Affiliated Managers Group, Inc. (AMG) is an asset management company that invests in boutique asset management firms. The stock generated substantial returns during the period due to a favorable market environment, strong performance by many of its affiliated managers, and healthy inflows into the managers’ investment products. Inflows over the trailing 12-month period ending September 30, 2013 exceeded $40B and assets under management reached $508B. Like LKQ, we reduced the Fund’s position in Affiliated Managers Group as it approached our price target and as its market capitalization grew to exceed our $10 billion threshold used to determine when to exit positions.
From Meridian Funds's semi-annual report ended December 31, 2013.
