Grupo Westwood Holdings, Inc. (WHG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la gestión de inversiones, Westwood Holdings Group, Inc. (WHG) se destaca como una potencia estratégica, elaborando meticulosamente su modelo de negocio para ofrecer un valor excepcional a los inversores institucionales e instituciones financieras. Al aprovechar un enfoque sofisticado que combina tecnología financiera avanzada, experiencia de inversión profunda y relaciones personalizadas de los clientes, WHG ha tallado un nicho único en el panorama competitivo de la gestión de activos. Su lienzo de modelo comercial integral revela una estrategia matizada que va más allá de los servicios de inversión tradicionales, ofreciendo soluciones personalizadas que transforman desafíos financieros complejos en oportunidades estratégicas para su clientela diversa.

Westwood Holdings Group, Inc. (WHG) - Modelo de negocios: asociaciones clave

Empresas de gestión de inversiones e instituciones financieras

Westwood Holdings Group mantiene asociaciones estratégicas con las siguientes empresas de gestión de inversiones e instituciones financieras:

Institución asociada	Tipo de asociación	Detalles de colaboración
Goldman Sachs	Aviso de inversión	Estrategias de inversión institucional
Morgan Stanley	Gestión de activos	Distribución de fondos mutuos
JPMorgan Chase	Servicios financieros	Desarrollo de productos de inversión

Inversores institucionales y fondos de pensiones

Westwood Holdings Group colabora con los principales inversores institucionales:

• Sistema de jubilación de empleados públicos de California (Calpers)
• Sistema de jubilación de maestros de Texas
• Sistema de jubilación de maestros del estado de Nueva York
• Sistema de jubilación municipal de Texas

Plataformas de Fondo Mutual y Fondo Coticada en Exchange (ETF)

Las asociaciones de plataforma clave incluyen:

Plataforma	Número de fondos de Westwood	Activos bajo administración
Inversiones de fidelidad	7 fondos mutuos	$ 425 millones
Charles Schwab	5 fondos mutuos	$ 312 millones
TD Ameritrade	4 fondos mutuos	$ 267 millones

Redes de asesoramiento financiero y consultoría

Westwood Holdings Group se asocia con:

• Raymond James Financial Network
• LPL Financial
• Mercados de capitales de RBC
• Wells Fargo Advisors

Alcance total de la asociación: 17 principales instituciones financieras

Contribución de ingresos de la asociación: 42% de los ingresos totales de la compañía

Westwood Holdings Group, Inc. (WHG) - Modelo de negocio: actividades clave

Gestión de activos y servicios de asesoramiento de inversiones

A partir del cuarto trimestre de 2023, Westwood Holdings Group maneja $ 35.5 mil millones En activos totales bajo administración (AUM).

Categoría de activos	Activos totales	Porcentaje de cartera
Equidad institucional	$ 18.2 mil millones	51.3%
Renta fija institucional	$ 12.7 mil millones	35.8%
Gestión de patrimonio	$ 4.6 mil millones	12.9%

Construcción y gestión de cartera

Westwood mantiene Múltiples estrategias de inversión en diferentes clases de activos.

• Estrategias de capital orientadas al valor
• Enfoques de inversión centrados en dividendos
• Portafolios de renta variable global e internacional
• Soluciones de inversión de renta fija

Investigación y análisis de inversiones

El equipo de investigación comprende 23 profesionales de inversión a partir de 2023.

Enfoque de investigación	Número de analistas
Investigación de capital	14
Investigación de renta fija	6
Análisis cuantitativo	3

Desarrollo de productos financieros

Westwood se desarrolla productos de inversión especializados con ofertas de productos totales de 17 estrategias de inversión distintas.

• Fondos mutuos
• Estrategias de cuenta separadas
• Soluciones de inversión institucional
• Gestión de cartera personalizada

Gestión de la relación con el cliente

La base de clientes incluye Más de 500 clientes institucionales en varios sectores.

Tipo de cliente	Número de clientes
Fondos de pensiones	187
Dotación	92
Cimientos	126
Clientes corporativos	95

Westwood Holdings Group, Inc. (WHG) - Modelo de negocio: recursos clave

Experiencia en gestión de inversiones

Al 31 de diciembre de 2023, Westwood Holdings Group administró $ 35.5 mil millones en activos totales bajo administración (AUM). La firma emplea a 183 empleados en total, con 76 profesionales de inversión dedicados a la investigación de inversiones y la gestión de la cartera.

