2 unchanged sentences
During the first quarter of 2020 , the impact of the global coronavirus pandemic began to rapidly spread throughout the world and caused increasing disruption to populations, economic activity, and the global financial markets.
+Added: While markets recovered sharply in the second quarter of 2020, the impact and ongoing uncertainty related to the pandemic continued into the end of June 2020 .
Since our investments in T.
−Removed: Rowe Price investment products are carried at fair value, these investments are subject
−Removed: to market risk.
+Added: Rowe Price investment products are carried at fair value, these investments are subject to market risk.
The following table presents the equity price risk from our investments in T.
5 unchanged sentences
In order to quantify the sensitivity of our investments to changes in market valuations, we have chosen to use a variant of each product's net asset value to quantify the equity price risk, as we believe the volatility in each product's net asset value best reflects the underlying risk potential as well as the market trends surrounding each of its investment objectives.
−Removed: The potential future loss of value, before any income tax benefits, of these investments at March 31, 2020 was determined by using the lower of each product ’s lowest net asset value per share during the first quarter of 2020 or its net asset value per share at March 31, 2020 , reduced by 10%.
+Added: The potential future loss of value, before any income tax benefits, of these investments at June 30, 2020 was determined by using the lower of each product’s lowest net asset value per share during the first half of 2020 or its net asset value per share at June 30, 2020 , reduced by 10%.
In considering this presentation, it is important to note that:
−Removed: not all product s experienced their lowest net asset value per share on the same day;
+Added: not all products experienced their lowest net asset value per share on the same day;
it is likely that the composition of the investment portfolio would be changed if adverse market conditions persisted;
7 unchanged sentences
Seed capital not consolidated
−Removed: Investments designated as an economic hedge of supplemental savings plan liability
+Added: Investments designated as an economic hedge of supplemental savings plan liability held at fair value
Direct investment in consolidated T.
11 unchanged sentences
Rowe Price Group.
−Removed: Further, we have investments in our portfolio that are used to economically hedge the change in our supplemental savings plan liability.
−Removed: Any gains or losses that would impact our net income attributable to T.
−Removed: Rowe Price Group result from any ineffectiveness of this economic hedge to the change in the supplemental savings plan liability.
+Added: Further, we have investments that are used to economically hedge the change in our supplemental savings plan liability.
+Added: Since we are hedging the liability, the impact on our net income attributable to T.
+Added: Rowe Price Group would result from any ineffectiveness of this economic hedge.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.