1. Basic Firm Overview

Founding Year & Story: Artisan Partners was founded in 1994 by Andrew Ziegler and Carlene Ziegler. Andy Ziegler, formerly President of Strong Capital Management, and Carlene (Murphy) Ziegler, a small-cap portfolio manager at Strong, left to start Artisan with a vision of attracting top investment talent and using an open architecture distribution approach. This founding philosophy – focusing on talent acquisition and broad client access – shaped the firm’s growth and culture from the outset.

Headquarters & Office Locations: The firm is headquartered in Milwaukee, Wisconsin, and has a global presence. Primary offices include Atlanta, Boston, Chicago, Denver, New York, Wilmington (DE), and San Francisco in the U.S., as well as international offices in London, Dublin, Hong Kong, Singapore, and Sydney. This network supports a diverse global client base (see map below).

Type of Firm: Artisan Partners is an independent global investment management firm offering high value-added, active investment strategies to sophisticated clients worldwide. Structurally, it operates as a hybrid of a boutique and a public company: autonomous investment teams function like boutique franchises under a centralized business platform. Artisan Partners Asset Management Inc. has been publicly traded on the NYSE (ticker: APAM) since its IPO in March 2013, though the partnership culture remains central.

Current AUM: The firm oversees $167.7 billion in assets under management (AUM) as of February 28, 2025. (For reference, AUM was $161.2 billion at year-end 2024, indicating modest growth into 2025.) This places Artisan among the larger active asset managers globally. The AUM is spread across a range of equity and credit strategies (see Section 4).

Ownership Structure: Artisan’s ownership has evolved from a founder-led private partnership to a broadly held public company. In 2006, private equity firm Hellman & Friedman took a minority stake in Artisan, providing growth capital. The firm later pursued an IPO – after a first attempt in 2011 was pulled due to market conditions – and successfully listed on March 7, 2013, raising $332 million. Today, Artisan Partners Asset Management is public with a majority of shares floating and employees (partners) retaining significant equity. This equity ownership by insiders aligns management and investment team interests with shareholders and clients.

Notable Historical Milestones: Over its three-decade history, Artisan Partners has several key milestones:

·       1994: Firm founded in Milwaukee by Andy and Carlene Ziegler.

·       1995: Launch of first strategy (U.S. Small-Cap Growth) by the Growth team. Early success attracted talent like international investor Mark Yockey, who joined in 1995.

·       2002: Established the Global Value team, expanding focus to non-U.S. markets. David Samra and Dan O’Keefe came on board, later earning industry accolades (e.g. Morningstar’s International Stock Fund Managers of the Year 2008).

·       2006: Received minority investment from Hellman & Friedman; added an Emerging Markets team via a lift-out from DuPont Capital (led by Maria Negrete-Gruson).

·       2008–2010: Carlene Ziegler retired (2008); Andy Ziegler transitioned to Executive Chairman in 2010, hiring Eric Colson (from Goldman Sachs Asset Mgmt.) as CEO.

·       2011–2013: Attempted IPO in 2011 (deferred); completed IPO in 2013 on NYSE at $30 share price, raising ~$330 million.

·       2014: Expanded beyond equities by launching a Credit team to invest in high-yield bonds, led by star high-yield PM Bryan Krug (hired from Janus Capital).

·       2017–2020: Introduced new teams/strategies (e.g. thematic investing via the Antero Peak Group in 2017; an International Small-Mid Cap team in 2018 led by Rezo Kanovich). The Global Value team was restructured in 2018 into separate U.S. and international-focused teams.

·       2021–2022: Continued expansion with an Emerging Markets Debt team (EMsights Capital Group) hired in 2021, and multiple new strategies launched (China Post-Venture, Floating Rate Credit, Value Income, etc.).

·       2023: Artisan Partners was added to the S&P 600 SmallCap Index in June 2023, reflecting its public market stature. Co-founder Andy Ziegler retired from the Board of Directors in late 2023, marking an end of an era.

·       2025: Announced leadership transition with CEO Eric Colson to become Executive Chair and President Jason Gottlieb to take over as CEO (effective June 2025). Also in 2025, launched new investment strategies (e.g. a Global Franchise stock strategy and a Global Special Situations strategy) to expand the firm’s product lineup.

(Data as of March 2025. Past milestones illustrate Artisan’s growth from a U.S. equity boutique to a diversified global firm.)

2. Leadership & Key Personnel

Founders: Andrew “Andy” Ziegler and Carlene Ziegler are the co-founders of Artisan. Andy (a lawyer-turned-executive) had led Strong Capital Management prior to Artisan, and Carlene was a successful portfolio manager at Strong. At Artisan’s inception, Andy focused on the business side (Chairman/CEO for many years) while Carlene managed investments (notably launching the Small-Cap Growth strategy in 1995). The Zieglers’ vision and reputation attracted early talent to Artisan. Carlene retired from active management in 2008 to pursue philanthropy, and Andy stepped back from the CEO role in 2010 and retired fully from the board in 2023. Their legacy endures in Artisan’s culture of investment-centric leadership and partnership.

Chief Executive Officer (CEO): Eric Colson, CFA – Eric Colson has been CEO of Artisan Partners since 2010. He joined Artisan in 2005 from Goldman Sachs, where he led manager selection in the firm’s multimanager strategies. Colson became CEO when Andy Ziegler moved to Executive Chairman in 2010. Under his leadership, Artisan completed its IPO and expanded into new asset classes. Colson is known for championing Artisan’s autonomous team model and talent-first business structure. After 15 years with the firm (and ~13 as CEO), Colson will transition to the role of Executive Chair in mid-2025. He remains on Artisan’s board of directors and is regarded as the architect of its distinctive investment platform.

President (and CEO-Designate): Jason A. Gottlieb – Currently Artisan’s President, Jason Gottlieb has been appointed to succeed Colson as CEO in June 2025. He joined Artisan in 2016 as Managing Director of Investment Operations, was quickly promoted to COO of Investments (2017) and then to President (2019). Prior to Artisan, Gottlieb was a Partner and Managing Director at Goldman Sachs, where he led the Alternative Investment & Manager Selection group and managed multimanager hedge fund portfolios. At Artisan, he has overseen day-to-day investment team operations and strategic initiatives. His elevation to CEO is described as a natural evolution of a long-term succession plan, given his leadership contributions. Colson will remain actively involved as Executive Chair, supporting Gottlieb in the transition.

Chief Financial Officer (CFO): Charles “C.J.” Daley, Jr., CPA – C.J. Daley is Managing Director and CFO of Artisan Partners, responsible for finance, treasury, and investor relations functions. He joined Artisan in July 2010 as CFO, bringing experience from asset management finance roles (he was previously CFO of an asset manager in Baltimore). Daley led the firm’s financial preparations for the IPO and has since managed public reporting and capital structure (Artisan pays a variable dividend as a public company). Under his watch, Artisan has maintained a strong balance sheet and generous payout policy to shareholders. Daley also oversees operations and IT teams in his EVP role.

Investment Team Leaders (Portfolio Managers): Artisan’s decentralized leadership means that, in addition to corporate executives, much of the firm’s clout rests with veteran portfolio managers who head the autonomous investment teams. Key personnel include:

·       Mark Yockey, CFA: Managing Director who founded Artisan’s Global Equity team. Yockey joined Artisan in 1995 (a year after inception) to launch international growth strategies. With 30+ years of experience, he manages the Artisan International and Global Equity funds and is known for opportunistic growth investing (he was once profiled for finding the “secret” to international investing). Yockey’s long-term performance has been strong, and he’s been nominated for Morningstar’s International Manager of the Year (he and co-PM Charles-Henri Hamker won the award in 2008). He brings a global perspective and is fluent in multiple languages.

·       David Samra, CFA: Founding partner of Artisan’s International Value team (established 2002). Samra is the lead portfolio manager for the Artisan International Value Fund, which he built into the firm’s largest strategy (over $46 billion AUM). He is a deep-value investor focused on non-U.S. companies and has earned wide recognition (Samra and Dan O’Keefe won Morningstar’s International Stock Fund Managers of the Year twice, in 2008 and again in 2013). Samra is often cited for his disciplined approach to intrinsic value and capital allocation. He continues to run the International Value strategy with co-managers he mentored. (Note: Dan O’Keefe now leads the separate Global Value team.)

·       Daniel O’Keefe, CFA: Co-founded the Global Value team alongside Samra and now leads the Artisan Global Value Fund (focused on global developed markets). O’Keefe has an award-winning track record from when he co-managed with Samra. The Global Value strategy is Artisan’s second-largest at ~$30 billion AUM. O’Keefe and associate PM Mike McKinnon invest in high-quality businesses trading at discounts, including U.S. holdings – providing a value complement to Samra’s international book. They have a long-tenured analyst team and are known for concentrated, conviction-driven portfolios.

·       Bryan Krug, CFA: Head of the Artisan Credit team. Krug was a star high-yield bond fund manager at Janus Capital, whom Artisan recruited in 2014 to start its credit franchise. He launched the Artisan High Income Fund that year and later added Credit Opportunities and Floating Rate strategies. Under Krug’s leadership, Artisan’s credit AUM has grown to ~$12 billion. His style emphasizes fundamental credit research with flexibility across the capital structure. Krug’s arrival marked Artisan’s entry into fixed income, and he remains the key decision-maker for all credit portfolios.

·       Lewis Kaufman, CFA: Portfolio manager of the Artisan Developing World strategy (emerging markets growth). Kaufman joined Artisan in 2015 to found this team, after managing a successful EM fund at Thornburg. He has an unconventional approach to EM investing – for example, holding U.S. tech stocks like Nvidia in his Developing World portfolio to capitalize on global growth themes. This helped make his fund a top performer, though it stirred debate (some call him a genius for double-digit returns in flat EM markets; others critique using U.S. stocks in an EM mandate). Kaufman’s strategy underscores Artisan’s willingness to back unique ideas under its autonomous team model.

·       Maria Negrete-Gruson, CFA: Portfolio manager of Artisan Sustainable Emerging Markets (SEM) strategy. Negrete-Gruson joined in 2006 via the EM team lift-out from DuPont. A native of Panama, she has led Artisan’s EM equity team for nearly 20 years, emphasizing long-term investments in emerging and frontier markets with an ESG-aware lens (hence “Sustainable” EM). Her tenure and performance have made SEM a steady part of Artisan’s lineup (~$1.6 billion AUM). Maria exemplifies Artisan’s talent retention – she has stayed since the 2006 integration.

Other Notables: Rezo Kanovich (International Small-Mid team lead, joined 2018 from Oppenheimer), Christopher Smith (Antero Peak Group lead, a former hedge fund manager who launched the thematic Antero strategies in 2017), and Michael Cirami, CFA (co-head of EMsights Capital Group, hired 2021 from Eaton Vance to run EM debt portfolios) are additional key partners. Each runs their team with significant autonomy. The firm’s Board of Directors is chaired by Stephanie DiMarco (founder of Advent Software) as of 2025 and includes independent directors with asset management experience, ensuring governance and oversight. Overall, Artisan’s leadership structure is decentralized – executive management provides resources and oversight, while investment authority is deliberately vested in these experienced portfolio managers heading each team.

