Artisan Partners Asset Management Inc (APAM) 2024 Q1 法說會逐字稿

Good afternoon, everyone and welcome to the Artisan Partners first-quarter 2024 conference call. (Operator instructions) Please note this event is being recorded. I'd now like to turn the floor over to Artisan Partners Asset Management. You may begin.

各位下午好，歡迎參加 Artisan Partners 2024 年第一季電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把會議交給 Artisan Partners Asset Management。您可以開始了。

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; CJ Daley, CFO. Following these remarks, we will 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。今天的電話會議將由執行長 Eric Colson、總裁 Jason Gottlieb，以及財務長 CJ Daley 發表談話。在這些談話之後，我們將開放提問。我們最新的業績結果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 today, I would like to remind you that comments made during today's call, including responses to questions, may include forward-looking statements. These are subject to known and unknown risks and uncertainties, including the not limited to the factors set forth in our earnings release and detailed in our SEC filing.

在今天開始之前，我想提醒各位，今天電話會議中的評論（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，包括但不限於我們新聞稿中所列因素，以及在我們向美國證券交易委員會（SEC）申報文件中詳述的因素。

These risks and uncertainties may cause actual results to differ materially from those disclosed in the statement, and we assume no obligation to update or revise any of these statements following the presentation. 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 be found on our investor relations website.

這些風險與不確定性可能導致實際結果與陳述中揭露者出現重大差異；在本次簡報後，我們不承擔更新或修訂任何此類陳述的義務。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；相關資料可於我們的投資人關係網站取得。

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 advice.

另外，請注意，本次電話會議的任何內容均不構成對任何 Artisan 投資產品之權益的要約或招攬買賣，亦不構成任何投資建議之推薦。

I will now turn it over to Eric Colson, CEO.

現在我把時間交給執行長 Eric Colson。

Thank you and thank you, everyone, for joining the call or reading the transcript. We constantly come back to who we are. We are a high-value-added investment firm designed for talent to thrive in a thoughtful growth environment. This is who we have always been. It is our DNA and our competitive edge.

謝謝，也謝謝各位參與本次電話會議或閱讀逐字稿。我們不斷回到「我們是誰」這個核心。我們是一家高附加價值的投資公司，旨在讓人才在深思熟慮的成長環境中茁壯。這一直是我們的本色。這是我們的 DNA，也是我們的競爭優勢。

We steer clear of narrow labels. A term like traditional manager has never accurately described who we are and what we do. We have always taken a broader view. Our focus has always been on high-value-added investments managed by exceptional talent. In our earliest years, with great talent, we entered the marketplace in non-core, high-dispersion areas like small-cap and mid-cap equity.

我們刻意避開狹隘的標籤。像「傳統管理人」這樣的用語，從未能準確描述我們是誰以及我們在做什麼。我們一向採取更宏觀的視角。我們的重點始終是由卓越人才管理的高附加價值投資。在創立初期，憑藉優秀人才，我們在小型股與中型股等非核心、分散度高的領域進入市場。

International growth and value investing. These were and remain areas where exceptional talent can generate differentiated results. When we entered fixed income in 2014, we started with high Yield, another inefficient space where talented portfolio management can add value and manage risk. We have expanded our fixed income capabilities with additional high-value-added strategies, including long-short credit, emerging market debt, and global macro.

國際成長與價值投資。這些過去是、現在仍然是卓越人才能夠創造差異化成果的領域。當我們在 2014 年進入固定收益時，我們從高收益債開始著手；那也是一個效率較低的市場空間，優秀的投資組合管理能在其中創造價值並管理風險。我們以更多高附加價值策略擴展固定收益能力，包括多空信用、新興市場債，以及全球總體策略。

We have demonstrated time and again our ability to deliver across different talent, generation, asset classes, geographies, and client types. By building and maintaining a home designed specifically for investment talent, we are able to generate alpha for clients, develop durable investment franchises, and produce quality outcomes for shareholders.

