VRTS - Earnings call transcript Q3 2024 | Virtus Investment Partners, Inc.

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Operator

Good morning. My name is Dee Dee, and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners Quarterly Conference Call. The slide presentation for this call is available in the Investor Relations section of the Virtus website, www.virtus.com. This call is being recorded and will be available for replay on the Virtus website. turn to now Rourke. host, will Instructions] I the your conference Sean [Operator

Sean Rourke

to our you, morning, the I'd Investment you good Dee, third like discussion On welcome Thank and Virtus quarter everyone. of Dee results and operating financial behalf XXXX. of to the for of Partners,

and speakers Our CEO; are Financial Chief Aylward, George Angerthal, today Officer. and President Mike

Following period. their prepared remarks, we will have a Q&A

and statements presentation. call the and begin, known and cause on discussed actual today's and in news to Page Act statements. forward-looking slide not but please release materially in may results the this on note and Reform the to disclosures the the Certain uncertainties limited we may as of differ discussed Before our including, of from matters risks to, Litigation unknown discussed those subject factors filings. These forth risks meaning Private within those set in contain uncertainties, X such, Securities SEC are XXXX, of

on basis, presented results results. to a financial certain addition we non-GAAP to our GAAP In evaluate measures use

are release measures in which website. are read financial in available and the GAAP results not measures of GAAP for news supplement, on non-GAAP substitutes be to applicable measures financial GAAP today's financial with should these and the conjunction financial non-GAAP results. Reconciliations our included are Our

I'd to call turn over the to Now, like George. George?

George Aylward

Thank you, Sean, morning, everyone. and good

ending accounts, products, a global seventh as and in CLO at net equity and Mike financial including quarter, results annual sales give of affiliate recent in of a performance repayment and business, all funds, for continued So to the an net debt reported third consecutive capital, long-term X our this more we dividend quarter issuance strong financial investment including I'll highest leverage with and and separate to level and flows the higher overview which the and modest well strategies operating morning turn attractive investments start increase, the the with of increased positive sequential significant return in of in retail over today then years, as it detail. We margin flexibility. in ETFs performance an included operating little had across the in

had we in pleased sales we reflective flows, momentum of which as with the and growth the in as were net quarter, well While our net market for favorable a outflows strategies. overall improvement were environment more

back investment was XX% with across managers our As the of performance particularly equity benefited peers outperforming our in recent the assets XX% peers I with coming quarter. products assets equity in noted, strong third in quarter. outperforming favor Quality of

and managed We in be Sykes. ETF. introduced, from from new continue filed of the including focused Rudnick equities actively active introduction introducing ETF private on AlphaSimplex managed an and launch high-quality credit mid-cap products ETF CLO Anderson managed to an followed second products, new actively or offerings. quarter to Kayne These We several recently futures

favorably the flows and improvements a to increased level the category funds. and with to momentum of global improved now contribution the increased meaningful sequential small, AUM. Sales was prior ETFs accounts, of impacted market from our assets net funds Net building due results. growth the having represented of mid-caps, month from open-end positive Total management flows retail by of September since and billion product in again, and equity September in with review and strong to being market $X.X throughout quarter, $X.X the highest of performance and $XXX.X January. in institutional XX% both with separate our X% each quarter. quarter best sales with outflows which exposure The Turning in billion, performance of SMID billion to under X%

approximately AUM $X.X top income than XXX which list doubling improved top Rudnick. The and of advisors, third in X CLOs fee been the flow. Retail of Seix is Barron's ago, Firms management RIA separate rate $X.X balance lower XXXX. $X.X a included delivered Seix, for $X.X for and over on of outflows outflows $X.X fixed in of $X.X of billion rate management XX consistent billion and fee largely quarter, billion. is meaningfully the generated strategies, X% net positive its had in private -- years the business has manages Forbes return client, net for at the driven in of net had fund top consecutive XX also billion wealth than AUM due redemptions more positive rankings The $X sold meaningful the business $X.X with positive billion cash over from year under net net an which intermediary net wealth flows XX generated channel have outflows assets assets years positive new business XX on attractive nearly by generate were period. Kayne's strategy organic Kayne average lower issuance for CLO. primarily billion past redemptions over Anderson independent And have our and growth flows, flows seventh loan accounts that billion net $X.X the ranked institutional, years. Open-end in billion now they launched XXXX XX generated and billion with For on which leveraged the the sequentially of mandates of to at the from improved inflows. Institutional with rate had flows the of management second flows. September its

