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Artisan Partners (NYSE: APAM) posts record AUM, declares $0.80 dividend

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8-K

Rhea-AI Filing Summary

Artisan Partners Asset Management reported strong second-quarter 2026 results, with revenues rising to $307.9 million and net income attributable to the company reaching $80.9 million, or $1.11 per diluted share. Ending assets under management were $183.4 billion, a record quarter-end level, supported by market gains despite net outflows.

Firmwide net client outflows were $10.5 billion, including $6.4 billion from the U.S. Value team after the loss of a large sub-advisory mandate. Management decided to wind down the U.S. Value business and return capital in the U.S. Mid-Cap Value, Value Equity, and Value Income strategies, a process expected to be largely complete by the end of the third quarter.

Credit strategies generated approximately $700 million of net inflows, a 15% annualized organic growth rate and a sixteenth consecutive quarter of positive organic growth, while alternative strategies added about $300 million of net inflows with a 25% annualized organic growth rate. On an adjusted basis, operating income was $101.4 million, adjusted operating margin was 32.9%, and adjusted net income per adjusted share was $0.94.

Cash and cash equivalents increased to $334.5 million and the debt leverage ratio was 0.39x. The board declared a variable quarterly dividend of $0.80 per Class A share, approximately 80% of cash generated in the quarter, payable on August 31, 2026 to shareholders of record on August 17, 2026.

Positive

  • Record $183.4 billion assets under management and revenues rising to $307.9 million, with GAAP diluted EPS of $1.11 and adjusted EPS of $0.94, both higher than the prior-year quarter.
  • Credit strategies generated approximately $700 million of net inflows (15% annualized organic growth and a 16th consecutive positive quarter), while alternative strategies added about $300 million of net inflows (25% annualized organic growth).
  • Cash and cash equivalents increased to $334.5 million with a debt leverage ratio of 0.39x, and the board declared a variable quarterly dividend of $0.80 per share, targeting about 80% of quarterly cash generation.

Negative

  • Firmwide net client outflows were $10.5 billion in the quarter, including $6.4 billion from the U.S. Value team, largely tied to the loss of a single sub-advisory mandate.
  • Management decided to wind down the U.S. Value business and return capital in the U.S. Mid-Cap Value, Value Equity, and Value Income strategies, with the process expected to be largely complete by the end of the third quarter.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue Q2 2026 $307.9 million Consolidated GAAP revenues for the three months ended June 30, 2026
Net income attributable to APAM Q2 2026 $80.9 million GAAP net income attributable to Artisan Partners Asset Management Inc. for Q2 2026
GAAP diluted EPS Q2 2026 $1.11 per share Diluted earnings per Class A common share for the three months ended June 30, 2026
Adjusted net income Q2 2026 $76.5 million Non-GAAP adjusted net income for the three months ended June 30, 2026
Adjusted EPS Q2 2026 $0.94 per adjusted share Adjusted net income per adjusted share for Q2 2026
Ending AUM June 30, 2026 $183.4 billion Assets under management at June 30, 2026; record quarter-end level
Firmwide net client flows Q2 2026 -$10.5 billion Net client cash outflows during the quarter ended June 30, 2026
Quarterly dividend for June 2026 quarter $0.80 per share Variable quarterly dividend declared, payable August 31, 2026
assets under management (AUM) financial
"Assets Under Management (AUM) refers to the assets of pooled vehicles"
Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a bank counting all the money it manages for people and organizations—more AUM generally means the company is trusted with larger amounts and can charge higher fees.
adjusted EBITDA financial
"Adjusted EBITDA represents adjusted net income before interest expense, income taxes"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
noncontrolling interests financial
"Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings LP"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
tax receivable agreements financial
"Net gain (loss) on the tax receivable agreements represents the income (expense)"
variable quarterly dividend financial
"declared a variable quarterly dividend of $0.80 per share of Class A common stock"
adjusted operating margin financial
"Adjusted operating margin expanded 120 basis points to 32.9%"
Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.
Revenue $307.9 million up from $282.8 million in Q2 2025
Net income attributable to APAM $80.9 million up from $67.6 million in Q2 2025
GAAP diluted EPS $1.11 up from $0.94 in Q2 2025
Adjusted net income $76.5 million up from $67.5 million in Q2 2025
Adjusted EPS $0.94 up from $0.83 in Q2 2025
Ending AUM $183.4 billion up from $175.5 billion at June 30, 2025

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FAQ

What were Artisan Partners (APAM) revenues and net income in Q2 2026?
Artisan Partners reported revenues of $307.9 million and net income attributable to the company of $80.9 million, or $1.11 per diluted share, for the quarter ended June 30, 2026. Adjusted net income was $76.5 million, or $0.94 per adjusted share.

How much assets under management did APAM report at June 30, 2026?
Assets under management ended the quarter at $183.4 billion, a record quarter-end level. Average assets under management were $181.9 billion for Q2 2026, up from $166.8 billion in the prior-year quarter, reflecting market gains despite net client outflows.

What dividend did Artisan Partners (APAM) declare for the June 2026 quarter?
The board declared a variable quarterly dividend of $0.80 per Class A share with respect to the June 2026 quarter. It represents about 80% of cash generated in the quarter and will be paid on August 31, 2026, to shareholders of record on August 17, 2026.

What did APAM announce regarding its U.S. Value business in Q2 2026?
After significant asset declines and $6.4 billion of quarterly net outflows, Artisan Partners decided to wind down the U.S. Value business. Capital will be returned to investors in the U.S. Mid-Cap Value, Value Equity, and Value Income strategies, with the process expected largely complete by Q3 2026.

How did APAM’s credit and alternative strategies perform in terms of flows?
Credit strategies raised approximately $700 million of net inflows in Q2 2026, a 15% annualized organic growth rate and their 16th consecutive positive quarter. Alternative strategies added about $300 million of net inflows, a 25% annualized organic growth rate.

What was APAM’s liquidity, debt and leverage position at June 30, 2026?
At June 30, 2026, Artisan Partners held $334.5 million in cash and cash equivalents and had total borrowings of $190.0 million. Total stockholders’ equity was $465.3 million, and the company reported a debt leverage ratio of 0.39x under its loan agreements.
0001517302false00015173022026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 28, 2026
Artisan Partners Asset Management Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3582645-0969585
(State or other jurisdiction of
incorporation or organization)		(Commission file number)(I.R.S. Employer
Identification No.)
875 E. Wisconsin Avenue, Suite 800
Milwaukee, WI 53202
(Address of principal executive offices and zip code)

(414) 390-6100
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A common stock, par value $0.01 per shareAPAMNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
                             Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition
On July 28, 2026, Artisan Partners Asset Management Inc. (the “Company”) issued a press release announcing the availability of certain consolidated financial and operating results for the three and six months ended June 30, 2026. Copies of the press release and the full earnings release are attached hereto as Exhibit 99.1 and 99.2, respectively, and are incorporated herein by reference.
The information furnished in this Item 2.02, including the exhibits incorporated herein by reference, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits
Exhibit NumberDescription of Exhibit
99.1
Press Release of Artisan Partners Asset Management Inc. dated July 28, 2026
99.2
Earnings Release of Artisan Partners Asset Management Inc. dated July 28, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Artisan Partners Asset Management Inc.

