Finally, boutique asset manager, Affiliated Managers Group, Inc. (AMG, Financial) declined in the period. Although global equityand 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, we remain 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 26% of AMG’s shares outstanding since 2019.
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2023 commentary.
