Economic Outlook - The bond rally's sustainability is questioned, with considerations on economic and inflation outlooks [1][4] - The yield curve has started to flatten, indicating potential changes in short-term yields [2][3] Market Sentiment - There is significant demand for various asset classes, including US, European, and emerging market equities, as well as bonds and liquid alternatives [6][7] - Despite concerns about a potential US recession and a weakening labor market, there remains optimism in the market [4][7] Commodity Performance - Industrial metals, particularly copper, are showing strong performance and potential breakout [5] - Gold is being favored as a protective asset amid concerns about currency debasement, with central banks increasing their purchases [8][9] Investment Trends - Investors are actively looking to deploy cash across multiple asset classes, reflecting a positive sentiment towards economic strength [6][7] - The resilience of urban areas, such as London, suggests a robust economic environment despite mixed industrial production numbers [11][12]

Company Overview - AMG has partnered with leading investment specialists for over 30 years[2] - AMG has approximately $771 billion in Assets Under Management (AUM)[2, 63] - AMG's strategy supports compounding of earnings growth at an industry-leading rate[9] Asset Allocation and Growth - Liquid Alternatives AUM is approximately $182 billion[6] - Differentiated Long-Only AUM is approximately $440 billion[6] - Private Markets AUM is approximately $149 billion[6] - Over 50% of EBITDA is from High-Growth Areas[8] Financial Performance - The company has approximately $2 billion in 2024 Annual Economic Net Income[46] - Approximately $2.8 billion in excess capital was returned over the last 5 years[52] - The company has repurchased approximately 10% of shares annually over the last 5 years[52] - The average repurchase price over the last 5 years was $140[52] - Adjusted EBITDA increased from $795 million in 2020 to $973 million in 2024[56]

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]