Artisan Partners Asset Management Inc (APAM) 2023 Q4 法說會逐字稿

Good afternoon and welcome to the Artisan Partners fourth-quarter 2023 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Artisan Partners 2023 年第四季財報電話會議。(操作員指示)

Please note this event is being recorded. I would now like to turn the conference over to Eric Colson, Chief Executive Officer. Please go ahead.

請注意，本活動將被錄音。現在我想將會議交給執行長 Eric Colson。請開始。

Welcome to the Artisan Partners Asset Management business update and earnings call. Today's call will include remarks from Eric Colson, CEO; Jason Gottlieb, President; 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 業務更新與財報電話會議。今天的會議將由執行長 Eric Colson、總裁 Jason Gottlieb，以及財務長 C.J. Daley 發表談話。在這些談話之後，我們將開放提問。我們最新的業績與投資人簡報可於本公司網站的投資人關係專區取得。

Before we begin, I would like to remind you that comments made during today's call, including responses to questions, may include forward-looking statements. They are subject to known and unknown risks and uncertainties, including but not limited to the factors set forth in our earnings release and detailed in our SEC filings. Risks and uncertainties may cause actual results to differ materially from those discussed in the statements, and we have no obligation to update or revise any of these statements following the presentation.

在開始之前，我想提醒各位，今天會議中的評論（包括對問題的回應）可能包含前瞻性陳述。這些陳述受已知與未知的風險與不確定性影響，包括但不限於我們財報新聞稿中所列因素，以及在向美國證券交易委員會（SEC）提交的文件中所詳述之內容。風險與不確定性可能導致實際結果與陳述中討論者有重大差異；在本次簡報之後，我們沒有義務更新或修訂任何此類陳述。

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 and the supplemental materials, which can also be found on our Investor Relations website. Also, please note that nothing on this call constitutes an offer or solicitation to purchase or sell an interest in any Artisan Investment product or a recommendation for any investment service.

此外，我們今天的部分談話將提及非 GAAP 財務衡量指標。您可在財報新聞稿與補充資料中找到這些指標與最可比 GAAP 指標之間的調節表；相關資料亦可於我們投資人關係網站取得。另外請注意，本次電話會議中的任何內容均不構成對購買或出售任何 Artisan 投資產品權益的要約或招攬，亦不構成對任何投資服務的建議。

I'll turn it over to Eric Colson.

接下來交給 Eric Colson。

Thank you for joining the call or reading the transcript. For us, these calls are an opportunity to repeatedly communicate who we are, what we seek to accomplish, and the time horizons that matter to us. We intentionally de-emphasize quarterly and annual outcomes. Instead, we focus on what we are doing to create and maintain an environment and culture that maximizes the probability of long-term performance for clients, talent and shareholders.

感謝各位加入本次電話會議或閱讀逐字稿。對我們而言，這些會議是一個反覆傳達我們是誰、我們希望達成什麼，以及哪些時間跨度對我們最重要的機會。我們刻意淡化季度與年度結果。相反地，我們專注於我們正在做什麼，以建立並維持一個環境與文化，最大化為客戶、人才與股東帶來長期績效的機率。

Artisan Partners is a high value-added investment firm designed for talent to thrive in a thoughtful growth environment. Our purpose is to compound wealth for clients over long time periods. We do this through our talent-driven business model. We attract, recruit and partner with exceptional and differentiated investment leaders, and we give them autonomy, resources and time to generate investment returns over long time periods.

Artisan Partners 是一家高附加價值的投資公司，旨在讓人才在審慎成長的環境中茁壯。我們的宗旨是在長時間跨度內為客戶複利累積財富。我們透過以人才為驅動的商業模式來實現。我們吸引、招募並與卓越且具差異化的投資領導者合作，並賦予他們自主權、資源與時間，以在長時間跨度內創造投資報酬。

As Jason will discuss, we have been doing this for nearly 30 years in public equities, for a decade in fixed income and are in the early innings in alternatives. Time is a crucial ingredient in what we do. We protect the time of our investment teams so they can maximize time spent on research, investing and adding value for clients.

如 Jason 將會說明，我們在公開股票領域已經這麼做了將近 30 年，在固定收益領域已滿 10 年，而在另類投資方面仍處於早期階段。時間是我們所做之事的關鍵要素。我們保護投資團隊的時間，使他們能將最多時間投入研究、投資，以及為客戶創造附加價值。

We work to earn time to extend duration. We do this by being true to who we are. By maintaining a culture focused on long term. By avoiding the temptation to engineer short-term results. By remaining disciplined through difficult periods. By constantly communicating our time horizon to clients and shareholders, setting the right expectations and doing business with individuals, allocators and institutions that are aligned with our long-term approach.

我們努力贏得時間，以延長投資期限。我們透過忠於自我來做到這一點。透過維持一個聚焦長期的文化。透過避免為了短期成果而「工程化」的誘惑。透過在艱難時期仍保持紀律。透過持續向客戶與股東溝通我們的時間視野，設定正確的期待，並與認同我們長期方法的個人、資產配置者與機構往來。

The chart on slide 2 reinforces why we focus on the long term. Short time periods are noisy; skill and luck are indistinguishable. Over longer periods, the value of process and discipline become apparent. As we extend time, the value of what we do becomes evident. Of our five strategies with 20-year track records, all five have added value over the period after fees.

投影片第 2 頁的圖表強化了我們為何聚焦長期。短時間跨度充滿雜訊；技巧與運氣難以區分。在較長期間內，流程與紀律的價值會變得明顯。隨著時間拉長，我們所做之事的價值將清楚呈現。在我們五項具有 20 年績效紀錄的策略中，五項在扣除費用後於該期間皆創造了附加價值。

With enough time, alpha can compound into meaningfully more wealth for clients and investors. A simple example of which is on the right side of the slide. We take a similar long-term approach to developing our business. We look for opportunities that are consistent with who we are and where we have an edge. We are methodical. We don't chase fads. We remain focused on high value-added investing. If we do these things with patience, we are confident that quality long term outcomes will follow.

只要有足夠的時間，阿爾法可以複利累積，為客戶與投資人帶來顯著更多的財富。投影片右側提供了一個簡單例子。我們也以類似的長期方式來發展我們的業務。我們尋找與我們的定位一致、且我們具備優勢的機會。我們循序漸進、方法嚴謹。我們不追逐流行趨勢。我們持續專注於高附加價值的投資。如果我們以耐心做到這些事，我們有信心高品質的長期成果將隨之而來。

I've asked Jason to elaborate on this approach as it applies to our investment platform.

