Artisan Partners Asset Management Inc. · NYSE:APAM
Artisan Partners Asset Management — Q3 2025 Earnings Presentation
21 slides from Artisan Partners Asset Management's earnings presentation, Oct 29, 2025
Slide 1: Business Update and Third Quarter 2025 Earnings Presentation
Artisan Partners Asset Management Business Update and Third Quarter 2025 Earnings Presentation
Slide 2: Business Philosophy & Approach
Business Philosophy & Approach High Value Added Talent Driven Thoughtful Investment Firm Business Model Growth Designed for Investment Active Strategies Active Talent Identification Talent to Thrive Autonomous Franchises Managed by Business Professionals Entrepreneurial Commitment Focus on Long-Term
Slide 3: Investment Performance
Investment Performance Percentage of AUM Outperforming Benchmark As of September 30, 2025 Asset Class 1-Year 3-Year 5-Year 10-Year Inception Equity 46% 74% 69% 91% 99% Credit 100% 100% 100% 100% 100% Alternatives 100% 93% 12% — 93% Firmwide 52% 77% 70% 92% 99% Data as of September 30, 2025. Represen
Slide 4: Business Development
Business Development Ending AUM ($B) $175 $181 $161 $150 $128 2021 2022 2023 2024 Sept 2025 Investment Performance $17.6 ($36.6) $27.0 $15.9 $27.6 Net Flows $1.7 ($9.8) ($4.1) ($3.7) ($7.0) Equity ($1.2) ($9.7) ($4.4) ($6.8) ($8.9) Credit $1.6 $0.0 $2.0 $3.3 $1.8 Alternative $1.3 ($0.2) ($1.7) ($0.1
Slide 5: Actively Pursuing Platform Expansion
Actively Pursuing Platform Expansion Investment Strategy Group Last 5 Years >1,800 investment talent interviews conducted Industry Opportunity >400 inbound PMs/teams reviewed Intelligence Assessment >50 M&A opportunities reviewed 28 investment teams receiving Business Strategic 5+ diligence meetings
Slide 6: Transparent Predictable Financial Model
Transparent Predictable Financial Model Long-Term Approach to Invest in the business with a focus on sustainable long-term growth Growth Fee Discipline Commitment to maintain fee levels supported by value-added strategies High Variable Costs Variable cost structure enhances stability through market
Slide 7: Quarterly Financial Results
Quarterly Financial Results ($ in millions, unless otherwise noted) Revenues Adjusted Operating Expenses Adjusted Operating Income Weighted Average Management Fee (in bps) $301.3 $279.6 $282.8 $181.8 $193.2 $192.1 $109.2 $97.8 $89.6 69 68 68 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 +7% -1% +22%
Slide 8: YTD Financial Results
YTD Financial Results ($ in millions, unless otherwise noted) Revenues Adjusted Operating Expenses Adjusted Operating Income Weighted Average Management Fee (in bps) $861.2 $814.8 $548.1 $573.4 $266.7 $287.8 69 68 YTD 3Q24 YTD 3Q25 YTD 3Q24 YTD 3Q25 YTD 3Q24 YTD 3Q25 +6% +5% +8% Adjusted Operating M
Slide 9: Balance Sheet as of September 30, 2025
Balance Sheet as of September 30, 2025 ($ in millions) Cash and Cash Equivalents Seed Capital $300.2 $201.2 $154.9 $142.4 4Q24 3Q25 4Q24 3Q25 Borrowings & Leverage Ratio1 Stockholders' Equity $422.0 $440.9 $200.0 $190.0 0.5x 0.4x 4Q24 3Q25 4Q24 3Q25 ¹ Calculated in accordance with debt agreements. A
Slide 10: Dividends
Dividends Total Dividends - Last Five Years Dividends - Last Five Quarters $4.70 $0.88 $0.84 $0.82 $0.73 $3.39 $3.48 $0.68 $2.82 $2.78 $0.50 2020 2021 2022 2023 2024 3Q24 4Q24 1Q25 2Q25 3Q25 Quarterly Special The dividend amounts shown represent the dividends paid or declared with respect to the ind
Slide 11: Appendix
APPENDIX
Slide 12: Assets Under Management By Asset Class
Assets Under Management By Asset Class ($ in billions) For the Three Months Ended For the Nine Months Ended September 30, 2025 September 30, 2025 Asset Class Equity Credit Alternative Firm Total Equity Credit Alternative Firm Total Beginning AUM $156.1 $15.6 $3.8 $175.5 $143.9 $13.9 $3.4 $161.2 Gros
Slide 13: Reconciliation of GAAP to Non-GAAP (Adjusted) Measures
Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions) Three Months Ended Nine Months Ended September June 30, September September September 30, 2025 2025 30, 2024 30, 2025 30, 2024 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 66.8 $ 67.6 $ 72.9 $ 195.
Slide 14: Details of Compensation & Benefits Expense
Details of Compensation & Benefits Expense ($ in millions) For the Three Months Ended For the Nine Months Ended September % of June 30, % of September % of September % of September % of 30, 2025 Rev. 2025 Rev. 30, 2024 Rev. 30, 2025 Rev. 30, 2024 Rev. Salary $ 25.0 8.3 % $ 25.4 9.0 % $ 25.0 8.9 % $
Slide 15: Long-Term Investment Results (Gross of Fees)
Long-Term Investment Results (Gross of Fees) 1 Average Annual Total Returns (Gross) Average Annual Value-Added As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Growth Team Global Opportunities Strategy 10.43 % 19.57 % 7.76 % 11.61 % 13.48 % 11.25 % 381 MSCI All Coun
Slide 16: Long-Term Investment Results (Gross of Fees) Continued
Long-Term Investment Results (Gross of Fees) Continued 1 Average Annual Total Returns (Gross) Average Annual Value-Added As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Global Value Team Global Value Strategy 21.11 % 26.96 % 17.52 % 11.59 % 12.13 % 9.91 % 279 MSCI
Slide 17: Long-Term Investment Results (Net of Fees)
Long-Term Investment Results (Net of Fees) 1 Average Annual Total Returns (Net) Average Annual Value-Added As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Growth Team Global Opportunities Strategy 9.51 % 18.59 % 6.87 % 10.69 % 12.54 % 10.33 % 289 MSCI All Country W
Slide 18: Long-Term Investment Results (Net of Fees) Continued
Long-Term Investment Results (Net of Fees) Continued 1 Average Annual Total Returns (Net) Average Annual Value-Added As of September 30, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Global Value Team Global Value Strategy 19.99 % 25.78 % 16.42 % 10.54 % 11.07 % 8.87 % 175 MSCI All
Slide 19: Notes & Disclosures
Notes & Disclosures Forward-Looking Statements Certain statements in this release, and other written or oral statements made by or on behalf of the Company, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and our future performan
Slide 20: Notes & Disclosures
Notes & Disclosures Investment Performance (continued from previous page) Composites / Indexes used for the comparison calculations described are: Non-U.S. Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Discovery Strategy-MSCI All Country World Small Mid Cap Index; Global Equ
Slide 21: Notes & Disclosures
Notes & Disclosures Trademark Notice (continued from previous page) The J.P. Morgan EMB Hard Currency/Local currency 50-50 Index and J.P. Morgan GBI-EM Global Diversified Index are trademarks of J.P. Morgan. J.P. Morgan is the owner of all copyrights relating to these indices and is the source of th
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