TROW · 10-Q · 2026Q3 · Full report

Geographic Market Commentary

PRICE T ROWE GROUP INC · 2026-10-29 · Importance 10 · Surprise 6

Global equity markets had mixed returns in the third quarter of 2026 amid divergent regional, capitalization, style, and sector performance. In the U.S., large-cap and value stocks outperformed small- and mid-cap and growth stocks; energy rose by double digits, while utilities fell by double digits. Developed Asian markets advanced, with Japanese equities supported by semiconductor and AI-related shares, while developed European markets gained in July and August before declining in September. Emerging markets were roughly flat as strength in South Korea and Taiwan semiconductor companies was offset by soft domestic demand and property-sector weakness in China and pressure on energy-importing markets.

Key facts

• The company's subsidiaries outside the United States held $1,000.5 million of cash and discretionary investments at September 30, 2026, compared with $730.6 million at December 31, 2025. source
• Investors domiciled outside the United States accounted for 9.3% of AUM at September 30, 2026, 9.1% at June 30, 2026, and 8.8% at December 31, 2025. source