Date: July 28, 2026
By:
/s/ Charles J. Daley, Jr.
Name:
Charles J. Daley, Jr.
Title:Executive Vice President, Chief Financial Officer and Treasurer



apam_headerxpr.jpg
Artisan Partners Asset Management Inc. Reports 2Q26 Results and Quarterly Dividend
Milwaukee, WI - July 28, 2026 - Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter ended June 30, 2026, and declared a quarterly dividend. The full June 2026 quarter earnings release and investor presentation can be viewed at www.apam.com.
Conference Call
The Company will host a conference call on July 29, 2026, at 11:00 a.m. (Eastern Time) to discuss its results for the three and six months ended June 30, 2026. Hosting the call will be Jason Gottlieb, Chief Executive Officer and President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10209594. A replay of the call will be available until August 5, 2026, at 9:00 a.m. (Eastern Time), by dialing 855.669.9658 or 412.317.0088 for international callers; the replay conference ID is 2052531. An audio recording will also be available on the Company’s website.
About Artisan Partners
Artisan Partners is a global multi-asset investment platform providing a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Source: Artisan Partners Asset Management Inc.

Investor Relations Inquiries
866.632.1770
ir@artisanpartners.com





apam_headerxer.jpg
Artisan Partners Asset Management Inc. Reports 2Q26 Results and Quarterly Dividend
Milwaukee, WI - July 28, 2026 - Artisan Partners Asset Management Inc. (NYSE: APAM) (the “Company” or “Artisan Partners”) today reported its results for the quarter ended June 30, 2026, and declared a quarterly dividend.
Chief Executive Officer Jason Gottlieb said: "Our long-term investment performance remains strong, with over 75% of our assets under management outperforming benchmarks across the three-, five-, and ten-year, and since-inception periods. Our strategies participated in the strong market environment during the quarter while remaining resilient as volatility returned in June, reflecting the quality and discipline of our investment teams.

"Our credit-oriented teams continued to deliver exceptional investment performance and business development results. During the quarter, our credit strategies raised approximately $700 million of net inflows, representing a 15% annualized organic growth rate and their 16th consecutive quarter of positive organic growth. Our alternative strategies added approximately $300 million of net inflows, representing a 25% annualized organic growth rate and positive organic growth in five of the last six quarters. EMsights Capital Group continues to build momentum, surpassing $5 billion in assets under management. While pressures on equity flows persist, we funded a $1 billion institutional mandate for our Global Discovery strategy and raised more than $200 million of net inflows into our Sustainable Emerging Markets strategy.

"Firmwide net outflows totaled $10.5 billion during the quarter, including $6.4 billion of net outflows from the U.S. Value team’s strategies, largely concentrated in the loss of a single sub-advisory mandate. After the significant decline in assets, we determined to wind down the U.S. Value business and return capital to investors in the U.S. Mid-Cap Value, Value Equity, and Value Income strategies, a process that we expect will be largely complete by the end of the third quarter. While the wind-down was a difficult decision, the U.S. Value team had a tremendous run over nearly 30 years at Artisan Partners, generating and compounding wealth for clients and contributing to the success and growth of the firm.

"Assets under management ended the quarter at $183.4 billion, a record quarter-end level. Average assets under management increased 9% compared to the second quarter of 2025, while revenues increased 9% to $307.9 million. On a GAAP basis, operating income increased 6% to $84.6 million, operating margin was 27.5% and earnings per share were $1.11. On an adjusted basis, operating income increased 13% to $101.4 million, operating margin expanded 120 basis points to 32.9% and earnings per share increased 13% to $0.94. These results demonstrate the earnings power of our diversified platform and our ability to generate attractive financial performance despite flow headwinds in select equity franchises.

"Consistent with our goal to be one of the world's preeminent multi-asset class investment platforms, we remain focused on expanding our capabilities in areas where we see durable client demand and can maximize alpha, including credit and alternatives, while continuing to invest to support our high-performing investment teams. Our strong balance sheet, consistent cash generation and disciplined capital allocation position us well to invest for long-term growth while continuing to return meaningful capital to shareholders."



AUM and Flows
For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
(unaudited, in millions)
Beginning assets under management$172,981 $179,928 $162,390 $179,928 $161,208 
Gross client cash inflows8,797 9,188 6,233 17,985 13,247 
Gross client cash outflows(19,296)(12,305)(8,096)(31,601)(17,950)
Net client cash flows(10,499)(3,117)(1,863)(13,616)(4,703)
Acquisitions1
— 880 — 880 — 
Realizations2
(58)— — (58)— 
Artisan Funds' distributions not reinvested3
(231)(134)(194)(365)(310)
Investment returns and other21,196 (4,576)15,212 16,620 19,350 
Ending assets under management$183,389 $172,981 $175,545 $183,389 $175,545 
Average assets under management$181,874 $182,403 $166,774 $182,187 $166,782 

Financial Results
The table below presents AUM and a comparison of certain GAAP and non-GAAP (“adjusted”) financial measures.
For the Three Months EndedFor the Six Months Ended
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
(unaudited, in millions except per share amounts or as otherwise noted)
Assets Under Management (amounts in billions)
Ending$183.4 $173.0 $175.5 $183.4 $175.5 
Average181.9 182.4 166.8 182.2 166.8 
Consolidated Financial Results (GAAP)
Revenues$307.9 $303.0 $282.8 $610.9 $559.9 
Operating income84.6 94.2 79.8 178.8 166.3 
Operating margin27.5 %31.1 %28.2 %29.3 %29.7 %
Net income attributable to Artisan Partners Asset Management Inc.
$80.9 $58.0 $67.6 $138.9 $128.7 
Basic earnings per share1.11 0.76 0.94 1.90 1.78 
Diluted earnings per share1.11 0.76 0.94 1.90 1.78 
Adjusted4 Financial Results
Adjusted operating income$101.4 $94.2 $89.6 $195.6 $178.6 
Adjusted operating margin 32.9 %31.1 %31.7 %32.0 %31.9 %
Adjusted EBITDA5
$106.0 $98.4 $94.2 $204.4 $187.8 
Adjusted net income76.5 70.8 67.5 147.3 134.5 
Adjusted net income per adjusted share0.94 0.87 0.83 1.81 1.66 

______________________________________
1 Reflects AUM obtained in connection with the closing of the Grandview Property Partners acquisition on January 2, 2026.
2 Represents the distribution of realized proceeds from the disposition of assets.
3 Reflects the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
4 Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2.
5 Adjusted EBITDA represents adjusted net income before interest expense, income taxes, depreciation and amortization expense.

