Artisan Partners Asset Management Inc. (NYSE:APAM) Q4 2022 Earnings Call Transcript (2023)

Artisan Partners Asset Management Inc. (NYSE:APAM) Q4 2022 Earnings Call Transcript February 1, 2023

Operator: Hello, and thank you for standing by. My name is Drew, and I will be your conference operator today. At this time, all participants are in a listen-only mode. After the prepared remarks, management will conduct a question-and-answer session, and conference participants will be given instructions at that time. As a reminder, this conference call is being recorded. At this time, I will turn the call over to Artisan Partners Asset Management.

Makela Taphorn: Welcome to the Artisan Partners Asset Management Business Update and Earnings Call. Today's call will include remarks from Eric Colson, CEO; and C.J. Daley, CFO. Following these remarks, we will open the line for questions. Our latest results and investor presentation are available on the Investor Relations section of our website. Before we begin, I would like to remind you that comments made on today's call, including responses to questions, may deal with forward-looking statements. These are subject to risks and uncertainties and are presented in the earnings release and details in our SEC filings. We are not required to update or revise any of these statements following the call. In addition, some of our remarks today will include references to non-GAAP financial measures. You can find reconciliations of those measures to the most comparable GAAP measures in the earnings release. I will now turn the call over to Eric Colson.

Eric Colson: Thank you all for joining the call or reading the transcript. Outcomes in 2022 were difficult. For the year, our AUM declined from $175 billion to $128 billion, a 27% drop. Of our $9.8 billion of net outflows, more than $5 billion occurred in the fourth quarter, we experienced net outflows across majority of strategies and investment teams. For the year, our gross outflow rate was in line with our prior 10-year average. There was a broad array of reasons that clients rebalanced away with no single theme dominating. Lower gross inflows drove the net flow. Uncertainty, war, inflation, China, regulation paused decision making, especially allocations to risk assets. The market rebounded in the fourth quarter, especially in non-U.S. markets.

We believe decision-makers are learning to operate with greater uncertainty and has gathered more information and knowledge about direction of inflation and China policies. We don't believe that our 2022 or fourth quarter flows will prove to be representative of net flows going forward. Today, we are particularly excited about fixed income as well as the dynamic for non-U.S. and global equities. With increases in rates and spreads, we see more excitement for fixed income today than any time since we launched our first fixed income strategy nearly nine years ago. We currently offer six high value-added fixed income strategies. We believe all of the strategies can and should capture some of the near-term demand for fixed income. The Artisan High Income, Floating Rate and Credit Opportunities strategies are managed by the Artisan Credit franchise, which I'll discuss on the following slides.

The Artisan Emerging Markets Debt Opportunities, Emerging Markets Local Opportunities and Global Unconstrained strategies are managed by the EMsights Capital Group. EMsights Capital founders, Mike Cirami, Sarah Orvin and Mike O'Brien, have worked together for 14 years. They are well known in the marketplace, having built a well-regarded emerging market debt team at their prior firm. Last year, we built out the investment team, layered in technology, recruited business leadership and launched the three new strategies between March and July 2022. We expect all three strategies to experience early-stage growth this year, in particular, from institutional allocators willing to do deep diligence and capture the benefits of early adoption. We believe our two fixed income teams have great investments and business potential.

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There is long-term secular demand for fixed income and credit-oriented strategies. Aging demographics demand yield and income. Investors and allocators will continue to allocate to fixed income for diversification and risk return benefits. There are large opportunity sets in which talented investment managers can differentiate from and outperform indexes and peers. Both the Credit team and the EMsights Capital Group have the experience, capabilities, breadth of resources and ambition to manage multiple strategies and generate significant revenue within the context of our larger business. Slide 2 summarizes the Artisan Credit franchise as it stands today. Since Bryan Krug joined Artisan Partners in 2013, we have partnered with him to methodically build out his team and establish a powerful investment franchise.

Today, the team possesses each of the franchise characteristics we seek: established leadership; a repeatable investment process; depth and breadth of resources, including people, networks and technology; proven results; economic alignment; a unique culture centered on the team's Denver office; and an established brand. The Credit team has developed and evolved from an individual into a team into a franchise. Since inception in 2014, the Artisan High Income strategy has generated average annual returns of 5.1% after fees. The strategy has beat the benchmark index by an average of 178 basis points per year after fees. The Artisan High Income Fund is ranked Number 5 of 338 funds in the Lipper High Yield category. The team's business has developed at a healthy pace during a period of muted flows for the high-yield asset class as a whole.

