The wind-down of the U.S. Value business is a material restructuring event that will depress future AUM and fee revenue. Monitor the Q3 2026 call for the pace of capital return to investors and any further impact on the remaining equity franchises. The strong credit/alternatives growth provides a partial offset but does not fully replace the lost scale.
Price Chart
Executive Summary
Artisan Partners reported Q2 2026 adjusted EPS of $0.94, beating the $0.92 consensus, on revenues of $307.9M (above $301.3M consensus). However, the headline was dominated by a massive $10.5B in net outflows, including a $6.4B loss from a single sub-advisory mandate that triggered the wind-down of the entire U.S. Value business. While credit and alternative strategies showed strong inflows and the adjusted operating margin expanded 120bps to 32.9%, the structural damage to the equity franchise and the loss of a major mandate are significant negatives that overshadow the financial beat.
Key Financial Metrics
Key Facts
- Q2 2026 adjusted EPS of $0.94 beat consensus of $0.92.
- Revenues of $307.9M (+9% YoY) beat consensus of $301.3M.
- Firmwide net outflows of $10.5B, including $6.4B from the U.S. Value team's loss of a single sub-advisory mandate.
- Company announced wind-down of the U.S. Value business (U.S. Mid-Cap Value, Value Equity, Value Income strategies).
- Record ending AUM of $183.4B, driven by market gains.
- Adjusted operating margin expanded 120bps YoY to 32.9%.
- Credit and alternative strategies generated $1B in combined net inflows.
Financial Impact
Revenues +9% YoY to $307.9M; adjusted EPS +13% YoY to $0.94; net outflows of $10.5B represent ~5.8% of beginning AUM
Risk Factors
- Continued equity outflows as the U.S. Value wind-down progresses and other equity strategies face headwinds
- Execution risk in scaling credit and alternatives to offset lost equity AUM
- Potential for further sub-advisory mandate losses across other equity teams
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001517302-26-000108 |
| Document: apam-20260728.htm | 0001517302-26-000108 |
| Document: artisan2q26pressrelease.htm | 0001517302-26-000108 |
| Document: 0001517302-26-000108-index-headers.html | 0001517302-26-000108 |
| Document: 0001517302-26-000108-index.html | 0001517302-26-000108 |
| Document: 0001517302-26-000108.txt | 0001517302-26-000108 |
| 8-K Data (Synthetic) | 0001517302-26-000108 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 28, 2026 9w ago | 8-K | $40.34 $43.53 | ▲ +7.91% | ▲ +2.89% | $34.88 (−13.53%) |
Jun 5, 2026 17w ago | 8-K | $34.79 $36.18 | ▼ −4.00% | ▼ −2.36% | $34.88 (−0.26%) |
Apr 28, 2026 22w ago | 8-K | $36.63 $37.99 | ▲ +3.71% | ▼ −1.75% | $34.88 (−4.78%) |
Apr 17, 2026 24w ago | DEFA14A | $37.61 $36.68 | ▼ −2.47% | ▼ −6.67% | $34.88 (−7.26%) |
Apr 10, 2026 25w ago | 8-K | $36.91 $37.61 | ▲ +1.90% | ▼ −5.83% | $34.88 (−5.50%) |
US Market Status
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