Artisan Partners Asset Management Inc (APAM) 2022 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Drew, and I will be your conference operator today. (Operator Instructions) As a reminder, this conference call is being recorded. (Operator Instructions) At this time, I will turn the call over to Artisan Partners Asset Management.

你好，謝謝你的支持。我叫德魯，今天我將擔任你們的會議接線員。 （操作員說明）作為提醒，正在錄製此電話會議。 （操作員說明）此時，我將把電話轉給 Artisan Partners Asset Management。

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.

歡迎來到 Artisan Partners 資產管理業務更新和收益電話會議。今天的電話會議將包括首席執行官 Eric Colson 的講話；和首席財務官 C.J. Daley。在這些評論之後，我們將打開問題熱線。

Our latest results and investor presentation are available on the Investor Relations section of our website.

我們的最新業績和投資者介紹可在我們網站的投資者關係部分獲取。

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 detailed in our SEC filings. We are not required to update or revise any of these statements following the call.

在我們開始之前，我想提醒您，在今天的電話會議上發表的評論，包括對問題的回答，可能涉及前瞻性陳述。這些都受到風險和不確定性的影響，並在收益發布中進行了介紹，並在我們提交給美國證券交易委員會的文件中進行了詳細說明。我們不需要在電話會議後更新或修改任何這些聲明。

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.

此外，我們今天的一些評論將包括對非 GAAP 財務指標的引用。您可以在收益發布中找到這些措施與最具可比性的 GAAP 措施的調節。我現在將把電話轉給埃里克科爾森。

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 a majority of strategies and investment teams.

感謝大家加入電話會議或閱讀文字記錄。 2022 年的結果很困難。這一年，我們的資產管理規模從 1750 億美元下降到 1280 億美元，降幅為 27%。在我們 98 億美元的淨流出中，超過 50 億美元發生在第四季度。我們的大多數策略和投資團隊都經歷了淨流出。

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 regulations paused decision making, especially allocations to risk assets.

今年，我們的總流出率與我們之前 10 年的平均水平一致。客戶在沒有單一主題主導的情況下重新平衡的原因有很多。較低的總流入量推動了淨流量。不確定性、戰爭、通貨膨脹、中國法規暫停了決策制定，尤其是對風險資產的配置。

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.

市場在第四季度出現反彈，尤其是在非美國市場。我們相信決策者正在學習如何在更大的不確定性下運作，並收集了更多關於通脹方向和中國政策的信息和知識。我們認為我們的 2022 年或第四季度流量不會被證明代表未來的淨流量。今天，我們對固定收益以及非美國和全球股票的動態感到特別興奮。

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 9 years ago. We currently offer 6 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 Opportunity Strategies are managed by the Artisan Credit franchise, which I'll discuss on the following slides.

隨著利率和利差的增加，我們看到今天的固定收益比近 9 年前推出第一個固定收益策略以來的任何時候都更加令人興奮。我們目前提供 6 種高附加值的固定收益策略。我們認為所有策略都可以而且應該抓住對固定收益的一些短期需求。 Artisan 高收入、浮動利率和信貸機會策略由 Artisan Credit 特許經營管理，我將在下面的幻燈片中討論。

The Artisan Emerging Markets debt opportunities, emerging markets local opportunities and global unconstrained strategies are managed by the EMsights Capital Group. EMsights Capital founders, Michael Cirami, Sarah Orvin and Michael 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.

Artisan 新興市場債務機會、新興市場本地機會和全球無約束策略由 EMsights Capital Group 管理。 EMsights Capital 的創始人 Michael Cirami、Sarah Orvin 和 Michael O'Brien 已經合作了 14 年。他們在市場上廣為人知，在他們之前的公司建立了一支備受推崇的新興市場債務團隊。

Last year, we built out the investment team, layered in technology, recruited business leadership and launched the 3 new strategies between March and July 2022. We expect all 3 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 2 fixed income teams have great investments and business potential. There is long-term secular demand for fixed income and credit-oriented strategies.

去年，我們組建了投資團隊，對技術進行分層，招募了業務領導，並在 2022 年 3 月至 2022 年 7 月期間推出了 3 項新策略。我們預計這 3 項策略今年都將經歷早期增長，特別是來自願意投資的機構配置者進行深入的盡職調查並獲得早期採用的好處。我們相信我們的 2 個固定收益團隊具有巨大的投資和業務潛力。對固定收益和以信貸為導向的策略存在長期的長期需求。

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.

人口老齡化需要收益和收入。投資者和配置者將繼續配置固定收益以實現多元化和風險回報收益。才華橫溢的投資經理可以從大量機會中脫穎而出並超越指數和同行。信貸團隊和 EMsights Capital Group 都擁有經驗、能力、廣泛的資源和雄心，可以在我們更大的業務範圍內管理多種策略並產生可觀的收入。

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.

