A percentage gain or loss on an investment is extremely useful to investors who monitor performance. Calculating it is quite easy. Here's what you need to know. https://t.co/8rU49s6KVA ...

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 Data and Key Metrics Changes - The company achieved a record AUM of $2.1 trillion, with net long-term inflows of nearly $29 billion, representing an 8% annualized organic growth, the best flow quarter since 2021 [13][24] - Total AUM increased by $123 billion, or 6%, from the previous quarter, and by $329 billion, or 18%, year-over-year [24] - Adjusted diluted earnings per share for the third quarter was $0.61, with a significant improvement in operating margin to 34.2% [25][36] Business Line Data and Key Metrics Changes - The ETF platform reached a milestone of $1 trillion in AUM, with an annualized organic growth of 15% [14] - Fundamental fixed income garnered over $4 billion in net long-term inflows, with total fixed income inflows reaching nearly $13 billion when including ETFs [16] - The company recorded net outflows of $5 billion in fundamental equities, primarily due to a broader secular outflow trend in actively managed equities [21] Market Data and Key Metrics Changes - Nearly 40% of long-term AUM is now from clients outside the U.S., with two-thirds of net inflows this quarter coming from EMEA and Asia-Pacific regions [13] - The China joint venture reached a record high AUM of $122 billion, reflecting a 16% increase over the last quarter, with $8.1 billion in net long-term inflows [17] - The company launched 12 new products in its China JV, including its first fixed income ETF, indicating strong demand for innovative products [19] Company Strategy and Development Direction - The company is focused on capital management and has repaid approximately 25% of the term loans used for a $1 billion preferred stock repurchase, enhancing earnings accretion [5][26] - A hybrid investment platform is being implemented, expected to be completed by the end of 2026, aimed at simplifying operations and improving investment performance [7][32] - The company is pursuing growth through partnerships, such as the Barings private markets partnership, which has already launched its first joint product [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted strong momentum in the market, with key indices reaching new highs and increased investor confidence following a Fed rate cut [12] - The company is optimistic about future growth, particularly in fixed income and private markets, despite some volatility in the credit space [56][57] - Management emphasized the importance of investment performance, with over half of funds performing in the top quartile of peers on a three-year basis [23] Other Important Information - The company is in the process of selling a majority interest in its Indian business, expecting cash proceeds of $140 million to $150 million [35] - A non-cash impairment charge of $36 million was recorded related to the sale of intelliflo, which is expected to close in the fourth quarter [33][34] - The effective non-GAAP tax rate for the third quarter was significantly impacted by a favorable resolution of a tax matter, resulting in an effective rate of 11.2% [34] Q&A Session Summary Question: Update on QQQ shareholder vote and marketing expenses - Management is pleased with the progress of the QQQ shareholder vote, noting overwhelming support for the fee change, but cannot disclose specific quorum details [40][41] - The reclassification of marketing expenses does not impact operating income or the proposal's approval likelihood [42] Question: Use of proxy voting firm and expense classification - The proxy solicitation firm's expenses are considered marketing expenses of the fund and are not expected to affect Invesco's operating expenses [45][46] Question: Fixed income flows and market outlook - Management reported strong fixed income performance and organic growth, with no material implications from recent market events [55][56] Question: Details on divestitures and capital return priorities - Proceeds from the India sale are expected to enhance balance sheet flexibility, while the intelliflo sale is anticipated to have negligible impact on overall results [61][63] Question: Expense growth and Alpha platform integration - Implementation costs for the Alpha platform are expected to remain high through 2026, with a focus on managing fixed expenses [67][68] Question: Variable expenses and operating leverage - Variable expenses are expected to fluctuate with revenue, while fixed expenses will be closely managed to drive operating leverage [75][76]

Investment Focus - The report aims to determine which investment will yield the best performance over the next five years [1]

