing—slower
growth and easing wage pressures, but withouta recession.

performance trend boosted the tech-heavy
Nasdaq Composite Index to a 43.42% gain
for the year.
The technology rebound also helped growth
outperform value in the U.S. large-cap space,with the Russell 1000 Growth Index returning
42.68% while the Russell 1000 Value Index
gained 11.46%. Small- and mid-cap stocks
struggled through much of 2023 but led
the market higher in the final two months

Most major global equity markets postedof the year. The Russell 2000 Index returned

positive returns in 2023, although U.S. gains

16.93%, and the S&P 400 Index—a popularwere concentrated in a handful of mega-cap

mid-cap benchmark—returned 16.44%.

technology stocks widely known as the1

2

Stockholder Letter

Non-U.S. equity markets underperformed the U.S.

It is widely recognized within the investment

in 2023, reflecting their generally lower exposure

industry that net flows tend to lag performance.

to Big Tech. The MSCI All Country World Index

This was especially true for us last year, as the

ex USA returned 16.21% in U.S. dollar terms, thestrong absolute and relative returns in several

MSCI Europe Index gained 20.66%, and the MSCI

of our flagship U.S. equity strategies did notJapan Index rose 20.77%. The MSCI Emerging

translate into improving flows. For the firm, net

Markets Index returned 10.27%, held back byoutflows totaled $81.8 billion in 2023, althoughnegative performance in China and several other

our Target Date franchise saw inflows of $13.1

emerging Asian equity markets.

billion. While 2024 could remain challenging,

Growing expectations that interest rates had
peaked triggered powerful rallies in U.S. andnon-U.S. fixed income markets in late 2023,
erasing losses suffered earlier in the year. The

I believe the worst appears to be behind us.
Regardless, I remain confident that we will
be able to return the firm to organic growthin the years ahead.

Bloomberg U.S. Aggregate Bond Index returned

Reflecting the difficult operating environment,

5.53%, and the Bloomberg Global Aggregate

investment advisory revenues, which typically

ex USD Bond Index gained 5.72%.

account for about 90% of the firm’s total

Falling yields and improving economic
sentiment were especially beneficial for global
credit sectors. The Bloomberg U.S. Corporate
Investment Grade Bond Index returned 8.52%,
and the J.P. Morgan Global High Yield Index
gained 13.26%. The J.P. Morgan Emerging
Markets Bond Index Global returned 10.45%.

Financial Results

revenues, fell to $5,747.7 million in 2023,
a 3.7% decline from 2022’s $5,969.1 million.
Total revenues, on the other hand, fell just 0.4%,
to $6,460.5 million from $6,488.4 million in 2022.
The difference reflects a gain in capital allocationbased income, which represents the changein accrued carried interests earned from certain
alternative funds.
On a generally accepted accounting principles(GAAP) basis, earnings per share rose in 2023,

Our financial performance in 2023 continued

to $7.76 per share from $6.70 in 2022. However,to be challenged by the lingering impact of 2022’s

on a non-GAAP basis, per-share earnings

persistent bear market and by net outflows, which

declined to $7.59 from $8.02 in 2022. The non-were somewhat larger than we had anticipated

GAAP figures adjust for certain nonoperating

at the beginning of the year. Although assets

investment gains, and acquisition-related

under management (AUM) ended the year higher

amortization and costs, and impairments,($1,444.5 billion versus $1,274.7 billion at year-

among other things. We believe the adjusted

end 2022), that increase largely reflected theresults better reflect the performance of ourstrong market rallies seen in the final two months

core business.2of the year. For 2023 as a whole, average AUM
declined slightly, to $1,362.3 billion from $1,398.4
billion in 2022.

Expense management was a critical priority
in 2023, as we sought to offset revenue declines
while protecting our ability to invest in our

T. R OW E P R I C E G R O U P

strategic priorities. We pursued a numberof efforts to manage expenses, drive efficiency,
and create a cost structure appropriate for thesize and scale of the firm. We slowed the paceof hiring and head count growth by closing selectpositions and, in July, we eliminated approximately
2% of our existing positions globally. For the year,
total head count rose slightly, to 7,906 from 7,868
at the end of 2022, due to targeted hires in key
strategic areas.

