Affiliated Managers Group Inc. 4.750% Junior Subordinated Notes due 2060 (MGRB)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach MGRB as a creditor first, not as an owner of a business. The issuer is Affiliated Managers Group, and the security is a 4.750% junior subordinated note due 2060, so my return is contractual and capped while credit and duration risk matter. The filed figures show a profitable enterprise: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $640.7M, net income $185.9M, and diluted EPS $6.95, up from fiscal Q2 2025 revenue of $493.2M, net income of $84.3M, and diluted EPS of $2.80. For fiscal year 2025, period ended 2025-12-31, revenue was $2.1B, net income $716.6M, and diluted EPS $22.74; fiscal year 2024 had revenue $2.0B, net income $511.6M, and diluted EPS $15.13; fiscal year 2023 had revenue $2.1B, net income $672.9M, and diluted EPS $17.42. That is a good profit record but not a smooth one. The supplied Lynch category is STALWART, computed from filed annual results, citing profit growth of 28.8% a year over five years and revenue growth of 0.5%, so profit growth has outrun a flat top line. The moat is not evident in these figures; I see no valuation metrics, and P/E, P/B, ROE, ROCE, and D/E are all unavailable. At $15.31 on 2026-10-16, near the 52-week low of $15.19 and well below $18.17, the note may be priced for higher rates or credit caution, but without coupon yield, interest coverage, or credit spread data I cannot call it cheap. I would demand a margin of safety in the credit, not just a low price.

In plain English: This is a long-dated debt security issued by Affiliated Managers Group, a financial services company, not common stock. The issuer’s filed results show meaningful profits and a strong recent quarter, though long-term revenue growth has been slow. At $15.31, the note sits near the bottom of its 52-week range, but the data provided do not include enough detail on its interest payments to judge whether the price is cheap, fair, or expensive.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer