Artisan Partners Asset Management Inc (APAM) 2023 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Jason, and I will be your conference operator today. (Operator Instructions). As a reminder, this conference call is being recorded.

您好，感謝您稍候。我的名字是 Jason，今天將擔任本次電話會議的接線員。（接線員指示）。提醒您，本次電話會議將被錄音。

At this time, I will turn the call over to Artisan Partners Asset Management.

此刻，我將把電話交給 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'll open the line for questions. Our latest results and investor presentation are available on the Investor Relations section of our website.

歡迎參加 Artisan Partners Asset Management 的業務更新與財報電話會議。今天的電話會議將包含執行長 Eric Colson 與財務長 C.J. Daley 的發言。發言結束後，我們將開放提問。我們最新的業績結果與投資人簡報可於本公司網站的投資人關係（Investor Relations）專區取得。

Before we begin, I would like to remind you that comments made on today's call, including responses to questions, may include forward-looking statements. These are subject to risks and uncertainties and are presented in the earnings release and detailed in our SEC filings. We're not required to update or revise any of these statements following the call.

在開始之前，我想提醒各位，今天電話會議中的評論（包含對提問的回覆）可能包含前瞻性陳述。這些陳述受風險與不確定性影響，並已於財報新聞稿中呈現，且在我們向美國證券交易委員會（SEC）提交的文件中有更詳細說明。我們在會後不負有更新或修訂任何此類陳述的義務。

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.

此外，我們今天的部分發言將提及非 GAAP 財務衡量指標。您可在財報新聞稿中找到這些指標與最可比 GAAP 指標之間的調節表。

I will now turn the call over to our CEO, Eric Colson.

現在我將把電話交給我們的執行長 Eric Colson。

Thank you all for joining the call or reading the transcript.

感謝各位加入本次電話會議或閱讀逐字稿。

Artisan Partners is a high value-added investment firm, designed for talent to thrive in a thoughtful growth environment. Since our founding in 1994, we have methodically delivered quality outcomes for clients, quality business growth and quality returns for our shareholders.

Artisan Partners 是一家高附加價值的投資公司，旨在讓人才在審慎的成長環境中茁壯。自 1994 年成立以來，我們有系統地為客戶帶來優質成果、推動優質的業務成長，並為股東創造優質報酬。

The power of compounding underlies each of these outcomes, compounding client capital in excess of benchmarks and peers extend client duration and grows our AUM. Compounding business outcomes with each successful investment team, strategy and asset class increases our future opportunity set as well as the quality and probability of those opportunities.

複利的力量是上述每一項成果的基礎：讓客戶資本的成長超越基準與同業，延長客戶資金留存期間並擴大我們的資產管理規模（AUM）。隨著每一個成功的投資團隊、策略與資產類別所帶來的業務成果持續複利累積，我們未來的機會集合，以及這些機會的品質與成功機率，也都隨之提升。

Success begets success. As we compound client capital and business outcomes, our shareholders are the residual beneficiaries. Compounding requires time, and time requires trust. Trust is established by communicating who we are and what we plan to do. Trust is maintained by staying true to our word and by sticking to our philosophy and process. We strive to do this day in and day out, over and over again. The development of our fixed income capabilities shows how we compound our business.

成功帶來成功。當我們讓客戶資本與業務成果持續複利累積時，股東便是最終的剩餘受益者。複利需要時間，而時間需要信任。信任來自於清楚溝通我們是誰、以及我們計畫做什麼；信任則透過言行一致、堅守我們的投資哲學與流程而得以維持。我們力求日復一日、一次又一次地做到這一點。我們固定收益能力的發展，正展現了我們如何讓業務持續複利成長。

The performance of our 6 credit-oriented strategies is shown on Slide 2. This performance is net of fees.

我們 6 項以信用為導向的策略之績效如投影片 2 所示。該績效為扣除費用後（net of fees）。

We launched the Credit team 10 years ago in 2013 on the basis of our foundational success in equities. We partnered with Portfolio Manager, Bryan Krug, to methodically build a premier credit franchise. In turn, the Credit team has methodically generated high value-added returns for clients. Over 9-plus years, the Artisan High Income strategy has generated average annual alpha of 186 basis points after fees. That is, on average, a return of 50% more per year than the strategy's benchmark index.

我們在 2013 年、也就是 10 年前，基於我們在股票投資上的基礎性成功，成立了信用投資團隊。我們與投資組合經理 Bryan Krug 合作，有系統地打造一個頂尖的信用投資平台。相對地，信用團隊也有系統地為客戶創造高附加價值的報酬。在 9 年以上期間，Artisan High Income 策略在扣除費用後的平均年度超額報酬（alpha）為 186 個基點。也就是說，平均而言，其年度報酬比該策略的基準指數高出 50%。

The High Income strategy has also outpaced peers. Since inception, the Artisan High Income Fund is ranked #5 out of 330 funds in the Lipper High-Yield category.