3. Investment Strategy

Asset Classes: Artisan Partners specializes primarily in equity investments (both U.S. and international equities) and also manages a notable credit/fixed-income franchise. The vast majority of AUM (~90%+) is in active equity strategies spanning global, international, and domestic stocks. In the mid-2010s, Artisan expanded into high-yield bonds and loans (via the Credit team) and more recently into emerging markets debt (EMsights team), which together comprise around 9% of assets. Within equities, Artisan covers large-cap, mid-cap, small-cap, growth, value, and emerging markets stocks through its various teams. This multi-asset approach allows the firm to offer clients a broad menu of investment options while staying within its active, fundamentals-driven expertise.

Fund Vehicles: Artisan’s strategies are offered through multiple vehicles to serve different client types and geographies. These include traditional separately managed accounts (institutional accounts), U.S. mutual funds (Artisan Partners Funds), UCITS funds for non-U.S. investors (Artisan Global Funds domiciled in Ireland), collective investment trusts for retirement plans, and occasional private funds or hedge fund vehicles. For example, the Antero Peak Group runs a long-only strategy and a hedged private fund. This open-architecture approach (part of the founding strategy) enables Artisan to distribute its strategies widely – through institutions, financial intermediaries, and retail channels globally. The same core strategies are often accessible in multiple formats (e.g., an institutional separate account or a mutual fund), providing flexibility for clients while leveraging the firm’s investment talent.

Primary Strategies & Styles: Artisan is known for its bottom-up, high-conviction investment strategies. Each autonomous team has a defined style focus:

·       Growth Team: Invests in high-quality companies with accelerating profit cycles – essentially growth equity across market caps (small, mid, global).

·       Global Equity Team: Focuses on international and global growth stocks, often mid- to large-cap, pursuing secular growth themes and strong franchises (managed by Mark Yockey’s team).

·       U.S. Value & Global Value Teams: Pursue value equity strategies, seeking undervalued, cash-generative companies. The U.S. Value team covers domestic markets (all-cap value, mid-cap value, etc.), while the Global Value team invests worldwide with a value discipline.

·       International Value Team: Targets non-U.S. stocks with a deep value approach and is one of Artisan’s flagship strategies (led by David Samra).

·       Developing World Team: Led by Lewis Kaufman, invests in emerging markets equities with a growth bias, though in practice it’s unconstrained and can include developed-market multinationals benefiting from EM trends.

·       Sustainable Emerging Markets Team: Led by Maria Negrete-Gruson, a more traditional EM equities strategy integrating ESG considerations.

·       Antero Peak Group: Employs a thematic growth approach to capitalize on transformational themes (often tech-driven). Runs a concentrated global equity portfolio (Antero Peak) and a long/short hedge strategy (Antero Peak Hedge).

·       Credit Team: Runs high-yield fixed income portfolios, including a flagship High Income Strategy (focused on below-investment-grade corporate bonds) and opportunistic credit strategies that can invest across loans, bonds, and structured credit.

·       EMsights Capital Group: Manages emerging markets debt strategies, including hard currency sovereign/corporate debt, local currency bonds, and unconstrained EM credit.

Despite this breadth, all strategies share Artisan’s active, research-intensive philosophy. High active share (deviation from benchmarks) is a hallmark – teams concentrate on their best ideas. For instance, International Value and Global Value funds hold relatively focused portfolios (~40-60 stocks) and can look very different from index weights. Artisan deliberately diversifies across styles (growth vs. value, equity vs. credit, U.S. vs. international) to avoid reliance on one area, but it does not engage in passive or index-tracking strategies.

Sector and Industry Focus: There is no single sector focus – each strategy invests across sectors appropriate to its style. Given the firm’s range of teams, Artisan as a whole covers virtually all major sectors of the economy. For example, the Growth team often leans toward technology, healthcare, or consumer companies benefiting from secular trends, whereas the Value teams might overweight financials or industrials if they find mispriced assets. The Credit team invests across industries in the high-yield universe. That said, individual teams may develop specialties: the Global Equity team has long expertise in consumer and tech stocks globally (Mark Yockey famously invested early in Nokia and InBev), and the Sustainable EM team has deep knowledge in emerging consumer and financial sectors. The firm also occasionally creates niche strategies – e.g., the Global Franchise strategy (launched 2025) focuses on a select set of high-quality, brand-name companies globally, implying a cross-sector approach centered on durable franchise businesses. In summary, Artisan’s coverage is broad, and sector exposure is driven by bottom-up stock selection rather than top-down allocation; there is no firm-level sector bias.

Geographic Mandates: Artisan’s strategies cover global markets. Some are global or international (investing outside the U.S.), while others are U.S.-focused:

·       Global/International: A large portion of Artisan’s AUM is in non-U.S. or global equity strategies. Notably, the International Value Fund ($13.4B) focuses on international developed markets. These, along with EM equity and debt funds, mean a majority of Artisan’s assets are tied to global/international investments.

·       U.S.: Artisan’s U.S. teams manage significant assets as well – e.g., the U.S. Mid-Cap Growth ($3.0B) funds and the U.S. Value Equity ($2.7B) funds. There are also newer U.S.-focused strategies like Value Income (launched 2022) and some U.S. credit funds.

·       Emerging vs. Developed: Artisan covers both developed and emerging markets. EM exposure comes through dedicated strategies (Developing World equity ~$4.4B; Sustainable EM ~$3.1B across EMsights funds). Many global funds also invest opportunistically in EM.

Artisan can allocate capital to opportunities across North America, Europe, Asia-Pacific, and emerging economies. The firm’s global reach is a strength – e.g., U.S.-based teams often invest overseas (the Growth team’s Global Opportunities fund holds non-U.S. names), and non-U.S. teams find value in U.S. multinationals. This flexibility lets Artisan follow the best ideas worldwide. Artisan has even taken activist stances internationally: in 2015 it urged Adecco (Switzerland) to reconsider its CEO choice, and in 2021 it pushed Danone (France) to replace its CEO amid underperformance. These cases show Artisan’s influence can extend to corporate governance globally due to its ownership stakes.

Notable Portfolio Holdings: While holdings vary by strategy, Artisan portfolios typically include well-known companies alongside lesser-known picks. As of recent filings, top equity holdings across Artisan’s funds included Johnson & Johnson, Microsoft, Meta Platforms, Novartis, Samsung Electronics, Compass Group, and Alibaba (spanning different team portfolios). For example, International Value has large positions in European and Asian blue chips (one major holding has been Nestlé), while the Global Opportunities (growth) fund has held high-growth tech names like Shopify and ASML. The Developing World fund, as mentioned, owned Nvidia to get indirect EM exposure via AI demand. Additionally, Artisan’s J&J activism in 2016 – urging the conglomerate to consider a breakup – suggests J&J was a significant holding in one value fund.

Artisan discloses U.S. stock holdings in quarterly 13F filings (compiled by sites like WhaleWisdom). As of the latest quarter, WhaleWisdom showed Artisan’s largest U.S.-listed holdings were major tech and healthcare stocks (reflecting their prominence in various Artisan global funds). This provides insight into Artisan’s convictions, though each strategy has its own distinct portfolio – no centralized “house portfolio.” The common thread is emphasis on quality companies and active ownership. Many Artisan PMs engage company management to encourage value-enhancing actions (Adecco, Danone, J&J activism are examples). In summary, Artisan’s investments span geographies and sectors but consistently pursue long-term value and growth for clients.

4. AUM Details

Artisan Partners provides AUM breakdowns by strategy, asset class, and client type. Key details on AUM composition:

By Investment Strategy/Team: Artisan’s $167.7 billion AUM (Feb 2025) is diversified across ~12 autonomous investment strategies. Largest contributions are from a few flagship strategies:

·       International Value (Non-U.S. value equities): $46.6 billion AUM (~28% of total firm assets) – managed by David Samra’s team.

·       Global Value (global value equities): ~$30.6 billion (~18%) – managed by Dan O’Keefe’s team.

·       Growth Equity Strategies: Combined, the Growth team’s main strategies – Global Opportunities ($12.7B) and U.S. Small-Cap Growth ($1.9B) – total around $38 billion (~23–24% of firm AUM). This highlights Artisan’s significant footprint in growth stocks.

·       Global Equity (International Growth) Strategies: Global Equity team manages about $14 billion combined – primarily Non-U.S. Growth ($0.6B). This is ~8–9% of AUM.

·       U.S. Value Strategies: Approximately $7.8 billion across U.S. Value Equity ($2.7B) and Value Income (~$5.1B). Around 5% of AUM.

·       Emerging Markets Equity: Developing World (EM growth) ~$4.3B and Sustainable EM ~$1.6B, totaling ~$5.9B (~3.5% of AUM).

·       Thematic/Other Equity: Antero Peak strategies ~$2.24B (~1.3%). International Small-Mid ~$5.9B (~3.5%).

·       Credit & Fixed Income: Credit team’s three strategies (High Income ~$12.0B, Credit Opps ~$0.3B, Floating Rate ~$0.09B) total $12.4 billion (~7.5%). EMsights (EM debt) adds $3.1 billion (~1.9%). Total fixed-income AUM is ~$15.5B (~9%).

Over 90% of assets are in equities, heavily skewed toward international/global equities. More than half of AUM is in primarily non-U.S. strategies (International/Global Value, International Growth, etc.). International Value and Global Value alone are ~46% of AUM, reflecting Artisan’s strength in non-U.S. value investing. Growth strategies add ~23%. No other single strategy is above 8%. This distribution underscores the multi-boutique model: a few big franchises drive most assets, alongside many smaller but growing strategies.

By Asset Class: Equities dominate (~91% equity vs ~9% fixed income). Within equities, growth and value are fairly balanced (Growth team ~24% vs Value-oriented teams ~28% as of Q4 2024). Global/international equity mandates are the majority, while U.S.-only equity mandates are a smaller share (~15–20%). Fixed income exposure (high-yield bonds, leveraged loans, EM debt) is relatively small but strategic since 2014. The credit expansion broadened Artisan’s offerings, but equity investing remains core.

By Geographic Exposure: AUM tilts toward global/international versus purely U.S. strategies. Roughly 60–65% is in non-U.S. or global mandates (including foreign and U.S. holdings with global benchmarks), and 35–40% in U.S.-only mandates. For example, adding all non-U.S./global equity and EM funds exceeds $100B, whereas U.S.-focused equity funds are ~$25–30B (plus ~$15B in global funds’ U.S. exposure). This global bias reflects Artisan’s insight that international expertise was in demand. Regionally, Europe and Asia-Pacific are heavily represented via International and Global strategies, while emerging markets (Asia, Latin America, etc.) are accessed through EM equity and debt strategies. In terms of clients, Artisan serves worldwide, though North American and European institutions contribute the bulk of AUM (many strategies are capacity-constrained and marketed to large global investors).

By Client Type (Distribution Channel): Artisan distinguishes Institutional, Intermediary, and Retail channels:

·       Institutional clients (corporate/public pensions, endowments, foundations, sovereign funds) – ~62% of AUM. Typically invest via separate accounts or institutional fund share classes.

·       Intermediary (Sub-advisory/Financial Advisor) clients – ~34% of AUM. Includes assets from Artisan’s U.S. mutual funds and UCITS funds, often used by financial advisors, wealth managers, model portfolios, and consultants on behalf of individual investors. Artisan’s open architecture means many of its mutual funds are on broker platforms, and it sub-advises some third-party funds.

·       Direct Retail investors – ~3% of AUM. Artisan doesn’t focus on direct retail; it reaches individuals mainly through intermediaries/advisors.