我已請 Jason 進一步闡述此一方法如何應用於我們的投資平台。

Thank you, Eric. As Eric mentioned, we have been building equity franchises for nearly three decades. We are a decade in with fixed income and are in the early innings with alternatives. I want to start with our equity businesses. Today, we have eight equity investment teams and 16 strategies accounting for $137 billion in AUM and approximately $900 million of annual revenue.

謝謝你，Eric。如 Eric 所提到，我們建立股票投資特許經營（franchise）已近三十年。固定收益方面已走過十年，而另類投資仍在早期階段。我想先從我們的股票業務談起。目前我們有八個股票投資團隊與 16 項策略，管理資產（AUM）達 1,370 億美元，年營收約 9 億美元。

Several of our equity teams are well-established franchises with recognized leadership, depth of resources, disciplined investment processes, unique cultures and long-term track records. These characteristics result in powerful and durable investment and business engines. But it takes time. The path is not linear and there are periods of decline as well as growth.

我們的多個股票團隊已是成熟的特許經營體系，具備公認的領導力、深厚的資源、嚴謹的投資流程、獨特的文化，以及長期績效紀錄。這些特質帶來強大且持久的投資與業務引擎。但這需要時間。這條路徑並非線性，既有成長期，也會有下滑期。

Slide 3 features our international value franchise. Lead portfolio manager, David Samra, joined Artisan 22 years ago and launched the international value strategy. David has a well-articulated value investing philosophy and process that the international value team has applied with discipline through market cycles.

投影片第 3 頁呈現我們的國際價值投資特許經營。首席投資組合經理 David Samra 於 22 年前加入 Artisan，並推出國際價值策略。David 擁有清晰闡述的價值投資理念與流程，國際價值團隊在市場循環中始終以紀律加以落實。

The result is outstanding investment performance over long time periods. The international value strategy has generated 466 basis points of average annual alpha net of fees since inception. The Artisan International Value Fund is ranked number one in its Lipper category.

其結果是在長時間跨度內展現卓越的投資績效。自成立以來，國際價值策略在扣除費用後的平均年度阿爾法為 466 個基點。Artisan International Value Fund 在其 Lipper 類別中排名第一。

You can see the business outcome on the page. The team laid the foundation in the early years, establishing themselves and their track record. They have steadily grown their business by compounding client capital and net new flows. Today, the team manages $41 billion across a diversified book of institutional and wealth channel clients.

您可以在本頁看到其業務成果。團隊在早期奠定基礎，建立自身定位與績效紀錄。他們透過客戶資本的複利成長與淨新增資金流入，穩健擴大業務規模。目前，該團隊在多元化的機構與財富通路客戶組合中管理 410 億美元資產。

In 2020, Beini Zhou and Anand Vasagiri joined the international value franchise and partnered with David to launch the International Explorer strategy. The International Explorer now has a three-year record. It has generated 549 basis points of average annual alpha net of fees since inception, is managing nearly $250 million in AUM, and is poised for future growth. The international value franchise demonstrates the demand for high value-added investing in public equities. The result is a highly valuable business asset that can compound long into the future. We have multiple examples of this throughout our equity business.

2020年，Beini Zhou 與 Anand Vasagiri 加入國際價值投資團隊，並與 David 合作推出 International Explorer 策略。International Explorer 目前已有三年績效紀錄。自成立以來，在扣除費用後，已創造平均每年 549 個基點的超額報酬（alpha），管理資產規模（AUM）接近 2.5 億美元，並具備未來成長動能。國際價值投資團隊展現了市場對公開股票中高附加價值投資的需求。其成果是一項極具價值、可在未來長期複利成長的業務資產。在我們的股票業務中，有多個例子可資佐證。

Turning to slide 4, we expanded into fixed income 10 years ago with the addition of Bryan Krug and the credit team. The fixed income opportunity set is compelling. The asset class is large and growing. It is complex, with tremendous opportunity for skilled talent to add value for clients. And there is asset allocation demand, with aging populations creating the need for income and yield.

接著看第 4 張投影片，我們在 10 年前隨著 Bryan Krug 與信用團隊的加入，擴展至固定收益領域。固定收益的機會集合相當具吸引力。此資產類別規模龐大且持續成長。其結構複雜，為具備專業能力的人才提供龐大機會，能為客戶創造價值。同時也存在資產配置需求，人口老化帶來對收益與殖利率的需求。

We believed 10 years ago that the success of our talent-driven business model and long-term approach would translate to fixed income, provided we partnered with the right talent, focused on high value-added areas, fully resourced the effort, and took the time necessary to build a solid foundation. We are beginning to see the long-term outcomes.

10 年前我們相信，只要與合適的人才合作、聚焦於高附加價值領域、充分投入資源，並投入必要時間建立穩固基礎，我們以人才驅動的商業模式與長期方法就能成功延伸至固定收益。我們正開始看到長期成果。

The Artisan high income strategy is nearing its 10-year mark. Since inception, it has generated an average annual return of 6.18% after fees, compared to 4.31% for the index. Over that time period, the Artisan high income fund is ranked number one out of 324 funds in its Lipper category. As a result, the high-income strategy has generated $1.5 billion in net flows in 2023.

Artisan 高收益策略即將邁入第 10 年。自成立以來，扣除費用後的平均年化報酬率為 6.18%，相較之下指數為 4.31%。在此期間，Artisan 高收益基金在其 Lipper 類別的 324 檔基金中排名第一。因此，高收益策略於 2023 年帶來 15 億美元的淨流入。

In 2022, we launched our second fixed income-oriented team, the EMsights Capital Group, which focuses on emerging markets. We are proving that our platform, philosophy and approach can work in fixed income, evidenced by steady growth in fixed-income AUM. We believe we are establishing two world-class fixed-income franchises with significant investment capacity. It will take time, but we believe these franchises will be every bit as successful and sustainable as our equity franchises.

2022 年，我們成立第二個以固定收益為導向的團隊 EMsights Capital Group，專注於新興市場。固定收益 AUM 的穩健成長證明，我們的平台、理念與方法能在固定收益領域奏效。我們相信正建立兩個具備顯著投資容量的世界級固定收益投資團隊。這需要時間，但我們相信這些團隊將與我們的股票投資團隊同樣成功且具可持續性。

Turning to slide 5. In the same way that we have methodically built our equity and fixed-income businesses, we continue to build our alternatives capabilities. We remain in the early innings. We are focused on setting the right foundation, adding investment degrees of freedom, designing and launching strategies where we have an edge with talent and an opportunity to grow over time. We believe that fixed income provides a natural avenue to continue expanding in this direction.

