Artisan Partners is an active investment management firm that manages money for institutional investors and high-net-worth individuals across equities, fixed income credit, and alternative strategies. Artisan had $180B in AUM at year-end 2025, organized across 11 investment teams (12 post the January 2026 Grandview acquisition) managing 26 strategies. Each team operates autonomously with its own philosophy, process, and portfolio managers. Artisan reaches clients through two channels: an institutional channel (~39% of AUM) serving pensions, endowments, and foundations, and an intermediated wealth channel (~61% of AUM) serving financial advisors, broker-dealers, RIAs, and family offices. Clients invest through separate accounts (~51% of AUM), U.S. mutual funds (~44%), or Ireland-domiciled UCITS funds (~5%). Equities are the largest part of the platform, anchored by the International Value Group ($53B AUM) and Global Value Team ($36B+ AUM). Credit (~$17.9B AUM) is growing and anchored by the Credit Team and EMsights Capital Group. Alternatives (~$4B AUM) are expanding, with Artisan pursuing new teams in private credit, private equity secondaries, and real estate. Revenue is almost entirely management fees, calculated as a percentage of average AUM, at a weighted average fee rate of 68 bps. Expenses are largely variable and tied to revenue, giving Artisan operating leverage in up markets. Artisan targets a high dividend payout ratio and also deploys firm capital as seed investments in new strategies to build track records and attract third-party capital.