funds and to the we're net what separate accounts, U.S. October, positive of so retail retail in global far continue quarter. ETFs similarly third terms In tracking and in funds be is seeing flows to

impact fourth known be essentially would currently while would be the redemptions given mandates. quarter redemptions exceed the neutral wins, for lower Institutional, the from fee For known revenue

leveragability margin as levels business a was highest well expenses. operating financial sequentially expenses. quarter modestly its margin management and our revenues operating of terms XX.X% AUM higher In from reached up operating our level of results, to third management in expenses. The and our benefiting ongoing investment years, as of fees reflected and of due other discretionary disciplined higher and lower X employment The management XX.X%, average the from higher the

operating other expenses of maintained of that of level highest share range the quarter usage including data consistent the the reflecting pressure, despite first inflationary have XXXX. and cost various initiatives, to run delivered investment savings. Earnings increased X% have a the per systems $X.XX streamlining adjusted quarter We rate in second from since of

and return a the and increased capital, quarterly with of now of the growth our to business made that a business. In million, the loan, our payment quarter generates cash $XX quarter, quarterly shareholders to for our amount Turning to consistent investment capital we our discretionary dividend modest ending in net EBITDA. supports X.Xx buyback of on our the debt share third raised very flow term a consecutive seventh year the of significant position

sheet Our capital cash our generation management of balance solid provides flow flexibility and elements strategy. continue all to balance to

a to capital management. balanced applied consistently have approach We

years, consistently on X reducing dividend have a million past and the raised by the net $XXX approximately basis Over we double shares million, count by have for digits X.X year. repurchased quarterly XX% the share each

meaningfully the Mike. invested period turn and new I'll business, that, the products also seeding and AUM have to X continued over managers our call that the new us that and the adding We the for strategies positions over of over Mike? growth supported growth in time. With growth

Michael Angerthal

with Good results our you, assets under George. management. Thank this on be Slide all to morning. Starting with X, you

to global billion XX%, with market from increased benefited X% prior management under driven assets $XX.X assets $XXX.X by $XXX average. to and quarter, billion, rising under September due year and favorable period, XX, appreciation funds during total third to billion performance quarter's with market the AUM separate management growth Compared increased ending accounts, at of slightly Our assets performance. Average the X.X% consistent ETFs. organic above retail the market in primarily

the growth, consistent the with increased intermediary in positive net organic separate XX% growth and account business. Global Over year organic prior X% ETF Funds grew with channel our organic AUM year, wealth the sold including XX% growth. both flows X% past XX% AUM retail increased with management and AUM XX% in over

across We to compelling long-term investment and continued strategies. performance products have relative

XX% X of funds. stars or retail of were XX, rated X-star had XX% X and funds in fund As assets and X, X or September XX

X-year XX% stars. Across beaten had same X-year all X the benchmarks outperformed of performance outperforming over strong XX% over September groups also X of of the peer In assets median or and ETFs over retail at XX XX% the their XX% AUM peer the and of period of of our over their ETF of fund products, benchmarks X X-year XX period the period. ETFs period. rated beating were have X-year with separate rated the have assets addition, AUM median groups account