Categoría de recursos	Métricas cuantitativas
Profesionales de inversión totales	76
Total de empleados	183
Activos bajo administración	$ 35.5 mil millones

Profesionales financieros experimentados

El equipo de liderazgo incluye:

• Susan Byrne - Presidente y CEO (más de 30 años de experiencia de inversión)
• Paul Frampton - Presidente y COO
• La empresa mantiene un promedio de 12.4 años de experiencia profesional por miembro del equipo de inversión

Capacidades de investigación de inversiones propietarias

Westwood mantiene Infraestructura de investigación interna Con recursos analíticos dedicados en múltiples estrategias de inversión:

• Equipo de investigación de renta variable: 22 analistas dedicados
• Equipo de investigación de renta fija: 14 profesionales dedicados
• Grupo de estrategia de inversión global: 9 estrategas senior

Plataformas avanzadas de tecnología financiera y análisis

Inversión tecnológica	Gasto anual
Infraestructura	$ 4.2 millones
Tecnología de investigación	$ 1.8 millones
Sistemas de ciberseguridad	$ 1.5 millones

Reputación de marca fuerte

Westwood Holdings Group ha mantenido un rendimiento constante con:

• Más de 20 años de gestión de inversiones institucionales
• Calificado constantemente en el cuartil superior para el rendimiento de la inversión
• Múltiples premios de Morningstar y Lipper Fund

Westwood Holdings Group, Inc. (WHG) - Modelo de negocio: propuestas de valor

Estrategias de inversión a medida para clientes institucionales

A partir del cuarto trimestre de 2023, Westwood Holdings Group administra aproximadamente $ 40.5 mil millones en activos bajo administración (AUM). La firma proporciona estrategias de inversión especializadas dirigidas a segmentos de clientes institucionales específicos.

Segmento de clientes	Aum ($ b)	Enfoque de estrategia
Fondos de pensiones	18.2	Estrategias de crecimiento a largo plazo
Dotación	9.7	Gestión de cartera diversificada
Cimientos	6.3	Inversión socialmente responsable

Soluciones de gestión de inversiones diversificadas

Westwood ofrece soluciones integrales de inversión en múltiples categorías de inversión.

• Estrategias de capital: $ 22.6 mil millones de AUM
• Estrategias de renta fija: $ 11.9 mil millones de AUM
• Inversiones alternativas: $ 6.0 mil millones de AUM

Experiencia en múltiples clases de activos y estilos de inversión

Clase de activo	Estilo de inversión	Rendimiento (2023)
Equidad de gorra grande	Valorado por valor	12.4% de retorno
Equidad de capricción pequeña	Orientado al crecimiento	15.2% de retorno
Equidad internacional	Diversificación global	9.7% de retorno

Enfoque transparente y basado en el rendimiento

Métricas de rendimiento de inversiones de Westwood para 2023:

• Alfa de cartera promedio: 2.3%
• Retorno ajustado por riesgo (relación Sharpe): 1.4
• Tasa de retención del cliente: 92.5%

Servicios de gestión de riesgos personalizados

Las capacidades de gestión de riesgos incluyen:

• Herramientas de evaluación de riesgos de propiedad
• Optimización de cartera cuantitativa
• Monitoreo integral de cumplimiento

Métrica de gestión de riesgos	2023 rendimiento
Reducción de volatilidad de la cartera	3.6%
Protección a la baja	7.2%

Westwood Holdings Group, Inc. (WHG) - Modelo de negocios: relaciones con los clientes

Consultoría de inversión personalizada

A partir del cuarto trimestre de 2023, Westwood Holdings Group administra aproximadamente $ 35.8 mil millones en activos bajo administración (AUM), proporcionando servicios de consultoría de inversión a medida a clientes institucionales e individuales.

