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BUSINESS UPDATE AND FOURTH QUARTER 2024 EARNINGS PRESENTATION Artisan Partners Asset Management
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ARTISAN PARTNERS ASSET MANAGEMENT 1 BUSINESS PHILOSOPHY & APPROACH Thoughtful Growth Active Strategies Autonomous Franchises Proven Results Designed for Investment Talent to Thrive Managed by Business Professionals Structured to Align Interests Active Talent Identification Entrepreneurial Commitment Focus on Long-Term Global Demand Since its founding, Artisan has built its business based upon a consistent philosophy and business model. Talent Driven Business Model High Value Added Investment Firm
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ARTISAN PARTNERS ASSET MANAGEMENT 2 INVESTMENT PLATFORM 2004 2014 2024 Investment Teams 4 6 11 Investment Strategies 7 14 25 Equity AUM $40B $107B $144B Fixed Income AUM -- $1B $14B Alternatives AUM -- -- $3B Asset Classes Public Equity Public Equity High-Yield Public Equity High-Yield Long-Short Equity Long-Short Credit Public/Private Hybrid Emerging Markets Debt Global Macro Investment Instruments Public Equity (Global) FX Public Equity (Global) FX U.S. Corporate Credit / Loans Derivatives Public Equity (Global) FX U.S. Corporate Credit / Loans Derivatives China A Shares Private Equity Global / Sovereign Credit Sponsored Vehicles Mutual Funds Separate Accounts Mutual Funds Separate Accounts UCITS Funds Collective Investment Trusts Mutual Funds Separate Accounts UCITS Funds Collective Investment Trusts Open-Ended Private Funds Closed-End Private Funds Hybrid Private Fund Model Delivery # of Global Markets Open 32 59 89 Data as of December 31, 2004, 2014, and 2024. Source: Artisan Partners. Effective March 31, 2024, the International Small-Mid Team, managing the Non-U.S. Small-Mid Growth strategy, became its own autonomous investment franchise. AUM figures are rounded to the nearest billion. Investments First Culture and Autonomous Team Operating Model
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ARTISAN PARTNERS ASSET MANAGEMENT 3 DIFFERENTIATED CREDIT Artisan Credit-Oriented Strategies Average Annual Returns Since Inception Net of Fees (bps) Index Return Value Added Credit Team EMsights Capital Group 641 1,041 671 467 243 684 174 798 -13 High Income Credit Opportunities Floating Rate 4/1/2014 7/1/2017 976 1,184 773 424 464 532 552 720 241 Global UnconstrainedEM Debt OpportunitiesEM Local Opportunities 1/1/2022 4/1/2022 5/1/2022 8/1/2022 As of December 31, 2024. Source: Artisan Partners/ICE BofA/JPM/S&P UBS. Value added is the amount, in basis points, by which the average annual net composite return of each strategy has outperformed or underperformed its respective benchmark since inception. Past performance is not indicative of future results. See Notes and Disclosures for more information about how we calculate our investment performance and the indexes used. AUM: $11.9 billion 2024 Net Flows: +$1.7 billion AUM: $2.9 billion 2024 Net Flows: +$1.9 billion
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ARTISAN PARTNERS ASSET MANAGEMENT 4 0.0 0.1 0.1 0.1 0.1 0.8 0.9 1.2 1.4 2.4 2.9 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 0.0 0.5 1.0 1.5 2.0 2.5 3.0 EMSIGHTS CAPITAL GROUP FRANCHISE DEVELOPMENT First Meeting Team Onboarded GLUN Launched EMLO Launched GLUN Strategic Mandate EMDO Strategic Mandate EMLO Strategic Mandate Began building operational capabilities EMDO Launched EMLO Strategic Mandate AUM ($B) LEADERSHIP Michael Cirami, CFA Portfolio Manager Michael O'Brien, CFA Head of Global Trading IDEA GENERATION 2 Portfolio Managers 2 Senior Analysts RESEARCH 5 Research Associates TRADING 3 Trading Professionals 2 Quantitative Analysts GLUN refers to the Artisan Global Unconstrained strategy, EMDO refers to the Artisan Emerging Markets Debt Opportunities strategy, and EMLO refers to Artisan Emerging Markets Local Opportunities strategy.
