Financial Data and Key Metrics Changes - Revenue growth of 7% compared to the previous quarter and 8% year-over-year, driven by strong market conditions and lower fixed expenses, leading to a margin expansion of 450 basis points [11] - Adjusted operating income increased by 22% compared to the prior quarter and 12% year-over-year [12] - Adjusted net income per adjusted share rose by 23% quarter-over-quarter and 11% year-over-year [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) reached an all-time high of $181.3 billion, with net inflows in 14 of 26 investment strategies year-to-date [7][8] - The credit business saw $1.8 billion in year-to-date net inflows, marking the 13th consecutive quarter of positive credit flows [8] - Emerging markets strategies, including Sustainable Emerging Markets and Developing World, experienced positive inflows, indicating growing demand [8][19] Market Data and Key Metrics Changes - Strong performance in equities, with several strategies generating year-to-date returns exceeding 20%, outperforming benchmarks by 425 to 934 basis points net of fees [5][6] - The company noted a resurgence in interest in emerging markets, contrasting with previous trends where allocations were cut [19][20] Company Strategy and Development Direction - The company aims to expand its multi-asset class investment platform by enhancing distribution and aligning compensation to a sales orientation [9][28] - Focus on internal and external talent acquisition to build differentiated investment franchises, particularly in real estate, private credit, and secondaries [9][10][24] - The company is modernizing its vehicle lineup to adapt to evolving client preferences, including models, SMAs, ETFs, and private funds [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the investment performance, with over 70% of AUM outperforming benchmarks over three years [4] - The outlook for performance fees in the fourth quarter is projected to be similar to the previous year, subject to market conditions [14] - Management acknowledged the impact of client rebalancing activities, particularly in the intermediate wealth space, but noted strong long-term performance [39] Other Important Information - The company declared a quarterly dividend of $0.88 per share, a 21% increase over the prior quarter [14] - The balance sheet remains strong with $300 million in cash and $140 million in firm seed investments [13] Q&A Session Summary Question: Demand for non-U.S. strategies - Management noted growing demand in global mandates and direct international equity exposure, particularly in emerging markets [17][19] Question: M&A opportunities and allocation - Management highlighted active engagement in real estate and emphasized that M&A opportunities will not be transformative but will align with the company's core values [21][24] Question: Improving gross flows and distribution efforts - Management discussed efforts to enhance distribution by aligning compensation with sales and expanding the team targeting the UK and Middle East markets [27][29] Question: Client rebalancing activity - Management provided insights into rebalancing trends, particularly in the intermediate wealth space, and noted that these were not terminations but adjustments in exposure [38][39] Question: Outlook on expenses - Management confirmed that fixed expense growth is tracking in the mid-single digits, with no unusual changes expected moving forward [41][42]

Financial Data and Key Metrics Changes - Revenue growth of 7% compared to the previous quarter and 8% year-over-year, driven by strong market conditions and lower fixed expenses, resulting in a margin expansion of 450 basis points [11] - Adjusted operating income increased by 22% compared to the prior quarter and 12% year-over-year [12] - Adjusted net income per adjusted share rose by 23% quarter-over-quarter and 11% year-over-year [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) reached an all-time high of $181.3 billion, with net inflows in 14 of 26 investment strategies year-to-date [7][8] - The credit business saw $1.8 billion in year-to-date net inflows, marking the 13th consecutive quarter of positive credit flows [8] - Emerging markets strategies, including Sustainable Emerging Markets and Developing World, experienced positive inflows, indicating growing demand [8][19] Market Data and Key Metrics Changes - Strong performance in equities, with several strategies generating year-to-date returns exceeding 20%, outperforming benchmarks by 425 to 934 basis points net of fees [5][6] - The firm noted a significant uptick in inquiries for international equity exposure, particularly in the Global Equity Franchise [19] Company Strategy and Development Direction - The company aims to expand its multi-asset class investment platform by enhancing distribution capabilities and aligning compensation to a sales orientation [9][28] - Focus on internal and external talent acquisition to build differentiated investment franchises, particularly in real estate, private credit, and secondaries [9][24] - The company is modernizing its vehicle lineup to adapt to evolving client preferences, including models, SMAs, ETFs, and private funds [31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of selling more and losing less, emphasizing the need for improved gross flows and reduced redemptions [9][28] - The outlook for expenses remains disciplined, with expectations for mid-single-digit growth in fixed expenses for 2025 [42] - Anticipation of approximately $900 million in mutual fund distributions in the fourth quarter, with performance fees projected to be similar to the previous year [14] Other Important Information - The company declared a quarterly dividend of $0.88 per share, a 21% increase over the prior quarter [14] - The balance sheet remains strong with $300 million in cash and $140 million in firm seed investments [13] Q&A Session Summary Question: Demand for Non-U.S. Strategies - Management noted growing demand in global mandates and direct international equity exposure, particularly in emerging markets, with significant interest from institutional clients [18][19] Question: M&A Opportunities - Management discussed active engagement in real estate and the potential for M&A, emphasizing that any acquisitions would not be transformative but rather align with the company's existing capabilities [21][24][25] Question: Improving Gross Flows - Management outlined efforts to enhance distribution, including doubling the field team and expanding into untapped markets like the U.K. and the Middle East [28][29] Question: Client Rebalancing Activity - Management reported significant rebalancing activity in the intermediate wealth space, impacting certain strategies but noted that these were not terminations [39][40] Question: Expense Outlook - Management confirmed expectations for fixed expense growth to remain in the mid-single digits for 2025, with no unusual changes anticipated [42]

