Artisan Partners Asset Management
Business Philosophy & Approach Artisan has built its business based upon a consistent philosophy and business modelActive Strategies
Autonomous Franchises
Process-Driven Results
High Value-Added Investment Firm
Talent-Driven Business Model
Designed for Investment Talent to Thrive
Managed by Business Professionals
Structured to Align Interests
Thoughtful Growth
Active Talent Identification
Entrepreneurial Commitment
Focus on Long-Term Global Demand
As of September 30, 2026
Percentage of AUM Outperforming BenchmarkAsset Class | 1-Year | 3-Year | 5-Year | 10-Year | Inception |
Equity | 10% | 45% | 77% | 91% | 99% |
Credit | 100% | 100% | 100% | 100% | 100% |
Alternative | 47% | 100% | 14% | - | 96% |
Firmwide | 21% | 53% | 78% | 92% | 99% |
Data as of September 30, 2026. Represents the percentage of our assets under management managed in strategies for which the average annual gross composite return of such strategies exceeded their respective benchmark for the average annual periods ended on the indicated date. Includes assets under management in all strategies in operation throughout the period, with the exception of Grandview Property Partners. See Notes & Disclosures for more information about how we calculate our investment performance and the benchmarks used as well as a breakdown of investment strategies by asset class.
Business DevelopmentEnding AUM ($B)
$175
$180
$161
$169
$150
$128
2021 | 2022 | 2023 | 2024 | 2025 | 3Q2026 YTD | |
Investment Performance | $17.6 | ($36.6) | $27.0 | $15.9 | $33.4 | $12.8 |
Net Flows | $1.7 | ($9.8) | ($4.1) | ($3.7) | ($12.7) | ($24.2) |
Equity | ($1.2) | ($9.7) | ($4.4) | ($6.8) | ($15.6) | ($27.4) |
Credit | $1.6 | $0.0 | $2.0 | $3.3 | $2.8 | $1.8 |
Alternative | $1.3 | ($0.2) | ($1.7) | ($0.1) | $0.1 | $1.4 |
$ in billions. Ending AUM is as of December 31 for 2021-2025 and September 30 for 2026. Investment performance and net flows reflect full-year results in 2021-2025 and year-to-date results through September 30, 2026. Net flows exclude Artisan Funds' income and capital gain distributions not reinvested by fund shareholders, acquisitions, and realizations.
Growth of Credit & AlternativeCredit & Alternative AUM ($B)
$26.1
$21.9
$6.5
$17.3
$4.0
$13.7
$3.4
$5.6
$11.1
$4.0
$12.8
$2.8
$17.9
$19.6
$13.9
$8.1
$7.1
$10.0
2021 2022 2023 2024 2025 3Q2026 YTDCredit AUM Alternative AUM
Share of Firm AUM 8% 9% 9% 11% 12% 15% Net Flows $2.9 ($0.2) $0.3 $3.1 $3.0 $3.2 Organic Growth Rate 29% (1%) 3% 25% 17% 20%
$ in billions. Credit and Alternative AUM is as of December 31 for 2021-2025 and September 30 for 2026. Net flows reflect full-year results in 2021-2025 and year-to-date results through September 30, 2026. The 2026 organic growth rate is annualized. 2026 Alternative AUM includes the acquisition of Grandview Property Partners. Net flows exclude Artisan Funds' income and capital gain distributions not reinvested by fund shareholders, acquisitions, and realizations.
Transparent Predictable Financial ModelLong-Term Approach to Growth
Fee Discipline
High Variable Costs and Stable Margins
Strong Cash Flow and Conservative Balance Sheet
Aligned Interests
Quarterly Financial Results ($ in millions, unless otherwise noted)
RevenuesWeighted Average Fee (in bps)
Adjusted Operating Expenses Adjusted Operating Income69
68
68
$301.3 $307.9 $312.5
$192.1 $206.5 $201.6
$109.2
$101.4
$110.9
3Q25 2Q26 3Q26
3Q25 2Q26 3Q26
3Q25 2Q26 3Q26
+4%
+1%
+5%
-2%
+2%
+9%
Adjusted Operating Margin
Adjusted Net Income
Adjusted Net Income per Adjusted Share
36.2% 32.9% 35.5%
3Q25 2Q26 3Q26
$82.7 $76.5 $84.2
3Q25 2Q26 3Q26
$1.02 $0.94 $1.03
3Q25 2Q26 3Q26
-70 bps
+260 bps
+2%
+10%
+1%
+10%
Weighted average fee is calculated by dividing annualized investment advisory fees, including performance fees, by average assets under management for the applicable period.
Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our September 2026 earnings release: GAAP operating expense was
$202.7M, $223.3M and $199.5M; GAAP operating income was $109.8M, $84.6M and $101.8M; GAAP operating margin was 35.1%, 27.5% and 33.8%; GAAP net income was $75.2M,
$80.9M and $66.8M; and GAAP EPS was $1.04, $1.11 and $0.93 for the September 2026, June 2026 and September 2025 quarters, respectively.
