{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$13.12 vs. cons $12.84",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Long-term net inflows",
      "prediction": "BEAT",
      "answer": "pred ~$155B vs. cons $128B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted operating margin",
      "prediction": "IN-LINE",
      "answer": "pred ~44.8% vs. cons 44.6%",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted effective tax-rate framework",
      "prediction": "UNCHANGED",
      "answer": "guide ~25.0% vs. cons 25.0% (2H 2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Quarterly share-repurchase pace",
      "prediction": "UNCHANGED",
      "answer": "guide ~$450M vs. cons $450M (3Q 2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Technology-services ACV growth commentary",
      "prediction": "BETTER",
      "answer": "guide ~14.0% vs. cons 12.0% (FY 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Long-term adjusted operating-margin target",
      "prediction": "UNCHANGED",
      "answer": "guide ~45.0% vs. cons 45.0% (long term)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 4.8,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Day-5 residual ~4.8% vs. day-1 residual ~3.2%: a recurring-fee/flow-led beat, stable ~45% margin framework, and stronger technology ACV should lift 2026-2027 base-fee and EPS estimates rather than leave upside dependent on volatile performance fees.",
  "day5_confidence": "MEDIUM"
}