The end of the earnings season is always a good time to take a step back and see who shined (and who didn’t). Let’s take a look at how asset management stocks fared in Q2, starting with Ares (NYSE: ARES).

Asset management firms oversee investment portfolios for institutions and individuals. The industry benefits from the growing global wealth pool, retirement savings needs, and expansion into alternative investments (private equity, real estate, etc.). However, firms face significant pressure from the shift to lower-cost passive investment products, regulatory requirements for fee transparency, and increasing technology costs to stay competitive in portfolio management and client service.

The 5 asset management stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 8.4%.

Thankfully, share prices of the companies have been resilient as they are up 8.7% on average since the latest earnings results.

Ares (NYSE: ARES)

With roots in the leveraged finance group of Apollo Management, Ares Management (NYSE: ARES) is an alternative investment firm that manages private equity, credit, real estate, and infrastructure assets for institutional and high-net-worth clients.

Ares reported revenues of $1.28 billion, up 25.6% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a narrow beat of analysts’ AUM estimates.

Ares achieved the fastest revenue growth but had the weakest performance against analyst estimates of the whole group. Unsurprisingly, the stock is up 15.6% since reporting and currently trades at $143.45.

Is now the time to buy Ares? Access our full analysis of the earnings results here, it’s free.

Best Q2: Carlyle (NASDAQ: CG)

Founded in 1987 with just $5 million in capital and named after the iconic New York hotel where the founders first met, The Carlyle Group (NASDAQ: CG) is a global investment firm that raises, manages, and deploys capital across private equity, credit, and investment solutions.

Carlyle reported revenues of $1.11 billion, up 13% year on year, outperforming analysts’ expectations by 20.7%. The business had a stunning quarter with a beat of analysts’ EPS and AUM estimates.

Carlyle delivered the biggest analyst estimate beat among its peers. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 2.6% since reporting. It currently trades at $49.35.

Is now the time to buy Carlyle? Access our full analysis of the earnings results here, it’s free.

Artisan Partners (NYSE: APAM)

Founded in 1994 with a focus on autonomous investment teams and a "high-value-added" approach, Artisan Partners (NYSE: APAM) is an investment management firm that offers actively managed equity and fixed income strategies to institutional and individual investors.

Artisan Partners reported revenues of $307.9 million, up 8.9% year on year, exceeding analysts’ expectations by 2.3%. It may have had the worst quarter among its peers, but its results were still good as it also locked in a beat of analysts’ EPS estimates and AUM in line with analysts’ estimates.

Artisan Partners delivered the slowest revenue growth in the group. Interestingly, the stock is up 3.6% since the results and currently trades at $42.35.

Read our full analysis of Artisan Partners’s results here.

Blackstone (NYSE: BX)

With over $1 trillion in assets under management and investments spanning real estate, private equity, credit, and hedge funds, Blackstone (NYSE: BX) is a global alternative asset manager that invests capital on behalf of pension funds, sovereign wealth funds, and other institutional investors.

Blackstone reported revenues of $3.83 billion, up 23.8% year on year. This number beat analysts’ expectations by 10.9%. It was a stunning quarter as it also produced a beat of analysts’ EPS estimates and a narrow beat of analysts’ AUM estimates.

The stock is up 17.5% since reporting and currently trades at $144.36.

Read our full, actionable report on Blackstone here, it’s free.

TPG (NASDAQ: TPG)

Founded in 1992 and managing over 300 active portfolio companies across more than 30 countries, TPG (NASDAQ: TPG) is a global alternative asset management firm that invests across private equity, credit, real estate, and public market strategies.

TPG reported revenues of $610.4 million, up 24.7% year on year. This print topped analysts’ expectations by 7.8%. Overall, it was a stunning quarter as it also recorded a solid beat of analysts’ AUM estimates and a beat of analysts’ EPS estimates.

The stock is up 9.3% since reporting and currently trades at $53.54.

Read our full, actionable report on TPG here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.