Artisan Partners’ third quarter results were driven by growth in its credit and alternatives franchises, which helped offset underperformance in certain equity strategies and net client outflows. Management attributed the positive market reaction to the company’s ability to maintain strong long-term track records across asset classes, despite short-term challenges in its international and global value equity portfolios. CEO Jason Gottlieb noted, “Our long term investment results across asset classes... demonstrates the strength and consistency of our platform,” highlighting that 92% of assets under management outperformed benchmarks over ten years.
Is now the time to buy APAM? Find out in our full research report (it’s free for active Edge members).
Artisan Partners (APAM) Q3 2026 highlights:
- Revenue $312.5 million vs S&P analysts’ estimates of $308.3 million (3.7% year-on-year growth, 1.4% beat)
- Adjusted EPS $1.03 vs S&P analysts’ estimates of $0.96 (7.6% beat)
- Operating margin 35.1%, up from 33.8% in the same quarter last year
- Market capitalization $2.47 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is 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 Q3 earnings call
- Kenneth Lee (RBC Capital Markets) asked about the opportunity for the upcoming interval fund and potential client demand. CEO Jason Gottlieb responded that initial client feedback has been positive, signaling demand for flexible solutions in the credit space.
- William Katz (TD Cowen) questioned where credit platform expansion would focus—public, private, or geographically. Gottlieb detailed growth in floating rate and alternatives strategies, with an emphasis on European market penetration and new product launches.
- Katz (TD Cowen) also asked about M&A appetite and client concentration risk. Gottlieb said M&A is focused on private credit and sector-specific opportunities, while CFO Charles Daley explained client assets are diversified across teams and strategies.
- Alexander Blostein (Goldman Sachs) sought clarity on how management is addressing recent underperformance in large equity strategies and potential redemption risks. Gottlieb explained that sophisticated clients understand the volatility inherent in active management and that performance had improved in October.
- John Dunn (Evercore ISI) inquired about the strategy and pricing for the new ETF share classes. Gottlieb said these would match existing strategies and fees, staged over several quarters to provide client flexibility without internal competition.
Catalysts in upcoming quarters
Looking ahead, the StockStory team will be monitoring (1) net flow trends in key credit and alternatives franchises, (2) the pace and success of new product launches such as interval funds and ETF share classes, and (3) the stabilization of equity outflows as core strategies recover. Execution in international markets and incremental distribution wins will also be important indicators of progress.
Artisan Partners currently trades at $35.28, up from $33.20 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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