Core Insights - The U.S. Federal Reserve cut interest rates by 25 basis points after nearly nine months, initially boosting investor sentiment, but the S&P 500 ended a three-day rally shortly after [1] - Fed Chair Jerome Powell indicated that stock valuations remain high and the future of rate cuts is uncertain, while the labor market shows signs of slowing with moderating job growth and slightly rising unemployment [2] Value Investing Focus - In the current environment, a value investing approach focusing on quality companies at reasonable prices is particularly relevant [2] - Recommended stocks for value investors include Halozyme Therapeutics, Ranger Energy Services, Buenaventura Mining Company, Affiliated Managers Group, and LATAM Airlines Group, all of which exhibit high earnings yield [3] Earnings Yield Metric - Earnings yield is calculated as (Annual Earnings per Share/Market Price) x 100, indicating the anticipated return from earnings for each dollar invested [4] - A higher earnings yield suggests a stock is underpriced compared to those with lower earnings yield, which are seen as overpriced [4] Market Comparison - Earnings yield can be compared with the 10-year Treasury yield to assess the relative attractiveness of stocks versus bonds; when the market index yield exceeds the Treasury yield, stocks may be undervalued [5] Stock Screening Criteria - A primary screening criterion is an earnings yield greater than 10%, supplemented by estimated EPS growth for the next 12 months being greater than or equal to the S&P 500 [6] - Additional criteria include an average daily volume of at least 100,000 and a current price of $5 or more [7][8] Selected Stocks - Halozyme Therapeutics (HALO) is focused on oncology treatments, with projected earnings growth of 46% and 22.5% for 2025 and 2026, respectively [9] - Ranger Energy Services (RNGR) specializes in onshore well services, with expected earnings growth of 53% and 11.3% for 2025 and 2026 [11] - Buenaventura Mining Company (BVN) anticipates earnings growth of 4.4% and 17.7% for 2025 and 2026 [12] - Affiliated Managers Group (AMG) projects earnings growth of 13% and 15% for 2025 and 2026 [13] - LATAM Airlines Group (LTM) expects earnings growth of 45% and 19% for 2025 and 2026 [14]

Company Overview - Affiliated Managers Group (AMG) is valued at $6.67 billion and operates as a global asset management company with equity investments in leading boutique investment management firms [1] - AMG's affiliates provide a wide range of investment products across various active, alpha-oriented strategies for both institutional and retail clients globally [1] Stock Performance - AMG stock has gained 35% over the past year and reached a new all-time high of $240.79 in intraday trading on September 17 [5][6] - Since the Trend Seeker buy signal was issued on May 7, the stock has appreciated by 36.01% [2] - The stock has made 13 new highs and increased by 8.97% in the last month [7] Technical Indicators - AMG currently holds a 100% "Buy" opinion from Barchart and maintains a Trend Seeker "Buy" signal [6][7] - The stock is trading above its 20-, 50-, and 100-day moving averages [7] - The Relative Strength Index (RSI) is at 72.21%, indicating strong momentum [7] - A technical support level is identified around $233.37 [7] Investment Opportunity - AMG offers investors a unique opportunity to participate in the growth of a diverse group of high-quality boutique investment management firms [1]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1] Company Overview: Affiliated Managers Group (AMG) - AMG currently holds a Momentum Style Score of B, indicating a positive momentum outlook [3] - The company has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [4] Performance Metrics - AMG shares have increased by 2.53% over the past week, outperforming the Zacks Financial - Investment Management industry, which rose by 1.48% [6] - Over the past month, AMG's shares have risen by 7.96%, significantly higher than the industry's 0.21% [6] - In the last quarter, AMG shares have surged by 27.99%, and over the past year, they have gained 39.49%, compared to the S&P 500's increases of 9.25% and 18.95%, respectively [7] Trading Volume - AMG's average 20-day trading volume is 174,180 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, four earnings estimates for AMG have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $23.33 to $24.05 [10] - For the next fiscal year, four estimates have also moved higher, indicating a positive earnings outlook [10] Conclusion - Given the strong performance metrics and positive earnings outlook, AMG is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a compelling investment option [12]