Effectively about half of AUM is from institutional separate accounts and half from pooled funds. In early 2025, Artisan reported $81.3B in Artisan Funds and Artisan Global Funds (pooled vehicles) vs $86.4B in separate accounts/other – nearly 50/50. This balance shows Artisan has a dual client base: large institutions and advisor-mediated retail. The ability to raise assets in both channels has fueled growth. Artisan’s mutual funds historically have strong analyst ratings, aiding adoption by intermediaries.

By Portfolio Characteristics: Artisan’s AUM can also be segmented by market cap and style, given team focuses. A significant portion of equity AUM is large-cap (through Global Value, International Value, Global Equity, etc.), but Artisan also manages substantial SMID-cap exposure (U.S. small/mid growth and value funds, International Small-Mid). The growth vs value mix is fairly even, helping navigate cycles (when growth lags, value often picks up, and vice versa). The firm regularly discloses composite performance and risk stats in fact sheets, but the key is maintaining diversity across styles, regions, and clients for a stable AUM base.

(All AUM figures approximate, as of Dec 31, 2024 or Feb 28, 2025, per Artisan disclosures. Mix may shift with markets/flows.)

5. Organizational Design & Team Structure

Artisan’s investment platform is structured as a collection of autonomous teams, each operating like an entrepreneurial boutique under the Artisan umbrella. This design is central to research and portfolio management at the firm:

Autonomous Investment Teams: Approximately 10–12 distinct investment teams operate within Artisan, each with its own PMs, analysts, and process. Examples include the Growth team, Global Equity team, U.S. Value team, International Value team, Global Value team, Sustainable EM team, Developing World team, Antero Peak group, International Small-Mid team, EMsights Capital Group (EM debt), and Credit team. Each team makes decisions independently – essentially like franchises within the firm. They’re geographically spread too; e.g., Global Equity has people in New York, San Francisco, London, and Singapore, while International Value is mainly in Boston and San Francisco. Teams set their own research agendas, target sectors, and portfolio construction without a centralized CIO dictating picks. This decentralization was a deliberate choice by founders to attract top talent and empower them, giving PMs freedom to execute their philosophies without distractions.

Division of Work and Coverage: Roles within teams are fluid and broad. Artisan explicitly seeks investment pros who can thrive in broad roles and wear multiple hats. Analysts/associates usually cover multiple sectors or regions rather than a narrow niche. For example, on the Global Value team, co-PMs and analysts collectively research companies across all industries and geographies, sharing idea generation. On the Growth team, analysts might have a focus area (one on healthcare, another on tech), but all contribute to one portfolio and PMs themselves are deeply involved in research. There’s high intra-team collaboration, often with co-PM models (e.g., Growth has four PMs sharing coverage). Junior analysts get significant responsibility – expected to generate ideas, build models, and sometimes own a piece of the portfolio under guidance. Because teams are small (often just a handful managing billions), analysts become generalists with specializations rather than strict specialists. For instance, one analyst might lead global tech stock coverage but also pitch consumer ideas as needed. This broad exposure is part of Artisan’s talent development, ensuring team members can evolve into PMs over time.

CIO/Research Director Structure: Notably, Artisan has no firm-wide CIO. The CEO (Eric Colson) and exec team don’t dictate investments; each team’s lead PM(s) act as that team’s CIO. There’s no centralized investment committee or “house view” – bureaucracy and consensus are avoided by design. For example, the U.S. Value PMs (Tom Reynolds, Dan Kane, Craig Inman) determine their portfolio entirely on their own, and the International Value team’s decisions are made by Samra and co-PMs alone. This autonomy preserves what Artisan calls the “purity” of each team’s process and avoids diluting returns through compromise. Instead of a CIO, Artisan has a Business Management team at the firm level handling non-investment tasks (operations, compliance, trading infrastructure, client service) for teams. This allows investment professionals to focus almost exclusively on research and portfolio management with minimal admin burden. Each team does have a Dedicated Relationship Manager (per the org chart) who liaises between the team and clients/marketing. But in terms of research direction, lead PMs (often Managing Directors) set the agenda. For instance, Chris Smith as sole PM of Antero Peak guides that team’s thematic research priorities, and Rezo Kanovich individually charts the course for the International Small-Mid team.

Team Size & Composition: Team sizes vary, some are very lean. The Developing World team was essentially one PM (Kaufman) with a couple analysts managing a concentrated portfolio. The Credit and EMsights teams each have ~4–6 investment pros (e.g., Credit led by Krug with a few analysts; EMsights led by Cirami with a small team including an economist). Conversely, the largest equity teams (Growth, Global Equity, Global Value, International Value) have multiple PMs and several analysts – but still usually <10 people. For example, Growth has 4 PMs and a few analysts (plus associates); International Value lists 5 PMs on the team. Hierarchy is flat; decisions are collegial but PM-led. Analysts present investment theses in team meetings or calls; if consensus is reached (or the lead PM is convinced), the stock goes into the portfolio. Some teams operate with co-PMs who each have veto power – e.g., on Samra’s International Value team, all major buys must meet team criteria and co-PMs agree. Other teams have a classic PM/analyst dynamic, like Krug’s Credit team where he as sole PM makes final calls with analyst input.

Key Decision Makers: As highlighted in Section 2, lead PMs are the key decision makers for each team (often titled Managing Director, Portfolio Manager, and many founded their teams). For example, Growth decisions are led by Jim Hamel, Matt Kamm, Jason White, Jay Warner (long-tenured PMs; founding PM Craigh Cepukenas retired end of 2024). They invest collaboratively but ultimately allocate capital based on collective high-conviction ideas. The Global Equity team is headed by Mark Yockey (with co-PMs Charles-Henri Hamker and Andrew Euretig) – Yockey’s decades guide stock picking, especially in Europe/Asia. U.S. Value is led by Reynolds, Kane, Inman (Reynolds first among equals given tenure). International Value is led by Samra (with co-PMs Ian McGonigle, Ben Herrick, Beini Zhou, Anand Vasagiri) – Samra as founder is primus inter pares. Global Value is co-led by O’Keefe and Mike McKinnon; O’Keefe is the veteran final call-maker. Maria Negrete-Gruson calls the shots for Sustainable EM, Lewis Kaufman for Developing World, Chris Smith for Antero Peak, Rezo Kanovich for International Small-Mid, Bryan Krug for Credit, and Mike Cirami for EMsights. Each has deep experience relevant to their focus (e.g., Cirami’s 14+ years in EM debt at Eaton Vance lend credibility to lead EMsights).

Artisan’s structure thus mirrors a multi-manager hedge fund or federated boutique: each silo has its own leadership. Management trusts these key people to run money as they see fit. Importantly, Artisan has structures to retain talent: senior investment partners often have equity in Artisan Partners Asset Management (or receive APAM stock grants), aligning their success with the firm’s. They also frequently have profit-sharing tied to strategy results. This helps retention – many team leaders (Yockey, Samra, etc.) have been at Artisan for decades, which is unusual where star managers often spin out. The autonomous teams, combined with strong operational support (centralized trading, compliance, client service), have made Artisan an ideal home for investment talent to stay long-term.

Collaboration & Idea Exchange: Teams are largely independent, but some informal interaction occurs. PMs talk to each other, especially if they cover similar areas. For example, Global Value and International Value PMs (O’Keefe and Samra) share common roots and likely still exchange ideas or debate markets. The Growth team might share macro perspectives with the Global Equity team. However, no formal cross-team investment committee exists, and one team doesn’t override another’s decisions. Artisan intentionally avoids homogenizing team views. Each team holds its own research meetings, offsites, and often maintains its own research database or tools. The firm does provide central analytical tools – e.g., Antero Peak uses Artisan-provided data science systems to augment research. Similarly, firm-wide risk systems monitor portfolios, and presumably a chief risk officer ensures no unintended exposures at the firm level. But aside from risk oversight and occasional cross-team mentoring, teams operate distinctly. Clients therefore get a variety of approaches under one roof, and PMs truly own their results.

Middle/Back Office Support: All teams share a common infrastructure run by Artisan’s business management. Trading and operations are centralized for efficiency and best execution. For instance, a single trading desk might execute orders for both the Growth and Value teams, following each team’s instructions. Compliance, legal, and IT are shared – a selling point to star managers (they don’t have to build back-office from scratch; Artisan provides the platform). A dedicated marketing and client service division handles investor communications, pitchbooks, RFPs, etc., often tailored by team. This allows investment pros to maximize research time. Internally, the motto is “time is the most important asset” to investment focus, so the organization shields portfolio teams from distractions. By all accounts, the structure works well: Artisan has incubated new teams (Credit, Developing World, EMsights) by giving them resources and independence, and it has kept PM turnover low. One insider noted Artisan’s model is “devolved” – central services + independent investing – so each team operates “more or less independently” day to day.

In summary, Artisan’s investment team organization is a federation of boutique teams under one roof. This fosters accountability (each team lives by its performance) and focus (PMs do what they do best). It requires careful culture management to ensure a common purpose, which Artisan achieves through aligned incentives and a shared set of values, even as each team preserves its unique investment culture.

6. Investment Process

Artisan Partners emphasizes a fundamental, research-intensive investment process across all strategies, though each team has its own methodology. In general, the firm’s investment process has these characteristics:

Active, Bottom-Up Stock Selection: All Artisan strategies rely on bottom-up analysis for security selection. The firm’s investors are fundamentally oriented stock pickers. The Growth team calls themselves profit-cycle hunters – seeking companies with accelerating earnings growth – and believes stocks follow fundamentals over time. This bottom-up ethos is everywhere: teams conduct in-depth company research, build detailed models, and pick stocks one by one, rather than making big top-down bets. Artisan’s portfolios often look very different from benchmarks due to this active approach. For example, the U.S. Value team uses a contrarian, bottom-up process to find undervalued yet financially solid companies. The Credit team similarly uses fundamental credit analysis to find mispriced bonds. In all cases, rigorous research underpins each investment.

Long-Term, High-Conviction Approach: Artisan teams usually run concentrated portfolios (e.g., 30–60 holdings) and aim to hold investments long term, often 3–5+ years if the thesis unfolds. The focus is on quality businesses and secular growth or value realization over time. For instance, the Growth team defines quality as companies with durable franchises (market position, brand, cost advantage, etc.) in early stages of accelerating profit cycles. They invest early and ride the profit cycle as it matures. On the value side, teams like International Value seek companies trading at significant discounts to intrinsic value, often due to temporary issues, and hold until value is realized – which can take years. Artisan PMs are willing to diverge substantially from index weights – tracking error is not a concern if conviction is high. They also generally cap strategy assets to stay nimble (closing strategies to new investors when at capacity).

Fundamental Due Diligence: Deep fundamental research is the cornerstone. Analysts and PMs spend weeks researching a single company: reading financials, assessing management quality (often meeting management or attending conferences), studying competitors and industry trends, and building valuation models. Many Artisan teams practice scuttlebutt research – e.g., Mark Yockey traveling globally to observe consumer behavior or talk to contacts, which famously led him to invest in Nokia after seeing widespread cellphone use in Asia in the 1990s. The Developing World team might analyze how an emerging middle class in India impacts certain businesses, potentially leading them to invest in a U.S. company catering to that trend (showing their creative, unconstrained thinking). Analyst recommendations are debated internally; teams often hold regular research meetings where theses are presented and challenged. A culture of devil’s advocacy ensures risks are considered. Artisan’s Value teams often insist on a margin of safety – investing only when a stock trades well below their intrinsic value estimate. Growth teams may require evidence of a competitive moat or accelerating metrics before investing. Across the board, management quality and business model strength are key considerations. Many teams explicitly seek strong balance sheets and shareholder-friendly management (Global Value, U.S. Value, etc. state this in their process). ESG factors are considered by some teams (e.g., Sustainable EM fully integrates ESG; other teams may incorporate governance elements).