YTD Financial Results ($ in millions, unless otherwise noted)
Revenues Weighted Average Fee (in bps) $861.2 $923.4 68 68 YTD 3Q25 YTD 3Q26 +7% | Adjusted Operating Expenses $573.4 $616.9 YTD 3Q25 YTD 3Q26 +8% | Adjusted Operating Income $287.8 $306.5 YTD 3Q25 YTD 3Q26 +6% |
Adjusted Operating Margin 33.4% 33.2% YTD 3Q25 YTD 3Q26 -20 bps | Adjusted Net Income | Adjusted Net Income per Adjusted Share |
$217.2 $231.5 | $2.67 $2.84 | |
YTD 3Q25 YTD 3Q26 | YTD 3Q25 YTD 3Q26 | |
+7% | +6% |
Weighted average fee is calculated by dividing annualized investment advisory fees, including performance fees, by average assets under management for the applicable period.
Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our September 2026 earnings release: GAAP operating expense was
$634.8M and $593.1M; GAAP operating income was $288.6M and $268.1M; GAAP operating margin was 31.3% and 31.1%; GAAP net income was $214.1M and $195.5M; and GAAP EPS was $2.96 and $2.73 for the September 2026 and September 2025 YTD periods, respectively.
Balance Sheet as of September 30, 2026 ($ in millions)
Cash and Cash Equivalents$352.4
Seed Capital$214.4
$151.6
$90.9
4Q25 3Q26 4Q25 3Q26
Borrowings & Leverage Ratio1 Stockholders' Equity
$478.1 | $485.3 | |||||
$190.0 | $190.0 | |||||
0.4x | 0.4x | |||||
4Q25 | 3Q26 | 4Q25 | 3Q26 | |||
¹ Calculated in accordance with debt agreements.
Dividends Total Dividends - Last Five Years Dividends - Last Five Quarters$4.70
$3.87
$3.48
$2.82
$2.78
$1.01
$0.88
$0.88
$0.77
$0.80
$0.57
2021 2022 2023 2024 2025
3Q25 4Q25 1Q26 2Q26 3Q26
Quarterly Special
The dividend amounts shown represent the dividends paid or declared with respect to the indicated periods and therefore include dividends paid or declared in periods after the indicated periods.
APPENDIX
Assets Under Management ($ in billions)
AUM Average AUM
$181.3
$179.9
$183.4
$168.7
$173.0
$177.4 $180.9 $182.4 $181.9 $180.5
Quarter3Q25 4Q25 1Q26 2Q26 3Q26
(8)% AUM; (1)% Avg AUM
(7)% AUM; +2% Avg AUM
$181.6
$170.4
$181.3
$168.7
YTD 3Q25 YTD 3Q26
(7)% AUM; +7% Avg AUM
Assets Under Management By Asset Class ($ in billions)
For the Three Months Ended For the Nine Months Ended September 30, 2026 September 30, 2026
Asset Class | Equity | Credit | Alternative | Firm Total | Equity | Credit | Alternative | Firm Total | |||||||
Beginning AUM | $157.9 | $19.6 | $5.9 | $183.4 | $158.0 | $17.9 | $4.0 | $179.9 | |||||||
Gross client cash inflows | 5.5 | 1.1 | 1.3 | 7.9 | 19.1 | 3.9 | 2.9 | 25.9 | |||||||
Gross client cash outflows | (17.1) | (0.8) | (0.6) | (18.5) | (46.5) | (2.1) | (1.5) | (50.1) | |||||||
Net client cash flows | (11.6) | 0.3 | 0.7 | (10.6) | (27.4) | 1.8 | 1.4 | (24.2) | |||||||
Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.9 | 0.9 | |||||||
Realizations | 0.0 | 0.0 | (0.1) | (0.1) | 0.0 | 0.0 | (0.1) | (0.1) | |||||||
Artisan Funds' distributions not reinvested | (0.1) | (0.1) | (0.0) | (0.2) | (0.2) | (0.3) | (0.1) | (0.6) | |||||||
Investment returns and other | (3.6) | (0.2) | 0.0 | (3.8) | 12.2 | 0.2 | 0.4 | 12.8 | |||||||
Ending AUM | $142.6 | $19.6 | $6.5 | $168.7 | $142.6 | $19.6 | $6.5 | $168.7 | |||||||
Annualized organic growth rate | (29 %) | +6 % | +52 % | (23 %) | (23 %) | +14 % | +46 % | (18 %) | |||||||
Ending AUM growth rate | (10 %) | 0 % | +10 % | (8 %) | (10 %) | +9 % | +63 % | (6 %) | |||||||
Weighted average fee | 70 bps | 54 bps | 82 bps | 69 bps | 69 bps | 54 bps | 83 bps | 68 bps | |||||||
AUM mix (as of September 30, 2026) | |||||||||||||||
Client location: | |||||||||||||||
U.S. | 74 % | 83 % | 83 % | 75 % | |||||||||||
Non-U.S. | 26 % | 17 % | 17 % | 25 % | |||||||||||
Vehicle: | |||||||||||||||
Artisan Funds and Global Funds | 52 % | 61 % | 57 % | 53 % | |||||||||||
Separate accounts and other vehicles | 48 % | 39 % | 43 % | 47 % | |||||||||||
Distribution channel: | |||||||||||||||
Intermediated Wealth | 60 % | 67 % | 81 % | 61 % | |||||||||||
Institutional | 40 % | 33 % | 19 % | 39 % | |||||||||||
See Notes & Disclosures at the end of this presentation for a breakdown of investment strategies by asset class. Investment returns and other includes all changes in AUM not attributable to net client cash flows, acquisitions, realizations, or Artisan Funds' distributions not reinvested. Weighted average fee is calculated by dividing annualized investment advisory fees, including performance fees, by the average assets under management for the applicable period. Separate accounts and other vehicles includes traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as certain assets managed by the Credit team within custom, investor-driven mandates and assets under advisement for certain strategies for which we provide model portfolios to managed account sponsors. Acquisitions reflects AUM obtained in connection with the closing of the Grandview Property Partners acquisition on January 2, 2026. Realizations represents the distribution of realized proceeds from the disposition of assets. The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment.
Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions)
Three Months Ended Nine Months Ended
September | June 30, | September | September | September | |||||
30, 2026 | 2026 | 30, 2025 | 30, 2026 | 30, 2025 | |||||
Net income attributable to Artisan Partners Asset Management Inc. (GAAP) | $ 75.2 | $ 80.9 | $ 66.8 | $ 214.1 | $ 195.5 | ||||
Add back: Net income attributable to noncontrolling interests - APH | 13.3 | 15.1 | 15.0 | 39.5 | 40.3 | ||||
Add back: Provision for income taxes | 19.7 | 25.9 | 36.9 | 64.4 | 81.8 | ||||
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans | 1.1 | 16.8 | 7.4 | 17.9 | 19.7 | ||||
Add back: Change in fair value of contingent consideration | (0.1) | 0.2 | - | 0.1 | - | ||||
Add back: Net (gain) loss on the tax receivable agreements | (1.0) | - | (0.6) | (1.0) | (0.6) | ||||
Add back: Net investment (gain) loss of investment products attributable to APAM | 3.6 | (37.3) | (15.7) | (27.6) | (48.3) | ||||
Less: Adjusted provision for income taxes | 27.6 | 25.1 | 27.1 | 75.9 | 71.2 | ||||
Adjusted net income (Non-GAAP) | $ 84.2 | $ 76.5 | $ 82.7 | $ 231.5 | $ 217.2 | ||||
Average shares outstanding | |||||||||
Class A common shares | 66.4 | 66.4 | 65.7 | 66.3 | 65.6 | ||||
Assumed vesting or exchange of: | |||||||||
Unvested restricted share-based awards | 5.2 | 5.2 | 5.3 | 5.2 | 5.4 | ||||
Artisan Partners Holdings LP units outstanding (non-controlling interest) | 10.1 | 10.1 | 10.2 | 10.1 | 10.2 | ||||
Adjusted shares | 81.7 | 81.7 | 81.2 | 81.6 | 81.2 | ||||
Basic and diluted earnings per share (GAAP) | $ 1.04 | $ 1.11 | $ 0.93 | $ 2.96 | $ 2.73 | ||||
Adjusted net income per adjusted share (Non-GAAP) | $ 1.03 | $ 0.94 | $ 1.02 | $ 2.84 | $ 2.67 | ||||
Operating income (GAAP) | $ 109.8 | $ 84.6 | $ 101.8 | $ 288.6 | $ 268.1 | ||||
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans | 1.1 | 16.8 | 7.4 | 17.9 | 19.7 | ||||
Adjusted operating income (Non-GAAP) | $ 110.9 | $ 101.4 | $ 109.2 | $ 306.5 | $ 287.8 | ||||
Operating expense (GAAP) | $ 202.7 | $ 223.3 | $ 199.5 | $ 634.8 | $ 593.1 | ||||
Add back (less): Compensation reversal (expense) related to market valuation changes in compensation plans | (1.1) | (16.8) | (7.4) | (17.9) | (19.7) | ||||
Adjusted operating expense (Non-GAAP) | $ 201.6 | $ 206.5 | $ 192.1 | $ 616.9 | $ 573.4 | ||||
Operating margin (GAAP) | 35.1% | 27.5% | 33.8% | 31.3% | 31.1% | ||||
Adjusted operating margin (Non-GAAP) | 35.5% | 32.9% | 36.2% | 33.2% | 33.4% |
Details of Compensation & Benefits Expense ($ in millions)
For the Three Months Ended For the Nine Months EndedSeptember | % of | June 30, | % of | September | % of | September | % of | September | % of | |||||
30, 2026 Rev. | 2026 Rev. | 30, 2025 Rev. | 30, 2026 Rev. | 30, 2025 Rev. | ||||||||||
Salary | $ 26.1 | 8.3 % | $ 26.6 | 8.6 % | $ 25.0 | 8.3 % | $ 79.4 | 8.6 % | $ 75.9 | 8.8 % | ||||
Incentive compensation | 102.8 | 32.9 % | 101.1 | 32.9 % | 100.8 | 33.5 % | 306.0 | 33.1 % | 290.7 | 33.8 % | ||||
Benefits & payroll taxes | 12.7 | 4.1 % | 17.6 | 5.7 % | 10.3 | 3.4 % | 48.3 | 5.2 % | 40.0 | 4.6 % | ||||
Long-term incentive compensation1 | 20.6 | 6.6 % | 36.7 | 11.9 % | 27.2 | 9.0 % | 79.2 | 8.6 % | 77.7 | 9.0 % | ||||
Compensation and benefits | $ 162.2 | 51.9 % | $ 182.0 | 59.1 % | $ 163.3 | 54.2 % | $ 512.9 | 55.5 % | $ 484.3 | 56.2 % | ||||
Add (Less): Compensation reversal (expense) related to market valuation changes in compensation plans | (1.1) | (0.3) % | (16.8) | (5.4) % | (7.4) | (0.9) % | (17.9) | (1.9) % | (19.7) | (2.3) % | ||||
Adjusted compensation and benefits2 | $ 161.1 51.6 % | $ 165.2 53.7 % | $ 155.9 53.3 % | $ 495.0 53.6 % | $ 464.6 53.9 % | |||||||||
