Financial Data and Key Metrics Changes - Fundings for the quarter totaled $73 million, with exits and prepayments at $82 million, resulting in net originations of negative $9 million [6][7] - Interest income decreased by 2.3% to $20.9 million, while the weighted average portfolio yield increased by 20 basis points to 12.8% [12][7] - Net investment income remained flat at $11.3 million, with net realized losses of $3.6 million primarily related to a specific investment [7][13] Business Line Data and Key Metrics Changes - The portfolio turnover did not materially impact the investment mix, with 70% of new originations being first lien debt [9] - The company maintained a conservative leverage position with debt at 64% of NAV, which increased to 81% of NAV post-quarter [11][15] Market Data and Key Metrics Changes - The company continues to see a healthy flow of attractive lower middle market deal opportunities, with 88% of recent deals being first lien investments [10] - The average closing leverage for new deals was three times EBITDA, with an average margin over SOFR exceeding 7% [10] Company Strategy and Development Direction - The company remains focused on growth-oriented lower middle market investments backed by private equity sponsors [19] - The strategy includes recycling investment exits to support portfolio growth and shareholder distributions [11][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the portfolio, citing well-articulated growth strategies among investments [24] - Concerns about economic headwinds were acknowledged, but the company believes its investments can withstand these challenges due to conservative leverage and cash flow generation [26][27] Other Important Information - Total assets rose to $780 million, with liabilities primarily consisting of senior notes and a line of credit [13][14] - Monthly distributions for August and September will be $0.0165 per common share, translating to an annual run rate of $1.98 per share [15] Q&A Session Summary Question: Impact of private credit growth on spreads - Management noted that while there is some pressure from sponsors, they have successfully resisted significant reductions in spreads, maintaining an average above 7% over SOFR [21][22] Question: Overall health of the portfolio amid economic uncertainty - Management indicated that most investments have solid growth strategies and can withstand economic headwinds, with a focus on long-term growth rather than short-term economic fluctuations [24][26] Question: Changes in portfolio structure to boost yields - Management clarified that there is no fundamental strategy change, but they are exploring opportunities to manage yield targets through selective second lien and asset-backed facilities [30][32] Question: Leverage ratio and prepayment patterns - Management confirmed the leverage ratio increase to 81% of NAV and noted that prepayments have been unpredictable, typically occurring when companies are up for sale [37][39] Question: Financing options for upcoming debt maturity - Management is evaluating various options for addressing the upcoming debt maturity, expressing some disappointment with current market spreads [41] Question: Future pipeline and backlog outlook - Management expects a healthy number of additional investments and anticipates net originations in the range of $50 million to $100 million per quarter [44][46] Question: Activity level and December quarter expectations - Management expressed cautious optimism for a strong Q4, traditionally a busy quarter, while acknowledging economic uncertainties that may affect deal closures [53][55]