Cumulatively, the team has generated net flows of $7 billion, averaging approximately $750 million per year. Of the 167 mutual funds in the Morningstar high-yield category, Artisan's High Income Fund has raised the third most since 2014. Slide 3 places the Credit franchise in broader Artisan historical context. The Credit team's cumulative net flows over its first nine years are in line with those of other multi-generational, multi-strategy franchises. Credit AUM lags primarily due to the delta between credit and equity returns. Based on our historical experience, the credit team is right on schedule, both in terms of developing franchise characteristics and experiencing foundational business growth. Historically, we have seen foundational growth translate into a subsequent phase of compounding growth.

Investment teams compound existing capital at the same time, leveraging resources, returns and reputations to extend duration, diversify business and launch additional strategy. Two examples are our Growth and International Value teams, which today manage $34 billion and $30 billion, respectively, across a total of six investment strategies with multiple generations of decision-making leadership. Like foundational growth, compounding growth takes time. We prioritize existing client experience, and we thoughtfully manage capacity. For the Credit team, in the near-term, we expect continued growth and diversification across strategies and with institutional clients. Over the long-term, we expect the team to leverage their credit capabilities and investment networks to offer clients additional high value-added investment opportunities.

Bryan leads an already powerful franchise. They are still early in their journey. There is tremendous additional potential. Slide 4 summarizes the near-term opportunity in high-yield credit. Rates and spreads have widened, creating an attractive entry point for allocators and absolute return potential for investors. Index yield to worst is currently about 8%, much more attractive than the 4% to 6% range that has prevailed for much of the last decade. When yield spikes in 2016, the High Income Strategy generated a return of 35.4% between February 2016 and January 2018 gross of fees. When yields spiked in 2020, over the next 12 months, High Income generated a 31.5% return and Credit Opportunities generated a 58.5% return, both gross of fees. Not only is the entry point better from a yield perspective, greater price dispersion increases credit picking opportunities, more opportunities for the Credit team to generate convex returns in excess of expected yields.

What we see in the near term is alignment of the Credit team's foundational growth and franchise characteristics with a more favorable investment environment, a combination that has us very excited. On my last slide, Slide 5, I want to come back to the equity environment. Of our 19 equity strategies, 11 focus on non-U.S., global or emerging markets. 75% of our total AUM is benchmarked against EAFE, Global or other non-U.S. indices. Approximately 55% of our equity AUM is invested in companies domiciled outside the U.S. Dating back to 1996 with the launch of Mark Yockey's non-U.S. Growth Strategy, Artisan Partners has a long history of investing and adding value in international equity markets. Our eight non-U.S., global or EM strategies with track records of five years or more have beaten their indexes by an average of 289 basis points per year since inception after fees.

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As I mentioned earlier, in the fourth quarter, non-U.S. equity significantly outperformed, driving the more than $12 billion of investment returns we generated in the quarter. Even with the strong fourth quarter performance, non-U.S. equities remain modestly valued by historical standards and relative to the S&P 500. We are not predicting mean reversion or calling the market, nearly pointing out that non-U.S. equities are attractively valued, and we have a long history of generating alpha in these markets. After a difficult year of outcomes, we are excited about what we can control, our investment lineup, both in equities and fixed income; our financial and economic model, which C.J. will elaborate on; our brand and reputation to attract proven investment talent and sophisticated clients.

We are optimistic about the current level of volatility and uncertainty; healthy security dispersion for active management, especially after a drawdown; greater clarity for risk-taking and decision-making; the ability to meet in person for due diligence and broaden our business development potential. I will now turn it over to C.J.

C.J. Daley: Thanks, Eric. 2022 follows on the heels of 2021, our most successful fiscal year ever in which we achieved record revenue and earnings. 2022 results, on the other hand, reflects the sharp decline in global markets and the impact of business investments made to support future growth. During the year, AUM declined from $175 billion to $128 billion. Revenues declined in line with the decrease in average AUM and were down 19%. As we often mention on these calls, our financial model was built to absorb volatile declines in global markets. And despite continuing to invest in long-term growth during 2022, our expenses were down 5% as a result of our model. Growth is not linear. AUM has grown 6% compounded annually, rising from $74 billion at the start of 2013 to $128 billion to end 2022.

