Slides
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Business Update and Fourth Quarter 2025 Earnings Presentation Artisan Partners Asset Management
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ARTISAN PARTNERS ASSET MANAGEMENT 2 Thoughtful Growth ▪ Active Strategies ▪ Autonomous Franchises ▪ Process-Driven Results Artisan has built its business based upon a consistent philosophy and business model Talent-Driven Business Model High Value-Added Investment Firm ▪ Designed for Investment Talent to Thrive ▪ Managed by Business Professionals ▪ Structured to Align Interests Business Philosophy & Approach ▪ Active Talent Identification ▪ Entrepreneurial Commitment ▪ Focus on Long-Term Global Demand
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ARTISAN PARTNERS ASSET MANAGEMENT 3 Data as of December 31, 2025. Represents the percentage of our assets under management managed in strategies by asset class for which the average annual gross composite return of such strategies exceeded their respective benchmark for the average annual periods ended on the indicated dates. Includes assets under management in all strategies in operation throughout the period. Past performance is not indicative of future results. See Notes and Disclosures for more information about how we calculate our investment performance and the benchmarks used. Percentage of AUM Outperforming Benchmark As of December 31, 2025 Asset Class 1-Year 3-Year 5-Year 10-Year Inception Equity 42% 77% 73% 92% 99% Credit 100% 100% 100% 100% 100% Alternatives 100% 94% 13% — 94% Firmwide 48% 79% 74% 92% 99% Investment Performance
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ARTISAN PARTNERS ASSET MANAGEMENT 4 Ending AUM ($B) $175 $128 $150 $161 $180 2021 2022 2023 2024 2025 Investment Performance $17.6 ($36.6) $27.0 $15.9 $33.4 Net Flows $1.7 ($9.8) ($4.1) ($3.7) ($12.7) Equity ($1.2) ($9.7) ($4.4) ($6.8) ($15.6) Credit $1.6 $0.0 $2.0 $3.3 $2.8 Alternative $1.3 ($0.2) ($1.7) ($0.1) $0.1 Business Development $ in billions
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ARTISAN PARTNERS ASSET MANAGEMENT 5 Grandview Partners ▪ Real Estate Private Equity ▪ Multi-generational leadership team that has worked together through multiple cycles and funds ▪ Raj Menon - CEO ▪ Jeff Usas - Managing Partner ▪ Eric Freeman - Managing Partner ▪ Dean Sotter - President ▪ 20+ year track record in value-add/opportunistic real estate ▪ Approximately $880 million in AUM across 3 flagship and multiple co-investment vehicles ▪ Top-quartile IRRs with consistent distributions to paid-in capital (DPI) realization ▪ Independent sourcing with >80% of flagship fund series sourced via non-competitive processes Grandview Partners assets under management represents fair value of assets including uncalled and recallable capital commitments, less fund-level indebtedness and other liabilities Top quartile IRR and DPI realization relates to Grandview’s Fund I, as of June 30, 2025. IRR and DPI realization for Fund II and Fund III are not reported given their vintage years of 2021 and 2023, respectively.
