Key Takeaways AMG's Q4 2025 economic EPS of $9.48 beat $8.75 and jumped 45.2% year over year.AMG revenue rose 6.2% to $556.6M as AUM reached $813.3B, up 14.9% at Dec. 31, 2025.AMG repurchased $350M in shares, added a 6M-share buyback authorization and took a stake in HighBrook.Affiliated Managers Group Inc.’s (AMG)  fourth-quarter 2025 economic earnings of $9.48 per share handily surpassed the Zacks Consensus Estimate of $8.75. The bottom line also jumped 45.2% from the prior-year quarter.Results benefited ...

KKR 2026 Conference Summary Company Overview - KKR is one of the largest and oldest alternative asset managers globally, with over $700 billion in assets under management (AUM) [3][5] - The company has a differentiated business model that integrates asset management, insurance, and strategic holdings [4][5] Business Model - KKR's business model consists of three main components: 1. **Asset Management**: Over $740 billion in AUM with identifiable growth opportunities [5] 2. **Insurance**: Owns Global Atlantic with $220 billion in assets, showing significant scaling from $72 billion five years ago [5] 3. **Strategic Holdings**: Focuses on long-term ownership of businesses that generate compounding cash flow [6] - The synergy between these components enhances overall performance and allows for growth without significant increases in headcount or complexity [6][7] Recent Acquisition - KKR announced the acquisition of Arctos, which has $15 billion in AUM and is a leader in sports investments [12] - The acquisition aligns with KKR's strategic M&A framework and aims to build a $100+ billion AUM business by leveraging KKR's resources and expertise [14] Macro Environment - The macroeconomic outlook for 2026 is positive, with expectations of increased M&A activity, IPOs, and potential Fed rate cuts [15][16] - KKR anticipates a constructive year in capital markets, with more deployment and monetization opportunities [16][17] Private Equity and Real Estate - KKR's private equity business has seen a 26% growth in fee-paying assets in 2025, doubling its assets over the past five years [22] - The real estate sector has faced challenges, but KKR believes values have bottomed out and is positioned to capture market share as conditions improve [24][25] Financial Performance and Guidance - KKR aims for $4.50+ in fee-related earnings (FRE) and after-tax adjusted net income of $7+ for 2026 [35] - The company has experienced significant growth in management fees, with a 50% increase over the past three years, while operating expenses grew by less than 25% [28] - KKR has $18.6 billion in embedded gains, up 19% year-on-year, which will drive future investing earnings [40] Investment Strategy - KKR follows a linear deployment model, aiming to deploy capital steadily over the investment periods of their funds [42] - Key areas for deployment include infrastructure, Asia Pacific, and asset-based finance, with significant growth in the infrastructure business from $18 billion to $100 billion over five years [43][44] Asia Market Insights - KKR has a strong presence in Asia, with significant investments in Japan and India, and has seen a 70% increase in deployment in 2025 compared to 2024 [48] - The company believes in the growth potential of the Asian market, contributing to over half of global GDP growth in the coming decade [46] Alternative Investments in Retirement - KKR anticipates that alternative investments will play a role in the retirement channel, especially given their partnership with Capital Group [49][51] Software Exposure - KKR has a 7% exposure to software across its AUM, with 15% in private equity, which is lower than peers [54] - The company has not re-underwritten its software exposure recently but believes in the potential benefits of AI for improving margins [56] Strategic Priorities for 2026 - KKR's strategic focus will be on integrating Arctos and investing in areas where it has competitive advantages, particularly in the institutional market and private wealth [33][34] Conclusion - KKR is well-positioned for growth in 2026, with a strong business model, strategic acquisitions, and a positive macroeconomic outlook, aiming to leverage its strengths across various asset classes and markets [16][22][35]

Core Insights - Apollo Global Management, LLC's fourth-quarter 2025 adjusted net income (ANI) per share was $2.47, exceeding the Zacks Consensus Estimate of $2.03 and up from $2.22 in the previous year [1][9] - The company's shares rose nearly 2.6% in early trading following the release of these results [1][9] Financial Performance - The increase in revenues was primarily driven by a rise in assets under management (AUM), with total revenues reaching $1.2 billion, a 30.3% year-over-year increase, surpassing the Zacks Consensus Estimate by 4.4% [4][9] - For the full year 2025, revenues totaled $4.5 billion, up 22.3% year over year, also beating the Zacks Consensus Estimate of $4.4 billion [4] - Total expenses rose 25.3% year over year to $218 million in the reported quarter [4] Assets Under Management - Fee-earnings AUM increased by 24.6% year over year to $709 billion, driven by strong management fee growth and record capital solutions fees [5] - As of December 31, 2025, total AUM was $938 billion, reflecting a 24.9% year-over-year increase, supported by $145 billion in inflows from Asset Management and $83 billion from Retirement Services [6] Capital and Liquidity - As of December 31, 2025, Apollo Global had cash and cash equivalents of $3.3 billion and total debt of $5.5 billion, indicating a relatively weak capital and liquidity position [7] Capital Distribution - The company announced a quarterly cash distribution of 51 cents per share, scheduled for payment on February 27, 2026, to shareholders of record as of February 19 [8] Strategic Developments - The acquisition of Bridge Investment Group Holdings Inc. is expected to enhance Apollo Global's real estate expertise and strengthen its wealth management business, contributing positively to its financials [10]