Artisan Partners Asset Management Inc. (NYSE:APAM) Q4 2022 Earnings Call Transcript (1)

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Pixabay/Public Domain

Revenue has compounded annually by 7% and adjusted operating income by 5%. During this time, we diversified the business from five long-only equity investment teams, managing 12 strategies to a platform that now includes 10 investment teams and 25 strategies, managing assets in both public and private equities, fixed income and alternative asset classes. Our financial results over this period have enabled us to return cash dividends in excess of $32 per share to our shareholders since the IPO, including our recent declaration. Assets under management ended the fourth quarter at $127.9 billion, up 6% from the September 2022 quarter and down 27% from the prior December year-end. Investment returns contributed $12.8 billion to the increase in AUM in the quarter, partially offset by $5.2 billion of net client cash outflows and $300 million of annual Artisan Funds distributions that were not reinvested.

Average AUM for the quarter was down 4% sequentially and down 28% compared to the December 2021 quarter. For the full year, negative investment returns contributed $36.6 billion of the decrease in AUM and net client cash outflows lowered AUM by $9.8 billion. Average AUM for 2022 ended down 18% year-over-year. Across all generations, AUM was impacted by declining global markets and net client cash outflows. There were no material changes in the weighted average management fee or AUM mix by generation or vehicle. Financial results are presented on Slides 10 and 11. Our complete GAAP and adjusted results are presented in our earnings release. Quarterly revenues declined 4% compared to the previous quarter and 28% compared to the December 2021 quarter on lower average AUM.

For the full year, revenues were down 19% from 2021 on lower average AUM and lower performance fees. Performance fees were negligible in 2022 compared to $13.3 million in 2021. Adjusted operating expenses for the quarter decreased 1% sequentially due to the decline in incentive compensation expense as a result of lower revenues. Occupancy expense increased in the quarter as a result of a $1.4 million one-time charge taken on the abandonment of an office lease, a decision we made in part to trim costs. We will continue to look for ways to more efficiently use our office footprint as we adjust to the evolution of a hybrid work environment. For the year, adjusted operating expenses decreased 5% compared to 2021. The $74 million decline in incentive compensation expense was partially offset by increases in travel and expenses for headcount additions in 2021 and 2022, primarily base salaries and benefits.

A significant portion of the fixed cost increase from the prior year resulted from the launch of three strategies for our newest investment team. Adjusted operating income declined 8% for the quarter compared to the third quarter and declined 37% for the year compared to 2021. Likewise, adjusted net income per adjusted share declined 7% for the quarter compared to the third quarter and declined 38% for the year compared to 2021. Turning to Slide 12. Our balance sheet remains strong and continues to support our capital management needs and cash dividend policy. Our $100 million revolving credit facility remains unused. We continue to return capital to shareholders on a consistent and predictable basis through quarterly cash dividend payments and a year-end special dividend.

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Consistent with our dividend policy, our Board of Directors declared a quarterly dividend of $0.55 per share with respect to the 2022 December quarter, which represents approximately 80% of the cash generated in the quarter. Our Board also declared a special annual dividend of $0.35 per share. Similar to last year, we retained a portion of cash generated in 2022 to fund future growth initiatives, primarily seed capital investments and new strategies and vehicles. Our seed capital investments at the end of the year were $125 million, up from $72 million a year ago, and represent investments in future growth, primarily in the fixed income and alternative space. Including this declaration, cash dividends of $2.82 per share will be paid with respect to 2022 cash generation, a payout of approximately 92%.

Calculated on a trailing 12-month period, this represents a yield of approximately 8%. Since our IPO, the average annual dividend yield has also been approximately 8%. Looking forward to the current year, each year, our Board of Directors approve a grant of long-term incentive awards. In the first quarter of 2023, the Board approved an award of approximately $57 million, consisting of $39 million of cash-based franchise capital awards and approximately $18 million of restricted stock awards. Generally, 50% of the award vests pro rata over five years and the remaining 50% vests on or after 18 months after a qualified retirement. We estimate the 2023 long-term incentive award amortization expense will be approximately $55 million. Fixed compensation costs are expected to rise approximately mid-single digits, reflecting 2023 merit increases, the absorption of a full year of expense for full-time employees hired in 2022 and an expected 5% increase in employees.