Financial Data and Key Metrics Changes - Revenue growth of 7% compared to the previous quarter and 8% year-over-year, driven by strong market conditions and lower fixed expenses, leading to a margin expansion of 450 basis points [11] - Adjusted operating income increased by 22% compared to the prior quarter and 12% year-over-year [12] - Adjusted net income per adjusted share rose by 23% quarter-over-quarter and 11% year-over-year [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) reached an all-time high of $181.3 billion, with net inflows in 14 of 26 investment strategies year-to-date [6][8] - The credit business saw $1.8 billion in year-to-date net inflows, marking the 13th consecutive quarter of positive credit flows [8] - Emerging markets strategies, including Sustainable Emerging Markets and Developing World, experienced positive inflows, indicating growing demand [8][20] Market Data and Key Metrics Changes - Strong performance in equities, with several strategies generating year-to-date returns exceeding 20%, outperforming benchmarks by 425 to 934 basis points [5] - The firm noted a significant uptick in inquiries for international equity exposure, particularly in the Global Equity Franchise [20] Company Strategy and Development Direction - The company aims to expand its multi-asset class investment platform by enhancing distribution capabilities and exploring new talent acquisition [9][10] - Focus on growing capabilities in private credit, real estate, and secondaries, with a methodical approach to M&A that aligns with the company's core values [25][26][35] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of improving gross flows and reducing redemptions, with ongoing efforts to align compensation with sales orientation [30] - The company anticipates approximately $900 million in mutual fund distributions in the fourth quarter, with performance fees projected to be similar to the previous year [15][39] Other Important Information - The Board of Directors declared a quarterly dividend of $0.88 per share, a 21% increase over the prior quarter [14] - The balance sheet remains strong with $300 million in cash and $140 million in firm seed investments [13] Q&A Session Summary Question: Demand for non-U.S. strategies - Management noted growing interest in global mandates and direct international equity exposure, particularly in emerging markets, with significant performance improvements driving renewed interest [20] Question: M&A allocation and philosophy - The company is actively exploring M&A opportunities, particularly in real estate, while emphasizing that any acquisitions will not be transformative but will align with existing capabilities [26][27] Question: Efforts to improve gross flows - Management discussed initiatives to enhance distribution, including doubling the field team and modernizing the vehicle lineup to better meet client preferences [30][33] Question: Client rebalancing activity - Management observed significant rebalancing activity among sophisticated clients, particularly in the intermediate wealth space, impacting certain equity strategies [40]

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

Business Overview - Artisan Partners' business is built upon a consistent philosophy and business model focused on high value-added, talent-driven, and thoughtful investment strategies[2] - The firm actively pursues platform expansion through industry intelligence, opportunity assessment, strategic planning, resourcing & execution, and business development[8, 9] Investment Performance - As of September 30, 2025, 77% of the firm's AUM outperformed its benchmark over a 3-year period[4] - Credit strategies demonstrated 100% outperformance across all measured periods (1-year, 3-year, 5-year, 10-year, and Inception)[4] - Equity strategies showed 91% of AUM outperforming the benchmark over a 10-year period and 99% since inception[4] Financial Highlights (Q3 2025) - Revenues increased by 7% to $3013 million compared to Q3 2024[12] - Adjusted operating income increased by 23% to $1092 million compared to Q3 2024[13] - Adjusted net income per adjusted share increased by 11% to $102 compared to Q3 2024[15] Financial Highlights (YTD 3Q25) - Revenues increased by 6% to $8612 million compared to YTD 3Q24[22] - Adjusted operating income increased by 8% to $2878 million compared to YTD 3Q24[22] - Adjusted net income increased by 7% to $2172 million compared to YTD 3Q24[22] Assets Under Management (AUM) - Ending AUM for September 2025 reached $1813 billion[7, 38] - Equity AUM totaled $1607 billion, Credit AUM totaled $166 billion, and Alternative AUM totaled $40 billion[38]

