olivLaw · US equity research
Artisan Partners Asset Management Inc. APAM
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Artisan Partners is a global multi-asset investment platform offering high value-added active strategies, mainly to institutional investors and intermediaries. Assets under management rose to 179.9 billion USD in 2025 and to 183.4 billion USD in the second quarter of 2026, while net client cash outflows remained a significant pressure.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Artisan Partners Asset Management Inc. (APAM) stock was 40.46 USD (+4.68% on the day), with market capitalisation 3.3 bn USD, P/E 9.3 on diluted EPS of 4.35 USD over the last 12 months, dividend yield 9.96%, beta 1.10, 52-week range 31.25–46.23 USD. Latest reported quarter (Q3 2026): revenue of 312.5 m USD (+3.7% YoY), net income of 75.2 m USD (+12.5% YoY), diluted EPS 1.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 73.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 29.34 – 39.20
- above the upper band · %B 1.13 · band width 28.8%
- SMA 50 / 200
- 36.59 / 38.22
- mixed trend
- MACD (12, 26, 9)
- 0.71 / -0.27
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.6% | −1.1% | +18.7 pp | — |
| 3 months | −5.4% | −0.5% | −5.0 pp | — |
| 6 months | +6.9% | +4.4% | +2.5 pp | — |
| Year to date | −0.7% | +12.3% | −13.0 pp | — |
| 1 year | −7.3% | +13.5% | −20.9 pp | −5.9% |
| 3 years | +11.5% | +76.4% | −64.9 pp | +24.7% |
| 5 years | −19.7% | +63.7% | −83.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 297.1 m | 277.1 m | 282.7 m | 301.3 m | 335.5 m | 303.0 m | 307.9 m | 312.5 m |
| Operating income | 109.2 m | 86.5 m | 79.8 m | 101.8 m | 131.5 m | 94.2 m | 84.6 m | 109.8 m |
| Depreciation & amortisation | 2.4 m | 2.5 m | 2.5 m ≈ | 2.3 m ≈ | 2.1 m | 2.3 m | 2.2 m ≈ | 2.2 m ≈ |
| Interest expense | 2.2 m | 2.1 m | 2.2 m | 2.2 m | 2.1 m | 2.1 m | 2.2 m | 2.2 m |
| Pre-tax income | 113.1 m | 97.3 m | 120.8 m | 123.4 m | 147.5 m | 86.4 m | 126.7 m | 108.4 m |
| Income tax | 25.6 m | 20.0 m | 24.9 m | 37.0 m | 29.4 m | 18.8 m | 25.9 m | 19.7 m |
| Net income | 69.7 m | 61.1 m | 67.6 m | 66.8 m | 94.8 m | 58.0 m | 80.8 m | 75.2 m |
| Diluted EPS | 1.07 ≈ | 0.82 | 0.94 | 0.93 | 1.44 ≈ | 0.76 | 1.11 | 1.04 |
| Operating cash flow | 37.2 m | 157.9 m | 50.9 m ≈ | 40.4 m ≈ | -77.3 m | 181.8 m | 115.8 m ≈ | 109.9 m ≈ |
| Capex | 464.0 k | 206.0 k | 63.0 k ≈ | 35.0 k ≈ | 67.0 k | 518.0 k | 373.0 k ≈ | 1.5 m ≈ |
| Dividends paid | 57.9 m | 94.7 m | 48.2 m ≈ | 51.8 m ≈ | 62.4 m | 112.5 m | 55.1 m ≈ | 57.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 23 percentile of its own 35-quarter history (min 7.6, median 11.5, max 52.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 828.6 m | 799.0 m | 899.6 m | 1.2 bn | 993.3 m | 975.1 m | 1.1 bn | 1.2 bn |
| Revenue YoY | +4.1% | −3.6% | +12.6% | +36.4% | −19.1% | −1.8% | +14.0% | +7.6% |
| Net income | 158.3 m | 156.5 m | 212.6 m | 336.5 m | 206.8 m | 222.3 m | 259.7 m | 290.3 m |
| Net income YoY | +219.2% | −1.1% | +35.8% | +58.3% | −38.6% | +7.5% | +16.9% | +11.8% |
| Diluted EPS | 2.84 | 2.65 | 3.40 | 5.09 | 2.94 | 3.19 | 3.66 | 4.05 |
| Diluted EPS YoY | unavailable | −6.7% | +28.3% | +49.7% | −42.2% | +8.5% | +14.7% | +10.7% |
| net % | 19.1% | 19.6% | 23.6% | 27.4% | 20.8% | 22.8% | 23.4% | 24.3% |
| Free cash flow | 330.5 m | 289.3 m | 316.6 m | 396.1 m | 306.0 m | 250.8 m | 371.3 m | 171.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 255.5 m USD
- Financial debt
- 190.0 m USD
- Net debt
- -65.5 m USD
- Equity
- 478.2 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.40x
- Current ratio
- unavailable
- ROE
- 64.5%
- ROA
- 18.2%
- FCF margin