接著看第 5 張投影片。如同我們有系統地建立股票與固定收益業務一樣，我們也持續打造另類投資能力。我們仍處於早期階段。我們專注於奠定正確基礎、增加投資自由度，並在我們具備人才優勢且可隨時間成長的領域設計與推出策略。我們認為固定收益提供了一條自然途徑，讓我們能持續朝此方向擴張。

Our credit opportunity strategy now has a six-year track record and has generated an average annual return of 9.84% since inception net of fees. The more recently launched global unconstrained strategy has generated an average annual return of 8.92% since inception, net of fees. And during the fourth quarter, we closed $130 million of commitments for our first closed-end fund designed to capture opportunities in dislocated credit markets.

我們的信用機會策略目前已有六年績效紀錄，自成立以來在扣除費用後的平均年化報酬率為 9.84%。較近期推出的全球不受限策略，自成立以來在扣除費用後的平均年化報酬率為 8.92%。此外，在第四季，我們為首檔封閉式基金完成 1.3 億美元的承諾資金募集，該基金旨在把握信用市場錯位所帶來的機會。

While we remain in the early innings, we are confident that our model and philosophy will work in alternatives like it has worked in equities and fixed income.

儘管我們仍處於早期階段，但我們有信心，我們的模式與理念在另類投資領域也將如同在股票與固定收益領域一樣奏效。

Thank you, Jason. We remain extremely excited about the long-term investments we are making across equities, fixed income and alternatives. Our excitement stems from: a proven approach across asset classes and time periods, successful long-term outcomes for clients, shareholders and key investment talent, and the limited supply of homes for investment talent providing our combination of autonomy, resources and time. We will continue to think in decades versus years or quarters. And we will continue to focus on those things that we can directly influence, day in and day out in pursuit of long-term success.

謝謝你，Jason。我們對於在股票、固定收益與另類投資領域所進行的長期投資仍感到非常振奮。我們的振奮來自於：跨資產類別與不同時間期間皆已驗證的投資方法、為客戶、股東與關鍵投資人才帶來成功的長期成果，以及能提供我們這種自主性、資源與時間組合的投資人才歸屬平台供給有限。我們將持續以數十年而非數年或季度的尺度思考。我們也將持續專注於那些我們能直接影響的事項，日復一日追求長期成功。

Thank you for your time, and I will now turn it over to CJ.

感謝各位撥冗，我現在把時間交給 CJ。

Thanks, Eric. Our 2023 results reflect the impact of a rising market and strong investment performance. Market volatility experienced in 2022 and 2023 highlights the importance of our financial model. We maintain a highly variable expense structure to minimize the distractions of short-term market volatility. As we've shown in the past, our financial model is able to deliver stable and predictable results through market cycles.

謝謝，Eric。我們 2023 年的結果反映了市場上漲與強勁投資績效的影響。2022 年與 2023 年所經歷的市場波動凸顯了我們財務模式的重要性。我們維持高度可變動的費用結構，以降低短期市場波動帶來的干擾。如同過去所示，我們的財務模式能在不同市場循環中提供穩定且可預期的結果。

An overview of our financial results begins on slide 8. Assets under management ended the fourth quarter at $150 billion, up 10% from the September 2023 quarter, and up 17% from the prior December year-end. Investment returns contributed $14.6 billion to the increase in AUM in the quarter. Net client cash outflows during the quarter were $400 million, and there was $500 million of Artisan funds distributions that were not reinvested.

我們的財務結果概覽從第 8 張投影片開始。管理資產規模在第四季末為 1,500 億美元，較 2023 年 9 月季度增加 10%，較前一年度 12 月年末增加 17%。本季投資報酬為 AUM 增加貢獻 146 億美元。本季客戶淨現金流出為 4 億美元，另有 5 億美元的 Artisan 基金配息未再投資。

Average AUM for the quarter was down 1% sequentially, and up 10% compared to the December 2022 quarter. The full year, investment returns contributed $27 billion to the increase in AUM. $3.9 billion of those returns were attributed to investment performance in excess of benchmark returns.

本季平均 AUM 較前一季下降 1%，較 2022 年 12 月季度增加 10%。全年而言，投資報酬為 AUM 增加貢獻 270 億美元，其中 39 億美元歸因於超越基準報酬的投資績效。

Net client cash outflows were $4.1 billion for the year. Net outflows continue to be impacted by industry trends in favor of low-fee passive index products, and more recently, the move of funds into fixed income. Gross inflows remain muted and well below our historical levels. Average AUM for 2023 was down 2% year over year.

全年客戶淨現金流出為 41 億美元。淨流出持續受到產業趨勢影響，市場偏好低費用的被動式指數產品，且近期資金轉向固定收益。總流入仍然低迷，遠低於我們的歷史水準。2023 年平均 AUM 年減 2%。

Our complete GAAP and adjusted results are presented in our earnings release. Revenues in the quarter increased less than 1% compared to last quarter, as performance fees more than offset the impact of lower average AUM.

我們完整的 GAAP 與調整後結果已於財報新聞稿中呈現。本季營收較上季增加不到 1%，因績效費用的增加足以抵銷平均 AUM 較低的影響。

Total performance fees were $6.1 million in the quarter. However, as a result of the required consolidation of our credit opportunity strategy, $2 million of the performance fees are recorded on our P&L below the operating line, has a reduction to net income attributable to consolidated investment products.

本季績效費用合計為 610 萬美元。然而，由於必須將我們的信用機會策略納入合併報表，其中 200 萬美元的績效費用在損益表（P&L）中列於營業利益線以下，並作為歸屬於合併投資產品之淨利的減項。

Compared to fourth quarter of 2022, revenues were up 10% on higher average AUM. Adjusted operating expenses for the quarter increased 1% sequentially and 9% compared to the same quarter last year, primarily driven by an increase in incentive compensation expense on higher revenues.

與2022年第四季相比，由於平均AUM較高，營收成長10%。本季調整後營運費用較前一季增加1%，較去年同期增加9%，主要係因營收提高帶動獎勵性薪酬費用增加。

For the full year, revenues were down 2% from 2022 on lower average AUM. Our recurring average fee rate remained at 70 basis points. Adjusted operating expenses were up 2% in 2023 compared to 2022. The decrease in variable expenses due to lower revenues was more than offset by higher fixed costs.

全年而言，由於平均AUM較低，營收較2022年下降2%。我們的經常性平均費率維持在70個基點。2023年調整後營運費用較2022年增加2%。因營收下降而減少的變動費用，已被較高的固定成本所抵銷且有餘。

Fixed compensation costs were up $10 million in '23 on a 4% increase in the number of full-time employees and inflationary salary and benefit increases. Travel expenses were also up $3 million during the year. The higher expense was driven by an increased travel by investment research and distribution professionals. Adjusted operating income decreased 9% in 2023 compared to '22, and adjusted EPS was 7% lower.

