AGF Management Limited

Thank you for standing by, and welcome to the Q3 2026 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 1-1 on your telephone. As a reminder, this call is being recorded. I would like to introduce your host for today's conference, Mr. Tsang. 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 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 questions and answers period following the presentation. John Porter, 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. Q3 was a solid quarter for AGF. Our AUM and fee earning assets were $74 billion at quarter end, up 31% from a year ago. AGS Investments Canadian Retail Mutual Funds delivered its ninth consecutive quarter of positive retail mutual fund net sales with 92 million in the quarter. Our SMA and ETF continues to see strong growth with AUM increasing by 57% year over year to 5.5 billion and our Canadian SMA and ETF net flows were 179 million in the quarter. Kensington Capital Partners welcomed Saar Pekar and Bo Chinenovich, two industry veterans with extensive experience in private equity and venture capital to strengthen the senior leadership team at Kensington. Turning to our financials, we reported adjusted saluted EPS of 49 cents and generated 39 million of free cash flow in the quarter. Our balance sheet remains strong with 432 million in short and long-term investments, net debt of 28 million, and 170 million available on our credit facility. The strength of our balance sheet and capital position provides us with flexibility to deploy capital thoughtfully in line with our strategic priorities. 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 $37.5 billion, up 14% year-over-year. The growth of our ETF and SMA AUM globally remains strong, up 57% year-over-year. I'll provide more color on our mutual fund ETFs and SMA sales in a moment. Segregated accounts and sub-advisory AUM decreased 12% year-over-year. This quarter, We saw $650 million of redemptions from one of our institutional clients, of which $150 million was pre-announced on our Q2 earnings call. The $650 million in redemption this quarter was not performance related, but rather an asset allocation decision. Our private wealth AUM increased by 7% compared to prior year to $9.7 billion. AJF Capital Partners AUM and fee earning assets were $15.7 billion at the end of the quarter, which now includes NHC's AUM. Turning to slide seven, I'll provide some details on our Canadian retail sales. The Canadian mutual fund industry saw positive net sales of $18 billion in the quarter. While the headline industry net flows were strong, 70% of the net flows were directed to fixed income and balance funds, with only 12% flowing into equity funds. Given our tilt toward equities, we are pleased to deliver the ninth consecutive quarter of positive net sales in our Canadian retail mutual fund business with 92 million in the quarter. And our Canadian ETF and SMA saw positive net flows of 179 million in the quarter, more than tripling that of last year. As we have noted on the previous call, We continue to see strong flows in our Canadian ETFs and SMAs as retail clients look to utilize different investment vehicles to access our investment capabilities. Turning to slide eight, strong sales momentum has continued to drive growth in our overall ETF and SMA AUM. Our ETF and SMA assets globally have grown at 60% on a compounded basis over the last two years, now reaching $5.5 billion. We continue to see consistent growth and momentum across US, Canada, and Asia, where many of our strategies are available on leading wealth management platforms. Now let me provide a brief update on our investment performance. 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, three, and five-year performance was in the 46th 47th and 44th percentile respectively, and approximately 57% of our funds outperformed peers on a three- and five-year basis. I will now pass it over to Ashley Lawrence to provide an update on the AGF Capital Partners business.