Virtus Investment Partners Earnings Call Transcripts
Fiscal Year 2026
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Q3 AUM declined 7% to $141.4B as $6.1B of net outflows and negative markets weighed on results, mainly in quality equities. Adjusted margin rose to 28.7% and diluted EPS to $5.86, while ETFs, fixed income and alternatives supported diversification.
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Q2 2026 saw improved net flows, record institutional sales, and strong ETF and alternatives growth, despite continued outflows in quality-oriented equities. Operating margin and adjusted EPS rose sequentially, with robust capital flexibility and ongoing product expansion.
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First quarter 2026 saw higher sales and product innovation, but net outflows and lower AUM pressured earnings. Expansion into private markets and strong ETF growth offset equity headwinds, with improved flows in March and April.
Fiscal Year 2025
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Q4 2025 saw net outflows and lower AUM due to underperformance in quality-oriented equities, but strong ETF flows and expansion into private markets provided growth. Operating margin and EPS declined slightly, while capital allocation remained balanced with ongoing share repurchases and strategic investments.
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Virtus is acquiring a 56% stake in Keystone for $200M, expanding into private credit and real estate. The deal is expected to be accretive to margins and EPS, with growth driven by distribution expansion and Keystone's differentiated asset-based lending strategies.
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Q3 2025 saw higher average AUM, record ETF growth, and improved operating margins, despite continued net outflows from quality equity strategies. Liquidity was enhanced through debt refinancing, and the dividend was raised for the eighth year.
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AUM rose 2% to $170.7 billion, while $3.9 billion of outflows centered on quality equities; June and July flows improved, led by fixed income and ETFs. Adjusted EPS was $6.25, and Q2 buybacks totaled $30 million.
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First quarter results showed lower assets under management and net outflows amid market volatility, but adjusted EPS rose 6% year-over-year and ETFs delivered strong growth. Share repurchases increased, and the balance sheet remains solid, supporting ongoing capital returns.
Fiscal Year 2024
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Q4 2024 saw strong operating performance, record adjusted margins, and robust EPS growth, despite net outflows driven by a large institutional redemption. ETFs and global funds posted double-digit organic growth, and capital returns to shareholders remained a priority.
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Q3 2024 saw strong financial and operating results, with AUM up 6% to $183.7B, improved net flows in key channels, and a two-year high operating margin. Capital returns increased, new products launched, and cost discipline maintained, despite ongoing industry and market volatility.
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Net outflows were offset by strong growth in ETFs, retail separate accounts, and global funds, driving higher operating margin and adjusted EPS year-over-year. Capital allocation remains balanced, with continued share repurchases, dividend increases, and investments in new products and M&A opportunities.