Artisan Partners Asset Management Inc. · NYSE:APAM
Artisan Partners Asset Management — Q1 2026 Earnings Presentation
21 slides from Artisan Partners Asset Management's earnings presentation, Apr 29, 2026
Slide 1: Business Update and First Quarter 2026 Earnings Presentation
Artisan Partners Asset Management Business Update and First Quarter 2026 Earnings Presentation
Slide 2: Business Philosophy & Approach
Business Philosophy & Approach Artisan has built its business based upon a consistent philosophy and business model High Value-Added Talent-Driven Thoughtful Investment Firm Business Model Growth ▪ Active Strategies ▪ Designed for Investment Talent to ▪ Active Talent Identification ▪ Autonomous Fran
Slide 3: Investment Performance
Investment Performance Percentage of AUM Outperforming Benchmark As of March 31, 2026 Asset Class 1-Year 3-Year 5-Year 10-Year Inception Equity 43% 71% 75% 99% 99% Credit 20% 100% 100% 100% 100% Alternative 86% 100% 14% — 95% Firmwide 42% 74% 76% 99% 99% Data as of March 31, 2026. Represents the per
Slide 4: Business Development
Business Development Ending AUM ($B) $175 $180 $173 $161 $150 $128 2021 2022 2023 2024 2025 March 2026 Investment Performance $17.6 ($36.6) $27.0 $15.9 $33.4 ($4.6) Net Flows $1.7 ($9.8) ($4.1) ($3.7) ($12.7) ($3.1) Equity ($1.2) ($9.7) ($4.4) ($6.8) ($15.6) ($4.2) Credit $1.6 $0.0 $2.0 $3.3 $2.8 $0
Slide 5: Multi-Asset Platform Expansion
Multi-Asset Platform Expansion Investment Commercial Platform Opportunity Opportunity Opportunity ▪ Top Tier Talent ▪ Large TAM ▪ Capability Expansion ▪ Large Investment ▪ Long-Term Asset Allocation ▪ Business Diversification Opportunity Sets ▪ Active Fee ▪ Operational Synergies ▪ Alpha Potential Re
Slide 6: Transparent Predictable Financial Model
Transparent Predictable Financial Model Long-Term Approach to Invest in the business with a focus on sustainable long-term growth Growth Fee Discipline Commitment to maintain fee levels supported by value-added strategies High Variable Costs Variable cost structure enhances stability through market
Slide 7: Quarterly Financial Results
Quarterly Financial Results ($ in millions, unless otherwise noted) Revenues Adjusted Operating Expenses Adjusted Operating Income Weighted Average Fee (in bps) $335.5 $303.0 $134.8 $277.1 $200.7 $208.8 $188.1 $89.0 $94.2 68 74 67 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 -10% +4% -30% 9% +11% +6
Slide 8: Balance Sheet as of March 31, 2026
Balance Sheet as of March 31, 2026 ($ in millions) Cash and Cash Equivalents Seed Capital $271.1 $214.4 $151.6 $109.9 4Q25 1Q26 4Q25 1Q26 Borrowings & Leverage Ratio1 Stockholders' Equity $478.1 $433.1 $190.0 $190.0 0.4x 0.4x 4Q25 1Q26 4Q25 1Q26 ¹ Calculated in accordance with debt agreements. ARTIS
Slide 9: Dividends
Dividends Total Dividends - Last Five Years Dividends - Last Five Quarters $4.70 $1.01 $3.87 $3.48 $0.88 $0.77 $2.82 $0.73 $2.78 $0.68 $0.57 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Quarterly Special The dividend amounts shown represent the dividends paid or declared with respect to the ind
Slide 10: Appendix
APPENDIX
Slide 11: Assets Under Management ($ in billions)
Assets Under Management ($ in billions) AUM Average AUM $180.9 $182.4 $177.4 $166.7 $166.8 Quarter $175.5 $181.3 $179.9 $173.0 $162.4 1Q25 2Q25 3Q25 4Q25 1Q26 (4)% AUM; +1% Avg AUM +7% AUM; +9% Avg AUM ARTISAN PARTNERS ASSET MANAGEMENT 11
Slide 12: Assets Under Management By Asset Class
Assets Under Management By Asset Class ($ in billions) For the Three Months Ended March 31, 2026 Asset Class Equity Credit Alternative Firm Total Beginning AUM $158.0 $17.9 $4.0 $179.9 Gross client cash inflows 6.9 1.5 0.8 9.2 Gross client cash outflows (11.1) (0.7) (0.5) (12.3) Net client cash flow
Slide 13: Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures
Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions) Three Months Ended March 31, December March 31, 2026 31, 2025 2025 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 58.0 $ 94.8 $ 61.1 Add back: Net income attributable to noncontrolling interests - AP
Slide 14: Details of Compensation & Benefits Expense
Details of Compensation & Benefits Expense ($ in millions) For the Three Months Ended March 31, % of December % of March 31, % of 2026 Rev. 31, 2025 Rev. 2025 Rev. Salary $ 26.7 8.8 % $ 25.0 7.5 % $ 25.5 9.2 % Incentive compensation 102.1 33.7 % 111.6 33.3 % 93.4 33.7 % Benefits & payroll taxes 18.0
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 March 31, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Growth Team Global Opportunities Strategy 10.04 % 11.68 % 4.64 % 10.81 % 11.97 % 10.59 % 335 MSCI All Country
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 March 31, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Global Value Team Global Value Strategy 20.28 % 19.47 % 11.77 % 12.75 % 11.90 % 9.88 % 296 MSCI All
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 March 31, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Growth Team Global Opportunities Strategy 9.12 % 10.75 % 3.77 % 9.89 % 11.04 % 9.68 % 244 MSCI All Country World I
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 March 31, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps) Global Value Team Global Value Strategy 19.17 % 18.36 % 10.72 % 11.69 % 10.85 % 8.84 % 192 MSCI All Coun
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 Recognition and Awards In this report, we present information regarding the Lipper Fund Awards. The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers
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