- 14.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 899.6 m | 1.2 bn | 993.3 m | 975.1 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 358.3 m | 540.5 m | 344.1 m | 303.6 m | 366.6 m | 399.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 6.6 m | 6.9 m | 7.8 m | 9.3 m | 9.9 m | 9.4 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 364.9 m ≈ | 547.4 m ≈ | 351.9 m ≈ | 312.9 m ≈ | 376.5 m ≈ | 409.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 10.8 m | 10.8 m | 9.9 m | 8.6 m | 8.6 m | 8.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 369.3 m | 551.6 m | 311.8 m | 383.7 m | 440.6 m | 489.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 60.8 m | 107.0 m | 63.5 m | 71.9 m | 90.9 m | 111.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 212.6 m | 336.5 m | 206.8 m | 222.3 m | 259.7 m | 290.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 3.40 | 5.09 | 2.94 | 3.19 | 3.66 | 4.05 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 55.6 m | 59.9 m | 62.5 m | 63.5 m | 64.9 m | 65.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 3.39 | 4.23 | 3.67 | 2.66 | 3.16 | 3.63 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 199.5 m | 200.8 m | 143.2 m | 178.5 m | 268.2 m | 255.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 35.9 m | 35.3 m | 48.1 m | 46.6 m | 41.5 m | 33.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | — | — | — | — | — | 0 | SEC (XBRL)· 04 May 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | — | 0 | SEC (XBRL)· 04 May 2026verified |
| Total assets | 1.2 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | — | 200.0 m | 200.0 m | 200.0 m | 200.0 m | 190.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 867.2 m | 801.1 m | 820.0 m | 802.1 m | 868.8 m | 794.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 191.0 m | 296.0 m | 279.4 m | 351.4 m | 422.0 m | 478.2 m | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 318.7 m | 398.6 m | 312.6 m | 253.0 m | 372.8 m | 172.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 2.0 m | 2.4 m | 6.6 m | 2.3 m | 1.6 m | 371.0 k | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 316.6 m ≈ | 396.1 m ≈ | 306.0 m ≈ | 250.8 m ≈ | 371.3 m ≈ | 171.6 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | 18.8 m | -27.0 m | -63.7 m | -38.2 m | -24.9 m | 35.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -282.2 m | -335.4 m | -306.4 m | -175.0 m | -254.2 m | -183.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 203.0 m | 274.7 m | 248.7 m | 183.4 m | 222.0 m | 257.1 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 84 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation86
- Returns79
- Quality92
- Balance sheet91
- Growth64
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 45.33 – 131.93 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)60.60 – 92.33 (Mid 72.86)WACC 9.1% · starting FCFF 334.7 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -18.7%
- Peers: EV/EBITDA45.33 – 75.12 (Mid 64.41)7 companies used · median multiple 11.7x · quartiles 8.1x – 13.8xABX, BEN, GCMG, LAZ, MORN, VCTR, VRTS
- Peers: P/E87.57 – 131.93 (Mid 99.04)27 companies used · median multiple 22.8x · quartiles 20.1x – 30.3xAAMI, ABX, AMG, AMP, APO, ARES, BEN, BVC, BX, CG, CNS, GCMG, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RPC, TROW, VALU, VCTR, VRTS, WHG
- Dividend discount (DDM)47.70 – 64.15 (Mid 54.72)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 84/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 114.7% | 100 (vs peers) | 11% |
| Net margin · Quality | 24.5% | 72 (vs peers) | 7% |
| FCF conversion · Quality | 106.1% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 6.4% | 53 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 11.3% | 75 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.4x | 86 (vs peers) | 11% |
| Interest coverage · Balance sheet | 48.7x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 9.3x | 91 (vs peers) | 11% |
| EV/EBITDA · Valuation | 7.2x | 71 (vs peers) | 11% |
| FCF yield · Valuation | 10.0% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 8.8% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 87.6% | 46 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet91/100 · 2/3 factors with a value
- Growth64/100 · 2/2 factors with a value
- Quality92/100 · 3/3 factors with a value
- Returns79/100 · 2/2 factors with a value
- Valuation86/100 · 3/3 factors with a value
Memo
Artisan Partners Asset Management Inc. (APAM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 7.6%; net margin 24.5%; ROE 73.1%; net debt/EBITDA -0.4x.
