Group 1 - Custom Premier is designed to meet the evolving needs of advisors [1] - The platform enables advisors to deliver highly customized investment strategies at scale [1]

Leadership Transition - T. Rowe Price announced a leadership transition within its T. Rowe Price Investment Management division (TRPIM), with Steph Jackson retiring at the end of 2026 after impactful leadership [1][3] - Steven Krichbaum will assume the role of associate head of TRPIM effective January 22, 2026, and will succeed Jackson as head of TRPIM on January 1, 2027 [4][5] Background of Steph Jackson - Jackson has been with T. Rowe Price since 2007, holding various influential roles, including portfolio specialist and director of research for the Equity Associate Analyst Program [2] - He played a pivotal role in establishing TRPIM in 2022, enhancing the firm's ability to serve clients [2] Contributions and Legacy - Jackson has championed multiple business resource groups and promoted inclusivity within the firm [3] - He has deepened community ties in Baltimore through initiatives like the T. Rowe Price Foundation's Moonshot initiative [3] Background of Steven Krichbaum - Krichbaum joined T. Rowe Price in 2006 and has nearly two decades of investment and leadership experience, including roles as analyst and head of strategic initiatives [5] - He has served as TRPIM director of equity and fixed income research prior to his new role [5] Company Overview - T. Rowe Price Investment Management (TRPIM) was established in 2022 to enhance the firm's ability to deliver specialized investment solutions globally [6] - As of December 31, 2025, T. Rowe Price manages $1.78 trillion in client assets, with about two-thirds being retirement-related [7]

Group 1: Currency and Economic Outlook - Deutsche Bank analysts predict that Asian currencies may remain "relatively stable or slightly stronger than the dollar" by 2026, supported by good foreign exchange reserves and optimistic macroeconomic conditions in the region [1] - Analysts note that there are no extreme imbalances in trade and fiscal policies, and Asian policymakers are unlikely to encourage significant appreciation of their currencies against the dollar due to ongoing geopolitical risks [1] Group 2: Gold Demand and Market Trends - T. Rowe Price analysts highlight that central bank demand for gold remains strong and largely insensitive to price changes, providing "durable support" for gold as a strategic diversification tool [2] - The macro environment for gold remains favorable, with ongoing policy uncertainty and pressure on the dollar, benefiting gold as an asset outside the fiat currency system [2] Group 3: U.S. Treasury and Market Dynamics - The "Sell America" trade is identified as a key driver behind recent market movements, as investors seek to reduce exposure to perceived risks associated with U.S. policies [2] - U.S. 10-year Treasury yields reached a peak of 4.313%, the highest since August of the previous year, with a closing yield of 4.287% [2] - Factors contributing to the rise in U.S. Treasury yields include the decline in Japanese bonds, tariff threats from Trump, and the momentum from breaking the critical 4.20% technical level [2] Group 4: Japanese Bond Market - Following significant sell-offs, Japan's 30-year bond yields fell by about 20 basis points to 3.71%, although they still increased by 22 basis points for the week [3] - Japanese policymakers are urged to respond quickly as market volatility shows no signs of easing, and recent price rebounds may not be sustainable [3] Group 5: UK Inflation and Economic Projections - The UK inflation rate for December 2025 rose to 3.4%, exceeding the expected 3.3%, while the Bank of England is set to make a decision on interest rates next month [3] - Despite sluggish economic growth, the UK maintains the highest inflation rate among G7 countries, although a significant slowdown in price increases is anticipated in the coming months [3] - Financial markets expect the Bank of England to potentially lower interest rates once or twice in 2026, each by 25 basis points [3]

Core Insights - The discussion focused on the T. Rowe Price US Equity Research ETF (TSPA) and its performance in the current market environment [1] Group 1 - TSPA is highlighted as a significant investment option for those looking to gain exposure to U.S. equities [1] - The ETF's strategy involves a research-driven approach, leveraging T. Rowe Price's extensive equity research capabilities [1] - The podcast emphasized the importance of understanding the underlying research process that supports the ETF's investment decisions [1]