High Income 策略也超越同業。自成立以來，Artisan High Income Fund 在 Lipper 高收益（High-Yield）類別的 330 檔基金中排名第 5。

On the foundation of our Credit team's success, we recruited Mike Cirami, Sarah Orvin and Mike O'Brien to Artisan Partners in 2021 and established the EMsights Capital Group.

在信用團隊成功的基礎上，我們於 2021 年延攬 Mike Cirami、Sarah Orvin 與 Mike O'Brien 加入 Artisan Partners，並成立 EMsights Capital Group。

With EMsights, we launched our second credit-oriented team and further expanded our investment platform into sovereign credit, FX and greater use of derivatives.

透過 EMsights，我們推出第二個以信用為導向的團隊，並進一步將投資平台擴展至主權信用、外匯（FX），以及更廣泛地運用衍生性商品。

Each of the 3 EMsights' strategies have passed its first anniversary. The team's early performance and reputation in the marketplace are translating into a healthy level of early interest.

EMsights 的 3 項策略皆已度過成立滿一年的里程碑。該團隊早期的績效與市場口碑，正轉化為健康的早期關注度。

On July 1, they received their first large institutional mandate, a $425 million investment in the Artisan Emerging Markets Local Opportunities strategy. We are making significant progress towards similar foundational investments in the team's EMDO and Global Unconstrained strategies.

7 月 1 日，他們獲得第一筆大型機構委託：對 Artisan Emerging Markets Local Opportunities 策略投資 4.25 億美元。我們也正朝著在該團隊的 EMDO 與 Global Unconstrained 策略上取得類似的基礎性投資而取得顯著進展。

Slide 3 shows the year-to-date AUM growth of our credit-oriented strategies. As of July 15, between the Credit team and EMsights Capital Group, we have raised a net $1.1 billion from clients and investors.

投影片 3 顯示我們以信用為導向策略的年初至今（year-to-date）AUM 成長。截至 7 月 15 日，在信用團隊與 EMsights Capital Group 之間，我們已自客戶與投資人募集淨額 11 億美元。

The pipeline for both the Credit team and EMsights Capital Group is strong, and we expect strong business development throughout the remainder of 2023 and beyond for both teams.

信用團隊與 EMsights Capital Group 的業務開發管線都很強勁，我們預期在 2023 年剩餘期間及其後，兩個團隊都將持續有強勁的業務拓展表現。

It's also worth noting that these investment teams are winning business as differentiated alpha generators, not as providers of benchmark hugging exposure in hot dot asset classes. Based on mutual fund data year-to-date, high-yield bonds, bank loans, emerging market debt and nontraditional bond funds are all in net outflow. That's in contrast to the headline-generating flows into money market and investment-grade bond funds.

同時也值得注意的是，這些投資團隊之所以能贏得業務，是因為其具差異化的 alpha 產生能力，而非在熱門資產類別中提供緊貼基準（benchmark hugging）的曝險。根據年初至今的共同基金資料，高收益債、銀行貸款、新興市場債與非傳統債券基金皆呈現淨流出；這與貨幣市場基金與投資級債券基金吸引媒體關注的資金流入形成對比。

This is consistent with who we are. We are investing with great talent in spaces where they can differentiate and compound capital to deliver absolute return over extended periods of time.

這與我們的定位一致。我們與優秀人才在其能夠展現差異化的領域進行投資，並透過資本複利累積，在更長的時間跨度中提供絕對報酬。

We believe that demographic change and expanding credit opportunity sets bode very well for both the Credit and EMsights teams. In short, we believe we are in the early innings with both these investment teams with considerable opportunity in front of us.

我們相信，人口結構變化與信用投資機會集合的擴大，對信用團隊與 EMsights 團隊都非常有利。簡言之，我們認為這兩個投資團隊都仍處於早期階段，前方有相當可觀的機會。

One year ago, we showed the information on Slide 4 during our second quarter earnings call. Since our founding in 1994, there have been 12 calendar quarters in which the indexes to which our strategies are compared have declined by more than 10%. On average, a 10% quarterly drawdown occurs about every 2 years, though not evenly distributed over time. On the way down, assets tend to sell off across the board. Things become highly correlated, making it more difficult to generate differentiated outcomes in the short term. Higher correlation on the way down, though, creates opportunity for active managers with extended time horizons. Historically, our investment teams have taken advantage of that dynamic.

