AGF Manage me nt L imite d E a rning s Co nfe re nc e Ca ll Se c o nd Qua rte r 2018 June 27 th , 2018
Caution Re gar ding F or war d- L ooking State me nts T he fo rwa rd lo o king info rma tio n is pro vide d a s o f June 27 th , 2018. Ce rta in info rma tio n pre se nte d in the se re ma rks a nd in this pre se nta tio n tha t is no t histo ric a l fa c tua l info rma tio n ma y c o nstitute fo rwa rd-lo o king info rma tio n within the me a ning o f se c uritie s la ws. Ac tua l re sults c o uld diffe r ma te ria lly fro m a c o nc lusio n, fo re c a st o r pro je c tio n c o nta ine d in suc h fo rwa rd-lo o king info rma tio n. F o rwa rd-lo o king info rma tio n ma y re la te to o ur future o utlo o k a nd a ntic ipa te d e ve nts o r re sults a nd ma y inc lude sta te me nts a b o ut AGF Ma na g e me nt L imite d ("AGF ") o r the inve stme nt funds it ma na g e s (the "F unds"), inc luding b usine ss o pe ra tio ns, stra te g y a nd e xpe c te d fina nc ia l pe rfo rma nc e a nd c o nditio n. F o rwa rd-lo o king sta te me nts inc lude sta te me nts tha t a re pre dic tive in na ture , de pe nd upo n o r re fe r to future e ve nts o r c o nditio ns, o r inc lude wo rds suc h a s ‘ e xpe c ts,’ ‘ a ntic ipa te s,’ ‘ inte nds,’ ‘ pla ns,’ ‘ b e lie ve s,’ o r ne g a tive ve rsio ns the re o f a nd simila r e xpre ssio ns o r future o r c o nditio na l ve rb s suc h a s ‘ ma y,’ ‘ will,’ ‘ sho uld,’ ‘ wo uld,’ o r ‘ c o uld.’ I n a dditio n, a ny sta te me nt tha t ma y b e ma de c o nc e rning future fina nc ia l pe rfo rma nc e (inc luding re ve nue s, e a rning s o r g ro wth ra te s), o ng o ing b usine ss stra te g ie s o r pro spe c ts, a nd po ssib le future a c tio n o n o ur pa rt, is a lso a fo rwa rd-lo o king sta te me nt. F o rwa rd-lo o king sta te me nts a re b a se d o n c e rta in ma te ria l fa c to rs a nd a ssumptio ns, inc luding e xpe c te d g ro wth, re sults o f o pe ra tio ns, b usine ss pro spe c ts, b usine ss pe rfo rma nc e a nd o ppo rtunitie s. While we c o nside r the se fa c to rs a nd a ssumptio ns to b e re a so na b le b a se d o n info rma tio n c urre ntly a va ila b le , the y ma y pro ve to b e inc o rre c t. F o rwa rd-lo o king sta te me nts a re b a se d o n c urre nt e xpe c ta tio ns a nd pro je c tio ns a b o ut future e ve nts a nd a re inhe re ntly sub je c t to , a mo ng o the r thing s, risks, unc e rta intie s a nd a ssumptio ns a b o ut o ur o pe ra tio ns, e c o no mic fa c to rs a nd the fina nc ia l se rvic e s industry g e ne ra lly. T he y a re no t g ua ra nte e s o f future pe rfo rma nc e , a nd a c tua l e ve nts a nd re sults c o uld diffe r ma te ria lly fro m tho se e xpre sse d o r implie d b y fo rwa rd-lo o king sta te me nts ma de b y us due to , b ut no t limite d to , impo rta nt risk fa c to rs suc h a s le ve l o f a sse ts unde r o ur ma na g e me nt, vo lume o f sa le s a nd re de mptio ns o f o ur inve stme nt pro duc ts, pe rfo rma nc e o f o ur inve stme nt funds a nd o f o ur inve stme nt ma na g e rs a nd a dviso rs, c o mpe titive fe e le ve ls fo r inve stme nt ma na g e me nt pro duc ts a nd a dministra tio n, a nd c o mpe titive de a le r c o mpe nsa tio n le ve ls a nd c o st e ffic ie nc y in o ur inve stme nt ma na g e me nt o pe ra tio ns, a s we ll a s inte re st a nd fo re ig n e xc ha ng e ra te s, ta xa tio n, c ha ng e s in g o ve rnme nt re g ula tio ns, une xpe c te d judic ia l o r re g ula to ry pro c e e ding s, a nd o ur a b ility to c o mple te stra te g ic tra nsa c tio ns a nd inte g ra te a c q uisitio ns. We c a utio n tha t the fo re g o ing list is no t e xha ustive . T he re a de r is c a utio ne d to c o nside r the se a nd o the r fa c to rs c a re fully a nd no t pla c e undue re lia nc e o n fo rwa rd-lo o king sta te me nts. Othe r tha n spe c ific a lly re q uire d b y a pplic a b le la ws, we a re unde r no o b lig a tio n (a nd e xpre ssly disc la im a ny suc h o b lig a tio n) to upda te o r a lte r the fo rwa rd-lo o king sta te me nts, whe the r a s a re sult o f ne w info rma tio n, future e ve nts o r o the rwise . F o r a mo re c o mple te disc ussio n o f the risk fa c to rs tha t ma y impa c t a c tua l re sults, ple a se re fe r to AGF ’ s mo st re c e nt fina nc ia l sta te me nts a nd MD&A a nd, fo r the F unds, to e a c h F und’ s mo st re c e nt pro spe c tus a nd MRF P, a s a pplic a b le , a ll a va ila b le o n www.se da r.c o m. 2
