2028 Targets - Amundi aims for an adjusted EPS greater than €7 in 2028[15] - The company targets a cost-to-income ratio of less than 56% by 2028[15] - Amundi plans to maintain a payout ratio of at least 65% over the period of 2025-2028[13, 15] - The company is targeting +€300 billion in cumulated net inflows from 2025-2028 on growth priorities[15] Strategic Priorities - Amundi intends to accelerate diversification, focusing on high-potential segments like retirement and digital distribution[32, 35, 36] - The company aims to expand its global footprint, particularly in Asia, with a target of +€150 billion in net inflows from 2025-2028[32, 37, 38] - Amundi plans to invest in private assets and ETFs, differentiate and optimize active investment strategies, and lead in responsible investment[32, 40, 41] - The company aims to conquer through digitalization and technology, seeking to double its FY 2028 revenues compared to 2024, with a 2024 baseline of approximately €95 million[32, 42, 43] ICG Partnership - Amundi has formed a major partnership with ICG in private assets, expecting a return on investment of ≥10% within 3 years and an EPS accretion of approximately 5% in 2028[44, 56, 57] - ICG has $123 billion in AuM as of March 2025, which is a x2 growth from March 2021 with $56 billion[50] ETF Business - Amundi is the 1 European ETF provider, with +€55 billion in net inflows in 2025[98] - Amundi's ETF & Indexing AuM reached €314 billion in September 2025, compared to €190 billion in 2021, representing a x1.6 increase[98] - Amundi plans to launch +50 new ETFs by 2028[104]

Core Insights - Franklin Resources (BEN) is actively expanding through acquisitions and partnerships to enhance its alternative investments and multi-asset solutions offerings [2][11] - The acquisition of Apera Asset Management significantly increased BEN's alternative credit assets under management (AUM) by over $90 billion, bringing total alternative asset strategies to nearly $270 billion as of September 30, 2025 [3] - The company is focusing on higher-growth asset classes, particularly alternatives, to capture incremental flows and support long-term AUM expansion [7] Strategic Acquisitions and Partnerships - In October 2025, Franklin Resources completed the acquisition of Apera Asset Management, enhancing its position in the alternative credit market [3] - In September 2025, Franklin partnered with Copenhagen Infrastructure Partners, DigitalBridge, and Actis to expand its private infrastructure platform [4] - In July 2024, Franklin collaborated with SBI Holdings to enter the ETF and digital assets space, targeting younger investors [5] - The acquisition of Putnam Investments in January 2024 boosted Franklin's defined-contribution AUM above $100 billion [5] Market Position and Competitiveness - Franklin's strategic moves have strengthened its presence in the separately managed account (SMA) market and expanded its capabilities across private debt, real estate, hedge funds, and private equity [6] - The company's focus on alternatives aligns with industry trends, enhancing its competitive positioning and potential for sustained revenue growth [7] - Peers like BlackRock and T. Rowe Price are also pursuing similar inorganic growth strategies through acquisitions and partnerships [8][12] Financial Performance and Valuation - Franklin's shares have increased by 1.7% over the past three months, contrasting with an 18.2% decline in the industry [14] - The company trades at a forward price-to-earnings (P/E) ratio of 8.71X, below the industry average of 13.98 [16] - The Zacks Consensus Estimate indicates year-over-year earnings growth of 12.6% and 12.5% for 2026 and 2027, respectively, although recent estimates have been revised downward [18]