Investment Performance
Performance improved in both absoluteand relative terms for the majority of our actively
managed strategies in 2023, with particularstrength in U.S. growth equities, high yield credit,
and our flagship Retirement Funds.
 64% of the primary share classes forour actively managed U.S. mutual funds
outperformed the median within their

Slower hiring and a hybrid working environment

Morningstar categories last year, while

also made it possible to examine real estate

37% finished in the top quartile—moreusage. We were able to consolidate associates

than double the 2022 total.3

in reduced space at our Owings Mills, Maryland,
and Colorado Springs, Colorado, locations.

 Over trailing 3-, 5-, and 10-year periods, 52%,
56%, and 71%, respectively, of primary share

On a GAAP basis, operating expenses roseclasses outperformed their Morningstar

8.7% in 2023, to $4.474.3 million from $4,114.7

medians.3

million in 2022, but were up a smaller 4.2% on
an adjusted non-GAAP basis, to $4,260.7 million
from $4,087.8 million.2

 On an asset-weighted basis, 55%, 57%, 86%of our funds outperformed their Morningstar
medians3 over those same periods.

Our balance sheet remained strong at the endof 2023, with $2.5 billion of cash and discretionary

Last year’s absolute improvements were due

investments—a $300 million increase from year-

in large part to market recoveries following theirend 2022. Financial strength allowed us to reward

2022 downturns. But we would attribute ourour stockholders. We raised our quarterly dividend

relative strength among active managers toto $1.22 per share, marking our 37th consecutive

the enduring benefits of our disciplined, long-year of dividend increases. We also completed

term investment approach, which seeks to avoid$254 million in share buybacks in 2023, more

overreacting to temporary setbacks and periods

than offsetting dilution from stock-basedof market volatility.

compensation and reducing shares outstanding
to 223.9 million at year-end. All told, we returned$1.4 billion to stockholders through buybacks
and dividends, bringing the three-year total to $6.2
billion and the five-year total to $9.7 billion. Overthe three years ended in 2023, we returned 93%
of our adjusted net income to stockholders.

Our U.S. large-cap growth funds provided perhaps
the most striking example of this underlying
advantage. After a disappointing 2022, our large
growth managers remained consistent in theirapproach and confident that their strategies were
well positioned to deliver compelling long-term
performance. The results in 2023 were strongly
positive: Our three largest U.S. large-cap growth3

4

Stockholder Letter

funds all finished in the top quartile of Morningstar’sof expertise. In addition to delivering top-quartile

large growth category. And while the Magnificent

performance in its Morningstar category overSeven tech stocks dominated the performance ofthe past one, three, five, and 10 years, the fundthe large growth universe as a whole—contributing

has demonstrated its ability to beat the S&P 500

over 60% of the return on the Russell 1000 Growthbenchmark over time.

Index—our strategies delivered alpha from a muchbroader set of active investment decisions. For
example, in our Large-Cap Growth Fund, two-thirdsof the 2023 outperformance came from stocks notin the Magnificent Seven.

To further leverage our global researchcapabilities, we have extended the collaborative
portfolio concept by combining the best ideasof our U.S. and non-U.S. equity analysts in a single
Global Structured Research Equity Strategy, now

The strength of our global research platform could

offered both as a SICAV and as a separate accountbe seen in the performance of our U.S. Equity

mandate. We believe this approach offers good

Research Fund, where a team of 25 equity analysts

potential for AUM growth going forward and cancontribute to the portfolio in their respective areas

compete with passive funds.