Confe r e nc e Call Par tic ipants Blake C. Goldr ing, CF A Cha irma n & Chie f E xe c utive Offic e r Ke vin Mc Cr e adie , CF A Pre side nt & Chie f I nve stme nt Offic e r Adr ian Basar aba, CPA, CA, CF A Se nio r Vic e -Pre side nt & Chie f F ina nc ia l Offic e r 3
T oday’s Disc ussion Hig hlig hts o f the 2 nd Qua rte r o f F isc a l 2018 • Busine ss Upda te s • Re ta il – I nve stme nt Ma na g e me nt – I nstitutio na l – Alte rna tive s – F ina nc ia l Re sults • Ca pita l & L iq uidity • F o c us & Prio ritie s • 4
Q2 2018 Highlights Continued progress toward stated objectives AUM o f 2 nd c onse c utive Institutiona l $38.5 billion quar te r o f re ta il ne t sa le s of mutua l fund with g ro wth a c ro ss $1.2 billion ne t sa le s a ll line s o f b usine ss Ac hie ve d Be st Adve r tising Alte r native s substantial Campaign Awar d pla tfo rm re a c he d r e solution o n a t the We a lth AUM o f $1 b illio n tra nsfe r pric ing Pro fe ssio na l Awa rds ma tte r 5
L ine of Busine ss Pe r for manc e Growth a c ross a ll line s of busine ss Q2 2017 Q2 2018 Change ($ millions) 1% Mutua l funds 18,884 19,118 I nstitutio na l, Sub Adviso ry 13% 11,336 12,823 a nd E T F 4% Priva te Clie nt 5,323 5,521 12% Alte rna tive s 902 1,009 6% T otal 36,445 38,471 6
Re tail Busine ss Re vie w 1 Re ta il mutua l fund ne t sa le s of $85 million in Q2 2018 1 ove me nt 1,2 und Ne t Sale s ($M) 1 Gr oss Sale s Impr AGF Mutual F Q2 2018 vs. Q2 2017 85 21% (107) (6%) (291) I ndustry AGF Q2 2016 Q2 2017 Q2 2018 (1) AGF g ro ss a nd ne t sa le s a djuste d to e xc lude no n-re c urring institutio na l tra nsa c tio ns in e xc e ss o f $5 millio n. (2) I ndustry g ro ss sa le s pe r I nve sto r E c o no mic s. 7
Inve stme nt Manage me nt Cur r e nt E nvir onme nt F avour s Mome ntum Global F ac tor Re tur ns (% ) 1 T r ailing E ar nings Yie ld (% ) 2 60 8 6 40 4 20 2 0 0 -2 -20 06/ 17 09/ 17 12/ 17 03/ 18 06/ 18 Be ta E a rning s Yie ld Mo me ntum Divide nd Yie ld (% ) 2 ow Volatility (% ) 2 L 40 50 20 20 -10 0 -40 -20 -70 -40 -100 (1) One ye a r g lo b a l fa c to r re turns pe r Ba rra 8 (2) Ab so lute fa c to r pe rfo rma nc e b a se d o n MSCI ACWI
Inve stme nt Manage me nt manc e Consiste nc y 1 AGF Global E quity Str ate gy Pe r for Januar y 1, 2000 to Mar c h 31, 2018 Consiste nc y of outpe r for manc e r e lative to Consiste nc y of outpe r for manc e r e lative to s 2,3 s 4 be nc hmar k ove r the last 18 ye ar a unive r se of global e quity manage r T o p 100% 98% 26% 19% 20% q ua rtile (54/ 54) (61/ 62) ns (% ) 100% 84% 2 nd (59/ 70) 49% 71% 70% e tur q ua rtile iods of e xc e ss r 3 rd 23% 10% 9% q ua rtile 50% Bo tto m 3% 0% 0% q ua rtile Pe r 1 Ye a r 3 Ye a r 5 Ye a r (70 Pe rio ds) (62 Pe rio ds) (54 Pe rio ds) 0% 1 Ye a r 3 Ye a r 5 Ye a r (1) So urc e : AGFI nve stme nt Ope ra tio ns a nd e Ve stme nt Allia nc e a s a t Ma rc h 31, 2018. (2) Stra te g y p e rfo rma nc e is b a se d o n the AGFGlo b a l E q uity re pre se nta tive a c c o unt a nd is a d ditio na l info rma tio n to the AGFGlo b a l E q uity Co mpo site GI PS pre se nta tio n. Pe rfo rma nc e is pre se nte d in Ca na dia n do lla rs (C$) a nd displa ys g ro ss-o f-fe e re turns. (3) E xc e ss re turns a re b a se d o n the AGF Glo b a l E q uity re pre se nta tive a c c o unt re la tive to the MSCI All Co untry Wo rld I nde x o ve r 1-, 3- a nd 5-ye a r ro lling p e rio ds fro m Ja nua ry 1, 2000 to Ma rc h 31, 2018. (4) Qua rtile s a re b a se d o n ro lling q ua rte rly p e rio d ra nking s o f the AGF Glo b a l E q uity re pre se nta tive a c c o unt re la tive to the e Ve stme nt Glo b a l Co re E q uity unive rse , whic h o p q ua rtile re pre se nts 1-25 ra nks, 2 nd q ua rtile re pre se nts 26-50 ra nks, 3 rd q ua rtile re pre se nts wa s 85.9% p o p ula te d a s a t April 18, 2018, the da te the c ha rt wa s c re a te d . T 51-75 ra nks a nd b o tto m q ua rtile re pre se nts 76-100 ra nks o ve r 1-, 3- a nd 5-ye a r ro lling p e rio ds fro m Ja nua ry 1, 2000 to Ma rc h 31, 2018. Ma y no t a dd to 100% due to ro unding . 9
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