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ARTISAN PARTNERS ASSET MANAGEMENT 5 PLATFORM FOR FRANCHISE DEVELOPMENT 1 During December 2018, Rezo Kanovich joined the Global Equity team and became the sole portfolio manager of the firm's Non-U.S. Small-Cap Growth strategy. The strategy was re-named the Non-U.S. Small-Mid Growth strategy and given increased degrees of freedom to invest in both small and mid-cap companies. As a result of this change, the strategy’s prior composite was terminated, and a new composite began on January 1, 2019. Effective March 31, 2024, the International Small-Mid Team, managing the Non-U.S. Small-Mid Growth strategy, became its own autonomous investment franchise. 2 EMsights Capital Group AUM After Y3 is as of December 31, 2024. The team's first strategy will reach its 3-year track record on March 31, 2025. Team First Launch Date AUM After Y1 AUM After Y2 AUM After Y3 Credit April 2024 $0.7B $1.3B $2.1B Developing World July 2015 $0.7B $1.5B $2.5B Antero Peak Group May 2017 $0.1B $1.1B $2.2B International Small-Mid1 January 2019 $2.3B $7.5B $9.4B EMsights Capital Group April 2022 $0.1B $1.2B $2.9B2
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ARTISAN PARTNERS ASSET MANAGEMENT 6 TRANSPARENT PREDICTABLE FINANCIAL MODEL Long-Term Approach to Growth Invest in the business with a focus on sustainable long-term growth Fee Discipline Commitment to maintain fee levels supported by value-added strategies High Variable Costs and Stable Margins Variable cost structure enhances stability through market volatility Strong Cash Flow and Conservative Balance Sheet Modest leverage and strong cash generation provide financial stability Aligned Interests Employee incentives aligned with growing and preserving shareholder value Our financial model has served us well over time and through periods of market volatility.
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ARTISAN PARTNERS ASSET MANAGEMENT 7 Net Client Cash Flows ASSETS UNDER MANAGEMENT (in billions) $150.2 $160.4 $158.9 $167.8 $161.2 $140.3 $154.2 $158.6 $162.8 $165.4 4Q23 1Q24 2Q24 3Q24 4Q24 $(0.4) $(0.5) $(1.6) $(0.7) $(0.8) 4Q23 1Q24 2Q24 3Q24 4Q24 1 Net Client Cash Flows excludes the amount of Artisan Funds' income and capital gain distributions not reinvested by shareholders. 1 $(4.1) $(3.7) 2023 2024 $150.2 $161.2 $139.3 $160.2 2023 2024 Assets Under Management (AUM) AUM Average AUM Quarter Year +7% AUM; +15% Avg AUM(4)% AUM; 2% Avg AUM +7% AUM; +18% Avg AUM Quarter Year
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ARTISAN PARTNERS ASSET MANAGEMENT 8 ASSETS UNDER MANAGEMENT BY ASSET CLASS ($ in billions) For the Three Months Ended For the Year Ended December 31, 2024 December 31, 2024 Asset Class Equity Fixed Income Alternative Total Equity Fixed Income Alternative Total Beginning AUM $151.2 $13.1 $3.5 $167.8 $137.4 $10.0 $2.8 $150.2 Gross client cash inflows 6.0 1.5 0.2 7.7 18.7 6.1 0.9 25.7 Gross client cash outlows (7.4) (0.7) (0.4) (8.5) (25.6) (2.8) (1.0) (29.4) Net client cash flows (1.4) 0.8 (0.2) (0.8) (6.9) 3.3 (0.1) (3.7) Artisan Funds' distributions not reinvested (0.7) (0.1) 0.0 (0.8) (0.8) (0.4) 0.0 (1.2) Investment returns and other (5.2) 0.1 0.1 (5.0) 14.2 1.0 0.7 15.9 Ending AUM $143.9 $13.9 $3.4 $161.2 $143.9 $13.9 $3.4 $161.2 Annualized organic growth rate (4 %) +25 % (21 %) (2 %) (5 %) +33 % (5 %) (2 %) Ending AUM growth rate (5 %) +6 % (4 %) (4 %) +5 % +39 % +21 % +7 % Weighted average management fee 0.69 % 0.58 % 0.78 % 0.68 % 0.69 % 0.59 % 0.79 % 0.69 % Weighted average management fee + performance fee 0.70 % 0.63 % 1.95 % 0.72 % 0.70 % 0.60 % 1.11 % 0.70 % AUM mix (as of December 31, 2024) Client location: U.S. 73 % 87 % 67 % 75 % Non-U.S. 27 % 13 % 33 % 25 % 57 % Vehicle: 57 % Artisan Funds & Global Funds 46 % 67 % 44 % 48 % Separate accounts and other vehicles 54 % 33 % 56 % 52 % Distribution channel: 34 % 84 % Institutional 65 % 39 % 57 % 62 % Intermediary 32 % 59 % 41 % 35 % Retail 3 % 2 % 2 % 3 % Equity includes: Mid-Cap Growth, Small-Cap Growth, Mid-Cap Value, Non-U.S. Growth, International Value, Global Opportunities, Global Equity, Value Equity, Global Value, Sustainable Emerging Markets, Global Discovery, Developing World, Non-U.S. Small-Mid Growth, International Explorer, Select Equity, and Value Income strategies. Fixed Income includes: High Income, Floating Rate, Emerging Markets Debt Opportunities, and Emerging Markets Local Opportunities strategies. Alternative includes: Antero Peak, Antero Peak Hedge, China Post-Venture, Credit Opportunities, and Global Unconstrained strategies. Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by the average assets under management for the applicable period. Separate accounts and other vehicles includes traditional separate accounts, as well as Artisan-branded collective investment trusts and Artisan-sponsored unregistered pooled investment funds. The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment.
