HIGHBuilt-inProduct / Revenue mix
55%
U.S. mutual funds
“10-K Item 1: 'Nearly 55% of our investment advisory fees are earned from our sponsored U.S. mutual funds'”
TROW · Concentration risk · 10-K extracted
T. Rowe Price Group (TROW) concentration risks
Updated
The most significant concentration T. Rowe Price Group discloses is U.S. mutual funds at 55%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: T. Rowe Price Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCounterparty
Pershing (brokerage clearing)
“10-K Item 1: 'Pershing, a third-party clearing broker and an affiliate of BNY Mellon, maintains our brokerage's customer accounts and clears all transactions.'”
MEDIUMBuilt-inProduct / Revenue mix
31.6%
target date retirement products
“10-K Item 1: 'The assets under management in our target date retirement products totaled $561.4 billion at December 31, 2025, or 31.6% of our managed assets at December 31, 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a product-mix skew toward U.S. mutual funds, a meaningful retirement-product exposure, and a single critical infrastructure dependency. Nearly 55% of investment advisory fees are earned from sponsored U.S. mutual funds — a high-share structural concentration. This reflects the company's long-established position as a domestic active fund manager, and the exposure is structural rather than idiosyncratic: it moves with broad mutual fund industry dynamics including fee compression, passive-to-active flows, and regulatory changes affecting the fund wrapper. Retirement-oriented assets represent a meaningful sub-concentration within the overall AUM base. Target date retirement products totaled $561.4 billion at December 31, 2025, representing 31.6% of managed assets — a moderate share by disclosed size, structural in character. Target date assets tend to be stickier than general AUM because they serve as default investment options in defined-contribution plans, but they are also sensitive to plan sponsor fee reviews and re-enrollment cycles. On the infrastructure side, Pershing, a third-party clearing broker and affiliate of BNY Mellon, maintains brokerage customer accounts and clears all transactions — a high-share counterparty dependency with no disclosed backup. A disruption to this relationship could affect brokerage operations in a way that the company could not quickly resolve. The Pershing dependency and the U.S. mutual fund concentration are the two exposures most worth tracking as structural load-bearing risks in this profile.
For the engine’s reasoning on TROW’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Asset Management
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| TROW● | T. Rowe Price Group, Inc. | 2 | 1 | 0 | 3 |
| AAMI | Acadian Asset Management Inc. | 1 | 2 | 1 | 4 |
| APAM | Artisan Partners Asset Manageme | 0 | 1 | 2 | 3 |
| AMP | Ameriprise Financial, Inc. | 0 | 1 | 0 | 1 |
| AB | AllianceBernstein Holding L.P. | 0 | 0 | 1 | 1 |
| AMG | Affiliated Managers Group, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.