Core Insights - T. Rowe Price Group (TROW) achieved a 6.9% year-over-year growth in assets under management (AUM), reaching $1.68 trillion in the first half of 2025, driven by favorable market conditions and strength in multi-asset and fixed income [1][8] - The company has shown a compound annual growth rate (CAGR) of 2.3% in AUM over the past four years (2020–2024) [1] - T. Rowe Price's U.S. mutual funds have outperformed the Morningstar median in 50% of cases and 52% against passive peers over the five years ending June 30, 2025 [4] AUM Performance - Target-date funds represent a significant portion of T. Rowe Price's AUM, totaling $520 billion, which is nearly 66% of the total AUM as of June 30, 2025 [5][8] - The company is expanding its growth engines through ETFs and an alternatives platform aimed at institutional investors, which helps mitigate pressures from outflows in traditional active equity funds [5][6] Competitive Landscape - T. Rowe Price's peers, Franklin Resources (BEN) and Lazard Ltd. (LAZ), are also focusing on AUM expansion, with Franklin reporting a five-year AUM CAGR of 3.1% and Lazard an eight-year CAGR of 1.7% through 2024 [7] - In the first half of fiscal 2025, Franklin's total AUM decreased, while Lazard's AUM improved [7] Financial Performance - T. Rowe Price's shares have increased by 10.7% over the past three months, compared to the industry's growth of 11.9% [10]

Tokenized Asset Market - The AUM of tokenized assets has reached an all-time high of approximately $270 billion [1] - Tokenized assets encompass currencies, commodities, treasuries, private credit, private equity, and venture capital [1]

Core Insights - T. Rowe Price Group, Inc. (TROW) reported preliminary assets under management (AUM) of $1.70 trillion for July 2025, reflecting a 1.6% increase from the previous month [1][7] - The company's diversified business model and strong brand are expected to support future AUM growth despite concerns over reliance on investment advisory fees [4] AUM Performance Breakdown - TROW's equity products reached $859 billion, up 2.4% from the prior month [2][7] - Fixed income products, including money market, grew 1% to $202 billion [2][7] - Multi-asset products totaled $586 billion, showing a slight increase [2] - Alternative products valued at $56 billion increased by 1.8% from the previous month [2] Target Date Retirement Portfolios - T. Rowe Price registered $524 billion in target date retirement portfolios in July 2025, showing a marginal increase from the prior month [3] Comparison with Other Asset Managers - Franklin Resources, Inc. (BEN) reported preliminary AUM of $1.62 trillion as of July 31, 2025, with a slight increase attributed to market impacts and flat long-term net inflows [5] - Invesco (IVZ) announced AUM of $2,024.5 billion for July 2025, up 1.2% from the previous month, influenced by favorable market returns despite a negative impact from foreign exchange [6]

Core Insights - Virtus Investment Partners, Inc. (VRTS) reported preliminary assets under management (AUM) of $170.8 billion for July 2025, showing a slight increase from June 30, 2025, primarily driven by positive net flows in exchange-traded funds and institutional accounts, despite net outflows in U.S. retail funds, retail separate accounts, and global funds [1][7] Group 1: AUM Performance - The company’s AUM of $170.8 billion includes $1.8 billion of other fee-earning assets, which were excluded from the AUM balance [2] - The open-end fund balance decreased nearly 1% from the prior month to $55.3 billion, while the closed-end fund balance increased by 1% to $10.6 billion [3] - Institutional accounts balance fell slightly to $57 billion sequentially, and retail separate accounts balance rose by 1.2% to $47.4 billion [3] Group 2: Business Model and Financial Outlook - The integrated multi-boutique business model of the company is expected to support its performance in a rapidly growing industry [4] - A decline in operating expenses is anticipated to bolster Virtus Investment's bottom line in the near term [4] Group 3: Industry Comparison - Victory Capital Holdings, Inc. (VCTR) reported AUM of $299.8 billion for July 2025, reflecting a marginal increase from June 30, 2025 [5] - Invesco (IVZ) announced its AUM of $2,024.5 billion as of July 31, 2025, which increased by 1.2% from the previous month, influenced by favorable market returns and impacted by foreign exchange [6]