1 Long-term incentive compensation includes equity-based and franchise capital awards.
2 Adjusted measures are non-GAAP measures. The adjustments to GAAP are explained in Exhibit 2 of our September 2026 earnings release.
Long-Term Investment Results (Gross of Fees)1
Average Annual Total Returns (Gross) Average Annual Value-Added
As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception
Since Inception (bps)
Growth Team | |||||||||||||
Global Opportunities Strategy | 1.98 | % | 14.49 | % | 4.05 | % | 11.00 | % | 11.60 | % | 10.76 | % | 286 |
MSCI All Country World Index | 16.75 | % | 21.71 | % | 11.57 | % | 13.54 | % | 12.37 | % | 7.90 | % | |
Global Discovery Strategy | 6.58 | % | 15.32 | % | 4.04 | % | 12.00 | % | --- | 12.85 | % | 409 | |
MSCI All Country World Small Mid Cap Index | 13.37 | % | 17.12 | % | 6.99 | % | 10.31 | % | --- | 8.76 | % | ||
U.S. Mid-Cap Growth Strategy | 7.29 | % | 15.50 | % | 2.45 | % | 11.72 | % | 12.41 | % | 14.22 | % | 452 |
Russell® Midcap Index | 12.02 | % | 17.18 | % | 8.03 | % | 11.36 | % | 11.16 | % | 10.46 | % | |
Russell® Midcap Growth Index | (2.73) | % | 15.34 | % | 4.91 | % | 10.74 | % | 11.85 | % | 9.70 | % | |
U.S. Small-Cap Growth Strategy | 16.03 | % | 16.03 | % | 1.05 | % | 9.38 | % | 11.74 | % | 10.68 | % | 258 |
Russell® 2000 Index | 16.20 | % | 17.70 | % | 6.33 | % | 10.52 | % | 9.83 | % | 9.28 | % | |
Russell® 2000 Growth Index | 12.05 | % | 17.53 | % | 4.71 | % | 9.93 | % | 9.89 | % | 8.10 | % | |
Franchise Strategy | (8.18) | % | --- | --- | --- | --- | 6.68 | % | (1,033) | ||||
MSCI All Country World Index | 16.75 | % | --- | --- | --- | --- | 17.01 | % | |||||
Global Equity Team | |||||||||||||
Global Equity Strategy | 8.41 | % | 27.61 | % | 11.32 | % | 14.30 | % | 14.67 | % | 13.45 | % | 317 |
MSCI All Country World Index | 16.75 | % | 21.71 | % | 11.57 | % | 13.54 | % | 12.37 | % | 10.28 | % | |
Non-U.S. Growth Strategy | 12.23 | % | 22.85 | % | 10.36 | % | 10.83 | % | 10.59 | % | 10.29 | % | 444 |
MSCI EAFE Index | 15.69 | % | 18.38 | % | 9.32 | % | 10.19 | % | 9.06 | % | 5.85 | % | |
International Value Group | |||||||||||||
International Value Strategy | 15.45 | % | 17.55 | % | 12.33 | % | 13.53 | % | 11.55 | % | 12.07 | % | 497 |
MSCI EAFE Index | 15.69 | % | 18.38 | % | 9.32 | % | 10.19 | % | 9.06 | % | 7.10 | % | |
International Explorer Strategy | 29.64 | % | 23.30 | % | 12.13 | % | --- | --- | 17.90 | % | 650 | ||
MSCI All Country World Index Ex USA Small Cap | 14.66 | % | 17.87 | % | 6.74 | % | --- | --- | 11.40 | % | |||
Global Special Situations Strategy | 11.81 | % | --- | --- | --- | --- | 11.03 | % | 554 | ||||
ICE BofA Global High Yield Index | 0.90 | % | --- | --- | --- | --- | 5.49 | % | |||||
Global Value Team | |||||||||||||
Global Value Strategy | 16.66 | % | 22.61 | % | 13.76 | % | 13.97 | % | 12.45 | % | 10.25 | % | 265 |
MSCI All Country World Index | 16.75 | % | 21.71 | % | 11.57 | % | 13.54 | % | 12.37 | % | 7.60 | % | |
Select Equity Strategy | 22.69 | % | 25.00 | % | 13.93 | % | --- | --- | 15.98 | % | (128) | ||
S&P 500 Index | 15.74 | % | 22.87 | % | 13.78 | % | --- | --- | 17.26 | % | |||
Long-Term Investment Results (Gross of Fees)1 Continued
Average Annual Total Returns (Gross) Average Annual Value-Added
As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception
Since Inception (bps)
Sustainable Emerging Markets Team | |||||||||||||
Sustainable Emerging Markets Strategy 22.25 % | 25.41 | % | 9.64 | % | 11.47 | % | 10.66 % | 7.51 | % | 86 | |||