Financial Performance - Artisan Partners reported a 7% increase in revenues from the previous quarter, reaching $301.3 million for Q3 2025[2]. - The operating margin improved to 34% for Q3 2025, with an adjusted operating margin of 36.2%[2][10]. - Artisan Partners' adjusted net income for Q3 2025 was $82.7 million, with adjusted net income per share at $1.02[10]. - Total revenues for the three months ended September 30, 2025, were $301.3 million, an increase of 6.5% from $282.8 million in the previous quarter[33]. - Management fees from Artisan Funds & Artisan Global Funds reached $192.5 million, up 7.9% from $179.6 million in the previous quarter[33]. - Operating income for the nine months ended September 30, 2025, was $268.1 million, compared to $257.5 million for the same period in 2024, reflecting a growth of 4.6%[33]. - Net income attributable to Artisan Partners Asset Management Inc. for the three months ended September 30, 2025, was $66.8 million, slightly down from $67.6 million in the previous quarter[33]. - Basic earnings per share for Class A common shares were $0.93 for the three months ended September 30, 2025, consistent with the previous quarter[33]. - Total operating expenses for the three months ended September 30, 2025, were $199.5 million, a decrease of 1.7% from $203.0 million in the previous quarter[33]. - Adjusted net income (Non-GAAP) for the three months ended September 30, 2025, was $82.7 million, an increase of 22.9% from $67.5 million in the previous quarter[35]. - Adjusted operating income (Non-GAAP) for the three months ended September 30, 2025, was $109.2 million, up from $89.6 million in the previous quarter, reflecting a 22% increase[35]. - Operating margin (GAAP) improved to 33.8% for the three months ended September 30, 2025, compared to 28.2% in the previous quarter[35]. - Provision for income taxes for the three months ended September 30, 2025, was $36.9 million, up from $24.9 million in the previous quarter[33]. Assets Under Management (AUM) - The company achieved a record quarter-end AUM of $181.3 billion, up from $175.5 billion in the previous quarter[4]. - As of September 30, 2025, total assets under management (AUM) reached $181,306 million, up from $167,840 million as of September 30, 2024, representing an increase of approximately 8.7% year-over-year[51]. - The average AUM for the three months ended September 30, 2025, was $177.413 billion, compared to $166.774 billion in the previous quarter[48]. - The beginning AUM for the quarter was $175.545 billion, with a significant increase in AUM attributed to investment returns[48]. - Gross client cash inflows for the three months ended September 30, 2025, were $6.084 billion, while gross client cash outflows totaled $8.413 billion, resulting in net client cash flows of -$2.329 billion[48]. - Gross client cash inflows for the nine months ended September 30, 2025, totaled $19,331 million, compared to $18,001 million for the same period in 2024, indicating a growth of about 7.4%[51]. - Net client cash flows for the nine months ended September 30, 2025, were negative at $(7,032) million, worsening from $(2,875) million in the prior year, reflecting a decline of approximately 144.7%[51]. - The beginning AUM for the nine months ended September 30, 2025, was $161,208 million, compared to $150,167 million in 2024, showing an increase of about 7.4%[51]. - Ending AUM for Artisan Funds was $88,040 million as of September 30, 2025, compared to $81,054 million in 2024, indicating a growth of approximately 8.3%[51]. - Ending AUM for separate accounts and other reached $93,266 million as of September 30, 2025, up from $86,786 million in 2024, representing an increase of about 7.0%[51]. Cash and Dividends - The company declared a variable quarterly dividend of $0.88 per share, representing approximately 80% of cash generated in the quarter[15]. - Artisan Partners' cash and cash equivalents increased to $300.2 million as of September 30, 2025, compared to $201.2 million at the end of 2024[11]. - Cash and cash equivalents increased to $300.2 million as of September 30, 2025, up from $201.2 million as of December 31, 2024[44]. Investment Strategies and Returns - Global Opportunities Strategy reported a 1-year return of 10.43% and a 3-year return of 19.57%[55]. - U.S. Mid-Cap Growth Strategy achieved a 1-year return of 22.48% and a 10-year return of 14.47%[55]. - Non-U.S. Growth Strategy delivered a 1-year return of 30.44% and a 3-year return of 26.56%[55]. - Developing World Strategy posted a 1-year return of 21.09% and a 3-year return of 29.38%[56]. - Global Value Strategy achieved a 1-year return of 21.11% and a 3-year return of 26.96%[56]. - High Income Strategy reported a 1-year return of 8.93% and a 3-year return of 12.08%[56]. - Credit Opportunities Strategy delivered a 1-year return of 15.53% and a 3-year return of 18.41%[56]. - Franchise Strategy recorded a 1-year return of 23.94% since inception[55]. - Global Equity Strategy achieved a 1-year return of 44.16% and a 3-year return of 31.49%[55]. Business Development and Strategy - Year-to-date, Artisan Partners raised $1 billion across five emerging markets-oriented strategies, with significant inflows into Select Equity and International Explorer strategies[5]. - Despite experiencing $2.3 billion in net outflows during the quarter, business-development momentum is improving for several strategies[5]. - The company plans to add new capabilities, particularly in alternatives, to diversify and grow the business[7]. - Artisan Partners continues to focus on attracting experienced investment professionals to manage client assets across diverse investment strategies[29].

