AGF Management Limited

Thank you for standing by, and welcome to the Q3 2025 AGF Management Limited Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. As a reminder, this call is being recorded. I'd like to introduce your host for today's conference, Mr. Tseng. You may 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 third quarter of fiscal 2025. Slides supporting today's call and webcasts can be found in the investor relations section of agf.com. Also speaking on the call today will be Judy Goldring, Chief Executive Officer. For the question and answer period following the presentation, Ash Lawrence, Head of AGF Capital Partners, and David Stonehouse, Interim Chief Investment Officer will also be available to address questions. Slide four provides the agenda for today's call. After the prepared remarks, we will be happy to take questions. With that, I will now turn the call over to Judy.

Good morning, and thank you for joining us. This was a strong quarter for AGF, but one also marked by profound loss with the sudden passing of Kevin McCready, our former CEO and CIO. Kevin was a tremendous leader and friend, who is deeply missed by all of us. In the face of this tragedy, AGF's strong governance and well-established succession plan enabled us to respond with stability and continuity. In July, I announced updates to our senior leadership team, including naming Chris Jackson as president and COO, David Stonehouse as interim CIO, and Ash Lawrence as executive management team sponsor to the office of the CIO. A global search for a permanent CIO is underway, And in the interim, I am confident in the strength of our investment team under the leadership of David Stonehouse and the office of the CIO. As CEO of AGF, and together with the executive management team, we are committed to continuing to execute on our strategic priorities. With the right people in place, a clear strategy, and a strong balance sheet, we are well positioned to deliver consistent results and drive long-term success for the benefit of all of our stakeholders. Now moving on to our business updates. Global markets were strong in Q3, overcoming the volatility experienced in the first half of 2025. With this macro backdrop, Q3 was another strong quarter for AGF. I'll begin with some highlights. AUM and fee earning assets were $56.8 billion at the end of Q3, up 14% from a year ago. Compared to Q2, our average AUM was up 6%. AGF Investments retail mutual funds reported net sales of $262 million, or 0.08% of mutual fund AUM, in the quarter, outpacing the Canadian mutual fund industry. Our SMA and ETF AUM remained strong, which increased by 64% year-over-year to $3.5 billion. We reported adjusted diluted EPS of $0.46 in the quarter, up 18% from the previous quarter. In addition, we have $432 million in short and long-term investments on our balance sheet, net debt of $17 million, with $186 million remaining on our credit facility. We have capital available and flexibility in our capital allocation strategy. Our European subsidiary was once again accepted as a signatory to the UK Stewardship Code, a best practice benchmark in investment stewardship. Finally, the Board declared a 12.5 cents per share dividend for Q3 2025. Starting on slide six, we will provide updates on our business performance. On this slide, we break down our total AUM and fee-earning assets in the categories disclosed in our MD&A and show comparisons to the prior year. AGF Investments Mutual Fund AUM was $33 billion, up 17% year-over-year, outpacing the industry increase of 12%. The growth of our ETF and SMA AUM remains strong. I'll provide more color on our mutual fund sales and ETF and SMA AUM in a moment. Segregated accounts and sub-advisory AUM increased by 4% compared to the prior year. During the quarter, we received a redemption notice from one of our institutional clients for $500 million. The redemption was driven by the client's shift toward passive management to comply with regulatory requirements and is expected to occur in Q4 2025. The financial impact of the redemption is not material on our financial results, and we continue to see strong interest in our strategies in the institutional space. Our private wealth AUM increased by 10% compared to prior year to $9 billion, and our AGF Capital Partners AUM and fee earning assets were $4.6 billion At the end of the quarter, as a reminder, New Holland Capital's AUM of $9 billion is not consolidated into AGF's total AUM and fee-earning assets at this time. Now, turning to slide 7, I'll provide some details on mutual fund sales. With volatility and equity markets subsiding, the Canadian mutual fund industry saw net positive sales in the quarter of $9 billion, or 0.4% of AUM. AGF Investments retail mutual fund sales outpaced the industry and achieved 262 million of net sales in the quarter or 0.8% of our mutual fund AUM. The strength of our retail mutual fund sales reflects the successful execution of our distribution and marketing strategy, particularly in penetrating high growth distribution channels supported by strong investment performance. Notably, all distribution channels delivered net positive sales this quarter underscoring the broad-based momentum across our platform. Let me provide a brief update on our investment performance, which continues to be strong. AGF Investments measures mutual fund performance by comparing gross returns before fees relative to peers within the same category, with the first percentile being the best possible performance. Our one-year performance was in the 44th percentile, our three-year performance was in the 50th percentile, And our five-year performance was in the 41st percentile, and approximately 58% of our strategies are outperforming our peers on a three- and five-year basis. Turning now to slide eight. Slide eight shows our ETFs and SMA AUM. The AUM in this category is at $3.5 billion and has grown 62% on a compounded basis over the last two years. Included in this number are Canadian and U.S.-listed ETFs, and SMA platforms globally. We have seen consistent growth and momentum in our SMA AUMs across the US, Canada, and Asia, where many of our strategies are available on leading wealth management platforms. I will now pass it over to Ken to discuss our financial results.