1、I N D U S T R Y P U L S E|US Asset Managers:Q2 2025Tariff and fiscal policy-induced uncertainty has been affecting the US-based asset managers.J U N E 2 0 2 5Table of ContentsMorningstar Equity ResearchImportant DisclosureThe conduct of Morningstars analysts is governed by Code of Ethics/Code of Con

2、duct Policy,Personal Security Trading Policy(or an equivalent of),and Investment Research Policy.For information regarding conflicts of interest,please visit:http:/ Managers:Market Uncertainty Has Stalled Business Recovery for IndustryTop Picks and Coverage:We See BlackRock and Blackstone as Best-Po

3、sitioned Firms in the IndustryAppendixExecutive Summary:Market Uncertainty Has Increased Volatility of Asset Manager StocksMarkets Update:Increased Uncertainty a Major Headwind for Market Returns and FlowsTraditional Asset Managers:Secular Headwinds Persist While Cyclical Headwinds Wax and Wane3821I

4、 N D U S T R Y P U L S E|U S A S S E T M A N A G E R SGreggory Warren,CFASenior Stock Analyst,Financial ServicesI N D U S T R Y P U L S E|U S A S S E T M A N A G E R SExecutive SummaryMarket uncertainty has increased the volatility of asset manager stocks.Morningstar Equity Research|4See Important D

5、isclosures at the end of this report.Traditional US-Based Asset Managers Trading at a Slight Discount to Our Fair Value Estimates Right NowE X E C U T I V E S U M M A R YIncreased Market Uncertainty Has Left Traditional Asset Managers Trading at Slight Discounts to Our ValuationsThe share prices of

6、the traditional US-based asset managers have been more volatile since the start of the year as increased uncertainty tied to fiscal,tariff,and monetary policies,as well as economic growth,has whipsawed the equity and credit markets.While this has made a couple of managers that we cover more approach