AGF Management Ltd AGF.B
Q1 2013 Earnings Call Transcript

Transcript Call Date 03/27/2013

Operator: Ladies and gentlemen, thank you for standing by. Welcome to AGF's First Quarter 2013 Financial Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. As a reminder, this call is being recorded Wednesday, March 27, 2013.

Your speakers for today are Mr. Blake Goldring, Chairman and Chief Executive Officer of AGF Management Limited and Mr. Robert J. Bogart, Executive Vice President and Chief Financial Officer of AGF Management Limited.

Today's call and the accompanying presentation may include forward-looking statements. Such forward-looking statements are given as of the date of this call and involve risks and uncertainties. A number of factors and assumptions were applied in the formulation of such statements and actual results could differ materially. For additional information regarding such forward-looking statements, factors and assumptions, AGF directs you to caution regarding forward-looking statements, which is contained on Page 2 of the presentation, AGF's MD&A for the three months ended February 28, 2013 and AGF's most recent annual information form.

I will now turn the call over to Mr. Bogart. Please go ahead, Mr. Bogart.

Robert J. Bogart - EVP and CFO: Thank you, operator. Good morning, everyone. I'm Bob Bogart, CFO of AGF Management Limited. Thank you for joining us today for a discussion of our first quarter 2013 financial results. Please note that the slides supporting today's call and webcast can be found in the Investor Relations section of Today, Blake Goldring, Chairman and CEO and I will discuss our first quarter (2013) and financial results.

Turning to Slide 4, the agenda for today's call, we will discuss the highlights of the first quarter, provide a business update, review the financial results, discuss our capital and liquidity position, and finally close with an outlook for the rest of 2013. After the prepared remarks we'll be happy to take questions from the analysts.

With that, I'll turn the call over to Blake.

Blake C. Goldring - Chairman and CEO: Thank you, Bob and thank you everyone for joining today's call. It's only been 60 days since our last conservation, but we witnessed a very exciting time across the global equity markets, equity markets came rolling back in the beginning of January and (that'll) hit a new high over the quarter. United States has led the charge with increasing employment and improving housing market and expanding economic activity in the manufacturing sector for the third consecutive month.

Many economists are revising their GDP expectations slightly higher for the U.S. in 2013. With that we believe equity markets will continue to benefit from higher stock prices and lower volatility. No one can rule out future turmoil of course, particularly since the uncertainty of the U.S. government scheduled budget cuts will extend through the weeks and months ahead.

Even with those potential issues on the horizon, we expect a continued rotation back into equity investing as investors' confidence returns and they recognize the current disadvantage of fixed income. The S&P 500 has returned a positive 10% for the year through March 22nd as compared to the negative 2% posted by Barclays Global Aggregate Bond Index.

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