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AUM by Asset Class
Breaks down assets across equities, fixed income, multi-asset, cash and alternatives, highlighting where revenue and risk are concentrated. Different asset classes carry different fee levels and performance cyclicality, so shifts between them affect fee margins, sensitivity to market moves, and the company’s growth outlook.Equity AUM has swung sharply—recovering through 2024–2025 then dropping into Q1 2026—while fixed income, multi‑asset and alternatives have steadily absorbed investor flows, transforming T. Rowe’s asset mix toward lower‑fee target‑date/SMA and growing alternatives. Management’s Q1 commentary confirms this: strong ETF/target‑date and alternatives fundraising but $13.7B net outflows concentrated in equities and a declining effective fee rate. The strategic win in alternatives and ETFs supports long‑term fee diversification, but ongoing equity outflows and fee compression are the main near‑term risks to revenue per AUM.
Date | Equity | Fixed Income | Multi-Asset | Alternatives |
|---|---|---|---|---|
Jun 30, 2026 | $810.50B | $214.60B | $625.00B | $59.60B |
Mar 31, 2026 | $811.00B | $215.00B | $625.00B | $60.00B |
Dec 31, 2025 | $879.00B | $212.00B | $627.00B | $59.00B |
Sep 30, 2025 | $885.00B | $208.00B | $618.00B | $56.00B |
Jun 30, 2025 | $839.00B | $200.00B | $583.00B | $55.00B |
Mar 31, 2025 | $773.00B | $196.00B | $544.00B | $53.00B |
Dec 31, 2024 | $830.00B | $188.00B | $536.00B | $53.00B |
Sep 30, 2024 | $832.00B | $186.00B | $561.00B | $52.00B |
Jun 30, 2024 | $810.00B | $180.00B | $529.00B | $50.00B |
Mar 31, 2024 | $803.00B | $171.00B | $521.00B | $48.00B |