retail X% to quarter, sales included an positive channel. due Turning has to billion ETFs from driven X year growth account strategies. retail in fixed CLO last product, points. with alternative the higher X% sales institutional of separate in increased average $X.X due larger approximately continued the low product prior CLO. Retail demand from sequentially increased investment accounts, Slide by net global with from Strong income $X.X sales billion primarily to sales to basis net in $X.X our fund billion Total performance of and to increased $X.X rate strong Compared $X.X outflows generated X outflows sequentially improved X, XX% billion and XX%. Institutional outflows intermediary sales with $X.X consistently net were the be the accounts and of each the issuance by billion of billion separate $X.X billion sequentially increased product. Open-end X% new quarter, Total flows category. improved flows. to and billion strategies account billion $X.X $X.X included sales the sold issuance. Institutional funds. Reviewing for and increased to to separate fee net fee asset

sold separate both flows of $X.X flows As on billion wealth continue the quarter. timing the actions. Retail net positive the management to fluctuate in depending will accounts always, generate institutional totaling intermediary in client channels, and

net due net and fixed outflows the funds, net compared note the billion open-end with were were flows fixed SMID-cap improvement for quarter, income, $X.X products, equity fixed in in strategies across flows. primarily positive strategies. Within open-end I generated total For that, quarter. the positive income second global funds, billion with also $X income would in to

$XXX.X X. as X%, of points average adjusted Slide and reflecting assets management the flat million fee Turning to rate points fees under increase prior compared $X.X modest XX.X XX.X a of Investment the fee or increased basis basis average with million in rate. in quarter. management The relatively

quarter third from fee unchanged the was the quarter. in XX.X performance Excluding average essentially last fees, points, basis rate

Our range the has X past our of a The average fees, performance in years. investment solid reflects rate performance resiliency remained very fee few basis narrow fee rate, excluding over point such differentiated and well fixed the as income loans. alternatives several small nature products such and high bank markets, as strategies liquid strategies, as caps, conviction and high-quality as of our emerging

the mix purposes. fee the average is fee by for ahead, reasonable XX% trend employment the assets. Slide quarter down revenues, impacted X% expenses -- rate million and shows of Looking adjusted rate always, believe as third be we to as costs. And $XXX.X modeling in expenses. XX markets will X-quarter XXX points. they employment the lower percentage XX% Total they as were were of down fixed decreased sequentially of And a basis due

ahead, revenues profits of range remains believe expenses in reasonable. as as percentage to performance we always, XX% particular it based a XX% market be as a on Though well Looking and variable sales. employment in of as will

the Slide the Turning or grant Directors the adjusted operating in $XX.X million to million, as quarter. XX, prior ongoing down Board expense to reflecting management X%, other were and $X.X expenses annual of

at year revenues, period. Other a quarter though a we basis the XXXX, expenses operating sequentially of XX lowest declined even during operating and new XX points prior manager the the were by As period. basis points the over affiliated level added since of expenses costs first of percentage comparable the other

continued structure, streamline addition mentioned, have As to of management discipline discretionary consolidation systems. around cost portfolio including in maintaining to support our spending, George the we

interest operating earnings. operating lower adjusted the Looking and as increased all assets ahead, due level illustrates of dividend third reached adjusted other issued impact increased on last for XX increased income points of quarter million from margin by under $X.X modeling the a income and period. the expenses of respect million, sequentially, decreased in else quarter being elevated operating since quarter non-operating year. items, highest in year-to-date basis, to the With level as the margin Operating X% expenses. The adjusted is management of $X.X to we XX.X% quarter the prior prior the reasonable equal. Slide or primarily third second of and operating XX the $XX.X CLO a primarily XXXX. On interest purposes, reflecting income XX.X% million year as over average trend basis higher

earnings due were modeling in For affiliates a lower reflect share reasonable. Non-controlling sequentially $X.X increased increased adjusted quarters average prior an our year-to-date to $X.XX interests the $X.XX year the dividend the increase over X quarter. of as diluted primarily share purposes, and of million, the per basis, from during diluted an quarter. Net by of the second income past income period. interests, minority On interest of per ownership affiliate which in is XX%