Idea Generation (New Idea Funnel): Ideas come from various sources:

·       Internal Research & Brainstorming: Experienced PMs and analysts often generate ideas from their cumulative knowledge and continuous market monitoring. For example, Samra’s team keeps a watchlist of admired companies, waiting for the right price. When sectors fall out of favor (say European banks during a crisis), they might screen their watchlist for targets.

·       Screening Tools: Quantitative screens serve as starting points for some – e.g., U.S. Value might screen for low P/E, strong balance sheet stocks; Growth might screen for high ROIC and revenue growth. But screening is just an initial filter; human judgment then decides which names to research further.

·       Global Perspective & Networks: Artisan’s global teams and long tenures mean networks of industry contacts and prior knowledge feed the funnel. A PM might recall a company studied 5 years ago and revisit it when conditions change. The Global Equity team’s multi-city presence helps tap local insights (a London-based analyst might spot a trend in European luxury goods, leading to an idea).

·       Collaborative Brainstorming: Within teams, junior analysts are encouraged to pitch stocks. It’s not uncommon for an intern or new associate to be asked for an investment idea (even as an interview exercise). If the idea is compelling, the team will dig in further. Over time, successful analysts build a track record of good ideas and gain more responsibility.

·       Cross-Team Inspirations: While not formal, occasionally an idea in one Artisan fund might be noticed by another. For example, if Global Opportunities buys a niche software company, the U.S. Small-Cap Growth PMs (same Growth team) likely know and might also invest if it fits their mandate. However, cross-pollination is limited by each team’s process discipline.

Potential investments progress through a research pipeline: initial thesis → deeper due diligence → team discussion → portfolio inclusion if conviction is high and criteria are met. Artisan portfolios tend to have low turnover, so each new idea must clear a high bar to displace an existing holding. This leads to thorough vetting. For instance, Dan O’Keefe (Global Value) noted they might research 200 companies a year but only own 40; they’re extremely selective.

Portfolio Construction & Risk Management: Each team has defined methods for building the portfolio and managing risk:

·       Position Sizing: Tied to conviction and upside potential. High-conviction ideas get larger weights (5%+ positions) while lower conviction or new entries start smaller. The Growth team’s “garden, crop, harvest” analogy implies planting many small positions and letting winners grow big. Value teams often weight more evenly but will overweight top ideas to capture alpha.

·       Sector/Region Constraints: Generally minimal hard constraints – teams are benchmark-aware but not benchmark-constrained. They let allocations drift from index if bottom-up picks warrant (e.g., International Value has had 0% in Japan at times if no values are found, or Growth funds may run heavy tech overweights if those are the best growth stories). However, risk management ensures portfolios stay diversified – e.g., typically no more than 20–30% in one sector, and region diversification to avoid overconcentration (some global funds explicitly invest in at least 3 regions).

·       Sell Discipline: Teams have clear sell criteria, often valuation-driven (value teams sell when stock reaches intrinsic value) or thesis-driven (growth teams sell if the thesis breaks – e.g., profit cycle stalls). Some use specific metrics: U.S. Value has target price-to-value estimates; Growth watches for signs of cycle maturation to rotate out. Tax considerations are secondary since much of the assets are in tax-exempt accounts.

·       Risk Oversight: Artisan has risk professionals monitoring factor exposures, beta, etc., to ensure portfolios don’t inadvertently accumulate undue risk. But the primary risk control is stock selection and diversification. The firm believes sticking to quality businesses with knowledgeable PMs inherently controls risk better than top-down limits. There’s no central CIO enforcing risk limits, but the culture expects PMs to be prudent stewards of capital (most PMs invest significantly in their own funds). Artisan’s track record shows its funds often avoid extremes (e.g., they largely avoided the most speculative dot-coms in 1999 and weakest financials in 2008 due to quality focus, helping mitigate downside).

·       Quantitative & Technical Tools: Artisan’s approach is fundamentally driven, not quant-based. That said, some teams use quantitative tools as supplements. For example, Antero Peak’s Chris Smith uses analytical tools to remove subjectivity and manage risk alongside fundamental research (e.g., systematic screens for shorts, data analysis to spot trends). The Growth team might use technical analysis as a secondary input (e.g., timing adds on pullbacks, though fundamentals guide decisions). In fixed income, the Credit team uses risk models to scenario-test credit events. Importantly, no Artisan strategy is quant-managed or algorithmic – human judgment is central every step. Quant methods are to enhance research efficiency (screening large universes, portfolio analytics) rather than replace judgment. In interviews, Artisan PMs emphasize they don’t rely on macro or quant signals to pivot portfolios; they stick to bottom-up convictions through volatility.

Collaborative Culture & Continuous Improvement: The investment process benefits from Artisan’s collaborative culture. Teams do post-mortems on investments to learn from mistakes, emphasizing continuous process improvement. The firm’s Canvas blog and white papers show teams reflecting on their approach (e.g., writing about adapting value investing to low-rate environments, or Growth team discussing finding durable growth in changing tech landscapes). Each team has a clearly articulated philosophy and process communicated to clients and documented – consistency is a selling point. For instance, the U.S. Value process has remained essentially the same since 1999 (focus on undervalued companies with solid finances and attractive economics) even as personnel changed. Artisan management ensures new teams fit the philosophy of “high value-added, active strategies in growing asset classes.”

In summary, Artisan’s investment process is fundamental, research-driven, high-conviction, and long-term, with each team tailoring that general approach to its strategy. They aim for alpha via stock selection while managing risk by focusing on quality and diversification. The firm’s structure (autonomy + support) has led to strong performance in several flagship strategies (many Artisan funds boast top-quartile returns across full cycles, reflecting process effectiveness).

7. Learn More About the Firm

For those interested in Artisan’s strategies, culture, and insights, a variety of resources are available:

·       Official Website & Blog: Artisan’s website (artisanpartners.com) contains detailed strategy descriptions, quarterly letters/commentaries, and thought pieces. The Artisan Canvas blog and Insights section feature timely commentary from investment teams and leadership. For example, Artisan has published “Enhancing Fundamental Research with Analytical Tools” (Antero Peak team) and “A Case for Value” (U.S. Value team), outlining their market perspectives. These give a window into how teams navigate current conditions and refine their processes.

·       Investor Presentations & Reports: Annual reports and investor presentations (on the Investor Relations site) provide firm strategy, financials, and competitive positioning. For example, the Q4 2024 Firm Fact Sheet gives AUM by team and channel and explains the business model. Investor Day presentations (when held) often include Q&A with key PMs. These materials help understand Artisan’s business trajectory (net flows, margins, etc.) beyond the investment side.

·       Podcasts & Interviews: Artisan’s leaders and PMs have appeared on various podcasts:

o  The Insightful Investor (April 2024) – Interview with David Samra (International Value PM) on his value philosophy and market outlook, offering insights into global markets and current holdings.

o  Bloomberg Podcasts/Radio – E.g., David Samra discussed global opportunities in 2023 on Bloomberg’s platforms, providing brief insights from Artisan’s perspective.

o  GuruFocus Podcast (YouTube, 2021) – Daniel O’Keefe and Artisan’s U.S. Value team did a video interview about their approach (discussing value in consumer staples, financials), which gives a practical look at their process.

o  Dakota Live/Rain Podcast – Andy Pusateri (Head of Global Sales) was featured in an episode discussing Artisan’s sales strategy and culture, offering insight into how Artisan presents itself to institutional clients and consultants.

o  InvestmentWeek “Big Interview” – Written interviews like one in 2024 where an Artisan leader discusses the multi-team model and long-term vision. Such profiles (found on financial news sites) delve into leadership perspectives.

o  YouTube Channel: Artisan has a channel with webinars and team videos. For example, they posted a replay of the Artisan International Value Team 2024 Investment Forum, where Samra’s team did a deep dive on their strategy. Also, short “5 Questions in 5 Minutes” videos with Growth PM Matt Kamm cover topics like AI’s impact on holdings (e.g., Shopify). These videos let you see and hear PMs directly in a presentation format. Artisan’s content is professional and informative, aligning with an institutional tone.

·       Media Articles & Profiles:

o  Institutional Investor (March 2015) – Profiled Mark Yockey in “The Secret of Mark Yockey’s International Investing Success.” It covers Yockey’s career and how Artisan’s structure benefited him, with anecdotes like his Super Bowl analogy for cutting through market noise.

o  Pensions & Investments (P&I) – Articles around 2014 discussed Andy Ziegler stepping back after 20 years and Eric Colson taking over. P&I pieces offer industry perception and sometimes candid insights into Artisan’s evolution.

o  Morningstar Coverage: Artisan funds often earn high ratings and detailed analyst reports. Morningstar also named Artisan PMs as Fund Manager of the Year multiple times. Morningstar’s advisor magazine or conference panels occasionally feature Artisan managers discussing their outlook.

o  Barron’s and Financial Times: These have mentioned Artisan in contexts like top active managers or sector picks. For example, Barron’s might cite a stock from Artisan Global Value in an article on international investing.

o  Bloomberg News (March 2024) – Article titled “Nvidia Catapults EM Stock Picker to Top Ranking and Irks Rivals.” It highlights Lewis Kaufman’s unorthodox approach (holding U.S. tech in an EM fund) and how that propelled performance, illustrating Artisan’s flexibility (though it irked some rivals).

o  White Papers & Thought Leadership: Artisan teams sometimes publish white papers or letters on their philosophy or market views. For example, during the COVID-19 downturn the Global Value team wrote about finding opportunities amid volatility. The Growth team has published on secular vs cyclical growth. These are usually on the Insights page or in the literature library (“Investment Perspectives”). Artisan’s sustainability pieces show how teams incorporate ESG. These articulate how Artisan approaches valuation, market efficiency, risk management, etc., often with portfolio case studies.

o  WhaleWisdom & 13F Filings: For data enthusiasts, Artisan’s quarterly 13F filings (via SEC or WhaleWisdom) reveal U.S. equity holdings. WhaleWisdom shows top holdings, new positions, and sells each quarter, a practical way to track their stock bets and changes. Note 13Fs cover U.S. stocks only (no international or bonds), but still give partial transparency into some strategies. Likewise, Artisan’s annual 10-K (SEC filing) has a “Business” section describing strategies, AUM, risk factors, etc., useful for a comprehensive understanding (and required reading for APAM shareholders).

·       Career & Culture Resources: (Overlaps with Sections 9 and 10, but worth noting here.) Glassdoor and Wall Street Oasis (WSO) have employee/candidate discussions giving a candid view of Artisan’s culture and recruitment. WSO threads have discussed Artisan’s model and compensation, comparing it to peers. Glassdoor reviews mention work-life balance and management (summarized in Section 10). These unofficial sources can gauge what it’s like inside the firm.

In summary, to learn more about Artisan Partners, consider:

·       Artisan website – read the firm overview and each strategy’s fact sheet for basics.

·       Listen to a podcast or webinar – hear PMs discuss current opportunities.

·       Read media profiles (like Yockey’s II article or Bloomberg on Kaufman) – for narrative context and successes.

