Q2 2026 AGF Management Ltd Earnings Call Transcript
Key Points
- AGF Management Ltd (AGFMF) reported a strong Q2 with a 40% increase in AUM and fee-earning assets, reaching $75 billion.
- The company achieved its eighth consecutive quarter of positive retail mutual fund net sales, with $6 million in net sales for the quarter.
- AGF's SMA and ETF business showed significant growth, with AUM increasing by 74% year-over-year to $4.8 billion.
- The company was added to the NASDAQ Broad Canadian Dividend Achievers Index, highlighting its consistent dividend growth.
- AGF Capital Partners' AUM and fee-earning assets reached over $15 billion, with significant contributions from New Holland Capital and Kensington Capital Partners.
- AGF Management Ltd (AGFMF) is expecting a $150 million redemption in Q3, which, although not performance-related, will impact AUM.
- The mutual fund net sales of $6 million were lower than expected, attributed to seasonality and economic factors affecting retail investors.
- The company's fair value adjustments can be lumpy, impacting quarterly financial results.
- Despite strong growth, New Holland Capital's fee-related earnings are currently breakeven due to recent growth investments.
- AGF's mutual fund sales were impacted by a lack of exposure to high-demand specialty categories like gold, high-yield, and crypto.
Thank you for standing by and welcome to the Q2 2026 AGF Management Limited earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to introduce your host for today's conference, Mr. Tsang. Sir, please begin.
Thank you, operator, and good morning, everyone. I'm Ken Tsang, Chief Financial Officer of AGF Management Limited. Today, we will be discussing the financial results for the second quarter of 2026. Slides supporting today's call and webcast can be found in the Investor Relations section of AGF.com.
Also speaking on the call today will be Judy Goldring, Chief Executive Officer; and Ash Lawrence, Head of AGF Capital Partners. For the question-and-answer period following the presentation, John Porter, Chief Investment Officer, will also be available to address questions. Slide 4 provides the agenda for today's call. After today's prepared remarks, we will be happy to take questions.
With that, I will now turn the call
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