幻燈片 2 總結了今天的 Artisan Credit Franchise。自 Bryan Krug 於 2013 年加入 Artisan Partners 以來，我們一直與他合作，有條不紊地組建他的團隊並建立強大的投資特許經營權。今天，該團隊擁有我們尋求的每一個特許經營特徵、建立的領導地位、可重複的投資過程；資源的深度和廣度，包括人員、網絡和技術；已證實的結果；經濟一致性；以團隊丹佛辦公室為中心的獨特文化；和一個成熟的品牌。

The credit team has developed and evolved from an individual into a team, into a franchise. That 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 #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.

信貸團隊已經從個人發展和演變為團隊，成為特許經營權。 Artisan High Income 策略於 2014 年啟動，扣除費用後的平均年回報率為 5.1%。扣除費用後，該策略每年平均超過基準指數 178 個基點。 Artisan High Income Fund 在 Lipper 高收益類別的 338 只基金中排名第 5。在整個高收益資產類別流動緩慢的時期，該團隊的業務以健康的速度發展。

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.

該團隊累計產生了 70 億美元的淨流量，平均每年約 7.5 億美元。在晨星高收益類別的 167 隻共同基金中，Artisan 的高收益基金自 2014 年以來籌集的資金位居第三。

Slide 3 places the Credit franchise in broader Artisan historical context. The Credit team's cumulative net flows over its first 9 years are in line with those of other multigenerational, multi-strategy franchises.

幻燈片 3 將 Credit 特許經營權置於更廣泛的 Artisan 歷史背景中。 Credit 團隊前 9 年的累計淨流量與其他多代、多戰略特許經營權的淨流量一致。

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.

信貸 AUM 滯後主要是由於信貸和股票回報之間的差異。根據我們的歷史經驗，信貸團隊在發展特許經營特色和實現基礎業務增長方面都如期進行。從歷史上看，我們已經看到基礎增長轉化為複合增長的後續階段。投資團隊同時整合現有資本，利用資源、回報和聲譽來延長期限、實現業務多元化並推出更多戰略。

Two examples are growth and international value teams, which today manage $34 billion and $30 billion, respectively, across a total of 6 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.

兩個例子是增長和國際價值團隊，如今分別管理著 340 億美元和 300 億美元，涉及總共 6 個投資策略，擁有多代決策領導層。與基礎增長一樣，複合增長也需要時間。我們優先考慮現有的客戶體驗，並精心管理容量。對於信貸團隊，在短期內，我們預計跨策略和機構客戶的持續增長和多元化。

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.

從長遠來看，我們希望團隊能夠利用他們的信用能力和投資網絡為客戶提供額外的高附加值投資機會。布萊恩領導著一支已經很強大的球隊。他們的旅程還處於早期階段。還有巨大的額外潛力。

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.

幻燈片 4 總結了高收益信貸的近期機會。利率和利差已經擴大，為配置者創造了一個有吸引力的切入點，並為投資者創造了絕對回報潛力。最差指數收益率目前約為 8%，比過去十年大部分時間普遍存在的 4% 至 6% 的區間更具吸引力。當 2016 年收益率飆升時，高收入策略在 2016 年 2 月至 2018 年 1 月期間產生了 35.4% 的總費用回報率。

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.

當收益率在 2020 年飆升時，在接下來的 12 個月裡，High Income 產生了 31.5% 的回報率，而 Credit Opportunities 產生了 58.5% 的回報率（兩者均計入費用）。從收益率的角度來看，不僅切入點更好，更大的價格分散增加了信貸選擇機會，信貸團隊有更多機會產生超過預期收益率的凸回報。我們在短期內看到的是信貸團隊的基礎增長和特許經營特徵與更有利的投資環境相結合，這種結合讓我們非常興奮。

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 of non-U.S. growth strategy, Artisan Partners has a long history of investing and adding value in international equity markets.

在我的最後一張幻燈片 Slide 5 中，我想回到股權環境。在我們的 19 種股票策略中，有 11 種專注於非美國全球或新興市場。我們總資產管理規模的 75% 以 EAFE、全球或其他非美國指數為基準。我們大約 55% 的股權 AUM 投資於在美國以外註冊的公司。自 1996 年 Mark Yockey 推出非美國增長戰略以來，Artisan Partners 在國際股票市場投資和增值方面有著悠久的歷史。

Our 8 non-U.S. global or EM strategies with track records of 5 years or more have beaten their indexes by an average of 289 basis points per year since inception after fees.

我們擁有 5 年或更長時間業績記錄的 8 個非美國全球或新興市場策略自成立以來每年平均超過其指數 289 個基點（扣除費用後）。

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.

正如我之前提到的，在第四季度，非美國股票的表現明顯優於大盤，推動我們在本季度產生了超過 120 億美元的投資回報。儘管第四季度表現強勁，但按照歷史標準和相對於標準普爾 500 指數，非美國股票的估值仍然適中。我們並不是在預測均值回歸或預測市場，幾乎是在指出非美國股票的估值具有吸引力，我們在這些市場中產生阿爾法的歷史悠久。

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.

在經歷了艱難的一年之後，我們對我們可以控制的東西、我們在股票和固定收益方面的投資陣容、我們的金融和經濟模式感到興奮，C.J. 將詳細闡述這些；我們的品牌和聲譽吸引成熟的投資人才和經驗豐富的客戶。我們對當前的波動性和不確定性持樂觀態度；主動管理的健康安全分散，尤其是在縮編之後；風險承擔和決策制定更加清晰；能夠親自會面進行盡職調查並拓寬我們的業務發展潛力。

I will now turn it over to C.J.

