Boutique asset manager, Affiliated Managers Group, Inc. (AMG, Financial) also advanced in the quarter on robust earnings. While global equity and quantitative outflows continue to moderate, AMG is experiencing strong investment performance within the alternatives segment as well as generating higher performance fees across its diversified set of strategies. Looking ahead, management remains excited about its pipeline of new investments in secular growth areas such as private markets, dedicated ESG strategies, liquid alternatives and wealth management. Meanwhile, AMG continues to take advantage of the company’s low valuation, actively retiring 25% of AMG’s shares outstanding since 2019.
From John Rogers (Trades, Portfolio)' Ariel Fund fourth-quarter 2022 commentary.