Core Insights - The Carlyle Group Inc. (CG) reported a 5.9% increase in shares during Friday's trading session, with fourth-quarter 2025 post-tax distributable earnings per share of $1.01, matching the Zacks Consensus Estimate and improving from 92 cents per share in the previous year [1][8] Financial Performance - Net income attributable to Carlyle was $358.1 million, up from $210.9 million in the year-ago quarter, while for 2025, post-tax distributable earnings per share were $4.02, slightly missing the Zacks Consensus Estimate of $4.03 but increasing from $3.66 in 2024 [2] - Fourth-quarter segmental revenues reached $1.09 billion, a 15.1% increase from the previous year, matching the Zacks Consensus Estimate [3][8] - Total segment fee revenues rose 2.3% year over year to $669.9 million, driven by increased fund management fees and fee-related performance revenues, while realized performance revenues surged 46.8% to $360.8 million [4] Expenses and AUM - Total segmental expenses increased by 16.1% year over year to $655.4 million, presenting a challenge to overall profitability [4][8] - As of December 31, 2025, total assets under management (AUM) were $476.9 billion, reflecting an 8.1% increase from the prior year, with fee-earning AUM rising 10.6% to $336.8 billion [5] Capital Distribution - In the reported quarter, Carlyle repurchased or withheld 3.8 million shares for $204 million, with $0.2 billion worth of shares remaining under authorization [6] - The company declared a quarterly dividend of 35 cents per share, scheduled for payment on February 20, 2026 [6] Strategic Outlook - The increase in total AUM and efforts to expand investment platforms are expected to support long-term revenue growth for Carlyle, although rising expenses and a competitive financial environment pose challenges [7]

Apollo Global Management, Inc. (APO) is scheduled to announce fourth-quarter 2025 results on Feb. 9, before market open. APO’s quarterly earnings are expected to have declined from the year-ago period, while revenues are expected to have increased from the year-ago reported levels.In the last reported quarter, Apollo’s earnings topped the Zacks Consensus Estimate. Results were primarily aided by an increased asset under management (AUM) balance. However, rising expenses acted as a headwind in the quarter.AP ...

Core Viewpoint - MetLife, Inc. is considered one of the best cheap stocks to buy for 2026, despite a recent downgrade by Evercore ISI, which lowered its rating to "In Line" and cut the price target from $108 to $97 [1][3]. Group 1: Analyst Downgrade and Earnings Estimates - Evercore ISI's downgrade was influenced by concerns over potential downside to consensus forward earnings, indicating a weakening of MetLife's earnings expectations compared to previous market anticipations [3]. - The firm reduced its 2026 earnings estimate for MetLife by approximately 3.5% and noted that its initial 2027 earnings estimate was about 4-5% below consensus expectations [3]. Group 2: Valuation and Risk Factors - Analysts expressed valuation concerns, stating that MetLife's stock appears relatively expensive compared to mid-cap peers, although it remains cheaper than some larger competitors [3]. - Specific concerns were raised regarding low new money spreads on public corporate bonds and MetLife's higher risk commercial mortgage loan portfolio compared to peers, which was described as a "double-edged sword" for the stock [4]. Group 3: Growth Opportunities - Despite the risks, MetLife has demonstrated impressive growth in Asia, which could serve as a positive factor for the company [5]. - Analysts noted that risk transfer deals could act as a potential catalyst for MetLife's stock performance [5]. Group 4: Company Overview - MetLife, Inc. provides a range of services including insurance, annuities, employee benefits, and asset management across the United States and international markets, covering life, dental, disability, property, and casualty insurance, as well as retirement and savings products [6].

