Core Viewpoint - Affiliated Managers Group (AMG) has experienced significant stock performance, reaching a 52-week high, driven by strong quarterly results and a strategic pivot towards alternative investments [1][8][27]. Group 1: Stock Performance - AMG shares hit a new 52-week high of $276.24, closing at $266.16, with a year-to-date increase of 43.9%, contrasting with a 16.9% decline in the industry [1]. - The stock has consistently performed better than peers such as Janus Henderson Group plc and SEI Investments Company [1]. Group 2: Quarterly Performance - AMG reported economic earnings per share of $6.10, surpassing the Zacks Consensus Estimate of $5.83, marking a 26.6% year-over-year increase [2]. - The company anticipates net income for the fourth quarter of 2025 to be between $189 million and $223 million, with economic earnings projected between $8.10 and $9.26 per share [3]. Group 3: Strategic Initiatives - AMG has shifted focus towards private markets and liquid alternatives since 2021, resulting in strong client inflows and offsetting weaknesses in traditional asset categories [4]. - New partnerships announced this year are expected to add approximately $24 billion to AUM across private markets and liquid alternatives [4][5]. Group 4: Alternatives and AUM - As of September 30, 2025, alternatives made up nearly 44% of total AUM and contributed about 55% of AMG's earnings [6]. - The company aims to increase earnings from alternatives to over 66% in the coming years, enhancing its ability to manage market volatility [6]. Group 5: Financial Position - AMG has sufficient liquidity to support its expansion plans, bolstered by divestitures and a recent sale of its interest in Comvest Partners' private credit business for $285 million [9][10]. - As of September 30, 2025, AMG's total debt was $2.37 billion, with cash and cash equivalents of $476.1 million, and it has a $1.25 billion revolving credit facility [17]. Group 6: Revenue and Earnings Outlook - The company expects performance fees in 2025 to range between $110 million and $150 million, with revenue growth estimates of 1.9% and 8% for 2025 and 2026, respectively [14][23]. - Analysts project an 18.7% increase in earnings for 2025 and an 18.9% growth for 2026, with upward revisions in earnings estimates over the past month [23]. Group 7: Shareholder Returns - AMG prioritizes share repurchases, with plans to buy back at least $500 million worth of shares in 2025, having repurchased $350 million in the first nine months of 2025 [19][18]. - The company has a history of share repurchase authorizations, with nearly 3.4 million shares remaining available for repurchase as of September 30, 2025 [18].

Core Viewpoint - Invesco's Q3 2025 earnings report shows strong performance with adjusted earnings surpassing estimates and record AUM, despite some challenges from increased operating expenses and a non-cash impairment charge [2][3]. Financial Performance - Adjusted earnings for Q3 2025 were 61 cents per share, exceeding the Zacks Consensus Estimate of 45 cents, marking a 38.6% increase year-over-year [2]. - Net income attributable to common shareholders was $301.3 million or 66 cents per share, up from $55 million or 12 cents per share in the same quarter last year [3]. - Adjusted net revenues reached $1.19 billion, a 7.4% increase year-over-year, meeting the Zacks Consensus Estimate [4]. Assets Under Management (AUM) - AUM as of September 30, 2025, was a record $2.12 trillion, reflecting an 18.3% year-over-year increase [5]. - The average AUM for the third quarter was $2.06 trillion, also up 18.3% [5]. - Long-term net inflows for the quarter totaled $28.9 billion, driven by ETFs, Index, China JV, India, Fundamental Fixed Income, and Private Markets [5]. Expenses and Margins - Adjusted operating expenses were $780.2 million, a 3.3% increase year-over-year [4]. - The adjusted operating margin improved to 34.2%, up from 31.6% a year ago [4]. Balance Sheet and Share Repurchases - Cash and cash equivalents as of September 30, 2025, were $973.1 million, up from $922.7 million as of June 30, 2025 [6]. - Long-term debt stood at $1.62 billion [6]. - In the reported quarter, Invesco repurchased 1.2 million shares for $25 million [7]. Future Outlook - Management anticipates one-time implementation costs of Alpha to be between $10 million and $15 million in Q4 2025 [8]. - The expected non-GAAP effective tax rate for Q4 2025 is projected to be in the range of 25-26% [8]. - The total payout ratio is expected to be near 60% in 2025 and 2026 [9]. Market Sentiment - There has been an upward trend in estimates for Invesco, indicating positive market sentiment [10]. - Invesco currently holds a Zacks Rank 1 (Strong Buy), suggesting expectations for above-average returns in the coming months [12]. Investment Scores - Invesco has a subpar Growth Score of D and a Momentum Score of F, but a grade of B on the value side, placing it in the top 40% for this investment strategy [11]. - The aggregate VGM Score for Invesco is C, which is relevant for investors not focused on a single strategy [11].