shareholders, In net liquidity income and the partially in share $X.XX share terms of per the a of balance and and repayment. Cash increase $XXX was acquisition $X.XX investment than of select XX, Working interests integration items. sponsorship an million June as consideration. Slide cash manager, contingent to $XXX to and was debt million value of by $X.XX adjustments new to million GAAP per increased $X.XX down included equity equivalents $X.XX costs, shows in at sequentially at of fair expense $XXX.X $XXX.X of value to from results, the generated fair of related and capital CLO million and offset the minority trend second sequentially of XX. capital, September affiliated our from increased capital sheet return the of more by offset quarter XX from in

repurchased the common third stock quarter, XX,XXX During of for shares million. $XX.X we

on as at operating higher September equity third X% We X.Xx, increase million $XX.X net of prior EBITDA as uses or lower new average capital included debt-to-EBITDA payment a was a XX and term up $XX September year of gross sequentially and was AUM quarter X% million million planned the and in to $XX.X the from due We a loans. At our EBITDA. million during sponsor also to majority-owned for made the debt X.Xx $XX $XX.X quarter, the affiliate. in generated of CLO, million level. Other expenses, up XX, well

call financial providing continue in adequate to We to have the that, business, return George? with capital leverage, meaningful modest turn George. to repay invest capital levels over of me let debt. And working and and flexibility back the

George Aylward

Thank you, Mike.

up Dee your you take Dee, So now we would lines, will questions. please? open the

Operator

[Operator Love Piper of Crispin Instructions] Sandler. And comes from our first question

Crispin Love

the give on it's to just early, by know, quarter, in a pertains fourth can we you seeing in First, of flows? mention trends third you any you're And third more the the market in months moves out? you do of compare and how running that relative of level that September to to does had the are assume the flows first, which highest driven year for one, what I sales October? And that it last of quarter some Kind there for how significant saw. the detail the little was expect quarter as sales X net I but that bit then just calling you are the flows? are did partly worth

George Aylward

can on X in Well, piece, volatility. last have year, of the a of last months Yes. the general, the lot

tax and an a considerations, You we're have with in election. cycle

either There reasons. be hard for December So it's of comfortable lot it negative hard be a and what to lot volatility, look will will like. -- November of a positive be could for or

the that on So I'll side. of put kind

in flows ETFs funds, seeing business, we're separates versus retail continue we which what with indicated, continued that of in see October the as and the to global to see positive The and pleased terms that. ETF the et in So over a cetera. September, we're we of records, in had launched of reached come very as see of terms the years the those it's their build flows performance, to and to products really X-year they've some some starting good into to mark products, so track

of we're So pleased to kind see business. very that

the the the side, were the of the happy to fund on have quality momentum quality equity inflection back third earlier the a which, managers, side, again, the We're year interesting side. the little market large On overweight bit an caps. in generally an to on again, markets in quarter of with leading year had we in

the really currently So our and a well. seeing. performed what The of real they're question lot of managers is appetite risk investors

And So all been fixed income. on we've been products, positive noted income. very happy flows seeing across we with fixed as we've

what then else I October continue subject think and to to to we see that the in happens there. expect

good about either how of are year lot there factors of a at that we end or But implications positioned. could positively. So again, feel negatively the have that's the

Crispin Love

kind of adjusted for question million guide. OpEx $XX be came me, could But in there weeks prior other coming in below your election. lot that, a the for appreciate second definitely coming on months volatility I the and the of just

next think also, there little deeper Just several can into the quarters like we line? curious, move Mike, your be seems about Do rates you on should million it you if And for XXXX? the comments, dig the makes that for level in bit sense cost million there. a based more $XX that run fourth any level. quarter room is $XX streamlining for that as

George Aylward

a mean, I quick response go detail. will Mike in Yes. then through and

tried a your tipping seen, pressure increases and actually that on our line, lot actually we've as inflationary has very number down and point And you've the of over little last stable, communicate had as has bit. years. to that So been line to few now, a cost

So service you've had increase really, the the been in things. industry. of is providers and from X in rationalizations net our many do is what actions place the costs. that then in and costs some the of It's a plans seeing simultaneously, we've try to optimizing common of to But

the of flatness So Mike? seeing terms the net of that in you're those of line.

