Artisan Partners Asset Management: Continued Rapid Expansion Of International Client Base Will Drive Future Growth
- Overall, APAM’s strategies show excellent track record of beating the benchmarks over the full market cycle. Recent one-way, always up market has been hurting short-term relative performance.
- APAM’s international strategies continue to gain traction as investors have been rebalancing from U.S. stocks, especially the small caps, toward international exposure.
- For Q2, APAM reported another solid quarter, with AUM rising 31% Y/Y, revenues up 27% Y/Y and EPS up 10.5% Y/Y. International client AUM and base continue to rapidly grow.
- July numbers show net cash outflows, in line with the general industry trend, as U.S. stocks, and small-caps in particular, have witnessed price weakness and fund outflows.
- APAM continues to be an attractive investment with ~11% upside plus 4% dividend yield within the next 12 months.