T. Rowe Price has called the WeWork holding in its Mid-Cap Growth Portfolio a "terrible investment", in an annual report filed to the US Securities and Exchange Commission.
In the report, signed by Brian Berghuis, chairman of the portfolio's advisory committee, and John F. Wakeman, executive vice president of the portfolio, T. Rowe Price stated that WeWork was a "debacle" and that the investment was "an error in judgment, not in process". The T. Rowe Price fund made a small private investment in the provider of office space in 2014 and in the filing said that it "has since caused us outsized headaches and disappointments". T. Rowe Price: Do not underestimate central banks' power The filing said: "Explicit in our investment was an understanding with We...
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