AMG vs IVZ: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMG and IVZ share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMG and IVZ exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Affiliated Managers Group operates a multi-boutique model: instead of running money itself, it takes long-term equity stakes in independently managed investment firms across equities, fixed income, liquid alternatives, and private markets. Each affiliate keeps operational and investment autonomy while AMG shares in its management and performance fees and provides growth capital, distribution, and strategic support. As of Q1 2026 the affiliate network managed record assets under management of roughly $882 billion, with about $148 billion in private markets and $261.5 billion in liquid alternatives, and those alternative strategies now drive the majority of earnings.

Full AMG guide

Invesco Ltd. is a global independent investment management firm that manages money for retail and institutional clients across equities, fixed income, alternatives, and multi-asset strategies. It distributes through mutual funds, separately managed accounts, institutional mandates, and a large ETF business, and it is best known as the sponsor of Invesco QQQ, one of the largest and most heavily traded ETFs in the world. Because it earns fees on the assets it manages, Invesco's revenue moves with two things: the level of markets (which lifts or lowers asset values) and net client flows (money coming in or leaving).

Full IVZ guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMG drivers: Shift toward alternatives and private markets; Record AUM and net inflows.
• IVZ drivers: QQQ conversion unlocks new fees; Record AUM and durable inflows.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: AMG's revenue is tied to market levels and net flows, so a market drawdown or a shift back to outflows would compress fees quickly. For IVZ, the dominant risk is market sensitivity: as a fee-on-assets business, Invesco's revenue and profits fall when equity and bond markets drop, so a sustained downturn would cut AUM and earnings quickly regardless of execution.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMG if you believe its drivers more; IVZ if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMG and IVZ guides.

AMG. As of October 16, 2026, AMG trades at about 13.5x trailing and roughly 9x forward earnings, a discount typical of asset managers exposed to fee compression, even after the shares rose about 33% year to date. Q2 2026 brought revenue of ~$641 million, up about 30% year over year, and Economic EPS of $8.29 ahead of estimates. Consensus for the Q3 report on November 2, 2026 is EPS of ~$8.79 on ~$655 million of revenue, and the average analyst target is about $446.

IVZ. Figures are approximate and tied to the asOf date; verify live numbers before acting. At about $28.44 on October 16, 2026, Invesco trades near 8.8 times forward earnings and 1.3 times book with a yield near 3%, a modest multiple for an asset manager whose adjusted EPS is expected to grow about 38% in 2026; GAAP results show a trailing loss, so there is no meaningful trailing P/E. For an asset manager, AUM, flows, and fee rate matter more than a single quarter's EPS, and the Q3 report on October 27 is the first full quarter in which QQQ fee revenue can start to appear. The analyst mean target is about $34.64.

Headline figures (approximate, October 2026): AMG shows revenue (ttm) ~$2.27B, revenue growth (q2 2026, yoy) ~30%, operating margin ~30%, net income (ttm) ~$856M; IVZ shows revenue (ttm) ~$6.9 billion; latest quarter up ~20.5% YoY, adjusted eps (q2 2026) ~$0.71 vs ~$0.66 consensus, net income (ttm, gaap) ~-$309 million, operating margin (ttm) ~20% GAAP.

AMG and IVZ are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMG and IVZ exposure against your real portfolio. It is not an investment adviser.