一年前，我們在第二季財報電話會議中展示了投影片 4 的資訊。自 1994 年成立以來，在我們策略所對照的指數中，曾有 12 個曆季出現超過 10% 的下跌。平均而言，單季 10% 的回撤大約每 2 年發生一次，但在時間上並非均勻分布。在下跌過程中，資產往往全面遭到拋售，相關性顯著上升，使得短期內更難產生差異化成果。然而，下跌時更高的相關性，反而為具備長期投資視野的主動式管理人創造機會。歷史上，我們的投資團隊一直善用這種動態。

A year ago, we observed that our firm-wide asset-weighted performance had exceeded benchmark performance in 8 of 11 12-month periods following a greater than 10% quarterly drawdown. We can now update that to 9 of 12. Markets have rebounded from a year ago, and in the aggregate, we have outperformed.

一年前，我們觀察到：在單季回撤超過 10% 之後的 11 個 12 個月期間中，我們全公司以資產加權計算的績效有 8 次超越基準。現在我們可以更新為 12 次中的 9 次。市場自一年前反彈，而整體而言，我們已取得超額表現。

Looking at 3-year periods following a greater than 10% quarterly drawdown, we have outperformed in 8 of 10 periods with the outperformance averaging 308 basis points.

若觀察單季回撤超過 10% 之後的 3 年期間，我們在 10 個期間中有 8 個期間超越基準，平均超額表現為 308 個基點。

The important point is that Artisan Partners is built for the uncertainty and volatility of financial markets.

重點在於，Artisan Partners 的設計就是為了因應金融市場的不確定性與波動。

In the midst of last year's drawdown, we continued to methodically invest in our investment platform, in particular, the build-out of the EMsights Capital Group.

在去年回撤期間，我們仍持續有系統地投資於我們的投資平台，尤其是 EMsights Capital Group 的建置與擴充。

We were patient in playing the long game. We have come out the other side with a healthy, diversified business and multiple vectors for future growth.

我們耐心地採取長期策略。如今我們走過那段時期，擁有健康且多元化的業務，以及多個未來成長的向量。

Slide 5 shows the since-inception performance of our 10 strategies with more than 10 years of performance. As you go from 1 year to 3 years to 10 years and beyond, our record of investment success becomes stronger and stronger. This is not a surprise. High value-added investment results require talent, plus degrees of freedom, plus time.

投影片 5 顯示我們 10 項、且績效紀錄超過 10 年的策略自成立以來的表現。當觀察期間從 1 年延伸至 3 年、10 年及更長，我們的投資成功紀錄就愈發強勁。這並不令人意外。高附加價值的投資成果需要人才、需要足夠的操作自由度，也需要時間。

We attract and retain exceptional investment talent by designing and operating our firm as an ideal long-term home for investment talent. We provide talented investors with a broad and growing opportunity set of asset classes, markets and instruments, increasing the available levers for generating return and managing risk for clients.

我們透過將公司設計並營運為投資人才的理想長期歸宿，來吸引並留任卓越的投資人才。我們為優秀投資人提供廣泛且持續擴大的資產類別、市場與工具機會集合，增加可用的槓桿，以為客戶創造報酬並管理風險。

And we extend duration by clearly and repeatedly articulating our long-term horizon to all of our stakeholders, and by putting our money where our mouth is, supporting investment teams through market cycles.

我們也透過對所有利害關係人清楚且反覆闡述我們的長期視野來延長資金留存期間，並以實際行動支持我們的承諾，在市場循環中支持投資團隊。

This slide is a good summary of the quality of our investment business. It shows the breadth of performance across teams, categories and time and the repeatability of our business philosophy and process. What gets us particularly excited is that we are applying the same business philosophy and process to the 15 Artisan strategies not shown on this slide, strategies that have yet to reach the 10-year mark. We expect our newer teams, asset classes and strategies to compound client capital with similar success. And we expect high-quality client outcomes will continue to translate into high-quality outcomes for our business and our shareholders.

這張投影片很好地總結了我們投資業務的品質。它呈現了各團隊、各類別與不同時間跨度的績效廣度，以及我們商業哲學與流程的可重複性。特別令我們振奮的是，我們正將同樣的商業哲學與流程應用於本投影片未呈現的 15 項 Artisan 策略——這些策略尚未達到 10 年里程碑。我們預期較新的團隊、資產類別與策略也將以類似的成功為客戶資本帶來複利成長；並且我們預期，高品質的客戶成果將持續轉化為我們業務與股東的高品質成果。

I will now turn it over to C.J. to discuss our recent financial results.