Michael Angerthal

We for this looking Yes. level quarter appropriate the think certainly And modeling I Crispin, is appreciate the ahead. purposes commentary.

now results. considerations really systems short actions run, As George and as for alluded and around about some of feeds streamlining data support to, inflationary talking certainly, we in we've the been we quarters have out. the look taken hold of But that investment do have further the over providers

So feeds, positive a number systems having reducing consolidating impact. of is data the

on going further we outlook We'll for if So different think appropriate out. anything that further we this is modeling. update see

Operator

Michael question Our Stanley. comes Morgan Cyprys from next of

Annalei Davis

are for thinking is on guys Davis My on how inorganic Annalei growth. Cyprys. about Mike is you question This

share And M&A you've color can on are an considering guys you you wondering guys been conversations then Just any opportunity? when what evaluating having? you're

George Aylward

Sure.

those continue on currently ETFs all organic think first best challenges, global the industry having active which strong are the is those for in growth where opportunities on side. part product and is So the particularly of we've categories, see organic growth, on the in particularly We are we retail category us the their the them, funds. the seeing in accounts, separate funds broader opportunities growing. Open-end that to been

put I in would that, different So area. a

very It's impacted institutional different We decisions opportunity very see and of institutional quarter-to-quarter. on continue to repositioning lot investors a it's side. the making lumpy by

making to do believe lumpy, the that continue based be breadth is having presentations, but for expect we feel outside to the opportunity sort where particularly us, see we growth. organic really for opportunity just that us upon which is that the where to which and indicative we and we a do what we're conversations of higher U.S., we're pipeline, for good about So of value of set continue as

we On capabilities in growth add not said the Westchester AlphaSimplex not M&A we are have. The we've it's family within do and for the on the of recent ways the at But that M&A as of markets and M&A, have ones look the focused managers correlated the have that critical an we to organic growth transaction. in strategy, to require been terms additional that us, of we before, that parts currently more strategy. less our for continue for

that spending we combination on. that we're public we private continue the of see offerings those we is interest that ultimately represented everyone to in is see in like with focused markets, we're an are particular, traditional a set We And of across great opportunity asset an area continue that securities possibly expanding to opportunity that types classes. And even believe time. the to as since where offerings, include area as in well our

Annalei Davis

do guys book just do capital to then maybe And you if just another And seed introduce wondering on products? opportunity the more much one anticipate you additional then today? And any allocation. allocating? see How how Great. there's new

George Aylward

over lot as and on the under things absolutely development. have continue recently prefer currently that or we certain the to last year that for that. on the the CITs focused type ETFs of are see in the piece of for the funds, vehicle strategies a really as available been On new products, markets in a that we Much activity well last of X opportunities, global has and

of to our separates. have putting be the those development product we ETFs, and most growth, a that correlated global areas. the funds. we'll retail again, items for where we things activity very agenda on it's on So in It's filings see And is right? of active on the in the So

well do funds, represented So we'll open-end continue we in representation. a have that to where kind of the broad pretty we're

Operator

question Bill comes TD next from Katz Our Cowen. of

William Katz

the affiliate if NCI? impact if in it a happen? think about on be about the for quarter. How know, affiliate sort how what wondering, And And equity? maybe little your it could expand of existing you're of residual want footprint? your we which ownership was opportunities about thinking bit you we to incremental you don't step-up is, When about think but the I to to maybe did I the should should do multiple deepen talk you pipeline that other on paying

George Aylward

intro brief go do to a can that, through it. and just Mike I'll

our are have and one wholly-owned, So most another. in a we affiliates that's have do owned minority interest we only majority of actually

to that that go we transaction descriptions really look So Mike really changes to structural at made to as give the related one. that through is in predetermined only that Mike so the will I would going relate that,