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ARTISAN PARTNERS ASSET MANAGEMENT 6 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. Transparent Predictable Financial Model
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ARTISAN PARTNERS ASSET MANAGEMENT 7 Weighted Average Fee (in bps) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share $297.0 $301.3 $335.5 72 68 74 4Q24 3Q25 4Q25 $187.7 $192.1 $200.7 4Q24 3Q25 4Q25 Adjusted Operating Expenses Adjusted Operating Income $109.3 $109.2 $134.8 4Q24 3Q25 4Q25 36.8% 36.2% 40.2% 4Q24 3Q25 4Q25 $85.2 $82.7 $102.2 4Q24 3Q25 4Q25 Adjusted Net Income $1.05 $1.02 $1.26 4Q24 3Q25 4Q25 +13% +11% +7% +4% +23% +23% +340 bps +400 bps +20% +24% +20% +24% Weighted average fee is calculated by dividing annualized investment management fees, including performance fees, by average assets under management for the applicable period. Prior to this quarter, we presented weighted average management fee, which excluded performance fees. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our December 2025 earnings release: GAAP operating expense was $204.0M, $199.5M and $187.9M; GAAP operating income was $131.5M, $101.8M and $109.1M; GAAP operating margin was 39.2%, 33.8% and 36.7%; GAAP net income was $94.8M, $66.8M and $69.7M; and GAAP EPS was $1.32, $0.93 and $0.97 for the December 2025, September 2025 and December 2024 quarters, respectively. Quarterly Financial Results ($ in millions, unless otherwise noted)
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ARTISAN PARTNERS ASSET MANAGEMENT 8 Weighted Average Fee (in bps) Revenues Adjusted Operating Margin Adjusted Net Income per Adjusted Share $1,111.8 $1,196.7 70 69 2024 2025 $735.8 $774.1 2024 2025 Adjusted Operating Expenses Adjusted Operating Income $376.0 $422.6 2024 2025 33.8% 35.3% 2024 2025 $287.3 $319.4 2024 2025 Adjusted Net Income $3.55 $3.93 2024 2025 +11% +11% +8% +150 bps +5% +12% Weighted average fee is calculated by dividing annualized investment management fees, including performance fees, by average assets under management for the applicable period. Prior to this quarter, we presented weighted average management fee, which excluded performance fees. Adjusted measures are non-GAAP measures and are explained and reconciled to the comparable GAAP measures in Exhibit 2 of our December 2025 earnings release: GAAP operating expense was $797.1M and $745.2M; GAAP operating income was $399.6M and $366.6M; GAAP operating margin was 33.4% and 33.0%; GAAP net income was $290.3M and $259.7M; and GAAP EPS was $4.05 and $3.66 for the December 2025 and December 2024 one-year periods, respectively. YTD Financial Results ($ in millions, unless otherwise noted)
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ARTISAN PARTNERS ASSET MANAGEMENT 9 Balance Sheet as of December 31, 2025 ($ in millions) ¹ Calculated in accordance with debt agreements. $201.2 $214.4 2024 2025 $200.0 $190.0 0.5x 0.4x 2024 2025 $154.9 $151.6 2024 2025 $422.0 $478.1 2024 2025 Cash and Cash Equivalents Borrowings & Leverage Ratio1 Stockholders' Equity Seed Capital
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ARTISAN PARTNERS ASSET MANAGEMENT 10 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 $0.84 $0.68 $0.73 $0.88 $1.01 $0.50 $0.57 Quarterly Special 4Q24 1Q25 2Q25 3Q25 4Q25 $4.70 $2.82 $2.78 $3.48 $3.87 2021 2022 2023 2024 2025 Dividends