AMG (Affiliated Managers Group) - AMG's portfolio is divided into two segments: alternative assets and differentiated long-only assets, each contributing 50% to the overall portfolio [1] - The company reported a positive net client cash flow of $8 billion in Q2 2025, driven by strong performance in private market and liquid alternative assets [1] - AMG has approximately $771 billion in total assets under management and operates through a network of around 40 affiliates managing over 500 investment strategies [2][3] - In Q2 2025, AMG's consolidated revenues were $493.2 million, down 1.4% year-over-year, missing forecasts by $13.26 million, while non-GAAP EPS increased by 15% year-over-year to $5.39, exceeding expectations [8] - AMG's net flows turned positive at $8 billion in Q2 2025, marking the strongest flow quarter in 12 years, with a 4.5% annualized organic growth [9] Silgan Holdings - Silgan operates in the packaging industry with three main product lines: Dispensing & Specialty Closures, Metal Containers, and Custom Containers [10] - The company reported Q2 2025 revenues of $1.54 billion, up nearly 12% year-over-year, surpassing forecasts by $6.21 million [13] - Non-GAAP EPS for Silgan was $1.01, which was 2 cents lower than expected, leading to a downward revision of full-year adjusted EPS guidance from $4.00-$4.20 to $3.85-$4.05 [14] - Following the earnings report, Silgan's shares fell by 15%, but analysts see this as a buying opportunity due to potential catalysts in the second half of 2025 and 2026 [15] - Silgan's stock has a Strong Buy consensus rating based on 8 recent reviews, with a current price of $44.50 and an average price target of $59.57, suggesting a 34% upside [15]

Core Insights - Affiliated Managers Group (AMG) is a global asset management company that collaborates with investment management firms to provide a variety of investment strategies [1] - Zacks Investment Research is assessing whether AMG is undervalued, utilizing their Zacks Rank system which emphasizes earnings estimates and revisions [2] - AMG's current stock price is $231.92, reflecting a slight decrease of $0.04 or approximately -1.72% [3] - The company's market capitalization is around $6.59 billion, indicating its size and market value [4] Stock Performance - AMG's stock has experienced volatility, trading between a low of $139.22 and a high of $235 over the past year [3] - Today's trading volume for AMG on the NYSE is 43,804 shares, providing insights into the stock's liquidity and investor interest [4] Executive Transactions - Wojcik Thomas M, the President and COO of AMG, sold 16,000 shares at a price of $231.03 each, retaining 158,710 shares post-transaction [1][5] Investment Potential - Zacks has developed a Style Scores system, particularly in the "Value" category, to assist investors in identifying stocks with strong potential, with AMG being highlighted as a stock to monitor closely for value investing opportunities [4]

Industry Overview - The investment management industry has experienced strong growth over the past year and is currently ranked in the top 34% of the Zacks Industry Rank, indicating an expectation to outperform the market in the next three to six months [1][9]. Positive Catalysts - Global equity markets have shown impressive performance over the last two and a half years, driven by sustained economic growth, leading to an increase in assets under management (AUM) [3]. - A decline in interest rates is anticipated, prompting investors to shift from money market mutual funds to higher-yielding assets, with institutional interest from pension funds and endowments increasing significantly [4]. - There has been a notable rise in asset inflows into alternative investments, including index funds, private credit funds, and ETFs, alongside growing interest in tokenized assets [5]. Company Highlights T. Rowe Price Group Inc. (TROW) - TROW is a leading investment manager benefiting from growing AUM, with expected net revenue and AUM CAGR of 2.8% and 5.5% respectively by 2027 [10][11]. - The company has a projected revenue and earnings growth rate of 1.2% and 7.1% respectively for Q4 2025, with a 1.3% improvement in the Zacks Consensus Estimate for earnings over the past 30 days [13]. Affiliated Managers Group Inc. (AMG) - AMG is a global asset manager with a strong AUM balance, expecting total revenues and AUM to grow at a CAGR of 2.8% and 10.4% respectively by 2027 [14][15]. - The company anticipates a revenue and earnings growth rate of 2.4% and 15% respectively for Q4 2025, with a 1.6% improvement in the Zacks Consensus Estimate for earnings over the past 30 days [16]. Federated Hermes Inc. (FHI) - FHI has benefited from record-high AUM and strategic deals, with a diverse asset and product mix supporting long-term potential [17][18]. - The expected revenue and earnings growth rate for FHI is 4.1% and 1% respectively for Q4 2025, with a 1.9% improvement in the Zacks Consensus Estimate for earnings over the past 60 days [18]. Janus Henderson Group plc (JHG) - JHG provides asset management services across various client segments and has an expected revenue and earnings growth rate of 1.1% and -9.4% respectively for Q4 2025, with a 6.6% improvement in the Zacks Consensus Estimate for earnings over the past 60 days [19][20]. Hamilton Lane Inc. (HLNE) - HLNE specializes in private equity investments across various sectors and regions, with an expected revenue and earnings growth rate of 9.1% and -1.6% respectively for Q4 2025, showing a 0.1% improvement in the Zacks Consensus Estimate for earnings over the past 90 days [22][23].