{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$0.70 vs. cons $0.66",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Operating revenue",
      "prediction": "BEAT",
      "answer": "pred ~$2.36B vs. cons $2.28B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Long-term net flows",
      "prediction": "MISS",
      "answer": "pred ~$12.0B vs. cons $13.0B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Fiscal 4Q26 adjusted operating margin outlook",
      "prediction": "LOWER",
      "answer": "guide ~29.2% vs. cons 29.5% (fiscal 4Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fiscal 4Q26 effective fee-rate outlook",
      "prediction": "UNCHANGED",
      "answer": "guide ~37.7 bps vs. cons 37.7 bps (fiscal 4Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fiscal 2026 expense-growth outlook excluding performance fees",
      "prediction": "UNCHANGED",
      "answer": "guide ~1.5% vs. cons 1.5% (fiscal 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.5,
  "day5_path": "FADE",
  "day5_rationale": "An EPS and revenue beat should initially reward stronger average AUM, fee revenue, and operating leverage, but a modest long-term-flow shortfall and a ~29.2% fiscal-4Q margin outlook versus ~29.5% consensus leave out-period EPS math slightly lower. The initial positive reaction should therefore fade as revisions focus on the slower margin bridge to the 30%+ target.",
  "day5_confidence": "MEDIUM"
}