Canada · Delayed Price · Currency is CAD AGF Management Earnings Call Transcripts
Fiscal Year 2026
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Shareholders approved the merger of AGF China Focus Class into AGF Emerging Markets Class during a virtual meeting, with no questions raised and majority support confirmed. Final voting results will be filed on SEDAR+.
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AUM and fee-earning assets rose 12% year-over-year to over CAD 60 billion, with strong retail mutual fund sales and continued dividend growth. Adjusted EBITDA declined due to lower long-term investment revenues, while capital allocation remains balanced and flexible.
Fiscal Year 2025
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AUM and fee-earning assets grew 13% to over CAD 60 billion, with strong mutual fund and ETF/SMA sales outpacing the industry. Adjusted EBITDA rose 12% to CAD 186 million, and EPS increased 16% year-over-year. Institutional redemptions and private equity fund suspensions were managed with minimal financial impact.
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Q3 2025 saw strong AUM and earnings growth, with adjusted EPS up 18% sequentially and retail mutual fund sales outpacing the industry. Leadership transitions were managed smoothly, and capital allocation remained disciplined, supporting continued momentum and resilience.
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Q2 2025 delivered strong year-over-year AUM and net sales growth, outpacing the industry despite market volatility. Adjusted EBITDA rose to CAD 40 million, with disciplined expense management and balanced capital allocation supporting continued momentum.
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Q1 2025 delivered strong AUM and fee-earning asset growth of 20% year-over-year, with retail mutual fund net sales and SMA growth outpacing the industry. Adjusted EBITDA was CAD 48 million, and the dividend was raised by 9% for the fifth consecutive year.
Fiscal Year 2024
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AUM and fee-earning assets rose 27% year-over-year to CAD 54 billion, with strong growth across mutual funds, ETFs, and alternatives. Adjusted EBITDA and EPS increased 26% and 25% respectively, while capital allocation remains balanced between growth and shareholder returns.
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AUM and fee-earning assets rose 18% year-over-year to CAD 49.7 billion, with strong investment performance and positive net sales. Adjusted EPS was CAD 0.37, and the board declared an 11.5% share dividend. Capital allocation remains balanced between shareholder returns and growth.
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Markets have rebounded from August volatility, but economic data remains soft and political uncertainty is high. Investors should expect continued volatility through the U.S. election, with Fed policy, trade, and geopolitical risks as key drivers.
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Consumer discretionary, energy, and industrials are navigating inflation, high rates, and shifting demand. Small caps and rate-sensitive sub-sectors are gaining traction, while geopolitical and supply chain risks persist. Canadian sectors face unique challenges and opportunities.
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AUM and fee-earning assets rose 16% year-over-year to CAD 47.8 billion, with strong investment performance and improved mutual fund flows. The Kensington acquisition was consolidated, impacting SG&A and introducing new LTIP expenses, while capital allocation remains balanced between growth and shareholder returns.
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Central banks are cautiously easing, with Canada and the EU leading rate cuts while the U.S. remains on hold. Equity markets are highly concentrated in large-cap tech, driven by the AI boom, but risks of a crowded trade and volatility are rising. The U.S. election and global political uncertainty are expected to drive market volatility in the coming months.