我現在把它交給 C.J.

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 a 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%.

謝謝，埃里克。 2022 年緊隨 2021 年之後，這是我們有史以來最成功的財政年度，我們實現了創紀錄的收入和收益。另一方面，2022 年的業績反映了全球市場的急劇下滑以及為支持未來增長而進行的商業投資的影響。年內，資產管理規模從 1750 億美元下降至 1280 億美元。收入隨著平均 AUM 的下降而下降，下降了 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.

正如我們經常在這些電話會議上提到的那樣，我們的財務模型旨在吸收全球市場的波動性下跌，儘管我們在 2022 年繼續投資於長期增長，但由於我們的模型，我們的支出下降了 5%。增長不是線性的。資產管理規模每年復合增長 6%，從 2013 年初的 740 億美元增至 2022 年底的 1280 億美元。

Revenue has compounded annually by 7% and adjusted operating income by 5%. During this time, we diversified the business from 5 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.

收入每年復合增長 7%，調整後的營業收入增長 5%。在此期間，我們將業務多元化，從管理 12 種策略的 5 個只做多股票投資團隊發展到現在包括 10 個投資團隊和 25 種策略的平台，管理公募和私募股權、固定收益和另類資產類別的資產。

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.

我們在此期間的財務業績使我們能夠自 IPO 以來向股東返還超過每股 32 美元的現金股息，包括我們最近的聲明。

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.

管理資產在第四季度末為 1279 億美元，比 2022 年 9 月季度增長 6%，比去年 12 月底下降 27%。投資回報為本季度 AUM 的增長貢獻了 128 億美元，部分被 52 億美元的客戶淨現金流出和 3 億美元未再投資的年度 Artisan 基金分配所抵消。

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.

本季度平均 AUM 環比下降 4%，與 2021 年 12 月季度相比下降 28%。全年來看，負投資回報貢獻了 366 億美元的 AUM 減少，淨客戶現金流出使 AUM 減少了 98 億美元。 2022 年的平均資產管理規模同比下降 18%。在所有世代中，資產管理規模都受到全球市場下滑和客戶淨現金流出的影響。按代數或車輛劃分的加權平均管理費或 AUM 組合沒有重大變化。

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.

財務結果顯示在幻燈片 10 和 11 中。我們完整的 GAAP 和調整後的結果顯示在我們的收益發布中。由於平均 AUM 較低，季度收入與上一季度相比下降 4%，與 2021 年 12 月季度相比下降 28%。全年來看，由於平均 AUM 和績效費用較低，收入比 2021 年下降了 19%。

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 onetime charge taken on the abandonment of an office lease, a decision we made in part to trim costs.

與 2021 年的 1330 萬美元相比，2022 年的績效費用可以忽略不計。由於收入下降導致激勵補償費用下降，本季度調整後的運營費用環比下降 1%。由於放棄辦公室租賃而產生的 140 萬美元一次性費用導致本季度的入住費用增加，我們做出這一決定的部分原因是為了削減成本。

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.

隨著我們適應混合工作環境的演變，我們將繼續尋找更有效地利用辦公室足蹟的方法。與 2021 年相比，今年調整後的運營費用減少了 5%。激勵薪酬費用減少 7400 萬美元，部分被 2021 年和 2022 年增加員工的差旅和費用增加所抵消，主要是基本工資和福利。

A significant portion of the fixed cost increase from the prior year resulted from the launch of 3 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.

與上一年相比，固定成本增加的很大一部分是由於為我們最新的投資團隊推出了 3 種策略。與第三季度相比，本季度調整後的營業收入下降了 8%，與 2021 年相比全年下降了 37%。同樣，與第三季度相比，本季度調整後的每股調整後淨收入下降了 7%，第二季度下降了 38%。與 2021 年相比的一年。

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.

轉到幻燈片 12。我們的資產負債表依然強勁，並繼續支持我們的資本管理需求和現金股息政策。我們的 1 億美元循環信貸額度仍未使用。我們繼續通過季度現金股息支付和年終特別股息，以一致和可預測的方式向股東返還資本。

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.

根據我們的股息政策，我們的董事會宣布了 2022 年 12 月季度每股 0.55 美元的季度股息，約佔該季度產生的現金的 80%。我們的董事會還宣布派發每股 0.35 美元的特別年度股息。與去年類似，我們保留了 2022 年產生的部分現金，用於資助未來的增長計劃，主要是種子資本投資以及新戰略和工具。

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%.

我們年底的種子資本投資為 1.25 億美元，高於一年前的 7200 萬美元，代表了對未來增長的投資，主要是在固定收益和另類領域。包括本聲明在內，將就 2022 年的現金產生支付每股 2.82 美元的現金股息，派息率約為 92%。按過去 12 個月計算，這表示收益率約為 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 approved 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 5 years and the remaining 50% vests on or after 18 months after a qualified retirement.