The additions will primarily be investments in distribution roles to support new and existing strategies. We also expect increases in technology and travel spend, resulting in a projected increase in fixed operating expenses of approximately 5% in 2023. Occupancy, long-term incentive compensation and other fixed operating expenses are expected to be relatively flat compared to 2022. The note refinancing that closed in August 2022 provides annual interest savings of $2.4 million and will reduce interest expense by $1.5 million in 2023 compared to 2022. And as a reminder, our compensation and benefits expenses are generally higher in the first quarter of each year due to seasonal expenses, which we estimate will be approximately $5 million higher in the first quarter of 2023 compared to the fourth quarter of 2022.

As Eric commented in his prepared remarks, we are optimistic that the investments we've made in our business over the past several years will lead to successful outcomes for our clients and shareholders. However, these outcomes will take time and will be lumpy. That concludes my prepared remarks. I will turn the call back to the operator.

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Is APAM a good stock? ›

Valuation metrics show that Artisan Partners Asset Management Inc. may be undervalued. Its Value Score of B indicates it would be a good pick for value investors. The financial health and growth prospects of APAM, demonstrate its potential to outperform the market.

Is Artisan Partners a good stock? ›

For example, in 2021, it paid out $4.23 per share in dividends (including special dividends); in 2022, it paid out $3.67. While the dividend varies, Artisan Partners' commitment to paying out most of its earnings to shareholders makes this stock a solid pick for income-minded investors.

What is Artisan Partners Asset Management? ›

Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies in growing asset classes to sophisticated clients around the world. The foundation of Artisan Partners' story was set in 1994 by our founders Andy and Carlene Ziegler.

Is APAM a limited partnership? ›

Noteworthy, APAM itself is not a limited partnership and thus does not involve a schedule K-1 tax document for reporting income earned through stock ownership. Such documents are required with partnerships where the shareholders (unitholders) are limited partners themselves.

Is AFL a good stock? ›

Aflac Incorporated - Buy

Zacks' proprietary data indicates that Aflac Incorporated is currently rated as a Zacks Rank 2 and we are expecting an above average return from the AFL shares relative to the market in the next few months.

Is AIP a buy? ›

Is Arteris Stock a good buy in 2023, according to Wall Street analysts? The consensus among 2 Wall Street analysts covering (NASDAQ: AIP) stock is to Buy AIP stock.

How often does Artisan Partners pay dividends? ›

Artisan Partners's next quarterly payment date is on Nov 29, 2022, when Artisan Partners shareholders who owned APAM shares before Nov 14, 2022 received a dividend payment of $0.56 per share. Add APAM to your watchlist to be reminded of APAM's next dividend payment.

Is Arco a good stock? ›

Currently, Arcos Dorados has a Zacks Rank of #1 (Strong Buy), while Wendy's has a Zacks Rank of #3 (Hold). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that ARCO has an improving earnings outlook.

Is Harp a good stock? ›

9 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Harpoon Therapeutics in the last twelve months. There are currently 2 hold ratings and 7 buy ratings for the stock. The consensus among Wall Street analysts is that investors should "buy" HARP shares.

What are the 3 main asset management types? ›

There are three main types of asset classes: stocks, fixed-income investments, and cash equivalents.
  • Stocks (also called equities) Stocks have historically earned the highest returns over the long term. ...
  • Fixed-income investments (also called bonds) ...
  • Cash equivalents.

Is Artisan Partners a good company to work for? ›

Is Artisan Partners a good company to work for? Artisan Partners has an overall rating of 4.4 out of 5, based on over 65 reviews left anonymously by employees. 96% of employees would recommend working at Artisan Partners to a friend and 88% have a positive outlook for the business.

Who are the big 3 asset managers? ›

The three largest index fund managers—BlackRock, Inc. (“BlackRock”); State Street Global Advisors, a division of State Street Corporation (“SSGA”); and the Vanguard Group (“Vanguard”)—collectively known as the “Big Three,” own an increasingly large proportion of American public companies.