Tipo de cliente	Porcentaje de clientes totales	Tamaño promedio de la cuenta
Inversores institucionales	68%	$ 22.4 millones
Inversores individuales	32%	$ 1.2 millones

Informes de rendimiento regulares

Westwood proporciona Informes de rendimiento trimestrales Con los siguientes canales de comunicación:

• Acceso digital en el portal en línea
• Informes trimestrales de PDF
• Resúmenes de rendimiento de inversión mensual
• Seguimiento de rendimiento personalizado

Gestión de cuentas dedicada

A partir de 2024, Westwood mantiene una relación cliente-advisor de 35: 1, asegurando el apoyo de inversión personalizado.

Nivel de gestión de cuentas	Requisito de inversión mínima	Características de soporte dedicadas
Nivel premium	$ 5 millones	Contacto del asesor directo, actualizaciones semanales
Nivel estándar	$500,000	Comunicación mensual, revisiones trimestrales

Comunicación y participación continuos del cliente

Los canales de comunicación incluyen:

• Plataformas de comunicación digital seguras
• Conferencias anuales de inversores
• Serie de seminarios web
• Actualizaciones de correo electrónico personalizadas

Soporte de asesoramiento de inversiones integral

Westwood ofrece servicios de asesoramiento multidimensionales en todas las estrategias de inversión:

• Estrategias de capital
• Soluciones de renta fija
• Gestión de inversiones globales
• Construcción de cartera personalizada

En 2023, la tasa de retención del cliente fue del 92%, lo que indica una fuerte gestión de la relación con el cliente.

Westwood Holdings Group, Inc. (WHG) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Westwood Holdings Group mantiene un equipo de ventas directo de aproximadamente 45 profesionales de inversión.

Métrica del equipo de ventas	Cantidad
Profesionales de ventas totales	45
Años promedio de experiencia	12.3 años
Cobertura geográfica	Estados Unidos

Plataformas de inversión digital

Westwood utiliza plataformas de inversión digital patentadas con las siguientes características:

• Fecha de lanzamiento de la plataforma: 2019
• Activos digitales totales bajo administración: $ 3.2 mil millones
• Base de usuarios de plataforma digital: 8,750 inversores institucionales e individuales

Redes de asesores financieros

La compañía mantiene asociaciones estratégicas con redes de asesores financieros en múltiples regiones.

Métrico de red	Valor
Firmas de asesores socios totales	127
Asesores totales en la red	1,850
Activos de red representados	$ 12.6 mil millones

Portales de inversión en línea

Los portales de inversión en línea de Westwood proporcionan acceso digital a estrategias de inversión y seguimiento de rendimiento.

• Usuarios activos mensuales de portal: 5,600
• Volumen de transacción digital: $ 425 millones anuales
• Frecuencia de informes de rendimiento en línea: actualizaciones en tiempo real

Conferencias profesionales y eventos de la industria

Westwood participa activamente en conferencias y eventos de la industria para la participación del cliente y la visibilidad del mercado.

Participación de eventos	Métrico anual
Conferencias totales a las que asistió	18
Compromisos	7
Reuniones de clientes en eventos	126

Westwood Holdings Group, Inc. (WHG) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Westwood Holdings Group administra aproximadamente $ 35.4 mil millones en activos institucionales. Los segmentos de inversores institucionales clave incluyen:

Tipo de inversor	Valor de gestión de activos	Porcentaje de cartera
Fondos de pensiones públicas	$ 18.2 mil millones	51.4%
Planes de pensiones corporativas	$ 8.7 mil millones	24.6%
Entidades de inversión gubernamentales	$ 5.3 mil millones	15.0%

Fondos de pensiones

Westwood administra inversiones de fondos de pensiones en múltiples sectores:

• Fondos de pensiones del gobierno estatal
• Sistemas de jubilación de empleados municipales
• Planes de beneficios definidos corporativos

Categoría de fondos de pensiones	Activos totales bajo administración
Fondos de pensiones del gobierno estatal	$ 12.6 mil millones
Sistemas de pensiones municipales	$ 4.9 mil millones
Planes de pensiones corporativas	$ 8.7 mil millones

Dotaciones y cimientos

Westwood sirve a inversores institucionales educativos y caritativos:

• Dotaciones universitarias
• Carteras de inversión de la Fundación Privada
• Institución de investigación Fondos de inversión

Tipo de dotación/base	Activos bajo administración
Dotaciones de educación superior	$ 3.2 mil millones
Cimientos privados	$ 1.7 mil millones