Core Insights - Lazard Inc. (LAZ) reported better-than-expected quarterly results, with shares gaining 2.2% following the announcement of adjusted earnings per share (EPS) of 80 cents, surpassing the Zacks Consensus Estimate of 68 cents and up from 78 cents in the previous year [1][8] Financial Performance - For Q4 2025, adjusted net revenues were $892.1 million, reflecting a 10% year-over-year increase and exceeding the Zacks Consensus Estimate by 10.1% [4] - For the full year 2025, adjusted EPS was $2.44, beating the Zacks Consensus Estimate of $2.32 and up from $2.34 in the prior year [3] - Net income on a GAAP basis for Q4 was $49.9 million, a decline of 42% from the prior-year quarter, while full-year net income was $2.36 billion, down 15% year over year [2][3] Revenue Segments - Financial Advisory segment reported adjusted operating revenues of $541.6 million, up 7% year-over-year, supported by strong advisory activity [6] - Asset Management segment saw adjusted operating revenues of $338.6 million, an 18% increase year-over-year, driven by higher management and incentive fees [6] - Corporate segment adjusted operating revenues were $11.9 million, down from $17.6 million in the previous year [6] Asset Management - Total assets under management (AUM) as of December 31, 2025, were $254.3 billion, a 12% increase year-over-year [7][9] - Average AUM for the reported quarter was $261.1 billion, also reflecting a 12% year-over-year growth [9] Expense Analysis - Operating expenses increased by 16% year-over-year to $821.8 million, primarily due to higher compensation costs [5] - The ratio of adjusted compensation expenses to operating revenues was 65.5%, slightly lower than 65.6% in the previous year [5] - The ratio of adjusted non-compensation expenses to operating revenues was 17.8%, down from 19% in the prior-year quarter [5] Balance Sheet and Share Repurchase - Cash and cash equivalents totaled $1.47 billion as of December 31, 2025, up from $1.31 billion in the prior quarter, indicating a strong liquidity position [10] - Lazard repurchased $50 million of common stock in Q4 2025, equivalent to 1 million shares, with approximately $109 million remaining for future repurchases [11] Market Position and Outlook - The company continues to benefit from strong momentum in Financial Advisory and Asset Management, supported by higher revenues and improved market conditions [12] - Persistent cost pressures, particularly related to compensation, require close monitoring going forward [12]

Core Insights - Janus Henderson Group plc (JHG) reported a revenue of $1.14 billion for the quarter ended December 2025, marking a significant increase of 61.3% year-over-year [1] - The earnings per share (EPS) for the quarter was $2.01, up from $1.07 in the same quarter last year, indicating a strong performance [1] - The reported revenue exceeded the Zacks Consensus Estimate of $779.26 million by 46.59%, and the EPS also surpassed the consensus estimate of $1.19 by 68.91% [1] Financial Performance - The average assets under management (AUM) for equities were reported at $255.10 billion, slightly below the estimated $255.99 billion [4] - Multi-asset AUM was $58.50 billion, which was in line with the average estimate of $58.39 billion [4] - Total AUM reached $493.20 billion, surpassing the average estimate of $488.13 billion [4] - Fixed income AUM was reported at $154.40 billion, slightly below the estimated $154.82 billion [4] - Management fees revenue was $585.2 million, reflecting a year-over-year increase of 12%, but slightly below the average estimate of $585.81 million [4] Market Performance - Over the past month, shares of Janus Henderson Group have returned +0.8%, compared to a +0.9% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported firm-wide revenue of $3 billion, an increase of 5% from 2024, with fourth-quarter revenue of $892 million, up 10% year-over-year [12][5] - Financial advisory revenue reached $1.8 billion for the year, with fourth-quarter revenue of $542 million, up 7% from the previous year [12][7] - Asset management revenue was $1.2 billion for the year, with fourth-quarter revenue of $339 million, up 18% year-over-year [14][9] - The average revenue per Managing Director (MD) increased to $8.9 million, up $2.5 million since 2023 [8][20] - The adjusted effective tax rate for the full year was 22.7% [17] Business Line Data and Key Metrics Changes - In financial advisory, record revenue was achieved in EMEA and the Private Capital Advisory group, with strong performance in restructuring and liability management [7][12] - Asset management saw a 12% year-over-year increase in assets under management (AUM), reaching $254 billion as of December 31, 2025 [15][9] - The company reported record gross inflows exceeding $50 billion in asset management, supported by a focus on sales and distribution [9][10] Market Data and Key Metrics Changes - The company noted a current level of won but not yet funded mandates at $13 billion, indicating strong demand for its services [7][10] - The company anticipates positive net flows in both financial advisory and asset management for 2026, driven by ongoing client demand and market conditions [6][10] Company Strategy and Development Direction - The company is focused on executing its Lazard 2030 long-term growth strategy, emphasizing investments in talent and operational efficiency [5][6] - There is a strategic shift towards enhancing advisory services related to private capital, aiming to increase the share of advisory revenue from private capital to 50% over time [22][32] - The company plans to expand its presence in North America, Europe, and the Middle East, with new offices opened in Denmark and the UAE [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the M&A cycle, expecting acceleration in 2026 despite geopolitical uncertainties [24][60] - The company highlighted the importance of contextual alpha in navigating complex market conditions, which is seen as a competitive advantage [28][60] - Management noted that the disparity in corporate performance is leading to increased restructuring and liability management activity, alongside M&A [98][34] Other Important Information - The company returned $393 million to shareholders in 2025, including dividends and share repurchases [18] - The compensation ratio for the full year was 65.5%, a slight improvement from 65.9% in the prior year [17] Q&A Session Summary Question: Advisory trends and revenue mix - The revenue mix for the year was approximately 60% M&A and 40% non-M&A, with expectations for the non-M&A component to rise over time [32][31] Question: CFO transition - The transition to the new CFO was characterized as normal and smooth, with the outgoing CFO serving as a senior advisor [40][39] Question: M&A market observations - Management anticipates heightened private equity activity in 2026, driven by sponsors needing to return capital to LPs [48][47] Question: Asset management fee rates and unfunded mandates - The exit rate was modestly higher than the quarter run rate, with a healthy mix in the $13 billion of won but not yet funded mandates [52][54] Question: Geopolitical tensions impact - No significant impact on corporate discussions was noted due to geopolitical tensions, with a focus on broader variables in decision-making [60][59] Question: Restructuring cycle outlook - Continued activity in restructuring is expected due to the widening performance disparity among companies [98][34]