2

Capital Management and Balance Sheet
Cash and cash equivalents were $334.5 million at June 30, 2026, compared to $214.4 million at December 31, 2025. During the June 30, 2026 quarter, the Company paid a dividend of $0.77 per share of Class A common stock with respect to the March 2026 quarter. The Company had total borrowings of $190.0 million at June 30, 2026 and December 31, 2025.
Total stockholders’ equity was $465.3 million at June 30, 2026, compared to $478.1 million at December 31, 2025. The Company had 71.0 million Class A common shares outstanding at June 30, 2026. The Company’s debt leverage ratio, calculated in accordance with its loan agreements, was 0.39x at June 30, 2026.
Dividend
The Company’s board of directors declared a variable quarterly dividend of $0.80 per share of Class A common stock with respect to the June 2026 quarter. The variable quarterly dividend represents approximately 80% of the cash generated in the June 2026 quarter and will be paid on August 31, 2026, to shareholders of record as of the close of business on August 17, 2026. Based on our projections and subject to change, we expect some portion of the 2026 dividend payments to constitute a return of capital for tax purposes.
Subject to board approval each quarter, we currently expect to pay a quarterly dividend of approximately 80% of the cash the Company generates each quarter from operations. We expect cash generation will generally equal adjusted net income plus long-term incentive compensation expense, less cash reserved for future franchise capital awards, with additional adjustments made for certain other sources and uses of cash, including capital expenditures. After the end of the year, our board will consider payment of a special dividend from the 20% withheld each quarter plus any discrete sources and uses of cash throughout the year, including gains realized upon seed capital redemptions and investments redeemed in connection with forfeited franchise capital awards.
*********
3

Conference Call
The Company will host a conference call on July 29, 2026, at 11:00 a.m. (Eastern Time) to discuss these results. Hosting the call will be Jason Gottlieb, Chief Executive Officer and President, and C.J. Daley, Chief Financial Officer. Supplemental materials that will be reviewed during the call are available on the Company’s website at www.apam.com. The call will be webcast and can be accessed via the Company’s website. Listeners may also access the call by dialing 877.328.5507 or 412.317.5423 for international callers; the conference ID is 10209594. A replay of the call will be available until August 5, 2026, at 9:00 a.m. (Eastern Time), by dialing 855.669.9658 or 412.317.0088 for international callers; the replay conference ID is 2052531. An audio recording will also be available on the Company’s website.
Forward-Looking Statements and Other Disclosures
Certain statements in this release, and other written or oral statements made by or on behalf of the Company, are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and our future performance, as well as management’s current expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are only predictions based on current expectations and projections about future events. These forward-looking statements are subject to a number of risks and uncertainties, and there are important factors that could cause actual results, level of activity, performance, actions or achievements to differ materially from the results, level of activity, performance, actions or achievements expressed or implied by the forward-looking statements. These factors include: the loss of key investment professionals or senior management, adverse market or economic conditions for whatever reason, poor performance of our investment strategies, change in the legislative and regulatory environment in which we operate, operational or technical errors or other matters that cause damage to our reputation, and other factors disclosed in the Company’s filings with the Securities and Exchange Commission, including those factors listed under the caption entitled “Risk Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 20, 2026, as such factors may be updated from time to time. Our periodic and current reports are accessible on the SEC's website at www.sec.gov. The Company undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release except as required by law.
Assets Under Management (AUM) refers to the assets of pooled vehicles and separate accounts to which Artisan Partners provides services. Artisan Partners’ AUM as reported here includes assets of certain strategies for which Artisan Partners provides model portfolios to managed account sponsors, for which we earn only investment-related service fees. Model assets are generally reported on a lag not exceeding one quarter and represented $382 million, $314 million, and $115 million in aggregate as of June 30, 2026, March 31, 2026, and June 30, 2025, respectively. Artisan's definition of AUM is not based on any definition of Assets Under Management contained in Form ADV or in any of Artisan's investment management agreements.
Results for any investment strategy described herein, and for different investment products within a strategy, are affected by numerous factors, including different material market or economic conditions; different investment management fee rates, brokerage commissions and other expenses; and the reinvestment of dividends or other earnings. The returns for any strategy may be positive or negative, and past performance does not guarantee future results. In these materials we present relative performance, sourced from Artisan Partners, MSCI, Russell, S&P, JP Morgan and ICE BofA. Current performance may be lower or higher than the performance shown.
Unless otherwise noted, composite returns have been presented gross of investment advisory fees applied to client accounts, but include applicable trade commissions and transaction costs. Management fees, when reflected, would reduce the results presented for an investor in an account managed within a composite. Net-of-fees composite returns presented in these materials were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Fees may be higher for certain pooled vehicles, and the composite may include accounts with performance-based fees. Index returns do not reflect the payment of fees and expenses. Certain Artisan composite returns may be represented by a single account.
In these materials, we present Value Added, which is the difference between an Artisan strategy's average annual return and the return of its respective benchmark. We may also present Excess Returns (alpha), which are an estimate of the amount in dollars by which Artisan's investment strategies have outperformed or underperformed their respective benchmark. Excess Returns are calculated by (i) multiplying a strategy's beginning-of-year AUM by the difference between the returns (in basis points) of the strategy (gross of fees, unless otherwise indicated) and the benchmark for the ensuing year and (ii) summing all strategies' Excess Returns for each year calculated. Investment returns and other include all changes in AUM not included in Excess Returns, client cash flows, acquisitions, realizations and Artisan Funds distributions not reinvested. The benchmark used for purposes of presenting a strategy’s performance and calculating Value Added and Excess Returns is generally the market index most commonly used by our clients to compare the performance of the relevant strategy. For certain strategies that are managed for absolute return, the benchmark used for purposes of presenting a strategy’s performance and calculating Value Added and Excess Returns is the index used by the Company’s management to evaluate the performance of the strategy. YTD Relative performance as presented in these materials compares the performance of a strategy's composite to its respective index.

