Artisan Partners Asset Management Inc.
- Open
- 41.76
- Day high
- 42.43
- Day low
- 41.52
- Prev close
- 41.17
- Volume
- 30K
- Mkt cap
- $3.0B
- P/E (TTM)
- 9.8
- EPS (TTM)
- $4.24
- P/B
- 6.4
- P/S
- 2.1
- Yield
- 9.66%
- Per share
- $4.03
- ▼Insiders net selling -$298K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Artisan Partners Asset Management Inc. (APAM) is a Financial Services company listed on NYSE. The stock is down 10% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering APAM.
Artisan Partners Asset Management Inc. (APAM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
APAM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.91 | $0.94 | +3.0% | $308M | +2.2% |
| Apr 29, 2026 | $0.91 | $0.87 | -4.4% | $303M | -0.3% |
| Feb 3, 2026 | $1.11 | $1.26 | +13.5% | $351M | +14.5% |
| Oct 28, 2025 | $0.97 | $1.02 | +5.2% | $301M | -6.5% |
| Jul 29, 2025 | $0.82 | $0.83 | +1.2% | $272M | -9.5% |
| Apr 29, 2025 | $0.76 | $0.83 | +9.2% | $288M | +3.3% |
| Feb 4, 2025 | $0.96 | $1.05 | +9.4% | $297M | +1.5% |
| Jul 23, 2024 | $0.85 | $0.82 | -3.5% | $271M | -1.6% |
| Jan 30, 2024 | $0.74 | $0.78 | +5.4% | $249M | -0.2% |
| Oct 31, 2023 | $0.74 | $0.75 | +1.4% | $249M | -1.2% |
| May 2, 2023 | $0.61 | $0.64 | +4.9% | $235M | -3.6% |
| Jan 31, 2023 | $0.62 | $0.65 | +4.8% | $226M | +1.4% |
APAM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Ramirez Gregory Kofficer: Executive Vice President | Sell | 7,000 | $42.59 |
| Mar 2, 2026 | Krein Christopher Jofficer: Executive Vice President | Grant | 22,816 | — |
| Mar 2, 2026 | Colson Eric Rdirector, 10 percent owner, officer: Executive Chair | Grant | 44,410 | — |
| Mar 2, 2026 | Ramirez Gregory Kofficer: Executive Vice President | Grant | 13,858 | — |
| Mar 2, 2026 | Simpson Laura Ellenofficer: Exec VP, CLO & Secretary | Grant | 10,682 | — |
| Mar 2, 2026 | Sellers Samuel Bentsonofficer: Executive Vice President | Grant | 13,375 | — |
| Mar 2, 2026 | Sellers Samuel Bentsonofficer: Executive Vice President | Grant | 2,275 | — |
| Mar 2, 2026 | DALEY CHARLES J JR10 percent owner, officer: Exec VP, CFO & Treasurer | Grant | 19,438 | — |
| Mar 2, 2026 | Kwei Eileen Leeofficer: Executive Vice President | Grant | 13,783 | — |
| Mar 2, 2026 | Von Hoff Ryan Georgeofficer: Chief Accounting Officer | Grant | 1,134 | — |
| Mar 2, 2026 | GOTTLIEB JASON Adirector, 10 percent owner, officer: CEO and President | Grant | 36,880 | — |
| Mar 2, 2026 | Kwei Eileen Leeofficer: Executive Vice President | Grant | 2,275 | — |
| Feb 18, 2026 | Kwei Eileen Leeofficer: Executive Vice President | Tax | 4,246 | $42.38 |
| Feb 18, 2026 | Krein Christopher Jofficer: Executive Vice President | Tax | 3,000 | $42.38 |
| Feb 18, 2026 | GOTTLIEB JASON Adirector, 10 percent owner, officer: CEO and President | Tax | 5,189 | $42.38 |
Source: APAM SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full APAM insider & 13F page →Artisan Partners Asset Management Inc. company profile
Overview
Artisan Partners Asset Management Inc. (NYSE:APAM) is a Milwaukee-based investment management firm founded in 1994 that went public in March 2013. The company operates as an independent asset manager serving institutional and high-net-worth clients globally, with additional offices in Atlanta, New York, San Francisco, Kansas, and London. Over its 30-year history, Artisan has grown from a boutique equity manager to a diversified investment platform managing $162 billion in assets across multiple asset classes and investment strategies.
Business
Artisan Partners operates in the asset management industry, which involves pooling client money and investing it in various securities on behalf of institutional investors, wealthy individuals, and retail clients. The company manages investment portfolios across three main asset classes: Equity Strategies represent the firm's original and largest business segment, encompassing both domestic and international stock investments. These strategies include growth and value investing approaches across companies of all market capitalizations, from small-cap emerging companies to large multinational corporations. The equity business focuses on fundamental analysis - detailed research into individual companies' financial health, competitive position, and growth prospects. Fixed Income Strategies have become a significant growth area, managing nearly $15 billion across six different strategies. This segment invests in bonds and debt securities, including both investment-grade corporate bonds and higher-risk non-investment grade securities. The fixed income team also manages secured and unsecured loans, with particular expertise in emerging markets debt and credit opportunities. Alternative Strategies represent the newest and fastest-growing segment, offering more sophisticated investment approaches including hedge fund-like strategies, private credit, and liquid alternatives. These strategies often employ more complex techniques and may have different fee structures, including performance-based compensation. The company operates through 11 distinct investment teams managing 25 different strategies, with approximately 26% of total assets coming from non-U.S. clients. The Intermediated Wealth Channel has become increasingly important, representing $97 billion or 60% of total assets under management, serving high-net-worth individuals through financial advisors and wealth management platforms.
