IGIFF - AGF Management: Is Its Improved Net Sales Sustainable?
Investment Thesis
AGF Management (AGFMF) (TSX:AGF.B) is a Canadian-based asset manager in Canada. The company is facing strong competition from low cost passive investment products as well as larger Canadian banks' mutual fund products. Although the company generated positive net sales in Q2 2018, it may continue to be a challenge to maintain the inflows, as the company is unable to generate consistent above median performance for its assets under management. The company pays an attractive dividend with a yield of 4.9%. However, its future dividend growth may be limited. Hence, long-term dividend