我現在把時間交給 C.J.，請他說明我們近期的財務業績。

Thanks, Eric.

謝謝你，Eric。

Our results in the first half of the year have been strong, driven by higher assets under management, which ended the quarter at $143 billion, up 12% from the beginning of 2023. These results reflect the quality of our client and investment-centric business model.

我們今年上半年業績表現強勁，主要受管理資產規模（AUM）增加所帶動；本季末 AUM 為 1,430 億美元，較 2023 年初成長 12%。這些成果反映了我們以客戶與投資為核心的商業模式之品質。

So far this year, our investment teams have generated over $3 billion of excess returns for clients, about 250 basis points above the weighted average benchmark returns, compounded client assets as markets rose adding over $14 billion of wealth to our clients' portfolios and returned $2.3 billion of capital back to investors.

截至今年目前為止，我們的投資團隊已為客戶創造超過 30 億美元的超額報酬，約較加權平均基準報酬高出 250 個基點；在市場上漲之際推動客戶資產複利成長，為客戶投資組合增加超過 140 億美元的財富，並向投資人返還 23 億美元資本。

During the second quarter of 2023, global equity and debt markets increased, contributing $5.7 billion to our AUM compared to last quarter. These investment returns were partially offset by $1.1 billion of net client cash outflows, primarily reflecting outflows in separate accounts and global mandates.

2023 年第二季，全球股票與債券市場上漲，較上季為我們的 AUM 貢獻 57 億美元。這些投資報酬部分被 11 億美元的客戶淨現金流出所抵銷，主要反映在獨立帳戶與全球委託（mandates）的資金流出。

Average AUM was $139.3 billion for the quarter, up 3% compared to last quarter and down 3% compared to the prior year June quarter.

本季平均 AUM 為 1,393 億美元，較上季增加 3%，較去年 6 月季度下降 3%。

Year-to-date average AUM was $137.4 billion, down 10% from last year.

年初至今平均 AUM 為 1,374 億美元，較去年下降 10%。

As indicated on Slide 8, there were no material changes in our weighted average management fee or AUM mix by asset class or a vehicle.

如投影片 8 所示，我們的加權平均管理費率或依資產類別或載體（vehicle）的 AUM 組合，並無重大變動。

Financial results are presented on Slide 9 and 10. Our complete GAAP and adjusted results are presented in our earnings release.

財務結果列示於投影片 9 與 10。我們完整的 GAAP 與調整後結果已在財報新聞稿中提供。

Revenues in the quarter increased 4% compared to last quarter on higher average AUM and 1 more day in the quarter. Compared to the second quarter of 2022, revenues were down 3% on lower average AUM.

本季營收較上季增加 4%，主要來自平均 AUM 較高以及本季多 1 個營業日。相較 2022 年第二季，營收因平均 AUM 較低而下降 3%。

Performance fee revenues were negligible for all periods.

各期間的績效費收入皆可忽略不計。

Adjusted operating expense for the quarter increased 1% sequentially due to an increase in incentive compensation expense in line with higher revenues, partially offset by a decrease in certain compensation-related costs that are seasonal in nature. Seasonal expenses are always highest in the first quarter of each year.

本季調整後營業費用較前一季增加 1%，係因隨營收提高而增加的獎酬費用所致；部分被某些具季節性的薪酬相關成本下降所抵銷。季節性費用通常在每年第一季最高。

Adjusted operating income and adjusted net income per adjusted share both increased 11% in comparison to the previous quarter and declined 10% compared to last year's second quarter.

調整後營業利益與每股調整後淨利（以調整後股數計）相較前一季皆增加 11%，但較去年第二季下降 10%。

Year-to-date, revenues were down 10% compared to 2022 on lower average AUM.

年初至今，營收較 2022 年下降 10%，主因為平均 AUM 較低。

Adjusted operating expenses decreased 3% from the 2022 6-month year-to-date period due to a decrease in incentive compensation expenses on lower revenues, partially offset by an increase in fixed compensation costs related to a 6% increase in our number of employees compared to June 2022. The increase in employees has been in line with our strategic growth plans.

調整後營業費用較 2022 年上半年年初至今期間下降 3%，係因營收較低導致獎酬費用下降；部分被固定薪酬成本上升所抵銷，該上升與我們員工人數較 2022 年 6 月增加 6% 有關。員工增加幅度符合我們的策略性成長計畫。

Travel expenses continued to increase during the quarter, driven by client activity and the hosting of our Annual Investment Forum, which attracted approximately 300 clients to interact with our investment teams and discuss investment perspectives.