Core Insights - Keppel Corporation has transformed from a conglomerate heavily reliant on the offshore and marine (O&M) business to a global asset manager, with only 7.7% of its revenue coming from O&M in the first half of 2025 [2][4] - The company's share price has appreciated significantly, closing at $10.20 on 13 November 2025, representing a 136% increase from $4.32 in 2015, equating to a compound annual growth rate (CAGR) of approximately 9.0% [4][12] - Total returns for an investor who bought $10,000 worth of Keppel shares in 2015 would amount to around $35,242, reflecting a total return of approximately 252% and a CAGR of 13.4% [12] Financial Performance - In 2015, Keppel generated $5.4 billion in revenue and $757 million in net profit, while in the first half of 2025, revenue dropped to $3.1 billion with a net profit of $373 million due to the divestment of its largest business [14][15] - The company has consistently paid dividends, totaling $2.73 per share over the past decade, with a notable increase in dividends since the pandemic lows in 2020 [5][6] Shareholder Returns - Shareholders received additional returns through distributions of units in Keppel REIT and shares in Sembcorp Marine, which was restructured into Seatrium [9][10] - The total value of these distributions, along with capital gains and dividends, significantly contributed to the overall returns for investors [11][12] Strategic Transformation - Keppel's restructuring began in early 2021, focusing on exiting the offshore rig building business and merging its O&M operations with Sembcorp Marine [13] - The company aims to grow its assets under management (AUM) to $200 billion by 2030, with recent acquisitions and divestitures supporting this goal [14][16] Investment Lessons - The journey of Keppel over the past decade highlights the importance of a long-term investment perspective, the potential rewards of patience with dividends, and the benefits of strategic restructuring [17]

Core Insights - Invesco Ltd. has shown strong stock performance, outperforming the broader market and financial sector over the past year [2][3] - The company reported impressive quarterly results for Q3 2025, with significant year-over-year growth in earnings and assets under management [4] - Analysts have a mixed outlook on Invesco, with a consensus rating of "Hold" and expectations for continued earnings growth [5][6] Group 1: Company Overview - Invesco Ltd. is a global investment management firm founded in 1935, headquartered in Atlanta, Georgia, with a market cap of approximately $10.3 billion [1] Group 2: Stock Performance - Invesco's shares have increased by over 33% in the past 52 weeks, compared to an 18.5% rise in the S&P 500 Index [2] - The stock has also risen 33% year-to-date, while the S&P 500 has gained 15.1% during the same period [2] Group 3: Financial Performance - In Q3 2025, Invesco reported adjusted earnings per share of $0.61, reflecting a 38.6% year-over-year increase [4] - The company's assets under management reached approximately $2.1 trillion, marking an 18.3% year-over-year growth [4] Group 4: Analyst Ratings and Expectations - For the fiscal year ending December 2025, analysts project Invesco's EPS to grow by 11.7% year-over-year to $1.91 [5] - The consensus rating among 16 analysts is "Hold," with three "Strong Buy" and thirteen "Hold" ratings [5] - TD Cowen has reiterated a "Buy" rating with a price target of $30, while the mean price target of $26.46 suggests a 13.9% premium to current levels [6]

Core Insights - Apollo Global Management, Inc. (APO) is expected to report an increase in third-quarter 2025 earnings and revenues compared to the previous year [1][9] - The company completed the acquisition of Bridge Investment Group Holdings Inc. for $1.5 billion, enhancing its real estate equity capabilities [4][5] Financial Performance Expectations - The Zacks Consensus Estimate for APO's earnings is $1.89, reflecting a 4.4% increase from the same quarter last year [3] - The consensus estimate for sales is $1.1 billion, indicating an 18.6% year-over-year rise [3] - Total assets under management (AUM) are projected to reach $884.2 billion, representing a sequential growth of 5.3% [6][9] Segment Earnings Estimates - Management fees are estimated at $858 million, showing a sequential increase of 5.1% [7] - Fee-related performance fees are expected to be $61.1 million, down 3.1% from the previous quarter [7] - Net capital solutions fees and other earnings are projected at $181.2 million, indicating a sequential decline of 16% [7] Cost Considerations - Elevated expenses are anticipated due to ongoing investments in capital formation and credit investing teams, as well as merger-related charges [8][9] Market Position and Comparisons - Apollo's recent acquisition is expected to nearly double its real estate AUM to over $110 billion, enhancing its offerings for institutional and wealth clients [5] - Other asset managers like Blackstone and Lazard have reported strong earnings, indicating a competitive landscape [12][13]

