AGFMF - AGF Management's Improving Net Sales Is An Encouraging Sign
Investment Thesis
AGF Management (AGFMF) (TSX:AGF.B) delivered solid bottom-line growth in its Q4 fiscal 2018 despite structural headwinds the company faces. The company has done well to turn around its business. Besides an anticipated reduction in operating expenses in 2019 and 2020, its fund net sales are improving as well. The company also pays an attractive 5.95%-yielding dividend. However, the best time to invest in mutual fund companies is at the beginning of the economic cycle. Since we are now in the latter stage of the current economic cycle, we think investors should