2023年固定薪酬成本增加1,000萬美元，係因全職員工人數增加4%，以及通膨帶動的薪資與福利調升。年度差旅費亦增加300萬美元。較高費用主要由投資研究與通路/銷售專業人員增加出差所致。2023年調整後營業利益較2022年下降9%，調整後EPS下降7%。

Adjusted EPS includes over $6 million of interest income earned on excess cash in 2023 compared to the negligible amount in 2022. The balance sheet remained strong. We currently have about $150 million of seed capital invested in sponsored investment products with significant amounts of realizable capacity. As those products begin to scale, we will redeem the seed capital to either deploy into new products, otherwise reinvest in the business, or return to shareholders. In addition, our $100 million revolving credit facility remains unused.

調整後EPS包含2023年就超額現金所賺取逾600萬美元的利息收入，而2022年幾乎可忽略不計。資產負債表仍然強健。目前我們約有1.5億美元的種子資本投資於我們所贊助的投資產品，且具備可實現的顯著容量。隨著這些產品開始擴張規模，我們將贖回種子資本，用於投入新產品、或再投資於業務，或回饋股東。此外，我們的1億美元循環信用額度仍未動用。

We continue to return capital to shareholders on a consistent and predictable basis through quarterly cash dividend payments and a year-end special dividend. Consistent with our dividend policy, our Board of Directors declared a quarterly dividend of $0.68 per share with respect to the December 2023 quarter, which represents approximately 80% for the cash generated in the quarter. Our Board of Directors also declared a special annual dividend of $0.34 per share.

我們持續透過季度現金股利與年終特別股利，以一致且可預期的方式向股東返還資本。依據我們的股利政策，董事會就2023年12月季度宣告每股0.68美元的季度股利，約相當於該季度所產生現金的80%。董事會亦宣告每股0.34美元的年度特別股利。

Similar to prior years, we retained a portion of the cash generated in 2023 to fund future growth initiatives, primarily to make seed capital investments in new investment strategies and vehicles. A total of $2.78 per share will be paid out with respect to 2023 cash generation. That results in an annual trailing dividend yield of almost 7% and is in line with our historical average annual yield of 8% since our IPO in 2013.

與往年類似，我們保留了2023年所產生現金的一部分以資助未來成長計畫，主要用於對新投資策略與載體進行種子資本投資。就2023年現金產生而言，合計將配發每股2.78美元。這使得年度追蹤股利殖利率接近7%，並與我們自2013年IPO以來歷史平均年度殖利率8%一致。

Each year, our Board of Directors approves a grant of long-term incentive awards. In the first quarter of 2024, the Board approved an award of approximately $60 million, consisting of $39 million of cash-based franchise capital awards and $21 million of restricted stock awards. Generally, 50% of the award vests pro-rata over five years and the remaining 50% vests on or 18 months after a qualified retirement.

每年，董事會都會核准一筆長期激勵獎酬的授予。在2024年第一季，董事會核准約6,000萬美元的獎酬，其中包括3,900萬美元的現金型特許經營資本（franchise capital）獎酬，以及2,100萬美元的限制性股票獎酬。一般而言，50%的獎酬在五年內按比例分期歸屬，其餘50%則於符合資格的退休時或其後18個月歸屬。

Starting with this 2024 grant, the majority of our incentive awards will include a traditional retirement acceleration feature. The new provision eliminates the five-year vesting requirement when career award recipients have a qualified retirement after having met an age plus years of service threshold of 70. All other vesting conditions, including notice periods and clawbacks, will remain in effect.

自本次2024年授予起，我們的大多數激勵獎酬將納入傳統的退休加速歸屬條款。新條款在職涯獎酬受領人於達到「年齡加服務年資」合計70的門檻後符合資格退休時，取消五年歸屬要求。其他所有歸屬條件（包括通知期間與追索/扣回條款）將維持有效。

The goal of the traditional retirement acceleration feature is to maintain our best-in-class compensation structure for top talent.

傳統退休加速歸屬條款的目標，是維持我們對頂尖人才的同業最佳薪酬結構。

From a financial statement perspective, the added feature results in front-loaded expense for awards granted to employees who already meet the age plus years of service requirement. The overall amount of expense to be accorded will remain the same.

從財務報表角度來看，新增條款會使已符合「年齡加服務年資」要求之員工所獲授獎酬的費用認列更為前置（前期費用較高）。整體將認列的費用總額仍將維持不變。

We're estimating $69 million of long-term incentive amortization expense for 2024. Approximately $8 million to $9 million of that expense is a result of the new retirement provision. We expect to have elevated LTI expense for the next several years due to this change and then expect the expense will reduce and level off.

我們估計2024年長期激勵（LTI）攤銷費用為6,900萬美元。其中約800萬至900萬美元的費用係源自新的退休條款。我們預期未來數年LTI費用將因這項變更而維持在較高水準，之後費用將下降並趨於平穩。

Including long-term incentive compensation, fixed expenses are expected to increase mid-single digits in 2024. The majority of the increase reflects 2024 merit increases, the absorption of a full year of expense for full-time employees hired in 2023, and an expected low single-digit increase in employees in 2024.

包含長期激勵薪酬在內，預期2024年固定費用將以中個位數百分比成長。增幅主要反映2024年績效調薪、吸收2023年新聘全職員工的全年費用，以及預期2024年員工人數將以低個位數百分比增加。

The additions will primarily be related to investment and distribution roles to capitalize on our growth strategy. Travel may also increase slightly in 2024 as we execute on our growth initiatives. Occupancy, technology, and other fixed operating expenses are expected to be relatively flat compared to 2023.

新增人力將主要與投資與通路/銷售職能相關，以把握我們的成長策略。隨著我們推動成長計畫，2024年差旅費也可能小幅增加。預期辦公場地、科技及其他固定營運費用相較2023年將大致持平。

As a reminder, our compensation and benefits expenses are generally higher in the first quarter of each year due to seasonal expenses. We estimate these expenses will be approximately $6 million higher in the first quarter of 2024 compared to the fourth quarter of 2023.

提醒一下，我們的薪酬與福利費用通常在每年第一季較高，係因季節性費用所致。我們估計2024年第一季這些費用將較2023年第四季高出約600萬美元。

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

以上是我準備的發言。我將把電話會議交回給接線員。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Hey, everybody. Good afternoon. Thanks for taking the question. Eric, I was hoping maybe we could start with the prospects you guys have for the fixed income business. Nice traction over the last couple of quarters and years. Clearly, there's a pretty high expectation that market demand for fixed income will continue to improve. So how are your products positioned to perhaps participate in that? What are your expectations for growth in these strategies for '24?