Performing for Investors Across Asset Classes% of Funds/
Composites

U.S. Mutual Funds Outperforming
Morningstar Median3,4

U.S. Mutual Funds Outperforming
Morningstar Passive Peer Median3,5

Composites Outperforming
Benchmarks6

1
year

3
years

5
years

10
years

1
year

3
years

5
years

10
years

1
year

3
years

5
years

10
years

Equity

53%

50%

53%

71%

58%

45%

51%

51%

50%

30%

51%

62%

Fixed Income

63%

58%

50%

62%

59%

53%

58%

57%

55%

35%

48%

73%

Multi-Asset

76%

47%

67%

81%

73%

45%

61%

54%

NA

NA

NA

NA

All Funds/
Composites

64%

52%

56%

71%

64%

48%

56%

53%

52%

32%

50%

66%

U.S. Mutual Funds Outperforming
Morningstar Median3,4

U.S. Mutual Funds Outperforming
Morningstar Passive Peer Median3,5

1
year

3
years

5
years

10
years

1
year

3
years

5
years

10
years

1
year

3
years

5
years

10
years

Equity

66%

46%

42%

83%

69%

34%

31%

51%

56%

33%

44%

51%

Fixed Income

68%

69%

66%

76%

60%

68%

68%

63%

56%

31%

44%

52%

Multi-Asset

94%

72%

91%

96%

94%

63%

95%

95%

NA

NA

NA

NA

All Funds

74%

55%

57%

86%

75%

45%

52%

64%

56%

33%

44%

51%

% of AUM

Composites Outperforming
Benchmarks6

Past performance cannot guarantee future results.
As of December 31, 2023. Primary share class only. Excludes T. Rowe Price passive funds, OHA products, and fund categories not
ranked by Morningstar. Source: Morningstar. Please see page 12 for more Morningstar information.

T. R OW E P R I C E G R O U P

Our Retirement Funds benefited during the stock Expanding our private markets and alternatives

market recovery from their higher equity glide

capabilities by leveraging our distribution

paths versus peers. Their strategic design and thechannels and Oak Hill Advisors’ (OHA)

strength of our underlying investments and security

investment capabilities.

selection also lifted performance in 2023.
T. Rowe Price has always believed that investment
performance should be evaluated over the longterm, so we know not to read too much into asingle year’s results. That said, we are encouragedby the progress our managers made in 2023 andbelieve they have laid the groundwork for continued
success in 2024 and in the years to come.

Our Strategic Priorities
Investment excellence is the first of our evergreen
strategic priorities, along with delivering worldclass client service; being a leader in retirement;
and attracting and retaining top, diverse talent.
As I shared in last year’s annual report, in addition
to these evergreen strategic priorities, we arefocusing our efforts on several core areas ofstrength where we have already invested resources
over many years and where we believe we havethe greatest opportunity for growth and long-term
success, including: Bolstering our U.S. intermediary wealthchannel and emerging as a top partner
for the largest distributors in the U.S.
 Accelerating growth in international markets
with a focus on unlocking growth in markets
where we have existing businesses that offer
the greatest opportunity.
 Improving our individual investor client
experience through an improved digital
experience and differentiated service offering.

We are also focused on enhancing our operations,data, and technology capabilities to accelerate
execution and deliver new solutions that drive
AUM growth.

5

6

Stockholder Letter

Advancing Our Strategic Priorities
With a shared focus on these priorities, we madeimportant progress in 2023. We advanced efforts
to deepen our client partnerships, expanded
our investment and operational capabilities,
and continued to broaden our global reach.
We made important hires and met some early
milestones. I have included a few highlightsof our progress below.
First Joint, Co-branded Product With OHA
We launched the T. Rowe Price OHA Select Private
Credit Fund, or OCREDIT, with over $1.5 billionof investable capital. OHA’s 30-year history ofdelivering strong performance in alternative credit,
coupled with our strong existing relationships andresources in the wealth channel, positions us for
success. Together, we are building a consistent andrepeatable process to deliver alternative investments
to the wealth management channel.
Continued Strength in Target Date Franchise
We have an industry-leading position in ourTarget Date franchise—with strong investment
performance and net inflows of $13.1 billion in 2023.
Product design enhancements were made to extend
fixed income diversification and help defend against
future market volatility. We continue to innovate andhave added new capabilities, like our Retirement
Income Funds, and are developing new customized
retirement income solutions.
Broadened Range of Products
Clients expect compelling investment strategies
offered in a variety of vehicles to meet their needs,
and we are delivering. Our Active ETF businessgained momentum in 2023 with the launch of five
fully transparent equity exchange-traded funds(ETFs) and total ETF AUM exceeding $2.5 billion