MSCI Emerging Markets Index 29.22 % Credit Team | 24.07 | % | 8.94 | % | 10.44 | % | 9.08 % | 6.65 | % | ||||
High Income Strategy 1.77 % | 8.70 | % | 5.14 | % | 6.61 | % | 6.88 % | 6.90 | % | 221 | |||
ICE BofA US High Yield Index 1.39 % | 7.93 | % | 3.55 | % | 4.46 | % | 4.94 % | 4.69 | % | ||||
Credit Opportunities Strategy 1.30 % | 12.35 | % | 10.58 | % | 14.32 | % | --- | 12.58 | % | 984 | |||
ICE BofA US Dollar 3-Month Deposit Offered Rate Constant 3.82 % | 4.68 | % | 3.78 | % | 2.95 | % | --- | 2.74 | % | ||||
Floating Rate Strategy 5.19 % | 7.65 | % | --- | --- | --- | 7.09 | % | 80 | |||||
S&P UBS Leveraged Loan Index 4.65 % | 7.10 | % | --- | --- | --- | 6.29 | % | ||||||
Developing World Team | |||||||||||||
Developing World Strategy (7.37) % 17.46 | % | 0.98 | % | 11.50 | % | 11.47 | % | 10.75 | % | 312 | |||
MSCI Emerging Markets Index | 29.22 | % | 24.07 | % | 8.94 | % | 10.44 | % | 9.08 | % | 7.63 | % | |
Antero Peak Group | |||||||||||||
Antero Peak Strategy | 12.10 | % | 26.40 | % | 12.37 | % | 15.88 | % | --- | 18.77 | % | 374 | |
S&P 500 Index | 15.74 | % | 22.87 | % | 13.78 | % | 16.16 | % | --- | 15.03 | % | ||
Antero Peak Hedge Strategy | 10.31 | % | 23.20 | % | 10.44 | % | 12.96 | % | --- | 13.90 | % | (92) | |
S&P 500 Index | 15.74 | % | 22.87 | % | 13.78 | % | 16.16 | % | --- | 14.82 | % | ||
International Small-Mid Team | |||||||||||||
Non-U.S. Small-Mid Growth Strategy | 13.19 | % | 13.91 | % | 2.68 | % | 9.22 | % | --- | 11.09 | % | 77 | |
MSCI All Country World Index Ex USA Small Mid Cap | 15.97 | % | 18.68 | % | 7.37 | % | 9.84 | % | --- | 10.32 | % | ||
EMsights Capital Group | |||||||||||||
Global Unconstrained Strategy | 12.65 | % | 11.95 | % | --- | --- | --- | 11.44 | % | 733 | |||
ICE BofA 3-month Treasury Bill Index | 3.65 | % | 4.49 | % | --- | --- | --- | 4.11 | % | ||||
Emerging Markets Debt Opportunities Strategy | 14.32 | % | 14.43 | % | --- | --- | --- | 13.62 | % | 742 | |||
J.P. Morgan EMB Hard Currency/Local Currency 50-50 | 3.04 | % | 8.38 | % | --- | --- | --- | 6.20 | % | ||||
Emerging Markets Local Opportunities Strategy | 10.32 | % | 13.02 | % | --- | --- | --- | 12.07 | % | 443 | |||
J.P. Morgan GBI-EM Global Diversified Index | 3.92 | % | 8.15 | % | --- | --- | --- | 7.64 | % | ||||
Maturity Index
Long-Term Investment Results (Net of Fees)1
Average Annual Total Returns (Net) Average Annual Value-Added
As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception Since Inception (bps)
Growth Team | |||||||||||||
Global Opportunities Strategy | 1.11 | % | 13.54 | % | 3.18 | % | 10.09 | % | 10.67 | % | 9.84 | % | 194 |
MSCI All Country World Index | 16.75 | % | 21.71 | % | 11.57 | % | 13.54 | % | 12.37 | % | 7.90 | % | |
Global Discovery Strategy | 5.55 | % | 14.22 | % | 3.04 | % | 10.93 | % | --- | 11.77 | % | 301 | |
MSCI All Country World Small Mid Cap Index | 13.37 | % | 17.12 | % | 6.99 | % | 10.31 | % | --- | 8.76 | % | ||
U.S. Mid-Cap Growth Strategy | 6.30 | % | 14.45 | % | 1.50 | % | 10.69 | % | 11.38 | % | 13.16 | % | 346 |
Russell® Midcap Index | 12.02 | % | 17.18 | % | 8.03 | % | 11.36 | % | 11.16 | % | 10.46 | % | |
Russell® Midcap Growth Index | (2.73) | % | 15.34 | % | 4.91 | % | 10.74 | % | 11.85 | % | 9.70 | % | |
U.S. Small-Cap Growth Strategy | 14.95 | % | 14.95 | % | 0.08 | % | 8.33 | % | 10.66 | % | 9.60 | % | 150 |
Russell® 2000 Index | 16.20 | % | 17.70 | % | 6.33 | % | 10.52 | % | 9.83 | % | 9.28 | % | |
Russell® 2000 Growth Index | 12.05 | % | 17.53 | % | 4.71 | % | 9.93 | % | 9.89 | % | 8.10 | % | |
Franchise Strategy | (8.97) | % | --- | --- | --- | --- | 5.78 | % | (1,123) | ||||