Financial Data and Key Metrics Changes - The company reported a 13% year-over-year growth in adjusted earnings per share and a 14% increase year-to-date, exceeding target ranges [4][5] - Return on equity expanded significantly and is now at the high end of the target range [4] - Year-to-date free capital flow conversion ratio is over 90%, tracking above target [4] - Non-GAAP operating earnings reached $474 million, or $2.10 per share, a 19% increase year-over-year [11] - Total managed AUM increased to $784 billion, a 4% sequential increase [13] Business Line Data and Key Metrics Changes - Workplace Savings and Retirement Solutions (WSRS) transfer deposits grew 13% year-over-year, with total Retirement Investment Solutions (RIS) sales of $7 billion, an 8% increase [6][7] - Small and mid-sized business segment saw WSRS SMB recurring deposits grow 8% and transfer deposits increase by 27% [7] - Global asset management gross sales reached $32 billion, up 19% year-over-year, with private markets generating net inflows of $1.7 billion [8][9] - Specialty Benefits pre-tax operating earnings were $147 million, a record quarter, reflecting a 28% increase year-over-year [16] Market Data and Key Metrics Changes - The company experienced positive net cash flow of $400 million in the quarter, driven by investment management flows [13] - International pension reported record AUM of $151 billion, a 9% year-over-year increase [15] Company Strategy and Development Direction - The company is focused on three significant profit pools: the retirement ecosystem, small and mid-sized businesses, and global asset management [5] - Continued investment in modernizing recordkeeping capabilities and enhancing individual customer service [22] - The company aims to capitalize on opportunities in financial inclusion and fintech solutions [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering full-year enterprise financial targets based on strong performance and business momentum [5][17] - The economic environment has created challenges, but there are significant opportunities for growth in financial inclusion and retirement solutions [10] Other Important Information - The company returned $400 million to shareholders in the quarter, including $225 million in share repurchases [12] - The common stock dividend was raised by 8%, marking the ninth consecutive quarter of increases [5][12] Q&A Session Summary Question: Margin expansion expectations - Management expects continued margin expansion driven by strong underwriting results and disciplined expense management [19][20] Question: Free capital flow conversion trends - The company maintains a strong capital position with a capital-efficient mix of business, allowing for organic investments while returning capital to shareholders [26][27] Question: Investment management flows and investor sentiment - Positive net cash flow of $800 million was reported, with strong demand in private markets and emerging market fixed income [33][34] Question: Performance fees outlook - Performance fees are expected to remain modest, but there has been an uptick in transaction and borrower fee activity [36][37] Question: Bering Strategic Partnership fee rate - The partnership aims to enhance private market expertise and is expected to create value for the company [41][43] Question: 401k business and market consolidation - The company anticipates benefiting from industry consolidation and is focused on driving organic growth [45][49] Question: Private credit market dynamics - The company maintains a strong credit quality in its portfolio, with a focus on underwriting standards [86][90]

Core Insights - Apollo Global Management Inc. (APO) is acquiring Eagle Creek Renewable Energy, a significant independent hydroelectric power platform in the U.S., which operates 85 facilities across 18 states with a total capacity of nearly 700 MW, enough to power over 260,000 homes [2] - The acquisition aligns with Apollo's strategy to scale energy transition assets in response to rising power demand from data centers and industrial infrastructure, with the company having invested approximately $59 billion in energy transition since 2022 [3] - BMO Capital initiated coverage of Apollo with a "Market Perform" rating and a price target of $132, highlighting the company's strong private credit capabilities but cautioning about potential pressure on earnings expectations as rate cuts approach [4] Company Overview - Apollo Global Management Inc. is a global alternative asset manager providing investment, credit, and retirement solutions across institutional and retail markets [5] - The company holds a significant position in the portfolio of billionaire investor Dan Loeb, with $180,884,250 worth of shares, representing 2.37% of his portfolio [1]