Core Insights - Invesco's preliminary assets under management (AUM) for July 2025 reached $2.02 trillion, reflecting a 1.2% increase from the previous month, driven by market gains and long-term net inflows, despite some losses from unfavorable foreign exchange [1][10] Group 1: AUM Performance - The rise in AUM was attributed to a $22 billion increase from market performance and $5.8 billion in long-term net inflows, offset by an $8.5 billion decline due to unfavorable FX [1] - AUM under ETFs & Index Strategies was $559 billion, up 2.2% from the previous month, while Global Liquidity AUM increased by 2.1% to $200.5 billion [2] - The Fundamental Fixed Income AUM decreased by 1% to $298.5 billion, and Fundamental Equities AUM saw a slight decline to $287 billion [3] Group 2: Growth Trends - Over the past five years, Invesco's AUM has experienced a compound annual growth rate (CAGR) of 8.5%, with continued growth in the first half of fiscal 2025 [4] - The company has been focusing on diversifying into asset classes with growing client demand, which is expected to further enhance AUM growth [5] Group 3: Competitive Landscape - Competitors such as Franklin Resources and T. Rowe Price are also experiencing AUM growth, with Franklin's AUM at $1.62 trillion and T. Rowe Price benefiting from a diversified AUM across various asset classes [6][8] Group 4: Valuation and Earnings Estimates - Invesco's shares have increased by 17% in 2025, outperforming the industry, and the company trades at a forward price-to-earnings (P/E) ratio of 9.89, below the industry average [9][11] - The Zacks Consensus Estimate indicates a 4.7% year-over-year rise in Invesco's 2025 earnings, with a projected growth of 25.5% for 2026 [12]

Core Insights - Cohen & Steers, Inc. reported preliminary assets under management (AUM) of $88.6 billion as of July 31, 2025, reflecting a decrease of $353 million from $88.9 billion at June 30, 2025 [1][2]. AUM Breakdown - The decrease in AUM was attributed to market depreciation of $410 million and distributions of $152 million, which were partially offset by net inflows of $209 million [1]. - AUM by investment vehicle as of July 31, 2025: - Institutional Accounts: Total AUM decreased to $34.003 billion, with advisory accounts at $19.862 billion and subadvisory accounts at $14.141 billion [2]. - Open-end Funds: AUM increased to $43.000 billion, with net inflows of $294 million [2]. - Closed-end Funds: AUM slightly decreased to $11.580 billion, with net inflows of $1 million [2]. Company Overview - Cohen & Steers is a leading global investment manager specializing in real assets and alternative income, including listed and private real estate, preferred securities, infrastructure, resource equities, and commodities [2]. - The firm was founded in 1986 and is headquartered in New York City, with additional offices in London, Dublin, Hong Kong, Tokyo, and Singapore [2].

Core Insights - BlackRock Inc. (BLK) achieved a record $12.53 trillion in assets under management (AUM) for Q2 2025, marking a 17.7% year-over-year growth, driven by higher inflows in equity and fixed income instruments [1][8] - Digital assets saw a significant increase of 329.3% during the quarter, highlighting BlackRock's strategic focus on the cryptocurrency sector [2] - The company has been expanding its AUM through product diversification and acquisitions, with a five-year compound annual growth rate (CAGR) of 9.2% from 2019 to 2024 [2] AUM Growth and Inflows - BlackRock's AUM growth was supported by inflows of $152 billion in the first half of 2025, continuing a multi-year upward trend [2][8] - The company became the first asset manager to surpass the $12 trillion mark in AUM [1][8] Acquisitions and Expansion - In July 2025, BlackRock agreed to acquire ElmTree Funds and completed the buyout of HPS Investment Partners to enhance its private market offerings [3] - The acquisition of Preqin for $3.2 billion in March 2025 further strengthened its private markets capabilities [3] - Previous acquisitions, including Global Infrastructure Partners in October 2024, have bolstered BlackRock's infrastructure offerings [3] ETF and Active Equity Focus - BlackRock is enhancing its iShares unit, which offers over 1,400 ETFs globally, and has received approval for spot Bitcoin and ether ETFs [4] - The company is also increasing its focus on the active equity business to support AUM growth [4] Peer Comparison - Competitors like SEI Investments and Invesco are also focusing on AUM growth, with SEI's AUM at $517.5 billion (up 10% year-over-year) and Invesco's AUM at $2 trillion (up 16.6%) as of June 30, 2025 [5][6] Price Performance and Valuation - BlackRock's shares have increased by 15.5% over the past six months, outperforming the industry growth of 2.4% [7] - The company trades at a forward price-to-earnings ratio of 22.44X, which is above the industry average [9] Earnings Estimates - The Zacks Consensus Estimate indicates an 8.6% year-over-year rise in BlackRock's 2025 earnings and a 9.6% growth for 2026, with upward revisions for both years [10]