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ARTISAN PARTNERS ASSET MANAGEMENT 11 1 1 Long-term incentive award expense impact excludes the impact of mark to market fluctuations in the value of investments underlying franchise capital awards which are removed from adjusted operating results. Long-Term Incentive Compensation Expense as % of Revenues1 2018 2019 2020 2021 2022 2023 2024 2025 6.4% 5.3% 4.1% 3.7% 5.6% 5.6% 5.9% 6.2% Our long-term incentive award program, which consists of annual equity and franchise capital awards, serves to align the interests of our key investment professionals with those of our clients and stockholders. Beginning in 2024, we added a retirement acceleration clause to these awards that further incentivizes our key professionals to retire in a thoughtful manner. The vast majority of long-term incentive awards are granted to our investment professionals. Annual Expense Impact of Long-Term Incentive Awards ($ in millions) $52.9 $42.1 $36.5 $45.6 $55.2 $54.8 $65.3 $74.0 $84.5 Restricted Share AwardsFranchise Capital AwardsRetirement Acceleration Clause 2018 2019 2020 2021 2022 2023 2024 2025 2026 Estimate Long-Term Incentive Compensation - Annual Expense Impact
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APPENDIX
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ARTISAN PARTNERS ASSET MANAGEMENT 13 $161.2 $162.4 $175.5 $181.3 $179.9 $165.4 $166.7 $166.8 $177.4 $180.9 4Q24 1Q25 2Q25 3Q25 4Q25 $161.2 $179.9 $160.2 $173.0 2024 2025 AUM Average AUM +12% AUM; +8% Avg AUM (1)% AUM; +2% Avg AUM +12% AUM; +9% Avg AUM Assets Under Management ($ in billions) Quarter Year
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ARTISAN PARTNERS ASSET MANAGEMENT 14 For the Three Months Ended For the Year Ended December 31, 2025 December 31, 2025 Asset Class Equity Credit Alternative Total Equity Credit Alternative Total Beginning AUM $160.7 $16.6 $4.0 $181.3 $143.9 $13.9 $3.4 $161.2 Gross client cash inflows 5.5 1.8 0.4 7.7 20.4 5.3 1.3 27.0 Gross client cash outflows (12.2) (0.7) (0.4) (13.3) (36.0) (2.5) (1.2) (39.7) Net client cash flows (6.7) 1.1 0.0 (5.6) (15.6) 2.8 0.1 (12.7) Artisan Funds' distributions not reinvested (1.4) (0.1) 0.0 (1.5) (1.6) (0.4) 0.0 (2.0) Investment returns and other 5.4 0.3 0.0 5.7 31.3 1.6 0.5 33.4 Ending AUM $158.0 $17.9 $4.0 $179.9 $158.0 $17.9 $4.0 $179.9 Annualized organic growth rate (17 %) +26% 0 % (12 %) (11 %) +20% +4% (8 %) Ending AUM growth rate (2 %) +8% +0% (1 %) +10% +29% +20% +12% Weighted average fee 71 bps 71 bps 201 bps 74 bps 69 bps 58 bps 109 bps 69 bps AUM mix (as of December 31, 2025) Client location: U.S. 73 % 84 % 74 % 74 % Non-U.S. 27 % 16 % 26 % 26 % Vehicle: Artisan Funds & Global Funds 47 % 62 % 55 % 49 % Separate accounts and other vehicles 53 % 38 % 45 % 51 % Distribution channel: Intermediated Wealth 59 % 67 % 83 % 60 % Institutional 41 % 33 % 17 % 40 % See Notes & Disclosures at the end of this presentation for a breakdown of investment strategies by asset class. Weighted average fee is calculated by dividing annualized investment management fees, including performance fees, by the average assets under management for the applicable period. Separate accounts and other vehicles includes traditional separate accounts, Artisan-branded collective investment trusts and Artisan Private Funds, as well as custom credit solutions and assets under advisement related to investment models for which we provide consulting advice but do not have investment discretion. The allocation of assets under management by distribution channel involves the use of estimates and the exercise of judgment. Assets Under Management By Asset Class ($ in billions)