Financial Data and Key Metrics Changes - Total revenue increased by 17% year-over-year to $1.5 billion [14] - Adjusted diluted EPS grew by 5% to $1.22, while diluted EPS decreased by 10% to $1.06 [15] - Total expenses rose by 29% to $998 million, primarily due to the Paycor acquisition [15] - Cash flow from operations was $718 million for the first quarter [15] - The company returned $549 million to shareholders through dividends and share repurchases [15] Business Line Data and Key Metrics Changes - Management Solutions revenue increased by 21% to $1.2 billion, driven by the addition of Paycor and higher revenue per client [14] - PEO and Insurance Solutions revenue grew by 3% to $329 million, supported by an increase in average PEO worksite employees [14] - Interest on funds held for clients rose by 27% to $48 million due to the inclusion of Paycor balances [14] Market Data and Key Metrics Changes - The PEO business experienced mid-single-digit worksite employee growth, with strong demand and retention performance [11] - The small business employment environment remains stable, with no signs of recession and moderating wage inflation [11][12] Company Strategy and Development Direction - The integration of Paycor is on track, with targeted revenue synergies and cost synergies expected to exceed initial estimates [4][5] - The company is focusing on cross-selling opportunities, particularly in retirement, ASO, and PEO solutions to Paycor's client base [5][6] - The Partner Plus program for brokers has seen nearly double enrollment, indicating strong momentum in referral channels [7][8] - New product offerings, such as Bill Pay Powered by BILL, aim to enhance service delivery for small and mid-sized businesses [8][9] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the resilience of small businesses and expects renewed business confidence due to clarity on tariffs, taxes, and inflation [11][12] - The company anticipates total revenue growth for fiscal 2026 to be between 16.5% and 18.5%, with Management Solutions expected to grow by 20%-22% [16][17] - Adjusted operating income margin is projected to be approximately 43% [16] Other Important Information - The company has launched AI-driven tools to enhance client experiences and operational efficiency [9][10] - The integration of Paycor is expected to provide additional growth opportunities and improve overall service offerings [4][5] Q&A Session Summary Question: Update on demand environment and employer size segments - Demand remains consistent with historical trends, with increased activity and solid RPO bookings [20][21] Question: Paycor recurring revenue growth - Recurring revenue growth for Paycor is expected to be double digits for the full year, with Q1 performance in line with expectations [22][23] Question: PEO environment characterization - PEO continues to perform well with mid-single-digit worksite employee growth and record retention [25][26] Question: Direct expenses and SG&A comparison - Direct expenses showed strong leverage, while SG&A expenses were impacted by integration costs [31][32] Question: Paycor integration and recurring revenue - Integration is progressing well, with high retention rates and strong sales performance [38][39] Question: EPS increase drivers - EPS guidance was raised due to strong retention and confidence in achieving cost and revenue synergies [47][48] Question: PEO market competitiveness - The competitive environment remains stable, with a focus on value proposition rather than aggressive pricing [59][60] Question: Bill.com partnership and customer profile - The partnership aims to enhance payment capabilities for small businesses, integrating with existing platforms [65][66] Question: Regulatory environment impact - The company does not expect significant impacts from regulatory changes, with small businesses remaining resilient [82][83]

