Assets Under Management (AUM) - The firm's AUM decreased by approximately 43% from June 30, 2008, to March 31, 2009, primarily due to general market conditions [120]. - During the first quarter of 2020, AUM levels decreased by approximately 24% from February 19, 2020, to March 31, 2020, due to sharp global equity market declines related to the COVID-19 pandemic [120]. - In 2022, the firm's assets declined by approximately 27% as a result of persistent inflation, interest rate increases, and geopolitical tensions [120]. - As of December 31, 2025, the company's assets under management (AUM) increased to $179.9 billion, a rise of $18.7 billion, or 12%, from $161.2 billion at the end of 2024 [252]. - The average AUM for the year ended December 31, 2025, was $173.0 billion, reflecting an 8.0% increase from $160.2 billion in 2024 [252]. - Total Assets Under Management (AUM) reached $179,928 million, including $123 million for which Artisan Partners provides investment models to managed account sponsors [268]. - As of December 31, 2025, total assets under management (AUM) reached $179.9 billion, with equity, credit, and alternative assets contributing $158.0 billion, $17.9 billion, and $4.0 billion respectively [274]. Investment Performance - Approximately 88% of the company's AUM is managed in long-only equity investment strategies, exposing it to greater risk during market declines [143]. - Investment returns contributed $33.4 billion to the AUM in 2025, significantly impacting the overall growth despite net outflows [261]. - The Global Opportunities Strategy has an AUM of $16,537 million with a 1-year return of 10.14% and a 5-year average annual return of 5.25% [267]. - The Non-U.S. Growth Strategy reported a 1-year return of 37.93% and a 3-year return of 21.19%, with an AUM of $15,475 million [267]. - The Developing World Strategy achieved a 1-year return of 9.15% and a 3-year return of 22.93%, with an AUM of $4,283 million [268]. - The Global Value Strategy has an AUM of $36,280 million, with a 1-year return of 35.45% and a 5-year average annual return of 14.65% [267]. - The Emerging Markets Local Opportunities Strategy reported a 1-year return of 25.39% and an AUM of $1,861 million [268]. - The Credit Opportunities Strategy achieved a 1-year return of 11.06% and has an AUM of $367 million [267]. - The Global Equity Strategy has an AUM of $432 million with a remarkable 1-year return of 47.84% [267]. - The Sustainable Emerging Markets Strategy reported a 1-year return of 43.91% and an AUM of $2,537 million [267]. - The Antero Peak Strategy achieved a 1-year return of 21.80% with an AUM of $2,220 million [268]. Revenue and Financial Performance - The company generated $1,196.7 million in revenue for the year ended December 31, 2025, representing a 7.6% increase from $1,111.8 million in 2024 [252]. - The GAAP operating margin was 33.4% in 2025, compared to 33.0% in 2024, while the adjusted operating margin improved to 35.3% from 33.8% [252]. - Total revenues for the year ended December 31, 2025, were $1.2 billion, with management fees making up $1.2 billion and performance fees at $29.1 million [283]. - Approximately 80% of investment advisory fees were earned from clients located in the United States for the years ended December 31, 2025, 2024, and 2023 [284]. - The weighted average fee rate for Artisan Funds and Artisan Global Funds was 0.883% for the year ended December 31, 2025, slightly decreasing from 0.901% in 2023 [279]. Client Flows and Relationships - Net client cash flows for 2025 were $(12.7) billion, compared to $(3.7) billion in 2024, indicating increased outflows [258]. - Gross client cash inflows for 2025 were $27.0 billion, while gross client cash outflows were $39.7 billion [261]. - The company experienced net outflows of $15.6 billion in equity strategies in 2025, primarily due to weaker performance and client reallocations [261]. - The intermediated wealth distribution channel accounted for 61.4% of total AUM as of December 31, 2025, up from 58.6% in 2024 [271]. - The institutional channel represented 38.6% of total AUM as of December 31, 2025, a decrease from 41.4% in 2024 [271]. Operational and Regulatory Risks - The firm may offer lower fees to retain current assets and attract additional assets, which could exert downward pressure on fees [126]. - The firm has experienced competition for skilled investment professionals, which could impact its ability to execute business strategies [105]. - Poor investment performance can lead to a loss of AUM, negatively impacting revenues and financial condition [114]. - The investment management industry is facing transformative pressures, including a shift towards passive investment strategies and increased fee competition [133]. - The