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ARTISAN PARTNERS ASSET MANAGEMENT 9 Weighted Average Management Fee (in bps) QUARTERLY FINANCIAL RESULTS (in millions unless otherwise noted) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share $249.0 $279.6 $297.0 69 69 68 4Q23 3Q24 4Q24 $169.0 $181.8 $187.7 4Q23 3Q24 4Q24 Adjusted Operating Expenses Adjusted Operating Income $80.0 $97.8 $109.3 4Q23 3Q24 4Q24 32.1% 35.0% 36.8% 4Q23 3Q24 4Q24 $62.8 $74.5 $85.2 4Q23 3Q24 4Q24 Adjusted Net Income $0.78 $0.92 $1.05 4Q23 3Q24 4Q24 +19% +6% +11% +3% +37% +12% +470 bps +180 bps +36% +14% +35% +14% Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by average assets under management for the applicable period. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our December 2024 earnings release: GAAP operating expense was $187.9M, $186.4M and $172.6M; GAAP operating income was $109.1M, $93.2M and $76.4M; GAAP operating margin was 36.7%, 33.3% and 30.7%; GAAP net income was $69.7M, $72.9M and $64.8M; and GAAP EPS was $0.97, $1.03 and $0.92 for the December 2024, September 2024 and December 2023 quarters, respectively.
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ARTISAN PARTNERS ASSET MANAGEMENT 10 Weighted Average Management Fee (in bps) YTD FINANCIAL RESULTS (in millions unless otherwise noted) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share $975.1 $1,111.8 70 69 2023 2024 $666.7 $735.8 2023 2024 Adjusted Operating Expenses Adjusted Operating Income $308.4 $376.0 2023 2024 31.6% 33.8% 2023 2024 $233.1 $287.3 2023 2024 Adjusted Net Income $2.89 $3.55 2023 2024 +23% +23% +14% +220 bps +10% +22% Weighted average management fee is calculated by dividing annualized investment management fees, excluding performance fees, by average assets under management for the applicable period. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our December 2024 earnings release: GAAP operating expense was $745.2M and $671.5M; GAAP operating income was $366.6M and $303.6M; GAAP operating margin was 33.0% and 31.1%; GAAP net income was $259.7M and $222.3M; and GAAP EPS was $3.66 and $3.19 for the December 2024 and December 2023 one-year periods, respectively.
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ARTISAN PARTNERS ASSET MANAGEMENT 11 BALANCE SHEET AS OF December 31, 2024 (in millions) ¹ Calculated in accordance with debt agreements. $141.0 $201.2 2023 2024 0.6x 0.5x 2023 2024 $200.0 $200.0 2023 2024 $351.4 $422.0 2023 2024 Cash Borrowings EquityLeverage Ratio 1
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ARTISAN PARTNERS ASSET MANAGEMENT 12 DIVIDENDS The historical dividend amounts shown represent dividends declared or paid with respect to the years or periods indicated and therefore include dividends declared or paid in periods after the respective years or periods. Total Dividends - Last Five Years Dividends - Last Five Quarters $0.68 $0.61 $0.71 $0.82 $0.84 $0.34 $0.50 Quarterly Special 4Q23 1Q24 2Q24 3Q24 4Q24 $3.39 $4.70 $2.82 $2.78 $3.48 2020 2021 2022 2023 2024
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ARTISAN PARTNERS ASSET MANAGEMENT 13 1 LONG-TERM INCENTIVE COMPENSATION—ANNUAL EXPENSE IMPACT 1 Long-term incentive award expense impact excludes the impact of mark to market fluctuations in the value of investments underlying franchise capital awards which are removed from adjusted operating results. Long-Term Incentive Compensation Expense as % of Revenues1 2018 2019 2020 2021 2022 2023 2024 6.4% 5.3% 4.1% 3.7% 5.6% 5.6% 5.9% Our long-term incentive award program, which consists of annual equity and franchise capital awards, serves to align the interests of our key investment professionals with those of our clients and stockholders. Beginning in 2024, we added a retirement acceleration clause to these awards that further incentivizes our key professionals to retire in a thoughtful manner. The vast majority (85%-90%) of long-term incentive awards are granted to our investment professionals. Annual Expense Impact of Long-Term Incentive Awards ($ in millions) $52.9 $42.1 $36.5 $45.6 $55.2 $54.8 $65.3 $75.0 Restricted Share AwardsFranchise Capital AwardsRetirement Acceleration Clause 2018 2019 2020 2021 2022 2023 2024 2025 Estimate