Core Insights - Artisan Partners Asset Management Inc. reported its financial results for the quarter ending September 30, 2025, and declared a quarterly dividend [1] Group 1: Financial Results - The company will discuss its results for the three and nine months ended September 30, 2025, in a conference call scheduled for October 29, 2025 [2] - The call will be hosted by the Chief Executive Officer and Chief Financial Officer, with supplemental materials available on the company's website [2] Group 2: Company Overview - Artisan Partners is a global multi-asset investment platform that offers a wide range of high value-added investment strategies across growing asset classes [3] - The firm has been focused on attracting experienced investment professionals since its establishment in 1994 [3] - Artisan Partners' investment teams manage a diverse array of strategies across multiple asset classes, catering to various client mandates [3]

Core Insights - David A. Johnson is the founder and principal of Endurance Capital Management, specializing in various investment vehicles including stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] Group 1: Company Overview - Endurance Capital Management is a New Jersey Limited Liability Company founded by David A. Johnson [1] - David A. Johnson has over 30 years of experience in investing and holds multiple advanced degrees in finance and business [1] Group 2: Investment Strategy - The company invests in a diverse range of assets, indicating a broad investment strategy that encompasses traditional and alternative investments [1]

Core Points - Artisan Partners Asset Management Inc. will report its third quarter 2025 financial results on October 28, 2025, at approximately 4:30 p.m. (Eastern Time) [1] - A conference call to discuss the results will be hosted by CEO Jason Gottlieb and CFO C.J. Daley on October 29, 2025, at 1:00 p.m. (Eastern Time) [1] - The earnings release and supplemental materials will be available on the investor relations section of artisanpartners.com [1] Conference Call Details - A live webcast of the conference call will be accessible via the investor relations section of artisanpartners.com [2] - Participants can join the call by dialing the U.S. toll-free number 1-877-328-5507 or the international number 1-412-317-5423, using Conference ID 10202311 [2] - An audio replay of the conference call will be available one hour after the call until November 5, 2025, at 9:00 a.m. (Eastern Time) [2] Company Overview - Artisan Partners is a global multi-asset investment platform offering a range of high value-added investment strategies [3] - The firm has been focused on attracting experienced investment professionals since its establishment in 1994 [3] - Artisan Partners' investment teams manage a diverse array of strategies across multiple asset classes, catering to various client mandates [3]

Core Insights - Artisan Partners Asset Management Inc. reported preliminary assets under management (AUM) of $181.3 billion as of September 30, 2025 [1] Summary by Category Assets Under Management - Total AUM is comprised of Artisan Funds and Artisan Global Funds at $88.0 billion, and separate accounts and other AUM at $93.3 billion [1] - AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $114.2 million for which investment models are provided to managed account sponsors [4] AUM by Strategy - The AUM distribution by strategy as of September 30, 2025, includes: - Global Opportunities: $19,807 million - Global Discovery: $1,854 million - U.S. Mid-Cap Growth: $11,197 million - U.S. Small-Cap Growth: $2,973 million - Franchise: $919 million - Non-U.S. Growth: $15,489 million - Value Equity: $5,367 million - U.S. Mid-Cap Value: $2,428 million - International Value: $51,702 million - Global Value: $34,280 million - High Income: $12,906 million - Developing World: $4,962 million - Antero Peak: $2,274 million - Non-U.S. Small-Mid Growth: $5,065 million - Global Unconstrained: $1,103 million - Emerging Markets Debt Opportunities: $1,254 million - Emerging Markets Local Opportunities: $1,717 million [2] Company Overview - Artisan Partners is a global multi-asset investment platform offering a range of high value-added investment strategies across various asset classes [5] - The firm has been focused on attracting experienced investment professionals since its establishment in 1994 [5]