company is subject to extensive regulatory scrutiny, including from the SEC and other regulatory bodies, which could lead to significant operational costs and legal liabilities [165]. - The company is experiencing increased operational and regulatory risks associated with newer investment strategies offered through private funds [145]. - Employee misconduct or perceived misconduct could expose the company to significant legal liability and reputational harm [157]. - The company relies heavily on internal and third-party technology systems for operations, increasing the risk of operational disruptions and cybersecurity incidents [172]. Dividends and Shareholder Returns - The company declared a dividend of $1.58 per share of Class A common stock for Q1 2026, consisting of a variable quarterly dividend of $1.01 per share and a special annual dividend of $0.57 per share [237]. - The variable quarterly dividend of $1.01 per share represents approximately 80% of the cash generated in the fourth quarter of 2025 [237]. - The company expects to pay a quarterly dividend of approximately 80% of the cash generated from operations, subject to Board approval [237]. - The company’s stockholders would have experienced an 8% annual total return as of December 31, 2025, if all dividends were retained, compared to an 11% annual total return if all dividends were reinvested [236]. Cybersecurity and Risk Management - The company has a comprehensive cybersecurity risk management strategy integrated into its overall risk management framework [207]. - The company has not experienced any known material cybersecurity breach or threat that resulted in or is reasonably likely to result in any material loss or impact on its business strategy, results of operations, or financial condition [212]. - The Audit Committee oversees cybersecurity risk management and receives quarterly reports on significant cybersecurity events or trends impacting the company [219]. - The information security governance team reports to senior management on the results of its annual cybersecurity risk assessment [215]. - The company maintains a robust information security program that includes periodic internal audits and independent third-party reviews [210].

Core Insights - Aperam has introduced Grade 316A, a newly certified and patented austenitic stainless steel, as a cost-efficient alternative to Grade 316L [1][10] Group 1: Product Features - Grade 316A offers corrosion resistance and mechanical properties equivalent to those of 316L, while utilizing more than 75% less molybdenum, resulting in significant cost advantages [2] - The material is designed to match the performance of 316L by using silicon to compensate for the reduction in molybdenum, achieving comparable corrosion resistance [3] - Grade 316A is available in a wide dimensional range, from 0.06 mm to 15 mm in thickness and up to 2,000 mm in width, and in all surface finishes compliant with EN 10088-2 [4] Group 2: Industrial Integration - Grade 316A is a plug-and-play solution that can replace 316L without any modification to production parameters, avoiding downtime and hidden costs [4] - The high share of recycled input in Grade 316A supports EU Taxonomy requirements and contributes to manufacturers' Scope 3 management without requiring product redesign [5] Group 3: Applications and Validation - Grade 316A has been extensively tested for corrosion and mechanical performance, making it suitable for various applications including HVAC systems, food processing, architectural elements, transport, and water treatment [6][7] - The product provides manufacturers with additional flexibility in material selection due to its competitive alloying strategy [6]

Core Insights - Artisan Partners Asset Management Inc. reported preliminary assets under management (AUM) of $185.3 billion as of January 31, 2026, with Artisan Funds and Artisan Global Funds contributing $90.2 billion and separate accounts and other AUM accounting for $95.1 billion [1] Group 1: AUM Breakdown - The AUM by strategy includes significant contributions from various teams, such as: - Global Opportunities: $16,711 million - Non-U.S. Growth: $16,501 million - International Value: $54,515 million - Global Value: $37,608 million - High Income: $13,382 million [2] Group 2: Separate Accounts and Other AUM - Separate account and other AUM consists of assets managed through vehicles other than Artisan Funds or Artisan Global Funds, including traditional separate accounts and Artisan-branded collective investment trusts [3] - The AUM also includes $126.6 million for which Artisan Partners provides investment models to managed account sponsors, reported on a lag not exceeding one quarter [4] Group 3: Company Overview - Artisan Partners is a global multi-asset investment platform offering a wide range of high value-added investment strategies across growing asset classes to sophisticated clients worldwide [5] - The firm has been committed to attracting experienced investment professionals since its inception in 1994, with autonomous investment teams managing diverse strategies across multiple asset classes [5]

