Acadian Asset Management (AAMI)
Market Price (8/8/2026): $89.84 | Market Cap: $3.2 BilSector: Financials | Industry: Asset Management & Custody Banks
Acadian Asset Management (AAMI)
Market Price (8/8/2026): $89.84Market Cap: $3.2 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include AI in Financial Services, and Sustainable Finance. Themes include Algorithmic Trading, and ESG Investing & Green Bonds. | Trading close to highsDist 52W High is -2.3%, Dist 3Y High is -2.3% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 32x Stock price has recently run up significantly12M Rtn12 month market price return is 104% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.5% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% Key risksAAMI key risks include [1] its notable debt leverage, Show more. |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include AI in Financial Services, and Sustainable Finance. Themes include Algorithmic Trading, and ESG Investing & Green Bonds. |
| Trading close to highsDist 52W High is -2.3%, Dist 3Y High is -2.3% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 32x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 104% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.5% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51% |
| Key risksAAMI key risks include [1] its notable debt leverage, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Acadian Asset Management (AAMI) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong First and Second Quarter Fiscal 2026 Financial Performance. Acadian Asset Management reported robust results for fiscal Q1 2026, which ended March 31, 2026, with diluted earnings per share (EPS) of $1.05, significantly surpassing analyst expectations of $0.86, and revenue reaching $165 million against an anticipated $152.1 million. This positive momentum continued into fiscal Q2 2026, which ended June 30, 2026, where the company announced a 170.3% year-over-year increase in net income to $27.3 million and a 45.3% revenue increase to $185.1 million, exceeding analyst estimates for both earnings and revenue.
2. Record Assets Under Management (AUM) Driven by Consistent Client Inflows. The company achieved record Assets Under Management of $232.7 billion as of June 30, 2026, marking a 54% increase from fiscal Q2 2025. This growth was significantly bolstered by $4.3 billion in positive net client cash flows during fiscal Q2 2026, representing a 9% annualized organic growth rate and the tenth consecutive quarter of positive net flows, indicating strong client demand for its Enhanced and Extension strategies.
Show more
Acadian Asset Management (AAMI) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong First and Second Quarter Fiscal 2026 Financial Performance. Acadian Asset Management reported robust results for fiscal Q1 2026, which ended March 31, 2026, with diluted earnings per share (EPS) of $1.05, significantly surpassing analyst expectations of $0.86, and revenue reaching $165 million against an anticipated $152.1 million. This positive momentum continued into fiscal Q2 2026, which ended June 30, 2026, where the company announced a 170.3% year-over-year increase in net income to $27.3 million and a 45.3% revenue increase to $185.1 million, exceeding analyst estimates for both earnings and revenue.
2. Record Assets Under Management (AUM) Driven by Consistent Client Inflows. The company achieved record Assets Under Management of $232.7 billion as of June 30, 2026, marking a 54% increase from fiscal Q2 2025. This growth was significantly bolstered by $4.3 billion in positive net client cash flows during fiscal Q2 2026, representing a 9% annualized organic growth rate and the tenth consecutive quarter of positive net flows, indicating strong client demand for its Enhanced and Extension strategies.
3. Expanded Operating Margins and Superior Investment Performance. Acadian Asset Management demonstrated enhanced profitability with its Economic Net Income (ENI) operating margin expanding by nearly 10 percentage points to 40.3% in fiscal Q2 2026, up from 30.7% in fiscal Q2 2025. This improved margin was coupled with strong investment performance, as 96% of Acadian's strategies by revenue outperformed their respective benchmarks over the prior 3-, 5-, and 10-year periods as of June 30, 2026.
