| Over a week ago | ||||
Artisan Partners reported… Artisan Partners reported that its preliminary assets under management, or AUM, as of February 28 totaled $134.8B. Artisan Funds and Artisan Global Funds accounted for $64.7B of total firm AUM, while separate accounts and other AUM accounted for $70.1B. | ||||
Goldman Sachs analyst… Goldman Sachs analyst Alexander Blostein downgraded Artisan Partners to Sell from Neutral with a price target of $27, down from $33. Goldman believes recent underperformance of a number of Artisan's largest strategies, coupled with the roll-off of significant alpha in those strategies from 2019 and 2020, puts the firm's medium-term excess performance at risk, potentially resulting in further deterioration in the company's organic growth. While "encouraged" by numerous growth initiatives, including Credit and Alternatives, the strategies with "meaningful performance challenges," such as Growth and Global Equity, are "much larger in size," the analyst tells investors. | ||||
Goldman Sachs analyst… Goldman Sachs analyst Alexander Blostein downgraded Artisan Partners to Sell from Neutral with a $27 price target. | ||||
| Over a month ago | ||||
Reports Q4 revenue $226M,… Reports Q4 revenue $226M, consensus $222.87M. "From a short-term perspective, 2022 was a difficult year. Our AUM declined 27% from $175B to $128B, as a result of $9.8B in net outflows and $36.6B in investment declines. In the fourth quarter, though, the power of our equity engine resulted in investment returns outpacing net outflows. We have continued to benefit from the market rebound-particularly in non-U.S. markets, including China-in early 2023. "While 94% of our AUM is in investment strategies that primarily invest in equity securities, we believe we are at an inflection point in the development of our fixed income businesses. Since 2013, when we made a strategic investment to expand and diversify into fixed income, we have never seen excitement around potential fixed income returns and allocations like we do today. Because of our long-term investments, we now offer six high value-added fixed income strategies spanning high-yield, leveraged loans, long-short credit, emerging markets debt and global macro. We are optimistic about the near, medium and long-term growth prospects of our two fixed income teams, the Artisan Credit team and the EMsights Capital Group." | ||||
RBC Capital analyst… RBC Capital analyst Kenneth Lee raised the firm's price target on Artisan Partners to $39 from $35 and keeps an Outperform rating on the shares ahead of its Q4 results. The analyst is updating RBC's model to reflect market returns and to incorporate monthly disclosures of assets under management for Artisan Partners, adding that the firm is also positive on the company's emphasis on differentiated investment strategies and capital return story. | ||||
Artisan Partners Asset… Artisan Partners Asset Management reported that its preliminary assets under management as of December 31 totaled $127.9B. Artisan Funds and Artisan Global Funds accounted for $60.8B of total firm AUM, while separate accounts and other AUM accounted for $67.1B. | ||||
| Over a quarter ago | ||||
Artisan Funds and Artisan… Artisan Funds and Artisan Global Funds accounted for $63B of total firm AUM, while separate accounts and other AUM accounted for $70.5B. | ||||
Artisan Partners reported… Artisan Partners reported that its preliminary assets under management as of October 31 totaled $125.3B. Artisan Funds and Artisan Global Funds accounted for $60.1B of total firm AUM, while separate accounts and other AUM1 accounted for $65.2B. | ||||
Reports Q3 revenue… Reports Q3 revenue $234.3M, consensus $228.95M. Reports Q3 ending AUM 120.6B. CEO Eric Colson said: "Thoughtful growth is a core component of our business model and philosophy. Thoughtful growth requires spending on investment capabilities that enhance our high value-added strategies, differentiate them from passive and exposure products and move them in the direction of alternative investing allocations. Once we invest behind new talent, new strategies and greater degrees of freedom, we are disciplined in seeing these investments through with operational and distribution alignment. Because of our build-notbuy approach, all of our long-term investments run through our income statement reducing short-term profitability." | ||||
Credit Suisse analyst… Credit Suisse analyst Bill Katz initiated coverage of Artisan Partners with a Neutral rating and $25 price target. While encouraged by incremental moves by management to build out "Gen III and IV" AUM mandates, he sees an unpredictable intermediate-term flow picture reflecting mixed relative performance, Katz tells investors. | ||||
