Affiliated Managers Group Inc. 4.200% Junior Subordinated Notes due 2061 (MGRD)

Key Financials

AI Analysis

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

As a Graham-style investor, I separate the note from the common equity. The supplied data is mostly issuer-level. In fiscal year 2025 (the year ended 2025-12-31), Affiliated Managers Group reported revenue of $2.1B, net income of $716.6M, and diluted EPS of $22.74; in fiscal year 2024 (the year ended 2024-12-31), net income was $511.6M and diluted EPS $15.13, and in fiscal year 2023 (the year ended 2023-12-31), net income was $672.9M and diluted EPS $17.42. In fiscal Q2 2026 (the quarter ended 2026-06-30), revenue was $640.7M, net income $185.9M, and diluted EPS $6.95, against revenue of $493.2M, net income of $84.3M, and diluted EPS of $2.80 in fiscal Q2 2025 (the quarter ended 2025-06-30). The computed Lynch category is STALWART, with the reason being 28.8% annual profit growth over five years and 0.5% revenue growth. That pattern says profits have been strong but sales are flat; the filed figures do not let me judge a competitive moat. For the 4.200% junior subordinated notes due 2061, I have no par, yield-to-maturity, call schedule, leverage, interest coverage, or cash-flow data. The price was $13.71 at the 2026-10-16 close, within a 52-week range of $13.57-$16.26. A long-dated subordinated claim needs a margin of safety in yield and coverage, not merely a low quoted price. Without those terms, the honest conclusion is that issuer earnings look healthy, while the note's valuation and credit protection are not determinable from the supplied facts.

In plain English: This is a long-term debt security from Affiliated Managers Group, a financial-services company; it pays 4.200% interest and matures in 2061. The issuer’s filed results show solid profits and a big jump in the latest reported quarter, though revenue has been roughly flat across the annual figures shown. The note last closed at $13.71 on 2026-10-16, but with no original amount, cash return at maturity, repayment features, or balance-sheet figures supplied, the price cannot be judged cheap, fair, or expensive from the data.

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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