Show less
Stock Movement Drivers
Fundamental Drivers
The 33.6% change in AAMI stock from 4/30/2026 to 8/7/2026 was primarily driven by a 18.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.26 | 89.85 | 33.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 564 | 668 | 18.6% |
| Net Income Margin (%) | 14.2% | 15.2% | 6.9% |
| P/E Multiple | 30.0 | 31.6 | 5.1% |
| Shares Outstanding (Mil) | 36 | 36 | 0.3% |
| Cumulative Contribution | 33.6% |
Market Drivers
4/30/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| AAMI | 33.6% | |
| Market (SPY) | 7.6% | 40.0% |
| Sector (XLF) | 10.5% | 40.9% |
Fundamental Drivers
The 62.7% change in AAMI stock from 1/31/2026 to 8/7/2026 was primarily driven by a 40.1% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.24 | 89.85 | 62.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 559 | 668 | 19.5% |
| Net Income Margin (%) | 15.7% | 15.2% | -3.4% |
| P/E Multiple | 22.5 | 31.6 | 40.1% |
| Shares Outstanding (Mil) | 36 | 36 | 0.5% |
| Cumulative Contribution | 62.7% |
Market Drivers
1/31/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| AAMI | 62.7% | |
| Market (SPY) | 12.1% | 55.4% |
| Sector (XLF) | 8.3% | 50.0% |
Fundamental Drivers
The 115.8% change in AAMI stock from 7/31/2025 to 8/7/2026 was primarily driven by a 83.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.64 | 89.85 | 115.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 520 | 668 | 28.6% |
| Net Income Margin (%) | 17.4% | 15.2% | -12.9% |
| P/E Multiple | 17.2 | 31.6 | 83.6% |
| Shares Outstanding (Mil) | 37 | 36 | 4.9% |
| Cumulative Contribution | 115.8% |
Market Drivers
7/31/2025 to 8/7/2026| Return | Correlation | |
|---|---|---|
| AAMI | 115.8% | |
| Market (SPY) | 23.4% | 44.5% |
| Sector (XLF) | 11.3% | 41.6% |
Fundamental Drivers
The 325.2% change in AAMI stock from 7/31/2023 to 8/7/2026 was primarily driven by a 220.1% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.13 | 89.85 | 325.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 397 | 668 | 68.5% |
| Net Income Margin (%) | 22.4% | 15.2% | -32.2% |
| P/E Multiple | 9.9 | 31.6 | 220.1% |
| Shares Outstanding (Mil) | 41 | 36 | 16.3% |
| Cumulative Contribution | 325.2% |
Market Drivers
7/31/2023 to 8/7/2026| Return | Correlation | |
|---|---|---|
| AAMI | 325.2% | |
| Market (SPY) | 74.9% | 49.2% |
| Sector (XLF) | 70.4% | 50.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AAMI Return | 33% | -19% | -7% | 38% | 79% | 95% | 380% |
| Peers Return | 35% | -28% | 15% | 1% | 5% | 25% | 50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| AAMI Win Rate | 58% | 58% | 42% | 67% | 58% | 75% | |
| Peers Win Rate | 63% | 35% | 48% | 57% | 48% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AAMI Max Drawdown | -19% | -43% | -41% | -18% | -18% | -16% | |
| Peers Max Drawdown | -18% | -44% | -32% | -21% | -32% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TROW, BEN, IVZ, VRTS, CNS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | AAMI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.4% | -18.8% |
| % Gain to Breakeven | 14.2% | 23.1% |
| Time to Breakeven | 10 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.2% | -9.5% |
| % Gain to Breakeven | 41.3% | 10.5% |
| Time to Breakeven | 90 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.5% | -6.7% |
| % Gain to Breakeven | 32.4% | 7.1% |
| Time to Breakeven | 465 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.2% | -24.5% |
| % Gain to Breakeven | 70.0% | 32.4% |
| Time to Breakeven | 126 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.9% | -33.7% |
| % Gain to Breakeven | 177.1% | 50.9% |
| Time to Breakeven | 89 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.8% | -19.2% |
| % Gain to Breakeven | 20.2% | 23.8% |
| Time to Breakeven | 33 days | 105 days |
In The Past
Acadian Asset Management's stock fell -12.4% during the 2025 US Tariff Shock. Such a loss loss requires a 14.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | AAMI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.2% | -9.5% |
| % Gain to Breakeven | 41.3% | 10.5% |
| Time to Breakeven | 90 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.5% | -6.7% |
| % Gain to Breakeven | 32.4% | 7.1% |
| Time to Breakeven | 465 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.2% | -24.5% |
| % Gain to Breakeven | 70.0% | 32.4% |
| Time to Breakeven | 126 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.9% | -33.7% |
| % Gain to Breakeven | 177.1% | 50.9% |
| Time to Breakeven | 89 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.5% | -12.2% |
| % Gain to Breakeven | 68.0% | 13.9% |
| Time to Breakeven | 682 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.0% | -6.8% |
| % Gain to Breakeven | 31.6% | 7.3% |
| Time to Breakeven | 71 days | 15 days |
In The Past
Acadian Asset Management's stock fell -12.4% during the 2025 US Tariff Shock. Such a loss loss requires a 14.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Acadian Asset Management (AAMI)
Acadian Asset Management (AAMI) operates as a publicly owned asset management holding company, primarily providing investment management services. Its core business revolves around overseeing and managing various investment activities through its network of specialized subsidiaries. The firm is structured to offer comprehensive financial solutions across a spectrum of investment classes.
Through its subsidiaries, the company offers a diverse range of products and services, including the management of separate, client-focused portfolios tailored to individual and institutional needs. It also launches and manages equity mutual funds. Acadian Asset Management strategically invests in public equity, fixed income, and alternative investment markets, aiming to deliver robust returns through diversified investment strategies.
The firm serves a broad client base, including both individual investors seeking professional wealth management and institutional clients requiring sophisticated investment solutions. Founded in 1980 and headquartered in Boston, Massachusetts, Acadian Asset Management leverages decades of experience in the financial industry to serve its global clientele.
```AI Analysis | Feedback
- It's like an Investco for asset management firms, owning and overseeing a portfolio of specialized investment managers.
- Think of it as a General Motors for money managers. Just as GM owns distinct car brands, the company trading as AAMI owns various specialized investment firms, including Acadian Asset Management.
AI Analysis | Feedback
Acadian Asset Management (symbol AAMI), based on the provided description of its parent company BrightSphere Investment Group Inc., offers the following major services:
- Separate Client Portfolio Management: Managing customized investment portfolios tailored for individual clients and institutions.
- Equity Mutual Funds: Launching and managing collective investment schemes primarily focused on public equity securities.
- Public Equity Investment Strategies: Providing investment solutions concentrated on publicly traded stocks.
- Fixed Income Investment Strategies: Providing investment solutions focused on bonds and other debt instruments.
- Alternative Investment Strategies: Providing investment solutions involving non-traditional asset classes.
AI Analysis | Feedback
BrightSphere Investment Group Inc. (symbol: AAMI), operating through its subsidiary asset managers such as Acadian Asset Management, serves a diverse client base. Given the nature of an asset management holding company, its clients are typically categorized rather than being a short list of specific customer companies. The major customer categories include:
- Institutional Investors: This category encompasses large organizations such as public and corporate pension funds, endowments (e.g., university endowments), foundations (e.g., charitable foundations), and sovereign wealth funds. These institutions allocate substantial capital to BrightSphere's subsidiary asset managers for professional management of their portfolios.
- Wealth Management Firms and Financial Advisors: BrightSphere's affiliates partner with various financial intermediaries, including wealth management firms, broker-dealers, and registered investment advisors (RIAs). These intermediaries, in turn, offer BrightSphere's specialized investment strategies and funds to their underlying high-net-worth individual clients and smaller institutional clients.
- Individual Investors (via funds): Through a range of investment vehicles, primarily mutual funds and potentially exchange-traded funds (ETFs) offered by its subsidiaries, individual investors gain access to BrightSphere's diverse investment strategies. Access for individual investors is often indirect, facilitated through platforms or recommendations from financial advisors.
AI Analysis | Feedback
AI Analysis | Feedback
Kelly Young, President and Chief Executive Officer
Kelly Young joined Acadian in 2009. She was appointed CEO of Acadian Asset Management LLC in 2023 and subsequently became President and CEO of Acadian Asset Management Inc. (AAMI) in January 2025. Prior to her appointment as CEO, she served as Executive Vice President and Chief Marketing Officer, overseeing the firm's global client service and business development. No information is available regarding her founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies.
Charmaine Catania, Senior Vice President, Chief Financial Officer
Charmaine Catania serves as the Senior Vice President and Chief Financial Officer of Acadian Asset Management. No information is available regarding her founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies.
Brendan Bradley, Executive Vice President, Chief Investment Officer
Brendan Bradley holds the position of Executive Vice President and Chief Investment Officer at Acadian Asset Management. No detailed background information is available regarding his career history or involvement with founding/selling companies or private equity firms.