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APPENDIX
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ARTISAN PARTNERS ASSET MANAGEMENT 15 RECONCILIATION OF GAAP TO NON-GAAP (“ADJUSTED”) MEASURES (in millions) Three Months Ended Year Ended Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31, 2024 2024 2023 2024 2023 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 69.7 $ 72.9 $ 64.8 $ 259.7 $ 222.3 Add back: Net income attributable to noncontrolling interests - APH LP 14.0 14.5 14.0 52.9 49.5 Add back: Provision for income taxes 25.6 24.6 20.2 90.9 71.9 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans (1.4) 4.6 3.6 7.8 4.8 Add back: Net (gain) loss on the tax receivable agreements — 0.5 — 0.5 (0.5) Add back: Net investment (gain) loss of investment products attributable to APAM 3.6 (18.2) (19.2) (31.9) (38.4) Add back: Non-recurring expenses 1.6 — — 1.6 — Less: Adjusted provision for income taxes 27.9 24.4 20.6 94.2 76.5 Adjusted net income (Non-GAAP) $ 85.2 $ 74.5 $ 62.8 $ 287.3 $ 233.1 Average shares outstanding Class A common shares 65.2 65.1 63.5 64.9 63.4 Assumed vesting or exchange of: Unvested restricted share-based awards 5.5 5.5 5.7 5.5 5.7 Artisan Partners Holdings LP units outstanding (non-controlling interest) 10.3 10.4 11.5 10.5 11.5 Adjusted shares 81.0 81.0 80.7 80.9 80.6 Basic earnings per share (GAAP) $ 0.97 $ 1.03 $ 0.92 $ 3.66 $ 3.19 Diluted earnings per share (GAAP) $ 0.97 $ 1.03 $ 0.92 $ 3.66 $ 3.19 Adjusted net income per adjusted share (Non-GAAP) $ 1.05 $ 0.92 $ 0.78 $ 3.55 $ 2.89
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ARTISAN PARTNERS ASSET MANAGEMENT 16 RECONCILIATION OF GAAP TO NON-GAAP (“ADJUSTED”) MEASURES (in millions) Three Months Ended Year Ended Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31, 2024 2024 2023 2024 2023 Operating income (GAAP) $ 109.1 $ 93.2 $ 76.4 $ 366.6 $ 303.6 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans (1.4) 4.6 3.6 7.8 4.8 Add back: Non-recurring expenses 1.6 — — 1.6 — Adjusted operating income (Non-GAAP) $ 109.3 $ 97.8 $ 80.0 $ 376.0 $ 308.4 Operating expense (GAAP) $ 187.9 $ 186.4 $ 172.6 $ 745.2 $ 671.5 Add (less): Compensation reversal (expense) related to market valuation changes in compensation plans 1.4 (4.6) (3.6) (7.8) (4.8) Add (less): Non-recurring expenses (1.6) — — (1.6) — Adjusted operating expense (Non-GAAP) $ 187.7 $ 181.8 $ 169.0 $ 735.8 $ 666.7 Operating margin (GAAP) 36.7 % 33.3 % 30.7 % 33.0 % 31.1 % Adjusted operating margin (Non-GAAP) 36.8 % 35.0 % 32.1 % 33.8 % 31.6 %
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ARTISAN PARTNERS ASSET MANAGEMENT 17 For the Three Months Ended For the Years Ended December 31, 2024 % of Rev. September 30, 2024 % of Rev. December 31, 2023 % of Rev. December 31, 2024 % of Rev. December 31, 2023 % of Rev. Salary $ 25.0 8.4 % $ 25.0 8.9 % $ 23.5 9.4 % $ 99.1 8.9 % $ 93.5 9.6 % Incentive Compensation 99.7 33.6 93.4 33.4 86.2 34.6 375.9 33.8 332.2 34.1 Benefits & Payroll Taxes 9.2 3.1 10.2 3.7 10.1 4.1 46.0 4.1 44.2 4.5 Long-term incentive compensation1 14.5 4.9 20.4 7.3 17.0 6.8 73.1 6.6 59.5 6.1 Compensation and Benefits $ 148.4 50.0 % $ 149.0 53.3 % $ 136.8 54.9 % $ 594.1 53.4 % $ 529.4 54.3 % Add (Less): Compensation reversal (expense) related to market valuation changes in compensation plans 1.4 0.4 % (4.6) (1.7) % (3.6) (1.4) % (7.8) (0.7) % (4.8) (0.5) % Adjusted compensation and benefits2 $ 149.8 50.4 % $ 144.4 51.6 % $ 133.2 53.5 % $ 586.3 52.7 % $ 524.6 53.8 % 1 Long-term incentive compensation includes the amortization of equity-based awards and franchise capital awards. 