我們一次又一次證明，我們能在不同人才世代、資產類別、地理區域與客戶類型之間交付成果。透過打造並維持一個專為投資人才設計的家園，我們得以為客戶創造超額報酬（alpha）、發展具持久性的投資事業體，並為股東帶來優質成果。

Turning to slide two in my 2023 annual letter, I described the characteristics that we believe define an ideal home for investment talent. It all starts with our investment-first culture. This culture originates from the belief system of our investment talent, who must have a passionate conviction in their investment philosophy and a willingness to execute through thick and thin over long periods of time.

回到我在 2023 年年度信函的第 2 張投影片，我描述了我們認為能界定「投資人才理想家園」的特質。一切都始於我們以投資為先的文化。這種文化源自我們投資人才的信念體系：他們必須對自身投資哲學抱持熱情且堅定的信念，並願意在景氣順逆之間、長期貫徹執行。

This waterfall of passion, philosophy, process, execution, and alignment flows into business operation and distribution, which we build and manage for our investment talent and investment capabilities, not the other way around.

這股由熱情、哲學、流程、執行與一致性所形成的瀑布式力量，延伸到營運與通路；我們是為了投資人才與投資能力而建構並管理這些，而不是反過來。

At Artisan Partners, every single person prioritizes investments, from the Board of Directors to our newest associates and across all functional areas of the firm. Everything is focused on and flows from investments. We attract and retain great talent. That talent generates results for clients. Revenues grow over time.

在 Artisan Partners，從董事會到最新加入的同仁，並橫跨公司所有職能領域，每一個人都把投資放在第一位。所有事情都聚焦於投資，並由投資出發。我們吸引並留住優秀人才。這些人才為客戶創造成果。營收隨時間成長。

We generate successful outcomes for our associates and shareholders. At Artisan, each investment team operates autonomously with respect to its investment philosophy, process, people, research, and decision making. We complement investment team autonomy with extensive resources and support, customized to fit each team.

我們為同仁與股東創造成功的成果。在 Artisan，每個投資團隊在其投資哲學、流程、人員、研究與決策方面皆獨立運作。我們以豐富資源與支援來補強投資團隊的自主性，並依各團隊需求量身打造。

We believe that the Artisan combination of investment autonomy, resources, and support is unique in the industry and a competitive advantage. It is what attracted Brian Krug to join Artisan Partners in 2013 and partner with us to establish the Artisan Credit Team. On April 1, the credit team's high-income strategy had its 10 anniversary, joining 10 other Artisan strategies with track records of more than 10 years.

我們相信，Artisan 結合投資自主性、資源與支援的模式在業界獨樹一幟，並構成競爭優勢。這也是 Brian Krug 在 2013 年加入 Artisan Partners、與我們合作成立 Artisan 信用團隊的原因。4 月 1 日，信用團隊的高收益策略迎來 10 週年，成為另外 10 個擁有超過 10 年績效紀錄的 Artisan 策略之一。

I've asked Jason to spend a few minutes on the credit team's platform and, most importantly, the team's future.

我請 Jason 用幾分鐘談談信用團隊的平台，以及更重要的——團隊的未來。

Thank you, Eric. The development of the Artisan Credit Team over the last 10 years is a testament to two things. First, Brian Krug is an investor, leader, and entrepreneur. And second, the quality and relevance of the Artisan Partners operating and business model across asset classes.

謝謝你，Eric。Artisan 信用團隊在過去 10 年的發展，證明了兩件事。第一，Brian Krug 是一位投資人、領導者與企業家。第二，Artisan Partners 的營運與商業模式在不同資產類別之間的品質與適用性。

It bears repeating that when Brian joined Artisan in 2013, the firm had no prior experience in supporting and distributing a fixed income investment strategy. Brian joined Artisan Partners because he believed in the power of the autonomous investment team model and our investment-first culture. Prior to joining Artisan, Brian was already a successful investor and leader, but he was willing to step away from what he had already achieved for the freedom to build an investment franchise designed specifically for him.

值得再次強調的是，當 Brian 於 2013 年加入 Artisan 時，公司先前並沒有支援與銷售固定收益投資策略的經驗。Brian 加入 Artisan Partners，是因為他相信自主投資團隊模式的力量，以及我們以投資為先的文化。在加入 Artisan 之前，Brian 已是一位成功的投資人與領導者，但他願意放下既有成就，換取自由，打造一個專為他量身設計的投資事業體。

He wanted control over investment capacity, and he wanted his ideas implemented in strategies that he managed. Over the last decade, we have partnered with Brian to methodically build a team, a track record, and a franchise. Since inception, the high-income strategy has generated average annual returns of 6.18% after fees, which is nearly 42% more return on average per year for 10 years compared to the passive index.

