LOWOutside partyCustomer
17%
top 10 clients
“10-K Item 1: 'Our top 10 clients, which contribute to 65 separate mandates and commitments to commingled funds, comprise 17% of our total management and advisory fees.'”
STEP · Concentration risk · 10-K extracted
StepStone Group (STEP) concentration risks
Updated
The most significant concentration StepStone Group discloses is top 10 clients at 17%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: StepStone Group’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM0
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is limited to a single customer exposure. The top 10 clients, which contribute to 65 separate mandates and commitments to commingled funds, comprise 17% of total management and advisory fees — a low-share concentration by disclosed size, with a dependency character. The qualifying detail embedded in that disclosure is notable: those ten clients are spread across 65 mandates and fund commitments, meaning the relationship with each client is diversified across multiple vehicles rather than resting on a single contract. That breadth reduces the risk that any single client departure would translate cleanly into a proportional revenue loss. At 17% of total management and advisory fees, the aggregate top-client exposure is modest relative to the fee base, and the multi-mandate structure further diffuses the dependency. No individual client name, geography, product type, or counterparty concentration is separately disclosed. On balance, the concentration profile is narrow and low by disclosed size, and is unlikely to move the investment verdict on its own. The more relevant monitoring variable is the retention and mandate breadth of those top relationships, rather than the aggregate share figure itself.
For the engine’s reasoning on STEP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Asset Management
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AAMI | Acadian Asset Management Inc. | 1 | 2 | 1 | 4 |
| APAM | Artisan Partners Asset Manageme | 0 | 1 | 2 | 3 |
| AMP | Ameriprise Financial, Inc. | 0 | 1 | 0 | 1 |
| AB | AllianceBernstein Holding L.P. | 0 | 0 | 1 | 1 |
| STEP● | StepStone Group Inc. | 0 | 0 | 1 | 1 |
| AMG | Affiliated Managers Group, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.