AMG (Affiliated Managers Group Inc) vs S&P 500 Comparison

AMG

S&P 500

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AMG

S&P 500

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AMG

S&P 500

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S&P 500

AMG

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Affiliated Managers Group Inc
Glance View

Market Cap

5.5B USD

Industry

Financial Services

Affiliated Managers Group Inc. (AMG) is a unique player in the investment management industry, distinguished by its partnership-driven business model. Founded in 1993, AMG has carved out a distinctive niche by acquiring equity stakes in boutique investment firms. Instead of fully absorbing these firms, AMG allows its partners to retain significant operational and financial autonomy. This strategy not only preserves the creative and strategic freedom of its affiliates but also ensures that key talent remains invested in the success of their businesses. Through this approach, AMG is able to tap into a diverse range of investment strategies across asset classes and geographies, making it an appealing choice for investors seeking specialized expertise in niche areas. Financially, AMG derives its revenue from management fees, which are based on the assets under management (AUM) of its affiliated firms, as well as performance fees linked to the achievement of specific investment targets. By partnering with established investment managers who have proven track records, AMG benefits from stable and recurring revenue streams, augmented by the potential upside of performance-based fees. This model not only aligns the interests of AMG with its partners and their clients but also mitigates the risks typically associated with the investment management industry. As the asset management landscape evolves, AMG's ability to strategically partner with investment boutiques positions it well to capitalize on trends such as the growing demand for specialized investment strategies and personalized client solutions.

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AMG Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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AMG

vs

S&P 500

Stocks Performance
AMG vs S&P 500

Performance Gap
AMG vs S&P 500

Performance By Year
AMG vs S&P 500

Competitors Performance
Affiliated Managers Group Inc vs Peers

Affiliated Managers Group Inc
Glance View

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AMG vs S&P 500

Stocks Performance AMG vs S&P 500

Performance Gap AMG vs S&P 500

Performance By Year AMG vs S&P 500

Competitors Performance Affiliated Managers Group Inc vs Peers

Affiliated Managers Group Inc Glance View

Company

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Stocks

AMG

vs

S&P 500

Stocks Performance
AMG vs S&P 500

Performance Gap
AMG vs S&P 500

Performance By Year
AMG vs S&P 500

Competitors Performance
Affiliated Managers Group Inc vs Peers

Affiliated Managers Group Inc
Glance View