Group 1 - The article emphasizes the advantages of a dividend-focused value investment strategy, highlighting capital preservation and steady income growth as key benefits [1] - The author discusses a diversified dividend stock portfolio that prioritizes high-quality value stocks, which are expected to provide meaningful growth and long-term safety [1] Group 2 - The author has disclosed a beneficial long position in shares of APAM, BLK, and TROW, indicating a personal investment interest in these companies [2] - The article is presented as a personal opinion and does not constitute investment or tax advice, reflecting the author's status as a private investor [3]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue increase of 8% compared to 2024, with operating income and adjusted operating income rising by 9% and 12% respectively [4] - Assets under management (AUM) reached an all-time high of $180 billion, up nearly 12% from year-end 2024 [12] - The December 2025 quarter saw revenues of $336 million, marking an 11% increase from the previous quarter and a 13% increase year-over-year [12][16] - Adjusted operating income increased by 23% compared to both the prior quarter and the same quarter last year, with an adjusted operating margin of 40.2% [15] Business Line Data and Key Metrics Changes - The credit platform's AUM grew by 29% year-over-year to $17.9 billion, with net inflows totaling $2.8 billion [8] - The alternatives platform's AUM increased by 20% to $4 billion, driven by strong organic growth [8] - The equity platform experienced outflows of $15.6 billion, primarily from global opportunities and U.S. mid-cap growth strategies, attributed to short-term performance challenges [8] Market Data and Key Metrics Changes - 79% of AUM outperformed benchmarks over a 3-year period, 74% over 5 years, and 92% over 10 years, gross of fees [5] - The Emerging Markets Local Opportunity Strategy in credit generated a return of over 24%, outperforming its benchmark by 527 basis points [6] Company Strategy and Development Direction - The company is focused on expanding its multi-asset class platform while maintaining a high value-added investing philosophy [4] - The acquisition of Grandview Property Partners marks a strategic expansion into alternative investments and private real estate [9][10] - The company aims to leverage its institutional relationships to enhance Grandview's business and expand its investment capabilities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining and growing equity businesses despite recent outflows, emphasizing the need for compelling investment performance [8][9] - The company anticipates continued growth in credit and alternatives, with a focus on private credit and secondaries in private equity [28][46] - Management noted that the acquisition of Grandview is expected to be mildly accretive to earnings per share after the closing of its next flagship fund [19] Other Important Information - The board declared a quarterly dividend of $1.01 per share and a special year-end dividend of 57 cents, resulting in a total dividend of $3.87 per share for 2025, an 11% increase from 2024 [18] - The company ended the year with approximately $214 million in cash and a conservative leverage ratio of 0.4 times [17] Q&A Session Summary Question: Regarding Grandview's AUM and accretion guidance - Management explained that AUM was lower due to realizations on properties in Grandview Fund I, which is in the harvesting phase [24] - Fund III had about $150 million in committed assets, and the company is actively pursuing Fund IV, expecting a first close in mid-summer [25][26] Question: On M&A opportunities and market conditions - Management highlighted a focus on private credit and secondaries in private equity, with interest in idiosyncratic opportunities within equity [28] - The company is not exclusively focused on M&A but is open to opportunities that align with its investment philosophy [28] Question: On the international value strategy and recent outflows - Management noted that outflows were primarily due to institutional reductions and not indicative of underlying issues, as the team continues to deliver strong absolute returns [37][38] Question: Interest in non-US strategies and emerging markets - Management indicated a reemergence of emerging markets allocations and success in global franchises, with significant net flows from recent campaigns [41][42][43]