Financial Data and Key Metrics Changes - Firm-wide assets under management (AUM) reached $860 billion, with a record high of $153 billion in Bernstein Private Wealth [4][5] - Adjusted earnings per unit increased by 12% year-over-year to $0.86, while net revenues rose by 5% to $885 million [25][26] - Total adjusted operating expenses remained flat at $582 million, with total compensation and benefits expenses increasing by 6% to $439 million [26][28] Business Line Data and Key Metrics Changes - Institutional asset management business AUM stood at $351 billion, while the retail platform AUM was $356 billion [4] - Tax-exempt fixed income saw over $4 billion in inflows, marking 11 consecutive quarters of positive organic growth [6][7] - Private markets generated nearly $3 billion in net inflows, reflecting improved conditions in commercial real estate [7][8] Market Data and Key Metrics Changes - The U.S. equity markets delivered strong returns, with the S&P 500 returning 8.1% in Q3 2025 [11] - Emerging markets outperformed, while global developed equities underperformed compared to the U.S. [12][13] - The firm observed a rebound in client flows into American Income, indicating renewed interest in U.S. dollar-denominated assets [10] Company Strategy and Development Direction - The company aims to expand its third-party insurance asset management business, leveraging partnerships like the one with Fortitude [8][9] - A strategic alliance with Equitable enhances the firm's competitive advantage, allowing for the scaling of higher-fee private alternative strategies [9][10] - The focus remains on scalable, long-duration assets that align with sustainable organic growth and long-term profitability [31][34] Management's Comments on Operating Environment and Future Outlook - Management maintains a positive outlook on fixed income, anticipating a reallocation wave as bonds regain diversification value [11] - The firm is well-positioned to capture growth opportunities in Asia, particularly in taxable fixed income [47][49] - The company is committed to investing in growth initiatives while maintaining expense discipline [34][56] Other Important Information - The firm has successfully expanded its private markets platform to nearly $80 billion, representing a 17% year-over-year growth [22] - The effective tax rate for the third quarter was 6%, consistent with full-year guidance [28] - The firm is raising its full-year performance fee guidance to $130 million-$155 million, driven by strong public market performance [32] Q&A Session Summary Question: Can you elaborate on the insurance opportunity and the Ruby Re sidecar? - Management expressed excitement about the insurance asset management business, confirming that the Ruby Re relationship is performing as expected and that the FCA REIT sidecar is additive to their strategy [38][40] Question: What is the outlook for private credit and credit quality? - Management noted competitive environments in private credit but reassured that there is no material deterioration in credit quality, with manageable maturities and positive cash flow generation [42][43] Question: How is the Asia business performing post-trade conflicts? - The Asia business showed improvement, particularly in taxable fixed income, with strong engagement from institutional clients despite external noise [47][48] Question: What is the capital allocation strategy regarding buybacks? - The light buyback in the quarter was attributed to timing rather than any strategic shift, with plans to continue funding the deferred compensation plan [57] Question: How is the firm positioned for the bond reallocation? - Management indicated that they are well-positioned to benefit from the bond reallocation, particularly in Asia, with a strong distribution capability [60][61]

Core Insights - BlackRock's third-quarter 2025 adjusted earnings per share (EPS) reached $11.55, exceeding the Zacks Consensus Estimate of $11.25, reflecting a slight increase from the previous year [1][8] - The company's assets under management (AUM) grew to a record $13.46 trillion, marking a 17.3% year-over-year increase, driven by long-term net inflows of $171 billion [5][8] - Despite revenue growth, higher expenses posed challenges, with total expenses rising 42.7% year-over-year to $4.55 billion [3][4] Financial Performance - BlackRock's net income on a GAAP basis was $1.32 billion, down 18.9% from the prior year, falling short of the projected $1.59 billion [2] - Revenues on a GAAP basis were $6.51 billion, surpassing the Zacks Consensus Estimate of $6.20 billion, and reflecting a 25.2% increase year-over-year [3][8] - Non-operating income decreased to $42 million from $259 million in the prior-year quarter, while adjusted operating income rose 23.2% to $2.62 billion [4] Assets Under Management - As of September 30, 2025, AUM totaled $13.46 trillion, significantly above the estimated $12.59 trillion, with an average AUM of $12.96 trillion, up 17.1% year-over-year [5] - The acquisition of HPS Investment Partners added $165 billion in client AUM and $118 billion in fee-paying AUM [2] Shareholder Actions - BlackRock repurchased shares worth $375 million during the reported quarter [6] Strategic Outlook - The company's diversification efforts and acquisitions, including Global Infrastructure Partners, Preqin, and HPS Investment Partners, are expected to strengthen its position as a global asset manager [7] - Elevated expenses remain a significant challenge for the company [7]