Michael Angerthal

we similar -- equity of of sequence structure, structure, third part in in staged year the Bill, a we'll quarter. alluding X-year original these affiliate third created our in last timing original each be the we XXXX. as And ownership the them of majority the this â€“ came conclude in we to, of and our onset in a the at transaction have with increased the purchases year next where that as is ownership we in And on as part the will Yes. -- George increases had

in the in did So which XX% quarter, the in the what NCI, is increase the did change as happen you It quarter. midst ownership this impacted approximately to noted. of

to based by that that of will quarter being ownership equal, else operating be down being be could you state But on expect modestly So tick our the all year, impacted entity. NCI the the the of result. would next all in expect equal, because that balance for and you could else results it sort

William Katz

Okay. helpful. did as I of sort That's you super chatting. that recall

following a transactions, waste question. maybe been large stepping back, Sorry, small of -- the the up There ton some last The has many on both the of discussion. and I M&A over just quarters call as the shelf whatever of access get want sort space, retail growth you the you to race, or the it, to faster of areas like to arms some democratization either get mentioned sort private or in think it the discipline because this markets. Does flows of getting it's maybe the bit framework, a little negative terms way of the modestly of grinding better but still change maybe your about growth urgency or with of from and the thinking sort updates. puts better, of financial about takes you're sort nice a to along and incremental to you're how see

here do So fast really how areas some you the really growth break economically? of into

George Aylward

Yes.

than alternatives right again, attractiveness. now, opportunity the experience for the on traditional a is gone strong which private the managers, have the and through cycle different really of set think traditional in currently, managers I So markets,

of for have traditionals. the more time, be the of around volatility who in in really the been For used of it those privates long having terms to opposite us a the

do terms think in the together in transactions to those convergence closer And that of of there firms X. trying offerings the continues the terms think there opportunity I publics to do privates of I the why of looking lot are to a So to clients. and are bring for having conversations that's or be

democratization markets, alternatives the So the allowing, space. retail of or using into private

that So I think there that a of lot around going space. are conversations are in

else and I anyone currently that. much think well we do as it doing as as is

client a set is every really, of that think I there needing. offerings diversified is

us those like offerings. think strategies to of to continuing who us various of look offer multiple those sort of sets I out So are build

William Katz

I promise. topic, Separate

better the institutional? institutional bit for little here issue outflows about Can you gating bit. Is headwinds in mentioned back -- better that product of known the what's commonality outlook doesn't Is the a a of talk inflows into some the a seems underlying to known is of sort bit it's than a little reallocations? pipeline, you it like kind it been territory? flow On the it business sound breadth? it positive that be or any performance. Is to of sort getting little What

George Aylward

Part They've have a of referring has because have Yes. positioning clients, of not actually question. the account been outflows, No, some of it's outflows us great most heard of the instances terminations. of to it right? where the there or been our been of if reallocation been So you've mandate of the right? through performance our for if markets you a there generally it, paring either due or in to So allocation rebalancing. from be manager, re-balancings they target back, strong through certain equity blow think will sort strategies, the or the

to termination kind your a reallocations outflows to the the They're by at of So and frustrating usually because as of the in look positionings. are that, -- little it's we comment, by bit the we're seeing not mandates. driven generally

finding their of a do needs out asset to of think really can we the fit sort have lot I of that continue So overall institutional to like clients as manage managers, in in allocation. they we where meet allocation

at driven we're mean, the rebalancing it I but and been geographies, allocations allocations by lot down of there's look some think our it's And in in our when pipeline of the have or outflows those it's that hopeful institutional a is will our processes a things. But their across continues fixed quite time income strategies space. of or we ticking and We're in clients in an a that, business. a equity across on where other finals, non-correlated spending up seen opposed offerings as have across I longer-tailed but competitive managers, either dialogues we allocation. new probably of or some strong. bringing lot very to of be more to then So take that