Financial Data and Key Metrics Changes - The company reported a 12% increase in assets under management (AUM) to $180 billion as of December 31, 2025, compared to year-end 2024 [12] - Revenues reached an all-time high of $336 million in the December quarter, up 11% from the previous quarter and up 13% year-over-year [12] - Adjusted operating income increased by 23% compared to both the prior quarter and the same quarter last year, with an adjusted operating margin of 40.2%, improving by 400 basis points from the prior quarter [15] Business Line Data and Key Metrics Changes - The credit platform's AUM grew by 29% year-over-year to $17.9 billion, with net inflows totaling $2.8 billion [8] - The alternatives platform's AUM increased by 20% to $4 billion, driven by strong organic growth [8] - The equity platform experienced outflows of $15.6 billion, primarily from Global Opportunities, U.S. Mid-Cap Growth, and Non-U.S. Small-Mid Growth strategies due to challenging short-term performance [8] Market Data and Key Metrics Changes - The company reported that 79% of AUM outperformed benchmarks over a 3-year period, 74% over 5 years, and 92% over 10 years, gross of fees [5] - The Emerging Markets Local Opportunities Strategy generated a calendar year return of over 24%, outperforming its benchmark by 527 basis points net of fees [6] Company Strategy and Development Direction - The company aims to expand its multi-asset class platform while maintaining a focus on high value-added investing and thoughtful growth [4] - The acquisition of Grandview Property Partners is part of the strategic expansion into alternative investments, establishing a foundation in private real estate [10] - The company plans to leverage its institutional and intermediated wealth relationships to further develop Grandview's business [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining and growing equity businesses despite recent outflows, emphasizing the need for differentiated investment performance [9] - The company anticipates continued growth in credit and alternatives, with a focus on expanding capabilities across its platform [10] - Management noted that the acquisition of Grandview is expected to have an immaterial impact on 2026 earnings but will be mildly accretive to earnings per share after the closing of Grandview's next flagship fund [19] Other Important Information - The board declared a quarterly dividend of $1.01 per share and a year-end special dividend of 57 cents, resulting in a total dividend of $3.87 per share for 2025, representing a 98% payout ratio relative to adjusted earnings [18] - The company ended the year with approximately $214 million in cash and a conservatively leveraged capital structure at approximately 0.4x leverage [17] Q&A Session Summary Question: Regarding Grandview's AUM and accretion guidance - Management explained that the AUM was lower due to realizations on properties in the Grandview Fund I, which is in the harvesting phase [24] - Fund III had about $150 million in committed assets, and management expects Fund IV to be significantly larger, with a first close anticipated in early to mid-summer [25][26] Question: On the International Value Strategy and recent outflows - Management indicated that outflows were primarily due to institutional reductions and not indicative of underlying issues, as the strategy continues to deliver strong absolute returns [37][38] Question: Interest in non-U.S. strategies - Management highlighted a reemergence of emerging markets allocations and strong performance in global strategies, with expectations for continued engagement in international markets [41][42][43] Question: Institutional demand by region - Management noted challenges in Europe due to regulatory changes and short-term performance but sees favorable opportunities in the U.S. marketplace, particularly in emerging markets and credit franchises [49][50]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue increase of 8% compared to 2024, with operating income and adjusted operating income rising by 9% and 12% respectively [4] - Assets under management (AUM) reached an all-time high of $180 billion, up nearly 12% from the previous year [6][11] - The December 2025 quarter saw revenues of $336 million, marking an 11% increase from the previous quarter and a 13% increase year-over-year [11] - Adjusted operating income increased by 23% compared to both the prior quarter and the same quarter last year, with an adjusted operating margin of 40.2% [14] Business Line Data and Key Metrics Changes - The credit platform's AUM grew by 29% year-over-year to $17.9 billion, with net inflows totaling $2.8 billion [7] - The