Compensation Structure - Carried interest is a compensation form rewarding employees based on investment returns, typically seen in private equity firms [1] - Abu Dhabi entities are increasingly adopting carry to attract top global talent [4] - Mubadala Capital, Lunate, and Mubadala Investment Company offer compensation tied to investment performance [3] Sovereign Wealth Fund Trends - Implementing carry in sovereign wealth funds has been challenging due to the lack of third-party capital raising [2] - Newer sovereign-linked entities in Abu Dhabi and some sovereign wealth funds are starting to incorporate carry-like compensation [2][3] - Compensation tied to investment performance is becoming more important for sovereign wealth funds [3]

Investment Performance - Ivy League colleges underperformed the S&P 500 index by at least ten percentage points in their most recently reported fiscal year [1]

Core Insights - GAM Holding AG is now fully focused on growth with new investment partnerships and leadership in place, marking a significant transformation in its business strategy [1][6][20] Financial Performance - The underlying pre-tax loss for H1 2025 was CHF 34.1 million, slightly higher than the CHF 33.2 million loss in H1 2024, primarily due to lower net fee and commission income [4] - GAM reported an IFRS net loss after tax of CHF 40.7 million, which includes CHF 6.3 million of reorganisation and other charges [7] - Assets under Management (AuM) stood at CHF 12.7 billion as of 30 June 2025, down from CHF 16.3 billion at the end of 2024, with outflows driven by changes in the European Equity investment team [16][17] Strategic Initiatives - GAM has completed its transformation and is entering a new phase focused on sustainable growth, innovation, and client-centric excellence [6] - The company has enhanced its investment platform with the establishment of a new European Equity team and partnerships with Swiss Re and Gramercy for Cat Bond strategies and Emerging Market Debt strategies, respectively [12][16] - GAM's distribution leadership has been strengthened with new senior hires and the return of Tim Rainsford as Group Chief Distribution Officer [12] Investment Performance - GAM continues to deliver strong investment performance, with 73% of Investment Management AuM outperforming their three-year benchmark and 74% outperforming their five-year benchmark as of 30 June 2025 [10][14] - GAM has also outperformed its peer group, with 55% of Investment Management AuM outperforming their three-year Morningstar peer group and 76% outperforming their five-year peer group [14][15] Awards and Recognition - GAM has received multiple awards, including LSEG Lipper's 2025 Best Overall Investment Group across Europe over three years and the PAM Award 2025 for Investment Performance – Growth Portfolios [12]

Financial Data and Key Metrics Changes - AFG reported core net operating earnings of $2.14 per share, a decrease from $2.56 per share in the prior year period [8] - The annualized core operating return on equity was reported despite tempered overall results from alternative investments [6] - Net investment income, excluding alternatives, increased by 10% year over year due to higher interest rates [6][10] Business Line Data and Key Metrics Changes - Specialty Property and Casualty Insurance businesses generated a combined ratio of 93.1%, up from 90.5% in the prior year [15] - Gross and net written premiums in the Specialty Property and Casualty businesses were up 107% year over year, with a 65% increase when excluding the crop business [16] - The Specialty Casualty Group achieved a combined ratio of 93.9%, 4.8 points higher than the previous year, with gross and net written premiums increasing by 42% [20] Market Data and Key Metrics Changes - Multifamily construction starts are down approximately 20% year over year, indicating a tightening supply which is expected to drive higher rental and occupancy rates [12] - The overall renewal rate increases for the Property and Casualty Group were approximately 6%, with a 7% increase excluding workers' compensation [17] Company Strategy and Development Direction - AFG continues to focus on disciplined operating philosophy and capital management to create long-term value for shareholders [13] - The company is optimistic about the prospects of attractive returns from its alternative investment portfolio, expecting annual returns averaging 10% or better [12] - AFG is evaluating opportunities for acquisitions, special dividends, or share repurchases due to expected significant excess capital generation [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of reserves and the favorable pricing environment in the Specialty Property and Casualty businesses [15] - The company anticipates premium growth for the full year in 2025, driven by increased exposures and new business opportunities [15] - Management noted that the current economic environment presents opportunities for growth, particularly in the lender-placed property business [28] Other Important Information - AFG returned over $100 million to shareholders during the quarter, including $39 million in share repurchases and a $0.80 per share dividend [12] - The company reported a 5% decrease in overall P&C net investment income compared to the previous year due to lower returns on alternative investments [11] Q&A Session Summary Question: Insights on lender-placed business growth - Management indicated that the lender-placed property business is significant and tends to grow in weak economic conditions, with a gross written premium of about $700 million [28] Question: Nonrenewals in social inflationary lines - Management confirmed that they are completing nonrenewals in housing accounts and expect to finish nonrenewals in daycare accounts by year-end [34] Question: Growth opportunities in inland marine and trade credit - Management expressed confidence in growth opportunities in ocean marine and trade credit, despite potential impacts from tariffs [45][49] Question: Crop profitability outlook - Management stated it is too early to determine if 2025 will be above average for crop profitability, but conditions appear favorable [58] Question: Workers' compensation pricing environment - Management noted a moderating price trend in workers' compensation, with California seeing its first price increase in a decade [66] Question: Pricing and rate adequacy in professional lines - Management reported flat pricing in public D&O business but noted signs of stabilization [72]

