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    Graham Ryding

    Senior Equity Research Analyst specializing in Diversified Financials at TD Securities

    Graham Ryding is a Senior Equity Research Analyst specializing in Diversified Financials at TD Securities, where he covers major Canadian financial companies including AGF Management and Timbercreek Financial. He has been recognized as a No. 1 Stock Picker in Financial Services and maintains a strong track record, with performance data showing a stock price target met ratio of 66.7% over an average of 481 days. Ryding began his career in equity research in 2007 at TD Securities and has also held analyst roles at TD Cowen, demonstrating long-tenured expertise in financial sector coverage. He holds relevant professional credentials for securities analysis, and his thorough analytical approach has earned him notable industry praise.

    Graham Ryding's questions to SPROTT (SII) leadership

    Graham Ryding's questions to SPROTT (SII) leadership • Q2 2025

    Question

    Graham Ryding of TD Securities requested a breakdown of the quarter's carried interest and performance fees, the reason for the low associated compensation payout, and the multi-year outlook for these fees. He also sought to confirm an estimate for quarter-to-date net flows.

    Answer

    CFO Kevin Hibbert explained that 65-70% of the carried interest came from a legacy LP where the original team members are no longer with the firm, resulting in a higher retention for shareholders. CEO Whitney George clarified that most performance fees crystallize at year-end and carried interest is lumpy, making it difficult to model. Regarding flows, Kevin Hibbert, with input from Whitney George and John Ciampaglia, adjusted the estimate to be closer to $150 million for the quarter-to-date, accounting for redemptions in uranium ETFs.

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    Graham Ryding's questions to SPROTT (SII) leadership • Q1 2025

    Question

    Graham Ryding asked for a reminder on why redemptions in the exchange-listed trusts have historically been low and whether this was due to arbitrage activity. He also questioned why the combined gold and silver trust experienced outflows while the individual metal trusts saw inflows. Finally, he requested guidance on the outlook for the compensation ratio given the significant AUM growth.

    Answer

    CEO Whitney George attributed low redemptions to two factors: attracting long-term oriented investors and the closed-end structure, which allows an arbitrage community to step in when trusts trade at a significant discount. John Ciampaglia confirmed this dynamic was at play in late 2023. George also explained that institutional investors prefer single-commodity products, leading to stronger flows into the pure-play gold and silver trusts over the combined fund. CFO Kevin Hibbert addressed the compensation ratio, stating that the current level of approximately 47% is a reasonable assumption for modeling purposes and that he expects EBITDA margins to improve due to operating leverage.

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    Graham Ryding's questions to CI Financial (CIXXF) leadership

    Graham Ryding's questions to CI Financial (CIXXF) leadership • Q2 2024

    Question

    Graham Ryding from TD Securities asked about several topics, including whether the company would consider paying off high-cost preferred equity, how recent RIA acquisitions were funded, the reason for the notable change in noncontrolling interest (NCI), and the company's comfort level with its 3.5x leverage ratio.

    Answer

    Executive Kurt MacAlpine stated that paying off preferred equity is not a short-term priority as Corient's growth rate is double the preferred's return. CFO Amit Muni clarified that RIA acquisitions are funded by borrowing at the CI level and loaning funds to the U.S. business. Kurt MacAlpine added that the NCI calculation is complex and directed analysts to the new guidance for modeling. He also confirmed they are comfortable with the current leverage, reiterating distinct capital priorities for Canada (buybacks/deleveraging) and the U.S. (M&A).

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    Graham Ryding's questions to CI Financial (CIXXF) leadership • Q1 2024

    Question

    Inquired about the priority of maintaining CI Financial's investment-grade rating, requested quantification of organic wealth management growth, asked for an update on the retail alternatives product, and later followed up on the allocation of future free cash flow between buybacks and debt reduction.

    Answer

    The company prioritizes shareholder returns, with buybacks currently favored over deleveraging at the Canadian level. Organic growth was strong but not quantified. The alternatives product is progressing with a dedicated team and a two-pronged approach of growing on current platforms while seeking new ones. Future free cash flow allocation will continue to prioritize buybacks if the share price remains low, viewing it as a sequencing decision.

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    Graham Ryding's questions to CI Financial (CIXXF) leadership • Q1 2024

    Question

    Graham Ryding inquired about the priority of maintaining an investment-grade credit rating at CI Financial versus raising debt at the Corient level. He also asked for quantification of organic growth in the Canadian and U.S. wealth segments and sought an update on the progress of the company's alternative product offering in the retail channel.

    Answer

    Executive Kurt MacAlpine stated that capital allocation is dynamic. For the Canadian business, the priority is settling obligations, followed by share buybacks and debt reduction, with buybacks currently favored. For Corient, the goal is self-sufficiency in funding acquisitions. He did not quantify wealth management growth but highlighted its resilience. Regarding the alternatives product, he described a two-pronged growth strategy: leveraging existing platform approvals while working to gain access to national platforms, supported by a dedicated 12-person team.

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    Graham Ryding's questions to CI Financial (CIXXF) leadership • Q4 2023

    Question

    Inquired about the 2025 deleveraging strategy regarding which bonds to target, the mechanics of raising debt at the U.S. subsidiary, 2024 targets for the Canadian custody platform, and a specific figure for U.S. organic growth.

    Answer

    Deleveraging will target bonds offering the most value. Debt for the U.S. sub can be raised at the parent level or by addressing existing covenants. The Canadian custody platform is expected to see strong growth but no specific targets were provided. U.S. organic growth was 'several billion' in 2023, but no exact number was given.

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