MSCI All Country World Index | 16.75 | % | --- | --- | --- | --- | 17.01 | % | |||||
Global Equity Team | |||||||||||||
Global Equity Strategy | 7.44 | % | 26.49 | % | 10.33 | % | 13.29 | % | 13.62 | % | 12.38 | % | 210 |
MSCI All Country World Index | 16.75 | % | 21.71 | % | 11.57 | % | 13.54 | % | 12.37 | % | 10.28 | % | |
Non-U.S. Growth Strategy | 11.20 | % | 21.73 | % | 9.35 | % | 9.82 | % | 9.58 | % | 9.27 | % | 342 |
MSCI EAFE Index | 15.69 | % | 18.38 | % | 9.32 | % | 10.19 | % | 9.06 | % | 5.85 | % | |
International Value Group | |||||||||||||
International Value Strategy | 14.40 | % | 16.48 | % | 11.30 | % | 12.49 | % | 10.53 | % | 11.04 | % | 394 |
MSCI EAFE Index | 15.69 | % | 18.38 | % | 9.32 | % | 10.19 | % | 9.06 | % | 7.10 | % | |
International Explorer Strategy | 27.03 | % | 21.48 | % | 10.39 | % | --- | --- | 15.90 | % | 450 | ||
MSCI All Country World Index Ex USA Small Cap | 14.66 | % | 17.87 | % | 6.74 | % | --- | --- | 11.40 | % | |||
Global Special Situations Strategy | 8.61 | % | --- | --- | --- | --- | 7.96 | % | 247 | ||||
ICE BofA Global High Yield Index | 0.90 | % | --- | --- | --- | --- | 5.49 | % | |||||
Global Value Team | |||||||||||||
Global Value Strategy | 15.58 | % | 21.48 | % | 12.70 | % | 12.90 | % | 11.39 | % | 9.21 | % | 161 |
MSCI All Country World Index | 16.75 | % | 21.71 | % | 11.57 | % | 13.54 | % | 12.37 | % | 7.60 | % | |
Select Equity Strategy | 21.79 | % | 24.08 | % | 13.08 | % | --- | --- | 15.13 | % | (213) | ||
S&P 500 Index | 15.74 | % | 22.87 | % | 13.78 | % | --- | --- | 17.26 | % |
Long-Term Investment Results (Net of Fees)1 Continued
Average Annual Total Returns (Net) Average Annual Value-Added
As of September 30, 2026 1 YR 3 YR 5 YR 7 YR 10 YR Inception
Since Inception (bps)
Sustainable Emerging Markets Team | ||||||||||||
Sustainable Emerging Markets Strategy 21.26 % | 24.39 | % | 8.71 % | 10.48 | % | 9.64 % | 6.46 | % | (19) | |||
MSCI Emerging Markets Index 29.22 % Credit Team | 24.07 | % | 8.94 % | 10.44 | % | 9.08 % | 6.65 | % | ||||
High Income Strategy 1.10 % | 7.99 | % | 4.45 % | 5.90 | % | 6.16 % | 6.18 | % | 149 | |||
ICE BofA US High Yield Index 1.39 % | 7.93 | % | 3.55 % | 4.46 | % | 4.94 % | 4.69 | % | ||||
Credit Opportunities Strategy (0.18) % | 9.11 | % | 7.63 % | 10.76 | % | --- | 9.30 | % | 656 | |||
ICE BofA US Dollar 3-Month Deposit Offered Rate Constant 3.82 % | 4.68 | % | 3.78 % | 2.95 | % | --- | 2.74 | % | ||||
Floating Rate Strategy 4.48 % | 6.93 | % | --- | --- | --- | 6.37 | % | 8 | ||||
S&P UBS Leveraged Loan Index 4.65 % | 7.10 | % | --- | --- | --- | 6.29 | % | |||||
Developing World Team | ||||||||||||
Developing World Strategy (8.35) % 16.25 | % | (0.08) % | 10.34 | % | 10.32 | % | 9.60 | % | 197 | |||
MSCI Emerging Markets Index | 29.22 | % | 24.07 | % | 8.94 % | 10.44 | % | 9.08 | % | 7.63 | % | |
Antero Peak Group | ||||||||||||
Antero Peak Strategy | 10.99 | % | 25.17 | % | 11.27 % | 14.74 | % | --- | 17.60 | % | 257 | |
S&P 500 Index | 15.74 | % | 22.87 | % | 13.78 % | 16.16 | % | --- | 15.03 | % | ||
Antero Peak Hedge Strategy | 9.21 | % | 21.98 | % | 9.34 % | 11.85 | % | --- | 12.35 | % | (247) | |
S&P 500 Index | 15.74 | % | 22.87 | % | 13.78 % | 16.16 | % | --- | 14.82 | % | ||
International Small-Mid Team | ||||||||||||
Non-U.S. Small-Mid Growth Strategy | 12.04 | % | 12.76 | % | 1.65 % | 8.12 | % | --- | 9.97 | % | (35) | |
MSCI All Country World Index Ex USA Small Mid Cap | 15.97 | % | 18.68 | % | 7.37 % | 9.84 | % | --- | 10.32 | % | ||
EMsights Capital Group | ||||||||||||
Global Unconstrained Strategy | 11.60 | % | 10.90 | % | --- | --- | --- | 10.39 | % | 628 | ||