alternatives platform's AUM increased by 20% to $4 billion, driven by strong organic growth [7] - The equity platform experienced outflows of $15.6 billion, primarily due to performance issues in global opportunities and U.S. mid-cap growth strategies [7] Market Data and Key Metrics Changes - Approximately 70% of AUM is from non-U.S. markets, with a noted reemergence of emerging markets allocations expected [40] - The company raised over $1 billion in net flows from emerging markets strategies within a short campaign period [40] - The global equity strategy produced a 47% return, contributing to strong performance in international markets [41] Company Strategy and Development Direction - The acquisition of Grandview Property Partners marks a strategic expansion into alternative investments and private real estate [9] - The company aims to leverage its institutional relationships to enhance Grandview's business and expand its investment capabilities [9] - The focus remains on maintaining and growing AUM in public equities through differentiated investment performance and effective client service [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining and growing equity businesses despite recent outflows, emphasizing the need for compelling investment performance [8] - The company anticipates continued growth in credit and alternatives, with Grandview expected to play a significant role in this expansion [45] - Management highlighted a disciplined allocation of resources and capital as key to compounding wealth for clients and shareholders over the long term [19] Other Important Information - The board declared a quarterly dividend of $1.01 per share and a year-end special dividend of $0.57, reflecting a 98% payout ratio relative to adjusted earnings [17] - The company ended the year with approximately $214 million in cash and a conservative leverage ratio of 0.4 times [16] Q&A Session Summary Question: Clarification on AUM levels and Grandview fund timeline - Management explained that AUM was impacted by realizations on properties in Grandview Fund I, which is in the harvesting phase [23] - Fund III had about $150 million in committed assets, with expectations for Fund IV to be significantly larger, aiming for a first close in early to mid-summer [24] Question: Insights on M&A opportunities - Management noted a focus on talent-driven outcomes rather than exclusively on M&A, with interest in private credit and private equity secondaries [27] - The company is engaged in discussions with potential partners and is optimistic about off-market transactions [29] Question: Demand for international value strategy amidst outflows - Management indicated that outflows are primarily due to institutional reallocations rather than underlying issues with the strategy [35] - They expect some continued rebalancing in the first quarter due to strong global market performance [36] Question: Interest in non-U.S. strategies - Management highlighted opportunities in emerging markets and global strategies, with significant net flows observed in recent campaigns [40] - They noted ongoing interest in credit solutions and alternatives, particularly through the Grandview acquisition [45]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Artisan Partners Asset Management Business Update and Fourth Quarter 2025 Earnings Presentation Business Philosophy & Approach Artisan has built its business based upon a consistent philosophy and business model High Value-Added Investment Firm Talent-Driven Business Model Thoughtful Growth ARTISAN PARTNERS ASSET MANAGEMENT 2 ▪ Active Strategies ▪ Autonomous Franchises ▪ Process-Driven Results ▪ Designed for Investment Talent to Thrive ▪ Managed by Business Professionals ▪ Structured to Align Interests ▪ Ac ...

Financial Performance - Artisan Partners reported a revenue increase of 8% in 2025 compared to 2024, reaching $1,196.7 million[10]. - Adjusted operating income rose by 12% to $422.6 million, with an adjusted operating margin of 35.3%[10]. - Total revenues for the three months ended December 31, 2025, were $335.5 million, an increase from $301.3 million in the previous quarter and $297.0 million year-over-year[33]. - Management fees from Artisan Funds & Artisan Global Funds reached $195.0 million, up from $192.5 million in the previous quarter and $178.4 million year-over-year[33]. - Performance fees for the quarter were $29.1 million, compared to $14.7 million in the same quarter last year[33]. - Operating income for the three months ended December 31, 2025, was $131.5 million, an increase from $101.8 million in the previous quarter and $109.1 million year-over-year[33]. - Net income attributable to Artisan Partners Asset Management Inc. was $94.8 million, compared to $66.8 million in the previous quarter and $69.7 million year-over-year[33]. - Basic earnings per share for Class A common shares were $1.32, up from $0.93 in the previous quarter and $0.97 year-over-year[33]. - Total operating expenses for the quarter were $204.0 million, compared to $199.5 million in the previous quarter and $187.9 million year-over-year[33]. - Adjusted net income (Non-GAAP) for Q4 2025 was $102.2 million, compared to $82.7 million in Q3 2025, reflecting a 23.5% growth[35]. - Adjusted EBITDA (Non-GAAP) for Q4 2025 reached $139.9 million, an increase from $114.4 million in Q3 2025, marking a 22.3% rise[35]. - Operating income (GAAP) for Q4 2025 was $131.5 million, compared to $101.8 million in Q3 2025, indicating a 29.2% increase[35]. - Adjusted operating margin (Non-GAAP) improved to 40.2% in Q4 2025 from 36.2% in Q3 2025[35]. Assets Under Management (AUM) - The company achieved a 12% growth in assets under management (AUM), totaling $179.9 billion at the end of 2025[10]. - Total assets as of December 31, 2025, were $1,577.3 million, a decrease from $1,618.8 million as of December 31, 2024[44]. - Assets under management decreased to $179.928 billion from $181.306 billion, reflecting a decline of approximately 0.76%[46]. - The average assets under management for the quarter were $180.889 billion, slightly down from the previous quarter's $181.306 billion[46]. - The ending assets under management for the quarter were $161.208 billion, down from $167.840 billion, indicating a decrease of approximately 3.99%[47]. - As of December 31, 2025, Artisan Partners reported total assets under management (AUM) of $179,928 million, an increase from $161,208 million at the end of 2024, representing a growth of approximately 11.6%[54]. - The average AUM for 2025 was reported at $173,004 million, compared to $160,232 million in 2024, indicating a year-over-year increase of about 7.9%[54]. Client Cash Flows - Artisan Partners experienced $12.7 billion in aggregate net outflows, primarily from three growth-oriented equity strategies[5]. - The firm generated net client cash inflows of $3.3 billion, with organic growth at 22%[4]. - Gross client cash inflows totaled $7.703 billion, while gross client cash outflows were $13.333 billion, resulting in a net cash flow of -$5.630 billion[46]. - The company experienced a net client cash flow of -$2.329 billion for the previous quarter, highlighting challenges in client retention[47]. - Gross client cash inflows for the three months ended December 31, 2025, were $7,703 million, compared to $6,084 million for the previous quarter[50]. - Net client cash flows for the three months ended December 31, 2025, were negative at $(5,630) million, reflecting a decrease from $(2,329) million in the prior quarter[50]. - The company reported a total of $39,696 million in gross client cash outflows for the year ended December 31, 2025[52]. Strategic Initiatives - Artisan Partners announced the acquisition of Grandview Property Partners, enhancing its strategic expansion into alternative investments[2]. - The company anticipates continued strong organic growth in 2026, leveraging new capabilities in alternative investments[7]. - Artisan Partners continues to focus on attracting experienced investment professionals to manage client assets across diverse investment strategies[30]. Investment Performance - Six equity strategies outperformed their respective indices by over 500 basis points net of fees in 2025[6]. - The Global Opportunities Strategy had an AUM of $16,537 million with a 1-year return of 10.14% and a 3-year return of 16.73%[57]. - The Non-U.S. Growth Strategy reported an AUM of $15,475 million with a 1-year return of 37.93% and a 3-year return of 21.19%[57]. - The Global Value Strategy had an AUM of $36,280 million, achieving a 1-year return of 35.45% and a 3-year return of 24.71%[57]. - The Sustainable Emerging Markets Strategy had an AUM of $2,537 million with a 1-year return of 43.91%[57]. - Antero Peak Strategy achieved a return of 21.80% since inception on May 1, 2017[59]. - Emerging Markets Local Opportunities Strategy reported a return of 25.39% since inception on August 1, 2022[59]. - Non-U.S. Small-Mid Growth Strategy delivered a return of 19.78% since inception on January 1, 2019[59]. - Global Unconstrained Strategy had a return of 12.79% since inception on April 1, 2022[59]. - Emerging Markets Debt Opportunities Strategy achieved a return of 16.77% since inception on May 1, 2022[59]. - MSCI Emerging Markets Index showed a return of 33.57%[59]. - J.P. Morgan GBI-EM Global Diversified Index reported a return of 19.26%[59]. - Approximately 18% of assets under management are maintained in separate composites due to client-imposed restrictions[59].