他希望掌控投資容量，也希望將他的想法落實在由他管理的策略中。在過去十年，我們與 Brian 合作，有系統地建立團隊、績效紀錄與事業體。自成立以來，高收益策略在扣除費用後的平均年化報酬為 6.18%，相較於被動指數，10 年期間平均每年多出近 42% 的報酬。

Over that period, the Artisan high income fund is ranked number two out of 135 funds in the Morningstar high yield bond category. Starting from scratch without any pre-existing fixed income business, we have raised a cumulative $9.2 billion of net inflows into the high-income strategy, including $1.5 billion in 2023 and $866 million in the first quarter of 2024.

在該期間，Artisan 高收益基金在 Morningstar 高收益債券類別的 135 檔基金中排名第 2。在沒有任何既有固定收益業務的情況下從零開始，我們已為高收益策略累計募集 92 億美元的淨流入，其中包括 2023 年的 15 億美元，以及 2024 年第一季的 8.66 億美元。

From its inception, the Artisan high income fund ranks number two in net flows out of 138 funds in the Morningstar high Yield category. Critically, though, Brian and the credit team have expanded beyond high income. They've been building out an array of capabilities, strategies, and vectors for future growth.

自成立以來，Artisan 高收益基金在 Morningstar 高收益類別的 138 檔基金中，淨流入排名第二。不過，關鍵在於 Brian 與信用團隊已將布局擴展至高收益以外。他們一直在打造一系列能力、策略與未來成長的多元動能。

In 2017, the credit team launched one of Artisan's first alternative strategies, credit opportunities. Using a broader array of securities, long and short positions, and greater flexibility across the credit and liquidity spectrum, credit opportunities has generated an average annual return of 10.24% after fees since inception. We believe the credit opportunity strategy has generated comparable to better returns and private lending with greater liquidity and transparency.

2017 年，信用團隊推出了 Artisan 最早期的另類策略之一——信用機會（Credit Opportunities）。透過更廣泛的證券範圍、多空部位，以及在信用與流動性光譜上更高的彈性，信用機會策略自成立以來在扣除費用後的平均年化報酬率為 10.24%。我們認為，信用機會策略在具備更高流動性與透明度的同時，所創造的報酬可與私募放貸相當甚至更佳。

In January 2022, the credit team launched the floating rate strategy, which provides clients with access to the team's long-demonstrated skill in the leveraged loan market, along with a portfolio consisting largely of floating rate loans resulting in minimal duration risks.

2022 年 1 月，信用團隊推出浮動利率策略，讓客戶得以運用團隊在槓桿貸款市場長期驗證的專業能力；該投資組合主要由浮動利率貸款構成，因此存續期間風險極低。

And just last year, we closed $130 million of commitment to the Artisan Dislocation Opportunities Fund. The Dislocation Fund will allow the credit team to put new capital to work quickly and efficiently in both public and private securities if and when the credit markets dislocate. The team has a successful record navigating periods of market stress. For the COVID drawdown and recovery period from March 31, 2020 through March 31, 2021, credit opportunities generated a 50.16 return net of fees.

而就在去年，我們為 Artisan 失衡機會基金（Artisan Dislocation Opportunities Fund）完成了 1.30 億美元的承諾資金募集。失衡基金將使信用團隊在信用市場發生錯位時（若及當其發生），能夠迅速且有效率地將新資本投入公開與私募證券。團隊在應對市場壓力期間具有成功紀錄。在 COVID 期間的回撤與復甦階段（2020 年 3 月 31 日至 2021 年 3 月 31 日），信用機會策略在扣除費用後的報酬為 50.16。

We congratulate Brian and the credit team for establishing a credit platform with broad degrees of freedom and capability. As Eric said in our earnings release, we believe that great talent transcends narrow categories. Looking ahead, we believe the credit team is just getting started. We are diversifying the high-income strategy business with institutional and non-US capital.

