Research · Sep 3, 2026
[APAM] Artisan Partners Thesis 2026: 6-7% Distribution Yield Anchors Income Case as Flows Stabilize
Artisan Partners sustained adj. net income/unit of ~$4.15 and ~$4.10/unit distribution (~6.3% yield) in FY2025 as AUM recovered to ~$178B on market appreciation despite ~-$4B net outflows (-2.3% of AUM). The FY2026 thesis: net outflow rate stabilizing at -2% or better as passive-substitutable mandates have already rotated out, leaving alpha-demonstrating strategies (International Value, credit) with near-neutral flows — while 8-10% equity market appreciation compounds AUM and earnings toward $4.50+/unit, making the 6-7% yield sustainable and underwriting the income case.