4

Composites / Indexes used for the comparison calculations described are: Non-U.S. Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Equity Strategy / Global Opportunities Strategy / Global Value Strategy / Franchise Strategy-MSCI All Country World Index; Global Discovery Strategy: MSCI All Country World Small Mid Cap Index; Non-U.S. Small-Mid Growth Strategy-MSCI All Country World Index Ex USA Small Mid Index; U.S. Mid-Cap Growth Strategy-Russell Midcap Growth® Index; U.S. Mid-Cap Value Strategy-Russell Midcap Value® Index; U.S. Small-Cap Growth Strategy-Russell 2000 Growth® Index; Value Equity Strategy-Russell 1000 Value® Index; Developing World Strategy / Sustainable Emerging Markets Strategy-MSCI Emerging Markets Index; High Income Strategy-ICE BofA U.S. High Yield Index; Credit Opportunities Strategy-ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index; Antero Peak Strategy / Antero Peak Hedge Strategy / Select Equity Strategy / Value Income Strategy-S&P 500® Market Index; International Explorer Strategy-MSCI All Country World Index Ex USA Small Cap; Floating Rate Strategy-S&P UBS Leveraged Loan Index; Global Unconstrained Strategy-ICE BofA 3-Month U.S. Treasury Bill Index; Global Special Situations Strategy-ICE BofA Global High Yield Index; Emerging Markets Debt Opportunities Strategy-J.P. Morgan EMB Hard Currency/Local Currency 50-50; Emerging Markets Local Opportunities Strategy-J.P. Morgan GBI-EM Global Diversified Index. Where applicable, composite returns have been included for the following discontinued strategies and their indexes: Global Small-Cap Growth Strategy (Jul 1, 2013-Dec 31, 2016)-MSCI ACWI Small Cap Index; U.S. Small-Cap Value Strategy (Jun 1, 1997-Apr 30, 2016)-Russell 2000® Index; Non-U.S. Small-Cap Growth Strategy (Jan 1, 2002-Nov 30, 2018)-MSCI EAFE Small Cap Index; China Post-Venture Strategy (Apr 1, 2021-Jun 30, 2025). Index returns do not reflect the payment of fees and expenses. An investment cannot be made directly in an Artisan Partners composite or a market index and the aggregated results are hypothetical.
None of the information in these materials constitutes either an offer or a solicitation to buy or sell any fund securities, nor is any such information a recommendation for any fund security or investment service. The funds and strategies may not be available to all investors in all jurisdictions.
Grandview Property Partners is a separate, wholly-owned subsidiary and a registered investment adviser with the U.S. Securities and Exchange Commission.
Any discrepancies included in this release between totals and the sums of the amounts listed are due to rounding.

About Artisan Partners
Artisan Partners is a global multi-asset investment platform providing a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

Source: Artisan Partners Asset Management Inc.

Investor Relations Inquiries
866.632.1770
ir@artisanpartners.com

5
Exhibit 1
Artisan Partners Asset Management Inc.
Consolidated Statements of Operations
(unaudited; in millions, except per share amounts or as noted)
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
Revenues
Management fees
Artisan Funds and Artisan Global Funds$198.0 $192.9 $179.6 $390.9 $354.3 
Separate accounts and other109.7 109.9 103.2 219.6 205.6 
Performance fees0.2 0.2 — 0.4 — 
Total revenues307.9 303.0 282.8 610.9 559.9 
Operating expenses
Compensation and benefits182.0 168.7 165.8 350.7 321.0 
Distribution, servicing and marketing7.7 7.5 6.8 15.2 13.2 
Occupancy7.0 7.1 7.3 14.1 14.7 
Communication and technology14.0 13.8 13.6 27.8 26.5 
General and administrative12.3 11.5 9.5 23.8 18.2 
Amortization of intangible assets0.3 0.2 — 0.5 — 
Total operating expenses223.3 208.8 203.0 432.1 393.6 
Operating income84.6 94.2 79.8 178.8 166.3 
Interest expense(2.2)(2.1)(2.1)(4.3)(4.2)
Interest income on cash and cash equivalents and other2.3 1.9 1.9 4.2 3.9 
Gain (loss) on non-operating liabilities(0.2)— — (0.2)— 
Net investment gain (loss) of consolidated investment products12.7 (2.5)22.7 10.2 29.8 
Net investment gain (loss) of nonconsolidated investment products29.5 (5.1)18.6 24.4 22.4 
Total non-operating income (expense)42.1 (7.8)41.1 34.3 51.9 
Income before income taxes126.7 86.4 120.9 213.1 218.2 
Provision for income taxes25.9 18.8 24.9 44.7 44.9 
Net income before noncontrolling interests100.8 67.6 96.0 168.4 173.3 
Less: Net income attributable to noncontrolling interests - Artisan Partners Holdings LP
15.1 11.1 13.4 26.2 25.3 
Less: Net income (loss) attributable to noncontrolling interests - consolidated investment products
4.8 (1.5)15.0 3.3 19.3 
Net income attributable to Artisan Partners Asset Management Inc.
$80.9 $58.0 $67.6 $138.9 $128.7 
Basic earnings per share - Class A common shares
$1.11 $0.76 $0.94 $1.90 $1.78 
Diluted earnings per share - Class A common shares
$1.11 $0.76 $0.94 $1.90 $1.78 
Average shares outstanding
Class A common shares66.4 66.1 65.6 66.2 65.5 
Participating unvested restricted share-based awards5.2 5.1 5.4 5.2 5.4 
Total average shares outstanding71.6 71.2 71.0 71.4 70.9 