·       Check Morningstar or fund sites – for external evaluations of Artisan funds.

·       For a deep dive, review APAM’s SEC filings and possibly books or case studies (like Capital Allocators, which features asset manager case studies and might mention Artisan’s multi-team model).

By exploring these resources, you’ll get a comprehensive picture of Artisan’s investment approach, performance, and industry standing.

8. Recent Developments (2023–2025)

Recent years have been eventful for Artisan Partners in product offerings and leadership changes. Key developments:

New Strategies & Product Launches: Artisan has expanded its lineup to meet client demand and provide growth avenues for its talent:

·       2022: Launched several strategies, including a Floating Rate loan strategy (within Credit) and a Value Income strategy (within U.S. Value) focusing on dividend-paying value stocks. These leveraged existing expertise – Floating Rate building on the Credit team’s leveraged loan knowledge, and Value Income catering to income-oriented equity mandates.

·       2023: Prepared two notable equity launches for early 2024/2025: Global Franchise Strategy (Growth team) and Global Special Situations Strategy (International Value team). The Franchise strategy (launched 2025) focuses on high-quality, wide-moat businesses globally (drawing on the Growth team’s experience with franchise-type companies in their portfolios). The Global Special Situations strategy (launched by Samra’s team in 2025) targets opportunistic value investments worldwide – potentially more concentrated or event-driven than their main funds. These reflect Artisan’s thoughtful growth approach – adding products in a disciplined way aligned with team expertise and long-term trends. They also create career progression for team members (e.g., elevating a co-PM to lead a new strategy).

Artisan hasn’t made large acquisitions, but does lift-outs: in late 2021, it hired veteran EM debt investors Mike Cirami and team from Eaton Vance to form EMsights Capital Group. By early 2022, EMsights launched three EM debt funds (hard currency, local opportunities, unconstrained), giving Artisan an instant presence in EM fixed-income at an opportune time (attractive valuations).

AUM Trends 2022–2023: Industry-wide, growth equity outflows were a challenge, but Artisan saw strengths in value and EM strategies that partly offset outflows. For example, International Value had significant inflows in 2022–23 as value investing came back in favor. Also, the High Income fund attracted net new money during rising yield periods. As of March 2025, total AUM ($167.7B) is up from $138B in mid-2020, though down from a ~$175B peak in late 2021 (markets and FX movements have an impact).

S&P Index Inclusion: In June 2023, Artisan Partners Asset Management (APAM) was added to the S&P SmallCap 600 Index. This raised APAM’s visibility and likely introduced passive index fund shareholders. It marks Artisan’s stature as a sizable public company after 10 years post-IPO.

Leadership Transitions: A major theme of late 2023 into 2025 has been succession at board and executive levels:

·       Board: In Nov 2023, co-founder Andy Ziegler retired from Artisan’s Board after nearly 30 years. He had stepped away from day-to-day management in 2010, but remained on the board. His retirement was planned; the board is now fully independent aside from management members. This symbolized handing governance to the next generation, while the culture Andy and Carlene established continues.

·       Executive: On March 4, 2025, Artisan announced CEO Eric Colson will step into an Executive Chairman role and President Jason Gottlieb will become CEO after the June 4, 2025 annual meeting. This carefully orchestrated succession saw Colson leading for 13+ years and deliberately grooming Gottlieb (who joined 2016). Colson will take over from Stephanie DiMarco as Chairman (she becomes Lead Independent Director), ensuring continuity at the board level. Gottlieb’s CEO appointment was well-received since he’s intimately familiar with Artisan’s multi-team model and has strong Goldman Sachs credentials. Colson called it the culmination of a long-term succession plan and expressed confidence in Gottlieb. Gottlieb emphasized continuing Artisan’s growth and multi-asset expansion. Investors like such orderly transitions – notably, Gottlieb will be only the second CEO in Artisan’s history (after Andy and Eric). The change aims to bring fresh energy while keeping Colson’s strategic guidance.

Investment Team Changes: A few PM retirements/promotions:

·       Craigh Cepukenas (Growth PM since 1997) retired from portfolio management end of 2024, transitioning to an advisory MD role. In Jan 2025, co-PM Jay Warner became sole Lead PM for U.S. Small-Cap Growth, while long-time Growth PMs Jim Hamel, Matt Kamm, and Jason White continue to lead Global Opportunities, Mid-Cap Growth, and Global Discovery, respectively. This had been anticipated (Cepukenas has 30+ years in industry). The Growth team affirmed their collaborative process and philosophy remain unchanged. Clients were informed well in advance, and performance stayed steady through the transition (Hamel, Kamm, White each have decades on the team). The move also allowed the next generation to take on more leadership, illustrating Artisan’s focus on multi-generational franchises.

No major team departures occurred; importantly, star PMs like David Samra, Dan O’Keefe, and Mark Yockey remain as of 2025, providing stability. Artisan’s retention of key talent is a differentiator (no high-profile PM exits since 2019, when one Global Value co-PM left prompting that team’s split in 2018).

On the distribution side, Artisan expanded in key markets – e.g., opened a Singapore office in 2022 to bolster Asia-Pacific client service (complementing Hong Kong) and has been growing its sales team for intermediary channels.

Organizational Evolution: With growing multi-asset capabilities, Artisan in 2023 formed an internal Multi-Asset Committee to explore new products combining team expertise (e.g., could they create a balanced or target-date offering using multiple Artisan strategies?). Nothing concrete publicly yet, but it signals Artisan’s interest in innovation while leveraging existing teams. The firm also invested in technology – upgrading trading and analytics systems in 2023 to better handle the expansion into more asset classes (like EM derivatives for EMsights).

Major Investments & Performance (2023–2024):

·       Developing World Fund (Kaufman): Became one of the top-performing EM equity funds, largely due to heavy allocation to U.S. tech (Nvidia, Microsoft, etc.) which paid off in 2023’s AI-driven rally. This performance drew attention (the Bloomberg piece) and debate about what defines an “EM fund.” Artisan stood by the strategy, explaining it seeks developing-world growth wherever it resides (even via developed market companies). The episode highlighted Artisan’s flexibility and willingness to be unconstrained in pursuit of returns.

·       International Value (Samra): Weathered the 2022 downturn relatively well by avoiding speculative names and benefiting from the value rotation. In 2023, Samra’s team added some beaten-down tech and industrial names, positioning for recovery – and by late 2024 those had rebounded strongly. This helped stabilize overall AUM via performance gains, even as some peers struggled.

·       High Income Fund (Krug): Outperformed many high-yield peers in 2022’s rising rate environment by maintaining shorter duration and focusing on higher-quality credits, then pivoted to more aggressive credits in 2023 when spreads widened. This tactical skill helped attract modest inflows from institutions seeking active credit exposure.

·       Growth Equity Strategies: Suffered in 2022 (growth stock selloff), but saw a resurgence in 2023. The Artisan Global Opportunities Fund (Hamel/Kamm) regained top-quartile performance in 2023 with big contributions from Alphabet and Novo Nordisk, showing that sticking with high-conviction names through volatility can pay off.

Business Metrics: In 2024, Artisan maintained a strong financial profile – operating margin ~30% and dividend yield ~7% (APAM pays out most earnings). Expenses remained controlled; however, the firm did invest in personnel (hiring some senior analysts, adding distribution in Europe). By March 2025 headcount was ~584 (up from ~550 in 2022). Investment staff turnover stayed low, though there were a few corporate retirements (e.g., a long-time General Counsel retired in 2024, replaced by a new hire).

In summary, 2023–2025 at Artisan has focused on succession and organic growth. The Colson-to-Gottlieb leadership handover is pivotal but ensures continuity. New strategies and teams demonstrate Artisan’s commitment to evolving with client needs while leveraging core strengths. The investment teams navigated recent market cycles well – standout performances in some areas offset challenges in others – reinforcing the benefit of having diversified, autonomous teams. Stakeholders (clients and shareholders) have viewed these developments positively, seeing Artisan as a stable, well-run active manager poised for the future.

(Data and events current as of Q1 2025. Developments based on press releases, news reports, and Artisan disclosures.)

9. Careers, Jobs & Internships at Artisan Partners

Artisan Partners offers careers across investment and business roles, known for excellent benefits and a collegial culture. Below is an overview of careers at Artisan, including recruiting pathways, what the firm looks for in candidates, and insights into compensation and culture:

Career Opportunities & Recruitment: Artisan continually recruits and hires outstanding people at all levels and functions. Positions range from investment team roles (Research Associates, Analysts, Portfolio Associates) to business roles in operations, compliance, client service, marketing, IT, and HR. Many openings are posted on Artisan’s Careers portal (accessible via the website). For example, recent postings included research roles in the Boston and New York offices and corporate roles like a compliance officer in Milwaukee. Artisan also posts jobs on LinkedIn; the Artisan Partners LinkedIn page (linkedin.com/company/artisan-partners) lists openings and shows ~680 employees on the platform (with 19k+ followers).

Internships: Artisan offers summer internships, typically for undergraduates or MBA candidates interested in investment research or corporate functions. These internships are often not widely advertised – recruiting may occur through campus career centers or referrals. Artisan has hired Summer Investment Research Interns (sometimes called Summer Associates or Summer Analysts) in offices like New York and Milwaukee. One Glassdoor review mentioned an intern interview involved analyzing a list of companies as a stock pitch – indicating the internship includes substantive work (e.g., doing a stock analysis). Indeed.com listed an “Artisan Partners Boston – Global Markets Summer Analyst” at $20–30/hour for 10–12 weeks, hybrid remote, suggesting some flexibility. Interns can expect to assist analysts with financial modeling, participate in team meetings, and potentially present an investment idea by summer’s end. The intern program is relatively small (not a large class like at big banks), but it can be a foot in the door if a team has a hiring need.

Entry-Level Roles & Career Progression: Artisan does hire entry-level research associates/analysts. A typical path:

·       Research Associate (RA): Often filled by new graduates with strong academics (finance, economics, or even liberal arts with demonstrated finance interest). They support senior analysts/PMs – gathering data, maintaining models, etc. Artisan seeks self-motivated candidates who can add value quickly. An RA might work with multiple team members on various projects, gaining broad exposure.

·       Investment Analyst: After a couple of years, high-performing RAs may be promoted, and MBAs are sometimes hired directly as Analysts or “Associate Analysts.” Analysts take on more independent coverage of specific stocks or industries. They are expected to generate investment ideas and handle more complex analysis. Artisan doesn’t impose a rigid two-year up-or-out program; development is long-term, so an analyst can grow at their own pace, often expanding their coverage and responsibilities over time.

·       Senior Analyst / Associate Portfolio Manager: Over perhaps 5–7 years, an analyst who consistently contributes good ideas might advance to Senior Analyst or even Associate PM. Because teams are small, formal titles might not change, but influence and accountability increase. For instance, an analyst might effectively act as co-portfolio manager for part of the portfolio or lead research in a sector. Some Artisan teams have informal sector leads (e.g., one person becomes the go-to for healthcare investments).

·       Portfolio Manager/Managing Director: The ultimate goal for many is to become a PM or MD leading a strategy. At Artisan, new PM roles usually open either when a PM retires or when a new strategy/team is launched and needs a leader. Artisan often promotes from within for new strategies – for example, when the International Small-Mid Cap strategy launched in 2019, they brought in Rezo Kanovich as a lateral hire but built his team with internal talent; similarly, the 2025 Franchise strategy launch likely elevated a Growth team member to co-PM.