What are the 4 types of partnership? ›

There are four types of business partnerships:
  • LLC partnership (also known as a multi-member LLC)
  • Limited liability partnership (LLP)
  • Limited partnership (LP)
  • General partnership (GP)
Sep 18, 2019

What are the 5 types of partnership? ›

Types of Partnership – 5 Types: General Partnership, Limited Partnership, Limited Liability Partnership, Partnership at Will and Particular Partnership
  • General Partnership: ...
  • Limited Partnership: ...
  • Limited Liability Partnership (L.L.P): ...
  • Partnership at Will: ...
  • Particular Partnership:

Is Artisan a hedge fund? ›

Artisan Partners Limited Partnership is a Wisconsin-based hedge fund manager founded in Q4 of 1994 by Andy and Carlene Ziegler. The firm applies a growth strategy through the combination of talent acquisition and open architecture. It manages several funds with long and short positions and a focus on the US market.

What are the most stable shares? ›

We've also seen it in 2022 with rising interest rates, inflation, and international conflict.
Best safe stocks to buy
  1. Berkshire Hathaway. Berkshire Hathaway (NYSE:BRK. ...
  2. The Walt Disney Company. ...
  3. Vanguard High-Dividend Yield ETF. ...
  4. Procter & Gamble. ...
  5. Vanguard Real Estate Index Fund. ...
  6. Starbucks. ...
  7. Apple.

Which shares are worth buying now? ›

  • Buy Crompton Greaves Consumer Electricals, target price Rs 445: Centrum Broking 8 Feb 2023, 13:35.
  • Buy Aditya Birla Fashion and Retail, target price Rs 305 : JM Financial 8 Feb 2023, 13:09.
  • Buy Tata Steel, target price Rs 135: JM Financial 8 Feb 2023, 13:02.

Which shares are worth buying? ›

Best Stocks to Buy in India for Long Term for 2023
  • Reliance Industries. Multinational Conglomerate.
  • Tata Consultancy Services (TCS) Information Technology.
  • Infosys. Information Technology.
  • HDFC Bank. Banking.
Jan 12, 2023

Is ACHR a buy or sell? ›

Archer Aviation's analyst rating consensus is a 'Moderate Buy.

Will APD stock go up? ›

Stock Price Forecast

The 23 analysts offering 12-month price forecasts for Air Products and Chemicals Inc have a median target of 329.00, with a high estimate of 386.00 and a low estimate of 295.00. The median estimate represents a +14.26% increase from the last price of 287.94.

Is ASR a buy? ›

Is Southeast Airport Group Stock a good buy in 2023, according to Wall Street analysts? The consensus among 3 Wall Street analysts covering (NYSE: ASR) stock is to Buy ASR stock.

What months does APD pay dividends? ›

When is Air Products and Chemicals ex-dividend date? Air Products and Chemicals's upcoming ex-dividend date is on Mar 30, 2023. Air Products and Chemicals shareholders who own APD stock before this date will receive Air Products and Chemicals's next dividend payment of $1.75 per share on May 07, 2023.

When should I expect my dividend? ›

Dividends are typically paid on a quarterly basis, though some pay annually, and a small few pay monthly. Companies that pay dividends are usually more stable and established, not those still in the rapid growth phase of their life cycles.

How long until I receive my dividend? ›

The payment date is usually about one month after the record date.

Is ARCO Russian owned? ›

ARCO (/ˈɑːrkoʊ/ AR-koh) is a brand of gasoline stations currently owned by Marathon Petroleum after BP sold its rights.
Trade nameARCO
TypePublic (1966–2000)
Traded asNYSE: ARC (1966–2000)
IndustryPetroleum (1966–2000) Environmental clean-up (2000–present)
10 more rows

Is Joby a good buy? ›

Valuation metrics show that Joby Aviation, Inc. may be overvalued. Its Value Score of F indicates it would be a bad pick for value investors.

Is ARCO going out of business? ›

This am/pm and ARCO station owned by Mike Engel looks to be on the chopping block with BP's plan to close all its ARCO California gas stations and convert them to Tesoro. Arco stations in Southern California will be converting to Tesoro over the next two years.

What is the target for HARP stock? ›

HARP Stock 12 Months Forecast

Based on 4 Wall Street analysts offering 12 month price targets for Harpoon Therapeutics in the last 3 months. The average price target is $3.50 with a high forecast of $7.00 and a low forecast of $1.50. The average price target represents a 392.96% change from the last price of $0.71.