本季差旅費用持續增加，主要受客戶活動帶動，以及我們主辦年度投資論壇所致；該論壇吸引約 300 位客戶與我們的投資團隊互動並討論投資觀點。

As a result of lower revenues, year-to-date adjusted operating income and adjusted net income per adjusted share were down 23% compared to the 2022 year-to-date period.

由於營收較低，年初至今調整後營業利益與每股調整後淨利較 2022 年年初至今期間下降 23%。

Full year expense projections remain consistent with the guidance I provided on the February earnings call.

全年費用預估仍與我在 2 月財報電話會議中提供的指引一致。

We remain committed to our dividend policy, which returns capital to shareholders on a consistent and predictable basis through quarterly cash variable dividend payments and a year-end special dividend. Consistent with our dividend policy, our Board of Directors declared a quarterly dividend of $0.61 per share with respect to the June 2023 quarter, which represents approximately 80% of the cash generated in the quarter.

我們仍致力於股利政策，透過每季現金變動股利（variable dividend）支付與年終特別股利，以一致且可預期的方式向股東返還資本。依照股利政策，我們董事會就 2023 年 6 月季度宣告每股 0.61 美元的季度股利，約相當於本季所產生現金的 80%。

During the quarter, S&P announced the addition of Artisan Partners to the S&P SmallCap 600 Index effective June 19. The announcement, in addition to the index, drove a noticeable increase in the trading volume of our stock and along with strong equity markets in June, contributed to the 23% share price return experienced in the quarter.

本季期間，標普（S&P）宣布自 6 月 19 日起將 Artisan Partners 納入 S&P SmallCap 600 指數。該公告連同納入指數本身，帶動我們股票成交量明顯增加，並在 6 月強勁的股市表現加持下，促成本季股價報酬率達 23%。

That concludes my prepared remarks, and I will turn the call back to the operator.

以上是我事先準備的發言，接下來我把電話交回給接線員。

Thank you. (Operator Instructions) Our first question comes from Alex Blostein from Goldman Sachs.

謝謝。（接線員指示）我們的第一個問題來自高盛（Goldman Sachs）的 Alex Blostein。

First, I was wondering if you could comment a little bit more around the institutional pipeline that you guys are seeing, especially across some of the newer strategies, kind of third-generation products that you launched over the last couple of years? And then specifically, C.J., to the mandate that you guys won, the $475 million or so, any way to frame the fee rate around that?

首先，我想請你們多談一點你們看到的機構端案源（pipeline），特別是一些較新的策略，也就是你們過去幾年推出的第三代產品。然後更具體地，C.J.，關於你們贏得的那個約 4.75 億美元的委託案，能否說明一下該案的費率水準？

Great, Alex. This is Eric. We've been having a little bit of technical issues. Can you hear us?

很好，Alex。我是 Eric。我們這邊有一點技術問題。你聽得到我們嗎？

Yes, I hear you guys, great.

有的，我聽得到你們，很清楚。

Perfect. Thank you. Yes. The -- across the board on the newer strategies, primarily the EMsights, given the credit orientation and the current outlook on credit, I think we've all seen the news around the credit cycle. Our discussions with clients and consultants around capital market forecasts to asset allocation decisions to manage our structure have all been positive. So we've been pleased with the dialogue and activity, especially around the EMsights team and as well as the Credit team with Bryan Krug as we stated. The EMsights we're coming off of a pretty good outflow into the Emerging Market debt category last year. I think it was the largest outflow in the history of Emerging Market debt allocations, and we're starting to see that creep back in, which is nice timing for us. And we announced a $425 million allocation.

太好了，謝謝。是的——整體來看，在較新的策略方面，主要是 EMsights；考量其信用取向以及目前對信用的展望，我想大家都看到了關於信用循環的新聞。我們與客戶及顧問就資本市場預測、資產配置決策到管理我們的架構所進行的討論都相當正面。因此，我們對相關對話與活動感到滿意，特別是 EMsights 團隊，以及我們先前提到由 Bryan Krug 領導的信用團隊。EMsights 方面，我們剛走過去年新興市場債類別相當大的資金流出；我認為那是新興市場債配置史上最大的一次流出，而我們開始看到資金逐步回流，對我們而言時點很好。我們也宣布了一筆 4.25 億美元的配置。

We have a few other fundings that we believe are on track that will help launch the Emerging Markets Local only as well as the Global Unconstrained strategies. And we continue to have very active dialogue around our credit opportunities with continued flow into the High Income strategy.