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Financial Data and Key Metrics Changes - Ending AUM reached $176 billion, an increase of 8% compared to March [23] - Average AUM for the quarter was flat sequentially but up 5% year-over-year [23] - Year-to-date average AUM improved by 7% over the prior year's six-month period [23] - Revenues for the quarter increased by 2% compared to March and 4% compared to the same quarter last year [25] - Adjusted operating income increased slightly compared to the prior quarter and 3% year-over-year [26] - Adjusted net income per adjusted share was flat compared to last quarter and up slightly compared to the second quarter of 2024 [26] Business Line Data and Key Metrics Changes - The credit team manages over $13 billion across its franchise, with continued positive flows in fixed income [11] - The high income strategy has outperformed its benchmark by 170 basis points annually after fees [10] - The Developing World Strategy has compounded capital at an average annual rate of 11.59% since inception [14] - Artisan's five emerging market strategies have positive year-to-date net flows, raising a net $700 million across the group [15] Market Data and Key Metrics Changes - Net client cash outflows during June were $1.9 billion, driven by lower gross equity inflows and outflows compared to the prior quarter [24] - The second quarter marked the twelfth consecutive quarter of positive flows for the fixed income business [24] - Institutional clients are showing increased interest in emerging markets and fixed income strategies [44] Company Strategy and Development Direction - The company is focused on evolving its investment platform to include multi-asset and alternative investments [21] - There is a strong emphasis on talent-driven opportunities for M&A, particularly in alternatives and private equity [33][36] - The company aims to expand its distribution to align with clients valuing long-term asset allocation for high-value added investing [20] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious risk-aware environment affecting gross flows, with a focus on credit as a growth area [46] - The company is optimistic about allocations in emerging markets and fixed income strategies, especially with the ten-year anniversary of the Developing World strategy [44][52] - Management expressed confidence in the firm's ability to execute well for investment talent, clients, and shareholders under new leadership [21] Other Important Information - The company declared a quarterly dividend of $0.73 per share, a 7% increase over the prior quarter [30] - The balance sheet remains strong with approximately $140 million of seed capital invested in seeded products [28] Q&A Session Summary Question: What areas or asset classes is the company most open to pursue for M&A? - The company is focused on talent-driven opportunities, particularly in alternatives and private equity, with interest in real estate and secondaries business [33][36] Question: How should the company think about capacity constraints and timing for reopening? - The company is managing capacity judiciously, particularly in growth strategies, and is working with intermediated wealth clients to maintain consistency [38][39] Question: Can you elaborate on the two institutional mandates mentioned? - The company is seeing interest in emerging markets and fixed income strategies, with positive movement around rebalancing in global equity [42][44] Question: What is the outlook for seed capital needs this year? - The company is well positioned regarding seed capital and expects opportunities to redeploy capital for additional seed or acquisitions in the next 12 to 18 months [64][66]

Business Overview - Artisan Partners has built its business on a consistent philosophy and business model since its founding[2] - The firm has grown from 1 investment team and strategy in 1995 to 11 investment teams and 26 strategies in 2025[5] - The run-rate revenue for 2025 is $1,129 million[5] Investment Performance Highlights - Bryan Krug won the 2025 U S Morningstar Award for Investing Excellence: Outstanding Fixed Income Portfolio Manager[7] - The High Income Strategy has achieved top 1% performance since inception[8] - The International Value Fund has achieved top 1% performance since inception[10] Assets Under Management (AUM) - Assets Under Management (AUM) increased by 8% year-over-year, reaching $175.5 billion as of June 30, 2025[20] - Equity AUM totaled $156.1 billion, Fixed Income AUM was $15.6 billion, and Alternative AUM was $3.8 billion as of June 30, 2025[22] - Intermediated Wealth AUM grew by 80% over the five years ended June 30, 2025, reaching $105.7 billion[44] Financial Results - Revenues for the second quarter of 2025 were $282.8 million, a 4% increase compared to the second quarter of 2024[24] - Adjusted operating income for the second quarter of 2025 was $89.6 million, a 3% increase compared to the second quarter of 2024[24] - Adjusted net income per adjusted share for the second quarter of 2025 was $0.83, consistent with the first quarter of 2025 and a 1% increase compared to the second quarter of 2024[24]

Investment Strategy & Planning - Fidelity Wealth Management emphasizes building and maintaining a flexible investment strategy tailored to individual circumstances to navigate market volatility [1] - The firm guides clients through financial planning, assessing risk tolerance and comfort levels to determine appropriate asset allocation [1] - Tax-smart investing techniques are utilized to help clients retain more earnings, with Fidelity offering assistance in tax-efficient investing [1] - Portfolio monitoring considers personal situations, market conditions, and the overall economy [1] - Balancing professional management with self-guided tools is key to achieving desired life goals [1] Asset Allocation & Portfolio Management - Asset allocation should be based on time horizon, growth objectives, and the need for protection [1] - International stocks play a role in portfolio diversification [1] - Investment strategies should align with the client's time horizon [1] Market Perspective & Outlook - The webinar addresses managing money during periods of market volatility [1] - Expectations for interest rates are discussed [1] - Fidelity offers various ways to help clients implement their financial plans [1]

So here's my talk track which is I say listen you have one mortal enemy and you choose whoever that mortal enemy is and whoever it is I'm with you we're going to go kill that mortal enemy together but you get one you don't get an arbitrary number of mortal enemies and so in this case I'm like listen is this it is this your one mortal enemy and the founder said yes this is the one mortal enemy like all right them let's go kill them now listen we have a number of companies where they pivot midstream and they ...