我們祝賀 Brian 與信用團隊建立了一個具備高度自由度與能力廣度的信用投資平台。正如 Eric 在我們的財報新聞稿中所說，我們相信卓越的人才能超越狹隘的分類界線。展望未來，我們認為信用團隊才正要開始發力。我們正以機構資金與非美國資金來分散高收益策略業務的資金來源。

Of the nearly $2.4 billion in AUM, we have raised in the strategy over the last five quarters, 20% is from institutional separately managed accounts and 17% is from non-US investors. We are particularly focused on growing the credit team's alternative capabilities, strategies, and businesses. Credit opportunities has an impressive nearly seven-year track record, taking advantage of broad opportunity sets, the ability to short, the COVID dislocation, and the ability to hold less liquid positions.

在過去五個季度該策略新增募集的近 24 億美元資產管理規模（AUM）中，20% 來自機構的獨立管理帳戶（SMA），17% 來自非美國投資人。我們特別聚焦於擴大信用團隊的另類投資能力、策略與業務。信用機會策略擁有近七年的亮眼績效紀錄，善用廣泛的機會集合、放空能力、COVID 錯位，以及持有較低流動性部位的能力。

Market dispersion in the triple-T space is right for credit selection. And the structure of credit opportunities gives Brian more flexibility to invest in smaller and less liquid issuances, another area where more potential for absolute return in alpha. As Eric has previously discussed, we have picked up the pace and volume of marketing credit opportunities and certain other alternative strategies.

在 BBB 級領域的市場分化，有利於信用選券。此外，信用機會策略的架構讓 Brian 在投資規模較小、流動性較低的發行上更具彈性；這也是另一個更有機會透過 Alpha 取得絕對報酬的領域。如 Eric 先前所述，我們已加快信用機會策略及其他部分另類策略的行銷節奏與投放量。

We are seeing progress in terms of more and higher quality engagement with prospects and clients. We still have a lot of work to do in order to better market alternative strategies, but we are seeing signs that our investments are paying off. We are extremely excited to continue to develop the credit franchise over the next decade.

我們看到在與潛在客戶與既有客戶互動方面，無論是數量或品質都在提升。為了更好地行銷另類策略，我們仍有許多工作要做，但我們已看到投資正在產生回報的跡象。我們對於未來十年持續發展信用投資事業版圖感到非常振奮。

Turning to slide four, as Eric mentioned earlier, on April 1, the high-income strategy became our 11 strategy with a track record of 10 years or more. We have five strategies with track records over 20 years. The average tenure of the portfolio managers on these 11 strategies is 21 years. Seven of these strategies continue to be managed by their founding portfolio manager.

接著看第四張投影片，如 Eric 先前提到的，4 月 1 日起，高收益策略成為我們第 11 個擁有 10 年以上績效紀錄的策略。我們有五個策略的績效紀錄超過 20 年。這 11 個策略的投資組合經理平均任期為 21 年。其中有七個策略仍由其創始投資組合經理持續管理。

These facts point to the effectiveness of our business model, our talent focus, and our investment-first culture. There is a wide spectrum of individuals, teams, strategies, asset classes, and time periods represented on this slide. There are, though, common themes. Outstanding and stable leadership over long periods, compelling absolute returns that we believe have generally met or exceeded client return expectations, significant alpha generation, and differentiated investment philosophies and processes.

這些事實顯示了我們商業模式、人才導向，以及投資優先文化的有效性。這張投影片涵蓋了廣泛的個人、團隊、策略、資產類別與時間區間。不過，其中仍有共同主題。包括長期卓越且穩定的領導力、我們認為普遍達到或超越客戶報酬期待的具吸引力絕對報酬、顯著的 Alpha 創造，以及差異化的投資理念與流程。

These KPIs over long periods are the metrics we care about the most. They indicate that we are attracting and retaining great talent, maintaining and evolving our investment platform, and compounding wealth for clients over long periods. Including our first fixed-income strategy on this list, launched from scratch 10 years ago, gives us tremendous confidence that our platform can deliver across even broader ranges of asset classes and geographies going forward.