ICE BofA 3-month Treasury Bill Index | 3.65 | % | 4.49 | % | --- | --- | --- | 4.11 | % | |||
Emerging Markets Debt Opportunities Strategy | 13.48 | % | 13.58 | % | --- | --- | --- | 12.78 | % | 658 | ||
J.P. Morgan EMB Hard Currency/Local Currency 50-50 | 3.04 | % | 8.38 | % | --- | --- | --- | 6.20 | % | |||
Emerging Markets Local Opportunities Strategy | 9.55 | % | 12.24 | % | --- | --- | --- | 11.29 | % | 365 | ||
J.P. Morgan GBI-EM Global Diversified Index | 3.92 | % | 8.15 | % | --- | --- | --- | 7.64 | % | |||
Maturity Index
Notes & DisclosuresForward-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 performance, as well as management's current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are only predictions based on current expectations and projections about future events. Forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions, poor performance of our investment strategies, significant changes in client cash flows or declines in market value of the assets in the accounts we manage, change in the legislative and regulatory environment in which we operate, operational or technical errors or other matters that cause damage to our reputation and other factors disclosed in the Company's filings with the Securities and Exchange Commission, including those factors listed under the caption entitled "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 20, 2026, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC's website at https://www.sec.gov. The Company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.
Assets Under Management (AUM)
Assets Under Management (AUM) refers to the assets of pooled vehicles and separate accounts to which Artisan Partners provides services. Artisan Partners' AUM as reported here includes assets for certain strategies for which Artisan Partners provides model portfolios to managed account sponsors for which we earn only investment-related service fees. Model assets are generally reported on a lag not exceeding one quarter. Artisan's definition of AUM is not based on any definition of AUM contained in Form ADV or in any of Artisan's investment management agreements.
Investment Performance
Performance data are sourced from Artisan Partners, MSCI, Russell, S&P, JP Morgan and ICE BofA. We measure the results of our "composites", which represent the aggregate performance of all discretionary client accounts, including pooled funds, invested in the same strategy except those accounts with respect to which we believe client-imposed restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 17% of our AUM at September 30, 2026, are maintained in separate composites, which are not presented in these materials). Certain composites may only reflect data of a single account managed by Artisan Partners.
Unless otherwise noted, composite returns have been presented net of investment advisory fees applied to client accounts, and include applicable trade commissions and transaction costs. Net-of-fees composite returns presented in these materials 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-based fees. Index returns do not reflect the payment of fees and expenses.
Results for any investment strategy described herein, and for different investment products within a strategy, are affected by numerous factors, including different material market or economic conditions; different investment management fee rates, brokerage commissions and other expenses; and the reinvestment of dividends or other earnings. The returns for any strategy may be positive or negative, and past performance does not guarantee future results.
