there was little in widemoatrated t rowe price’s trow fourthquarter results that would alter our longterm view of the firm we expect to leave our 120 per share fair value estimate in place the fourth quarter closed out a horrible year for the asset manager with the firm losing nearly 25 of its assets under management or aum to a combination of market losses 3514 billion and outflows 617 billion during 2022 while most of the decline in managed assets last year came from market losses—with t rowe price’s growth equityheavy platform being hit hard by the decline in technology and other growth stocks—the firm’s organic aum growth rate of negative 37 last year was troubling for a company that has rarely had outflows historically that said t rowe price’s overall organic aum growth rate last year was slightly better than the negative 43 rate seen for actively managed equity funds during 2022 based on data provided by morningstar direct t rowe price reported mixed fourthquarter adjusted earnings per share of 174 beating both the factset consensus of 173 and our own estimate of 172 the company closed out the december quarter with 1275 trillion in managed assets up 36 sequentially but down 245 year over year net outflows of 171 billion during the fourth quarter were an improvement on the third quarter 246 billion but were still well off the 88 billion quarterly run rate for outflows seen during the preceding eight quarters with average aum down 223 year over year during the fourth quarter t rowe price reported a 223 decline in total revenue for the period the company’s fullyear topline decline of 154 was slightly better than our forecast calling for a 168 revenue decline during 2022 as for profitability fullyear adjusted operating margins of 385 were 1150 basis points lower than the yearago period and in line with our projections