6
Exhibit 2
Artisan Partners Asset Management Inc.
Reconciliation of GAAP to Non-GAAP (“Adjusted”) Measures
(unaudited; in millions, except per share amounts or as noted)
Three Months EndedSix Months Ended
June 30,March 31,June 30,June 30,June 30,
20262026202520262025
Net income attributable to Artisan Partners Asset Management Inc. (GAAP)$80.9 $58.0 $67.6 $138.9 $128.7 
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings LP15.1 11.1 13.4 26.2 25.3 
Add back: Provision for income taxes25.9 18.8 24.9 44.7 44.9 
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans16.8 0.0 9.8 16.8 12.3 
Add back: Change in fair value of contingent consideration0.2 — — 0.2 — 
Add back: Net investment (gain) loss of investment products attributable to APAM(37.3)6.1 (26.1)(31.2)(32.6)
Less: Adjusted provision for income taxes25.1 23.2 22.1 48.3 44.1 
Adjusted net income (Non-GAAP)$76.5 $70.8 $67.5 $147.3 $134.5 
Average shares outstanding
Class A common shares66.4 66.1 65.6 66.2 65.5 
Assumed vesting or exchange of:
Unvested restricted share-based awards5.2 5.1 5.4 5.2 5.4 
Artisan Partners Holdings LP units outstanding (noncontrolling interest)10.1 10.1 10.2 10.1 10.3 
Adjusted shares81.7 81.3 81.2 81.5 81.2 
Basic earnings per share (GAAP)$1.11 $0.76 $0.94 $1.90 $1.78 
Diluted earnings per share (GAAP)$1.11 $0.76 $0.94 $1.90 $1.78 
Adjusted net income per adjusted share (Non-GAAP)$0.94 $0.87 $0.83 $1.81 $1.66 
Operating income (GAAP)$84.6 $94.2 $79.8 $178.8 $166.3 
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans16.8 0.0 9.8 16.8 12.3 
Adjusted operating income (Non-GAAP)$101.4 $94.2 $89.6 $195.6 $178.6 
Operating margin (GAAP)27.5 %31.1 %28.2 %29.3 %29.7 %
Adjusted operating margin (Non-GAAP)32.9 %31.1 %31.7 %32.0 %31.9 %
Net income attributable to Artisan Partners Asset Management Inc. (GAAP)$80.9 $58.0 $67.6 $138.9 $128.7 
Add back: Net income attributable to noncontrolling interests - Artisan Partners Holdings LP15.1 11.1 13.4 26.2 25.3 
Add back: Compensation expense (reversal) related to market valuation changes in compensation plans16.8 0.0 9.8 16.8 12.3 
Add back: Change in fair value of contingent consideration0.2 — — 0.2 — 
Add back: Net investment (gain) loss of investment products attributable to APAM(37.3)6.1 (26.1)(31.2)(32.6)
Add back: Interest expense2.2 2.1 2.1 4.3 4.2 
Add back: Provision for income taxes25.9 18.8 24.9 44.7 44.9 
Add back: Depreciation and amortization2.2 2.3 2.5 4.5 5.0 
Adjusted EBITDA (Non-GAAP)$106.0 $98.4 $94.2 $204.4 $187.8 
7

Supplemental Non-GAAP Financial Information
The Company's management uses non-GAAP measures (referred to as “adjusted” measures) of net income to evaluate the profitability and efficiency of the underlying operations of the business and as a factor when considering net income available for distributions and dividends. These adjusted measures remove the impact of (1) net gain (loss) on the tax receivable agreements (if any), (2) compensation expense (reversal) related to market valuation changes in compensation plans, (3) net investment gain (loss) of investment products, (4) change in fair value of contingent consideration, (5) non-recurring expenses (if any) and (6) adjustments to deferred taxes as a result of the enactment of tax laws (if any). These adjusted measures also remove the non-operational complexities of the Company's structure by adding back noncontrolling interests and assuming all income of Artisan Partners Holdings is allocated to APAM. Management believes these non-GAAP measures provide meaningful information to analyze the Company's profitability and efficiency between periods and over time. The Company has included these non-GAAP measures to provide investors with the same financial metrics used by management to manage the Company.
Non-GAAP measures should be considered in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. The Company's non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures. The Company's non-GAAP measures are as follows:
•Adjusted net income represents net income excluding the impact of (1) net gain (loss) on the tax receivable agreements (if any), (2) compensation expense (reversal) related to market valuation changes in compensation plans, (3) net investment gain (loss) of investment products, (4) change in fair value of contingent consideration, (5) non-recurring expenses (if any) and (6) adjustments to deferred taxes as a result of the enactment of tax laws (if any). Adjusted net income also reflects income taxes assuming the vesting of all unvested Class A share-based awards and as if all outstanding limited partnership units of Artisan Partners Holdings had been exchanged for Class A common stock of APAM on a one-for-one basis. Assuming full vesting and exchange, all income of Artisan Partners Holdings is treated as if it were allocated to APAM, and the adjusted provision for income taxes represents an estimate of income tax expense at an effective rate reflecting APAM's current federal, state and local income statutory tax rates. The adjusted tax rate was 24.7% for all periods presented.
•Adjusted net income per adjusted share is calculated by dividing adjusted net income by adjusted shares. The number of adjusted shares is derived by assuming the vesting of all unvested Class A share-based awards and the exchange of all outstanding limited partnership units of Artisan Partners Holdings for Class A common stock of APAM on a one-for-one basis.
•Adjusted operating income represents the operating income of the consolidated company excluding compensation expense related to market valuation changes in compensation plans and non-recurring expenses.
•Adjusted operating margin is calculated by dividing adjusted operating income by total revenues.
•Adjusted EBITDA represents adjusted net income before interest expense, income taxes, depreciation and amortization expense.
Net gain (loss) on the tax receivable agreements represents the income (expense) associated with the change in estimate of amounts payable under the tax receivable agreements entered into in connection with APAM’s initial public offering and related reorganization.
Compensation expense (reversal) related to market valuation changes in compensation plans represents the expense (income) associated with the change in the long-term incentive award liability resulting from investment returns of the underlying investment products. Because the compensation expense impact of the investment market exposure is economically hedged, management believes it is useful to reflect the expected net income offset in the calculation of adjusted operating income, adjusted net income, and adjusted EBITDA. The related investment gain (loss) on the underlying investments is included in the adjustment for net investment gain (loss) of investment products.
Net investment gain (loss) of investment products represents the non-operating income (expense) related to the Company’s investments, in both consolidated sponsored investment products and nonconsolidated sponsored investment products, including investments in sponsored investment products held to economically hedge compensation plans. Excluding these non-operating market gains or losses on investments provides greater transparency to evaluate the profitability and efficiency of the underlying operations of the business. Interest income generated on cash and cash equivalents is considered part of normal operations, and therefore, is not excluded from adjusted net income.
Change in fair value of contingent consideration represents the income (expense) associated with the change in fair value of acquisition-related contingent consideration.
Non-recurring expenses (if any) represents non-recurring professional fees that are not reflective of core operations.
Adjustments to income tax expense as a result of the enactment of tax laws (if any) relates to the remeasurement of deferred tax assets upon enactment.
8
Exhibit 3
Artisan Partners Asset Management Inc.
Condensed Consolidated Statements of Financial Condition
(unaudited; in millions)