這些長期 KPI 是我們最重視的衡量指標。它們顯示我們正在吸引並留住優秀人才、維持並持續演進我們的投資平台，並在長期為客戶複利累積財富。將我們名單中的第一個固定收益策略納入其中——該策略於 10 年前從零開始建立——讓我們對於未來平台能在更廣泛的資產類別與地理範圍中交付成果充滿信心。

Thank you, Jason. Congratulations to Brian Kruge and the credit team. The credit team is reminiscent of other successful outcomes we have had at Artisan Partners. Our growth team, founded in 1997 with a single strategy focused on US. mid-cap growth equities, now invests globally and across market caps.

謝謝你，Jason。也恭喜 Brian Kruge 與信用團隊。信用團隊讓人想起我們在 Artisan Partners 其他成功的成果。我們的成長團隊於 1997 年成立，最初僅有一個聚焦美國中型股成長股的策略，如今已在全球範圍並跨市值規模進行投資。

Truthful Strategies launched over a span of 22 years that collectively manage over $41 billion. Our international value and global value teams manage over $70 billion in the aggregate and were born out of a team founded in 2002 with a strategy focused on non-US value equities. Our global equity team manages over $14 billion and served as the launching pad for our 11 autonomous investment team, the international small mid team, which manages over $7 billion.

Truthful Strategies 在 22 年間陸續推出，合計管理資產超過 410 億美元。我們的國際價值與全球價值團隊合計管理資產超過 700 億美元，源自於 2002 年成立、聚焦非美國價值股策略的團隊。我們的全球股票團隊管理資產超過 140 億美元，並成為我們第 11 個自主投資團隊——國際小中型股團隊——的孵化平台；該團隊管理資產超過 70 億美元。

Building enduring investment franchises takes time. It's a multi-decade process that requires a solid foundation of people, process, culture, and results. When those characteristics have come together, we have established durable, long-term, highly profitable businesses. Because our model and philosophy are geared towards talent and high-value-added investing in general, as opposed to any one type of individual or investment strategy, we have been able to methodically add investment talent, teams, asset classes, and strategies over time.

打造可長可久的投資事業版圖需要時間。這是一個跨越數十年的過程，需要在人員、流程、文化與成果方面具備堅實基礎。當這些特質匯聚到位時，我們便建立了穩健、長期且高度獲利的業務。由於我們的模式與理念著重於人才與高附加價值投資本身，而非任何單一類型的個人或投資策略，因此我們得以隨時間有系統地增加投資人才、團隊、資產類別與策略。

Having added fixed income 10 years ago and our first alternative strategy seven years ago, in many respects, Artisan Partners as a firm is just getting started. We continue to align our distribution model with the progress we are making in broadening degrees of freedom for our investment talent and adding alternative strategies. While our business model has endured the test of time across asset classes, the evolving industry landscape has required us to evolve from being bought to selling a broader array of investment capacity.

在 10 年前加入固定收益、以及 7 年前推出第一個另類策略之後，從許多面向來看，Artisan Partners 作為一家機構才正要開始。我們持續讓我們的通路/銷售模式與我們在擴大投資人才自由度、並新增另類策略方面的進展保持一致。雖然我們的商業模式在不同資產類別中經得起時間考驗，但產業環境的演變也要求我們從「被動被買進」轉向「主動銷售更廣泛的投資容量」。

Patience and determination has served us well versus cutting corners and forcing outcomes. As Jason said today, we have tremendous conviction in our ability to apply our model and philosophy to an even broader set of opportunities. We look forward to executing on those opportunities and continuing to perform for our clients, our talent, and our shareholders.

相較於走捷徑與強行達成結果，耐心與決心一直讓我們受益良多。正如 Jason 今天所說，我們對於將我們的模式與理念應用到更廣泛機會集合的能力抱持極高信念。我們期待在這些機會上落實執行，並持續為我們的客戶、人才與股東創造績效。

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

我現在把時間交給 CJ，請他討論我們近期的財務結果。

Thanks, Eric. An overview of financial results begins on slide seven. Asset center management ended the March quarter at $160 billion, up 7% from the last quarter and up 16% from the March 2023 quarter. Investment returns contributed $10.8 billion to our AUM in the quarter. Approximately $1.4 billion of those returns were in excess of benchmark returns.

