AGF Management Limited

Thank you for standing by. Welcome to the fourth quarter 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 need to press star 1-1 on your telephone. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Mr. Tseng. You may begin.

Thank you, operator, and good morning, everyone. I'm Ken Tseng, Chief Financial Officer of AJF Management Limited. Today, we will be discussing the financial results for the fourth quarter and fiscal year 2025. Slides supporting today's call and webcast can be found in the investor relations section of AJF.com. Also speaking on the call today will be Judy Goldring, Chief Executive Officer. For the Q&A period following the presentation, Ash Lawrence, Head of AJF 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. AGF has another outstanding year in 2025, where we made very strong progress against our strategic objectives. Our AUM and fee-earning assets crossed over $50 billion at the end of Q4, up 13% from a year ago. In Q4, we reported retail mutual fund net sales of $282 million, or 0.8% of mutual funds AUM in the quarter, outpacing the Canadian mutual fund industry of 0.5%. For the full year, our retail mutual fund net sales were close to $1 billion. Our ETFs and SMA $4 billion. AGF was named as one of Greater Toronto's top employers for 2026, our second time winning this award, and our funds also received various recognitions for outstanding investment performance throughout the year. Turning to our financial results, adjusted EBIT after the year was $186 million, which is 12% higher than prior year. Our adjusted diluted EPS was $0.62 for the quarter and $1.93 for the year. In addition, we have $449 million in short and long-term investments on our balance sheet, net cash of $6 million, with $208 million remaining on our credit facility. We have capital available and flexibility in our capital allocation strategy. Finally, we also paid a $0.125 per share dividend for Q4 2025. Starting on slide six, we will provide updates on our business performance. On this slide, we break down our total AUM and C-earning assets in the categories disclosed in our MD&A and show comparisons for the prior year. AGS Investments Mutual Fund AUM was $35 billion, up 14% 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 3% compared to the prior year. Subsequent to year end, we received a redemption notice from an institutional client for 700 million. The redemption was driven by government mandated change in their investment oversight process. The redemption was completed in December 2025. We continue to see strong interest in our strategies in the institutional space with prospects and growth and momentum with a number of existing clients. Our private wealth AUM increased by 11% compared to prior year to $9.5 billion. And our AGF Capital Partners AUM and fee-earning assets were $4.6 billion at the end of the year. As a reminder, New Holland Capital's AUM of approximately $10 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 the mutual fund sales. the Canadian mutual fund industry saw net positive sales in the quarter of $12 billion, or 0.5% of AUM in the quarter. AGF Investments' retail mutual fund sales continued to outpace the industry and achieved $282 million in net sales in the quarter. We outpaced the industry in each of the quarters in 2025. On a full-year basis, our retail mutual fund net sales for the year was $930 which is double the industry's average of 1.4%, and a significant improvement against net redemptions of $204 million in the prior year. The strength of our retail mutual fund sales reflects the successful execution of our distribution and marketing strategy, supported by strong investment performance. Notably, all distribution channels delivered net positive sales this quarter, underscoring the broad-based momentum across our platform. Now, let me provide a brief update on our investment performance, which continues to be strong. AGS 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 43rd percentile, our three-year performance was in the 52nd percentile, and our five-year performance was in the 41st percentile. and more than half of our funds are outperforming our peers on a three- and five-year basis. We continue our global search for a permanent CIO. In the interim, I am confident in the strength of our investment team, the office of the CIO, structure, and the leadership of David Stonehouse as our interim CIO. Turning now to slide eight. Slide eight shows our ETF and SMA AUM. The AUM in this category is $4.1 billion and has grown 68% 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 vehicles across U.S., 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.