Company Overview - T. Rowe Price Group, Inc. is a global investment management organization founded in 1937 and headquartered in Baltimore, managing $1.76 trillion in assets under management (AUM) as of September 30, 2025 [11]. Investment Ratings - T. Rowe Price is rated 2 (Buy) on the Zacks Rank, indicating a favorable investment outlook [11]. Growth Potential - The company has a Growth Style Score of B, forecasting a year-over-year earnings growth of 4.6% for the current fiscal year [12]. - In the last 60 days, three analysts revised their earnings estimates higher for fiscal 2025, with the Zacks Consensus Estimate increasing by $0.15 to $9.76 per share [12]. - T. Rowe Price has an average earnings surprise of +4%, suggesting consistent performance above expectations [12]. Style Scores - T. Rowe Price has a VGM Score of A, indicating strong performance across value, growth, and momentum characteristics [11][12].

Core Viewpoint - Emirates NBD has achieved a significant milestone by completing a record-breaking $1 billion sustainable bond issuance, marking the largest dual-tranche Blue-Green bond ever issued by a financial institution globally [1] Group 1: Bond Issuance Details - The bond issuance consists of two tranches: a Blue Tranche of $300 million with a 3-year tenor and a Green Tranche of $700 million with a 5-year tenor [7] - This issuance is conducted under the bank's Euro Medium Term Note (EMTN) Programme, making it the first publicly offered Blue Bond in the region [1][4] Group 2: Environmental Alignment - The proceeds from the bond are aligned with the United Nations Sustainable Development Goals, specifically SDG 14 (Life Below Water) and SDG 13 (Climate Action) [2] - The capital will be directed towards key environmental priorities, including marine conservation, sustainable water projects, and green initiatives [8] Group 3: Market Response and Partnerships - The bond offering attracted strong demand from global ESG-focused investors, indicating robust market confidence in Emirates NBD's credit strength and sustainability roadmap [2] - Notable participation included T. Rowe Price, a leader in blue investments, which subscribed to the Blue tranche [2] Group 4: Strategic Statements - The group head of wholesale banking at Emirates NBD emphasized the bank's role in mobilizing capital for regional environmental priorities and supporting the UAE's sustainability agenda [3] - The chief sustainability officer highlighted the transaction's transparency and impact through rigorous governance and alignment with ICMA principles [4]

Core Insights - The active ETF market experienced a split in strategy in 2025, with discretionary equity funds gaining 3.3% market share while systematic equity funds lost 1.1% [1] - Discretionary equity saw significant organic asset growth of 68.8%, contributing to the overall active ETF market reaching $476 billion across 953 launches in 2025 [3] Discretionary Equity Performance - The T. Rowe Price Capital Appreciation Equity ETF (TCAF) attracted $2.59 billion in one-year flows and achieved a 14.3% return, underscoring the appeal of discretionary equity [2] - TCAF focuses on high-quality U.S. large-cap companies with above-average growth potential and has a competitive expense ratio of 0.31%, managing $6.34 billion since its launch in June 2023 [2] Discretionary Fixed Income Performance - Discretionary fixed income led all categories with $136.9 billion in trailing 12-month flows through December 31 [4] - The T. Rowe Price QM U.S. Bond ETF (TAGG) captured $1.42 billion of those flows while delivering a 7.57% return and managing $1.54 billion in assets, with an expense ratio of only 0.08% [4] New ETF Launches - In response to the decline in systematic equity's market share, T. Rowe Price launched two active ETFs in early December that blend discretionary research with systematic implementation [5] - The T. Rowe Price Active Core U.S. Equity ETF (TACU) and the T. Rowe Price Active Core International Equity ETF (TACN) are waiving fees through January 30, 2027, resulting in net expense ratios of zero during this period [5] Investment Strategy - TACU holds 550–650 U.S. large-cap stocks with a 0.14% expense ratio, while TACN holds 400–500 international stocks with a 0.20% expense ratio after the fee waivers expire [6] - Both new equity ETFs aim to maintain low index tracking error while utilizing a blend of fundamental and quantitative research, targeting cost-conscious investors [7]