謝謝你，Eric。財務結果概覽從第七張投影片開始。資產中心管理（AUM）在 3 月季度末為 1,600 億美元，較上一季成長 7%，較 2023 年 3 月季度成長 16%。本季投資報酬為我們的 AUM 貢獻了 108 億美元。其中約 14 億美元的報酬超越基準報酬。

Net client cash outflows during the quarter were just over $500 billion. Net outflows in our equity strategies were partially offset by net inflows in our fixed income and alternative strategies. For the quarter, the annualized organic outflow rate was 1%, an improvement from 3% in 2023. Average AUM for the quarter was up 10% sequentially and up 14% compared to the March 2023 quarter.

本季客戶淨現金流出略高於 5,000 億美元。我們股票策略的淨流出，部分被固定收益與另類策略的淨流入所抵銷。就本季而言，年化有機淨流出率為 1%，較 2023 年的 3% 有所改善。本季平均 AUM 較前一季成長 10%，較 2023 年 3 月季度成長 14%。

Our complete GAAP and adjusted results were presented in our earnings release. Revenues in the quarter increased 6% compared to last quarter. The increase was less than the increase in average AUM due to a decrease in performance fees recognized relative to the fourth quarter of 2023 and one less day in the March quarter.

我們完整的 GAAP 與調整後結果已在財報新聞稿中呈現。本季營收較上一季增加 6%。由於相較 2023 年第四季認列的績效費用減少，以及 3 月季度少了一天，本季營收增幅小於平均 AUM 的增幅。

Compared to the March 2023 quarter, revenues were up 13% on higher average AUM. Our average recurring fee rate for the quarter was 69 basis points, consistent with last quarter. The fee rate is down slightly from the March 2023 quarter, largely due to strategy mix and the tiered billing structure within many of our investment management agreements with clients, wherein the fee rate declined as assets under management grew.

與 2023 年 3 月季度相比，受惠於較高的平均 AUM，營收成長 13%。本季平均經常性費率為 69 個基點，與上一季一致。該費率較 2023 年 3 月季度略降，主要因策略組合，以及我們與客戶多數投資管理協議中的分級計費結構；在該結構下，隨著管理資產規模成長，費率會下降。

We expect the recurring fee rate to remain consistent with the last few quarters at 69 basis points. Adjusted operating expenses for the quarter increased 8% sequentially, primarily due to a $7 million increase in expenses that are front loaded in the first quarter of each year. Those include 401k matching contributions, healthcare costs, employer payroll taxes, and director compensation.

我們預期經常性費率將在最近幾季維持一致，為 69 個基點。本季調整後營運費用較前一季增加 8%，主要因每年第一季前置認列的費用增加 700 萬美元。這些費用包括 401k 雇主配對提撥、醫療保健成本、雇主薪資稅，以及董事酬金。

Short-term incentive compensation also increased in the quarter in line with higher revenues. During the quarter, we continue to invest in talent for our annual long-term incentive awards. Over 85% of the awards were granted to investment professionals to align our key talent with clients and shareholders.

短期激勵薪酬也隨著營收增加而在本季上升。本季我們持續投入人才，發放年度長期激勵獎勵。超過 85% 的獎勵授予投資專業人員，以使我們的關鍵人才與客戶及股東的利益一致。

The 2024 award consisted of $38 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. The majority of the 2024 awards includes a new traditional retirement acceleration feature. This new provision eliminates the five-year time vesting requirement when certain recipients have a qualified retirement after having met an age plus years of service threshold of 70.

2024 年獎勵包含 3,800 萬美元的現金型特許經營資本獎勵，以及 2,100 萬美元的限制性股票獎勵。一般而言，50% 的獎勵在五年內按比例歸屬，剩餘 50% 則在符合資格的退休時或其後 18 個月歸屬。2024 年獎勵的大部分包含一項新的傳統退休加速歸屬條款。當特定受獎人符合資格退休，且已達到「年齡加服務年資」合計 70 的門檻時，該新條款將取消五年的時間歸屬要求。

All other vesting conditions, including career vesting service and notice periods, and claw back provisions remain. From a financial statement perspective, the new feature results in front loaded expense for awards granted to employees who already meet the age plus years of service requirement. The cumulative amount of expense recorded over the entire vesting period remains the same.