Core Insights - Apollo Global Management, LLC (APO) reported better-than-expected second-quarter 2025 results, with adjusted net income per share of $1.92, exceeding the Zacks Consensus Estimate of $1.85 and up from $1.64 in the prior year [1][10] - The company's total revenues reached $1.1 billion, reflecting a 17.5% year-over-year increase and surpassing the Zacks Consensus Estimate by 7.9% [3][10] - Apollo's assets under management (AUM) increased significantly, with fee-earning AUM rising 22.2% year-over-year to $638 billion and total AUM up 36.1% to $840 billion [4][5][10] Financial Performance - GAAP net income attributable to Apollo Global was $605 million, down from $828 million in the same quarter last year [2] - Total expenses for the combined segments rose 7.4% year-over-year to $189 million [3] - The company declared a quarterly cash distribution of 51 cents per share, to be paid on August 29, 2025 [7] AUM and Inflows - As of June 30, 2025, total AUM was $840 billion, benefiting from $98 billion of inflows from Asset Management and $81 billion from Retirement Services, partially offset by $60 billion of outflows [5] - The increase in AUM was driven by strong management fee growth and record capital solutions fees [4] Strategic Outlook - The company is experiencing broad-based momentum across its platform, with robust quarterly origination volume driven by diverse investing activities [8] - Apollo announced a deal to acquire Bridge Investment Group, expected to close in the third quarter of 2025, which aligns with its goal to expand real estate expertise and strengthen its wealth business [8]

Core Insights - Hamilton Lane (HLNE) reported a revenue of $175.96 million for the quarter ended June 2025, reflecting a year-over-year decline of 10.6% and an EPS of $1.31 compared to $1.51 a year ago, with a revenue surprise of +6.52% over the Zacks Consensus Estimate of $165.19 million and an EPS surprise of +33.67% over the consensus estimate of $0.98 [1] Financial Performance Metrics - Fee Earning AUM - Customized Separate Accounts (CSA) reached $40.28 billion, slightly above the average estimate of $40.27 billion [4] - Total Fee Earning AUM was $74.4 billion, exceeding the average estimate of $74.12 billion [4] - Fee Earning AUM - Specialized Funds (SF) stood at $34.12 billion, surpassing the average estimate of $33.85 billion [4] - Total AUM & AUA amounted to $986.17 billion, compared to the average estimate of $978.08 billion [4] - Assets Under Management (AUM) were reported at $140.88 billion, slightly below the average estimate of $141.2 billion [4] - Assets Under Advisement (AUA) totaled $845.29 billion, exceeding the average estimate of $836.88 billion [4] Revenue Breakdown - Incentive fees revenue was $42.26 million, significantly higher than the average estimate of $29.19 million, but represented a year-over-year decline of -25.6% [4] - Management and advisory fees from Customized Separate Accounts were $34.58 million, slightly above the average estimate of $34.28 million, reflecting a +3.4% year-over-year change [4] - Total management and advisory fees were $136.7 million, slightly above the average estimate of $136 million, with a year-over-year change of -2.3% [4] - Management and advisory fees from Specialized Funds were $82.75 million, below the average estimate of $84.41 million, indicating a -7.9% year-over-year change [4] - Fund reimbursement revenue was $1.52 million, lower than the average estimate of $2.06 million, representing a -54.1% year-over-year decline [4] - Distribution management revenue was $0.98 million, below the average estimate of $1.18 million, but showed a significant +95.8% year-over-year increase [4] Stock Performance - Hamilton Lane shares returned +3.3% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - T. Rowe Price Group, Inc. (TROW) reported second-quarter 2025 adjusted earnings per share (EPS) of $2.24, exceeding the Zacks Consensus Estimate of $2.15, but reflecting a year-over-year decline of approximately 1% [1][10] - The company's net income attributable on a GAAP basis was $505.2 million, representing a 4.5% increase from the prior-year quarter, surpassing the estimate of $431.9 million [2] - TROW's total assets under management (AUM) increased by 6.9% year over year to $1.68 trillion, driven by net market appreciation of $125.4 billion, although partially offset by net cash outflows of $14.9 billion [5][10] Financial Performance - Net revenues for TROW fell slightly year over year to $1.72 billion, missing the Zacks Consensus Estimate of $1.74 billion [3][10] - Investment advisory fees decreased marginally to $1.57 billion, which was above the estimate of $1.54 billion [3] - Total operating expenses rose by 6.5% to $1.25 billion, exceeding the estimate of $1.17 billion, while adjusted operating expenses were $1.15 billion, up 3.7% [4][10] Liquidity and Capital Distribution - As of June 30, 2025, TROW had cash and cash equivalents of $3.06 billion, an increase from $2.65 billion as of December 31, 2024, indicating a strong liquidity position [6] - The company distributed a total of $395 million to shareholders through common stock dividends and share repurchases in the second quarter [7] Strategic Outlook - TROW's solid AUM balance, expanding distribution reach, and diversification efforts through acquisitions are expected to support future top-line growth [8] - However, concerns remain regarding elevated expenses and reliance on investment advisory fees, alongside a challenging operating environment [8]