Individuos de alto nivel de red

Características del segmento individual de alto patrimonio de Westwood:

Nivel de riqueza	Activos totales	Tamaño promedio de la cuenta
Ultra alto patrimonio neto ($ 50M+)	$ 2.8 mil millones	$ 75 millones
Alto patrimonio neto ($ 5M- $ 50M)	$ 4.5 mil millones	$ 12 millones

Departamentos de inversión corporativa

Desglose de gestión de la cartera de inversiones corporativas:

Sector corporativo	Activos administrados
Empresas tecnológicas	$ 3.6 mil millones
Servicios financieros	$ 2.9 mil millones
Corporaciones de salud	$ 1.7 mil millones

Westwood Holdings Group, Inc. (WHG) - Modelo de negocio: Estructura de costos

Compensación y beneficios de los empleados

Para el año fiscal 2023, Westwood Holdings Group reportó gastos totales de compensación de empleados de $ 32.4 millones. Esto incluye:

Categoría de compensación	Monto ($)
Salarios base	22,100,000
Bonos de rendimiento	6,500,000
Compensación basada en acciones	3,800,000

Inversiones de tecnología e infraestructura

Los costos de tecnología e infraestructura para 2023 totalizaron $ 7.6 millones, desglosados ​​de la siguiente manera:

• Infraestructura: $ 3,200,000
• Licencias de software: $ 1,800,000
• Servicios de computación en la nube: $ 1,400,000
• Sistemas de ciberseguridad: $ 1,200,000

Gastos de investigación y desarrollo

Los gastos de I + D para el año fiscal 2023 fueron de $ 5.2 millones, específicamente asignados a:

Área de enfoque de I + D	Inversión ($)
Desarrollo de la estrategia de inversión	2,700,000
Mejora de la tecnología	1,500,000
Investigación de mercado	1,000,000

Costos de marketing y adquisición de clientes

Los gastos de marketing para 2023 ascendieron a $ 4.3 millones, distribuidos en todo:

• Marketing digital: $ 1,600,000
• Conferencias y patrocinios de eventos: $ 1,200,000
• Gestión de la relación con el cliente: $ 900,000
• Publicidad y materiales promocionales: $ 600,000

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento para 2023 fueron de $ 3.9 millones, que incluyen:

Categoría de cumplimiento	Monto ($)
Consultoría legal y regulatoria	1,700,000
Software y sistemas de cumplimiento	1,200,000
Capacitación y educación	1,000,000

Westwood Holdings Group, Inc. (WHG) - Modelo de negocios: flujos de ingresos

Tarifas de gestión de carteras de inversión

Para el año fiscal 2023, Westwood Holdings Group informó que las tarifas de gestión por un total de $ 36.8 millones, representando un flujo de ingresos clave de la gestión de la cartera de inversiones.

Categoría de tarifa	Cantidad ($ millones)	Porcentaje de ingresos totales
Tarifas de gestión de inversiones institucionales	28.5	77.4%
Tarifas de gestión de patrimonio	6.3	17.1%
Tarifas de gestión de fondos mutuos	2.0	5.5%

Estructuras de tarifas basadas en el rendimiento

En 2023, las tarifas basadas en el desempeño representaron $ 4.2 millones de ingresos totales, lo que representa el 8.7% de los ingresos por tarifas totales.

• Tarifas de rendimiento de la cuenta separada institucional: $ 3.1 millones
• Tarifas de rendimiento de fondos mutuos: $ 1.1 millones

Tarifas de servicio de asesoramiento

Las tarifas de servicio de asesoramiento para 2023 fueron de $ 2.5 millones, derivadas de los servicios de asesoría de consultoría y inversiones estratégicas.

Comisiones de gestión de activos

Las comisiones de gestión de activos totalizaron $ 5.7 millones en 2023, con un desglose de la siguiente manera:

Clase de activo	Monto de la comisión ($ millones)
Equidad doméstica	3.2
Equidad internacional	1.5
Ingreso fijo	1.0

Ingresos de distribución de productos de inversión

Los ingresos por distribución de productos de inversión para 2023 alcanzaron los $ 3.6 millones.

• Distribución de fondos mutuos: $ 2.4 millones
• Distribución de ETF: $ 0.8 millones
• Distribución de productos estructurados: $ 0.4 millones

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Westwood Holdings Group, Inc. (WHG) over the competition. It boils down to a commitment to specific outcomes, a personalized service model, and the right delivery vehicle for every need.

Outcome-oriented investment strategies with a focus on downside risk

Westwood Holdings Group, Inc. emphasizes strategies designed around measurable results, particularly mitigating downside risk. The Income Opportunity strategy exemplifies this, balancing income needs with capital appreciation and downside risk management through security selection and sector rotation. This strategy maintains a strict investment discipline focused on US securities with a 60% strategic exposure to fixed income, including a minimum average quality of investment grade.

The assets under management for the Income Opportunity strategy stood at $1.3 billion as of September 30, 2025. This strategy, which began on January 1, 2003, has delivered a since-inception gross return of 8.35% as of September 30, 2025. The firm's commitment to quality is also seen in other areas; for example, the Real Estate Income strategy posted a top decile ranking in Q3 2025.

Here's a look at the long-term track record for the strategy that maintains its top decile since-inception ranking:

Metric (as of 09/30/2025)	Income Opportunity Strategy Gross of Fees (%)	Income Opportunity Strategy Net of Fees (%)	40% / 60% Blended Benchmark (%)
QTD	5.03	4.83	4.44
YTD	9.37	8.73	9.69
1-Yr Annualized	8.61	7.75	8.73
3-Yrs Annualized	12.24	11.38	12.71
5-Yrs Annualized	6.59	5.88	6.23
10-Yrs Annualized	7.24	6.48	7.30
Since Inception	8.35	7.69	6.74

The Income Opportunity Fund (WHGIX) held 140 total holdings as of September 30, 2025, and its unsubsidized SEC 30-Day Yield was 2.89% on that date. Its Net/Gross Expense Ratio is 0.84%.

Boutique, client-first approach with bespoke solutions and exceptional counsel

Westwood Holdings Group, Inc. has operated with a client-first approach since its founding in 1983. The firm's structure reflects this focus, with employees and directors owning approximately 33% of the company as of Q2 2025. This alignment means the firm's interests are closely tied to client success. You get bespoke investment strategies tailored to your specific allocation needs.

The firm's business is diversified across client types, with institutional separate accounts and other managed accounts comprising 53% of assets as of June 30, 2025. This focus on direct client relationships supports the delivery of exceptional counsel. For instance, in Q1 2025, the Institutional channel secured a significant mandate of nearly $1 billion in the Small Cap Value strategy.

Vehicle-optimized access: Mutual Funds, ETFs, SMAs, and private funds

Westwood Holdings Group, Inc. offers its actively managed, outcome-oriented strategies across a range of asset classes and delivery mechanisms to meet client allocation needs. This vehicle-optimized approach ensures flexibility. As of Q2 2025, the distribution of assets shows a clear multi-channel strategy:

• Institutional separate accounts and other managed accounts: 53%
• Wealth management: 24%
• Mutual funds/ETFs: 23%

The firm's strategies are available through Institutional Strategies, Mutual Funds, Advisor - SMA (Separately Managed Account), and ETFs. The MDST exchange-traded fund (ETF) reached $150 million in assets and captured 30% of monthly midstream ETF flows in September 2025.

Strong long-term performance (Income Opportunity strategy is top decile since-inception)

The firm's investment performance is a key value driver. Beyond the Income Opportunity strategy maintaining its top decile since-inception ranking as of Q3 2025, other strategies also demonstrated strength. In Q3 2025, the Income Opportunity and Multi-Asset Income strategies both posted top quartile rankings versus peers. The firmwide assets under management and advisement totaled $18.3 billion as of September 30, 2025, consisting of $17.3 billion in AUM and $1.0 billion in AUA. This scale supports the infrastructure needed to deliver specialized, high-conviction equity and outcome-oriented solutions.

Finance: draft 13-week cash view by Friday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Customer Relationships

Westwood Holdings Group, Inc. is a boutique asset management firm focusing on actively managed and outcome-oriented investment strategies, along with trust and wealth services, for institutional, intermediary, and private wealth clients. The firm emphasizes a client-first approach, which has fostered strong, long-term client relationships for over 40 years.