我們還有幾筆我們認為進度如期的資金到位（fundings），將有助於推出僅投資新興市場本地（Local only）的策略，以及全球不受限（Global Unconstrained）策略。同時，我們也持續就信用機會保持非常活躍的對話，高收益（High Income）策略也持續有資金流入。

Beyond the EMsights, the earlier strategies hasn't been as uniform and homogenous as you see in the Credit. So it's been a lot of gives and takes, and we see lumpy results around that, primarily with some of the regulatory changes out there, some of the customization, and it seems that the performance or the rate -- or the tenure of that client doesn't matter as much as some of the noninvestment related. And we think those are early short-term issues.

除了 EMsights 之外，較早期的策略在表現上不像信用策略那樣一致與同質。因此過程中有不少拉鋸，我們看到結果較為不均、呈現跳躍式（lumpy），主要與一些監管變動、部分客製化需求有關；而且似乎績效或——或客戶合作年期的重要性，反而不如某些非投資相關因素。我們認為這些是早期的短期問題。

Structurally, if you get the investment right, you get the long-term compounding correct. So we're pleased about where we're at on a performance, especially after rebound of the drawdown a year ago. And we think across the board, the newer strategies are well on track.

從結構面來看，只要投資做對、長期複利就會正確。因此我們對目前的績效表現感到滿意，尤其是在一年前回撤後的反彈之後。我們也認為整體而言，較新的策略都在正軌上。

I think we all feel any of the $425 million funding was a good funding for the [MLO] strategy. So I think we hit both your questions there.

我想我們都認為那筆 4.25 億美元的資金到位對 [MLO] 策略而言是很好的資金。因此我想我們已回答了你兩個問題。

I got you. I'm sorry if I missed, but the fee rate on that one, and I don't know if any comments around like the fee rate being relatively consistent with the institutional business, kind of higher, lower on the $425 million one.

了解。抱歉如果我漏聽了，但那筆的費率呢？另外，能否評論一下那筆 4.25 億美元的費率相對於機構業務是否大致一致，是偏高還是偏低？

Yes. It's a large separate account mandate. So the fee rate is lower than our expectation on an average fee rate given the size and the initial funding. It doesn't change our outlook on how we're modeling it and looking at forward. Sometimes you fund strategies that come through the intermediary strategy and come through a pooled vehicle and sometimes you launch with a large separate account. So there's a large separate account and it is below what we would expect.

可以。那是一個大型獨立帳戶（separate account）的委託案。因此考量規模與初始撥款金額，其費率低於我們對平均費率的預期。不過這不會改變我們在前瞻建模與評估時的看法。有時策略資金是透過中介通路進來、以集合投資工具（pooled vehicle）形式；有時則是以大型獨立帳戶作為起步。這次是大型獨立帳戶，費率確實低於我們原先預期。

The next question comes from John Dunn from Evercore.

下一個問題來自 Evercore 的 John Dunn。

Maybe just a little more on the institutional channel. Can you talk a little bit more about particularly outside of credit, just kind of the temperature of consultants and temperature of clients and where they might be looking outside of credit and kind of willingness to commit to strategies?

也許再多談一點機構通路。你能否更具體談談，特別是在信用以外，顧問（consultants）與客戶的「溫度」如何？他們在信用以外可能在看哪些方向，以及他們對投入策略的意願如何？

Yes, the institutional channel, we've seen this year-to-date, a bit more of an outflow, a little bit more on the separate accounts, especially some large separate accounts in Australia, where we've seen a bit more regulation around the superannuations. We've seen some outflow in Europe around some customization and the importance of ESG. And in some cases, some asset allocation away from active equity, but I think that's been muted a bit.

是的，就機構通路而言，我們看到今年截至目前有比較多一點的資金流出，主要是在獨立帳戶方面，尤其是澳洲一些大型獨立帳戶，因為我們看到圍繞退休金（superannuation）有更多監管。歐洲方面，我們也看到因客製化需求以及 ESG 重要性而出現一些資金流出。在某些情況下，也有一些資產配置從主動式股票移出，但我認為這種情況已稍微趨緩。

So outside of the pure performance, the institutional separate account is balancing regulatory environment, customization, ESG. We think in the exchange it hits, that's more on the short-term side. And at the end of the day, if you deliver quality performance, and what we mean by quality is an investment team with stable leadership, a process with integrity that leverages investment degrees of freedom to create a differentiated portfolio, you have a very secure position in the overall asset allocation long term. But the current short term is still battling noninvestment inputs on the institutional side.

所以，撇開純粹的績效因素不談，機構獨立帳戶是在平衡監管環境、客製化與 ESG。我們認為在市場波動衝擊下，影響更多偏向短期。歸根結底，如果你能交出高品質的績效——我們所謂的高品質，是指具備穩定領導的投資團隊、具備一致性與紀律的流程，並運用投資自由度來打造差異化投資組合——那麼在長期整體資產配置中，你會有非常穩固的位置。但目前短期內，機構端仍在與非投資面的因素拉鋸。

Got you. And then maybe could you update us on capacity? Has there been any changes more or less over the different strategy?