As of
June 30,December 31,
20262025
Assets
Cash and cash equivalents$334.5 $214.4 
Accounts receivable122.6 154.5 
Investment securities246.2 228.0 
Deferred tax assets
335.8 354.7 
Goodwill40.3 — 
Other intangible assets, net7.7 — 
Assets of consolidated investment products
209.6 462.0 
Operating lease assets110.6 105.3 
Other52.2 58.4 
Total assets$1,459.5 $1,577.3 
Liabilities and equity
Accounts payable, accrued expenses and other$48.5 $32.4 
Accrued short-term incentive compensation112.2 28.9 
Accrued long-term incentive compensation117.4 105.4 
Contingent consideration26.1 — 
Operating lease liabilities125.7 120.9 
Borrowings189.2 189.1 
Amounts payable under tax receivable agreements275.0 303.4 
Liabilities of consolidated investment products14.0 14.8 
Total liabilities908.1 794.9 
Redeemable noncontrolling interests86.1 304.3 
Total stockholders’ equity465.3 478.1 
Total liabilities, redeemable noncontrolling interests and stockholders’ equity$1,459.5 $1,577.3 
9
Exhibit 4
Artisan Partners Asset Management Inc.
Assets Under Management by Investment Team and Vehicle
(unaudited; in millions)
Three Months EndedBy Investment Team
GrowthGlobal EquityU.S. ValueInternational Value GroupGlobal ValueSustainable Emerging MarketsCreditDeveloping WorldAntero Peak GroupInternational Small-MidEMsights Capital GroupGrandview Property PartnersTotal
June 30, 2026
Beginning assets under management$28,283 $15,849 $7,506 $51,743 $35,804 $2,781 $15,530 $3,145 $2,346 $4,332 $4,763 $899 $172,981 
Gross client cash inflows1,844 491 126 2,580 842 463 1,279 266 291 116 499 — 8,797 
Gross client cash outflows(4,630)(1,077)(6,483)(3,193)(1,431)(227)(591)(681)(318)(520)(145)— (19,296)
Net client cash flows(2,786)(586)(6,357)(613)(589)236 688 (415)(27)(404)354 — (10,499)
Acquisitions1
— — — — — — — — — — — — — 
Realizations2
— — — — — — — — — — — (58)(58)
Artisan Funds' distributions not reinvested3
— — — (115)— — (110)— — — (6)— (231)
Investment returns and other4,281 1,622 630 7,353 4,820 491 402 562 497 381 161 (4)21,196 
Ending assets under management$29,778 $16,885 $1,779 $58,368 $40,035 $3,508 $16,510 $3,292 $2,816 $4,309 $5,272 $837 $183,389 
Average assets under management$28,535 $17,231 $5,675 $56,112 $38,820 $3,316 $16,099 $3,303 $2,627 $4,249 $5,037 $870 $181,874 
March 31, 2026
Beginning assets under management$31,259 $15,907 $7,880 $54,010 $37,264 $2,537 $15,051 $4,283 $2,446 $4,913 $4,378 $— $179,928 
Gross client cash inflows1,884 549 181 2,134 1,320 402 1,372 258 361 189 538 — 9,188 
Gross client cash outflows(3,395)(1,035)(247)(3,603)(1,470)(150)(611)(643)(357)(609)(185)— (12,305)
Net client cash flows(1,511)(486)(66)(1,469)(150)252 761 (385)4 (420)353 — (3,117)
Acquisitions1
— — — — — — — — — — — 880 880 
Realizations2
— — — — — — — — — — — — — 
Artisan Funds' distributions not reinvested3
— — — (29)— — (101)— — — (4)— (134)
Investment returns and other(1,465)428 (308)(769)(1,310)(8)(181)(753)(104)(161)36 19 (4,576)
Ending assets under management$28,283 $15,849 $7,506 $51,743 $35,804 $2,781 $15,530 $3,145 $2,346 $4,332 $4,763 $899 $172,981 
Average assets under management4
$30,346 $16,729 $7,878 $54,979 $37,676 $2,831 $15,403 $3,894 $2,484 $4,657 $4,656 $890 $182,403 
June 30, 2025
Beginning assets under management$34,669 $13,442 $7,540 $47,486 $30,256 $1,625 $12,434 $4,147 $2,121 $5,353 $3,317 $— $162,390 
Gross client cash inflows770 220 65 2,297 886 202 1,027 196 147 110 313 — 6,233 
Gross client cash outflows(2,714)(763)(134)(1,883)(1,008)(56)(729)(175)(146)(447)(41)— (8,096)
Net client cash flows(1,944)(543)(69)414 (122)146 298 21 1 (337)272 — (1,863)
Artisan Funds' distributions not reinvested3
— — — (101)— — (91)— — — (2)— (194)
Investment returns and other4,023 2,262 294 3,072 2,772 276 455 616 418 840 184 — 15,212 
Ending assets under management$36,748 $15,161 $7,765 $50,871 $32,906 $2,047 $13,096 $4,784 $2,540 $5,856 $3,771 $— $175,545 
Average assets under management$34,785 $14,272 $7,372 $49,017 $31,191 $1,769 $12,559 $4,452 $2,261 $5,518 $3,578 $— $166,774 
______________________________________
1 Reflects AUM obtained in connection with the closing of the Grandview Property Partners acquisition on January 2, 2026.
2 Represents the distribution of realized proceeds from the disposition of assets.
3 Reflects the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
4 For Grandview Property Partners, average assets under management is for the period beginning January 2, 2026, when the team was acquired.

10
Exhibit 4
Artisan Partners Asset Management Inc.
Assets Under Management by Investment Team and Vehicle
(unaudited; in millions)
Three Months EndedBy Vehicle
Artisan Funds and Artisan Global Funds
Separate Accounts and Other 1
Total
June 30, 2026
Beginning assets under management$84,459 $88,522 $172,981 
Gross client cash inflows5,831 2,966 8,797 
Gross client cash outflows(6,858)(12,438)(19,296)
Net client cash flows(1,027)(9,472)(10,499)
Acquisitions2
— — — 
Realizations3
— (58)(58)
Artisan Funds' distributions not reinvested4
(231)— (231)
Investment returns and other10,274 10,922 21,196 
Net transfers5
(28)28 — 
Ending assets under management$93,447 $89,942 $183,389 
Average assets under management$90,469 $91,405 $181,874 
March 31, 2026
Beginning assets under management$87,875 $92,053 $179,928 
Gross client cash inflows6,353 2,835 9,188 
Gross client cash outflows(7,424)(4,881)(12,305)
Net client cash flows(1,071)(2,046)(3,117)
Acquisitions2
— 880 880 
Realizations3
— — — 
Artisan Funds' distributions not reinvested4
(134)— (134)
Investment returns and other(2,211)(2,365)(4,576)
Ending assets under management$84,459 $88,522 $172,981 
Average assets under management$89,171 $93,232 $182,403 
June 30, 2025
Beginning assets under management$79,220 $83,170 $162,390 
Gross client cash inflows4,467 1,766 6,233 
Gross client cash outflows(4,648)(3,448)(8,096)
Net client cash flows(181)(1,682)(1,863)
Artisan Funds' distributions not reinvested4
(194)— (194)
Investment returns and other6,781 8,431 15,212 
Ending assets under management$85,626 $89,919 $175,545 
Average assets under management$81,406 $85,368 $166,774 
______________________________________
1 Separate accounts and other consists of AUM we manage in or through vehicles other than Artisan Funds and Artisan Global Funds. This AUM includes assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and in our own private funds, as well as certain assets managed by the Credit team in custom, investor-driven mandates and assets under advisement for certain strategies for which we provide model portfolios to managed account sponsors.
2 Reflects AUM obtained in connection with the closing of the Grandview Property Partners acquisition on January 2, 2026.
3 Represents the distribution of realized proceeds from the disposition of assets.
4 Reflects the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
5 Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy, investment vehicle, or account and into another strategy, vehicle, or account.