So to it be successful. takes a ultimately lot

Operator

Budish of from comes Ben Barclays. next Our question

Benjamin Budish

to ETF I ETFs not ask kind maybe of all just I the And that too you ago, first, on available your XXXX? side, long of Maybe think wanted guess, what a the are commented were then, X-parter. on I intermediaries. your for pipeline not your to thoughts product

So of momentum on distribution an seems just new lot now much distribution there. and thoughts It like either the could of in. if curious just then expansion of baked there's Curious a continued from how kind side? the fully is be product

George Aylward

Yes. the side. product we're on the new No, on excited -- really

of offerings of well managers. had, a filings of increasingly again, of the of recent part So we've few and financial a that which the lot are book our as we've actively managed business advisers. more covered We X a becoming referenced of as more ETFs the

more been We really assets had been which in not last see particularly fixed year this fixed actively on on but several the passive launched in we raised. lot growth where of previous space. the So income managed the increasing the funds, have the year, income, a side, interest is where originally space

an will we we in did the accumulated an as We're have the them to enough Seix the the has an of now ETF some that's like Seix starting see the which a private We're strength flows long space. CLO record currently leveraged actually then doing And getting Kayne, ETF. have some indicated, mid-cap inflows that incredible loan our of we're to very ETF. track Some for in that deserves. And space, now credit space, in that it AlphaSimplex. one for happy offering see

are is really vehicle portfolio. FAs that as think an their to ETF use of just need meeting we increasing that number of a preferring just So part the

form solution-oriented things terms building products, individual also our looking can So either where we continue also we We're more managed an ETF the in along that blocks can of for looking model the them that portfolio. and provide ETFs of of take do. vein, those in we'll

can areas So we very lot ultimately that those a of things think attractive. have be in we

ETFs. size availability, the of the part availability does terms to In relate the of of

So if may that that now not starting then gather and want at we them access of they're the availability have of some assets, that certain increase a size, to, the the actually grow that. to ETFs, they're does

day open-ends So the the there. Continue we've open-end to see interest offerings our the $X out of in the as have are and funds shy great we're for opportunity with $X.X build the is billion where growth on continued structure, assets, lot ETF it's seen good or just of see of and those probably little those yesterday or more records before, that, already of a a favor terms diversity our around as a somewhere billion, we track the hope fit probably on side. gained of side,

Benjamin Budish

of one kind back allocation. Got to capital helpful. Maybe question, it, very separate coming

pretty another ago. long increase not too healthy announced You dividend

So rate to over level. how versus you're It that years. XXs picked what thinking teens like sort up a years just about several looks X, payout like curious, the of the looks like has really a level next ago from the low X

has you do about more are goes are more so little by as about EPS overall of on, the become ratio you increases? last thinking this point what do payout as So at thinking time steady you terms growth? Are increased constrained ratio a you either your with those How dividend providing about -- of or kind you in bit about investors -- payout years? thinking the think how over balancing several

George Aylward

No. Yes. And both be of balanced. absolutely, to need those

expectation do think approach do and said expectations believe, that. we think that want an philosophically, we've have part how dividend in growth continued we is that we do to -- I we value of we the investors of having have do

again, alternatives, we annual that, in our think be level perspective, that? stock that have double-digit We balanced of generally So something add above an is and that increase, that we of of do we always increases doing. of to that, range, will of years but do dividend activities it think element anything right? with is a had our strategy. that as buybacks But or strategy you'd done level Mike, part we we're increases, we other from evaluated underlying the against X think be important other that. The or absolute that our will an also have probably is

Michael Angerthal

think it. you covered I No,

Operator

like This our now turn I session. question-and-answer back over concludes Mr. would to the conference Aylward. to

George Aylward

Thank And for you Great. always, us. have so if Thank please want day. questions, to to you out, other everyone today have feel And as free thank much. reach you. I joining great a and any

Operator

and you may participating, That disconnect. concludes now you today's Thank for call.

Virtus Investment Partners (VRTS) 25 Oct 242024 Q3 Earnings call transcript