2 unchanged sentences
Our investments in sponsored investment products are carried at fair value, and, as such, these investments are subject to market risk.
−Removed: The following table presents the equity price risk from our investments in sponsored investment products.
−Removed: Investments in these products generally moderate market risk as they are diversified and invest in a number of different financial instruments.
+Added: The following table presents the equity price risk from our investments.
+Added: Investments in our sponsored investment products generally moderate market risk as they are diversified and invest in a number of different financial instruments.
Rowe Price manages its cash and discretionary investments exposure to market risk by diversifying its investments among various fixed income portfolios.
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: We do not actively manage the market risk related to our seed capital investments.
+Added: We do not actively hedge 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.
4 unchanged sentences
and we could experience future losses in excess of those presented below.
+Added: Additionally, the underlying holdings of our assets under management are also subject to market risk, which may arise from changes in equity prices, credit ratings, foreign currency exchange rates, and interest rates.
(in millions) Fair value 12/31/2024 Potential lower value Potential
2 unchanged sentences
Seed capital not consolidated 262.8 231.0 31.8 12 %
−Removed: Investments designated as an economic hedge of supplemental savings plan liability 806.6 692.6 114.0 14 %
+Added: Investments designated as an economic hedge of deferred compensation liabilities 992.8 859.1 133.7 13 %
Investments in affiliated collateralized loan obligations 6.3 5.7 0.6 10 %
Total $ 1,520.7 $ 1,328.7 $ 192.0 13 %
−Removed: Direct investment in consolidated sponsored investment products
+Added: Direct investment in consolidated investment products
Discretionary investments $ 137.5 $ 123.8 $ 13.7 10 %
Seed capital 870.7 775.2 95.5 11 %
−Removed: Investments designated as an economic hedge of supplemental savings plan liability 67.0 $ 60.3 $ 6.7 10 %
+Added: Investments designated as an economic hedge of deferred compensation liabilities 29.7 26.2 3.5 12 %
Total $ 1,037.9 $ 925.2 $ 112.7 11 %
2 unchanged sentences
Rowe Price products would result in a corresponding decrease, net of tax, in our net income attributable to T.
−Removed: Rowe Price Group.
−Removed: The direct investment in consolidated sponsored investment products represents our portion of the net assets of the product.
+Added: Rowe Price Group, Inc.
+Added: The direct investment in consolidated investment products represents our portion of the net assets of the consolidated investment product.
Upon consolidation of these products, our direct investment is eliminated, and the net assets of the products are combined in our consolidated balance sheet, together with redeemable non-controlling interests, which represents the portion of the products that is owned by unrelated third-party investors.
−Removed: Further, we have investments that are used to economically hedge the change in our supplementary savings plan liability.
−Removed: Since we are hedging the liability, the impact on our net income attributable to T.
−Removed: Rowe Price Group would result from any ineffectiveness of this economic hedge.
+Added: Further, we have investments that are used to economically hedge the change in our deferred compensation liabilities.
+Added: Since we are hedging the liabilities, the impact on our net income attributable to T.
+Added: Rowe Price Group, Inc.
+Added: would result from any ineffectiveness of this economic hedge.
CURRENCY TRANSLATION RISK.
−Removed: Certain of our investments, including a few consolidated sponsored investment products, expose us to currency translation risk when the financial statements are translated into U.S.
+Added: Certain of our investments, including a few consolidated investment products, expose us to currency translation risk when the financial statements are translated into U.S.
dollars ("USD").
1 unchanged sentence
UTI's financial statements are denominated in Indian rupees ("INR") and are translated to USD each reporting period.
−Removed: We do not use derivative financial instruments to manage this currency risk, so both positive and negative fluctuations in the INR against the USD will affect accumulated other comprehensive income and the carrying amount of our investment.
+Added: We do not use derivative financial instruments to manage this currency risk, so both positive and negative fluctuations in the INR against the USD will affect accumulated other comprehensive income (loss) and the carrying amount of our investment.
We had a cumulative translation loss, net of tax, of $49.5 million at December 31, 2024, related to our investment in UTI.
6 unchanged sentences
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.