Management Meeting Takeaways: SMA Growth and Capital Deployment in Focus

Research evidence excerpt

Management Meeting Takeaways: SMA Growth and Capital Deployment in Focus

Financial Services - Diversified Financials

AGF Management Ltd.

TD SECURITIES INC. - CANADA QUICK TAKE: CONFERENCE TAKEAWAY

June 26, 2026

Price: C$19.48 (06/25/2026) Management Meeting Takeaways: SMA

Price Target: C$24.00 Growth and Capital Deployment in Focus

BUY (1)

ESG SCORE: 68/100

Graham Ryding, CFA^ THE TD COWEN INSIGHT

416 308 4416

We hosted AGF Management for investor meetings (CEO Judy Goldring, CFO Ken Tsang, and

graham.ryding@tdsecurities.com

Head of IR Nick Smerek). Key themes included: expected growth drivers - separately managed

Michael McCue^ accounts (SMAs) and AGF Capital Partners; FCF and capital deployment; dividend index

416 982 8683 inclusion; appetite for acquisitions; and thoughts on valuation.

michael.mccue@tdsecurities.com

Key Data Event: Investor meetings in Toronto

Symbol TSX: AGF.B-T

Impact: Neutral

Market Cap C$1.3B

SMA and AGF Capital Partners are expected to be primary growth drivers.

■AGF's AUM from ETF/SMAs is +74% y/y, largely from SMA growth. AGF is on ~10 wealth

platforms in Canada (big banks and independents), and another ~10 in the U.S. AGF has

been investing in building out its SMA sales team. Wealth platforms and advisor demand for

the SMA vehicle is growing.

■AGF Capital Partners ($15.3bln in AUM) is an area of focus. We see the most potential for

growth from the NY based multi-strategy manager NHC (C$10.8bln in AUM across absolute

return and private credit; AGF owns a 50% stake). Kensington Capital is navigating retail-

related redemption demand ($1.3bln in PE AUM).

■Liquid alts are not material to AGF today, but AGF is marketing several funds (AGF NHC

Tactical Alpha Fund, an enhanced income fund, and a credit opportunities fund).