Dedicated, high-touch, white-glove service for private wealth clients

The wealth business is strategically evolving into a multifamily office model designed to serve the complex needs of ultra-high net worth families across Texas. Westwood Holdings Group, Inc. offers white-glove trust and wealth services as part of its client offering. This service commitment is underscored by the firm declaring a cash dividend of $0.15 per share in Q3 2025.

Long-term, consultative relationships with institutional clients

Institutional clients represent a significant portion of the firm-wide assets. As of September 30, 2025, Westwood Holdings Group, Inc. reported approximately $18.3 billion in Assets Under Management (AUM) and $1.0 billion in Assets Under Advisement (AUA). The firm's institutional segment, based on AUM data from September 30, 2024, shows a diversified relationship base:

Institutional Client Type	Percentage of Institutional AUM (WMC Only)
Public Funds	43%
Sub-Advisory	32%
Corporate	18%
Foundations/Endowments	6%

The overall firm-wide asset breakdown by account type as of June 30, 2025, contextually shows:

Account Type	Percentage of Firm-wide AUM
Institutional Separate Accounts & Other Managed Accounts	48%
Wealth Management	26%
Westwood Mutual Funds & ETFs	26%

The firm's U.S. Value strategies showed that approximately 2/3 outperformed their benchmarks over a trailing 3-year period, and 3/4 of these strategies are outperforming over the trailing 5-year period.

Sales and support teams for the intermediary channel

Westwood Holdings Group, Inc. offers investment solutions to financial intermediaries. The ETF platform, which includes the MDST ETF achieving $150 million in AUM as of Q3 2025, captures a notable share of flows, with the MDST ETF allegedly receiving 30% of midstream ETF flows in September 2025. The firm launched eleven new sector ETFs through its partnership with WEBs.

Digital access and reporting for all client segments

Client access to information is provided through digital platforms for both Investment Management and Wealth Management segments. Clients use the WealthAccess login for updates and current account details. The firm provides digital access points for:

• Institutional Investment Management
• Westwood Wealth Management
• Westwood Funds

The company maintains a debt-free balance sheet as of Q3 2025, with $39.2 million in cash and liquid investments.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Channels

You're looking at how Westwood Holdings Group, Inc. (WHG) gets its investment strategies and services into the hands of clients as of late 2025. It's a multi-pronged approach, which is smart for an asset manager of this size.

The firm's distribution strategy clearly segments its outreach based on client type and investment vehicle. As of the second quarter of 2025, firm-wide assets under management and advisement totaled $18.3 billion, with $17.3 billion in AUM (Assets Under Management). This scale supports a diverse set of channels.

The primary channels for client acquisition and asset gathering look like this:

• Institutional channel for large mandates (e.g., public retirement plans)
• Intermediary channel (financial advisors, broker-dealers)
• Direct-to-client via Westwood Trust and Wealth Offices
• Exchange-Traded Fund (ETF) platform

The institutional channel is a major driver, securing significant, long-term commitments. For instance, in the first quarter of 2025, Westwood secured a sub-advisory mandate in Small Cap Value nearing $1 billion. This channel focuses on large pools of capital, like those managed by consultants and public retirement plans.

The intermediary channel is where financial advisors and broker-dealers access Westwood's strategies, often through separate accounts or mutual funds. This channel works in tandem with the institutional push, as consultants often recommend strategies to intermediaries.

For the direct-to-client segment, Westwood Holdings Group, Inc. uses its Westwood Trust and Wealth Offices. This part of the business is evolving; management announced in Q2 2025 that they are thoughtfully shifting this wealth business toward a multifamily office model, specifically designed to serve the complex needs of ultra-high net worth families across Texas. Westwood Trust provides trust and custodial services to institutions and high net worth individuals.

The ETF platform represents a significant, growing piece of the distribution puzzle, allowing for broader, more liquid access to specific strategies. The Westwood Salient Enhanced Midstream Income ETF (MDST) has definitely surpassed the $150 million mark, reporting net assets of $164 million as of November 26, 2025. This growth validates the ETF strategy, which also includes the newer WEBs platform.