Core Viewpoint - Octopus AIM VCT 2 plc reported a decline in net asset value (NAV) and profit for the half-year ending 31 May 2025, amidst a challenging economic environment, but showed signs of cautious optimism for the AIM market and UK economy [4][5][18]. Financial Summary - Net assets decreased to £80.772 million from £83.409 million in the previous year [2]. - The company reported a loss after tax of £1.371 million compared to a profit of £5.464 million in the same period last year [2]. - NAV per share fell to 37.9p from 45.5p year-on-year [2]. - Total return per share was -2.0%, contrasting with a 6.3% return in the previous year [2]. - Dividends per share paid in the period were 1.8p, down from 5.4p in the previous year [2]. Market and Economic Context - The AIM market has shown resilience despite a complex economic landscape, with improving investor sentiment driven by expectations of interest rate cuts and stable inflation [4][6][15]. - Growth stocks remain out of favor, contributing to the company's NAV decline, which underperformed the AIM index that rose by 2.8% during the same period [5][18]. Investment Strategy and Portfolio - As of 31 May 2025, 13% of the company's net assets were invested in unquoted companies, up from 9.4% the previous year, indicating a strategic shift towards these investments [7]. - The company made four qualifying investments totaling £2.8 million, an increase from £2.5 million in the same period last year [21]. - Notable investments included Aurrigo International plc and RC Fornax plc, focusing on innovative sectors such as autonomous vehicles and defense [22][23]. Shareholder Returns and Dividends - The company declared an interim dividend of 1.8p per share, consistent with the previous year, to be paid on 27 November 2025 [11][49]. - A revised dividend policy will be introduced from the 2026 financial year, aiming for an annual dividend of 6% of the opening NAV per share [13][14]. Government Support and Regulatory Environment - The UK government reaffirmed its support for Venture Capital Trusts (VCTs) in recent statements, which is expected to enhance investment in innovative businesses [6][17]. - Proposed reforms to the VCT market include increasing investment limits and extending eligibility for companies, aimed at maintaining VCTs as vital funding sources [17].

Financial Performance - Total AUM increased by 23% to $4573 billion in Q2 2025[5] - Net inflows reached $467 billion in Q2 2025, including $465 billion from Guardian's general account[5, 4] - U S GAAP diluted EPS was $095, and adjusted diluted EPS was $090 in Q2 2025[5] - A dividend of $040 per share was declared, and 13 million shares were repurchased[5] Investment Performance - Investment performance remained solid, with 76% of AUM outperforming benchmarks over 3-year periods in Q2 2025[3] - 72% of total AUM outperformed the benchmark over 10 years[7] - 75% of mutual fund AUM was in the top 2 Morningstar quartiles[7] Flows - Net inflows included the Guardian partnership; excluding Guardian, net flows remained positive[9] - Fixed Income and Alternatives flows were positive, and Equities improved quarter over quarter[15] Capital Management - Cash and investment securities totaled $16 billion compared to outstanding debt of $395 million[24] - The company repurchased 13 million shares in Q2 2025 for approximately $50 million[24]