自首次公開募股以來，年平均股息收益率也約為 8%。展望本年度，我們的董事會每年都會批准授予長期激勵獎勵。 2023 年第一季度，董事會批准了約 5700 萬美元的獎勵，其中包括 3900 萬美元的現金特許經營資本獎勵和約 1800 萬美元的限制性股票獎勵。一般來說，50% 的獎勵按比例在 5 年內授予，其餘 50% 在符合條件的退休後 18 個月或之後授予。

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.

我們估計 2023 年的長期激勵獎勵攤銷費用約為 5500 萬美元。固定薪酬成本預計將增長約中個位數，反映出 2023 年績效增長、吸收 2022 年聘用的全職員工全年費用以及員工人數預計增長 5%。新增將主要是對分銷角色的投資，以支持新的和現有的戰略。我們還預計，技術和差旅支出的增加將導致 2023 年固定運營費用預計增加約 5%。

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.

與 2022 年相比，入住率、長期激勵補償和其他固定運營費用預計將相對持平。2022 年 8 月結束的票據再融資每年可節省 240 萬美元的利息，並將在 2023 年與 2022 年相比減少 150 萬美元的利息支出提醒一下，由於季節性支出，我們每年第一季度的薪酬和福利支出普遍較高，我們估計與 2022 年第四季度相比，2023 年第一季度的支出將增加約 500 萬美元。

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.

正如埃里克在他準備好的發言中所評論的那樣，我們樂觀地認為，我們在過去幾年中對我們的業務進行的投資將為我們的客戶和股東帶來成功的結果。然而，這些結果需要時間，而且會起伏不定。我準備好的發言到此結束。我會把電話轉回給接線員。

(Operator Instructions) The first question comes from Alex Blostein with Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Alex Blostein。

Eric, maybe we could start with a question around some of the opportunities you guys are seeing from a growth sales perspective for non-U.S. equities, including emerging market equities. Obviously, the markets are off to a good start this year. So curious if you're seeing an actual increase in RFPs and kind of active searches in that part of the market.

埃里克，也許我們可以從一個問題開始，圍繞你們從非美國股票（包括新興市場股票）的增長銷售角度看到的一些機會。顯然，今年市場開局良好。很好奇您是否看到 RFP 的實際增加以及該部分市場的活躍搜索。

And against that, you guys had a really strong 2020 and 2019 in terms of excess performance in those -- a number of the strategies, but a pretty challenging '21 and '22. So as people kind of think about the longer-term track record like a 3- and 5-year basis, which is likely to get worse as some of the kind of prime vintages roll off. How does that impact the opportunity set to win some of these mandates?

與此相反，你們在 2020 年和 2019 年的表現非常出色——一些策略，但 21 年和 22 年非常具有挑戰性。因此，當人們考慮像 3 年和 5 年這樣的長期記錄時，隨著一些優質年份的減少，這種情況可能會變得更糟。這對贏得其中一些任務的機會有何影響？

Thanks, Alex. The fourth quarter really highlighted some performance difference between non-U.S. emerging markets, China and some of the domestic indexes and we had a nice uplift in AUM as we noted on the call. I think the backdrop on asset flow has been a mixed bag. We've looked over the past couple of years to get some direction and looking forward, and it's hard to extrapolate the trend line.

謝謝，亞歷克斯。第四季度確實凸顯了非美國新興市場、中國和一些國內指數之間的一些表現差異，正如我們在電話會議上指出的那樣，我們的 AUM 有了很好的提升。我認為資產流動的背景好壞參半。在過去的幾年裡，我們一直在尋找方向和展望未來，但很難推斷出趨勢線。

We do see more activity in the marketplace with regards to due diligence than we've seen in the past couple of years, and we credit that to more of client research, consultant research, intermediary research, getting out and traveling again and conducting due diligence. And if you think about that, second half of 2020 into '21, most people just allocated to their trusted partner and we were the -- a strong partner during that lockdown phase. More recently, you've had the opening of due diligence, and we've picked up and right now, we have a strong list of meetings for due diligence.

與過去幾年相比，我們確實在盡職調查方面看到了更多的市場活動，我們將這歸功於更多的客戶研究、顧問研究、中介研究、外出旅行和盡職調查.如果你考慮一下，從 2020 年下半年到 21 年，大多數人只是分配給了他們值得信賴的合作夥伴，而我們是——在那個鎖定階段的強大合作夥伴。最近，你開始了盡職調查，我們已經開始了，現在，我們有一份完整的盡職調查會議清單。

But the trend line I would say is broader than just non-U.S. equities. Some clients are allocating to non-U.S. Other clients are still looking at growth value. Others are looking at active/passive. It's that each client's risk on and risk off has been different. And so it really is hard for us to extrapolate any given year, especially last year when there was so much uncertainty in the market.

但我想說的趨勢線比非美國股票更廣泛。一些客戶正在配置非美國。其他客戶仍在關注增長價值。其他人正在尋找主動/被動。每個客戶的風險承擔和風險承擔是不同的。因此，我們真的很難推斷任何特定年份，尤其是去年市場存在如此多的不確定性。

And I define that differently than just risk or volatility. I mean uncertainties freezes clients in what -- where they need to go versus volatility and risk that you can understand a bit better and manage. So we're pleased about our non-U.S. strategies. We're pleased about where the market's at. And hope to get some direction from asset flows, but I'm hesitant to make that call and respond to you that there is a -- that's the major focus.