Revenue model
Artisan Partners generates revenue primarily through asset-based management fees charged as a percentage of assets under management (AUM). The company's weighted average recurring fee rate is approximately 68-70 basis points (0.68-0.70% annually), meaning clients pay roughly $680-700 per year for every $100,000 invested. This fee structure creates a direct correlation between the firm's revenue and both the amount of assets managed and the performance of those investments. The firm also earns performance fees on certain strategies, representing about 3% of total AUM, which provide additional compensation when investment returns exceed predetermined benchmarks. These performance fees contributed approximately $17 million in Q4 2024, demonstrating the upside potential of this revenue model. Several factors significantly impact Artisan's profitability margins. Market performance directly affects both fee revenue and client flows - rising markets increase AUM values and fees, while declining markets reduce both. Investment performance relative to benchmarks is crucial for attracting and retaining clients, as institutional investors and wealth managers typically allocate capital based on risk-adjusted returns over multi-year periods. Client flow dynamics represent another critical margin driver. Net inflows allow the firm to grow AUM and revenue without proportional increases in investment management costs, while significant outflows can quickly erode profitability. The company maintains a largely variable cost structure, with approximately 70% of expenses tied to revenue, providing some protection during market downturns. Competitive pressure from passive index funds and exchange-traded funds (ETFs) continues to pressure fees across the industry, particularly for traditional equity strategies. However, Artisan's focus on high-value-added strategies in fixed income and alternatives helps maintain premium pricing. The firm's expansion into alternative investments, which typically command higher fees, represents a strategic response to this competitive pressure.
Competitive moat
Artisan Partners possesses a moderate competitive moat built primarily around investment talent and long-term performance track records, though this moat faces ongoing challenges from industry commoditization trends. The firm's core competitive advantage lies in its entrepreneurial investment culture and ability to attract and retain high-quality portfolio managers through an ownership-oriented compensation structure that aligns manager interests with long-term performance. The company's track record of outperformance provides some defensive characteristics, with four fixed income strategies generating 239 basis points of average annualized alpha and five alternative strategies generating 331 basis points of average annualized alpha above their benchmarks. This performance history helps differentiate Artisan from passive investment options and supports premium fee structures. However, the moat faces significant structural challenges. Investment performance is inherently cyclical and past performance does not guarantee future results, making client relationships potentially unstable during periods of underperformance. The asset management industry has experienced persistent fee compression as institutional investors increasingly favor low-cost passive strategies and demand fee concessions from active managers. Competitive threats come from multiple directions: large-scale asset managers with greater resources and distribution capabilities, boutique specialists in specific strategies, and the continued growth of passive investing. The firm's relatively modest $162 billion in AUM, while substantial, pales in comparison to industry giants like BlackRock or Vanguard, potentially limiting economies of scale and distribution reach. The company's strategic pivot toward alternative investments and fixed income represents an attempt to strengthen its competitive position by moving into higher-fee, more specialized strategies where performance differentiation remains more valued by clients. However, these markets are also becoming increasingly competitive as traditional asset managers seek similar diversification strategies.
Risks & safety
Artisan Partners demonstrates strong financial stability with minimal solvency risk, though faces typical asset management industry volatility. • Liquidity position: $213 million in cash and short-term investments with strong free cash flow generation of $158 million in Q1 2025 • Debt levels: Debt-to-equity ratio of 0.76, manageable for an asset management firm with predictable cash flows • Cash generation: Consistent positive free cash flow with $368 million generated in full-year 2024 • Valuation metrics: Trading at 10.5x P/E ratio and 6.6x EV/EBITDA, suggesting reasonable valuation relative to earnings • Dividend sustainability: Strong dividend history with $36.47 per share returned since 2013 IPO, supported by consistent cash generation • Business model risks: Revenue directly tied to volatile AUM levels, with recent net outflows of $2.8 billion in Q1 2025 highlighting client retention challenges • Operational leverage: High variable cost structure (70% of expenses tied to revenue) provides downside protection during market stress
Recent development
Over the past several years, Artisan Partners has executed a strategic transformation from a primarily equity-focused asset manager to a more diversified investment platform. The most significant development has been the aggressive expansion into fixed income and alternative strategies, with the firm raising $3.6 billion across these asset classes in 2024 alone and now managing nearly $15 billion in fixed income across six strategies. The company has made strategic talent acquisitions to support this diversification, notably adding Bryan Krug's Denver-based credit team and the Boston-based EMsights Capital Group led by Mike Cirami and Mike O'Brien. These additions have enabled the launch of specialized strategies including credit opportunities, emerging markets debt, and global unconstrained strategies. Distribution strategy evolution represents another major strategic shift, with the firm restructuring its sales approach to better address the wealth management marketplace. The intermediated wealth channel now represents 60% of total AUM, reflecting this strategic reorientation toward serving high-net-worth individuals through financial advisors rather than solely focusing on institutional clients. Recent product development has included the launch of Global Special Situations and Franchise strategies, while the Developing World strategy is approaching its 10-year track record milestone. The firm has also been methodically evaluating opportunities in private markets, with particular interest in real estate credit and equity strategies, though management emphasizes a disciplined approach to expansion that prioritizes talent acquisition over rapid asset gathering. The company has maintained its commitment to returning capital to shareholders, continuing regular quarterly dividends while investing in seed capital for new strategies and maintaining a strong balance sheet to support organic growth initiatives.
APAM company profile · for informational purposes only — not investment advice.
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