Richard Hart, Chief Legal Officer
Richard Hart oversees all legal matters for Acadian Asset Management Inc., including public company matters, capital markets, corporate governance, regulatory compliance, private funds, and commercial transactions. Before joining AAMI, he was an associate with the law firm Goodwin Procter, where he was a member of the Private Funds and Hedge Funds groups, indicating experience with the legal aspects of private equity firms.
Christina Wiater, Chief Accounting Officer
Christina Wiater has been the Chief Accounting Officer of Acadian Asset Management Inc. since 2020. She served as the company's Controller since 2018 and was the Principal Financial Officer from 2020 until 2025. Earlier, she was the Assistant Controller from 2013 to 2018, responsible for all accounting and control processes. No information is available regarding her founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies.
AI Analysis | Feedback
Key Risks to Acadian Asset Management (AAMI)
Acadian Asset Management Inc. (NYSE: AAMI) faces several key business risks, primarily related to its financial performance and operational stability as an asset management firm. The company, which was formerly known as BrightSphere Investment Group Inc. before rebranding on January 1, 2025, is known for its systematic investment strategies.
The most significant risks to Acadian Asset Management include:
- Declining Earnings and Financial Performance: Acadian Asset Management has experienced a substantial decline in earnings, with a reported decrease of 22% per year over the past five years. This trend indicates a challenge in maintaining profitability and could impact investor confidence and the company's ability to invest in growth initiatives.
- Debt Coverage Issues: The firm's debt is not adequately covered by its operating cash flow, suggesting potential liquidity or solvency challenges. This financial strain could limit the company's flexibility and increase its vulnerability to adverse market conditions or economic downturns.
- High Level of Non-Cash Earnings: A significant portion of Acadian's earnings is non-cash. While not inherently negative, a high proportion of non-cash earnings can sometimes indicate lower quality of earnings or challenges in converting reported profits into actual cash.
AI Analysis | Feedback
Clear Emerging Threats for Acadian Asset Management (AAMI):
1. Accelerated Shift to Hyper-Customized, Low-Cost Investment Solutions: This threat extends beyond the general trend of passive investing to encompass the rapid adoption of strategies such as direct indexing, hyper-personalized ETFs, and advanced robo-advisors. These solutions enable investors to achieve specific investment goals, enhance tax efficiency, and integrate Environmental, Social, and Governance (ESG) preferences with granular control and significantly lower fees than traditional active or many quantitative strategies. This fundamentally challenges the value proposition and fee structure of asset managers like Acadian, which offer managed portfolios, by providing a superior combination of customization and cost efficiency directly to clients or their advisors.
2. Disruptive Advancements in Artificial Intelligence and Machine Learning Beyond Current Quantitative Methodologies: While Acadian is a quantitative investment manager, the rapid evolution of AI and machine learning (e.g., generative AI, advanced deep learning models, reinforcement learning) could introduce entirely new paradigms for alpha generation, predictive analytics, and risk management. These emergent AI capabilities have the potential to create new dominant competitors, render existing proprietary quantitative models less effective, or drastically lower the cost of complex investment analysis, thereby reshaping the competitive landscape for sophisticated investment strategies. This represents a significant technological leap that could disrupt established quantitative approaches within the asset management industry.
AI Analysis | Feedback
Acadian Asset Management (symbol: AAMI) operates in the global asset management market, offering a diversified array of systematic investment strategies across equities, alternatives, and fixed income primarily to institutional investors.
The addressable market for Acadian Asset Management's services is the global asset management market in terms of assets under management (AUM).
- The global asset management industry reached a record-breaking $128 trillion in assets under management (AuM) in 2024.
- Total assets under management (AUM) at the world's 500 largest asset managers reached approximately $139.9 trillion at the end of 2024.
- Global assets under management (AuM) are projected to rise to $200 trillion by the end of the decade, from $139 trillion in 2024.
Therefore, the global addressable market for Acadian Asset Management's services, based on assets under management, was approximately $128 trillion to $139.9 trillion in 2024, with projections indicating growth to $200 trillion by the end of the decade.