我對它的定義不同於風險或波動性。我的意思是，不確定性使客戶陷入困境——他們需要去哪裡，而不是你可以更好地理解和管理的波動性和風險。因此，我們對我們的非美國戰略感到滿意。我們對市場所在的位置感到滿意。並希望從資產流動中獲得一些方向，但我很猶豫是否要打電話給你並回答你有一個 - 這是主要焦點。

Got it. All right. C.J., maybe just a follow-up for you on expenses. When you take a step back and you look at the firm's margins for the full year at around, I guess, 34% on a revenue base that is actually, I think, still a little bit above where you guys were in 2020, but the margins are down almost 500 basis points from that time. And taking your expense guidance, it feels like margins are going to be maybe under some pressure again into 2023. So help us maybe think about that dynamic against the fairly variable expense structure as you described it in your prepared remarks. And what's the path of kind of getting back to higher levels of operating leverage?

知道了。好的。 C.J.，也許只是跟進你的開支。當你退後一步，看看公司全年的利潤率時，我猜，收入基數為 34%，我認為這實際上仍略高於你們在 2020 年的水平，但利潤率比那時下降了近 500 個基點。根據你的費用指導，感覺利潤率可能會在 2023 年再次承受一些壓力。所以幫助我們考慮一下你在準備好的評論中描述的相當多變的費用結構的動態。回到更高水平的經營槓桿的途徑是什麼？

Yes. No. Thanks, Alex. Well, of course, as you know, you saw the strength of our model in the declining revenues of 2022 as revenues pulled back from the high levels in 2021, yet our expenses were still down 5%. That really was the benefit of our model which pulled almost $80 million out of variable expenses without us announcing layoffs or bonus cuts, et cetera.

是的。不，謝謝，亞歷克斯。好吧，當然，如您所知，隨著收入從 2021 年的高水平回落，您在 2022 年收入下降中看到了我們模型的優勢，但我們的支出仍下降了 5%。這確實是我們模型的好處，它在我們沒有宣布裁員或削減獎金等的情況下，從可變費用中提取了近 8000 萬美元。

Through that time, we invested heavily into our business, EMsights team, which we onboarded, seeded 4 products with $60 million, continue to build out our infrastructure to support private and our fixed income strategies. So we have made a fair amount of investment over the last 2 years in people and systems to be able to look to the future and growth.

在那段時間裡，我們對我們的業務進行了大量投資，我們加入的 EMsights 團隊以 6000 萬美元為 4 種產品提供種子，繼續建設我們的基礎設施以支持私人和我們的固定收益戰略。因此，我們在過去兩年中對人員和系統進行了大量投資，以便能夠展望未來和增長。

And now we're pretty much situated to capitalize on those growth opportunities. And so as we look into 2023, we're really looking forward to just focusing on finishing what we've started on these growth opportunities and filling the capacity which likely is much greater than we've ever seen in our firm's history. And now it's just about executing on that and getting some help from the markets.

現在我們幾乎可以利用這些增長機會。因此，當我們展望 2023 年時，我們真的很期待專注於完成我們已經開始的這些增長機會，並填補可能比我們公司歷史上任何時候都大得多的產能。而現在它只是關於執行並從市場獲得一些幫助。

The next question comes from Bill Katz with Credit Suisse.

下一個問題來自瑞士信貸的 Bill Katz。

Maybe just to come back to the discussion of an opportunity to sort of pick up of gross sales. Just a follow-up to Alex's question. As you -- given you have a strong brand, as you speak with your gatekeepers, whether it be on sort of the more affluent retail side or the institutional side. As you look at sort of the rolling 1, 3-year records (inaudible) worse but very robust 5-plus years, which is the bigger driver to that discussion. And could 2023 be a year where you get pretty good credit flows, but the equity book just sort of lags a little bit because of that interplay on the relative performance dynamics.

也許只是回過頭來討論提振總銷售額的機會。只是跟進亞歷克斯的問題。正如你 - 假設你擁有強大的品牌，當你與你的看門人交談時，無論是在更富裕的零售方面還是在機構方面。當你看一些滾動的 1、3 年記錄（聽不清）時，情況更糟，但 5 年多的記錄非常強勁，這是該討論的更大驅動力。 2023 年可能會是信貸流動相當不錯的一年，但由於相對績效動態的相互作用，股票賬簿略有滯後。

Bill, yes, gross sales is our focus this year. As we noted in the call, our gross outflow has been hovering at the same rate for about 10 years, and I think our client service model is appropriately, it matches our product mix and our client mix. We have taken a look at the sales opportunities and looked back at last year, and we clearly had a lower sales rate, which created the higher-than-expected outflow.

