Acadian Asset Management
AAMINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $97.57 Prior regular-session close from the quote source.
- $96.03–$100.65 Regular-session low and high so far today.
- 327.3K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $41.47–$100.65 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own AAMI if Acadian’s systematic-investing franchise keeps winning and retaining institutional assets at fee levels high enough to restore operating leverage and cash conversion, not merely if market beta lifts revenue.
AAMI price history
Loading recent earnings…
Investment thesis
What must happen next
Institutional demand for Acadian’s systematic investment process remains strong enough to retain and win fee-paying mandates despite passive and factor-product competition.StrengtheningMateriality: High
GAAP annual revenue increased from $417.2 million in FY2022 to $563.7 million in FY2025. If this holds, AAMI has a durable revenue base; if it breaks, management fees and earnings power can deteriorate quickly as client assets leave.
Watch: Major institutional consultants remove or downgrade Acadian strategies after weak relative performance versus benchmarks.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $417.2 million in FY2022 to $563.7 million in FY2025.
Open source ↗Acadian’s systematic platform can create operating leverage only if research, compensation, data, and technology costs scale more slowly than fee revenue.HoldingMateriality: High
GAAP annual operating income remained profitable at $132.1 million in FY2025. Revenue growth is worth much less to owners if the platform must spend away the incremental fees to maintain performance and distribution.
Watch: Rising data, cloud, trading, and quantitative-research costs become necessary just to keep the investment process competitive.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income remained profitable at $132.1 million in FY2025.
Open source ↗The asset-management model should convert accounting earnings into cash unless working-capital timing, compensation accruals, seed capital, or holding-company structure absorb the economics.WeakeningMateriality: Medium
GAAP annual operating cash flow was positive at $116.8 million in FY2022, $68.3 million in FY2023, and $55.8 million in FY2024. Cash conversion determines whether reported earnings can fund dividends, buybacks, debt reduction, or reinvestment without balance-sheet strain.
Watch: Client receivables, compensation payments, or incentive-fee timing repeatedly consume cash despite reported profits.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive at $116.8 million in FY2022, $68.3 million in FY2023, and $55.8 million in.
Open source ↗AAMI retains strategic flexibility only if cash and recurring Acadian distributions are sufficient to manage holding-company liabilities through market and performance cycles.HoldingMateriality: Medium
Cash was $124.4 million at FY2025, up from $98.5 million at FY2024. A constrained balance sheet can turn a normal active-management downturn into forced cost cuts, reduced capital returns, or unfavorable financing.
Watch: A broad equity-market drawdown reduces assets under management and fee revenue while liabilities remain fixed.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $124.4 million at FY2025, up from $98.5 million at FY2024.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Institutional demand for Acadian’s systematic investment process remains strong enough to retain and win fee-paying mandates despite passive and factor-product competition. If this holds, AAMI has a durable revenue base; if it breaks, management fees and earnings power can deteriorate quickly as client assets leave.
Acadian’s systematic platform can create operating leverage only if research, compensation, data, and technology costs scale more slowly than fee revenue. Revenue growth is worth much less to owners if the platform must spend away the incremental fees to maintain performance and distribution.
The asset-management model should convert accounting earnings into cash unless working-capital timing, compensation accruals, seed capital, or holding-company structure absorb the economics. Cash conversion determines whether reported earnings can fund dividends, buybacks, debt reduction, or reinvestment without balance-sheet strain.
AAMI retains strategic flexibility only if cash and recurring Acadian distributions are sufficient to manage holding-company liabilities through market and performance cycles. A constrained balance sheet can turn a normal active-management downturn into forced cost cuts, reduced capital returns, or unfavorable financing.
All standing thesis claims
Original report summary
Acadian’s systematic-investing franchise keeps winning and retaining institutional assets at fee levels high enough to restore operating leverage and cash conversion, not merely if market beta lifts revenue.
Bull case and bear case
Bull case and bear case for Acadian Asset Management
Where the evidence on Acadian Asset Management disagrees: Mixed on the latest evidence (Oct 21, 2026). Of its 4 thesis points, 1 strengthening, 2 holding and 1 weakening.
Bull case: what the evidence supports
Institutional demand for Acadian’s systematic investment process remains strong enough to retain and win fee-paying mandates despite passive and factor-product competition.
Acadian’s systematic platform can create operating leverage only if research, compensation, data, and technology costs scale more slowly than fee revenue.
AAMI retains strategic flexibility only if cash and recurring Acadian distributions are sufficient to manage holding-company liabilities through market and performance cycles.
Bear case: what the evidence questions
The asset-management model should convert accounting earnings into cash unless working-capital timing, compensation accruals, seed capital, or holding-company structure absorb the economics.
Thesis-Break Engine
Thesis-break watch · Acadian Asset Management
Loading the break-condition record for Acadian Asset Management.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Acadian Asset Management filed an SEC 8-K on 2026-07-30: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Acadian Asset Management filed an SEC 8-K on 2026-06-11: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Acadian Asset Management filed an SEC 8-K on 2026-05-19: Regulation FD disclosure. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Major institutional consultants remove or downgrade Acadian strategies after weak relative performance versus benchmarks.
- Rising data, cloud, trading, and quantitative-research costs become necessary just to keep the investment process competitive.
- Client receivables, compensation payments, or incentive-fee timing repeatedly consume cash despite reported profits.
- A broad equity-market drawdown reduces assets under management and fee revenue while liabilities remain fixed.
AAMI news
Loading headlines…
Financial statements
AAMI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
AAMI: quick answers
- Which well-known investors own AAMI?
- 2 of the 37 well-known funds tracked here reported AAMI shares in their latest 13F filings. By share of the fund's portfolio: Paulson & Co. (John Paulson), 16.2%; Soros Fund Management (George Soros), 0.5%. Fund portfolios
AAMI in well-known investors’ portfolios
2 of 37 funds reported AAMI shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| John PaulsonPaulson & Co. | 16.2% | $418M | −24.5% | Q2 2026 |
| George SorosSoros Fund Management | 0.54% | $43.6M | −5.9% | Q2 2026 |