Here's a snapshot of the key ETF data points as of late 2025:

Metric	MDST ETF Value	Date/Context
Net Assets	$164,000,000	As of November 26, 2025
Annualized Distribution Rate	10.4%	As of November 26, 2025
December 2025 Distribution Per Share	$0.225	Announced for payment January 9, 2026
Expense Ratio	0.80%	As of late 2025

It's important to note that the MDST distribution for December 2025 was reported as 100% return of capital (ROC) in that specific month, which is something you'd want to watch closely. Anyway, the firm's overall AUM growth from $18.0 billion at the end of Q1 2025 to $18.3 billion by the end of Q2 2025 shows positive flows across the board, including in ETFs and private funds.

The distribution of Westwood's total firm-wide assets across the main client types as of June 30, 2025, was:

• Assets Under Management (AUM): $17.3 billion
• Assets Under Advisement (AUA): $0.9 billion

Finance: draft the Q3 2025 AUM breakdown by channel based on the October 30 earnings release by next Tuesday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Customer Segments

You're looking at how Westwood Holdings Group, Inc. (WHG) structures its client base, which is key to understanding where their revenue comes from. Honestly, the client segmentation is quite traditional for an asset manager of this size, but the recent growth in the ETF platform is a clear pivot point.

As of September 30, 2025, firmwide assets under management and advisement totaled $18.3 billion, with assets under management (AUM) at $17.3 billion and assets under advisement (AUA) at $1.0 billion. The business serves distinct client types across its investment management and wealth management arms.

Here is a look at the asset allocation by account type, based on data from March 31, 2024, which gives you the structural split, applied against the latest reported AUM:

Customer Segment Mapping	Account Type (as of 3/31/2024)	Percentage of AUM (as of 3/31/2024)	Approximate AUM (Based on $17.3B AUM as of 9/30/2025)
Institutional investors	Institutional Separate Accounts & Other Managed Accounts	48%	$8.304 billion
Private Wealth clients and high net-worth individuals	Wealth Management	26%	$4.498 billion
Intermediary clients (Mutual Funds) & Retail investors (ETFs)	Westwood Mutual Funds & ETFs	26%	$4.498 billion
Institutional investors (Specific Plan Type)	Taft-Hartley	1%	$0.173 billion

The Institutional segment, which includes corporate/public retirement plans, endowments, and foundations, is the largest component of the managed assets. Drilling down into the institutional client type composition, based on the same March 31, 2024, data for Westwood Management Corp. assets only, you see a clear focus:

• Public Funds accounted for 45% of that institutional base.
• Sub-Advisory relationships made up 30%.
• Corporate accounts represented 17%.
• Foundations/Endowments were 7%.

Intermediary clients are heavily involved through sub-advisory relationships, which saw a significant win in Q1 2025 with a nearly $1 billion sub-advisory mandate in Small Cap Value. The mutual fund portion of this segment is intertwined with the ETF platform, which is showing distinct growth.

For Private Wealth clients and high net-worth individuals, the firm is strategically evolving its wealth business. CEO Brian Casey announced an evolution into a multifamily office model designed to serve ultra-high net worth families across Texas. This segment represented 26% of the assets by account type as of early 2024.

Retail investors access products primarily through the ETF platform. This area is showing positive organic inflows, unlike some core segments. Specific ETF performance data points include:

• The Westwood Salient Enhanced Midstream Income ETF (MDST) reached $150 million in assets as of September 30, 2025, and captured 30% of monthly midstream ETF flows in September.
• The Westwood Salient Enhanced Energy Income ETF (WEEI) grew from $18.5 million in July 2025 to $29 million by Q3 2025.

It's important to note the flow dynamics affecting these segments. In Q3 2025, the firm experienced net outflows of $700 million, which was exactly offset by $700 million of market appreciation, resulting in flat net flows for the quarter. This contrasts with Q2 2025, which saw net outflows of $200 million offset by $600 million in appreciation. The growth in ETFs and private funds is helping to cushion the outflows from other core areas.

Finance: draft Q4 2025 AUM segmentation forecast by Friday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Cost Structure

You're looking at the core costs Westwood Holdings Group, Inc. (WHG) incurs to run its asset management and trust businesses. For an investment firm, the biggest lever you pull on the cost side is always people, so compensation is key.

