Profits for publicly traded asset-management firms to be reported later this month will likely to be below the sharp gains in their stock prices, The Wall Street Journal reports. Many firms will be reporting declines compared to the period a year ago.

Consensus estimates for Janus’ second-quarter profits are that they will be down 37%. Likewise, analysts expect Waddell & Reed Financial’s earnings to decline 13% and Gabelli Asset Management’s to fall 24%. Other firms, including Franklin Resources, T. Rowe Price and Federated Investors, are expected to show only moderate growth of between 2% and 5%. Only firms that specialize in fixed income have been faring well, including Nuveen Investments, whose second quarter earnings are expected to rise 10%, and BlackRock, whose earnings are being put at 7.5% for the quarter.

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