Artisan’s career progression can be slower than some firms because top roles don’t turn over often – incumbent PMs often stay for decades. However, the firm addresses this by expanding product lines (creating new PM opportunities) and broadening roles. It’s not unusual for a talented analyst to remain in an analyst title for many years but with increasing compensation and decision-making power (effectively functioning as a PM in some respects). The flat hierarchy means even junior people get their voices heard in investment discussions quickly, which is a plus for development.

On the business side, progression might be from analyst/coordinator to manager to director in areas like operations or marketing. The firm’s growth has created chances to lead new initiatives (e.g., someone might start as a marketing associate and eventually lead digital strategy as marketing efforts expand).

What Artisan Looks For (Key Skills & Traits): Across all roles, Artisan values certain attributes:

·       Intellectual & Cognitive Diversity: The firm explicitly values diverse perspectives and backgrounds. Candidates don’t all need finance majors; they’ve hired people with varied academic paths (even liberal arts) as long as they demonstrate critical thinking and a passion for investing. Intellectual curiosity and independent thinking are crucial – given the autonomy of roles, you must be a self-starter.

·       Self-Motivation & Initiative: Artisan seeks people who are self-motivated to develop their careers and add value. There’s no rigid training program or micro-management; they expect you to take ownership of your development. For example, a new research associate might be expected to quickly learn the team’s modeling style and start contributing to stock discussions. Proactivity is rewarded.

·       Analytical Rigor: Particularly for investment roles, strong analytical skills are a must – be it financial modeling, understanding business economics, or credit analysis. Many employees have or pursue CFA charters to deepen their knowledge. In interviews, expect technical questions (valuation methods, accounting concepts, etc.) to test your fundamentals.

·       Passion for Investing: This is critical – especially since Artisan is a pure active manager. Candidates should have genuine interest in markets and investing. Many successful hires have personal investing experience or can discuss stocks they follow. For example, an interviewee might be asked, “Pitch me a stock you like and why.” Artisan wants a well-reasoned answer. If you lack passion or have only superficial interest, it will show. Those who follow markets closely and can articulate why Artisan’s philosophy appeals to them stand out.

·       Cultural Fit – Humility & Teamwork: Artisan’s culture is described as professional, respectful, and somewhat family-oriented. They value humility and teamwork over ego. In practice, this means bragging or arrogance in interviews is a turn-off. They want confident thinkers who also fit into a flat, collegial environment. Given that people tend to stay long-term, they look for folks who want to build a career at Artisan versus hop around – demonstrating commitment to an active management career and alignment with Artisan’s long-term perspective is important.

·       Entrepreneurial Mindset: Artisan explicitly mentions an “entrepreneurial mindset” as something they hire and foster. Because of team autonomy, employees should act like owners of their domain. For PM-track roles, this means thinking about your strategy as a business – caring about performance, client satisfaction, continuous improvement. For non-investment roles, it means innovating processes or solving problems proactively without waiting for direction.

·       Integrity & Alignment: As a fiduciary managing others’ money, high ethical standards are essential. Artisan’s culture of aligned interests (employees often invest in Artisan funds or stock themselves) means they want people who treat client assets with as much care as their own. Expect thorough background checks and references to verify integrity.

Red Flags (What Might Derail a Candidate): While not officially published, based on culture and interview feedback, likely red flags include:

·       Lack of Preparation or Interest: If it’s clear you haven’t researched Artisan (can’t articulate why Artisan, don’t know their strategies) or you give generic answers (“I just want to do research” with no tie to Artisan), it shows insufficient interest. Not asking any questions about the firm in an interview is also a red flag. Artisan wants candidates who specifically want to be at Artisan, not just any asset manager. Similarly, if you can’t name any Artisan strategies or recent firm news (like the CEO transition or a fund award), it signals you didn’t do your homework.

·       Poor Communication or Arrogance: Given Artisan’s collaborative culture, a brilliant candidate who can’t communicate or seems uncoachable will struggle. Interviewers often test how you respond to feedback or challenge – e.g., if they poke holes in your stock pitch, do you become defensive or consider the critique thoughtfully? A dismissive or combative attitude is a red flag.

·       Short-Term Mindset: If you seem like you’re looking for a stepping stone or focus too much on short-term gain (e.g., asking excessively about bonus timing, or hinting you want to use this role to jump to something else quickly), they may question if you’re a long-term fit for a firm that prides itself on multi-generational development.

·       Lack of Passion or Work Ethic: If you cannot convey enthusiasm for investing (for investment roles) or don’t show a strong work ethic (Artisan has a “work hard, play hard” ethos), it’s a negative. For instance, if asked about a market event or stock and you have no opinion or knowledge, it might reveal a shallow interest. Similarly, any indication of unwillingness to roll up your sleeves could hurt – though they value balance, they expect dedication.

·       Cultural Mismatch: Extremely aggressive or ego-driven personalities or those expecting a cutthroat, hierarchical environment might not fit well. Artisan’s vibe is more Midwestern congenial combined with intellectual rigor. If you thrive only in highly structured environments or show little adaptability, you might struggle in Artisan’s relatively flat, broad roles.

Locations & Remote Work: Artisan’s main offices (Milwaukee, etc.) emphasize in-person collaboration – historically, spontaneous hallway chats about stocks were part of the culture. Since 2020, they’ve incorporated flexibility. Many roles are hybrid: a few days in-office, a couple remote. For instance, a job posting mentioned “Hybrid remote” in Boston for a research intern. Also, teams are spread across offices (the Growth team has members in SF, Atlanta, NYC), so remote collaboration via video is common. The firm hasn’t announced full-remote options firm-wide – new hires typically relocate to an office and participate in office life. Corporate functions might allow more remote days (IT, finance perhaps partially remote). Glassdoor reviews from 2021–2022 noted management was supportive during COVID and allowed necessary remote work. Overall, Artisan offers good work-life balance and understanding management, but still values face time for mentorship and culture maintenance. Investment staff do work long hours when needed (earnings seasons, deep research projects), but they try to avoid burnout – as evidenced by a decent work-life rating (~3.8/5 on Glassdoor).

9.1 Interview Process

Artisan’s interview process is selective and multi-stage, aiming to evaluate both technical skills and cultural fit. Based on candidate reports (Glassdoor, WSO) and firm practices, here’s what to expect:

Resume/Application Screening: Usually starts with an online application or campus recruitment submission. HR and hiring managers screen for relevant experience (e.g., finance internships, progress toward CFA, strong academics) and a cover letter that demonstrates genuine interest in the firm. Networking can be helpful – a referral or reaching out to an Artisan employee on LinkedIn might get your resume extra attention, given Artisan’s smaller scale hiring.

First Round – Phone/Video Screening: Selected candidates typically have an initial phone or video call, often with an HR recruiter from Milwaukee (headquarters). One candidate noted the first round was a phone call with someone from the home office in charge of sourcing candidates. This conversation covers basic fit and motivation questions: Why Artisan Partners? Why asset management? The interviewer will likely walk through your resume – be ready to highlight leadership roles, teamwork experiences, and any investing exposure you have. They may ask a few behavioral questions (e.g., describe a challenge you overcame, or what you know about Artisan’s philosophy). The screener will assess your communication and enthusiasm. For investment roles, sometimes they might toss a broad market or stock question (e.g., “Tell me about a stock you like and why”). Candidates who move on typically show knowledge of Artisan and articulate interest in active management.

Second Round – Technical & Behavioral Interviews: Next, you’ll likely have one or more interviews (via video or in person) with members of the hiring team. For investment roles, this means analysts or portfolio managers on that team; for business roles, department managers. Often this stage has a technical component and a deeper behavioral component. For example, a candidate for a Summer Associate (investments) role reported: the first interview (over Zoom) with an analyst was mostly behavioral, and afterward they were given a list of companies to prepare a stock pitch on one – indicating the second round involved both an interview and a case assignment.

·       Interview with Team Members: This interview dives into your technical aptitude and cultural fit. For investment roles, you should be prepared for questions like:

o  “Pitch me a stock or investment idea” – extremely common. They want to see your analytical thinking and genuine interest in investing. Have a specific company (or two) researched in depth. Be ready for follow-ups on your thesis, valuation, and risks. Tailor your pick to the team’s style if possible (e.g., don’t pitch a speculative biotech to a value team; for a value team, maybe pitch a cheap, cash-generative company, and for a growth team, a company with secular growth and a strong moat).

o  Technical finance questions – e.g., explain how the three financial statements connect, how to value a company (DCF vs multiples and when to use each), define EBITDA and why it’s important. For credit roles: what is duration, how do interest rates affect bond prices? For EM debt: what does a widening spread indicate? They’re checking that your financial foundation is solid (not expecting you to be an expert, but that you know the basics for your level).

o  Scenario or brainteaser-type questions – less common but possible (e.g., “If Company A acquires Company B, what’s the impact on the financials?” or quick mental math problems). This gauges quick thinking.

o  Behavioral questions – Even here, cultural fit is key. They might ask “Describe a time you showed initiative,” “How do you handle criticism?” or “What investors or books have influenced your investment thinking?” The interviewer (often a current analyst) is also judging if they would enjoy working with you day to day. So be professional and engaged, but also let your personality show.

·       Stock Pitch/Case Study Assignment: It’s very common for Artisan to include a case study in later rounds, especially for investment roles. As noted, candidates might be given a list of companies and asked to pick one to analyze and present. Usually you get a few days up to a week for this assignment. You’ll prepare a stock pitch: select a company (maybe one you already know or find compelling from the list), do thorough analysis, and then present your thesis either in writing (PowerPoint slides or a memo) and/or verbally in an interview. During the presentation or Q&A, the team will evaluate the depth of your research, your understanding of the company’s financials and competitive position, the clarity of your buy/sell reasoning, and how you handle questions. For example, if you pitched a tech stock, they might ask “What’s your projected revenue growth and why? How does that compare to consensus?” or “What are key risks that could cause this stock to drop 20%?” They want to see if you’ve thought critically and can defend your thesis under scrutiny. Even internship candidates often have to do a stock pitch – it’s a way to identify who’s truly passionate and capable. Candidates who put genuine effort into a well-structured analysis and can answer questions thoughtfully tend to advance.

In some cases, rather than an at-home case, they might have a “super day” with multiple interviews and possibly an on-site case or modeling test. This seems less common for Artisan except perhaps for more senior hires.

Third Round – Final Interview(s): Depending on the role, you may have a final round with senior leadership. For an investment role, this could mean an interview with the lead Portfolio Manager or even a top executive (for instance, interviewing with David Samra for an International Value analyst role). At this stage, they typically focus on high-level fit and motivation: Why do you want to build a career at Artisan? What are your long-term goals? A senior person might also test your broader market perspective or how you’d handle certain scenarios (e.g., “If half our portfolio dropped 20% due to a market shock, what would you do?” – this tests your temperament under stress). They’ll likely double-check your passion for investing and alignment with Artisan’s values (humility, teamwork, long-term focus). By this stage, they assume your technical skills are proven (from earlier rounds), so it’s more about personal fit. It’s also your chance to ask thoughtful questions. Asking something meaningful, like inquiring about the PM’s investing philosophy or the team’s strategy going forward, can leave a strong impression that you’re engaged and genuinely interested.