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ARTISAN PARTNERS ASSET MANAGEMENT 15 Three Months Ended Year Ended Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31, 2025 2025 2024 2025 2024 Net income attributable to Artisan Partners Asset Management Inc. (GAAP) $ 94.8 $ 66.8 $ 69.7 $ 290.3 $ 259.7 Add back: Net income attributable to noncontrolling interests - APH LP 17.9 15.0 14.0 58.2 52.9 Add back: Provision for income taxes 29.5 36.9 25.6 111.3 90.9 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 3.3 7.4 (1.4) 23.0 7.8 Add back: Net (gain) loss on the tax receivable agreements — (0.6) — (0.6) 0.5 Add back: Net investment (gain) loss of investment products attributable to APAM (9.7) (15.7) 3.6 (58.0) (31.9) Add back: Non-recurring expenses — — 1.6 — 1.6 Less: Adjusted provision for income taxes 33.6 27.1 27.9 104.8 94.2 Adjusted net income (Non-GAAP) $ 102.2 $ 82.7 $ 85.2 $ 319.4 $ 287.3 Average shares outstanding Class A common shares 65.7 65.7 65.2 65.6 64.9 Assumed vesting or exchange of: Unvested restricted share-based awards 5.3 5.3 5.5 5.3 5.5 Artisan Partners Holdings LP units outstanding (non-controlling interest) 10.2 10.2 10.3 10.2 10.5 Adjusted shares 81.2 81.2 81.0 81.1 80.9 Basic and diluted earnings per share (GAAP) $ 1.32 $ 0.93 $ 0.97 $ 4.05 $ 3.66 Adjusted net income per adjusted share (Non-GAAP) $ 1.26 $ 1.02 $ 1.05 $ 3.93 $ 3.55 Reconciliation of GAAP to Non-GAAP ("Adjusted") Measures ($ in millions)
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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, 2025 2025 2024 2025 2024 Operating income (GAAP) $ 131.5 $ 101.8 $ 109.1 $ 399.6 $ 366.6 Add back: Compensation expense (reversal) related to market valuation changes in compensation plans 3.3 7.4 (1.4) 23.0 7.8 Add back: Non-recurring expenses — — 1.6 — 1.6 Adjusted operating income (Non-GAAP) $ 134.8 $ 109.2 $ 109.3 $ 422.6 $ 376.0 Operating expense (GAAP) $ 204.0 $ 199.5 $ 187.9 $ 797.1 $ 745.2 Add (less): Compensation reversal (expense) related to market valuation changes in compensation plans (3.3) (7.4) 1.4 (23.0) (7.8) Add (less): Non-recurring expenses — — (1.6) — (1.6) Adjusted operating expense (Non-GAAP) $ 200.7 $ 192.1 $ 187.7 $ 774.1 $ 735.8 Operating margin (GAAP) 39.2 % 33.8 % 36.7 % 33.4 % 33.0 % Adjusted operating margin (Non-GAAP) 40.2 % 36.2 % 36.8 % 35.3 % 33.8 %
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ARTISAN PARTNERS ASSET MANAGEMENT 17 For the Three Months Ended For the Years Ended December 31, 2025 % of Rev. September 30, 2025 % of Rev. December 31, 2024 % of Rev. December 31, 2025 % of Rev. December 31, 2024 % of Rev. Salary $ 25.0 7.5 % $ 25.0 8.3 % $ 25.0 8.4 % $ 100.9 8.4 % $ 99.1 8.9 % Incentive compensation 111.6 33.3 100.8 33.5 99.7 33.6 402.3 33.6 375.9 33.8 Benefits & payroll taxes 9.4 2.8 10.3 3.4 9.2 3.1 49.4 4.1 46.0 4.1 Long-term incentive compensation1 19.3 5.8 27.2 9.0 14.5 4.9 97.0 8.1 73.1 6.6 Compensation and benefits $ 165.3 49.4 % $ 163.3 54.2 % $ 148.4 50.0 % $ 649.6 54.2 % $ 594.1 53.4 % Add (Less): Compensation reversal (expense) related to market valuation changes in compensation plans (3.3) (0.3) % (7.4) (0.9) % 1.4 0.4 % (23.0) (1.9) % (7.8) (0.7) % Adjusted compensation and benefits2 $ 162.0 49.1 % $ 155.9 53.3 % $ 149.8 50.4 % $ 626.6 52.3 % $ 586.3 52.7 % 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 2025 earnings release. Details of Compensation & Benefits Expense ($ in millions)
