HOW TO PLAY IT
Indexers may be turning away from actively managed funds, but their cousins, value investors, can find something to like in T. Rowe Price Group. The company is selling something more than performance: It’s selling diversified asset handling, retirement plan administration and a brand that represents trustworthiness. To put it another way: The company is more like a bank employing tellers and loan officers than a hedge fund employing market beaters. The fund outfit’s $33 billion enterprise value comes to 2% of assets overseen; its shares are priced at 12 times plausible earnings for 2022.