On-Cycle vs. Off-Cycle Hiring: Artisan’s recruiting is fairly need-based and doesn’t necessarily follow a strict annual cycle like some larger firms. They don’t bring in large classes of new hires each year, so many hires occur as needed – for example, if a team decides to add an analyst after launching a new strategy or if someone leaves. That means interviews can happen any time of year. However, for structured programs like internships and entry-level analysts, they roughly follow the academic cycle: applications in winter, interviews in spring for summer interns; interns may get full-time offers in the fall. MBA hiring for full-time might happen in early fall. Artisan doesn’t heavily use headhunters for junior roles (unlike some hedge funds), though for senior or specialized hires they might engage recruiters.

Timeline: The entire process often takes 3–6 weeks (Glassdoor reports ~21 days median, but it can vary). It can stretch longer if multiple rounds need scheduling or if they want to see your case study and then compare candidates. Generally, you hear feedback within a week or two after each stage. If you are assigned a case, you might get a week to prepare and then another week might pass for them to evaluate all candidates’ presentations. Some candidates have noted Artisan can move quickly too – for instance, an intern candidate went from phone screen to an in-person interview with a stock pitch to an offer in about 2 weeks. But since multiple team members usually weigh in on a hiring decision, the process can sometimes slow down due to coordinating those inputs.

Interview Atmosphere: The consensus is that Artisan’s interviewers are professional and friendly but also demanding. They won’t do stress interviews or trick you for sport, but they will press you to understand your thinking. You should expect follow-up questions and possibly a bit of debate on your ideas (e.g., an interviewer might intentionally challenge your investment thesis to see how you respond). They genuinely want to see how you analyze and handle critique, which reflects the real work environment. Many candidates have noted the interviewers were respectful and not arrogant, making the interviews challenging yet fair and relatively pleasant.

In summary, preparation is key: know Artisan’s approach and culture, practice a detailed stock pitch, review your finance fundamentals, and be ready to demonstrate why you’d be a great fit. Candidates who succeed typically have strong analytical abilities (shown through case or technical Q&A) and a personality that meshes with Artisan’s collaborative, long-term culture.

(Interview insights are aggregated from candidate reports and typical asset management practices; specifics may vary by team and role.)

9.2 Interview Preparation

To excel in Artisan interviews, candidates should prepare across technical topics, behavioral questions, and case studies. Here are some prep tips and common question themes:

·       Know the Firm & Strategies: First, do thorough research on Artisan. Understand their investment philosophy and be ready to articulate why it appeals to you. For example, you might say you value their autonomous team structure and long-term focus on fundamentals. If you’re interviewing with a specific team (say Global Value), know that team’s style and maybe some holdings. It’s impressive if you can reference something like, “I saw Artisan Global Value added XYZ Company last quarter; I found that interesting because….” At minimum, know basics like their AUM, main offices, founding story, and that APAM is publicly traded – these often come up as ice-breakers or simple test questions.

·       Technical & Finance Prep: Expect a range of finance and investing questions, especially for investment roles. Key areas:

o  Accounting & Valuation: Be comfortable discussing financial statements. Practice explaining how a $10 depreciation flows through the income statement, balance sheet, and cash flow. Be ready to outline valuation methods (DCF, comparables) and when you’d use one versus another. Understand metrics like enterprise value vs equity value, WACC, and free cash flow.

o  Investment Concepts: Review key concepts: competitive advantage (moat), return on invested capital (ROIC), margin of safety, diversification, risk vs volatility. If you’re interviewing with a value team, know metrics like P/E, P/B, EV/EBITDA, and their limitations. If it’s a growth-oriented role, be able to talk about revenue growth, total addressable market (TAM), and unit economics. For a credit role, brush up on leverage ratios (debt/EBITDA, interest coverage) and bond concepts (duration, yield spreads). If it’s an EM role, maybe be aware of country risk or currency impact.

o  Markets & Current Events: They may ask something like “What’s your view on the market?” or “Tell me about a recent financial news story you found interesting.” Be prepared to give a thoughtful answer – for example, you might mention the current interest rate environment and how higher rates affect equity valuations, or a recent corporate event (merger, regulatory change) and its implications. They’re not expecting day-trader detail, but they appreciate awareness of macro factors insofar as they influence investing opportunities or risks.

o  Stock Pitch: This is almost guaranteed for investment roles. Prepare at least one detailed long (buy) pitch, and optionally a short (sell) idea if relevant (short ideas are more relevant for a hedge strategy interview like Antero Peak Hedge, but some long-only teams might still ask what stock you’d avoid). Use an approach Artisan PMs would respect: focus on business quality and long-term fundamentals, not just near-term catalysts. Structure your pitch by covering: company background, what makes it a good business, why it’s mispriced, key financials (growth, margins, leverage), your estimate of intrinsic value vs current price, and main risks. Practice delivering it in about 5 minutes clearly and confidently. Also anticipate follow-ups – e.g., if you pitch Tesla, you might get asked about EV competition or valuation multiples relative to peers. If you pitch a lesser-known small cap, be ready to explain its niche and competitive landscape thoroughly.

o  Case Study: If given a formal case (like analyzing a company from a list), tackle it methodically:

1.    Read the company’s recent annual report/10-K. Note revenue streams, profit margins, any guidance management provides, etc.

2.    Do a straightforward valuation – a DCF if you’re comfortable (outline assumptions), and/or a multiples comparison with peers.

3.    Identify a few key drivers for the company’s future (e.g., new product launch, cost savings plan, market expansion) and a few key risks (loss of a big customer, regulatory changes, etc.).

4.    Form a conclusion: would you buy it or not at current price and why? If presenting, make a short memo or slide deck to organize your points. Even if you’ll present verbally, having a clear structure helps. In the interview, communicate your analysis step-by-step. If they ask something you didn’t research, it’s okay to say, “I hadn’t looked at that specifically, but my intuition is X; I would investigate Y to get a better answer.” They value honesty and logical thinking on the fly.

·       Behavioral & Fit Prep: Don’t underestimate the cultural fit component. Prepare examples and answers for common behavioral questions:

o  “Tell me about a time you worked on a team project. What was your role, and what did you learn?” – Choose an example where you collaborated and perhaps took initiative or resolved a conflict. Emphasize teamwork and leadership if possible.

o  “Describe a failure or an investment mistake and what you learned from it.” – They want to see humility and the ability to learn from mistakes. You might talk about a bad grade or project setback (or a stock you invested in that dropped) and how it taught you to be more thorough or patient.

o  “Why do you want to work at Artisan Partners?” – Have a specific, genuine answer. For example, “I’m drawn to Artisan’s focus on high value-added strategies and the chance to learn in an environment where teams operate independently. I admire how [specific example from your research] … and I want to contribute in that kind of culture.”

o  “Where do you see yourself in 5–10 years?” – Show a long-term commitment to asset management. You might say you aspire to grow into a portfolio manager role and that you’re excited about potentially building a career at Artisan in particular, contributing to the firm’s multi-generational success.

o  “What do you do outside of work?” – This is to see the person behind the resume. Be honest and maybe mention hobbies that reflect well on you (sports, which show discipline/teamwork; or hobbies like chess or coding that show analytical thinking). If you have interesting, unique hobbies, mention them – it can make you memorable.

Use the STAR method (Situation, Task, Action, Result) to structure your answers to behavioral questions so they’re concise and impactful. Given Artisan’s lean teams, examples where you wore multiple hats or stepped up beyond your formal role will resonate.

·       Mock Interviews: Practice really helps. If you can, do a mock interview with a friend or mentor – especially your stock pitch. Have them interrupt with questions to simulate the real thing. Practice technical questions aloud as well. This will make you more articulate and comfortable.

·       Cultural Research: If possible, reach out to contacts (or alumni from your school) who have insight into Artisan’s interviews or culture. They might give hints on what a particular team emphasizes (e.g., maybe the Credit team always asks about a specific credit case, or a value team might probe your thoughts on current market valuations). Even without direct contacts, reading Glassdoor or WSO posts about Artisan interviews can provide pointers.

·       Polish Your “Story”: Nearly every interview will have “Tell me about yourself” or “Walk me through your resume.” Prepare a coherent 2–3 minute personal story: highlight why you chose your school/major, any key internships or projects (especially those related to investing), and how those experiences led you to pursue this role at Artisan. Emphasize aspects that align with Artisan’s environment – e.g., your internship at a value fund taught you fundamental research, which makes you a great fit for Artisan’s research-intensive style.

·       Prepare Intelligent Questions: At the end of interviews, you’ll usually be asked if you have questions. Have a few ready. Good examples:

o  “How do you define success for someone in this role after a year?”

o  “What do you personally find most rewarding about working at Artisan?”

o  If speaking with a PM or senior person: “How would you describe your investment philosophy, and how does it shape your team’s daily process?” or “With [some market trend], how is your team positioning or thinking about it?”

Avoid questions about salary/benefits at this stage. Focus on intellectual and cultural aspects. Also, avoid anything that could be answered by basic research (you don’t want to ask something that’s on their website, for example).

Resources for Prep:

·       WSO & Vault Guides: These can provide typical asset management interview questions and frameworks.

·       Glassdoor Reviews: Check the interview section on Glassdoor for Artisan to see if any candidates shared specific questions they got.

·       Finance/Modeling Courses or Books: If you have time, doing a quick modeling course refresher or reading classic investment books (e.g., The Intelligent Investor for value mindset, Common Stocks and Uncommon Profits for growth mindset) can provide depth to your answers. Even dropping a reference like “as Philip Fisher might point out, the company’s management quality is key…” shows you’re serious.

·       Artisan’s Own Materials: Read a few of Artisan’s quarterly commentaries or Insights pieces from the teams you’re interviewing with. You could reference something a PM wrote (“I noticed in the latest commentary you mentioned X risk; I found that interesting and considered it in my stock pitch analysis as well…”). That level of engagement can impress.

·       Practice a Modeling Test: If you suspect there might be a modeling test (for more experienced roles), practice building a quick 3-statement model or DCF for a well-known company within, say, 1–2 hours. And practice interpreting financial metrics quickly (e.g., given a company’s summary financials, can you identify trends or concerns?).

Overall, balance your preparation between technical mastery, clear communication, and cultural understanding. Artisan interviewers will appreciate candidates who not only can crunch the numbers but also demonstrate they fit the Artisan ethos of thoughtful, long-term investing.

9.3 Candidate Profile: What Makes a Good Artisan Partner Hire

From the above, we can summarize the ideal Artisan candidate profile and note some potential red flags:

Key Skills/Traits:

·       Strong Analytical Skills: Demonstrated aptitude in financial analysis and critical thinking. Comfortable with financial statements, valuation methods, data analysis. For investments, deep investment fundamentals (e.g., dissecting business models, credit risks) are crucial. Non-investment roles still value analytical problem-solving (optimizing processes, handling complex data).

·       Passion for Investing & Markets: Genuine fascination with investments. A great candidate might manage a personal portfolio or talk at length about a stock they researched on their own. They follow market news and can argue why a stock is mispriced or how macro events create opportunities. This passion shines in interviews when discussing a favorite investment or investor. It shows they’re not just seeking any finance job but specifically love active investing – which is Artisan’s core.

·       Long-Term Mindset: Artisan values long-term value creation and career development, so they want individuals who think long-term. In interviews, that might be someone who talks about building a career in asset management (rather than using it as a quick step to something else). They may emphasize investing in quality and patience, aligning with Artisan’s style. A calm, persistent demeanor works well – not chasing fads but methodically achieving goals.