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ARTISAN PARTNERS ASSET MANAGEMENT 18 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 10.14 % 16.73 % 5.25 % 14.00 % 12.42 % 11.00 % 348 MSCI All Country World Index 22.34 % 20.63 % 11.19 % 13.98 % 11.71 % 7.52 % Global Discovery Strategy 13.25 % 17.59 % 5.33 % 15.64 % --- 13.51 % 530 MSCI All Country World Small Mid Cap Index 19.29 % 14.56 % 7.27 % 10.87 % --- 8.21 % U.S. Mid-Cap Growth Strategy 16.05 % 18.13 % 3.33 % 14.81 % 12.08 % 14.33 % 440 Russell® Midcap Index 10.60 % 14.34 % 8.67 % 12.74 % 11.00 % 10.32 % Russell® Midcap Growth Index 8.66 % 18.62 % 6.64 % 14.19 % 12.48 % 9.93 % U.S. Small-Cap Growth Strategy 9.56 % 12.26 % (1.42) % 11.57 % 11.82 % 10.55 % 260 Russell® 2000 Index 12.81 % 13.72 % 6.09 % 10.59 % 9.61 % 9.05 % Russell® 2000 Growth Index 13.01 % 15.57 % 3.18 % 10.58 % 9.57 % 7.95 % Franchise Strategy 21.10 % --- --- --- --- 16.89 % 35 MSCI All Country World Index 22.34 % --- --- --- --- 16.54 % Global Equity Team Global Equity Strategy 47.84 % 25.85 % 11.25 % 16.68 % 14.37 % 13.66 % 373 MSCI All Country World Index 22.34 % 20.63 % 11.19 % 13.98 % 11.71 % 9.93 % Non-U.S. Growth Strategy 37.93 % 21.19 % 9.83 % 12.41 % 9.47 % 10.22 % 456 MSCI EAFE Index 31.22 % 17.21 % 8.92 % 10.53 % 8.18 % 5.66 % U.S. Value Team Value Equity Strategy 14.66 % 17.76 % 13.28 % 15.34 % 13.57 % 9.86 % 149 Russell® 1000 Index 17.37 % 22.72 % 13.58 % 17.01 % 14.58 % 10.97 % Russell® 1000 Value Index 15.91 % 13.88 % 11.32 % 12.09 % 10.52 % 8.37 % U.S. Mid-Cap Value Strategy 2.82 % 9.07 % 7.82 % 9.95 % 9.11 % 11.48 % 191 Russell® Midcap Index 10.60 % 14.34 % 8.67 % 12.74 % 11.00 % 9.67 % Russell® Midcap Value Index 11.05 % 12.26 % 9.82 % 11.40 % 9.77 % 9.57 % Value Income Strategy 11.35 % 11.48 % --- --- --- 6.61 % (744) S&P 500 Index 17.88 % 22.98 % --- --- --- 14.05 % International Value Group International Value Strategy 24.05 % 18.39 % 12.97 % 14.22 % 11.18 % 12.03 % 515 MSCI EAFE Index 31.22 % 17.21 % 8.92 % 10.53 % 8.18 % 6.88 % International Explorer Strategy 20.17 % 16.43 % 10.57 % --- --- 14.83 % 401 MSCI All Country World Index Ex USA Small Cap 29.26 % 15.59 % 6.90 % --- --- 10.82 % Global Special Situations Strategy --- --- --- --- --- 7.22 % (140) ICE BofA Global High Yield Index --- --- --- --- --- 8.62 % Long-Term Investment Results (Gross of Fees)1
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ARTISAN PARTNERS ASSET MANAGEMENT 19 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. Average Annual Total Returns (Gross) Average Annual Value-Added Since Inception (bps)As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Global Value Team Global Value Strategy 35.45 % 24.71 % 14.65 % 15.09 % 12.46 % 10.22 % 301 MSCI All Country World Index 22.34 % 20.63 % 11.19 % 13.98 % 11.71 % 7.21 % Select Equity Strategy 30.58 % 24.95 % 13.91 % --- --- 15.77 % (147) S&P 500 Index 17.88 % 22.98 % 14.42 % --- --- 17.24 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 43.91 % 22.58 % 5.99 % 10.47 % 11.02 % 6.95 % 118 MSCI Emerging Markets Index 33.57 % 16.38 % 4.19 % 8.05 % 8.41 % 5.77 % Credit Team High Income Strategy 9.08 % 11.74 % 6.32 % 8.19 % 8.16 % 7.31 % 232 ICE BofA US High Yield Index 8.50 % 10.02 % 4.49 % 6.09 % 6.44 % 4.99 % Credit Opportunities Strategy 11.06 % 18.58 % 13.73 % 15.23 % --- 13.57 % 1,091 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.42 % 5.00 % 3.25 % 2.85 % --- 2.66 % Floating Rate Strategy 7.50 % 10.35 % --- --- --- 7.45 % 84 S&P UBS Leveraged Loan Index 5.94 % 9.30 % --- --- --- 6.61 % Developing World Team Developing World Strategy 9.15 % 22.93 % 0.17 % 14.95 % 13.37 % 11.36 % 531 MSCI Emerging Markets Index 33.57 % 16.38 % 4.19 % 8.05 % 8.41 % 6.05 % Antero Peak Group Antero Peak Strategy 21.80 % 23.66 % 12.20 % 17.64 % --- 18.98 % 415 S&P 500 Index 17.88 % 22.98 % 14.42 % 17.28 % --- 14.83 % Antero Peak Hedge Strategy 18.28 % 20.32 % 9.92 % 13.56 % --- 13.86 % (73) S&P 500 Index 17.88 % 22.98 % 14.42 % 17.28 % --- 14.59 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 19.78 % 10.73 % 1.92 % --- --- 10.86 % 123 MSCI All Country World Index Ex USA Small Mid Cap 30.74 % 16.13 % 6.80 % --- --- 9.63 % EMsights Capital Group Global Unconstrained Strategy 12.79 % 11.30 % --- --- --- 11.30 % 708 ICE BofA 3-month Treasury Bill Index 4.18 % 4.81 % --- --- --- 4.22 % Emerging Markets Debt Opportunities Strategy 16.77 % 14.01 % --- --- --- 13.74 % 630 J.P. Morgan EMB Hard Currency/Local Currency 50-50 15.34 % 9.54 % --- --- --- 7.44 % Emerging Markets Local Opportunities Strategy 25.39 % 13.73 % --- --- --- 13.16 % 395 J.P. Morgan GBI-EM Global Diversified Index 19.26 % 9.47 % --- --- --- 9.21 % Long-Term Investment Results (Gross of Fees)1 Continued
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ARTISAN PARTNERS ASSET MANAGEMENT 20 Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Growth Team Global Opportunities Strategy 9.22 % 15.77 % 4.37 % 13.06 % 11.49 % 10.08 % 256 MSCI All Country World Index 22.34 % 20.63 % 11.19 % 13.98 % 11.71 % 7.52 % Global Discovery Strategy 12.17 % 16.48 % 4.32 % 14.54 % --- 12.43 % 422 MSCI All Country World Small Mid Cap Index 19.29 % 14.56 % 7.27 % 10.87 % --- 8.21 % U.S. Mid-Cap Growth Strategy 14.98 % 17.05 % 2.37 % 13.76 % 11.05 % 13.27 % 334 Russell® Midcap Index 10.60 % 14.34 % 8.67 % 12.74 % 11.00 % 10.32 % Russell® Midcap Growth Index 8.66 % 18.62 % 6.64 % 14.19 % 12.48 % 9.93 % U.S. Small-Cap Growth Strategy 8.54 % 11.21 % (2.37) % 10.49 % 10.74 % 9.47 % 152 Russell® 2000 Index 12.81 % 13.72 % 6.09 % 10.59 % 9.61 % 9.05 % Russell® 2000 Growth Index 13.01 % 15.57 % 3.18 % 10.58 % 9.57 % 7.95 % Franchise Strategy 20.09 % --- --- --- --- 15.91 % (63) MSCI All Country World Index 22.34 % --- --- --- --- 16.54 % Global Equity Team Global Equity Strategy 46.56 % 24.75 % 10.27 % 15.64 % 13.32 % 12.59 % 266 MSCI All Country World Index 22.34 % 20.63 % 11.19 % 13.98 % 11.71 % 9.93 % Non-U.S. Growth Strategy 36.69 % 20.09 % 8.83 % 11.39 % 8.47 % 9.21 % 355 MSCI EAFE Index 31.22 % 17.21 % 8.92 % 10.53 % 8.18 % 5.66 % U.S. Value Team Value Equity Strategy 13.88 % 16.96 % 12.51 % 14.56 % 12.79 % 9.05 % 68 Russell® 1000 Index 17.37 % 22.72 % 13.58 % 17.01 % 14.58 % 10.97 % Russell® 1000 Value Index 15.91 % 13.88 % 11.32 % 12.09 % 10.52 % 8.37 % U.S. Mid-Cap Value Strategy 1.93 % 8.09 % 6.84 % 8.95 % 8.11 % 10.44 % 87 Russell® Midcap Index 10.60 % 14.34 % 8.67 % 12.74 % 11.00 % 9.67 % Russell® Midcap Value Index 11.05 % 12.26 % 9.82 % 11.40 % 9.77 % 9.57 % Value Income Strategy 10.58 % 10.71 % --- --- --- 5.87 % (818) S&P 500 Index 17.88 % 22.98 % --- --- --- 14.05 % International Value Group International Value Strategy 22.92 % 17.31 % 11.94 % 13.18 % 10.16 % 10.99 % 411 MSCI EAFE Index 31.22 % 17.21 % 8.92 % 10.53 % 8.18 % 6.88 % International Explorer Strategy 19.27 % 14.96 % 8.84 % --- --- 13.00 % 218 MSCI All Country World Index Ex USA Small Cap 29.26 % 15.59 % 6.90 % --- --- 10.82 % Global Special Situations Strategy --- --- --- --- --- 5.12 % (350) ICE BofA Global High Yield Index --- --- --- --- --- 8.62 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. Long-Term Investment Results (Net of Fees)1
