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What is Artisan Partners's latest dividend and current dividend yield?

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What guidance did Artisan Partners's management provide for the next earnings period?

What factors drove the changes in Artisan Partners's revenue and profit?

- **AUM Growth & Performance**: AUM at $181.3B, with 70%+ of assets outperforming benchmarks. Emerging markets and alternatives drive inflows, offsetting equity strategy rebalancing.
- **Financial Strength**: Q3 revenue +7%, earnings +23%. Dividend up 21% QoQ, with $900M mutual fund distributions expected in Q4.
- **Strategic Expansion**: Pursuing real estate and private credit M&A, while modernizing distribution to target intermediate wealth and global mandates.
- **Disciplined Expenses**: Fixed costs growing mid-single digits, with focus on incentive alignment for distribution team.

**【CEO Summary Section】**
- **Investment Performance**: Over 70% of AUM outperformed benchmarks over 3 years; 12 long-term strategies compounded at 6-13% annually, outperforming by 243bps. Year-to-date returns exceed 20% in equities (e.g., sustainable emerging markets, non-U.S. growth), 19% in credit, and 8-21% in alternatives.
- **AUM Growth**: $181.3B at quarter-end, up 8% YoY. Net outflows driven by equity strategy rebalancing, but 14/26 strategies had net inflows. Credit business saw $1.8B YTD inflows, 13th consecutive quarter of positive flows.
- **Strategic Initiatives**: Focused on emerging markets (e.g., sustainable EM, developing world), alternatives (global unconstrained, credit opportunities), and real estate/private credit M&A. New mandates in Select Equity and International Explorer (~$1B each).

**【CFO Financial Commentary】**
- **Revenue & Earnings**: Q3 revenue up 7% QoQ, 8% YoY; adjusted operating income +22% QoQ, +12% YoY. Adjusted EPS up 23% QoQ, 11% YoY. Year-to-date revenue +6%, expenses +5% (due to higher incentive comp).
- **Capital Returns**: Quarterly dividend $0.88 (+21% QoQ). $900M mutual fund distributions expected in Q4. Performance fees projected ~$17M (similar to 2024 levels).
- **Balance Sheet**: $300M cash, $140M seed investments. Issued $50M debt to refinance $60M maturity, maintaining $100M revolving credit facility.

**【Q&A Highlights】**
- **Demand Trends**: Strong interest in global equity (e.g., global franchise strategy +934bps YTD), emerging markets (credit and equity inflows), and alternatives. Intermediate wealth and institutional clients rebalancing into active management.
- **M&A Strategy**: Focused on real estate, private credit, and secondaries. Likely small, incremental deals (e.g., real estate team in pipeline). Compensation mix varies by deal (cash, stock, leverage).
- **Distribution Reorientation**: Doubling intermediary salesforce, expanding U.K. and Middle East presence. Modernizing product wrappers (SMAs, ETFs) to meet client preferences. Emerging markets campaign generated $400M Q3 gross inflows.
- **Expense Outlook**: 2025 fixed expenses expected mid-single digits YoY growth; 2026 budgeting underway with no major changes anticipated.

Artisan Partners Asset Management Inc. (APAM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

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Income Tax Adjustments

Net Income from Continuing Operations

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Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

APAM

APAM fundamentals

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