·       Self-Motivated & Entrepreneurial: In Artisan’s relatively unstructured, independent teams, self-starters thrive. Good hires show a track record of initiative – founding a club, self-learning a difficult skill, taking on extra responsibilities without being asked. In interviews, they’ll share stories of proactively tackling problems or picking up new skills on their own. Artisan’s culture rewards those who operate independently and drive projects. “Entrepreneurial” doesn’t have to mean having started a company (though that’s not bad if relevant) – it means showing ownership and creativity mindset.

·       Team Player with Humility: Though self-starters, Artisan teams are collaborative. Ideal candidates are confident but humble. They credit teammates for successes and take responsibility for failures. They listen well and engage thoughtfully rather than dominating discussions. Glassdoor reviews highlight a respectful, collegial atmosphere, so a good fit is someone who enhances that – supportive, reliable, cordial. They can work with diverse personalities (Artisan encourages cognitive diversity). Willingness to learn from others is key; e.g., a junior eager to be mentored by senior PMs.

·       Intellectual Curiosity & Perspective: Artisan prizes creative perspectives and diverse thought. Candidates with broad interests or unusual backgrounds can stand out. A science major turned finance might bring fresh analysis angles; someone with international experience could have unique market insights. Curiosity means always asking “why?” – why is a company successful, why is this security mispriced, etc. You might show this by asking insightful questions or having unique analysis angles. This contributes original research insights on the job.

·       Attention to Detail & Diligence: Investment work demands thoroughness – accurate models, not overlooking risks, following compliance. They look for meticulousness. Something as simple as an error-free resume/cover letter (typos can signal lack of care) matters. In case studies or discussions, a candidate who catches subtle points or double-checks assumptions earns points. Diligence also ties to reliability – managers need to trust an analyst’s work.

·       Alignment with Artisan Values: Top hires resonate with Artisan’s values: integrity, client focus, long-term orientation, excellence. They see themselves as potential partners in the enterprise (Artisan calls employees “partners” to instill that ethos). They have balanced egos – confident in skills but motivated by team success and learning over personal glory. For example, a candidate might express preferring a smaller, focused firm over a big bank because they value quality over quantity and culture over prestige – reflecting Artisan’s mindset.

Red Flags (Might Cause Rejection):

·       Unprepared/Lack of Interest: If a candidate is unfamiliar with Artisan or just says “I want to do research” without connecting to Artisan, it shows low interest. Not asking any firm-specific questions is bad. Artisan wants those who specifically want Artisan, not just any job. Similarly, if one can’t name Artisan strategies or recent news (CEO change, fund awards), they clearly didn’t do homework.

·       Poor Communication: Roles involve writing memos, pitching ideas, sometimes client presentations. If someone rambles, can’t explain clearly, or dodges questions, it’s a problem. Also, not adapting explanations to a straightforward level is a bad sign – a good analyst can explain a complex idea in simple terms. Negative signs include interrupting interviewers or giving canned answers without listening to questions.

·       Arrogance/Cultural Misfit: Ego-driven, uncoachable, disrespectful behavior is a no-go. Examples: bad-mouthing past employers bitterly, refusing to admit an error in a case question, acting like a know-it-all. Artisan teams are collaborative, so any hint someone might disrupt team harmony or be inflexible could be a deal-breaker. WSO posts often note that “fit” is crucial – Artisan needs to feel they’d enjoy working long hours with you.

·       Short-Term/Money Focus: If someone is fixated on compensation or obviously just wants to get rich quick, Artisan will be wary. They do pay well (see 9.4), but pride themselves on client service and investment excellence. An interviewee saying in five years they want “to run a hedge fund and get rich” will not sit well. Instead, they want to hear passion for investing and serving clients. Also, a resume with lots of short stints without good reason may worry them – they might think you won’t stay.

·       Inadequate Technical Skills: For investment roles, if you flub basic finance or show shallow understanding in your pitch, it’s a red flag. E.g., asked how to value a stock and only saying “P/E because higher is better” – too simplistic. Or if your stock pitch has a glaring error (wrong ticker, misunderstanding the core business) – that shows poor diligence. They don’t expect juniors to know everything, but they do expect solid fundamentals and ability to learn the rest.

·       Lack of Attention or Enthusiasm in Interview: Soft signals matter – being late (punctuality is crucial), poor body language (no eye contact, slouching, could signal disinterest or low confidence), failing to engage (one-word answers). Interviewers likely interpret these as signs you aren’t fully invested in the opportunity or lack professional demeanor. Conversely, positive energy and attentiveness are noted as green flags.

In essence, the ideal Artisan candidate is a well-rounded person who loves investing, has the skills to do it well, and fits a culture valuing integrity, teamwork, and independent thinking. They are seen as someone who could be a future partner – even if years down the road – and will contribute not only to returns but also to the positive work environment.

(Profile derived from Artisan’s stated values, employee reviews, and attributes of successful active asset management hires.)

9.4 Salary & Compensation

Artisan Partners is known to offer competitive compensation including base salary, annual bonus, and for senior members, equity participation. While specifics vary by role and year, here’s an overview of Artisan’s compensation structure and estimated levels:

Compensation Structure: Artisan’s pay follows a typical asset management model:

·       Base Salary: Fixed annual salary, generally market-aligned for role and location. Artisan’s base salaries are competitive but not the absolute highest on the Street (since total comp relies heavily on performance-based bonuses). For example, a Research Associate base might be high $70k–$90k; an Investment Analyst might be $100k–$150k; a senior analyst or junior PM could be low-to-mid six figures. Corporate side roles (compliance, IT, etc.) have their own bands (e.g., a finance manager around $120k base).

·       Annual Bonus: A significant part of total comp, performance-based. Artisan rewards both firm-wide and individual/team performance. If the firm has a good year (AUM growth, strong fund performance) and the person contributes strongly, bonuses can be quite high (often matching or exceeding base for investment roles). In a down year, bonuses might shrink. Glassdoor reviews show employees rate Artisan’s comp & benefits very highly (4.7/5), suggesting generous bonuses and perks. Investment pros often get bonuses tied to their strategy’s revenue or performance. For instance, an analyst on a high-performing fund could get a bonus 50–100%+ of base. Senior PMs’ bonuses might effectively be profit-sharing or a percentage of fund fees.

·       Equity/Profit Sharing: Key to Artisan’s philosophy is aligning interests via equity ownership. APAM being public means they can grant stock or options. Many MDs and PMs own shares (some got units pre-IPO that converted). Entry-level hires might not get equity immediately, but as you rise to senior analyst or PM, you may receive APAM stock as part of long-term incentives. These can appreciate and add wealth over time (plus APAM’s high dividend benefits employee shareholders). Additionally, certain strategies (like a hedge fund or CIT) may have performance fees or carry – key PMs might get a share of that. E.g., the Antero Peak Hedge strategy likely has performance fees and PM Chris Smith would get a cut. Similarly, PMs often invest personal money in their funds, further aligning incentives (not technically comp, but if funds do well it increases their effective income).

Salary Levels (Role Estimates):

·       Analyst/Research Associate (entry-level): Glassdoor indicates total pay (base + bonus) ~$88k–$146k. This implies base maybe ~$80-90k and bonus making up rest (10-60% of base depending on performance). H1B filings provide insight: median “Research Associate” base around $156k (though that might be a more experienced RA or include bonus). Likely a new undergrad RA could expect ~$80k base + 20-50% bonus, ~ $100k total in a normal year.

·       Investment Analyst (experienced): With a few years or MBA, comp jumps. H1B shows “Analyst” median at $200k (possibly including bonus or a higher-level analyst). A 2024 H1B showed an Analyst at $250k (perhaps all-in). It’s plausible a third-year analyst might have $120k base and, with a great year, a similar bonus, totaling low $200ks. Senior analysts (near PM level) might have $150–200k base and equal or higher bonus, for total ~$300–400k.

·       Portfolio Manager/Managing Director: PMs can earn very high comp, reflecting their responsibility over large AUM. APAM’s SEC filings show executive comp (e.g., CEO Eric Colson’s total ~ $4.7M in a recent year). Top PMs likely make mid-to-high seven figures when performance is good. For example, David Samra and Dan O’Keefe in years when their funds won awards and had performance fees (2008, 2013) probably got multi-million dollar bonuses (they were star stock pickers of the year). Many PMs have equity – APAM’s variable dividend in 2022 was ~$4.20 per share, so if a PM owns 100k shares (not unrealistic for a long-tenured MD), that’s $420k/year in dividends alone. Some long-serving PMs likely own more, so their wealth builds beyond salary.

·       Business & Operations Roles: Less publicly known, but reviews and data suggest above-average salaries plus bonus. Indeed lists an average “Operations Analyst” at ~$85k (not sure level). Glassdoor shows a Director at Artisan might total $207k–$327k. So a middle-office director could be low-to-mid six figures. Entry-level corporate roles (HR analyst, client services rep) might be more modest – maybe $60-70k base plus smaller bonus – but still with great benefits.

·       Intern Pay: As noted, Indeed indicated interns $20-30/hour ($800-1200/week), which is competitive for undergrad interns.

·       Bonuses & Incentives: The bonus culture is performance-driven but known to be fair and generous. Glassdoor pros say “competitive pay” and that bonuses are very rewarding in good years. The firm’s compensation-to-revenue ratio historically ~30-35% (per APAM financials), indicating a healthy share of revenue goes to employees (industry-standard). Top investment performers might get spot bonuses or faster promotions (with pay bumps).

·       Benefits: In addition to salary, Artisan provides excellent benefits. Reviews praise benefits as “unbeatable.” Likely includes:

o  401(k): Strong matching (possibly profit-sharing contributions too).

o  Health Insurance: High-quality, heavily subsidized (reviews mention outstanding family coverage).

o  Retirement Contributions: Possibly annual profit-sharing contributions (aligning with partnership mentality).

o  Work-life perks: Possibly wellness reimbursements, ample PTO, parental leave, etc. “Family-oriented” comments and high ratings suggest people feel well taken care of.

While not cash, benefits add a lot to total comp. One review said “Benefits are absolutely unparalleled,” meaning employees highly value them (which might include things like free office lunches, tuition reimbursement, or other perks – specifics aren’t public, but hints at very strong benefits).

·       Comparisons: How does Artisan pay compare? Artisan has ~600 employees and an estimated ~$500M annual comp expense (WSO discussion guess). That’s > $800k per employee on average, skewed by high earners like PMs. It indicates many roles, especially investment-side, pay quite high. Compared to large long-only firms or hedge funds, an Artisan analyst might earn similar or a bit less than a top hedge fund (where a star analyst could make millions), but Artisan offers stability and equity that can even out over time. Also, in down years, Artisan likely smooths bonuses to retain talent.

·       H1B Data Points: Public H1B filings give hints:

o  Analyst: median $161,429 (2023); one record $250,000 (2024).

o  Research Associate: median $156,000 (unclear if base or total).

o  Associate Director, Distribution: median $195,000 (senior sales roles ~ $200k).

o  Quant/IT roles: not explicitly listed, but likely similar ranges to equivalent analysts.

Equity Details: The 2013 IPO created Artisan Partners Asset Management Inc., essentially a holding company for the partnership. Key people (Andy & Carlene Ziegler, some PMs) owned units convertible to shares. Over time, Artisan uses equity grants to incentivize new MDs. For example, when Bryan Krug joined in 2014, likely he received APAM stock to align him long-term.