嗨，各位。下午好。謝謝讓我提問。Eric，我想也許我們可以先從你們固定收益業務的前景談起。過去幾個季度與幾年都有不錯的進展。顯然市場對固定收益的需求預期將持續改善。那麼你們的產品如何定位以參與其中？你們對2024年這些策略的成長有何預期？

Hi, Alex. We have been emphasizing the credit franchise with Bryan Krug as well as the EMsights franchise with Mike Cirami. I'll start with the EMsights franchise. We saw quite a bit of outflow in emerging market debt in '22. I think it was the largest emerging market debt outflow in the history of that category. And then '23, last year, we saw probably close to a 10% outflow in the category.

嗨，Alex。我們一直在強化信用（credit）平台，由Bryan Krug負責，以及由Mike Cirami負責的EMsights平台。我先從EMsights平台談起。我們在2022年看到新興市場債出現相當多的資金流出。我認為那是該類別史上最大的新興市場債資金流出。而在2023年，也就是去年，我們看到該類別可能接近10%的資金流出。

We look at our EMsights team in the same way we looked at our global strategies, global value or global opportunities. The bulk of the allocations come from the institutional channel. A high percentage, if not majority comes from outside the United States. There is a competitive landscape, but I think we stack up very well performance-wise and we expect, as we witnessed with global opportunities and global value, the requirement for a three-year track record and then starting to see that steep slope and buildup of assets once you get that three-year track record.

我們看待我們的 EMsights 團隊，與我們看待全球策略、全球價值或全球機會的方式相同。配置的大部分來自機構通路。很高的比例（即使不是多數）來自美國以外。市場競爭激烈，但我認為就績效而言我們表現得非常出色；而且我們預期，如同我們在全球機會與全球價值所見，一旦達到三年績效紀錄的要求，之後就會開始看到那條陡峭的成長曲線，以及在取得三年績效紀錄後資產規模的快速累積。

Between now and the three-year track record, we were getting quite a bit of inquiries. We're building the asset base close to about $1 billion, and we expect to continue building the asset base over the next year, but really expect meaningful growth after the three-year mark, given the traits and characteristics around that client base.

在現在到取得三年績效紀錄之間，我們已收到相當多的詢問。我們正在建立資產基礎，規模接近約 10 億美元；我們預期未來一年會持續擴大資產基礎，但考量該客戶群的特質與特性，我們真正有意義的成長應會在三年門檻之後出現。

Similar to the credit, we also have an alternative strategy with global unconstrained that we highlighted in the deck. The returns, the risk, the correlation are all very favorable to participate in the movement in a higher allocation to alternatives, specifically liquid alts. So we're quite pleased with where we're at with EMsights and the progress they're making to get to that three-year mark.

類似於信用策略，我們也有一項在簡報中強調的替代策略——全球不受限（global unconstrained）。其報酬、風險與相關性都非常有利，可參與配置提高至替代投資的趨勢，尤其是流動性另類（liquid alts）。因此，我們對 EMsights 目前的進展以及他們朝三年門檻邁進的成果感到相當滿意。

With credit franchise with Bryan Krug, we've established a very strong base, that has built in the same way that we saw our early-stage franchise is built. We're about $10 billion in the franchise, and we're saving quite a bit of capacity to go into degrees of freedom and create alternative strategies. And with credit opportunities, which was highlighted, the drawdown fund that Jason mentioned and the floating rate fund, we just see a strong runway for building out that franchise and really seeing that take its second phase and build up, as we've seen with -- or rather, other more mature franchises.

在由 Bryan Krug 領導的信用投資平台方面，我們已建立非常穩固的基礎，其建立方式與我們早期平台的成長路徑相同。我們的平台規模約 100 億美元，並保留了相當多的容量，以便在更大的自由度下發展並創造替代策略。而在已被重點介紹的信用機會策略方面，包括 Jason 提到的提領型基金（drawdown fund）與浮動利率基金，我們看到該平台有很強的成長跑道，可持續擴建，並真正進入第二階段的成長與累積，就像我們在——或者說，在其他更成熟的平台所見到的那樣。

So again, it's patiently waiting for the right clients, right terms and building those over time.

所以再次強調，就是耐心等待合適的客戶、合適的條款，並隨時間逐步建立。

Great. Thanks for that overview. C.J., one for you, just on the change in long-term incentive awards that you highlighted earlier. Can you talk a little bit about what prompted you guys to go down this path and what caused this change? And as you look out beyond 2024, it sounds like an elevated retirement acceleration clause will weigh on incentive comp for a couple years. So should we think about that incremental $9 million to $10 million as the new incremental expense beyond 2024 as well?

很好。謝謝這個概述。C.J.，有一題想請教你，關於你先前提到的長期激勵獎酬（long-term incentive awards）變更。你能談談是什麼促使你們走上這條路、以及造成這項變更的原因嗎？另外，展望 2024 年之後，聽起來提高的退休加速條款會在幾年內對激勵薪酬造成壓力。那麼，我們是否也應將額外的 900 萬至 1,000 萬美元視為 2024 年之後的新增加計費用？

Yeah. Thanks for the question, Alex. We've always aligned our business with the long-term value creation and sustainable growth. And we've designed it for investment talent to thrive, to extend their duration, and provide a path for them to spend their careers here. We've evolved and have been thoughtful over the 10 years we've been public as well as a partnership before that.

是的。謝謝你的問題，Alex。我們一向讓業務與長期價值創造及可持續成長保持一致。我們的設計是讓投資人才得以茁壯、延長任期，並提供一條讓他們能在此度過職涯的道路。在我們成為上市公司後的 10 年，以及在此之前作為合夥企業的期間，我們也持續演進並審慎思考。

In 2014, we introduced these career shares, which are comprised of both time vested as well as qualified retirement provisions. And we've introduced this retirement clause as the next phase of extending duration and providing a path for investment talent to spend their career here so that they don't have to worry about whether they're going to wind up forfeiting anything. And they do the right thing. They have qualified retirement. It'll further align our interests, our shareholders' interests, our clients' interests, with proper retirement and succession planning.

2014 年，我們推出了這些職涯股份（career shares），其包含時間歸屬（time vested）以及符合資格的退休條款（qualified retirement provisions）。而我們引入這項退休條款，作為延長任期並提供投資人才在此度過職涯道路的下一階段，讓他們不必擔心最終會被迫沒收任何權益。而且他們會做正確的事。他們符合資格退休。這將進一步使我們的利益、股東的利益與客戶的利益一致，並配合妥善的退休與接班規劃。

With respect to the expense, I would expect it to be elevated in the $8-ish million for the next three years, and then it'll step down pretty meaningfully and then over a five-year period, it'll level off. And just to be clear, the provision only applies to grants that started in 2024 and forward. And so we think that benefit will be a long-term benefit for everyone.