The estimated value range is 54.15–83.72 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 68.63 USD, the price of 40.46 USD leaves a potential of 69.6% (value / price − 1) and a margin of safety of 41.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 84/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 114.7%
- Net margin: 24.5%
- FCF conversion: 106.1%
- EPS CAGR 3Y: 11.3%
- Net debt / EBITDA: -0.4x
- Interest coverage: 48.7x
- P/E (TTM): 9.3x
- EV/EBITDA: 7.2x
- FCF yield: 10.0%
- Shareholder yield (distributions): 8.8%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Current ratio.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +20% / +29% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −7% / +12% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +19% / +61% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
1- and 3-year price returns: for APAM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.33 Total return -40% · Per year -40% | 37.68 Total return 2% · Per year 2% | 56.72 Total return 51% · Per year 51% |
| 3 years | 21.51 Total return -26% · Per year -9% | 42.67 Total return 35% · Per year 11% | 70.39 Total return 111% · Per year 28% |
| 5 years | 21.68 Total return -11% · Per year -2% | 48.31 Total return 72% · Per year 11% | 87.37 Total return 186% · Per year 23% |
- Exit P/E± 10.67
- Net margin± 7.47
- Annual revenue growth± 6.02
- Annual dilution± 0.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
In brief
Artisan Partners is a global multi-asset investment platform offering high value-added active strategies, mainly to institutional investors and intermediaries. Assets under management rose to 179.9 billion USD in 2025 1 and to 183.4 billion USD in the second quarter of 2026 2, while net client cash outflows remained a significant pressure 2.
SWOT
Strengths
- The platform has a transparent business model in which revenue follows directly the assets under management, and many costs vary with revenue 1.
- Multiple strategies across different asset classes give clients diversification and allow the company to redirect capital between them 1.
- Autonomous teams and compensation structures are designed to attract and retain talented professionals 1.
Weaknesses
- Revenue depends almost entirely on the value of assets under management, so market declines and client outflows quickly translate into lower revenue 1.
- The departure of portfolio managers can lead clients to withdraw funds, and the company has no key person insurance 1.
- Equity strategies recorded significant net outflows in 2025, and the wind-down of a team in 2026 shows pressure in some segments 12.
Opportunities
- Demand for credit and alternative assets has remained supported, and the company can extend its offerings in these areas 1.
- The Grandview Property Partners acquisition could open access to the private real estate market in the United States 1.
- If relative performance recovers in equity strategies, flows into those strategies could improve 1.
Threats
- Market volatility, inflation and geopolitical tensions can reduce assets under management and trigger rapid withdrawals 1.
- Fee pressure and competition for talent could compress long-term margins 12.
- Currency movements can reduce the dollar value of assets invested in foreign currencies, which could lower revenue 1.
Risks
- Loss of key professionalshigh
The departure of portfolio managers or senior management could lead to capital withdrawals and lost revenue, and the company does not carry key person insurance 1.
- Weak strategy performancehigh
Weak relative performance can lead to client withdrawals, removal of products from intermediary lists and litigation 1.
- Difficult market conditionshigh
Market declines can significantly reduce assets under management, and revenue adjusts in the same direction 1.
- Currency exposuremedium
A significant share of assets is invested in currencies other than the US dollar, and a stronger dollar could reduce their dollar value 1.