Financial Data and Key Metrics Changes - Firm-wide revenue for 2025 was $3 billion, an increase of 5% from 2024, with fourth-quarter revenue at $892 million, up 10% year-over-year [11][4] - Financial advisory revenue reached $1.8 billion for the year, with fourth-quarter revenue at $542 million, up 7% from the previous year [11][6] - Asset management revenue was $1.2 billion for 2025, with fourth-quarter revenue at $339 million, up 18% year-over-year [12][8] - Average revenue per Managing Director (MD) increased to $8.9 million, up $2.5 million since 2023 [7][18] - The adjusted effective tax rate for 2025 was 22.7% [15] Business Line Data and Key Metrics Changes - In financial advisory, record revenue was reported in EMEA and the Private Capital Advisory group, with strong performance in restructuring and liability management [6][11] - Asset management AUM (Assets Under Management) was $254 billion as of December 31, 2025, a 12% increase year-over-year [13][8] - Gross inflows in asset management exceeded $50 billion, supported by a focus on sales and distribution [8][9] Market Data and Key Metrics Changes - The current level of won but not yet funded mandates is $13 billion, higher than the previous year, indicating strong client demand [6][9] - The firm anticipates positive net flows in 2026, driven by a diversified investment platform and strong client engagement [9][24] Company Strategy and Development Direction - The company is focused on executing its Lazard 2030 long-term growth strategy, with expectations for substantial growth in both financial advisory and asset management [4][5] - There is a strategic emphasis on enhancing advisory revenue from private capital, aiming to increase its share from approximately 40% to 50% over time [19][30] - The company plans to expand its presence in North America and continue investing in Europe and the Middle East, with new offices opened in Denmark and the UAE [20][24] Management's Comments on Operating Environment and Future Outlook - Management expects M&A activity to accelerate in 2026, despite ongoing geopolitical uncertainties [21][56] - The company sees a significant opportunity for restructuring and liability management due to the widening performance gap among companies [21][92] - The integration of AI into operations is viewed as a key driver for enhancing client outcomes and operational efficiency [24][25] Other Important Information - The company returned $393 million to shareholders in 2025, including dividends and share repurchases [16] - The compensation ratio for 2025 was 65.5%, a slight improvement from 65.9% in the previous year [15] Q&A Session Summary Question: Advisory trends and revenue mix - The revenue mix for the year was approximately 60% M&A and 40% non-M&A, with expectations for the non-M&A component to rise over time [30][31] Question: CFO transition - The transition to the new CFO is viewed as normal and smooth, with the outgoing CFO serving as a senior advisor during the transition [36][37] Question: Private equity activity and M&A outlook - Management anticipates heightened private equity activity in 2026, driven by LPs seeking returns and narrowing bid-ask spreads [45][46] Question: Asset management fee rates and unfunded mandates - The exit rate for the quarter was modestly higher than the average, with a healthy mix of asset classes in the $13 billion of won but not yet funded mandates [48][51] Question: Geopolitical tensions and corporate discussions - There has been no impact on corporate discussions from geopolitical tensions, and the regulatory environment is seen as accommodating for deals [55][56] Question: Incremental comp leverage and operating efficiency - Additional operating leverage is expected in 2026, with a focus on increasing productivity and creating efficiencies across corporate functions [61][62]