Core Insights - Oak Hill Advisors (OHA) acted as the Administrative Agent and Lead Left Arranger for a private unitranche financing to support Majesco's acquisition of Vitech Systems Group and a concurrent refinancing [1] - Majesco, backed by Thoma Bravo, specializes in cloud-native, AI-native software for the insurance sector, while Vitech provides complementary pension and benefits administration software [1] Group 1: Financing and Acquisition - OHA is the largest holder of the new debt facility, enhancing its relationship with Thoma Bravo, the largest software-focused investment firm [2] - OHA's proactive engagement with Majesco and Thoma Bravo allowed for a swift and efficient execution of the financing structure [2] Group 2: Strategic Positioning - OHA's experience as a software-focused credit provider and investor in the insurance ecosystem positions it well to partner with leaders like Majesco [3] - The combination of Vitech and Majesco is expected to create a leading platform for insurers, enhancing operational efficiency and product innovation [3] Group 3: Company Overview - OHA has over 30 years of investment experience and manages approximately $108 billion in capital across various credit strategies as of September 30, 2025 [4] - The firm emphasizes long-term partnerships, providing customized credit solutions across market cycles [4]

Core Insights - Oak Hill Advisors ("OHA") acted as the Administrative Agent and Lead Left Arranger for a private unitranche financing to support Majesco's acquisition of Vitech Systems Group and a concurrent refinancing [1] - Majesco, a portfolio company of Thoma Bravo, specializes in core software systems for property and casualty and life and annuity insurance carriers, while Vitech provides complementary software solutions for similar sectors [1] Company Overview - OHA is a leading global credit-focused alternative asset manager with over 30 years of investment experience, managing approximately $108 billion in capital across various credit strategies as of September 30, 2025 [4] - Majesco serves over 350 insurers, offering intelligent SaaS platform solutions powered by GenAI for data analytics, distribution, underwriting, and more [6] - Thoma Bravo is a major software-focused investor with over $181 billion in assets under management as of September 30, 2025, and has invested in approximately 565 companies over the past 20 years [7] Strategic Partnership - OHA's long-standing relationship with Thoma Bravo allows for proactive engagement and efficient execution of financing structures [2] - The collaboration aims to enhance operational efficiency and innovation in product offerings for the combined business of Majesco and Vitech [3]

Core Viewpoint - T. Rowe Price Group, Inc. is set to announce its fiscal fourth-quarter earnings for 2025, with analysts expecting a profit increase and a mixed performance compared to market indices [1][2]. Financial Performance Expectations - Analysts anticipate TROW to report a profit of $2.47 per share on a diluted basis, reflecting a 16.5% increase from $2.12 per share in the same quarter last year [2]. - For the full fiscal year 2025, TROW's expected EPS is $9.76, which is a 4.6% increase from $9.33 in fiscal 2024, and projected to rise to $10.40 in fiscal 2026, marking a 6.6% year-over-year growth [3]. Stock Performance - TROW stock has underperformed the S&P 500 Index, which gained 17.1% over the past 52 weeks, with TROW shares down 6.3% during the same period [4]. - The stock also lagged behind the Financial Select Sector SPDR Fund, which saw a 15.1% increase in the same timeframe [4]. Recent Earnings Report - On October 31, 2025, TROW reported its Q3 results, with an adjusted EPS of $2.81, exceeding Wall Street expectations of $2.55, and revenue of $1.89 billion, surpassing forecasts of $1.85 billion [5]. Analyst Ratings - The consensus opinion on TROW stock is moderately bearish, with a "Moderate Sell" rating overall; out of 14 analysts, nine recommend a "Hold," one a "Moderate Sell," and four a "Strong Sell" [6]. - TROW currently trades above its mean price target of $105.69, while the highest price target of $128 suggests a potential upside of 20.8% [6].