就費用而言，我預期未來三年會提高到約 800 萬美元左右，之後會相當明顯地下滑；再往後以五年期來看，將趨於平穩。另外要說清楚的是，該條款僅適用於自 2024 年起及之後開始的授予（grants）。因此我們認為，這項安排對所有人而言都將帶來長期效益。

Got it. All right. That's perfect. Thank you.

了解。好。非常好。謝謝。

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

Hi. Thank you. Could you maybe give us an update on the drivers of the non-U.S. institutional channel for equities, maybe stuff like Europe, Australia, because it got better this quarter?

嗨。謝謝。你們能否更新一下非美國機構通路在股票方面的驅動因素，例如歐洲、澳洲之類？因為這一季看起來有所改善。

The non-US drivers, a bit of it was around EMsights that we had some early-stage wins there, was probably the big change. And I would say Australia has continued to wane on our distribution, that we've had early fades in the first quarter, and then in the fourth quarter we had some outflows. And then with one of our key relationships in the UK, we had a strong inflow, as well in our global ops and global value strategies. So if you really broke it down for the quarter, it probably a good flow in global ops, global value, and as well as our EMsights team that was out of the Middle East.

非美國的驅動因素方面，其中一部分與 EMsights 有關，我們在那裡取得了一些早期勝利，這可能是最大的變化。另外我會說，澳洲在我們的銷售推廣上持續走弱，第一季就已出現一些早期的減弱跡象，而第四季也有一些資金流出。此外，在英國我們的一個關鍵合作關係帶來了強勁的資金流入，同時也流入我們的全球機會（global ops）與全球價值（global value）策略。所以若把本季拆開來看，全球機會、全球價值，以及我們來自中東的 EMsights 團隊，可能都帶來了不錯的資金流入。

Got you. And then, at your guys' Investor Day, you talked about not having to be first into newer areas, but lately there's been a bunch of private market firms and teams joining bigger firms. Have you observed any changes in the backdrop for that or potential sellers thinking about stuff like getting better distribution or whether it's better to be part of someone bigger?

了解。另外，在你們的投資人日上，你們談到在較新的領域不必搶當第一，但最近有不少私募市場公司與團隊加入更大的機構。你們是否觀察到這方面的環境有任何變化，或潛在賣方是否在思考例如取得更好的通路、或是成為更大平台的一部分是否更有利？

Hi, this is Jason. I'll take that. I think we've seen a lot of activity in the private market space, primarily in the private credit world, not to be surprising, we see it both in the world of lift-out opportunities, which is part and parcel with our model as well as the acquisition. And we don't see that as something that's going to stop.

嗨，我是 Jason。我來回答。我認為我們在私募市場領域看到很多活動，主要是在私募信貸（private credit）世界，這並不令人意外；我們在團隊挖角式移入（lift-out opportunities）的機會上也看得到——這也是我們模式的一部分——以及併購活動上也看得到。而我們不認為這種情況會停止。

I think the changes might come more in the form of lift-outs. And our belief around that is that there's going to be a series of funds that may in fact wind up disappointing. And so the carry opportunities for some of the investment teams could be a little bit more shallow than they were in the past, and that might shake some opportunities free and that has been correlated to the inbound inquiry that we've been experiencing here at Artisan. So it's given us the opportunity to really take a very hard look and be deliberate with the opportunities in that area of the world.

我認為變化可能更多會以挖角式移入（lift-outs）的形式出現。我們的看法是，可能會有一系列基金最終表現令人失望。因此，部分投資團隊的業績分成（carry）機會可能會比過去更為有限，這可能會釋放出一些機會；而這也與我們在 Artisan 這裡所經歷的主動洽詢（inbound inquiry）呈現相關。因此，這讓我們有機會真正以非常嚴謹的態度檢視，並在該領域的機會上審慎取捨。

That is an asset class, as we had discussed at the Investor Day back in September, and we've talked about in the world of where we go strategically with alternatives, certainly that is an area of interest. But we're not going to obviously adjust our business model just to find a team. It has to be right for us. One that we think we can deliver differentiated returns in a segment of the market and identify the right clients.

那是一個資產類別，正如我們在九月的投資人日曾討論過的，而且我們也談到在替代投資的策略布局上我們要往哪裡走，這當然是一個我們感興趣的領域。但我們顯然不會只是為了找到一個團隊就去調整我們的商業模式。這必須對我們而言是合適的。我們認為我們能在市場某個區隔提供差異化報酬，並辨識出合適的客戶。

And to your point, all of these big -- let's call them acquisitions or mergers, tend to come in the form of what can you do for me on distribution, and as you know, that's not necessarily directly our model. We're not here to first and foremost distribute. We're here to produce world class differentiated results and find the right clients on the right terms to deliver that outcome. And so we're going to remain very consistent with our past and our history and take the right shot as and when it arises, recognizing that it might take time.

而且如你所說，所有這些大型——姑且稱之為收購或合併——往往都會以「你能在通路分銷上為我做什麼」的形式出現；而如你所知，那不一定直接是我們的模式。我們來這裡不是以分銷為首要任務。我們來這裡是要產出世界級、具差異化的成果，並以合適的條件找到合適的客戶來交付那樣的結果。因此我們會非常一致地延續過去與歷史，在機會出現時打出正確的一擊，同時也認知到這可能需要時間。

Thank you very much.

非常感謝。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Okay, thank you very much for taking the questions and appreciate the prepared commentary. Just maybe start off on the flow side. So it seems like there's a lot of different opportunities here. And I guess you made some comments in your press release around the opportunities within equities. Is it some of the smaller incremental vehicles that you are seizing into attractive timelines, attractive performance? Or there's some maybe older, more seasoned vehicles where you're seeing the demand?

好的，非常感謝讓我提問，也感謝事先準備的說明。先從資金流向（flow）談起。看起來這裡有很多不同的機會。我想你們在新聞稿中也提到一些關於股票（equities）內部機會的評論。是你們正在把握一些較小、增量型的產品載體，因為時點吸引人、績效吸引人？還是一些較早期、較成熟的產品載體，你們看到需求正在出現？

And I guess for lately, you've always watched capacity pretty carefully. I appreciate you highlight the International Value Fund, but at $40 billion, my instinct was, okay, that's a pretty big fund. Where do you tend to cap out incremental new dollars coming into that? Thank you.