2Adjusted measures are non-GAAP measures. The adjustments to GAAP are explained in Exhibit 2 of our December 2024 earnings release. DETAILS OF COMPENSATION & BENEFITS EXPENSE (in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 18 LONG-TERM INVESTMENT RESULTS (GROSS OF FEES)1 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of December 31, 2024 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 16.13 % 0.60 % 10.64 % 11.12 % 12.32 % 11.05 % 430 MSCI All Country World Index 17.49 % 5.43 % 10.05 % 9.20 % 9.22 % 6.75 % Global Discovery Strategy 17.51 % 0.14 % 11.10 % 13.29 % --- 13.55 % 677 MSCI All Country World Index 8.68 % 0.82 % 6.61 % 5.85 % --- 6.78 % U.S. Mid-Cap Growth Strategy 13.27 % (3.13) % 10.15 % 11.95 % 10.80 % 14.27 % 429 Russell® Midcap Index 15.34 % 3.79 % 9.91 % 9.64 % 9.62 % 10.31 % Russell® Midcap Growth Index 22.10 % 4.04 % 11.46 % 12.07 % 11.53 % 9.98 % U.S. Small-Cap Growth Strategy 15.96 % (2.69) % 6.72 % 10.67 % 10.98 % 10.58 % 280 Russell® 2000 Index 11.54 % 1.24 % 7.40 % 6.91 % 7.81 % 8.93 % Russell® 2000 Growth Index 15.15 % 0.21 % 6.85 % 7.16 % 8.08 % 7.78 % Global Equity Team Global Equity Strategy 18.78 % 2.66 % 8.44 % 10.04 % 10.22 % 11.66 % 252 MSCI All Country World Index 17.49 % 5.43 % 10.05 % 9.20 % 9.22 % 9.14 % Non-U.S. Growth Strategy 11.77 % 1.74 % 4.71 % 5.80 % 5.71 % 9.37 % 450 MSCI EAFE Index 3.82 % 1.64 % 4.72 % 4.10 % 5.19 % 4.87 % China Post-Venture Strategy 14.48 % (7.52) % --- --- --- (8.41) % 395 MSCI China SMID Cap Index 9.54 % (10.70) % --- --- --- (12.36) % U.S. Value Team Value Equity Strategy 13.49 % 9.35 % 12.51 % 10.75 % 11.06 % 9.62 % 162 Russell® 1000 Index 24.51 % 8.40 % 14.26 % 13.57 % 12.86 % 10.65 % Russell® 1000 Value Index 14.37 % 5.63 % 8.67 % 8.41 % 8.48 % 8.00 % U.S. Mid-Cap Value Strategy 5.76 % 3.51 % 8.65 % 7.44 % 7.82 % 11.83 % 231 Russell® Midcap Index 15.34 % 3.79 % 9.91 % 9.64 % 9.62 % 9.63 % Russell® Midcap Value Index 13.07 % 3.88 % 8.59 % 7.72 % 8.10 % 9.52 % Value Income Strategy 10.91 % --- --- --- --- 4.98 % -775 S&P 500 Index 25.02 % --- --- --- --- 12.73 % International Value Group International Value Strategy 7.77 % 7.90 % 10.23 % 8.28 % 8.74 % 11.53 % 562 MSCI EAFE Index 3.82 % 1.64 % 4.72 % 4.10 % 5.19 % 5.91 % International Explorer Strategy 7.32 % 4.47 % --- --- --- 13.58 % 678 MSCI All Country World Index Ex USA Small Cap (Net) 3.36 % (1.46) % --- --- --- 6.80 % Global Value Team Global Value Strategy 11.90 % 7.74 % 9.51 % 8.22 % 8.90 % 8.93 % 253 MSCI All Country World Index 17.49 % 5.43 % 10.05 % 9.20 % 9.22 % 6.40 % Select Equity Strategy 16.96 % 7.91 % --- --- --- 12.92 % (419) S&P 500 Index 25.02 % 8.93 % --- --- --- 17.11 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 8.25 % (2.31) % 2.72 % 2.61 % 5.83 % 5.25 % 81 MSCI Emerging Markets Index 7.50 % (1.92) % 1.70 % 1.38 % 3.63 % 4.44 % Long-term investment results (gross of fees) continued on next slide
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ARTISAN PARTNERS ASSET MANAGEMENT 19 LONG-TERM INVESTMENT RESULTS (GROSS OF FEES),1 Continued 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of December 31, 2024 1 YR 3 YR 5 YR 7 YR 10 YR Inception Credit Team High Income Strategy 9.39 % 5.13 % 6.68 % 6.74 % 7.44 % 7.14 % 247 ICE BofA US High Yield Index 8.20 % 2.91 % 4.04 % 4.52 % 5.08 % 4.67 % Credit Opportunities 18.06 % 13.10 % 16.20 % 13.80 % --- 13.90 % 1,147 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 5.47 % 3.91 % 2.58 % 2.51 % --- 2.43 % Floating Rate Strategy 8.78 % 7.44 % --- --- --- 7.44 % 60 S&P UBS Leveraged Loan Index 9.05 % 6.84 % --- --- --- 6.84 % Developing World Team Developing World Strategy 30.04 % 0.41 % 11.12 % 11.00 % --- 11.59 % 808 MSCI Emerging Markets Index 7.50 % (1.92) % 1.70 % 1.38 % --- 3.51 % Antero Peak Group Antero Peak Strategy 32.68 % 5.26 % 13.80 % 16.17 % --- 18.62 % 418 S&P 500 Market Index 25.02 % 8.93 % 14.51 % 13.82 % --- 14.44 % Antero Peak Hedge Strategy 30.33 % 4.31 % 10.78 % 13.08 % --- 13.26 % (87) S&P 500 Market Index 25.02 % 8.93 % 14.51 % 13.82 % --- 14.13 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 0.86 % (4.43) % 4.44 % --- --- 9.44 % 298 MSCI All Country World Index Ex USA Small Mid Cap 3.49 % (1.19) % 3.54 % --- --- 6.46 % EMsights Capital Group Global Unconstrained Strategy 12.25 % --- --- --- --- 10.80 % 656 ICE BofA 3-month Treasury Bill Index 5.25 % --- --- --- --- 4.24 % Emerging Markets Debt Opportunities Strategy 10.85 % --- --- --- --- 12.67 % 803 J.P. Morgan EMB Hard Currency/Local currency 50-50 Index 2.28 % --- --- --- --- 4.64 % Emerging Markets Local Opportunities Strategy 1.05 % --- --- --- --- 8.48 % 316 J.P. Morgan GBI-EM Global Diversified Index (2.38) % --- --- --- --- 5.32 %
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ARTISAN PARTNERS ASSET MANAGEMENT 20 LONG-TERM INVESTMENT RESULTS (NET OF FEES)1 Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of December 31, 2024 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 15.18 % (0.24) % 9.73 % 10.20 % 11.38 % 10.13 % 338 MSCI All Country World Index 17.49 % 5.43 % 10.05 % 9.20 % 9.22 % 6.75 % Global Discovery Strategy 16.39 % (0.82) % 10.04 % 12.21 % --- 12.46 % 568 MSCI All Country World Index 8.68 % 0.82 % 6.61 % 5.85 % --- 6.78 % U.S. Mid-Cap Growth Strategy 12.24 % (4.03) % 9.14 % 10.93 % 9.78 % 13.21 % 323 Russell® Midcap Index 15.34 % 3.79 % 9.91 % 9.64 % 9.62 % 10.31 % Russell® Midcap Growth Index 22.10 % 4.04 % 11.46 % 12.07 % 11.53 % 9.98 % U.S. Small-Cap Growth Strategy 14.88 % (3.63) % 5.69 % 9.60 % 9.90 % 9.51 % 173 Russell® 2000 Index 11.54 % 1.24 % 7.40 % 6.91 % 7.81 % 8.93 % Russell® 2000 Growth Index 15.15 % 0.21 % 6.85 % 7.16 % 8.08 % 7.78 % Global Equity Team Global Equity Strategy 17.73 % 1.75 % 7.49 % 9.04 % 9.20 % 10.60 % 146 MSCI All Country World Index 17.49 % 5.43 % 10.05 % 9.20 % 9.22 % 9.14 % Non-U.S. Growth Strategy 10.74 % 0.80 % 3.75 % 4.84 % 4.74 % 8.37 % 350 MSCI EAFE Index 3.82 % 1.64 % 4.72 % 4.10 % 5.19 % 4.87 % China Post-Venture Strategy 12.24 % (9.37) % --- --- --- (10.23) % 213 MSCI China SMID Cap Index 9.54 % (10.70) % --- --- --- (12.36) % US Value Team Value Equity Strategy 12.73 % 8.61 % 11.75 % 10.00 % 10.30 % 8.81 % 81 Russell® 1000 Index 24.51 % 8.40 % 14.26 % 13.57 % 12.86 % 10.65 % Russell® 1000 Value Index 14.37 % 5.63 % 8.67 % 8.41 % 8.48 % 8.00 % U.S. Mid-Cap Value Strategy 4.81 % 2.56 % 7.65 % 6.45 % 6.82 % 10.78 % 126 Russell® Midcap Index 15.34 % 3.79 % 9.91 % 9.64 % 9.62 % 9.63 % Russell® Midcap Value Index 13.07 % 3.88 % 8.59 % 7.72 % 8.10 % 9.52 % Value Income Strategy 10.14 % --- --- --- --- 4.25 % (848) S&P 500 Index 25.02 % --- --- --- --- 12.73 % International Value Group International Value Strategy 6.78 % 6.91 % 9.23 % 7.28 % 7.75 % 10.49 % 458 MSCI EAFE Index 3.82 % 1.64 % 4.72 % 4.10 % 5.19 % 5.91 % International Explorer Strategy 5.89 % 2.66 % --- --- --- 11.55 % 475 MSCI All Country World Index Ex USA Small Cap (Net) 3.36 % (1.46) % --- --- --- 6.80 % Global Value Team Global Value Strategy 10.85 % 6.73 % 8.48 % 7.20 % 7.87 % 7.89 % 149 MSCI All Country World Index 17.49 % 5.43 % 10.05 % 9.20 % 9.22 % 6.40 % Select Equity Strategy 16.09 % 7.11 % --- --- --- 12.09 % (502) S&P 500 Market Index 25.02 % 8.93 % --- --- --- 17.11 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 7.35 % (3.15) % 1.79 % 1.65 % 4.81 % 4.20 % (24) MSCI Emerging Markets Index 7.50 % (1.92) % 1.70 % 1.38 % 3.63 % 4.44 % Long-term investment results (net of fees) continued on next slide 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance.
