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].