11

Exhibit 5
Artisan Partners Asset Management Inc.
Assets Under Management by Investment Team and Vehicle
(unaudited; in millions)




Six Months EndedBy Investment Team
GrowthGlobal EquityU.S. ValueInternational Value GroupGlobal ValueSustainable Emerging MarketsCreditDeveloping WorldAntero Peak GroupInternational Small-MidEMsights Capital GroupGrandview Property PartnersTotal
June 30, 2026
Beginning assets under management$31,259 $15,907 $7,880 $54,010 $37,264 $2,537 $15,051 $4,283 $2,446 $4,913 $4,378 $— $179,928 
Gross client cash inflows3,728 1,040 307 4,714 2,162 865 2,651 524 652 305 1,037 — 17,985 
Gross client cash outflows(8,025)(2,112)(6,730)(6,796)(2,901)(377)(1,202)(1,324)(675)(1,129)(330)— (31,601)
Net client cash flows(4,297)(1,072)(6,423)(2,082)(739)488 1,449 (800)(23)(824)707 — (13,616)
Acquisitions1
— — — — — — — — — — — 880 880 
Realizations2
— — — — — — — — — — — (58)(58)
Artisan Funds' distributions not reinvested3
— — — (144)— — (211)— — — (10)— (365)
Investment returns and other2,816 2,050 322 6,584 3,510 483 221 (191)393 220 197 15 16,620 
Ending assets under management$29,778 $16,885 $1,779 $58,368 $40,035 $3,508 $16,510 $3,292 $2,816 $4,309 $5,272 $837 $183,389 
Average assets under management4
$29,442 $16,988 $6,767 $55,570 $38,265 $3,076 $15,755 $3,599 $2,557 $4,452 $4,847 $880 $182,187 
June 30, 2025
Beginning assets under management$38,445 $12,934 $7,597 $44,295 $28,679 $1,552 $11,942 $4,100 $2,211 $6,544 $2,909 $— $161,208 
Gross client cash inflows2,055 401 130 5,205 1,493 291 2,050 414 244 264 700 — 13,247 
Gross client cash outflows(5,623)(1,597)(337)(3,869)(2,543)(130)(1,304)(412)(294)(1,717)(124)— (17,950)
Net client cash flows(3,568)(1,196)(207)1,336 (1,050)161 746 2 (50)(1,453)576 — (4,703)
Artisan Funds' distributions not reinvested3
— — — (125)— — (182)— — — (3)— (310)
Investment returns and other1,871 3,423 375 5,365 5,277 334 590 682 379 765 289 — 19,350 
Ending assets under management$36,748 $15,161 $7,765 $50,871 $32,906 $2,047 $13,096 $4,784 $2,540 $5,856 $3,771 $— $175,545 
Average assets under management$36,731 $13,994 $7,535 $47,765 $30,793 $1,692 $12,406 $4,371 $2,261 $5,890 $3,344 $— $166,782 



______________________________________
1 Reflects AUM obtained in connection with the closing of the Grandview Property Partners acquisition on January 2, 2026.
2 Represents the distribution of realized proceeds from the disposition of assets.
3 Reflects the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
4 For Grandview Property Partners, average assets under management is for the period beginning January 2, 2026, when the team was acquired.

12
Exhibit 5
Artisan Partners Asset Management Inc.
Assets Under Management by Investment Team and Vehicle
(unaudited; in millions)




Six Months EndedBy Vehicle
Artisan Funds and Artisan Global Funds
Separate Accounts and Other 1
Total
June 30, 2026
Beginning assets under management$87,875 $92,053 $179,928 
Gross client cash inflows12,184 5,801 17,985 
Gross client cash outflows(14,282)(17,319)(31,601)
Net client cash flows(2,098)(11,518)(13,616)
Acquisitions2
— 880 880 
Realizations3
— (58)(58)
Artisan Funds' distributions not reinvested4
(365)— (365)
Investment returns and other8,063 8,557 16,620 
Net transfers5
(28)28 — 
Ending assets under management$93,447 $89,942 $183,389 
Average assets under management$89,853 $92,334 $182,187 
June 30, 2025
Beginning assets under management$77,614 $83,594 $161,208 
Gross client cash inflows9,486 3,761 13,247 
Gross client cash outflows(10,236)(7,714)(17,950)
Net client cash flows(750)(3,953)(4,703)
Artisan Funds' distributions not reinvested4
(310)— (310)
Investment returns and other9,099 10,251 19,350 
Net transfers5
(27)27 — 
Ending assets under management$85,626 $89,919 $175,545 
Average assets under management$80,938 $85,844 $166,782 



______________________________________
1 Separate accounts and other consists of AUM we manage in or through vehicles other than Artisan Funds and Artisan Global Funds. This AUM includes assets we manage in traditional separate accounts, Artisan-branded collective investment trusts and in our own private funds, as well as certain assets managed by the Credit team in custom, investor-driven mandates and assets under advisement for certain strategies for which we provide model portfolios to managed account sponsors.
2 Reflects AUM obtained in connection with the closing of the Grandview Property Partners acquisition on January 2, 2026.
3 Represents the distribution of realized proceeds from the disposition of assets.
4 Reflects the amount of income and capital gain distributions that were not reinvested in the Artisan Funds.
5 Net transfers represent certain amounts that we have identified as having been transferred out of one investment strategy, investment vehicle, or account and into another strategy, vehicle, or account.