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ARTISAN PARTNERS ASSET MANAGEMENT 21 LONG-TERM INVESTMENT RESULTS (NET OF FEES),1 continued Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of December 31, 2024 1 YR 3 YR 5 YR 7 YR 10 YR Inception Credit Team High Income Strategy 8.67 % 4.44 % 5.97 % 6.02 % 6.70 % 6.41 % 174 ICE BofA US High Yield Index 8.20 % 2.91 % 4.04 % 4.52 % 5.08 % 4.67 % Credit Opportunities Strategy 13.85 % 9.74 % 12.33 % 10.32 % --- 10.41 % 798 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 5.47 % 3.91 % 2.58 % 2.51 % --- 2.43 % Floating Rate Strategy 8.05 % 6.71 % --- --- --- 6.71 % (13) S&P UBS Leveraged Loan Index 9.05 % 6.84 % --- --- --- 6.84 % Developing World Team Developing World Strategy 28.71 % (0.64) % 9.97 % 9.85 % --- 10.43 % 692 MSCI Emerging Markets Index 7.50 % (1.92) % 1.70 % 1.38 % --- 3.51 % Antero Peak Group Antero Peak Strategy 31.39 % 4.22 % 12.68 % 15.03 % --- 17.46 % 302 S&P 500 Market Index 25.02 % 8.93 % 14.51 % 13.82 % --- 14.44 % Antero Peak Hedge Strategy 29.04 % 3.28 % 9.69 % 11.53 % --- 11.63 % (250) S&P 500 Market Index 25.02 % 8.93 % 14.51 % 13.82 % --- 14.13 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy (0.15) % (5.39) % 3.39 % --- --- 8.34 % 188 MSCI All Country World Index Ex USA Small Mid Cap 3.49 % (1.19) % 3.54 % --- --- 6.46 % EMsights Capital Group Global Unconstrained Strategy 11.20 % --- --- --- --- 9.76 % 552 ICE BofA 3-month Treasury Bill Index 5.25 % --- --- --- --- 4.24 % Emerging Markets Debt Opportunities Strategy 10.03 % --- --- --- --- 11.84 % 720 J.P. Morgan EMB Hard Currency/Local currency 50-50 Index 2.28 % --- --- --- --- 4.64 % Emerging Markets Local Opportunities Strategy 0.34 % --- --- --- --- 7.73 % 241 J.P. Morgan GBI-EM Global Diversified Index (2.38) % --- --- --- --- 5.32 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance.
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ARTISAN PARTNERS ASSET MANAGEMENT 22 NOTES & DISCLOSURES Forward-Looking Statements 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, poor performance of our investment strategies, change in the legislative and regulatory environment in which we operate, operational or technical errors or other 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, 2023, filed with the SEC on February 22, 2024, 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. Assets Under Management (AUM) Assets Under Management (AUM) refers to the assets of pooled vehicles and accounts to which Artisan Partners provides investment services. Artisan Partners’ AUM as reported here includes assets for which Artisan Partners does not have investment discretion, including certain assets for which we earn only investment-related service fees. Non-discretionary assets are reported on a one-month lag. 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. Long-Term Investment Results - Gross & Net of Fees Disclosures Performance data are sourced from Artisan Partners/MSCI/Russell/ICE BofA/S&P/JPM. Average Annual Total Returns presents composite performance for each strategy presented gross of Artisan's investment management fees (Gross of Fees) and net of Artisan's investment management fees (Net of Fees). Value Added compares returns of each composite to its respective benchmark, as indicated below. Periods less than one year are not annualized. See Investment Performance disclosure below for further detail. Investment Performance We measure the results of our "composites", which represent the aggregate performance of all discretionary client accounts, including pooled funds, 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 15% of our assets under management at December 31, 2024, are maintained in separate composites, which are not presented in these materials). Certain composites may only reflect data of a single account managed by Artisan. 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. 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. In these materials, we present Value Added, which is the difference, in basis points, between an Artisan strategy's average annual return and the return of its respective benchmark. We may also present Excess Returns, 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) and the benchmark for the ensuing year and (ii) summing all strategies' Excess Returns for each year calculated. Market Returns include all changes in AUM not included in Excess Returns and client cash flows. 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.