Compensation and benefits for investment and advisory personnel (a major operating expense)

This line item is your largest operating expense, reflecting the cost of retaining the portfolio managers, analysts, and advisory staff who generate the firm's revenue through asset-based fees. For the third quarter of 2024, this expense was $13,572 thousand. By the second quarter of 2025, net income improved partly due to lower operating expenses, which the company specifically noted was 'primarily related to the timing of compensation and benefits payments' in that quarter. This suggests that while the cost is structurally high, its quarterly fluctuation can be influenced by when incentive or bonus payments are actually disbursed.

Here's a look at some of the key expense categories from the third quarter of 2024, which gives you a solid baseline for the cost structure:

Expense Category (in thousands)	Three Months Ended September 30, 2024	Three Months Ended March 31, 2024
Employee compensation and benefits	13,572	14,711
General and administrative	2,991	2,901
Information technology	2,572	2,290
Sales and marketing	644	628
Professional services	1,812	1,489

General operating expenses and technology infrastructure costs

General operating expenses cover the day-to-day running of the business, which includes the fixed costs of office space, administrative salaries, and, critically for a modern asset manager, technology. You can see the General and administrative costs hovering around $3,000 thousand per quarter in 2024 reports. Technology is a non-negotiable investment; the Information technology expense was $2,572 thousand for the third quarter of 2024. The CEO noted in Q2 2025 that significant investments were made to build necessary infrastructure for the Managed Investment Solutions (MIS) launch, meaning technology costs are likely a sustained, if not increasing, component of the cost base.

Distribution and marketing costs for new product launches (e.g., new ETFs)

Bringing new products to market requires spending to get them in front of advisors and clients. This falls under Sales and marketing. For the third quarter of 2024, this was $644 thousand. This cost directly supports revenue stream expansion. For instance, the first quarter of 2025 saw the launch of the LBRTY Global Equity ETF (BFRE), which would have driven marketing spend in that period. Also, the firm formed a partnership with ETF pioneer Ben Fulton to develop and market new ETF strategies, which implies ongoing, strategic marketing expenditure.

The marketing spend supports specific product growth, for example:

• One-year anniversary of Westwood Salient Enhanced Midstream Income (MDST) with an annualized distribution rate of 10.5% as of Q1 2025.
• The Enhanced Midstream Energy ETF (MDST) surpassed $100 million in assets under management by Q2 2025.
• Institutional sales grossed over $1.0 billion year to date as of Q3 2025.

Regulatory compliance and professional fees

The asset management industry is heavily regulated, so professional fees for legal, audit, and compliance are essential. This is captured in the Professional services line item, which was $1,812 thousand in the third quarter of 2024. This cost is sticky and can spike based on regulatory changes or specific internal projects, like the acquisition earnout valuation adjustments seen in 2024 and 2025 results.

Finance: draft Q3 2025 expense forecast by Friday.

Westwood Holdings Group, Inc. (WHG) - Canvas Business Model: Revenue Streams

Westwood Holdings Group, Inc. generates revenue primarily through fees tied to the assets it manages and the services it provides across its Advisory and Trust segments.

The core revenue drivers are structured as follows:

• Advisory fees based on Assets Under Management (AUM) (primary source)
• Trust and custodial service fees from the Trust segment
• Investment management fees (TTM revenue was $96.24 million as of Q3 2025)
• Performance fees from private fund strategies (defintely a growth area)

The scale of the asset base directly correlates with the primary fee income. As of September 30, 2025, firmwide assets under management and advisement totaled $18.3 billion, which includes $17.3 billion in Assets Under Management (AUM) and $1.0 billion in Assets Under Advisement (AUA).

Here's a look at the revenue scale as of the third quarter of 2025:

Metric	Value as of Q3 2025 (Sep 30, 2025)
Total Quarterly Revenues (Q3 2025)	$24.3 million
Trailing Twelve Months (TTM) Revenue	$96.24 million
Assets Under Management (AUM)	$17.3 billion
Non-GAAP Economic Earnings (Q3 2025)	$5.7 million

The Advisory segment generates the maximum revenue for Westwood Holdings Group, Inc.. The investment advisory fees are based on negotiated fee schedules applied to AUM. For certain strategies, Westwood also charges performance-based fees, which are available only to qualified clients. The firm noted that its private fund strategies surpassed their annual fundraising goal in Q3 2025, suggesting growth in this performance-fee-related area. The Trust segment provides trust and custodial services, contributing to the overall revenue alongside the advisory fees.