- Instability within investment teamsmedium
Changes to compensation or resource allocation decisions can create friction between teams and affect strategy performance 1.
Investment thesis
What would need to be true (bull case)
- Assets under management grew in 2025 and continued to grow in the second quarter of 2026, and quarterly revenue rose compared with the prior year 12.
- The company maintains a rising adjusted operating margin and a transparent business model in which costs vary with revenue 12.
- The Grandview acquisition and sustained demand for credit and alternative assets could broaden the long-term revenue base 1.
What would break the thesis
- Net client outflows remained significant in 2025 and in the first half of 2026, showing difficulty in attracting and keeping capital 12.
- The company closed a team after losing large institutional mandates, which points to vulnerability in some parts of the business 2.
- Revenue depends on asset values, so a market decline or a new wave of withdrawals could quickly reduce results 1.
What to watch
- Net client outflows from equity strategiesQ3 2026
- Completion of the wind-down of the U.S. Value teamQ3 2026
- Trend in the weighted average fee2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (27 Oct 2026 · results).
The business
Founded in 1994, Artisan Partners organises its work into autonomous investment teams, each with its own philosophy and process, which manage several strategies 1. The company derives essentially all of its revenue from investment management fees calculated, in general, as a percentage of average assets under management, with a small share of clients also paying performance fees 1. Strategies are distributed through the institutional channel, the intermediated wealth channel, and vehicles such as Artisan Funds and separate accounts 1.
The business model emphasises attracting and retaining talented professionals through transparent compensation structures that link a major part of pay to the revenues generated by each team 1. The company sometimes limits the growth of strategies by closing them to new investors, to protect its ability to deliver results and its margins 1.
In January 2026 the company acquired Grandview Property Partners, a real estate private equity firm focused on middle market properties in the United States, extending its alternative capabilities 1.
Segments
Asset management
The company reports a single operating segment, asset management, so performance is tracked through indicators such as AUM, net flows and operating margin 1.
Credit and alternative strategies
The credit and alternative teams recorded net inflows in 2025, supported by relative performance and continued client demand for these asset classes 1.
Market context
Clients are mostly sophisticated institutional investors and intermediaries, and demand for active strategies in growing asset classes depends on relative performance and their allocation decisions 1.
Trends
- Net outflows from equity strategiesheadwind
Equity strategies recorded net client outflows in 2025, linked to weaker relative performance and reallocations across asset classes. If recent trends persist, outflows could continue into 2026 1.
- Demand for credit and alternativestailwind
Credit and alternative strategies attracted new capital, and client demand for these asset classes was supported by their performance 1.
- Volatility in global marketsmixed
Inflation, monetary policy and geopolitical tensions have generated market volatility that directly affects assets under management and revenue 1.
- Low-cost products and fee pressureheadwind
The weighted average fee declined slightly over time, and industry firms increasingly compete on lower costs for investors, which could compress revenue per unit of assets 2.
Competitive position
Artisan Partners competes with other active asset managers offering strategies to institutional investors and intermediaries. Competition is also intense for portfolio management talent, as professionals now have more options, including multi-manager platforms, alternative investment firms, family offices and insurance companies 1.
Competitive pressure is also visible in client demand: strategies with weak relative performance are removed from intermediaries' recommended lists, which can lead to capital withdrawals 1.
- Other institutional active managers
Compete for the same institutional investors and consultants, where relative performance drives allocations.
- Multi-manager platforms
Attract investment professionals with alternative compensation structures and autonomy.
- Alternative investment firms
Compete for talent and for capital moving toward credit and alternative strategies.
- Family offices and insurance companies
Offer alternative options to investment professionals and can compete for the same mandates.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report09 Oct 2026Other events · Financial statements and exhibits
- Current report25 Sept 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report10 Sept 2026Other events · Financial statements and exhibits
- Current report11 Aug 2026Other events · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report28 Jul 2026Results of operations · Financial statements and exhibits
- Current report10 Jul 2026Other events · Financial statements and exhibits
- Current report05 Jun 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Artisan Partners Asset Management Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Artisan Partners Asset Management Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Artisan Partners Asset Management Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.