另外我想，最近你們一向都很仔細地關注容量（capacity）。我理解你提到國際價值基金（International Value Fund），但在 400 億美元的規模下，我的直覺是：好吧，這是一檔相當大的基金。你們通常會把新增資金流入的上限設在什麼位置？謝謝。

Thanks, Bill. It's Jason again. Yeah, our franchises have continuously sought to identify opportunities for expanding degrees of freedom. They've come in many forms, including broader securities via differentiated markets, market caps, liquidity structures. Also, we see our teams build capacity through recruitment and acculturation of that talent. David Samra with high value and, as Eric mentioned, Bryan Krug with credit embody this mindset.

謝謝，Bill。我是 Jason 再次回答。是的，我們的各個投資團隊（franchises）一直在尋找擴大投資自由度的機會。這些機會以多種形式出現，包括透過差異化市場、不同市值區間、流動性結構等，擴展可投資的證券範圍。此外，我們也看到團隊透過招募並讓人才融入文化（acculturation）來建立容量。David Samra 的 high value，以及如 Eric 提到的 Bryan Krug 的信用（credit），都體現了這種思維。

Importantly, with their success, they have the ability to work with like-minded, sophisticated clients who understand their philosophies, and importantly, their time horizons. This is in large part why we believe the opportunities for modest, thoughtful growth are in place, while they remain methodical in the pursuit of their top-tier returns for existing shareholders. And so we recognize that David's success on the return side has propelled him to a reasonably large-sized fund, but his team has broadened out the types of securities he can use.

重要的是，隨著他們的成功，他們有能力與理念相近、成熟的客戶合作；而且同樣重要的是，這些客戶理解他們的投資哲學與時間視野。這在很大程度上就是為什麼我們相信，仍能在維持既有股東頂尖報酬追求的同時，存在溫和且審慎的成長機會。因此我們也認知到，David 在報酬表現上的成功使他管理的基金規模達到相當大的水準，但他的團隊也擴大了他可運用的證券類型。

You've seen us, and I mentioned this on the commentary, having Beini and Anand join the team, getting down market cap, really does give a much more expanded opportunity set for David and the international value franchise. And then, more broadly, I guess I would say, and this isn't specific to any one team or any one market, but you've just seen a huge increase in the world of money market vehicles. I might get the numbers off a little bit, but I think it's grown from somewhere in the high threes to about $6 trillion at the end of 2023, I don't know what the numbers are today.

你們也看到我們——我在說明中提過——Beini 和 Anand 加入團隊，往較小市值區間延伸，確實為 David 以及國際價值投資團隊帶來更大幅度的機會集合。然後更廣泛地說，我想我會說，這不特定於任何一個團隊或任何一個市場，但你們已經看到貨幣市場工具（money market vehicles）的規模大幅增加。我可能記得的數字會有點偏差，但我認為它從大約 3 兆多美元成長到 2023 年底約 6 兆美元；至於今天的數字我不確定。

But until we see a reversal of that, I think there's a lot of pent-up demand and money on the sidelines. But when we do see that reversal, we think that our returns, and our performance, and our teams speak for themselves, and we think that those assets will ultimately find a home. Whether it be with high value or credit or some of the global strategies in the institutional space or in EMEA. So we're just going to stay thoughtful. We're going to stay patient. But we think when there is that move back out of safety and money markets, we're very well positioned to capture that.

但在我們看到那個趨勢反轉之前，我認為仍有大量的累積需求與場邊資金。而當我們確實看到反轉時，我們認為我們的報酬、我們的績效、以及我們的團隊會自我說明，我們也相信那些資產最終會找到歸宿。不論是在 high value、信用，或是在機構端或 EMEA 的一些全球策略。所以我們會保持審慎。我們會保持耐心。但我們認為，當資金從安全資產與貨幣市場回流時，我們非常有利於把握那個機會。

Okay, thank you. And maybe one for C.J. As you look ahead to the year, how are you thinking about balancing reinvestment back into business versus the payout? I guess your payout ratio came in maybe a little bit at the higher end of what I think folks were investing about this year, like 96.5% if I did the math right. You've been running closer to 90%-ish a couple years before that. So when you look ahead to this year, recognizing some of the seasoning, some of the reinvestment needs, seed capital, etcetera, how do you think through the payout ratio as you look ahead for the year? Thank you.

好的，謝謝。另外一題想問 C.J.：展望今年，你如何思考在回投資於業務與股利發放之間取得平衡？我想你們的配息率（payout ratio）可能落在今年投資人預期區間的較高端，如果我算得沒錯大約是 96.5%。在此之前的幾年你們比較接近 90% 左右。所以展望今年，考量到一些產品成熟期（seasoning）、再投資需求、種子資本（seed capital）等等，你如何看待今年的配息率？謝謝。

Yeah, sure. Bill, at this time, I think we're staying in the course. We held back some cash this year to seed new products. I think we feel pretty good about where we are in the size of our seed book. So there could be potentially some additional cash freed up for other uses next year, including adding to the special dividend.

好的，當然。Bill，就目前而言，我們會維持既定方針。今年我們保留了一些現金用於新產品的種子投資。我想我們對目前種子投資組合（seed book）的規模感到相當滿意。因此明年可能會釋放出一些額外現金用於其他用途，包括增加特別股利。

But, as we sit here right now, we continue to see the 80% variable dividend paid each quarter, along with that special dividend at the end of the year to be our course of action. So I wouldn't anticipate any major changes to what you're seeing from a payout percentage.

但就我們現在所處的位置而言，我們仍然認為每季支付 80% 的變動股利（variable dividend），並在年底再加上特別股利，會是我們的行動方針。所以我不預期你所看到的配息比例會有任何重大變化。

Thank you.

謝謝。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，RBC Capital Markets。

Hey, good afternoon. Thanks for taking my question. Just one on the credit alternative investment strategies. I wanted to talk a little bit more about how you see potential demand, especially in the current rate environment. Thanks.

嗨，午安。謝謝讓我提問。我想問一題關於信用替代投資策略（credit alternative investment strategies）。我想再多談一點你們如何看待潛在需求，特別是在目前的利率環境下。謝謝。

Yeah. Hi. This is Jason again. I'll talk about a couple of them and then if there's a follow-up question, just let me know. But when you think about the credit opportunity strategy that Bryan has been building and developing over the past six years, we now think we've got a phenomenal asset in the form of his performance, as we highlighted. It's around almost just shy of 10%, 9.8% net of fee. And we've always been really patient on the distribution side because we firmly believe that time well spent is time spent owning the record. And we've now done that.