at year-end. Our new Capital Appreciation Equity
ETF that launched in June has placement withover 20 broker-dealers and scaled to $670 million
in AUM by year-end. We also filled out our rosterof separately managed accounts (SMAs) with thelaunch of four municipal and two equity strategies.
Innovative Blue Bond Strategy
We partnered with the International FinanceCorporation, part of the World Bank Group, to create
the T. Rowe Price Emerging Markets Blue Economy
Bond Strategy—a pioneering global blue bondstrategy that will increase access to finance for blue
projects in emerging markets. With this innovative
strategy, we are seeking to provide competitive
returns while supporting the health, productivity, andresilience of the world’s oceans and water resources.
Expanded Retirement Offering
In March, we acquired Retiree, Inc., to enhance
our ability to expand and retain relationships withpreretiree and retiree clients by providing tax-aware
retirement income and Social Security claiming
strategies. This acquisition reflects our commitment
to broadening and evolving our already strong
retirement capabilities and deepens our position
as a retirement leader.
Revitalized Workplaces
Providing associates with a workplace environmentthat enables productivity, enhances well-being,and supports a flexible and collaborative approach
to work is a significant driver of our culture.
In 2023, we completed the renovation of our new
London office in Warwick Court, with nearly 1,000
associates relocating to the space in September. In
addition, we celebrated several milestones in
the construction of our new global headquarters
in Baltimore, Maryland, including a ceremonial beamsigning to mark the end of exterior construction.

T. R OW E P R I C E G R O U P

We expect to begin to move associates in the fourth

recognition honors women who are helping

quarter of 2024.

to shape the modern financial services industry
and leading it confidently into the future.

Depth of Leadership TeamThe strength and depth of our leadership teamwas demonstrated in 2023.
 With Robert Higginbotham’s retirement, Dee
Sawyer was named head of Global Distribution.
Dee joined T. Rowe Price in 2011 and previously We were included in Forbes’ annual listof America’s Best Employers By State. 70,000
U.S. workers were surveyed on several factors,
including diversity, compensation, and potential
for development.
 Through our charitable giving program, ourled our U.S. Intermediaries and Retirement Plan

associates donated $8.8 million to more thanServices business channels.

1,900 causes around the world. With our Matching Arif Husain was named head of Global Fixed
Income, with Andrew (Andy) McCormick’s
retirement. Arif, who joined the firm in 2013,
was formerly the head of International Fixed
Income and a portfolio manager.
 Eric Veiel’s role expanded to become headof Global Investments. This broader role
recognizes his strong leadership as a chief
investment officer and the head of Global Equity,
as well as his extensive investment experience.
Making an Impact
What we do matters. Our firm, our leaders, and ourassociates are making an impact: For the 13th consecutive year, we were named
one of Fortune magazine’s World’s Most Admired
Companies in 2023.7
 Among the more than 330 asset management
firms nominated, we came in a very close secondin Institutional Investor’s inaugural 2023 ranking

Gift Program, this total rose to $15.6 million.

Looking Forward
Our progress is a result of our associates’commitment to investment excellence, to superb
client service, and to driving our corporate
strategy forward.
We have a strong foundation—with continued
strong Target Date franchise flows, growth in
our alternatives platform, and solid equity and
fixed income performance. From this position ofstrength, we are building momentum in our work
to deliver new vehicles, new capabilities, and newexperiences. I am confident that we have the rightteam and that, working together with clarity andpurpose, we will deliver for our clients, associates,and stockholders.
On behalf of our associates, thank you for yourconfidence in us.
Sincerely,of America’s Top Asset Management Firms.
 Jen Dardis, our chief financial officer, and Cheryl
Mickel, our head of U.S. Taxable Low Duration,
were named to Barron’s Top 100 Most Influential
Women in U.S. Finance 2023 list. This prestigious