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ARTISAN PARTNERS ASSET MANAGEMENT 21 Average Annual Total Returns (Net) Average Annual Value-Added Since Inception (bps)As of December 31, 2025 1 YR 3 YR 5 YR 7 YR 10 YR Inception Global Value Team Global Value Strategy 34.21 % 23.55 % 13.58 % 14.02 % 11.40 % 9.17 % 196 MSCI All Country World Index 22.34 % 20.63 % 11.19 % 13.98 % 11.71 % 7.21 % Select Equity Strategy 29.63 % 24.04 % 13.06 % --- --- 14.91 % (233) S&P 500 Index 17.88 % 22.98 % 14.42 % --- --- 17.24 % Sustainable Emerging Markets Team Sustainable Emerging Markets Strategy 42.74 % 21.57 % 5.06 % 9.47 % 9.99 % 5.89 % 12 MSCI Emerging Markets Index 33.57 % 16.38 % 4.19 % 8.05 % 8.41 % 5.77 % Credit Team High Income Strategy 8.37 % 11.00 % 5.61 % 7.47 % 7.42 % 6.57 % 158 ICE BofA US High Yield Index 8.50 % 10.02 % 4.49 % 6.09 % 6.44 % 4.99 % Credit Opportunities Strategy 7.99 % 14.56 % 10.26 % 11.51 % --- 10.12 % 746 ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index 4.42 % 5.00 % 3.25 % 2.85 % --- 2.66 % Floating Rate Strategy 6.78 % 9.61 % --- --- --- 6.73 % 12 S&P UBS Leveraged Loan Index 5.94 % 9.30 % --- --- --- 6.61 % Developing World Team Developing World Strategy 8.02 % 21.67 % (0.88) % 13.76 % 12.19 % 10.20 % 415 MSCI Emerging Markets Index 33.57 % 16.38 % 4.19 % 8.05 % 8.41 % 6.05 % Antero Peak Group Antero Peak Strategy 20.61 % 22.45 % 11.09 % 16.48 % --- 17.82 % 299 S&P 500 Index 17.88 % 22.98 % 14.42 % 17.28 % --- 14.83 % Antero Peak Hedge Strategy 17.10 % 19.13 % 8.83 % 12.44 % --- 12.28 % (231) S&P 500 Index 17.88 % 22.98 % 14.42 % 17.28 % --- 14.59 % International Small-Mid Team Non-U.S. Small-Mid Growth Strategy 18.57 % 9.62 % 0.89 % --- --- 9.75 % 12 MSCI All Country World Index Ex USA Small Mid Cap 30.74 % 16.13 % 6.80 % --- --- 9.63 % EMsights Capital Group Global Unconstrained Strategy 11.73 % 10.26 % --- --- --- 10.26 % 604 ICE BofA 3-month Treasury Bill Index 4.18 % 4.81 % --- --- --- 4.22 % Emerging Markets Debt Opportunities Strategy 15.90 % 13.16 % --- --- --- 12.91 % 547 J.P. Morgan EMB Hard Currency/Local Currency 50-50 15.34 % 9.54 % --- --- --- 7.44 % Emerging Markets Local Opportunities Strategy 24.53 % 12.95 % --- --- --- 12.37 % 316 J.P. Morgan GBI-EM Global Diversified Index 19.26 % 9.47 % --- --- --- 9.21 % 1 See Notes & Disclosures at the end of this presentation for more information about our investment performance. Composite inception dates can be found in Exhibit 7 of the earnings release. Long-Term Investment Results (Net of Fees)1 Continued
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ARTISAN PARTNERS ASSET MANAGEMENT 22 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. 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, our ability to successfully integrate Grandview Partners, 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, 2024, filed with the SEC on February 25, 2025, 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 may be required by law. Assets Under Management (AUM) 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 for certain strategies for which Artisan Partners provides non-discretionary model portfolios to managed account sponsors for which we earn only investment-related service fees. Non-discretionary assets are reported on a lag not exceeding one quarter. Artisan’s definition of AUM is not based on any definition of AUM contained in Form ADV or in any of Artisan’s investment management agreements. Investment Performance Performance data are sourced from Artisan Partners/MSCI/Russell/ICE BofA/S&P/JPM. 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 18% of our AUM at December 31, 2025, 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. Unless otherwise noted, composite returns have been presented net of investment advisory fees applied to client accounts, and include applicable trade commissions and transaction costs. 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. 