是的。嗨。我是 Jason，再次發言。我會先談其中幾點，如果有後續問題，請再告訴我。不過，當你回頭看 Bryan 在過去六年所建立並發展的信用機會策略時，我們現在認為，正如我們先前強調的，他的績效表現已形成一項極為出色的資產。費後淨報酬率接近 10%，為 9.8%。而在通路發行（distribution）方面，我們一直非常有耐心，因為我們堅信，把時間花在建立並擁有可驗證的績效紀錄上，是最值得的投入。而我們現在已經做到這一點。

I think the uptake with clients, whether it's existing clients that are evaluating Bryan in a different way through an alternative lens, or some of the new clients that are starting to evaluate him, that are building up in the pipeline. We think that that's a really interesting opportunity for us to continue to develop and build and grow the alternatives allocation. And then going back to the global unconstrained strategy on the EMsights team, likewise, what's interesting is this is somewhat counter cyclical to the money market conversation that we just had on a prior question.

我認為客戶端的接受度正在提升，無論是既有客戶以不同方式、用另類投資的角度重新評估 Bryan，或是一些正在開始評估他的新客戶，這些都在銷售管線中逐步累積。我們認為，這對我們而言是個非常有意思的機會，可以持續發展、建構並擴大另類投資配置。再回到 EMsights 團隊的全球不受限策略，同樣有趣的是，這在某種程度上與我們剛才上一題談到的貨幣市場（money market）話題呈現逆週期特性。

Whereas if you have money market rates somewhere in the 4% to 5% range, and the strategy that the global unconstrained strategy deploys, if you can generate a 3% to 6% excess return on top of that money market rate, you get really, really interesting outcomes. Somewhere in the -- let's call it mid- to high-single digits, potentially in the low double digits if we're able to execute, tends to be uncorrelated to the broader markets. And I think people are starting to take note of that.

如果貨幣市場利率大約在 4% 到 5% 的區間，而全球不受限策略所採用的做法，若能在該貨幣市場利率之上再創造 3% 到 6% 的超額報酬，就會帶來非常、非常有吸引力的結果。大約落在中到高個位數，若我們能有效執行，甚至可能達到低雙位數，且通常與更廣泛的市場呈現低相關。我認為人們開始注意到這一點。

Again, it's very, very early innings, as Eric mentioned. We're two years into the journey, not even quite two years and we think that once people evaluate the team early stages, they hit their three-year record. We think that that could be a really interesting leg to the growth stool. And I'd be remiss if I didn't mention the dislocation, the drawdown fund. Raising $130 million for Bryan in dislocation opportunities is really a testament to, I think, the strength of his brand and our credit platform broadly. And this is hopefully going to be one of many.

再次強調，正如 Eric 提到的，現在仍非常、非常早期。我們踏上這段旅程才兩年，甚至還不到兩年；我們認為，一旦大家在早期階段評估這個團隊，並且當他們累積到三年的績效紀錄時，這可能會成為成長動能中非常有意思的一條支柱。另外，如果我不提到「錯位（dislocation）」的提領式基金（drawdown fund），那就說不過去了。為 Bryan 在錯位機會中募得 1.3 億美元，我認為這確實證明了他的品牌實力，以及我們整體信用平台的實力。而這希望只是眾多案例中的其中之一。

Once we deploy that capital, Bryan produces the returns, we return the capital. This should be an opportunity to continue to develop and grow and build a really exciting platform around these drawdown vehicles.

當我們部署這些資本後，Bryan 產生報酬，我們再把資本返還。這應該會是一個機會，讓我們能持續發展、成長並圍繞這些提領式載具（drawdown vehicles）打造一個非常令人振奮的平台。

And so I think we've got really interesting short-, intermediate-, long-term duration opportunities for the platform and there's more that will ultimately reveal themselves, whether it's with the existing teams, which is the highest and best use of our time to develop that. The probability of success is much higher. Or whether we go out and we identify the next team to bring out of the platform, we still feel like we've got really good opportunities for growth here.

因此，我認為這個平台在短期、中期、長期的期限（duration）上都有非常有意思的機會，而且未來還會有更多機會逐步浮現；不論是與既有團隊合作——這是我們投入時間去發展的最有效、最有價值的方式，成功的機率也高得多；或是我們走出去，找出下一個要納入平台的團隊，我們仍然覺得這裡有非常好的成長機會。

Great. Very helpful there. And just one follow-up, if I may. I think at the prepared remarks, you talked about an increase in distribution headcount. I'm wondering if you could just talk a little bit more about expansion plans for distribution this year. Thanks.

很好。這些資訊非常有幫助。如果可以的話，我再追問一題。我記得在事先準備的發言中，你提到通路人員編制（distribution headcount）增加。我想請你再多談一點今年通路擴張的計畫。謝謝。

Yeah, certainly. Last year, we spent quite a bit of time optimizing our distribution team. We looked at the array of strategies, getting up to 25 strategies, the complexity of the product mix, including credit and alternatives. We felt the need to emphasize the sales orientation of our distribution -- of our centralized distribution. Groups going after the intermediary, non-US, that centralized group. We adjusted compensation. We added resources. We built in training, with a real focus on sales and expanded relationship management for continued cross-selling.

好的，當然可以。去年，我們花了不少時間優化我們的通路團隊。我們檢視了策略的組合，策略數量增加到 25 個，以及產品組合的複雜度，包括信用與另類投資。我們認為有必要強化我們通路的銷售導向——也就是我們的集中式通路（centralized distribution）。這些團隊主要面向中介通路、非美國市場等，由該集中式團隊負責。我們調整了薪酬制度。我們增加了資源。我們建立了訓練機制，重點聚焦在銷售，並擴大關係管理，以持續推動交叉銷售。

We then also emphasized client service and product knowledge inside the dedicated distribution, those individuals attached to our autonomous teams. And with those adjustments, we're also adding a few individuals into both areas, as well as we launched a alternatives distribution team that is focused in the center of the firm to help amplify sales for credit opportunities, global unconstrained, and other alternative strategies.

接著，我們也在專屬通路（dedicated distribution）內部強調客戶服務與產品知識，也就是那些隸屬於我們各自主團隊的成員。在完成這些調整後，我們也會在兩個領域各增聘幾位同仁；此外，我們也成立了一支另類投資通路團隊，設在公司核心部門，協助放大信用機會、全球不受限以及其他另類策略的銷售動能。

We think, at the end of the day, that will create a smoother sales cycle selling across the firm. And also, with the complexity, our clients will get direct relationship management and product knowledge from individuals that are closest to the teams.

我們認為，最終這將使全公司跨策略銷售的銷售週期更順暢。同時，面對產品的複雜性，我們的客戶也能從最貼近投資團隊的人員那裡，獲得直接的關係管理與產品知識。

Got you. Very helpful there. Thanks again.

了解。這些說明非常有幫助。再次感謝。

This concludes our question-and-answer session and the Artisan Partners fourth-quarter 2023 earnings conference call. Thank you. You may now disconnect.

以上為我們的問答環節，以及 Artisan Partners 2023 年第四季財報電話會議。謝謝。您現在可以掛線。