Consistent emphasis on net flows and improvement efforts

Consistent focus on reducing outflows in Q2, Q1, and Q4, with steady progress but not yet reaching overall positive flows. " " " " "

They maintained focus on net flow improvements, reporting US$12.2B in outflows but staying on track to reduce full-year net outflows. Excluding a VA termination, 2024 outflows are less than half of 2023. " " " "

Remains a central priority, ongoing efforts toward lower outflows and eventual positive flows.

Ongoing focus on retirement solutions (Target Date, Managed Lifetime Income, Personalized Retirement Manager)

Target Date inflows consistently featured in Q2 " " " , product roadmap updates in Q1 " " " , and ongoing enhancements in Q4. " " "

Emphasized Target Date strength, custom glide paths, and newly introduced Managed Lifetime Income and Personalized Retirement Manager. " " " "

Continues to be emphasized, with new products and steady Target Date inflows.

Alternatives and private credit business (OHA, senior lending, OCREDIT) as a key growth driver

Highlighted in Q2, Q1, and Q4 as a strategic priority, with OCREDIT and senior lending showing momentum. " " " " "

Record quarter for OHA capital raising (US$5.5B), including private credit and a senior lending fund. "

Maintained strong focus; capital raising and product launches drive optimism.

Recurring fee compression concerns

Q2 cited 1–1.5% annual compression " , Q1 reiterated stable but persistent compression " , Q4 had no specific mention.

Effective fee rate declined to 40.9 bps, attributed to shift into lower-fee asset classes and vehicles. "

Consistent challenge recognized, driven by mix shifts into lower-fee strategies.

Past mention of international expansion no longer emphasized

Q2 included moderate international inflows " " " , Q1 noted adapting U.S. retirement expertise abroad " " , Q4 still highlighted certain growth markets. "

No explicit statement that it is no longer emphasized; mentioned net inflows from outside the U.S. but not a major theme in Q3. " "

Still present but not a marquee priority, focus remains on select international markets.

Emergence of ETF offerings as a new growth avenue

Notable progress in Q2 (US$2.4B inflows during first half) " " , Q1 saw a key ETF crossing US$1B AUM " " , Q4 reported US$2.7B AUM milestone. "

ETFs gained incremental traction, nearly US$1B in net inflows, targeting ETF-focused advisors. " "

ETF platform expanding, viewed as a key driver of future growth.

New concerns about higher expense growth pressuring margins

Q2 did not frame it as a new concern, Q1 noted 5–7% expense gain offset by some initiatives " , Q4 guidance was 3–5% for 2024. "

Expense guidance raised to 6–8% (up from 3–5%) due to market-driven factors; plan to align expense growth with revenue. " "

Concerns escalated in Q3, guidance revised upward, impacting margin outlook.

Shifting investment performance sentiment from improvement to weakness

Q2, Q1, and Q4 were more positive on performance, citing stronger sales and lower redemptions. " " " " "

1-year performance metrics softened amid a risk-on market, though management expressed confidence in portfolio positioning. " "

Short-term dip in sentiment, but longer-term optimism remains.

Challenges in differentiating alternative products in a competitive market

Q2 noted competition in private credit requiring strong relationships " ; Q1 had no mention; Q4 discussed challenges in a benign default environment. "

No specific mention in Q3 regarding differentiation challenges.

Mentioned in Q2 & Q4, not addressed in Q3 or Q1.

Potential for net flows to turn positive as a major future catalyst

Q2 aimed for positive flows by calendar 2025 " , Q1 saw improving trends but no explicit timing " , Q4 expected fewer outflows in 2024 but no positivity guarantee. "

Excluding the VA termination, further improvement expected in 2025 but uncertain if full-year flows will go positive. " "

Remains a key goal, steady advances seen but exact timing still uncertain.