Associated Capital Group(AC) Newsfilter·2025-02-05 22:05Financial Performance - The company reported fourth quarter revenues of 5.6 million in the same quarter of 2023 [3] - For the full year 2024, revenues increased to 12.7 million in 2023 [9] - The operating loss before management fee for the fourth quarter was 2.5 million in the fourth quarter of 2023 [7][9] - Net income for the fourth quarter was 16.3 million in the prior year [32] - The company reported a net income of 37.5 million in 2023 [32] Assets Under Management (AUM) - AUM at the end of 2024 was 1.59 billion at the end of 2023 [2][11] - The decrease in AUM was attributed to net outflows of 49 million [11] - The merger arbitrage strategy saw significant outflows, particularly from the GAMCO Merger Arbitrage UCITS [11] Investment Strategy and Performance - The company's merger arbitrage strategy generated gross returns of 5.83% for the full year 2024, with net returns of 3.82% [15] - The strategy has historically outperformed 90-day T-Bills, with a consistent record of positive net returns in 38 of the last 40 years [15][16] - The company aims to leverage its research and investment capabilities to pursue acquisitions and broaden its product offerings [21] Shareholder Returns - The company returned 2.20 per share, with a total of 11.8 million during the year [24] Market Context - Worldwide M&A activity reached 1.4 trillion [18] - The technology sector led M&A activity with $500 billion in deals, a 32% increase from the previous year [18] - Changes in regulatory appointments in the US are expected to facilitate an increase in deal activity [19]