Artisan Partners Asset Management Inc. · NYSE:APAM
Artisan Partners Asset Management — Investor Presentation (2024)
19 slides from Artisan Partners Asset Management's investor presentation, 2024
Slide 1: Antero Peak Group — Investor Update
Q1 2024 Antero Peak Group — Investor Update This material is intended to provide an overview of the Antero Peak Group’s investment philosophy and process. Investment in any vehicle managed by the team is subject to further documentation contained in the vehicle's offering materials. This material is
Slide 2: Important Disclosures
Artisan Partners Important Disclosures These materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only. Investment is subject to further documentation. This document is not a prospectus. Unless expressly stated, it has not otherwise be
Slide 3: Empirical Analysis Supports Our Research Process
Antero Peak Group Empirical Analysis Supports Our Research Process Three key pillars of our investment process have historically led to outperformance As we have talked about for years, our process is focused on three key pillars which are supported by strong evidence: 1) Inflection points that ca
Slide 4: 2024 Review To Date
Antero Peak Group 2024 Review To Date We Believe Our Investment Process Remains Effective and YTD Execution Has Been Strong Our good start to 2024 has been driven by broad based fundamental stock selection leading to ~5% alpha Contributors above 30bps include wide-ranging representation across A
Slide 5: Stock Selection Has Been Strong Across Multiple Sectors and Style Factors
Antero Peak Group Stock Selection Has Been Strong Across Multiple Sectors and Style Factors Contributors To Our Return Are More Balanced Than The S&P 500® Index Antero Peak Strategy YTD Alpha ~5% – driven by strong stock picking as opposed to a “sector” or “factor” tailwind, 86% of gains driven by
Slide 6: Differentiation Among Magnificent Seven Is Emerging
Antero Peak Group Differentiation Among Magnificent Seven Is Emerging Tidal Wave Of Returns Regardless Of Revisions Appears To Be Ending Picking right within the Magnificent Seven (M7) AAPL/TSLA/GOOGL – on average, underperforming the S&P 500® Index by 21% YTD The Magnificent Seven Is These stoc
Slide 7: A Normalized Investment Backdrop Is Once Again Supporting Our Process
Antero Peak Group A Normalized Investment Backdrop Is Once Again Supporting Our Process Market Is Now Back To Rewarding Key Tenets: EPS Surprises and Revisions On a net basis, 2023 saw a choppy and ultimately neutral/negative impact from revisions and EPS surprises–this was highly unusual. This
Slide 8: The Environment for Active Management Is Likely To Improve
Antero Peak Group The Environment for Active Management Is Likely To Improve Low Market Breadth Should Broaden Out Since the beginning of COVID, Active Large Blend mutual fund outperformance has been highly correlated to market breadth at 0.89; breadth recently reached a 25-year low. The last ti
Slide 9: Portfolio Earnings And Market Outlook
Antero Peak Group Portfolio Earnings And Market Outlook Earnings Estimates Remain Constant, Though Markets Overall Still Face Important Risks The negative earnings revisions cycle that began 18 months ago is clearly maturing, yet risks remain. Fourth quarter’s estimates were cut 5% during the qu
Slide 10: Our Process Is Supported By Empirical Data With A Strong Forward Setup
Antero Peak Group Our Process Is Supported By Empirical Data With A Strong Forward Setup We Have A Clearly Defined Game Plan And An Expanding Thematic Opportunity Set We believe adhering to our established process of sourcing companies that are accelerating, beating, and outgrowing should create a
Slide 11: Our De-Globalization Theme Continues To Gain Steam
Antero Peak Group Our De-Globalization Theme Continues To Gain Steam The Theme Provides An Expanding Investment Opportunity Set If US industrial output returns to levels prior to the globalization wave of De-Globalization Highlights the 1990s, manufacturing capex could more than double over the ne
Slide 12: Aerospace: Secular Growth Amplified By Cyclical Inflection
Antero Peak Group Aerospace: Secular Growth Amplified By Cyclical Inflection Optimal Long Duration Setup With Differentiated Ideas To Execute Our Process We have held positions in Aerospace stocks for several years, yet we are Aerospace Highlights still in the very early innings of the aerospace c
Slide 13: Auto Insurance: Pricing Surge With Rational Competitors
Antero Peak Group Auto Insurance: Pricing Surge With Rational Competitors Historical Period Of High Inflation Leading To Structurally Higher Earnings Power Pricing growth reached 50-year highs as the costs of repairs skyrocketed Insurance Highlights due to inflation and labor shortages, sparking t
Slide 14: Emerging Moats Leading To Clear Inflection Points
Antero Peak Group Emerging Moats Leading To Clear Inflection Points Expanding Opportunities In Areas Pivoting To Profitability After Years Of Investments We are identifying more opportunities in areas that historically focused on growth at all costs and are now revealing substantial profitability
Slide 15: Multiple Exciting Areas to Execute our Process
Antero Peak Group Multiple Exciting Areas to Execute our Process Aero Normalization CONTRACTING Aerospace is cyclically inflecting ahead of a long duration upcycle supported by secular growth of the global middle class OPPORTUNITY Companies: General Electric Co., TransDigm Group, Safran SA Data Mone
Slide 16: Investment Results
Antero Peak Strategy Investment Results Average Annual Total Returns Annual Returns Source: Artisan Partners/S&P. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Current performance may be lower or hig
Slide 17: Investment Results
Antero Peak Strategy Investment Results Source: Artisan Partners/S&P. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Current performance may be lower or higher than that shown. Returns for periods les
Slide 18: Notes and Disclosures
Artisan Partners Notes and Disclosures This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully. Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the U.S. Securities and Exch
Slide 19: Notes and Disclosures
Artisan Partners Notes and Disclosures Performance: Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-bas
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