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Rating:A Very Bad Monday Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, March 17, 2020

A Very Bad Monday

Reported by Neil Anderson, Managing Editor

Share prices plunged again yesterday for publicly traded asset managers as the U.S. stock market suffered its worst single day decline since 1987. And the picture looks even worse year-over-year.

Martin L. Flanagan
Invesco
President and CEO
The S&P 500 fell 12 percent yesterday, again triggering the NYSE's circuit breaker at the beginning of the day. 20 publicly traded U.S. asset managers tracked by MFWire saw their shares fall an average of 12.3 percent.

The picture for those asset managers worsens as you widen the lens. Their shares are down 17.5 percent in a week (versus 13.1 percent for the S&P 500), 33 percent so far in March (versus 26 percent), 37.4 percent since the market's peak on February 19 (versus 29.5 percent), 32.3 percent year-to-date (versus 26.1 percent), and 24.1 percent year-over-year (versus 15.8 percent).

(Market declines mean AUM declines, which in turns means declines in asset-based fees: asset managers' core revenues. Meanwhile many costs remain the same: hence Mister Market frowning on asset managers' shares when markets fall.)

Only one asset manager, Legg Mason, is up so far in 2020 and in March, which makes sense given that it's being acquired in an all-cash deal that was unveiled on February 18 (the day before the market peaked).

Here are each of the 20 asset managers, ranked by their year-to-date share price performance:

  • Invesco (IVZ, $3.967 billion market cap), down 50.5 percent YTD and since the peak last month, 48.6 percent this month, 24.5 percent in the last seven days, and 19 percent yesterday;

  • WisdomTree (WETF, $384.835 million market cap), down 48.8 percent YTD, 49.6 percent since the peak, 41.2 percent this month, 24.8 percent in the last seven days, and 26.1 percent yesterday;

  • Federated Hermes (FHI), down 45.4 percent YTD, 51.4 percent since the peak, 40.9 percent this month, 22.2 percent in the last seven days, and 12 percent yesterday;

  • Artisan Partners (APAM, $1.416 billion market cap), down 42.3 percent YTD, 49.7 percent since the peak, 44.2 percent this month, 25 percent in the last seven days, and 19.1 percent yesterday;

  • Eaton Vance (EV, $3.154 billion market cap), down 40.6 percent YTD, 46.4 percent since the peak, 39.9 percent this month, 18 percent in the last seven days, and 15.9 percent yesterday;

  • Virtus (VRTS, $500.344 million market cap), down 40.2 percent YTD, 47.2 percent since the peak, 41.1 percent this month, 19.2 percent in the last seven days, and 14.6 percent yesterday;

  • Affiliated Managers Group (AMG, $2.516 billion market cap), down 37.7 percent YTD, 39.4 percent since the peak, 33.9 percent this month, 15.8 percent in the last seven days, and 8 percent yesterday;

  • U.S. Global Investors (GROW, $13.465 million market cap), down 36.5 percent YTD, 30.3 percent since the peak, 30.4 percent this month, 17.8 percent in the last seven days, and 5.2 percent yesterday;

  • Victory (VCTR, $911.189 million market cap), down 35.8 percent YTD, 41.4 percent since the peak, 35.5 percent this month, 13.2 percent in the last seven days, and 9 percent yesterday;

  • Manning and Napier (MN, $17.31 million market cap), down 35 percent YTD, 37.1 percent since the peak, 41.1 percent this month, 25.3 percent in the last seven days, and 10.4 percent yesterday;

  • Diamond Hill (DHIL, $302.305 million market cap), down 34.6 percent YTD, 32.2 percent since the peak, 34.7 percent this month, 19.5 percent in the last seven days, and 10.2 percent yesterday;

  • AllianceBernstein (AB, $1.959 billion market cap), down 32.4 percent YTD, 42.7 percent since the peak, 37.5 percent this month, 27.4 percent in the last seven days, and 17.3 percent yesterday;

  • Franklin Resources (BEN, $8.825 billion market cap), down 31.6 percent YTD, 30 percent since the peak, 29.8 percent this month, 9 percent in the last seven days, and 1.9 percent yesterday;

  • Cohen and Steers (CNS, $2.057 billion market cap), down 31 percent YTD, 44.5 percent since the peak, 41.4 percent this month, 25.8 percent in the last seven days, and 19.1 percent yesterday;

  • Ivy parent Waddell and Reed (WDR, $805.527 million market cap), down 30.1 percent YTD, 29.4 percent since the peak, 28 percent this month, 8.3 percent in the last seven days, and 3.1 percent yesterday;

  • Gamco (GBL, $376.333 million market cap), down 29.3 percent YTD, 21.5 percent since the peak, 16.8 percent this month, 7.7 percent in the last seven days, and 11 percent yesterday;

  • BlackRock (BLK, $55.662 billion market cap), down 28.9 percent YTD, 37.1 percent since the peak, 32.2 percent this month, 14.7 percent in the last seven days, and 13.7 percent yesterday;

  • Hennessy (HNNA, $52.393 million market cap), down 24.9 percent YTD, 31.4 percent since the peak, 25.6 percent this month, 21.9 percent in the last seven days, and 15.9 percent yesterday;

  • T. Rowe Price (TROW, $23.062 billion market cap), down 19.9 percent YTD, 29.2 percent since the peak, 26.9 percent this month, 4.9 percent in the last seven days, and 9.1 percent yesterday; and

  • Legg Mason (LM, $4.07 billion market cap), up 30.4 percent YTD, down 7.1 percent since the peak, up 19.6 percent this month, down 4.4 percent in the last seven days and 4.5 percent yesterday.
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