Item 2.02: Results of Operations and Financial Condition - Artisan Partners Asset Management Inc. issued a press release on October 28, 2025, announcing consolidated financial and operating results for the three and nine months ended September 30, 2025 The press release and full earnings release are attached as Exhibit 99.1 and 99.2, respectively The information is furnished but not "filed" for…

Our analysis rates this filing CAUTIOUS. The elevated concern level reflects material net asset outflows partially mitigated by strategic business development initiatives. Management remains optimistic, but the significant capital movement suggests underlying market challenges requiring close…

Concern level: ELEVATED (6.0/10). Key factors: Net asset outflows of $2.3 billion create revenue pressure; Potential strain on asset management growth trajectory; Emerging market strategy recovery not fully offsetting outflows.

Notable risk changes: Raised $1 billion across emerging markets strategies; Approaching $500 million in Artisan Global Unconstrained Fund assets; Actively exploring talent acquisition, especially in alternatives.

The model predicts APAM will outperform the S&P 500 by about 0.0% over 30 days (model confidence 65%). This is model analysis for research, not investment advice.