13
Exhibit 6

Artisan Partners Asset Management Inc.
Investment Strategy AUM and Gross Composite Performance 1
As of June 30, 2026
(unaudited)
Composite Inception Date
Average Annual
Value-Added 3
Since Inception
(bps)
Strategy AUM (in $MM)2
Average Annual Total Returns (%)
Investment Team and Strategy1 YR3 YR5 YR10 YRInception
Growth Team
Global Opportunities Strategy2/1/2007$13,441 11.23%14.02%5.37%13.21%11.14%323
MSCI All Country World Index23.67%19.68%10.98%12.78%7.91%
Global Discovery Strategy9/1/2017$1,885 18.04%16.81%6.24%---14.15%486
MSCI All Country World Small Mid Cap Index23.24%16.58%7.22%---9.29%
U.S. Mid-Cap Growth Strategy4/1/1997$10,359 21.83%16.06%3.97%13.55%14.51%449
Russell® Midcap Index21.63%16.50%8.49%11.99%10.67%
Russell® Midcap Growth Index6.17%15.59%6.02%13.04%10.02%
U.S. Small-Cap Growth Strategy4/1/1995$2,981 39.55%16.74%2.89%13.91%11.12%261
Russell® 2000 Index40.78%18.58%6.98%11.62%9.62%
Russell® 2000 Growth Index38.74%18.42%5.56%11.96%8.51%
Franchise Strategy10/1/2024$1,112 6.18%---------10.59%(802)
MSCI All Country World Index23.67%---------18.61%
Global Equity Team
Global Equity Strategy4/1/2010$420 22.67%27.67%11.49%15.50%13.85%352
MSCI All Country World Index23.67%19.68%10.98%12.78%10.33%
Non-U.S. Growth Strategy1/1/1996$16,465 22.38%22.62%11.22%11.46%10.51%463
MSCI EAFE Index20.23%16.42%9.04%9.65%5.88%
U.S. Value Team
Value Equity Strategy7/1/2005$473 11.32%13.87%10.35%12.58%9.89%95
Russell® 1000 Index22.01%20.44%12.65%15.29%11.22%
Russell® 1000 Value Index27.09%17.76%11.16%11.51%8.94%
U.S. Mid-Cap Value Strategy4/1/1999$1,298 8.58%7.40%5.00%8.60%11.46%142
Russell® Midcap Index
21.63%16.50%8.49%11.99%10.06%
Russell® Midcap Value Index26.62%16.49%9.47%10.62%10.04%
Value Income Strategy3/1/2022$8 14.36%12.71%------7.76%(713)
S&P 500 Index22.33%20.59%------14.89%
International Value Group
International Value Strategy7/1/2002$57,099 24.61%17.59%12.36%12.64%12.33%519
MSCI EAFE Index20.23%16.42%9.04%9.65%7.14%
International Explorer Strategy11/1/2020$1,230 21.86%18.78%10.76%---17.43%590
MSCI All Country World Index Ex USA Small Cap19.83%16.40%6.30%---11.53%
Global Special Situations Strategy4/1/2025$39 15.57%---------14.65%636
ICE BofA Global High Yield Index5.43%---------8.29%
Global Value Team
Global Value Strategy7/1/2007$38,967 25.16%22.19%13.47%13.42%10.48%287
MSCI All Country World Index23.67%19.68%10.98%12.78%7.61%
Select Equity Strategy3/1/2020$1,068 29.17%22.97%13.21%---16.60%(98)
S&P 500 Index22.33%20.59%13.40%---17.58%
Sustainable Emerging Markets Team
Sustainable Emerging Markets Strategy7/1/2006$3,508 38.12%23.63%7.58%11.69%7.61%86
MSCI Emerging Markets Index43.51%23.00%7.19%10.07%6.75%
Credit Team
High Income Strategy4/1/2014$14,288 5.40%9.74%5.61%7.55%7.15%221
ICE BofA US High Yield Index5.74%8.78%4.13%5.70%4.94%
Credit Opportunities Strategy7/1/2017$417 8.32%15.28%11.48%---13.09%1,037
ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index4.07%4.83%3.60%---2.72%
Floating Rate Strategy1/1/2022$290 6.00%8.64%------7.09%91
S&P UBS Leveraged Loan Index4.29%7.57%------6.18%
Custom Credit Solutions 4
7/1/2025$1,515 ------------------
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Developing World Team
Developing World Strategy7/1/2015$3,292 (8.87)%13.14%(1.69)%12.18%10.59%274
MSCI Emerging Markets Index43.51%23.00%7.19%10.07%7.85%
Antero Peak Group
Antero Peak Strategy5/1/2017$2,562 20.58%25.33%13.91%---19.92%473
S&P 500 Index22.33%20.59%13.40%---15.19%
Antero Peak Hedge Strategy11/1/2017$254 16.89%22.45%11.82%---14.86%(12)
S&P 500 Index22.33%20.59%13.40%---14.98%
International Small-Mid Team
Non-U.S. Small-Mid Growth Strategy1/1/2019$4,309 10.60%9.67%1.81%---10.96%58
MSCI All Country World Index Ex USA Small Mid Cap20.64%17.08%6.72%---10.38%
EMsights Capital Group
Global Unconstrained Strategy4/1/2022$1,825 12.43%10.86%------11.07%693
ICE BofA 3-month Treasury Bill Index3.84%4.63%------4.14%
Emerging Markets Debt Opportunities Strategy5/1/2022$1,506 16.00%13.27%------13.76%669
J.P. Morgan EMB Hard Currency/Local Currency 50-508.59%8.26%------7.07%
Emerging Markets Local Opportunities Strategy8/1/2022$1,941 13.99%10.95%------12.55%414
J.P. Morgan GBI-EM Global Diversified Index7.85%7.30%------8.41%
Grandview Property Partners 5
Grandview Property Partners---$837 ------------------
Total Assets Under Management$183,389 
______________________________________
1 We measure the results of our “composites”, which represent the aggregate performance of all discretionary client accounts, including pooled investment vehicles, invested in the same strategy except those accounts with respect to which we believe client-imposed restrictions may have a material impact on portfolio construction and those accounts managed in a currency other than U.S. dollars (the results of these accounts, which represented approximately 19% of our assets under management at June 30, 2026, are maintained in separate composites, which are not presented in these materials). Returns for periods less than one year are not annualized.
2 AUM for Artisan Sustainable Emerging Markets, U.S. Mid-Cap Growth, Value Equity and Global Value strategies includes $381.8 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (generally reported on a lag not exceeding one quarter).
3 Value-added is the amount, in basis points, by which the average annual gross composite return of each of our strategies has outperformed or underperformed its
respective benchmark. See Forward-Looking Statements and Other Disclosures for further information on the benchmark indexes used. Value-added for periods less than
one year is not annualized.
4 Custom Credit Solutions represents assets managed by the Credit team within custom, investor-driven mandates for which there is no combined performance track record. A portion of these assets under management was previously reported under the High Income strategy.
5 Grandview Property Partners' AUM reflects assets managed across Grandview's flagship fund and co-investment program. Performance information for the Grandview Funds is not reported.
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