AI Analysis | Feedback
Acadian Asset Management (symbol: AAMI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
-
Sustained Strong Investment Performance: Acadian Asset Management consistently reports a high percentage of its strategies outperforming their respective benchmarks across various timeframes, including 3, 5, and 10-year periods. This strong track record is crucial for attracting new institutional clients and retaining existing ones, directly leading to an increase in assets under management (AUM) and, consequently, higher management fees.
-
Growth in Assets Under Management (AUM) and Positive Net Client Cash Flows: The company has demonstrated a positive trend in net client cash flows (NCCF), with 2024 marking the first year of positive annual net flows since 2019, and strong gross sales. This indicates renewed client confidence and successful client engagement strategies, leading to an expansion of AUM. Increased AUM is a primary driver of management fee revenue for asset management firms.
-
Expansion into New Asset Classes and Product Offerings: Acadian has been strategically expanding its business into new areas, such as systematic credit and equity alternatives. These initiatives are anticipated to generate sustained organic growth for the company over time by diversifying its product suite and attracting new client segments.
-
Leveraging and Expanding the Global Distribution Platform: Acadian maintains a robust global presence with offices in Boston, London, Sydney, and Singapore, and has been actively expanding its client and distribution team, which now comprises over 100 experienced professionals serving more than 1,000 client accounts in over 40 countries. This extensive and growing distribution network is identified as a major driver for achieving robust gross sales and client acquisition in the coming years.
AI Analysis | Feedback
Capital Allocation Decisions (2021-2026)
Share Repurchases
- Acadian Asset Management (formerly BrightSphere Investment Group) repurchased $1.12 billion in shares by December 31, 2021.
- In 2025, the company repurchased 1.8 million shares of common stock, totaling $48.0 million, reducing total shares outstanding by 5% from the end of 2024.
- The company authorized a $100 million share buyback program in December 2023. In the first quarter of 2024, $74.4 million was spent to repurchase 3.5 million shares, representing 9% of outstanding shares.
Share Issuance
- As of April 2024, there were 2,435,410 shares of common stock remaining available for issuance under the BrightSphere Investment Group Inc. Equity Incentive Plan and 2,150,182 shares under the Non-Employee Directors' Equity Incentive Plan.
Outbound Investments
- In the first quarter of 2024, the company seeded its second Global High Yield strategy with an additional $15 million of seed capital.
- Acadian's Equity Alternatives platform was initially seeded in the fourth quarter of 2022.
Capital Expenditures
- In the trailing 12 months prior to March 12, 2026, capital expenditures amounted to -$11.90 million.
- Capital expenditures were $3.4 million in the second quarter of 2023.
- The company's investment in infrastructure has been noted to enhance scalability and expense control.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 86.72 |
| Mkt Cap | 9.3 |
| Rev LTM | 3,866 |
| Op Inc LTM | 186 |
| FCF LTM | 132 |
| FCF 3Y Avg | 495 |
| CFO LTM | 149 |
| CFO 3Y Avg | 558 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.5% |
| Rev Chg 3Y Avg | 6.3% |
| Rev Chg Q | 12.6% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Inc Chg LTM | 6.8% |
| Op Inc Chg 3Y Avg | 4.0% |
| Op Mgn LTM | 20.8% |