了解。那麼也許您可以更新一下容量（capacity）的情況？不同策略之間的容量有沒有任何增加或減少的變化？

No. We haven't had a lot of change on any capacity discussions from the last quarter or year-to-date.

沒有。相較於上一季或今年截至目前，我們在任何容量相關的討論上都沒有太多變化。

The next question comes from Kenneth Lee from RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Kenneth Lee。

Just wondering if you could provide any updated outlook in terms of seed capital needs over the near term? What's sort of like the outlook for any sorts of new product development down the pipeline?

想請問您是否可以就短期內種子資本（seed capital）需求提供更新的展望？另外，未來產品開發管線中，新產品開發的大致展望如何？

With regards to new product development and the demand for seed capital, we've, over the last few years, probably launched more strategies than we've done in past years. We highlighted that we have 15 strategies below the 10-year mark. And if you look at strategies with less than 3 years, we're putting quite a bit of emphasis on the current strategies, aligning resources.

關於新產品開發與種子資本需求，過去幾年我們推出的策略數量，可能比以往年度更多。我們也提到，目前有 15 個策略成立未滿 10 年。若看成立未滿 3 年的策略，我們正把相當多的重點放在現有策略上，並進行資源配置的對齊。

We've done a bit of hiring on the current investment teams. If you look at the uptick in head count, it's primarily been on our existing investment teams as opposed to going out and finding new teams. We think there's quite a bit of opportunities out in the marketplace, but the bar is quite high right now with our mind set on delivering on what we've created.

我們也針對現有投資團隊做了一些招募。若看人數增加，主要是增加在既有投資團隊，而不是出去找全新的團隊。我們認為市場上確實有不少機會，但目前門檻相當高，我們的心態是先把已建立的成果持續交付到位。

So I don't see any real short-term movement around new teams or seed capital for new teams. However, there are some interesting investment opportunities that are falling out of the current teams we have today and the strategy that we've launched, and we certainly need some funding around some investment opportunities over the next year based on ideas generated out of our new -- our current teams.

因此，我不認為短期內在新團隊或為新團隊提供種子資本方面會有實質動作。不過，從我們目前既有團隊以及已推出的策略中，確實衍生出一些有趣的投資機會；而基於我們新——我們現有團隊所產生的想法，未來一年我們確實需要為部分投資機會提供一些資金支持。

And Ken, from a balance sheet perspective, we have capacity to do more from the existing balance sheet. We've always said the special dividend is a year-end decision. Last year, we held back $20 million from the special to increase our capacity to seed new products. And we likely will do similar amounts. And if capacity or need for seed exceeds that, we have quite a bit of room left in the special to invest for future growth, which excites us about the ability to put more of our balance sheet to use to grow the business in the future.

Ken，從資產負債表角度來看，我們在既有資產負債表下仍有能力做更多。我們一直說特別股利（special dividend）是在年底才做的決定。去年我們從特別股利中保留了 2,000 萬美元，以提升我們投入新產品種子資本的能力；我們很可能也會採取類似的金額。如果種子資本的容量或需求超過這個水準，我們在特別股利中仍有相當大的空間可用於投資未來成長；這也讓我們對於能把更多資產負債表投入、用來推動未來業務成長感到振奮。

Got you. Very helpful there. And just one follow-up, if I may. Just on Antero Peak, were there any particular drivers for the net outflows that you saw over the last, call it, 2 quarters or so? Or is it just related to the sentiment and end market?

了解，非常有幫助。那我再追問一個問題：關於 Antero Peak，過去大約兩季左右你們看到的淨流出，有沒有特定的驅動因素？還是主要與市場情緒和終端市場有關？

Yes. I would say the same thing, specific on the team as much as the concentration in the U.S. equity markets over the last quarter. I think even been coined a name with the Magnificent 7. So when you coin a name and there's concentration in an index, I think just the competitive landscape over the last quarter is probably the main driver there.

是的。我會說原因與其說是團隊本身，不如說是過去一季美國股市的集中度。我想甚至有人把它取了個名字叫「七巨頭（Magnificent 7）」。當你把它命名、而且指數又出現集中度時，我認為過去一季的競爭環境大概就是主要驅動因素。

The next question comes from Michael Brown from KBW.

下一個問題來自 KBW 的 Michael Brown。

Maybe just a question on the margins here. I guess, first, is there any other major investment required around the EMsights team? Or is that mostly done at this point?

