Affiliated Managers Group (AMG, Financial) (46%, 2.68%), the diversified asset management holding company, was also a top contributor. Our appraised value increased nicely, driven by a 10% growth in AUM to $716 billion and a massive share repurchase (22% of shares outstanding annualized) to take advantage of the stock's depressed FCF multiple. The market fixated on AMG's net outflows last year, but 95% of flows came from quantitative strategies that only contribute around 3% of AMG's proportionate EBITDA due to their lower average fees and ownership interest. The other 97% of AMG is performing very well, particularly the company's private market strategies, wealth management and specialty fixed income. AMG also added two new opportunistic acquisitions with Boston Common Asset Management and Jackson Square Partners.
Mason Hawkins (Trades, Portfolio)' Longleaf Partners Fund first-quarter 2021 commentary.