Financial Data and Key Metrics Changes - Total revenue increased by 17% year-over-year to $1.5 billion [13] - Management Solutions revenue rose by 21% to $1.2 billion, driven by the addition of Paycor and higher revenue per client [13] - PEO and Insurance Solutions revenue grew by 3% to $329 million, supported by an increase in average PEO worksite employees [13] - Total expenses increased by 29% to $998 million, primarily due to the Paycor acquisition [14] - Adjusted diluted EPS increased by 5% to $1.22, while diluted EPS decreased by 10% to $1.06 [14][15] Business Line Data and Key Metrics Changes - Management Solutions revenue growth was significantly influenced by Paycor, contributing approximately 17% to the overall growth [13] - PEO business showed mid-single-digit worksite employee growth, with strong demand and record retention [11][25] - Interest on funds held for clients increased by 27% to $48 million due to the inclusion of Paycor balances [14] Market Data and Key Metrics Changes - The small business employment environment remains stable, with no signs of recession and moderate wage inflation [11][12] - The demand environment is consistent, with increased activity and solid RPO bookings, particularly in the micro segment [19] Company Strategy and Development Direction - The integration of Paycor is on track, with targeted revenue synergies and cost synergies expected to reach approximately $90 million [4][14] - The company is focusing on cross-selling opportunities, particularly in retirement, ASO, and PEO solutions to Paycor's client base [5] - New marketing campaigns and partnerships, such as the CPA Partner Pro portal and BillPay powered by Bill.com, are aimed at expanding service offerings [8][9] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the macro environment, citing renewed business confidence due to clarity on tariffs, taxes, and inflation [12] - The company expects total revenue growth for fiscal 2026 to be between 16.5% and 18.5%, with adjusted diluted EPS growth now expected to be between 9% and 11% [15][16] - The PEO model is seen as a key growth driver, allowing small businesses to offer competitive benefits [11] Other Important Information - The company has launched AI-driven tools to enhance client experiences and operational efficiency, including generative AI solutions for HR guidance [10][92] - Paychex was recognized by Newsweek as one of America's greatest companies and most admired workplaces, highlighting the importance of company culture [12] Q&A Session Summary Question: Update on demand environment and employer size segments - Demand remains consistent with historical trends, with increased activity and solid RPO bookings across segments [19] Question: Paycor recurring revenue growth expectations - Recurring revenue for Paycor is expected to grow in double digits for the full year, aligning with expectations [21] Question: PEO environment characterization - The PEO business continues to perform well, with mid-single-digit worksite employee growth and record retention [25][26] Question: Direct expenses and operating expenses outlook - Direct expenses showed strong leverage, with ongoing operating expenses expected to remain consistent with current trends [32] Question: Impact of regulatory environment on business - The small business market remains resilient, with stability in employment and wage inflation below 3% [104]

Company Overview - T. Rowe Price Group, Inc. (TROW) is a leading global investment management firm with a market cap of $20.5 billion, headquartered in Baltimore, Maryland, offering a variety of products and services including mutual funds, retirement solutions, and advanced planning tools for individuals and institutions [1][2] Performance Analysis - TROW shares have decreased by 17.2% from their 52-week high of $125.81, reached on December 6, 2024, but have gained 13.8% over the past three months, outperforming the S&P 500 Index, which returned 10.7% in the same period [3] - Over the past 52 weeks, TROW has marginally declined, significantly lagging behind the S&P 500's 17.6% increase, and on a year-to-date basis, TROW shares are down 7.9%, compared to the S&P 500's 12.5% return [4] Market Position - TROW's stock jumped over 5% on September 4 after Goldman Sachs announced plans to invest up to $1 billion in the firm to expand private-market offerings for retail investors [5] - TROW's underperformance is notable when compared to its rival BlackRock, which has seen a 25.9% gain over the past 52 weeks and an 8.8% rise year-to-date [5] Analyst Sentiment - The stock has a consensus rating of "Moderate Sell" from 14 analysts, and it currently trades above the mean price target of $93.21 [6]

Financial Performance - Horace Mann's second-quarter core earnings per share (EPS) was $1.06[6] - The company's core return on equity (ROE) reached 12.6%, a 6.1 percentage point increase compared to the previous year[6, 7] - Horace Mann repurchased $13 million of shares year-to-date at an average multiple of 1.05x book value[7] - The company's adjusted book value per share has shown a 7.0% compound annual growth since 2010[8] Segment Results - The Property & Casualty (P&C) combined ratio improved to 97.0%, a 14.5 percentage point improvement year-over-year[6, 7] - Life & Retirement (L&R) core earnings doubled compared to the prior year, reaching $24.6 million[7, 16] - Individual Supplemental sales increased by 43%[7] and Auto sales were up by 6%[7, 15] Investment Portfolio - The investment portfolio has a fair value of $6.9 billion[32] - The company's annualized limited partnership returns were 10%[7] - The company's annualized commercial mortgage loan fund returns were 7%[7] Guidance and Outlook - Horace Mann revised its full-year 2025 core EPS guidance to a range of $4.15 to $4.45[41] - The company anticipates total net investment income of $470 million to $480 million[43]