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 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, 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 (net of fees, unless otherwise noted) 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, client cash flows 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. In these materials, we present assets under management by asset class. For this purpose, strategies are classified by asset class as follows. 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, Value Income and Franchise strategies. Credit includes: High Income, Floating Rate, Custom Credit Solutions, Emerging Markets Debt Opportunities and Emerging Markets Local Opportunities strategies. Alternative includes: Antero Peak, Antero Peak Hedge, Credit Opportunities, Global Unconstrained and Global Special Situations strategies. Notes & Disclosures
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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-MSCI All Country World Small Mid Cap Index; Global Equity Strategy / Global Opportunities Strategy / Global Value Strategy / Franchise 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; Floating Rate Strategy-S&P UBS Leveraged Loan Index; Global Unconstrained Strategy-ICE BofA 3-month 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 Index; Emerging Markets Local Opportunities Strategy-J.P. Morgan GBI-EM Global Diversified Index. When 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)-MSCI China SMID Cap Index. Other Information Throughout these materials, we present historical information about our AUM, average AUM and client cash flows for certain periods. We use our information management systems to track this information and we believe the information as set forth in this presentation is accurate in all material respects. We also present information regarding the amount of our AUM sourced through particular distribution channels, which involves estimates because precise information on the sourcing of assets invested in pooled vehicles through intermediaries is not typically available and involves the exercise of judgment. During the first quarter of 2025, we combined our intermediary and retail distribution channels, renamed the intermediated wealth channel, and recategorized certain client AUM in a manner that we believe more closely reflects how management assesses this information in the management of the business. Channel information for prior periods was reclassified as necessary for comparability purposes. Data sourced by distribution channel on our AUM are not subject to our internal controls over financial reporting. 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 All Country World Small Mid Cap 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, 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 Frank Russell Company (“Russell”). Russell is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication. The ICE BofA US High Yield Index, ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index, ICE BofA 3-month Treasury Bill Index and ICE BofA Global High Yield Index are owned by ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and, along with the ICE BofA trademarks, has been licensed for use by Artisan Partners Limited Partnership. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See www.artisanpartners.com/ice-data.html for a full copy of the Disclaimer. The S&P 500 and S&P UBS Leveraged Loan Indices are products of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2026 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 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 2026, 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 2026 Artisan Partners. All rights reserved. This presentation may not be reproduced in whole or in part without Artisan Partners’ permission. Notes & Disclosures