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    William Katz • TD Cowen

    William Katz's questions to Artisan Partners Asset Management Inc (APAM) leadership

    William Katz's questions to Artisan Partners Asset Management Inc (APAM) leadership • Q2 2025

    Question

    William Katz of TD Cowen inquired about the size of new institutional mandates, whether increased interest in emerging markets was a rotation from other equities, the potential net flow impact, and the operating expense outlook.

    Answer

    Executive Chair Eric Colson reiterated the growing interest in EM strategies, noting that lumpy rebalancing in large global equity products makes predicting the net effect difficult. CFO C.J. Daley stated there is no planned ramp-up in operating expenses, with fixed costs expected to grow in the mid-single digits and variable costs moving with revenue. He confirmed the firm is well-positioned for growth without additional expense initiatives.

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    William Katz's questions to BlackRock Inc (BLK) leadership

    William Katz's questions to BlackRock Inc (BLK) leadership • Q2 2025

    Question

    William Katz from TD Cowen inquired about BlackRock's capital return strategy, including the interplay between dividends and buybacks, given strong free cash flow and a more prudent stance on large-scale M&A.

    Answer

    CFO Martin S. Small reiterated the capital management policy: invest first in the business, then return excess cash. He confirmed the plan to repurchase at least $375 million in shares per quarter for the rest of 2025. For dividends, he reaffirmed the 40-50% payout ratio target, noting it will be adjusted for non-cash amortization from acquisitions, and projected high-single to low-double-digit dividend growth aligned with the firm's 2030 strategy.

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    William Katz's questions to Virtus Investment Partners Inc (VRTS) leadership

    William Katz's questions to Virtus Investment Partners Inc (VRTS) leadership • Q1 2025

    Question

    William Katz of TD Cowen asked for details on the soft-closed Separately Managed Account (SMA) vehicle, including its size and impact on flows, and whether other strategies face capacity constraints. He also questioned the company's thinking on changing its reporting of the deferred tax asset to better reflect its value in adjusted EPS.

    Answer

    President and CEO George Aylward and CFO Michael Angerthal addressed the SMA question, stating the soft-closure was a prudent measure to protect a successful strategy's future returns. They emphasized that significant capacity remains in other strategies, particularly mid-cap, which is expected to be a future growth contributor. On the tax asset, Mr. Aylward clarified it is a reporting consideration, not a monetization issue, as the economic benefit is already being realized. He quantified the NPV at approximately $16 per share and stated the company continues to evaluate its reporting for maximum transparency.

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