比爾，是的，總銷售額是我們今年的重點。正如我們在電話中指出的那樣，我們的總流出量一直以相同的速度徘徊了大約 10 年，我認為我們的客戶服務模式是合適的，它與我們的產品組合和客戶組合相匹配。我們審視了銷售機會並回顧了去年，我們的銷售率顯然較低，這造成了高於預期的流出。

And as we look on a go-forward from a sales cycle, we are more so in past years, and you heard it in CJ's prepared remarks around expense management, but allowing some spend in the distribution and sales because we have the capacity and the strategies. We'll be leaning into the sales team and looking to apply resources to take advantage of opportunities we see.

當我們從銷售週期向前看時，我們在過去幾年更是如此，你在 CJ 準備好的關於費用管理的評論中聽到了這一點，但允許在分銷和銷售方面進行一些支出，因為我們有能力和策略。我們將向銷售團隊傾斜，並尋求應用資源來利用我們看到的機會。

We certainly see the early stages of a new team with EMsights Capital Group and see strong interest in the institutional market. Given the category, emerging market debt tends to be more dominated by institutional assets. The credit team is clearly leaning into the institutional marketplace to diversify its asset base.

我們當然看到了 EMsights Capital Group 的新團隊的早期階段，並且看到了對機構市場的濃厚興趣。鑑於這一類別，新興市場債務往往更多地由機構資產主導。信貸團隊顯然正在向機構市場傾斜，以使其資產基礎多樣化。

And I think those could be very strong opportunities for the sales team. On the flip side, we got hit on the exchange of kicks of growth value, U.S., non-U.S., active/passive. We lost the exchanges in 2022. I don't think that's as easy to predict year-over-year in the short term. So we'll be interested to see how those exchange kicks occur, but we like our equity line up with the focus on non-U.S., global and emerging markets, as we highlighted, and the trend line in performance.

我認為這些對銷售團隊來說可能是非常好的機會。另一方面，我們在美國、非美國、主動/被動增長價值的交換中受到打擊。我們在 2022 年失去了交易所。我認為短期內同比預測並不容易。因此，我們很想看看這些交易是如何發生的，但正如我們強調的那樣，我們希望我們的股票與關注非美國、全球和新興市場以及業績趨勢線保持一致。

So it's hard to predict, Bill, but we're optimistic in the mix of equity just as much as we are in fixed income.

所以很難預測，比爾，但我們對股票組合和固定收益持樂觀態度。

Got you. Okay. And just as a follow-up, sort of your business has been sort of a little more incrementally geared to the institutional business. I think a lot of investors, as they look about the landscape are excited to sort of get into sort of the retail democratization opportunity and some of your assets certainly in that bucket. Can you talk a little bit about your plans to how to sort of go after the retail opportunity, if at all? Or is most of the incremental growth still going to be penetrating on the institutional side?

明白了好的。作為後續行動，您的業務有點逐漸適應機構業務。我認為很多投資者，當他們看到景觀時，很高興能夠進入零售民主化的機會，而你的一些資產肯定在那個桶裡。您能否談談您的計劃，以及如何抓住零售機會（如果有的話）？還是大部分增量增長仍將滲透到機構方面？

Yes. The retail democratization gets down to the customization of separate accounts, the custom indexes, how do you empower the individual that is an enormous amount of people expense, back office expense and quite honestly interesting fee environment as it races to the bottom.

是的。零售民主化歸結為單獨賬戶的定制、定制索引，你如何賦予個人權力，這是一個巨大的人力開支、後台開支和非常有趣的收費環境，因為它會逐漸降到最低點。

And we look at that opportunity set, coupled with the duration of those clients and assets we've seen in the retail mutual world. And you look at that short duration, high expense, difficult to differentiate by investment results and felt that we're better suited to be an investment organization instead of a consumer asset manager.

我們著眼於這個機會集，以及我們在零售共同世界中看到的那些客戶和資產的持續時間。你會看到持續時間短、費用高、難以通過投資結果區分，並認為我們更適合成為投資機構而不是消費者資產管理者。

So our focus will be to focus on the investment talent, deliver investment strategies and to partner with those organizations that can bring democratization and that fits how we can deliver our strategies to those partners. And we've, over the years, have built a very strong business in our intermediary channel.

因此，我們的重點將是專注於投資人才，提供投資戰略，並與那些能夠帶來民主化並適合我們如何向這些合作夥伴提供我們的戰略的組織合作。多年來，我們在中介渠道中建立了非常強大的業務。

Many of those clients know how to package these strategies well, and we're learning more and more how to partner those. And we've seen strong growth in the U.S. and outside the U.S. with these partners. And our mindset will be to focus our sales efforts with partners so that we participate in that retail democratization as an investment firm.

這些客戶中的許多人都知道如何很好地打包這些策略，並且我們正在學習越來越多的如何與這些策略合作。我們已經看到這些合作夥伴在美國和美國以外的地區實現了強勁增長。我們的心態將是將我們的銷售工作集中在合作夥伴身上，以便我們作為一家投資公司參與零售民主化。

The next question comes from Daniel Fannon with Jefferies.