其他所有歸屬條件（包括職涯歸屬服務年限與通知期間）以及追索（claw back）條款仍然保留。從財務報表角度來看，這項新功能會使已符合「年齡加服務年資」要求的員工所獲授獎勵之費用在前期較集中認列。在整個歸屬期間內所認列的累計費用總額維持不變。

The feature added $2 million to long-term incentive compensation expense for the quarter, including the impact of this acceleration feature. Long-term incentive compensation expense, excluding mark to market impact, will be approximately $17 to $18 million for each of the remaining quarters this year.

本季該功能使長期激勵薪酬費用增加 200 萬美元（包含此加速歸屬功能的影響）。今年剩餘各季的長期激勵薪酬費用（不含按市價計量的影響）約為 1,700 萬至 1,800 萬美元。

Adjusted operating income increased 2% sequentially and 17% compared to last year's March quarter. Adjusted net income for adjusted share declined 3% compared to last quarter and increased 19% compared to the March 2023 quarter. In calculating our non-GAAP measures, non-operating income includes only interest expense and interest income.

調整後營業利益較前一季增加 2%，較去年 3 月季度增加 17%。調整後每股調整後淨利較上一季下降 3%，較 2023 年 3 月季度增加 19%。在計算我們的非 GAAP 指標時，非營運收入僅包含利息費用與利息收入。

Although the income generated on our seed investment adds to shareholder economics, we fully exclude these investment gains from our adjusted results in order to provide transparency to our core business operations. Our balance sheet remains strong. We currently have about $155 million of seed capital invested in our investment products with significant amounts of realizable capacity.

雖然我們種子投資所產生的收益會增加股東經濟利益，但為了讓核心業務營運更透明，我們在調整後結果中完全排除這些投資收益。我們的資產負債表仍然穩健。目前我們約有 1.55 億美元的種子資本投資於我們的投資產品，且具備可實現的顯著容量。

As those products begin to scale, we will redeem the seed capital deployed in our new products, otherwise reinvested in the business or returned to shareholders. In addition, 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.

隨著這些產品開始擴大規模，我們將贖回投入新產品的種子資本，並將其再投資於業務或回饋股東。此外，我們 1 億美元的循環信用額度仍未動用。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。

Consistent with our dividend policy, our board of directors declared a quarterly dividend of $0.61 per share with respect to the March 2024 quarter, which represents approximately 80% of the cash generated in the quarter. Cash generated in the quarter was reduced by $6.8 million to net total vesting of employees' restricted stocks and boards during the quarter. The repurchased shares were retired and reduced the number of shares outstanding.

依照我們的股利政策，董事會就 2024 年 3 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%。本季所產生的現金因員工限制性股票與董事會相關股票在本季淨歸屬而減少 680 萬美元。回購的股份已註銷，並降低流通在外股數。

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

以上是我事先準備的發言。我現在把電話交回給接線員。

(Operator instructions) Bill Katz, TD Cowen.

（接線員指示）Bill Katz，TD Cowen。

Thank you very much. Thank you for the prepared comments. Eric, just as you continue to sort of migrate your platform and talk about some of the success platforms and growth of the teams respectively, how are you thinking about that against some of the bigger opportunities in the space?

非常感謝。謝謝你們的事先準備評論。Eric，隨著你持續推進平台的遷移，並分別談到一些成功平台與團隊成長，你如何把這些與該領域中一些更大的機會相對照來思考？

I guess fixed income replacement largely investment grade, non-investment grade as it sort of fits with Brian's team. But maybe things like real assets getting into infrastructure or real estate or maybe even retail democratization as a distribution channel. I wonder if you could sort of update your thinking with us on sort of how you sort of see that mapping going forward.

