HLNE vs GCMG vs STEP vs AMG vs IVZ

For growth investors, StepStone Group Inc.

(STEP) is the stronger pick with 65. 1% revenue growth year-over-year, versus 5. 1% for GCM Grosvenor Inc. (GCMG). Affiliated Managers Group, Inc. (AMG) offers the better valuation at 13. 1x trailing P/E (9. 0x forward), making it the more compelling value choice. Analysts rate Hamilton Lane Incorporated (HLNE) a "Buy" — based on 10 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Affiliated Managers Group, Inc.

(AMG) is the cheapest at 13. 1x versus GCM Grosvenor Inc. at 26. 6x. On forward P/E, Affiliated Managers Group, Inc. is actually cheaper at 9. 0x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Affiliated Managers Group, Inc. wins at 0. 23x versus Hamilton Lane Incorporated's 0. 72x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, StepStone Group Inc.

(STEP) delivered a total return of +78. 6%, compared to -0. 8% for GCM Grosvenor Inc. (GCMG). Over 10 years, the gap is even starker: HLNE returned +464. 7% versus IVZ's +22. 1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), GCM Grosvenor Inc.

(GCMG) is the lower-risk stock at 0. 89β versus StepStone Group Inc. 's 1. 73β — meaning STEP is approximately 94% more volatile than GCMG relative to the S&P 500. On balance sheet safety, StepStone Group Inc. (STEP) carries a lower debt/equity ratio of 22% versus 4% for GCM Grosvenor Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), StepStone Group Inc.

(STEP) is pulling ahead at 65. 1% versus 5. 1% for GCM Grosvenor Inc. (GCMG). On earnings-per-share growth, the picture is similar: GCM Grosvenor Inc. grew EPS 1124% year-over-year, compared to -376. 9% for StepStone Group Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Hamilton Lane Incorporated (HLNE) is the more profitable company, earning 30.

5% net margin versus -15. 3% for StepStone Group Inc. — meaning it keeps 30. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HLNE leads at 44. 4% versus -21. 3% for STEP. At the gross margin level — before operating expenses — GCMG leads at 99. 2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Affiliated Managers Group, Inc. (AMG) is the more undervalued stock at a PEG of 0. 23x versus Hamilton Lane Incorporated's 0. 72x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Affiliated Managers Group, Inc. (AMG) trades at 9. 0x forward P/E versus 25. 9x for StepStone Group Inc. — 16. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for GCMG: 115. 1% to $24. 00.

In this comparison, IVZ (3.

1% yield), HLNE (2. 8% yield), STEP (2. 0% yield), GCMG (1. 2% yield) pay a dividend. AMG does not pay a meaningful dividend and should not be held primarily for income.

For long-horizon retirement investors, GCM Grosvenor Inc.

(GCMG) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 89), 1. 2% yield). Invesco Ltd. (IVZ) carries a higher beta of 1. 67 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (GCMG: +36. 9%, IVZ: +22. 1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: HLNE is a small-cap high-growth stock; GCMG is a small-cap quality compounder stock; STEP is a small-cap high-growth stock; AMG is a small-cap high-growth stock; IVZ is a mid-cap income-oriented stock. HLNE, GCMG, STEP, IVZ pay a dividend while AMG does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.