Robert W. Sharps
Chiefecutivecer and President

7

8

rom

ur oardFrom Our Board
A Note From Lead Independent Director Alan Wilson
The Board of Directors of T. Rowe Price Group announced

and successfully launching T. Rowe Price Investment

in mid-February 2024 that Bill Stromberg, non-executive

Management (TRPIM)*. He has served as chair ofchair, will retire from the Board at the company’s May

the Board since 2019, providing strong leadership2024 Annual Meeting of Stockholders. At that time,

for the organization through tumultuous markets and

Rob Sharps will become chair of the Board, in addition

the global pandemic while he continued his commitment

to continuing as CEO and president of the firm.

to rigorous financial discipline and the buildout of diverse

Bill has had a long and distinguished career with
T. Rowe Price since joining in 1987 as an equity analyst.
He went on to serve as a portfolio manager of the US

Board leadership. Bill’s impact on T. Rowe Price will be
felt for years to come, and we thank him for his steadfast
leadership and contributions.

Structured Research Equity and US Dividend Growth

As a result of Rob’s strong leadership of the firm throughStrategies, director of Equity Research, head of U.S.

a challenging period, the Board felt that combining theEquity, head of Equity, president and CEO.

chair and CEO roles was the right choice. We are excited

He led significant initiatives such as building out thefirm’s global investment and distribution capabilities

about the steps Rob’s taken and his vision for the futureof the firm, and we look forward to working with him
in his role as chair.

*T. Rowe Price Investment Management, Inc., is managed separately from the other T. Rowe Price-branded advisers
and independently makes investment, research, and proxy voting decisions.

A Note From Non-executive Chair William Stromberg
Though net outflows continued in 2023, my fellow

significant product distribution development experience

directors and I are pleased with our leadership team’s

and an understanding of operating in a highly regulated

progress in executing our strategic priorities. We believe

industry, and William Donnelly, who previously served asthese initiatives, coupled with improved investment

executive vice president for Mettler Toledo International

performance and our associates’ unwavering commitment

Inc. and brings significant financial reporting andto clients, are setting the stage for renewed growth

operational experience.

and increasing shareholder value.
We had several changes to our Board in 2023.
Mary K. Bush retired after more than 10 years ofdedicated service. We deeply appreciated her prudent
guidance, integrity, and wisdom over the years andOur Board is composed of executives with extensive
experience leading large and complex organizations.
Their expertise and unique perspectives ensure strong
governance, and I thank them for their service toT. Rowe Price.

wish her well in her retirement. In addition to Mary’s

As I step down as chair of the Board after a 37-year

retirement, Richard Verma resigned from the Board

career with T. Rowe Price, I want to underscore myto accept President Joe Biden’s nomination to serve

confidence in the firm’s leadership team and associates.

as the Deputy Secretary of State for Management

With dedication and teamwork, they established strong

and Resources. Rich’s deep understanding of global

momentum in 2023. They continue to work harder andperspectives and appreciation for culture made him

smarter than ever to deliver great outcomes for the firm’s

a valuable contributor to our board. We are gratefulclients across the globe.

for his service.

It has been an honor to work with this extraordinary

We also welcomed two new members: Cynthia Smith,organization, and I look forward to watching the firm’s

senior vice president for MetLife, Inc., who brings

success in the years to come.

oard ofirectors

T. R OW E P R I C E G R O U P

Board of Directors

From Left to Right
1. Eileen P. Rominger

6. Robert W. Sharps

2. Dr. Freeman A. Hrabowski III

7. Cynthia Smith

Former Senior Advisor
CamberView Partners

President Emeritus
University of Maryland,
Baltimore County

3. Robert F. MacLellan
Non-executive Chairman
Northleaf Capital Partners

4. Dina Dublon

Chief Executive Officer and President
T. Rowe Price Group, Inc.

12. Mark S. Bartlett

8. Alan D. Wilson

Retired Executive Vice President
Mettler Toledo International, Inc.

Retired Executive Chairman
McCormick & Company, Inc.

9. Glenn R. August

5. Robert J. Stevens

10. William J. Stromberg

Photo as of Q4 2023.

Former Partner and Chief
Administrative Officer
Aquiline Holdings LLC

Senior Vice President,
Regional Business andDistribution Development
MetLife, Inc.

Retired Executive Vice President
and Chief Financial Officer
JPMorgan Chase & Co.

