Affiliated Managers (US:AMG)2025-11-03 13:30Company Overview - AMG has ~$804 billion in Assets Under Management [2] - AMG partners with ~40 independent Affiliates [2] - Liquid Alternatives AUM is ~$205 billion, Differentiated Long-Only AUM is ~$451 billion, and Private Markets AUM is ~$148 billion [5] Financial Performance & Growth - AMG's LTM EBITDA contribution by strategy shows Differentiated Long-Only at 48%, Alternatives at 52% (Liquid Alternatives 29% and Private Markets 23%) [7] - The company has a mid-teens annualized long-term earnings growth opportunity [10] - The company has returned ~$28 billion in excess capital over the last 5 years [54] - The company has repurchased ~10% of shares annually over the last 5 years at an average repurchase price of $146 [54] - Adjusted EBITDA increased from $795 million in 2020 to $973 million in 2024 [57] - Economic Earnings Per Share increased from $1330 in 2020 to $2136 in 2024 [57] Investment Performance - 91% of products outperformed benchmarks over 3 years, 99% over 5 years, and 89% over 10 years [15] - Private Markets IRR for the latest vintage is 86%, and for the last three vintages is 84% [15]