我想問一個關於利潤率（margin）的问题。首先，針對 EMsights 團隊，是否還需要任何其他重大投資？還是目前大致已經完成了？

And then a longer-term question there, how do you think about the ability to improve the margin from the current levels over time? And when you look forward, can that margin get back to that mid- to high 30% over time?

再來是較長期的問題：你們如何看待未來隨時間推進，從目前水準提升利潤率的能力？往前看，利潤率是否有機會隨時間回到 30% 中段到高段？

Mike, I'll take that one. Yes, certainly, we've invested in future growth across the EMsights team as well as new strategies. We've seen our margin decline during that period. There is absolutely the ability to grow the margin given the amount of capacity that exists in the system and largely, from an investment perspective side, we've done the heavy lifting on the investment. We've got more spend on the distribution side. I don't think that will -- I don't think you'll see a huge noticeable chunk of spend that will stand out, but we'll continue to invest in distribution.

Mike，我來回答。是的，我們確實已在 EMsights 團隊以及新策略上投資於未來成長，因此在那段期間我們看到利潤率下滑。考量系統中仍存在的容量，我們絕對有能力提升利潤率；而且就投資端而言，我們已完成主要的投入與建置。分銷端的支出會比較多一些。我不認為你會看到某一大塊非常顯著、特別突出的支出，但我們會持續投資在分銷上。

And we saw what can happen to our margin when our assets spiked during the COVID and we went from mid-30s up to 44 just from the market action. And that certainly could happen again. But given the fair amount of capacity that's left in the system, if we're able to capitalize on that capacity, we could -- we definitely should see the margins back in the high 30s.

我們也看到在 COVID 期間資產規模飆升時，利潤率可能出現的變化：僅因市場動能，我們的利潤率就從 30% 中段上升到 44%。這當然有可能再次發生。不過，鑑於系統中仍有相當的剩餘容量，如果我們能有效運用這些容量，我們——我們確實應該能看到利潤率回到 30% 高段。

Great. I guess AI is, of course, one of the hot topics in the financial landscape these days and certainly sounds like asset managers have been trying to figure out how to kind of use the generative AI more in the process. How do you guys think about your data, data management and the potential for AI in your processes and how the teams may want to use it? Is that something that has already been implemented? Or is it something that could be a potential opportunity for you guys?

很好。我想 AI 當然是近來金融領域的熱門話題，聽起來資產管理公司也一直在思考如何在流程中更多使用生成式 AI。你們如何看待自身的資料、資料管理，以及 AI 在你們流程中的潛力、以及團隊可能如何使用？這是否已經開始導入？或是對你們而言可能是一個潛在機會？

I think there's opportunity in how we run the business, how we run distribution. And certainly, with regards to some of the investment teams, as you know, with the 10 autonomous investment teams and how they incorporate data, quantitative tools and eventually more AI will really be based on each investment team's leadership and their process and their value they see from leveraging AI.

我認為在我們經營業務、以及經營分銷方面都有機會。當然，就部分投資團隊而言，如你所知，我們有 10 個自主運作的投資團隊；他們如何納入資料、量化工具，並最終更多導入 AI，將主要取決於各投資團隊的領導層、其流程，以及他們認為運用 AI 能帶來的價值。

With regards to the business and distribution, we're clearly -- there's pockets from development within programming. There's pockets in writing. There's pockets in leveraging more data into the distribution. And I think there's great efficiency that's going to be brought across the business. And as you get back to the margin, I don't think you'll see a big savings on like head count in the near term, but the ability of individuals to do more given the data and tools available, will be highly productive for the organization.

就業務與分銷而言，我們很明確——在程式開發上有一些應用場景，在撰寫內容上也有一些應用場景，在分銷端導入更多資料也有一些應用場景。我認為這將為整個業務帶來很大的效率提升。回到利潤率的問題，我不認為短期內你會看到例如人力編制（head count）出現大幅節省，但在可用資料與工具的加持下，個人能做更多事情的能力，將對組織帶來高度生產力。

And then team -- investment teams that really want to leverage and move into higher use of data in incorporating AI, we will, through our investment services group in the middle, bring those services to bear to optimize the investment teams. So it's a hot topic. It's in the early innings, and we're looking at it in probably 3 different ways.

至於那些確實想要運用、並進一步提高資料使用程度、把 AI 納入流程的投資團隊，我們會透過位於中台的投資服務團隊（investment services group）提供相關服務，以協助優化投資團隊。因此這是熱門議題，目前仍在早期階段，我們大概會從三個不同面向來看待它。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

問答環節到此結束。本次電話會議已結束。感謝各位參加今天的簡報。您現在可以掛線。