1 unchanged sentence
EQUITY PRICE RISK.
+Added: 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 since that time, the impact and ongoing uncertainty related to the pandemic continued into the end of 2020.
+Added: Since our investments in T.
+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.
−Removed: Rowe Price investment products as they are carried at fair value.
+Added: Rowe Price investment products.
Investments in these products generally moderate market risk as they are diversified and invest in a number of different financial instruments.
1 unchanged sentence
In addition, investment holdings may be altered from time to time in response to changes in market risks and other factors, as management deems appropriate.
−Removed: Seed capital investments, which are used for new product offerings, experience market volatility as we do not actively manage the market risk for these investments.
+Added: We do not actively manage the market risk related to our seed capital investments.
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.
1 unchanged sentence
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;
and we could experience future losses in excess of those presented below.
−Removed: (in millions)
−Removed: Fair value 12/31/2019
−Removed: Potential lower value
+Added: (in millions) Fair value 12/31/2020 Potential lower value Potential
Investments in T.
3 unchanged sentences
Investments designated as an economic hedge of supplemental savings plan liability 768.1 537.0 231.1 30 %
+Added: Total $ 2,585.3 $ 2,140.0 $ 445.3 17 %
Direct investment in consolidated T.
1 unchanged sentence
Discretionary investments $ 205.1 $ 124.7 $ 80.4 39 %
+Added: Seed capital 871.0 668.5 202.5 23 %
+Added: Total $ 1,076.1 $ 793.2 $ 282.9 26 %
Investment partnerships and other investments held at fair value $ 95.1 $ 78.0 $ 17.1 18 %
8 unchanged sentences
Rowe Price Group.
−Removed: Table of Contents C^<l3Q6*4v9%C:Mg
+Added: Further, we have investments that are used to economically hedge the change in our supplementary savings plan liability.
+Added: Since we are hedging the liability, an impact on our net income attributable to T.
+Added: Rowe Price Group would result from any ineffectiveness of this economic hedge.
CURRENCY TRANSLATION RISK.
12 unchanged sentences
We do not believe that foreign currency fluctuations materially affect our results of operations.
−Removed: Table of Contents C^<l3Q6*4v9%C:Mg
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.