AMG vs TNGX: How Affiliated Managers Group and Tango Therapeutics Compare (2026)

Same yardstick, side by side (as of August 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 TNGX 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 TNGX 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

Tango Therapeutics works on synthetic lethality: finding drugs that kill cancer cells carrying a specific missing gene while leaving normal cells intact. Its central target is MTAP deletion, a defect present in roughly 10% to 15% of all cancers and a larger share of pancreatic and lung tumors. The lead asset is vopimetostat (formerly TNG462), an MTAP-selective PRMT5 inhibitor taken once daily, and the second clinical asset is TNG456, a brain-penetrant PRMT5 inhibitor aimed at glioblastoma. Two earlier candidates, TNG908 and TNG961, were dropped as the company concentrated resources. A discovery collaboration with Gilead was truncated during 2025, which is why the income statement shows ~$62 million of collaboration revenue in 2025 and exactly zero in the first quarter of 2026. Tango had 137 employees as of its most recent disclosure and is run by Malte Peters, who replaced founder Barbara Weber; Weber's role as Executive Chair ended in early August 2026.

Full TNGX 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.
• TNGX drivers: The front-line pancreatic Phase 3; Two readouts in 2026 that are not pancreatic.

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 TNGX, the headline number rests on 12 evaluable patients, only 9 of whose responses were confirmed, in an uncontrolled dose-escalation arm; response rates in small early cohorts routinely compress when a randomized trial adds a control group and a broader population.

Pick AMG if you believe its drivers more; TNGX 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 TNGX guides.

AMG. AMG trades at a low-teens earnings multiple, reflecting the market's discount for asset managers exposed to fee compression despite strong recent growth. Q1 2026 delivered record AUM near $882 billion, roughly $545 million of consolidated revenue, and Economic EPS up about 58% year over year, led by alternatives. Valuation multiples and per-share metrics vary by source and date.

TNGX. No conventional multiple applies, because there is no recurring revenue and the ~$57 million trailing figure is the tail of a collaboration that has already ended. Stripping out roughly $950 million of pro forma cash leaves an enterprise value near $3.7 billion, which is what the market is assigning to vopimetostat, TNG456 and the discovery platform combined. Price to book of roughly 10x is a reminder that the balance sheet explains only a tenth of the quote.

Headline figures (approximate, JULY 2026): AMG shows assets under management (q1 2026) ~$882B, consolidated revenue (q1 2026) ~$545M, revenue (ttm, approx) ~$2.1B, economic eps growth (yoy, q1 2026) ~58%; TNGX shows revenue (ttm) ~$57M, all Gilead collaboration recognition; ~$0 in each of the last two reported quarters, net loss (q1 2026) ~$45.5M, or ~$0.32 per share, r&d expense ~$33.5M in Q1 2026; ~$132M in FY 2025, cash and investments ~$380M at March 31, 2026; roughly ~$950M pro forma after the June raise.

AMG and TNGX 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 TNGX exposure against your real portfolio. It is not an investment adviser.