A month has gone by since the last earnings report for Artisan Partners Asset Management (APAM). Shares have added about 2.7% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Artisan Partners due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Artisan Partners Q3 Earnings Top Estimates, AUM RisesArtisan Partners’ third-quarter 2021 adjusted net income per adjusted share was $1.33, surpassing the Zacks Consensus Estimate of $1.27. The bottom line soared from 90 cents in the year-ago quarter.Results were supported by a rise in revenues and higher AUM. However, an increase in expenses was an undermining factor.Net income available to common stockholders (GAAP basis) was $86.4 million or $1.30 per share, up from $58.5 million or 93 cents per share in the prior-year quarter.Revenues Climb, Expenses IncreaseRevenues were $316.6 million, jumping 36% from the year-ago quarter. The rise primarily resulted from a higher average AUM balance. The top line surpassed the Zacks Consensus Estimate of $315.4 million.Management fees earned from the Artisan Funds & Artisan Global Funds rose 41.9% year over year to $199.1 million. Management fees earned from Separate accounts grew 27.1% to $117.1 million.Total operating expenses amounted to $173.5 million, up 28% year over year. The rise was primarily due to higher incentive compensation and third-party distribution expenses related to increased revenues as well as an increase in compensation and benefits expenses.Operating income was $143.1 million, up 47% year over year.AUM Increases on Net InflowsAs of Sep 30, 2021, AUM was $173.6 billion, up 29% from the year-earlier quarter. The company witnessed net client cash inflows of $4.5 billion and $35.5 billion of investment returns in the third quarter.The average AUM totaled $177.6 billion, up 36% year over year.Balance Sheet Position StrongCash and cash equivalents were $273.3 million compared with $155 million as of Dec 31, 2020. The company’s debt leverage ratio, calculated in accordance with its loan agreements, was 0.4 as of Sep 30, 2021.Total stockholders’ equity was $271 million as of Sep 30, 2021, compared with $191 million on Dec 31, 2020.How Have Estimates Been Moving Since Then?Fresh estimates followed a downward path over the past two months.VGM ScoresAt this time, Artisan Partners has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookArtisan Partners has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Artisan Partners Asset Management Inc. (APAM): Free Stock Analysis Report To read this article on Zacks.com click here.