Core Viewpoint - Affiliated Managers Group (AMG) reported strong quarterly earnings, exceeding expectations and showing significant year-over-year growth in both earnings per share (EPS) and revenues [1][2]. Earnings Performance - The company achieved quarterly earnings of $9.48 per share, surpassing the Zacks Consensus Estimate of $8.75 per share, and up from $6.53 per share a year ago, representing an earnings surprise of +8.34% [1] - Over the last four quarters, the company has consistently exceeded consensus EPS estimates [2]. Revenue Insights - AMG reported revenues of $556.6 million for the quarter ended December 2025, which exceeded the Zacks Consensus Estimate by 0.93% and was an increase from $524.2 million in the same quarter last year [2]. Stock Performance - Since the beginning of the year, Affiliated Managers shares have increased by approximately 6.9%, outperforming the S&P 500's gain of 1.4% [3]. Future Outlook - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at $6.64 for the upcoming quarter and $30.16 for the current fiscal year [7]. - The Zacks Rank for the stock is currently 3 (Hold), indicating expected performance in line with the market in the near future [6]. Industry Context - The Financial - Investment Management industry, to which AMG belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [8].

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Company Overview - AMG partners with leading independent investment firms, leveraging over 30 years of experience [2] - The company has over 35 independent Affiliates [2] - AMG's Assets Under Management (AUM) are approximately $712 billion [2] Asset Allocation and Growth Strategy - AMG is strategically expanding its exposure to alternative asset classes [5] - The AUM is divided into Liquid Alternatives (~$155B), Differentiated Long-Only (~$417B), and Private Markets (~$140B) [6] - Over 50% of EBITDA comes from high-growth areas [8] Financial Performance and Capital Allocation - The company targets mid-teens annualized long-term earnings growth [11] - Approximately $2 billion in 2024 Annual Economic Net Income [49] - Since Q1 2020, share repurchases have reduced the adjusted diluted share count by 36%, representing ~17 million shares [55] - Approximately $2.8 billion in excess capital was returned over the last 5 years [56]