Artisan Partners Asset Management Inc. (APAM) operates as a publicly traded investment management firm. It offers investment services to a diverse clientele, ...
Artisan Partners Asset Management Inc. (APAM) is a publicly traded global investment management firm headquartered in Milwaukee, Wisconsin, founded in 1994 by Andrew Ziegler and Carlene Ziegler. The firm operates as the general partner of Artisan Partners Holdings LP and offers a broad range of investment strategies, including mutual funds, ...Artisan Partners Asset Management Inc. (APAM) is a publicly traded global investment management firm headquartered in Milwaukee, Wisconsin, founded in 1994 by Andrew Ziegler and Carlene Ziegler. The firm operates as the general partner of Artisan Partners Holdings LP and offers a broad range of investment strategies, including mutual funds, separately managed accounts, and collective investment trusts. With $183.4 billion in assets under management as of mid-2026, the firm serves institutional investors such as pension plans, endowments, foundations, and government entities, as well as private and retail clients. Its investment approach is rooted in fundamental analysis, focusing on high-conviction, active management across public equity and fixed income markets. In equities, it targets growth and value opportunities across all market capitalizations, while its fixed income strategies include non-investment grade corporate bonds and secured/unsecured loans. The firm emphasizes autonomy among its investment teams, housing 12 autonomous teams that operate across global markets. The CEO is Jason A. Gottlieb, who succeeded Eric Colson in June 2025, with Colson becoming Executive Chair. The company employs approximately 567 people and has offices in Atlanta, New York, San Francisco, Leawood, Kansas, and London. Financially, APAM has a market cap of around $3.02 billion, a trailing twelve-month revenue per share of $19.92, and a net profit margin of 21.1%. It maintains a strong balance sheet with low debt and a dividend yield of about 9.3%. The firm's consistent performance reflects its commitment to long-term value creation for stakeholders.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.2B
+7.6%
+60.8%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$290.3M
+11.8%
+39.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+45.7%
-1.8%
-76.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+33.4%
+1.3%
-34.1%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+24.3%
+3.8%
-13.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$171.3M
-53.5%
-36.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+14.3%
-56.8%
-60.2%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
93.5%
+20.9%
-14.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
20.33x
+2389.9%
+193.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, everyone, and welcome to the Artisan Partners Asset Management Business Update and Second Quarter 2026 Earnings Call. [Operator Instructions] Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Artisan Partners Asset Management. Please go ahead.
Ryan Bruhn: Welcome to the Artisan Partners Asset Management business update and earnings call. Today's call will include remarks from Jason Gottlieb, CEO; and C.J. Daley, CFO. Following these remarks, we will open the line for questions. Our latest results and investor presentation are available on the Investor Relations section of our website. Before we begin today, I would like to remind you that comments made during today's call, including responses to questions, may include forward-looking statements. These are subject to known and unknown risks and uncertainties, including, but not limited to, the factors set forth in our earnings release and detailed in our SEC filings. These risks and uncertainties may cause actual results to differ materially from those disclosed in the statement, and we assume no obligation to update or revise any of these statements following the presentation. In addition, some of our remarks today will include references to non-GAAP financial measures. You can find reconciliations of these measures to the most comparable GAAP measures in the earnings release and supplemental materials, which can be found on our Investor Relations website. Also, please note that nothing on this call constitutes an offer or solicitation to purchase or sell an interest in any Artisan Investment product or a recommendation for any investment service. I will now turn it over to Jason.
Jason Gottlieb: Thank you for joining the call today. Our purpose at Artisan Partners remains unchanged, to generate and compound wealth for our clients over the long term. That purpose continues to guide every aspect of our business. We believe our autonomous investment team model, combined with the disciplined business management and thoughtful long-term growth initiatives, differentiates Artisan Partners and creates durable value for clients and shareholders alike. The second quarter demonstrated the resilience of that business model. We delivered record quarter-end assets under management, strong investment performance across much of the platform, continued growth in credit and alternatives, and another quarter of attractive financial performance despite continued headwinds in several equity strategies. As we have discussed, we are building a diversified global investment platform focused on producing attractive long-term growth across market cycles. The results this quarter reinforce that strategy. Strong investment performance continues to create opportunities for growth, particularly as clients increasingly seek differentiated active managers. Long-term investment performance remained strong across our platform with 86% of our AUM …