What is HARP stock price prediction? ›

Harpoon Therapeutics Inc (NASDAQ:HARP)

The 8 analysts offering 12-month price forecasts for Harpoon Therapeutics Inc have a median target of 6.50, with a high estimate of 16.00 and a low estimate of 1.50. The median estimate represents a +537.25% increase from the last price of 1.02.

What is the best financial instrument to invest in? ›

12 best investments right now
  • High-yield savings accounts.
  • Certificates of deposit (CDs)
  • Money market funds.
  • Government bonds.
  • Corporate bonds.
  • Mutual funds.
  • Index funds.
  • Exchange-traded funds (ETFs)
Dec 19, 2022

What are the 5 major assets? ›

Asset classes are groups of similar investments. The five main asset classes are cash and cash equivalents, fixed-income securities, stocks and equities, funds, and alt investments.

What are the 6 classes of assets? ›

An asset class is a way to categorize different types of investments with similarities. Types of asset classes include: stocks, bonds, Cash equivalents or money market vehicles, real estate, commodities, and cryptocurrency.

What are 3 things that are test assets? ›

These test assets include:
  • Test cases.
  • Stubs.
  • Required source files, including: Tested files: These are source files under test. The functions of these components are instrumented and integrated into the test harness.

How many people work for Artisan Partners? ›

Based in Milwaukee, WI, Artisan Partners is a medium-sized finance company with 535 employees and a revenue of $1.2B.

Is working for vans good? ›

Employees rate Vans 4.1 out of 5 stars based on 2,386 anonymous reviews on Glassdoor. In 2021 and 2022, Vans employees have voted their company to be one of Glassdoor's Best Places to Work. How can I get a job at Vans? To get a job at Vans, browse currently open positions and apply for a job near you.

Is Partners Group A good place to work? ›

Is Partners Group a good company to work for? Partners Group has an overall rating of 3.6 out of 5, based on over 383 reviews left anonymously by employees. 61% of employees would recommend working at Partners Group to a friend and 63% have a positive outlook for the business.

Do asset managers get paid well? ›

How much does an Asset Management make in California? The average Asset Management salary in California is $106,550 as of January 26, 2023, but the range typically falls between $80,962 and $155,876.

Do asset managers make millions? ›

At the Portfolio Manager level, earning potential is around $1.0 – $1.5 million per year.

Do asset managers make money? ›

Asset managers generally earn money based on a percentage of assets under management. Rates will often be progressive and decrease the more money an asset manager oversees for an investor.

What are the three 3 elements of partnership? ›

We return to the definition of a partnership: “the association of two or more persons to carry on as co-owners a business for profit[.]” The three elements are (1) the association of persons, (2) as co-owners, (3) for profit.

What are 5 things that should be included in a partnership agreement? ›

Most good partnership agreements contain the following clauses:
  • The name of the partnership.
  • The partnership's goals.
  • How the partnership will operate, such as an LLC or a corporation.
  • The partners' names and addresses.
  • How partners participate in decision-making, such as how to decide whether to hire employees.
May 2, 2022

What are 3 well known partnership businesses? ›

Partnership Business Examples: Everything You Need to Know
  • Red Bull & GoPro.
  • Sherwin-Williams & Pottery Barn.
  • West Elm & Casper.
  • Dr. Pepper & Bonne Belle.
  • Louis Vuitton & BMW.
  • Spotify & Uber.

What are the 7 partnership principles? ›

Seven Partnership Principles

The partnership principles of equality, choice, voice, reflection, dialogue, praxis, and reciprocity provide a conceptual language that coaches can use to describe how they strive to work with teachers.

What are the 10 types of partners? ›

Given below is a detailed explanation of each partner type in a business firm.
  • Active/Managing Partner. This is one among the types of general partnership where a particular individual or entity takes up the managing role. ...
  • Dormant/Sleeping Partner. ...
  • Nominal Partner. ...
  • Partners in profits only. ...
  • Partner by Estoppel. ...
  • Minor Partner.

What is the number 1 hedge fund? ›

Bridgewater Associates

How much money do you need to be considered a hedge fund? ›

In general, a qualified purchaser is defined as an individual investor with at least $5 million in net investments or an entity with at least $25 million in net investments. The maximum number of investors in a 3(c)(7) fund is 500.

Are Persimmon a good buy? ›

Is Persimmon a good dividend stock? Persimmon (LON:PSN) pays an annual dividend of GBX 3.45 per share and currently has a dividend yield of 16.70%. PSN has a dividend yield higher than 75% of all dividend-paying stocks, making it a leading dividend payer. The dividend payout ratio is 150.00%.