下一個問題來自 Jefferies 的 Daniel Fannon。

Just following up on the EMsights opportunity. You talked about the institutional interest. Is this different than what you've seen with other kind of teams as they've come on Board in terms of the ramp, their track record, maybe not as important here given their legacy. And I know it's hard to predict, but when you think about credit in 2023 and that opportunity is more, is the dollar amounts coming in, you think more in these strategies or in the existing strategies of what would have been in the ground longer?

只是跟進 EMsights 的機會。你談到了機構利益。這與你在其他類型的團隊中看到的不同嗎，因為他們在坡道、他們的業績記錄方面進入董事會，考慮到他們的遺產，這裡可能並不那麼重要。而且我知道這很難預測，但是當你考慮 2023 年的信貸並且機會更多時，美元數量是否會流入，你會更多地考慮這些策略或現有策略中可能存在更長時間的策略？

Daniel, the record is still very important. Having that proven track record of success is always an important history and something to point to. The difference really been, if you look back to some of our other teams where the strategy fit very well in the intermediary or financial adviser, broker, dealer, it went into the pooled vehicle and the individual is probably a more well-known person or team in that space. The assets there can come a little bit quicker than a more complex strategy that tends to be more institutional in nature. And so first and foremost, the institutional sales cycle is longer. You have gatekeepers, you have consultants and then you have to marry that up with quarterly investment committee meetings to go through that cycle.

丹尼爾，記錄仍然很重要。擁有成功的成功記錄始終是一個重要的歷史和值得指出的事情。真正的區別是，如果你回顧我們其他一些團隊，在這些團隊中，策略非常適合中介或財務顧問、經紀人、交易商，它進入了集合工具，個人可能是更知名的人或那個空間裡的團隊。與更複雜的策略相比，那裡的資產可能來得更快一些，後者在本質上往往更具制度性。因此，首先，機構銷售週期更長。你有看門人，你有顧問，然後你必須將其與季度投資委員會會議結合起來才能完成這個週期。

So the onboarding of assets take longer than what we've seen with some of the more recent strategies behind EMsights. Secondly, the setup and the account setup for emerging markets with regards to custodians and countries to open up to take advantage of the broader array that the emerging market debt and global unconstrained strategies offer also takes time. So while we have sophisticated clients that have gone through with the cycle, there's still a long setup period to open up some of these accounts and finish up the investment management agreements.

因此，資產的入職時間比我們在 EMsights 背後的一些最新策略中看到的要長。其次，新興市場在託管人和國家方面的設置和賬戶設置，以利用新興市場債務和全球無約束策略提供的更廣泛的範圍，也需要時間。因此，儘管我們擁有經歷過週期的成熟客戶，但開設其中一些賬戶並完成投資管理協議仍然需要很長的準備期。

So the real difference is the complications around the account setup, coupled with the institutional marketplace. From what we can see, we are in a very strong position with numerous clients and prospects doing their due diligence and moving down the tracks with us to hopefully provide some growth to the team in 2023 and beyond.

因此，真正的區別在於賬戶設置的複雜性，以及機構市場。從我們所看到的情況來看，我們處於非常有利的地位，眾多客戶和潛在客戶正在盡職調查並與我們一起走下坡路，希望在 2023 年及以後為團隊提供一些增長。

Got it. That's helpful. And then, C.J., just a follow-up on expenses. The flat year-over-year, that's inclusive of the onetime charge. I think you said it was in the fourth quarter. And then I guess, just other kind of cost cutting or cost containment measures that you are contemplating or not as you think about the guidance that you just gave and what might be incorporated within that for this year?

知道了。這很有幫助。然後，C.J.，只是關於費用的後續行動。同比持平，其中包括一次性費用。我想你說的是在第四季度。然後我想，當您考慮剛剛給出的指導以及今年可能納入其中的內容時，您正在考慮或不考慮其他類型的成本削減或成本控制措施？

Yes. Thanks, Dan. So the guidance, obviously, first and foremost, given our variable expense structure, the change in revenues is going to drive overall expenses as it has in the past. But on the fixed expense side, we're really guiding to about 5% increase over 2022, which would include that $1 million charge.

是的。謝謝，丹。因此，顯然，考慮到我們可變的費用結構，收入的變化將像過去一樣推動整體支出。但在固定費用方面，我們確實指導 2022 年增加約 5%，其中包括 100 萬美元的費用。

The majority of it is going to come in our fixed compensation costs. We're still absorbing the full impact of the hires in the prior year. And then we have a few additional roles in 2023, as Eric mentioned, skewed towards investments and distributions. Tech spend is going to go up probably mid-single digits. We've added some systems in 2022, which now the full cost of those systems are primarily related to fixed income kick in, and then T&E continues to return to sort of pre-COVID levels, and we expect that to be fully back to what we would have expected prior to COVID in 2023. So overall, you've got about 5% mid-single-digit expected increase in fixed costs and then variable costs will be what they'd be based on revenue levels.

其中大部分將用於我們的固定補償成本。我們仍在吸收前一年招聘人員的全部影響。然後，正如 Eric 提到的，我們在 2023 年有一些額外的角色，偏向於投資和分配。技術支出可能會以中個位數增長。我們在 2022 年增加了一些系統，現在這些系統的全部成本主要與固定收入相關，然後 T&E 繼續恢復到 COVID 之前的水平，我們預計會完全恢復到什麼水平我們本應在 2023 年 COVID 之前做出預期。因此，總的來說，固定成本預計將增長 5% 左右，而可變成本將根據收入水平而定。

The next question comes from Michael Brown with KBW.