Retired Chairman, President,
and Chief Executive Officer
Lockheed Martin Corporation

11. Sandra S. Wijnberg

Founder and Chief Executive Officer
Oak Hill Advisors, L.P.

Non-executive Chair of the Board
T. Rowe Price Group, Inc.

Retired Managing Partner
Ernst & Young

13. William P. Donnelly

910

inancial Information

Financial Information
and Form 10-K
Selected Consolidated Financial Data
2023

2022

2021

2020

2019

(In Millions, Except Per-Share Data)
Net revenues

$

6,461

$

6,488

$

7,672

$

6,207

$

5,618

Net operating income

$

1,986

$

2,374

$

3,710

$

2,746

$

2,387

Net income

$

1,836

$

1,450

$

3,099

$

2,523

$

2,249

Net income (loss) attributable toredeemable non-controlling interests

$

47

$

(108)

$

16

$

151

$

118

Net income attributable to
T. Rowe Price Group, Inc.

$

1,789

$

1,558

$

3,083

$

2,373

$

2,131

Adjusted net income attributable to
T. Rowe Price Group, Inc.i

$

1,750

$

1,865

$

2,995

$

2,277

$

1,976

Basic earnings

$

7.78

$

6.73

$

13.25

$

10.08

$

8.82

Diluted earnings

$

7.76

$

6.70

$

13.12

$

9.98

$

8.70

$

7.59

$

8.02

$

12.75

$

9.58

$

8.07

$

4.88

$

4.80

$

7.32

$

3.60

$

3.04

Per common share information

Adjusted diluted earningsiCash dividends declaredii
Weighted-average common shares
outstanding

224.10

226.0

226.6

228.8

235.4

Weighted-average common shares
outstanding assuming dilution

224.80

227.1

228.8

231.2

238.6

2020

2019

December 31,
2023

2022

2021

Balance sheet data (in millions)
Total assets$

12,279$11,643$

12,509$10,659$

9,330

Redeemable non-controlling interests

$

594

$

657

$

982

$

1,562

$

1,121

Stockholders’ equity attributable to
T. Rowe Price Group, Inc.

$

9,505

$

8,840

$

9,023

$

7,707

$

7,102

Assets under management (in billions)$

1,444.5$

1,274.7$

1,687.8$

1,470.5$

1,206.8i

These items represent non-GAAP financial measures that have been established in order to increase transparency for the purpose ofevaluating our core business, for comparing current results with prior period results, and to enable more appropriate comparison withindustry peers. See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for the definitionsof these measures and the related reconciliation from U.S. GAAP.

ii

The Board of Directors declared a special cash dividend of $3.00 per common share during 2021. Regular cash dividends declared
were $4.32 per common share for 2021.

T. R OW E P R I C E G R O U P

11Common Stock Performance
Our common stock trades on the NASDAQ Global Select Market under the symbol TROW. This chartcompares the total cumulative return on our common stock with that of the S&P 500 Index and the
NASDAQ Asset Manager Index.
For purposes of this presentation, we assume that $100 was invested in our common stock and eachof the indexes on December 31, 2018, and that all subsequent dividends have been reinvested. We havecalculated this information based on data provided by NASDAQ OMX Global Indexes and data obtained
from the Standard & Poor’s website (standardandpoors.com).
Past performance does not guarantee future results.

NASDAQ
Asset Manager Index

250�218.00

S&P 500 Index200�207.23

TROW

150

100

�139.56
$100

50

0

2018

2019

2020

2021

2022

2023

12

2 0 2 3 A N N UA L R E P O R T

ndnotesEndnotes

Additional Disclosures

1

Magnificent Seven consists of Apple, Microsoft,
Meta Platforms, Amazon, NVIDIA, Alphabet, and Tesla.

2

See the reconciliation to the comparable U.S. GAAP
measure in the firm’s 2023 Annual Report on Form 10-K
included at the end of this Annual Report to stockholders.

3

Source: ©2024 Morningstar, Inc. All rights reserved.
The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not
be copied or distributed; and (3) is not warranted to beaccurate, complete, or timely. Neither Morningstar nor
its content providers are responsible for any damages
or losses arising from any use of this information. Past
performance is no guarantee of future results.

