In This Article:
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AUM and Fee Earning Assets: $53.8 billion, up 20% year-over-year.
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Retail Mutual Fund Net Sales: $342 million for the quarter.
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Adjusted Diluted EPS: $0.48 for the quarter.
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Net Debt: $52 million with $161 million available on the credit facility.
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Dividend: $0.125 per share, a 9% increase.
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Mutual Fund AUM: $31 billion, up 19% year-over-year.
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ETF and SMA AUM: $2.9 billion, up 74% year-over-year.
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Private Wealth AUM: $8.6 billion, up 10% year-over-year.
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AGF Capital Partners AUM: $4.6 billion, up $2.5 billion from the prior year.
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Adjusted EBITDA: $48 million for the quarter.
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SG&A Expenses: $64 million for the quarter.
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Adjusted Net Income: $32 million for the quarter.
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Net Management Fees: $85 million for the quarter.
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Free Cash Flow: $106 million on a trailing 12-month basis.
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Share Buybacks: Over 200,000 shares repurchased for approximately $2.4 million.
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Release Date: April 08, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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AGF Management Ltd (AGFMF) reported a 20% year-over-year increase in AUM and fee-earning assets, reaching $53.8 billion.
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The retail mutual fund business achieved net sales of $342 million, significantly outperforming the Canadian mutual fund industry.
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Three AGF investment funds received FundGrade A+ Awards for outstanding risk-adjusted performance.
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The company launched two new alternative products aimed at providing lower volatility and attractive risk-adjusted returns.
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AGF Management Ltd (AGFMF) increased its quarterly dividend by 9%, marking the fifth consecutive year of dividend growth.
Negative Points
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Segregated accounts and sub-advisory AUM decreased by 9% due to a shift to passive management by institutional clients.
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Adjusted EBITDA was $2 million lower compared to the prior year, mainly due to an outsized long-term investment gain in Q1 of last year.
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The net management fee yield declined by 1 basis point, consistent with the company's guidance of a 1-2 basis point annual decline.
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The company faces challenges in monetizing long-term investments due to current market conditions.
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There is potential for increased cash holdings by advisors if market volatility persists, which could impact future sales momentum.
Q & A Highlights
Q: The $9 million distribution income this quarter seemed higher than usual. Is there a seasonal element to this, or was there another reason for the increase? A: Ken Tsang, CFO: There isn't a seasonal element to the distribution income. The increase is mainly due to the discretionary nature of distributions from our private credit funds and other investments.