下一個問題來自 KBW 的 Michael Brown。

Okay. Great. You guys talked a little bit about some of the seed investments in 2022. And that was a key focal point for you guys in 2022. Should we expect a similar level of growth in 2023 and any other change to your capital allocation approach relative to 2022?

好的。偉大的。你們談到了 2022 年的一些種子投資。這是你們在 2022 年的一個關鍵焦點。我們是否應該期望 2023 年有類似的增長水平以及你們的資本配置方法相對於 2022 年的任何其他變化？ ？

Yes, Mike, it's C.J. Good question. As we look forward, as I mentioned earlier, we're really focused on in 2023 filling the capacity we have. As we sit here today, we have no major seed capital requirements that are planned. So I would say, as we're sitting here today, it's sort of status quo on the seed. We did mention on the dividend that we held back $20 million. That's really looking forward to continued growth and continue to build a little bit of a chest to seed future requests. But as we look at 2023, there's nothing material planned.

是的，邁克，這是 C.J. 問得好。展望未來，正如我之前提到的，我們真正專注於在 2023 年填補我們現有的產能。當我們今天坐在這裡時，我們沒有計劃中的主要種子資本需求。所以我想說，當我們今天坐在這裡時，這就是種子的現狀。我們確實提到了我們保留了 2000 萬美元的股息。這真的很期待持續增長並繼續建立一點胸膛來滿足未來的需求。但是當我們展望 2023 年時，沒有任何材料計劃。

Okay. Great. And you guys are certainly focused on really building out a lot of the infrastructure and ensuring the success of the EMsights team. At what point would you start to consider other opportunities to bring on new teams? And how is the market at the moment here? Is there some good interest in potential opportunities to bring in new talent?

好的。偉大的。你們當然專注於真正構建大量基礎設施並確保 EMsights 團隊的成功。您會在什麼時候開始考慮引入新團隊的其他機會？目前這裡的市場情況如何？是否對引進新人才的潛在機會感興趣？

Yes, Mike, it's Eric. There's always opportunity in the marketplace, and we see quite a few teams a year. I think -- what we're thinking of right now is that we're really looking for that no-brainer talent that's out there. And that would be someone that if you apply the right economic alignment and the right resources and align them to their own 4 walls at Artisan, really, you're just -- it's just a matter of time before it works here. So we're always in the marketplace looking for no-brainers.

是的，邁克，是埃里克。市場上總是有機會，我們每年都會看到很多團隊。我認為 - 我們現在正在考慮的是，我們真的在尋找那裡的那種無需動腦筋的人才。那將是這樣的人，如果你應用正確的經濟調整和正確的資源，並將它們與他們在 Artisan 的 4 面牆對齊，真的，你只是 - 它在這裡起作用只是時間問題。所以我們總是在市場上尋找無需動腦筋的人。

And so if we see something out there, we're going to, of course, take the opportunity to meet and think about these individuals and teams. But really to become a destination for a no-brainer, you need to deliver on what you have. You need to deliver on the resources, you need to deliver on the talent around that person. You need to put the vehicles in place and they need to bring in the early assets to get that moving. And we've just launched quite a few strategies and teams over the last couple of years in this more uncertain market.

因此，如果我們在那裡看到一些東西，我們當然會藉此機會會見並思考這些個人和團隊。但要真正成為一個不費吹灰之力的目的地，您需要兌現您所擁有的。你需要交付資源，你需要交付那個人周圍的人才。您需要將車輛放置到位，他們需要引入早期資產才能啟動。在過去的幾年裡，我們剛剛在這個更加不確定的市場中推出了相當多的策略和團隊。

And right now, our focus is to deliver on those. We're more focused on sales and service and marketing than we have in past years, given the breadth of strategies we've had. And the ability to get out in the marketplace and really react to due diligence calls and react to opportunities because if you don't deliver, then the no-brainer questions, is this the right spot? And we want to remain in that, I think, a small group of investment firms that if a talent becomes available and they say, where do I put my career? Where do I -- whose hands do I put it in to make sure that I can become successful. We want to be that first call. And to become that first call, you have to deliver on what you have.

而現在，我們的重點是實現這些目標。考慮到我們擁有的戰略範圍，我們比過去幾年更專注於銷售、服務和營銷。以及進入市場並真正對盡職調查電話做出反應並對機會做出反應的能力，因為如果你不交付，那麼顯而易見的問題是，這是正確的地方嗎？我認為，我們希望留在一小部分投資公司中，如果有人才可用，他們會說，我應該把我的職業放在哪裡？我在哪裡 - 我把它放在誰的手上以確保我能夠成功。我們想成為第一個電話。要成為第一個電話，您必須兌現您所擁有的。

This concludes our question-and-answer session and today's Artisan Partners Business Update and Earnings Call.

我們的問答環節和今天的 Artisan Partners 業務更新和收益電話會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連接。