Should I invest in Kraft Heinz? ›

The Kraft Heinz Company - Hold

Valuation metrics show that The Kraft Heinz Company may be undervalued. Its Value Score of B indicates it would be a good pick for value investors. The financial health and growth prospects of KHC, demonstrate its potential to outperform the market. It currently has a Growth Score of F.

Should I buy Meta Materials stock? ›

The consensus among 2 Wall Street analysts covering (NASDAQ: MMAT) stock is to Strong Buy MMAT stock.

Is ALB a strong buy? ›

Out of 14 analysts, 5 (35.71%) are recommending ALB as a Strong Buy, 2 (14.29%) are recommending ALB as a Buy, 5 (35.71%) are recommending ALB as a Hold, 1 (7.14%) are recommending ALB as a Sell, and 1 (7.14%) are recommending ALB as a Strong Sell.

Why are Persimmon shares falling? ›

So while the Persimmon share price has fallen more than most, the downward trend is sectoral, rather than company-specific. Investors fear that rising interest rates and tightened consumer budgets could lead to house sales volumes falling and prices heading lower. That would hurt both revenues and profits at builders.

Why is persimmons dividend so high? ›

Housebuilder Persimmon (LSE: PSN) has what looks like a startling dividend yield of 19.6%. That reflects a couple of factors. The yield has moved up sharply because the Persimmon share price has crashed 56% in the past year. On top of that, the company has signalled that the dividend will likely fall.

How low will Persimmon go? ›

Share price forecast in GBX

The 14 analysts offering 12 month price targets for Persimmon plc have a median target of 1,380.00, with a high estimate of 1,600.00 and a low estimate of 1,181.00. The median estimate represents a -4.83% decrease from the last price of 1,450.00.

Is Kraft a good dividend stock? ›

Kraft Heinz Co's Dividend Yield

Since July 31, 2015, Kraft Heinz Co has paid out quarterly dividends ranging from $0.40 to $0.63 per share. Over the past five years, Kraft Heinz Co's dividend yield has averaged 5.0% per year.

Is Coca-Cola a buy or sell? ›

Coca-Cola has received a consensus rating of Buy. The company's average rating score is 2.67, and is based on 12 buy ratings, 6 hold ratings, and no sell ratings.

Is it good to buy Coca-Cola stock? ›

CocaCola Company (The) - Buy

Zacks' proprietary data indicates that CocaCola Company (The) is currently rated as a Zacks Rank 2 and we are expecting an above average return from the KO shares relative to the market in the next few months.

How much will MMAT stock be worth? ›

Meta Materials Inc (NASDAQ:MMAT)

The 2 analysts offering 12-month price forecasts for Meta Materials Inc have a median target of 2.75, with a high estimate of 3.50 and a low estimate of 2.00. The median estimate represents a +202.20% increase from the last price of 0.91.

Is Meta a good long-term investment? ›

While the stock price has underperformed in recent quarters, the low market valuation, the company's strong fundamentals and potential for growth make META a buy. Overall, META is well positioned for continued outstanding performance and presents a good opportunity for a long-term investment.

Is MMAT a good long-term investment? ›

If you are looking for stocks with good return, Meta Materials Inc can be a profitable investment option. Meta Materials Inc quote is equal to 0.940 USD at 2023-02-08. Based on our forecasts, a long-term increase is expected, the "MMAT" stock price prognosis for 2028-02-04 is 1.002 USD.

What is the best lithium stock to buy? ›

With global demand for lithium set to grow for the next several years, here are the best lithium stocks to buy in 2023:
  • Albemarle.
  • Sociedad Química y Minera de Chile.
  • Lithium Americas.
  • Piedmont Lithium.
  • Ganfeng Lithium.
  • Livent.

Is AMZN a buy right now? › has received a consensus rating of Buy. The company's average rating score is 2.87, and is based on 41 buy ratings, 2 hold ratings, and 2 sell ratings.

Is now a good time to buy managed funds? ›

Managed funds can also be set up for as little as $2,000. So, if you've got some money sitting in a bank account, then do your research. Now is a great time to invest, and there are many options to choose from. With interest rates being so low, it's also a great time to borrow to invest.


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