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ARTISAN PARTNERS ASSET MANAGEMENT 23 NOTES & DISCLOSURES Investment Performance (continued from previous page) Composites / Indexes used for the comparison calculations described are: Non-U.S. Growth Strategy / International Value Strategy-MSCI EAFE Index; Global Discovery Strategy / Global Equity Strategy / Global Opportunities Strategy / Global Value Strategy-MSCI ACWI Index; Non-U.S. Small-Mid Growth Strategy-MSCI ACWI 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 US High Yield Index; Credit Opportunities Strategy-ICE BofA US 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® Index; International Explorer Strategy-MSCI All Country World Ex USA Small Cap Index; China Post- Venture Strategy-MSCI China SMID Cap Index; Floating Rate Strategy-S&P UBS Leveraged Loan Index; Global Unconstrained Strategy-ICE BofA 3-month Treasury Bill Index; Emerging Markets Debt Opportunities Strategy-J.P. Morgan EMB Hard Currency/Local Currency 50-50 Index; 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. Other Information Throughout these materials, we present historical information about our assets under management and our average assets under management for certain periods. We use our information management systems to track our assets under management and we believe the information in these materials regarding our assets under management is accurate in all material respects. We also present information regarding the amount of our assets under management sourced through particular distribution channels. The allocation of assets under management sourced through particular distribution channels involves estimates and the exercise of judgment. We have presented the information on our assets under management sourced by distribution channel in the way in which we prepare and use that information in the management of our business. Data sourced by distribution channel on our assets under management are not subject to our internal controls over financial reporting. In these materials, we reference category rankings from Lipper, Inc. for Artisan International Value Fund and Artisan High Income Fund. Lipper rankings are based on total return of a fund's stated share class, are historical and do not represent future results. The number of funds in the category may include several share classes of the same mutual fund which may have a material impact on the fund's ranking within the category. For the period ended December 31, 2023, Lipper ranked Artisan International Value Fund - Investor Shares within its International Large-Cap Value category as follows: 1 Year - 11th out of 94 funds, 5 Year - 3rd out of 73 funds, 10 year - 2nd out of 57 funds, and since the Fund's inception (September 23, 2002) - 1st out of 17 funds. For the period ended December 31, 2023, Lipper ranked Artisan High Income Fund within its High Yield category as follows, Investor Shares: 1 Year - 13th out of 454 funds, 5 Year - 13th out of 415 funds, and since the Fund's inception (March, 19 2014) - 4th out of 324 funds; Advisor Shares: 1 Year - 11th out of 454 funds, 5 Year - 11th out of 415 funds, and since the Fund's inception (March, 19 2014) - 1st out of 324 funds. Rounding Any discrepancies included in these materials between totals and the sums of the amounts listed are due to rounding. Trademark Notice The MSCI EAFE Index, the MSCI EAFE Growth Index, the MSCI ACWI ex USA SMID Index, MSCI ACWI Ex USA Small Cap Index, the MSCI EAFE Value Index, the MSCI ACWI Index, the MSCI China SMID Cap Index, and the MSCI Emerging Markets Index are trademarks of MSCI Inc. MSCI Inc. is the owner of all copyrights relating to these indices and is the source of the performance statistics of these indices that are referred to in these materials. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. The Russell 2000® Index, the Russell 2000® Value Index, the Russell Midcap® Index, the Russell Midcap® Value Index, the Russell 1000® Index, the Russell 1000® Value Index, the Russell Midcap® Growth Index, the Russell 1000® Growth Index and the Russell 2000® Growth Index are trademarks of Russell Investment Group. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners' presentation thereof. The ICE BofA US High Yield Index, ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, and ICE BofA 3-month Treasury Bill Index are owned by ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofA indices and related data on an "as is" basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom, assumes no liability in connection with the use of the foregoing, and does not sponsor, endorse, or recommend Artisan Partners or any of its products or services. The S&P 500 Index is a product of S&P Dow Jones Indices LLC (S&P DJI) and/or its affiliates and has been licensed for use. Copyright© 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
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ARTISAN PARTNERS ASSET MANAGEMENT 24 NOTES & DISCLOSURES Trademark Notice (continued from previous page) The J.P. Morgan EMB Hard Currency/Local currency 50-50 Index and J.P. Morgan GBI-EM Global Diversified Index are trademarks of J.P. Morgan. J.P. Morgan is the owner of all copyrights relating to these indices and is the source of the performance statistics of these indices that are referred to in these materials. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2023, J.P. Morgan Chase & Co. All rights reserved. Presentation 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. Copyright 2025 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners’ permission.