The “S&P 500 Index” and “Dow Jones Industrial Average”
is a product of S&P Dow Jones Indices LLC, a division of
S&P Global, or its affiliates (“SPDJI”) and has been licensed
for use by T. Rowe Price. Standard & Poor’s ® and S&P ®
are registered trademarks of Standard & Poor’s Financial
Services LLC, a division of S&P Global (“S&P”); Dow Jones ®
is a registered trademark of Dow Jones Trademark Holdings
LLC (“Dow Jones”); and these trademarks have been licensed
for use by SPDJI and sublicensed for certain purposes by
T. Rowe Price. T. Rowe Price is not sponsored, endorsed,
sold or promoted by SPDJI, Dow Jones, S&P, their respective
affiliates, and none of such parties make any representation
regarding the advisability of investing in such product(s)nor do they have any liability for any errors, omissions,or interruptions of the indexes.

4

Source: Primary share class only. Excludes money market
mutual funds, funds with an operating history of less than
1 year, T. Rowe Price passive funds, and T. Rowe Price funds
that are clones of other funds. The top chart reflects thepercentage of T. Rowe Price funds with 1 year, 3 year, 5 year,
and 10 year track record that outperformed the Morningstar
category median. The bottom chart reflects the percentage
of T. Rowe Price funds AUM that has outperformed for thetime periods indicated. Total AUM included for this analysis
includes $323B for 1 year, $323B for 3 years, $323B for 5
years, and $320B for 10 years.

5

Passive Peer Median was created by T. Rowe Price using
data from Morningstar. Primary share class only. Excludes
money market mutual funds, funds with an operating
history of less than 1 year, funds with fewer than 3 peers,
T. Rowe Price passive funds, and T. Rowe Price funds
that are clones of other funds. This analysis compares
T. Rowe Price active funds with the applicable universeof passive/index open-end funds and ETFs of peer firms.
The top chart reflects the percentage of T. Rowe Pricefunds with 1 year, 3 year, 5 year, and 10 year track recordthat outperformed the passive peer universe. The bottom
chart reflects the percentage of T. Rowe Price funds AUM
that has outperformed for the time periods indicated.
Total AUM included for this analysis includes $307B for
1 year, $272B for 3 years, $271B for 5 years, and $263B
for 10 years.

6

Composite net returns are calculated using the highest
applicable separate account fee schedule. Excludes money
market composites. All composites compared to official
GIPS composite primary benchmark. The top chart reflects
the percentage of T. Rowe Price composites with 1 year,
3 year, 5 year, and 10 year track record that outperformed
their benchmarks. The bottom chart reflects the percentage
of T. Rowe Price composite AUM that has outperformed
for the time periods indicated. Total AUM included for thisanalysis includes $1,280B for 1 year, $1,264B for 3 years,$1,255B for 5 years, and $1,222B for 10 years.

7

Fortune ® is a registered trademark and Fortune World’s
Most Admired Companies™ is a trademark of Fortune MediaIP Limited and are used under license. Fortune and Fortune
Media IP Limited are not affiliated with, and do not endorse
products or services of, T. Rowe Price.

Source for NASDAQ data: NASDAQ.
London Stock Exchange Group plc and its group
undertakings (collectively, the “LSE Group”). © LSE Group
2024. All rights in the FTSE Russell indexes or data vestin the relevant LSE Group company which owns the index
or the data. Neither LSE Group nor its licensors accept any
liability for any errors or omissions in the indexes or dataand no party may rely on any indexes or data contained in thiscommunication. No further distribution of data from the LSEGroup is permitted without the relevant LSE Group company’s
express written consent. The LSE Group does not promote,sponsor or endorse the content of this communication.
Source: MSCI. MSCI and its affiliates and third party
sources and providers (collectively, “MSCI”) makes
no express or implied warranties or representations andshall have no liability whatsoever with respect to any MSCI
data contained herein. The MSCI data may not be further
redistributed or used as a basis for other indices or any
securities or financial products. This report is not approved,
reviewed, or produced by MSCI. Historical MSCI data andanalysis should not be taken as an indication or guaranteeof any future performance analysis, forecast or prediction.
None of the MSCI data is intended to constitute investment
advice or a recommendation to make (or refrain from making)any kind of investment decision and may not be relied on
as such.
Source for Bloomberg: Bloomberg Index Services Limited.