| Op Mgn 3Y Avg | 21.6% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 3.2% |
| CFO/Rev 3Y Avg | 10.8% |
| FCF/Rev LTM | 2.7% |
| FCF/Rev 3Y Avg | 9.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Quant & Solutions | 549 | 502 | 424 | 417 | 488 |
| Exclude revenue from consolidated Funds | 15 | 3 | 3 | 0 | 0 |
| Liquid Alpha | 0 | ||||
| Other | 35 | ||||
| Total | 564 | 506 | 427 | 417 | 524 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Quant & Solutions | 132 | 150 | 214 | 133 | 144 |
| Exclude revenue from consolidated Funds | -9 | 39 | -42 | -11 | 10 |
| Other | -17 | -21 | -26 | -25 | -45 |
| Liquid Alpha | 0 | 43 | 123 | ||
| Affiliate key employee distributions | -8 | -45 | |||
| Alternatives | 63 | ||||
| Total | 106 | 168 | 146 | 132 | 250 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Quant & Solutions | 80 | 85 | 66 | 101 | 214 |
| Exclude revenue from consolidated Funds | 710 | ||||
| Liquid Alpha | 0 | ||||
| Other | -96 | ||||
| Total | 80 | 85 | 66 | 101 | 828 |
Price Behavior
| Market Price | $89.85 | |
| Market Cap ($ Bil) | 3.2 | |
| First Trading Date | 10/09/2014 | |
| Distance from 52W High | -2.3% | |
| 50 Days | 200 Days | |
| DMA Price | $79.03 | $60.24 |
| DMA Trend | up | up |
| Distance from DMA | 13.7% | 49.1% |
| 3M | 1YR | |
| Volatility | 44.5% | 41.0% |
| Downside Capture | 134.08 | 117.45 |
| Upside Capture | 224.43 | 170.65 |
| Correlation (SPY) | 44.7% | 45.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.78 | 1.19 | 1.26 | 1.65 | 1.44 | 1.13 |
| Up Beta | 2.46 | 0.34 | 0.47 | 1.32 | 1.62 | 1.10 |
| Down Beta | 1.57 | 0.65 | 0.71 | 1.06 | 1.35 | 1.12 |
| Up Capture | 530% | 255% | 245% | 322% | 257% | 251% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 24 | 33 | 72 | 142 | 395 |
| Down Capture | 172% | 100% | 122% | 142% | 103% | 100% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 19 | 30 | 53 | 109 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAMI | |
|---|---|---|---|---|
| AAMI | 97.4% | 41.1% | 1.76 | - |
| Sector ETF (XLF) | 12.3% | 14.6% | 0.57 | 42.0% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 45.3% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 14.1% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -12.9% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 20.7% |
| Bitcoin (BTCUSD) | -44.2% | 42.9% | -1.23 | 38.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAMI | |
|---|---|---|---|---|
| AAMI | 29.5% | 35.3% | 0.80 | - |
| Sector ETF (XLF) | 11.4% | 18.4% | 0.48 | 55.2% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 54.4% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 8.0% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 5.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 41.7% |
| Bitcoin (BTCUSD) | 8.8% | 53.0% | 0.35 | 29.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AAMI | |
|---|---|---|---|---|
| AAMI | 22.2% | 39.7% | 0.63 | - |
| Sector ETF (XLF) | 13.6% | 22.1% | 0.56 | 58.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 55.9% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 4.4% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 19.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 45.4% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 3.9% | 13.1% | |
| 4/30/2026 | 3.5% | 4.3% | 11.1% |
| 2/5/2026 | -7.6% | -1.1% | -2.5% |
| 10/30/2025 | 0.9% | -11.5% | -11.0% |
| 7/31/2025 | 5.4% | 15.5% | 29.3% |
| 5/1/2025 | 4.7% | 7.2% | 11.8% |
| 2/6/2025 | 4.3% | 4.3% | 0.4% |
| 10/31/2024 | 0.1% | 13.4% | 18.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 16 |
| # Negative | 8 | 10 | 8 |
| Median Positive | 2.8% | 6.5% | 11.3% |
| Median Negative | -1.1% | -4.0% | -2.7% |