In these materials, we present Value Added, which is the difference between an Artisan strategy's average annual return and the return of its respective benchmark. We may also present Excess Returns, which are an estimate of the amount in dollars by which Artisan's investment strategies have outperformed or underperformed their respective benchmark. Excess Returns are calculated by (i) multiplying a strategy's beginning-of-year AUM by the difference between the returns (in basis points) of the strategy (net of fees, unless otherwise noted) and the benchmark for the ensuing year and (ii) summing all strategies' Excess Returns for each year calculated. The benchmark used for purposes of presenting a strategy's performance and calculating Value Added and Excess Returns is generally the market index most commonly used by our clients to compare the performance of the relevant strategy. For certain strategies that are managed for absolute return, the benchmark used for purposes of presenting a strategy's performance and calculating Value Added and Excess Returns is the index used by the Company's management to evaluate the performance of the strategy.
In these materials, we present assets under management by asset class. Strategies are classified by asset class as follows. Equity includes: U.S. Mid-Cap Growth, U.S. Small-Cap Growth, U.S. Mid-Cap Value (wound down effective August 30, 2026), Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity (wound down effective August 30, 2026), Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, Value Income (wound down effective August 30, 2026) and Franchise strategies. Credit includes: High Income, Floating Rate, Custom Credit Solutions, Emerging Markets Debt Opportunities and Emerging Markets Local Opportunities strategies. Alternative includes: Antero Peak, Antero Peak Hedge, China Post-Venture (wound down effective June 30, 2025), Credit Opportunities, Global Unconstrained, Global Special Situations and Grandview Property Partners strategies.
Notes & DisclosuresInvestment 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 Equity Strategy / Global Opportunities Strategy / Global Value Strategy / Franchise Strategy-MSCI ACWI Index; Non-U.S. Small-Mid Growth Strategy-MSCI ACWI ex-USA Small Mid Index; U.S. Mid-Cap Growth Strategy-Russell Midcap Growth® Index; U.S. Small-Cap Growth Strategy-Russell 2000 Growth® Index; Developing World Strategy / Sustainable Emerging Markets Strategy-MSCI Emerging Markets Index; High Income Strategy-ICE BofA US High Yield Index; Credit Opportunities Strategy-ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index; Antero Peak Strategy / Antero Peak Hedge Strategy / Select Equity Strategy-S&P 500® Index; International Explorer Strategy-MSCI All Country World Ex USA Small Cap Index; Floating Rate Strategy-S&P UBS Leveraged Loan Index; Global Unconstrained Strategy-ICE BofA 3-month Treasury Bill Index; Global Special Situations Strategy-ICE BofA Global High Yield Index; Emerging Markets Debt Opportunities Strategy-J.P. Morgan EMB Hard Currency/Local Currency 50-50 Index; Emerging Markets Local Opportunities Strategy-J.P. Morgan GBI-EM Global Diversified Index. When applicable, composite returns have been included for the following discontinued strategies and their indexes: Global Small-Cap Growth Strategy (Jul 1, 2013-Dec 31, 2016)-MSCI ACWI Small Cap Index; U.S. Small-Cap Value Strategy (Jun 1, 1997-Apr 30, 2016)-Russell 2000® Index; Non-U.S. Small-Cap Growth Strategy (Jan 1, 2002-Nov 30, 2018)-MSCI EAFE Small Cap Index; China Post-Venture Strategy (Apr 1, 2021-Jun 30, 2025)-MSCI China SMID Cap Index; U.S. Mid-Cap Value Strategy (Apr 1, 1999-Aug 30, 2026)-Russell Midcap Value® Index; Value Equity Strategy (Jul 1, 2005-Aug 30, 2026)-Russell 1000 Value® Index; Value Income Strategy (Mar 1, 2022-Aug 30, 2026)-S&P 500® Market Index. Index returns do not reflect the payment of fees and expenses. An investment cannot be made directly in an Artisan composite or a market index and the aggregated results are hypothetical.
Other Information
Throughout these materials, we present historical information about our AUM, average AUM and client cash flows for certain periods. We use our information management systems to track this information and we believe the information as set forth in this presentation is accurate in all material respects. We also present information regarding the amount of our AUM sourced through particular distribution channels, which involves estimates because precise information on the sourcing of assets invested in pooled vehicles through intermediaries is not typically available and involves the exercise of judgment. Data sourced by distribution channel on our AUM are not subject to our internal controls over financial reporting.
Grandview Property Partners, LLC is a separate, wholly-owned subsidiary and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940.
Rounding
Any discrepancies included in these materials between totals and the sums of the amounts listed are due to rounding.
Trademark Notice
MSCI Inc. makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.
Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See https://www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer.
The S&P indexes are products of S&P Dow Jones Indices LLC ("S&P DJI") and/or its affiliates and has been licensed for use. Copyright © 2026 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
The J.P. Morgan Indexes are trademarks of J.P. Morgan Chase & Co. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Indexes are used with permission and may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2026, J.P. Morgan Chase & Co. All rights reserved.
Presentation
None of the information in these materials constitutes either an offer or a solicitation to buy or sell any fund securities, nor is any such information a recommendation for any fund security or investment service. Copyright 2026 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners' permission.