Financial Performance - BlackRock's Assets Under Management (AUM) reached $135 trillion as of September 30, 2025[2] - Q3 2025 Base Fees and Securities Lending Revenue amounted to $50 billion[2] - Q3 2025 Operating Income, as adjusted, was $2621 million[9] - Q3 2025 Net Income, as adjusted, reached $1907 million[11] - Q3 2025 EPS, as adjusted, was $1155[11] Net Flows - Total BlackRock experienced net inflows of $22 billion in Q3 2025[5] - ETFs Long-term net inflows were $153 billion in Q3 2025[5] Revenue Breakdown - Base fees constituted 75% of the quarterly revenue[23] - Securities lending revenue accounted for 1% of the quarterly revenue[23] - Performance fees represented 8% of the quarterly revenue[23] - Tech services & subscription revenue made up 8% of the quarterly revenue[23] Expense Analysis - Employee compensation and benefits represented 43% of the adjusted quarterly expenses[33] - General & administration expenses accounted for 17% of the adjusted quarterly expenses[33] Alternatives - Alternatives Fee-Paying AUM was $663 billion in Q3 2025[38]

Core Insights - T. Rowe Price Group (TROW) and Apollo Global Management (APO) are prominent players in the asset management industry, each with distinct strengths and focuses [1][20] - Apollo emphasizes private equity and alternative assets, while T. Rowe Price specializes in mutual funds and active management of equity and fixed income [1] Apollo Global Management (APO) - Apollo's diversified business model supports sustainable earnings, with a compound annual growth rate (CAGR) of 7.8% in assets under management (AUM) from 2021 to 2024, driven by retirement services and new financing [3] - The company expects its total AUM to reach nearly $1.5 trillion by 2029, primarily through scaling its private equity business [3][9] - Recent acquisitions, such as Bridge Investment Group Holdings, and partnerships with Mubadala and Citigroup enhance Apollo's capabilities and growth potential [4] - Apollo's revenues grew at a CAGR of 63.7% from 2021 to 2024, although growth moderated in the first half of 2025 [5] - The Zacks Consensus Estimate projects a year-over-year earnings increase of 4.7% for 2025 and 19.3% for 2026, with upward revisions in estimates over the past 60 days [10] T. Rowe Price Group (TROW) - T. Rowe Price's AUM experienced a CAGR of 2.3% from 2020 to 2024, supported by market appreciation and strength in multi-asset and fixed income [6] - The company has formed strategic alliances, including a partnership with Goldman Sachs to enhance access to private markets and an acquisition of Retiree for retirement income planning [7] - T. Rowe Price's net revenues grew at a CAGR of 3.4% over the past four years, continuing into the first half of 2025 [8] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 1.6% for 2025, followed by a 4.9% increase in 2026, with upward revisions in estimates [13] Comparative Performance - Over the past year, Apollo outperformed the industry with a stock gain of 17.3%, while T. Rowe Price only rose 0.5% [15] - Apollo trades at a forward price-to-earnings (P/E) multiple of 16.3X, while T. Rowe Price trades at 11X, both below the industry average of 17.45X [17] - Both companies have increased dividends five times in the past five years, with Apollo's yield at 1.5% and T. Rowe Price's at 4.8% [19] Investment Outlook - Apollo is positioned for greater upside potential due to its diversified and rapidly growing alternative asset platform, aggressive expansion, and strong earnings growth trajectory [20] - T. Rowe Price offers steady growth and high dividend yield but has a more conservative approach, limiting its upside compared to Apollo [21]

Group 1 - Artisan Partners Asset Management announced a preliminary AUM of $178.1 billion as of August 31 [1] - This represents an increase from the preliminary AUM of $175.0 billion at July 31 [1] - Artisan Funds and Artisan Global Funds accounted for $87.0 billion of the total AUM at the end of August [1]