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell even higher, with the expectation that established trends will continue [1] Company Overview: Affiliated Managers Group (AMG) - AMG currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [3][4] - The stock has shown a price increase of 3.5% over the past week, outperforming the Zacks Financial - Investment Management industry, which rose by 0.8% [6] - Over the past quarter, AMG shares have increased by 27.81%, and by 29.39% over the last year, significantly outperforming the S&P 500's gains of 11.03% and 17.4%, respectively [7] Trading Volume - AMG's average 20-day trading volume is 167,921 shares, which serves as a baseline for price-to-volume analysis; a rising stock with above-average volume is generally seen as bullish [8] Earnings Outlook - In the last two months, 6 earnings estimates for AMG have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $23.01 to $24.05 [10] - For the next fiscal year, 6 estimates have also moved upwards without any downward revisions, indicating positive sentiment regarding future earnings [10] Conclusion - Considering the positive momentum indicators and earnings outlook, AMG is positioned as a strong buy with a Momentum Score of B, making it a notable candidate for investors seeking short-term gains [12]

Core Points - Dwight D. Churchill will retire from the Board of Directors of AMG after 15 years of service, effective September 30, 2025 [1][3] - Marcy Engel has been appointed to the Board of Directors, effective September 30, 2025, bringing significant experience in financial services [1][3] Company Overview - AMG is a strategic partner to leading independent investment management firms globally, focusing on generating long-term value through investments in high-quality independent partner-owned firms [4] - As of June 30, 2025, AMG's aggregate assets under management were approximately $771 billion, covering a diverse range of investment strategies [4]

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for the period ended June 30, 2025, show a slight increase in net income for the quarter but a significant decrease for the six-month period year-over-year, primarily driven by a large intangible impairment charge, with total assets remaining stable and cash decreasing due to investing and financing activities [Consolidated Statements of Income](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Consolidated revenue saw a slight decrease, while total expenses significantly increased for the six-month period due to higher intangible amortization and impairments, leading to a notable decline in year-to-date net income Consolidated Income Statement Highlights (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | YoY Change | YTD 2025 | YTD 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Consolidated Revenue** | $493.2 | $500.3 | -1.4% | $989.8 | $1,000.3 | -1.1% | | **Total Consolidated Expenses** | $412.7 | $359.4 | +14.8% | $869.6 | $740.7 | +17.4% | | **Net Income** | $135.9 | $135.0 | +0.7% | $235.1 | $333.8 | -29.6% | | **Net Income (controlling interest)** | $84.3 | $76.0 | +11.0% | $156.6 | $225.8 | -30.6% | | **Earnings per share (diluted)** | $2.80 | $2.26 | +23.9% | $5.01 | $6.49 | -22.8% | - For the six months ended June 30, 2025, total consolidated expenses increased significantly to **$869.6 million** from **$740.7 million** in the prior year, largely due to a substantial rise in 'Intangible amortization and impairments' from **$14.5 million** to **$89.6 million**[16](index=16&type=chunk) [Consolidated Statements of Comprehensive Income](index=4&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME) Comprehensive income for Q2 2025 increased significantly year-over-year, primarily driven by a substantial foreign currency translation gain, offsetting a slight increase in net income Consolidated Comprehensive Income (in millions) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $135.9 | $135.0 | $235.1 | $333.8 | | **Other Comprehensive Income (Loss)** | $63.7 | $(2.1) | $58.9 | $4.2 | | **Comprehensive Income** | $199.6 | $132.9 | $294.0 | $338.0 | | **Comprehensive Income (controlling interest)** | $135.0 | $70.1 | $195.2 | $229.7 | - A significant driver of Other Comprehensive Income in Q2 and YTD 2025 was a foreign currency translation gain of **$63.3 million** and **$57.6 million**, respectively, compared to a loss in Q2 2024[18](index=18&type=chunk) [Consolidated Balance Sheets](index=5&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) The balance sheet shows a significant decrease in cash and cash equivalents, while goodwill increased and total assets remained relatively stable Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Cash and cash equivalents** | $361.0 | $950.0 | $(589.0) | | **Goodwill** | $2,537.6 | $2,504.9 | $32.7 | | **Acquired client relationships (net)** | $1,716.1 | $1,777.8 | $(61.7) | | **Total Assets** | $8,807.6 | $8,830.9 | $(23.3) | | **Debt** | $2,621.2 | $2,620.2 | $1.0 | | **Total Stockholders' Equity** | $3,238.7 | $3,345.3 | $(106.6) | [Consolidated Statements of Cash Flows](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Cash and cash equivalents experienced a significant net decrease for the six months ended June 30, 2025, primarily due to substantial investing and financing activities Consolidated Cash Flow Summary - Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Operating Activities** | $439.7 | $454.4 | | **Investing Activities** | $(529.3) | $314.8 | | **Financing Activities** | $(518.4) | $(716.1) | | **Net (Decrease) Increase in Cash** | $(595.0) | $51.6 | - The significant decrease in cash for the first six months of 2025 was driven by a **$510.1 million** investment in Affiliates and **$277.5 million** in common stock repurchases[36](index=36&type=chunk) [Notes to the Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20THE%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(unaudited)) Key notes highlight a significant impairment charge on client relationships, strategic minority investments, and an increase in compensation expense due to equity award modifications - In Q1 2025, the company recorded a **$70.0 million** impairment charge on indefinite-lived acquired client relationships due to declines in assets under management for certain mutual fund assets[100](index=100&type=chunk) - The company completed minority investments in NorthBridge Partners and Verition Fund Management during the first half of 2025[102](index=102&type=chunk)[103](index=103&type=chunk) - In Q2 2025, a modification to certain equity awards at an Affiliate led to a reclassification from equity to liability, resulting in an incremental compensation expense of **$30.5 million** attributable to the controlling interest[129](index=129&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports a 10% year-over-year increase in assets under management (AUM) to **$771 billion**, driven by new investments and market appreciation, with aggregate fees rising 7% in Q2 2025, though YTD fees are down 5% due to lower performance fees earlier in the year, while net income for the controlling interest was impacted by a significant intangible impairment and increased affiliate equity compensation, with the company remaining active in strategic M&A and maintaining strong liquidity [Executive Overview](index=26&type=section&id=Executive%20Overview) The company's strategy focuses on partnering with independent investment firms, providing strategic capabilities while maintaining their autonomy, and has been actively engaged in M&A activities - AMG's strategy focuses on partnering with high-quality independent investment firms (Affiliates), providing them with strategic capabilities while allowing management to retain autonomy and significant equity[150](index=150&type=chunk) - The company has been active in M&A, completing investments in NorthBridge and Verition, agreeing to acquire an interest in Qualitas Energy and Montefiore, and divesting its interest in Peppertree while agreeing to sell a portion of its interest in Comvest[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) [Operating Performance Measures](index=27&type=section&id=Operating%20Performance%20Measures) Assets under management (AUM) increased by 10% year-over-year to **$771 billion**, driven by new investments and market changes, with aggregate fees also showing a 7% increase in Q2 2025 Key Aggregate Operating Performance Measures | Metric (in billions, except % change) | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Assets under management** | $771.0 | $701.0 | 10% | | **Average assets under management** | $736.6 | $693.1 | 6% | | **Aggregate fees (in millions)** | $1,173.5 | $1,098.1 | 7% | Assets Under Management Roll-Forward (Q2 2025, in billions) | Category | March 31, 2025 | Net Client Flows | New Investments | Market Changes & Other | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total AUM** | $712.2 | $8.1 | $12.4 | $38.3 | $771.0 | - Client demand for alternative strategies remains strong, with positive net inflows, while equity strategies experienced net outflows, consistent with industry trends[160](index=160&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Consolidated revenue slightly decreased, while expenses rose significantly due to increased affiliate equity compensation and a substantial intangible impairment charge, though equity method income improved due to the absence of a prior-year impairment - Consolidated revenue decreased **1%** for both the three and six months ended June 30, 2025, primarily due to changes in the composition of assets under management[180](index=180&type=chunk)[181](index=181&type=chunk) - Compensation and related expenses increased **22%** for Q2 2025, mainly due to a **$41.0 million** increase in Affiliate equity compensation expense from a modification of certain equity awards[184](index=184&type=chunk) - Intangible amortization and impairments for the six-month period increased significantly to **$89.6 million** from **$14.5 million** in the prior