Risk Reward Update

研报英文原文证据摘录

Risk Reward Update

UpdateM

Risk Reward – WisdomTree Inc. (WT.N)

KEY EARNINGS INPUTS

Drivers Dec 2025 Dec 2026e Dec 2027e Dec 2028e

LT Net Flows (%) (%) 7.8 9.2 5.7 3.9

Market Appreciation (%) 22.2 6.2 4.8 4.8

EOP AUM ($, bn) 144.5 171.0 188.9 205.5

Mgmt Fee Rate (%) 0.369 0.368 0.367 0.358

Operating Margin (%) 36.5 39.7 40.4 40.8

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Positive flow trends in thematic ETFs, gold, RISKS TO UPSIDE FY Dec 2027e

Bitcoin, FI, US equities Flow trajectory improves and sustain from 1.33 ETF growth above our forecasts with model distribution and new product initiatives EPS

portfolio wins that can contribute to upside in Model portfolios gain traction ($) 1.21 1.37

flows Less price compression 1.29

Strategic alternatives and new digital asset Strategic alternatives

initiatives 202

RISKS TO DOWNSIDE Net income

178 213

Fee pressure and competition intensify ($, mm)

GLOBAL REVENUE EXPOSURE 196 Volatile or declining equity and commodity

mkts

Organic growth decay 331 30-40% Europe ex UK EBITDA

Direct indexing adoption disrupts ETFs 298 348 60-70% North America ($, mm)

OWNERSHIP POSITIONING

Source: Morgan Stanley Research Estimate Mean Morgan Stanley Estimates

View explanation of regional hierarchies here Inst. Owners, % Active 57.9% Source: Refinitiv, Morgan Stanley Research

HF Sector Long/Short Ratio 1.4x

HF Sector Net Exposure 7.5%

Refinitiv; MSPB Content. Includes certain hedge fund

exposures held with MSPB. Information may be

inconsistent with or may not reflect broader market

trends. Long/Short Ratio = Long Exposure / Short

exposure. Sector % of Total Net Exposure = (For a

particular sector: Long Exposure - Short Exposure) /

(Across all sectors: Long Exposure – Short Exposure).

Morgan Stanley Research 3