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We’re driven by our purpose: to identify
and actively invest in opportunites tohelp people thrive in an evolving world.

Board of Directors

Corporate Headquarters

Additional Information

William J. Stromberg
Non-executive Chair of the Board
T. Rowe Price Group, Inc.

100 East Pratt Street
Baltimore, MD 21202
United States
410.345.2000

SEC Form 10-k
A paper copy is available, at no charge,
by sending a written request to:

We provide an array of commingled funds, subadvisory services, separate accountmanagement, collective investment trusts, retirement recordkeeping, and related services
for individuals, advisors, institutions, and retirement plan sponsors.

Glenn R. AugustFounder and Chief Executive Officer
Oak Hill Advisors, L.P.

Our intellectual rigor helps us seek the best ideas for our clients, our integrity ensuresthat we always put their interests first, and our stability lets us stay focused on their goals
as we pursue better investment outcomes.

Robert W. Sharps
Chief Executive Officer and President
T. Rowe Price Group, Inc.

Mark S. Bartlett
Retired Managing Partner
Ernst & Young
William P. Donnelly
Retired Executive Vice President
Mettler Toledo International, Inc.
Dina Dublon
Retired Executive Vice President
and Chief Financial Officer
JPMorgan Chase & Co.
Dr. Freeman A. Hrabowski III
President Emeritus
University of Maryland,
Baltimore County
Robert F. MacLellan
Non-executive Chairman
Northleaf Capital Partners
Eileen P. Rominger
Former Senior Advisor
CamberView Partners
Cynthia Smith
Senior Vice President,
Regional Business andDistribution Development
MetLife, Inc.
Robert J. Stevens
Retired Chairman, President,
and Chief Executive Officer
Lockheed Martin Corporation
Sandra S. Wijnberg
Former Partner and Chief
Administrative Officer
Aquiline Holdings LLC
Alan D. Wilson
Retired Executive Chairman
McCormick & Company, Inc.

New HQ in Late 2024:
1307 Point Street
Baltimore, MD 21231
United States

Office Locations

David Oestreicher
General Counsel and Corporate Secretary
T. Rowe Price Group, Inc.
100 East Pratt Street
Baltimore, MD 21202
Fax: 410.345.6575
A copy is available on our website:
troweprice.com

Melbourne, Australia
Sydney, Australia
Toronto, Canada
Shanghai, China
Copenhagen, Denmark
Frankfurt, Germany
Hong Kong
Milan, Italy
Tokyo, Japan
Luxembourg
Amsterdam, Netherlands
Singapore
Madrid, Spain
Stockholm, Sweden
Zurich, Switzerland
Dubai, United Arab Emirates
London, United Kingdom

Transfer Agent and Registrar
EQ Shareowner Services

United S tates:
San Francisco, California
Colorado Springs, Colorado
Washington, District of Columbia
Baltimore, Maryland
Linthicum, Maryland
Owings Mills, Maryland
New York, New York
Philadelphia, Pennsylvania
Fort Worth, Texas

May 7, 2024, at 8 a.m. ET
T. Rowe Price Group, Inc.
virtualshareholdermeeting.com/
TROW2024

1110 Centre Pointe Curve
Mendota Heights, MN 55120
888.648.8155
shareowneronline.com

Send Stockholder Inquiries to
EQ Shareowner Services
PO Box 64854
St. Paul, MN 55164-0854

Independent Registered
Public Accounting Firm
KPMG LLP
Baltimore, MD

Virtual Annual Meeting100 East Pratt Street, Baltimore, Maryland 21202
United States 410.345.2000©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.

2023 Annual Report

For more information, visit troweprice.com.

T. Rowe Price Group

View our digital Annual Report at:troweprice.com/annualreport2023

2023
2023

AnnualAnnualReport
ReportT. Rowe Price Group