| Max Positive | 7.8% | 15.5% | 34.2% |
| Max Negative | -7.6% | -17.7% | -11.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 3.9% | 13.1% | |
| 4/30/2026 | 3.5% | 4.3% | 11.1% |
| 2/5/2026 | -7.6% | -1.1% | -2.5% |
| 10/30/2025 | 0.9% | -11.5% | -11.0% |
| 7/31/2025 | 5.4% | 15.5% | 29.3% |
| 5/1/2025 | 4.7% | 7.2% | 11.8% |
| 2/6/2025 | 4.3% | 4.3% | 0.4% |
| 10/31/2024 | 0.1% | 13.4% | 18.2% |
| 8/1/2024 | -7.3% | -17.7% | -7.7% |
| 5/2/2024 | 0.9% | 0.5% | -1.1% |
| 2/1/2024 | -0.5% | -5.7% | 2.4% |
| 11/2/2023 | -0.3% | 2.9% | 15.7% |
| 8/3/2023 | -5.2% | -4.5% | -1.9% |
| 5/4/2023 | -1.2% | -1.6% | 1.0% |
| 2/2/2023 | 5.3% | 8.4% | 7.0% |
| 11/3/2022 | 0.6% | 0.2% | 12.4% |
| 7/28/2022 | 0.8% | -0.1% | 0.7% |
| 5/5/2022 | 2.8% | -7.4% | 0.6% |
| 2/3/2022 | 4.9% | 14.3% | 7.1% |
| 10/28/2021 | 7.8% | 12.6% | 12.7% |
| 7/29/2021 | 1.1% | 5.2% | 11.5% |
| 4/29/2021 | 0.0% | -2.4% | -2.9% |
| 2/4/2021 | 0.7% | -3.5% | -3.8% |
| 10/29/2020 | -0.4% | 6.5% | 34.2% |
| 8/6/2020 | -0.9% | 0.5% | -1.1% |
| SUMMARY STATS | |||
| # Positive | 17 | 15 | 16 |
| # Negative | 8 | 10 | 8 |
| Median Positive | 2.8% | 6.5% | 11.3% |
| Median Negative | -1.1% | -4.0% | -2.7% |
| Max Positive | 7.8% | 15.5% | 34.2% |
| Max Negative | -7.6% | -17.7% | -11.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Distribution Ratio | 0.12 | 0.13 | 0.14 | 0.0% | Affirmed | Guidance: 0.13 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Distribution Ratio | 0.12 | 0.13 | 0.14 | 0.0% | Affirmed | Guidance: 0.13 for 2026 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Acadian LLC Key Employee Distribution Ratio | 0.12 | 0.13 | 0.14 | 1.5% | Higher New | Guidance: 0.12 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Operating Expense Ratio | 0.44 | 0.45 | 0.46 | -1.0% | Lowered | Guidance: 0.46 for 2025 | |
| 2025 Variable Compensation Ratio | 0.43 | 0.44 | 0.45 | -1.0% | Lowered | Guidance: 0.45 for 2025 | |
| 2025 Distribution Ratio | 0.11 | 0.12 | 0.12 | 2.0% | Raised | Guidance: 0.1 for 2025 | |
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wiater, Christina | PAO | Direct | Sell | 8052026 | 92.36 | 244 | Form | ||
| 2 | Wiater, Christina | PAO | Direct | Sell | 8052026 | 87.21 | 25,370 | 2,212,626 | 21,280 | Form |
| 3 | Paulson, & CO Inc | Managed Funds | Sell | 6222026 | 77.25 | 1,900,000 | 146,775,000 | 451,393,534 | Form | |
| 4 | Hart, Richard Jonathan | CLO and CAO | Direct | Sell | 5052026 | 66.97 | 100,000 | 6,697,021 | 4,946,621 | Form |
| 5 | Chersi, Robert J | Robert J. Chersi 2012 Family Trust | Sell | 2122026 | 51.30 | 28,753 | 1,475,029 | 1,917,799 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wiater, Christina | PAO | Direct | Sell | 8052026 | 92.36 | 244 | Form | ||
| 2 | Wiater, Christina | PAO | Direct | Sell | 8052026 | 87.21 | 25,370 | 2,212,626 | 21,280 | Form |
| 3 | Paulson, & CO Inc | Managed Funds | Sell | 6222026 | 77.25 | 1,900,000 | 146,775,000 | 451,393,534 | Form | |
| 4 | Hart, Richard Jonathan | CLO and CAO | Direct | Sell | 5052026 | 66.97 | 100,000 | 6,697,021 | 4,946,621 | Form |
| 5 | Chersi, Robert J | Robert J. Chersi 2012 Family Trust | Sell | 2122026 | 51.30 | 28,753 | 1,475,029 | 1,917,799 | Form | |
| 6 | Trebbi, Barbara | Direct | Sell | 2122026 | 51.22 | 9,691 | 496,329 | 1,832,030 | Form | |
| 7 | Paulson, & CO Inc | Managed Funds | Sell | 9052025 | 47.69 | 1,206,839 | 57,554,152 | 369,277,119 | Form |
Investor Activity (13F)
Updated Aug 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Asset Management & Custody Banks Resources |
| Pensions & Investments |
| Institutional Investor |
| Ignites |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.