Artisan Partners’ fourth quarter results showed growth across several investment strategies, with revenue outpacing market expectations and adjusted profitability coming in above analyst forecasts. Management pointed to particularly strong performance in global equity, credit, and alternatives, while also noting that net outflows in public equities weighed on overall asset growth. CEO Jason Gottlieb attributed recent results to robust investment returns, highlighting that six equity strategies delivered significant outperformance. Despite elevated outflows in some equity products, the firm ended the year at an all-time high in assets under management.
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Artisan Partners (APAM) Q4 CY2025 Highlights:
- Revenue: $335.5 million vs analyst estimates of $323.5 million (13% year-on-year growth, 3.7% beat)
- Adjusted EPS: $1.26 vs analyst estimates of $1.09 (15.9% beat)
- Adjusted EBITDA: $139.9 million vs analyst estimates of $122.7 million (41.7% margin, 14% beat)
- Operating Margin: 39.2%, up from 36.7% in the same quarter last year
- Market Capitalization: $3.26 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Artisan Partners’s Q4 Earnings Call
- William Katz (TD Cowen) questioned the lower-than-expected Grandview AUM and timing for the next fund. CFO Charles Daley explained the decrease was due to property realizations, while CEO Jason Gottlieb said the next fund is targeted for a larger raise, with a first close expected by mid-year.
- Katz (TD Cowen) also asked about M&A strategy and market receptivity. Gottlieb emphasized focusing on off-market transactions and expanding in private credit and secondaries, while maintaining a talent-driven approach over purely financial buys.
- Anthony Corbin (Goldman Sachs) asked about persistent outflows from the international value strategy. Gottlieb attributed this to rebalancing after strong performance and did not express concern about the underlying demand or team performance.
- John Dunn (Evercore ISI) inquired about trends in non-U.S. strategy demand. Daley highlighted early success from a targeted emerging markets sales campaign and ongoing growth in global and international franchises, with optimism for continued engagement in 2026.
- Dunn (Evercore ISI) asked about regional institutional flow risk. Daley identified European regulatory changes and performance headwinds as challenges, while U.S. institutional flows remain more stable, particularly in emerging markets and credit.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will watch (1) the progress of Grandview’s fundraise and integration into Artisan’s platform, (2) sustained momentum in emerging markets and credit inflows, and (3) stabilization or improvement in equity outflows, especially among global and non-U.S. strategies. Execution on the alternative platform’s growth and the ability to adapt to regulatory shifts in Europe will also be important indicators.
Artisan Partners currently trades at $46.51, up from $44.55 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).
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