year, driven by a **$77.0 million** impairment charge on indefinite-lived acquired client relationships[182](index=182&type=chunk)[189](index=189&type=chunk)[99](index=99&type=chunk) - Equity method income (net) increased to **$65.6 million** in Q2 2025 from **$18.1 million** in Q2 2024, largely because the prior year period included a **$39.9 million** impairment charge that did not recur[196](index=196&type=chunk)[201](index=201&type=chunk) [Supplemental Financial Performance Measures](index=33&type=section&id=Supplemental%20Financial%20Performance%20Measures) Non-GAAP performance measures show a slight increase in Adjusted EBITDA and Economic net income for Q2 2025, with Economic earnings per share also rising Non-GAAP Performance Measures (in millions, except per share) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Adjusted EBITDA (controlling interest)** | $219.7 | $217.5 | $447.9 | $477.3 | | **Economic net income (controlling interest)** | $159.2 | $155.9 | $317.9 | $342.6 | | **Economic earnings per share** | $5.39 | $4.67 | $10.58 | $10.06 | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents significantly decreased due to investments and share repurchases, while the company repaid maturing senior notes and maintained access to its revolving credit facility - Cash and cash equivalents decreased from **$950.0 million** at year-end 2024 to **$361.0 million** as of June 30, 2025, primarily due to investments in new Affiliates and share repurchases[223](index=223&type=chunk) - During the six months ended June 30, 2025, the company repurchased **1.6 million shares** of its common stock for **$277.5 million**[232](index=232&type=chunk)[36](index=36&type=chunk) - The company's **$350.0 million** 3.50% senior notes matured and were fully repaid on August 1, 2025, with the nearest term non-senior bank debt maturity now in June 2030[234](index=234&type=chunk) - As of June 30, 2025, the company had no outstanding borrowings under its **$1.25 billion** revolving credit facility, though **$100.0 million** was subsequently borrowed on July 30, 2025[235](index=235&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes to the company's market risk disclosures for the first six months of 2025, as detailed in its 2024 Annual Report on Form 10-K - There have been no material changes to the company's market risk disclosures during the first six months of 2025[251](index=251&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures are effective at a reasonable assurance level[252](index=252&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[253](index=253&type=chunk) [PART II—OTHER INFORMATION](index=42&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased **592,682 shares** at an average price of **$168.72** per share, with approximately **3.7 million shares** remaining available under the current authorization Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 316,538 | $157.17 | | May 2025 | 142,418 | $175.46 | | June 2025 | 133,726 | $188.90 | | **Total** | **592,682** | **$168.72** | - As of June 30, 2025, **3.7 million shares** were still available for repurchase under the share repurchase program authorized in July 2024[255](index=255&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial statements in XBRL format - The exhibits filed with this report include certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as well as XBRL data files[256](index=256&type=chunk)[261](index=261&type=chunk)

Core Viewpoint - Affiliated Managers Group, Inc. (AMG) has agreed to sell its interest in Comvest Partners' private credit business to Manulife Financial Corporation for nearly $285 million in an all-cash transaction, expected to close in Q4 2025, subject to customary conditions [1][8]. Group 1: AMG's Strategic Move - Comvest is a prominent investment firm specializing in private equity and direct lending, with a 25-year history of providing capital to middle-market companies in North America [2]. - AMG's partnership with Comvest facilitated significant growth, increasing Comvest's assets under management from $2 billion to $14 billion over five years [2][8]. - As part of the transaction, AMG will realize a substantial gain on its investment while retaining interests in certain existing private credit funds and its stake in Comvest's private equity business [3][8]. Group 2: AMG's Capital Reallocation Strategy - AMG's CEO, Jay C. Horgen, expressed satisfaction with the partnership's positive impact on Comvest's growth and stakeholder outcomes [4]. - This divestiture aligns with AMG's strategy to reallocate capital into more lucrative investment opportunities, following the recent sale of its stake in Peppertree Capital Management for $240 million [4]. - In 2022, AMG also divested stakes in Veritable LP and Baring Private Equity Asia, indicating a trend of strategic divestitures [4]. Group 3: AMG's Market Performance - Over the past six months, AMG shares have increased by 21.6%, contrasting with a 0.7% decline in the industry [5]. - Currently, AMG holds a Zacks Rank of 3 (Hold), reflecting its market position [6].