我想固定收益替代策略主要是投資級與非投資級，這似乎與 Brian 的團隊相契合。但也許像是真實資產，切入基礎建設或不動產，甚至零售端的普惠化（democratization）作為一種通路。我想請你更新一下你對於未來如何進行這種對應與布局的看法。

Yes, certainly. As you know, Bill, we spent a lot of time just looking at long-term asset allocation and where the markets are going. You've seen a big pickup in the alternative space, and we've seen quite a bit of activity in the fixed income. And we're very happy with how we've built out the credit team with Brian Krug as we've made comments on the call.

是的，當然。Bill，如你所知，我們花了很多時間檢視長期資產配置以及市場走向。你已看到另類投資領域大幅升溫，而我們也在固定收益方面看到相當多的活動。而且我們對於在 Brian Krug 的帶領下建立起信貸團隊的進展非常滿意，正如我們在電話會議中所提到的。

We think that the MSites team on balancing the non-traditional fixed income and even with the global macro gives a nice balance, again, with high-value-added, long-term allocations for emerging markets debt, which we think look very strong in the next couple of years here, especially coming off of the big outflows the last couple of years, which I think helps us enormously as we build towards our three-year track record.

我們認為，MSites 團隊在平衡非傳統固定收益，甚至結合全球宏觀方面，提供了很好的平衡；同樣地，對於新興市場債務的高附加價值、長期配置也相當到位。我們認為未來幾年新興市場債看起來非常強勁，特別是在過去幾年出現大量資金流出之後，我認為這在我們建立三年績效紀錄的過程中，對我們幫助非常大。

And as we look at other alternative allocations to real assets, infrastructure, real estate, we see the allocations are very steady. You look at the real estate market where there's a good allocation to core and core plus, and then you look into the value added and the opportunistic segments. It's very similar to how we entered other asset classes.

而當我們觀察其他替代性配置，例如實體資產、基礎建設、不動產時，我們看到配置相當穩定。你看不動產市場，對核心與核心加（core plus）有不錯的配置，接著再看增值型（value added）與機會型（opportunistic）區塊。這與我們進入其他資產類別的方式非常相似。

So we continue to look at hard assets, real assets, real estate, and other alternative strategies. And with that, we're aligning some of our distribution to marry with that. And we think that the proof case of the fixed income teams just demonstrates that we can broaden the firm more and more into different asset classes as we've said over the years. We just have two really good proof statements now with the fixed income teams.

因此我們持續關注硬資產、實體資產、不動產以及其他替代策略。同時，我們也在調整部分通路布局，使其與此相匹配。我們認為固定收益團隊的成功案例，正好證明了如同我們多年來所說，我們可以讓公司在不同資產類別上持續擴展。現在我們在固定收益團隊上，確實有兩個非常好的佐證。

Great. Just a follow-up. I just want to stay on the same theme around flow opportunity. You're spending a lot of time with us on credit and MSites, which makes a ton of sense. Your performance in equities is getting a little bit better, all else being equal, a quarter to quarter, but it's a big part of your platform today. Any sense of allocations in equities picking up from here, or is it still sort of a source of funds for other sectors?

很好。我再追問一下。我想延續同一個主題：資金流動的機會。你們花了很多時間跟我們談信用與 MSites，這非常合理。在其他條件不變下，你們的股票績效逐季有些改善，但股票仍是你們目前平台的重要部分。你們是否感覺股票配置接下來會回升，還是它仍然有點像是其他領域的資金來源？

Everything else we're talking about is real estate, infrastructure, et cetera. Thank you.

我們談到的其他部分都是不動產、基礎建設等等。謝謝。

There's a couple of tippy points in the equity. One is, I think, high on a lot of people's allocations is emerging markets in aggregate. It's created some low relative return and absolute return to other equity categories. There seems to be quite a bit of disruption in the allocation there, which we think brings money in motion.

股票方面有幾個轉折點。其中之一是，我認為在許多人的配置中，新興市場整體的比重很高。相較於其他股票類別，它帶來了較低的相對報酬與絕對報酬。那裡的配置似乎出現相當程度的擾動，我們認為這會帶來資金流動。

We like money in motion because then new opportunities arise, whether people get their emerging market allocation from direct exposure, as we've seen in the past, or to broader strategies, or incorporating it more and more into the global equity allocations and allowing teams to have higher emerging market exposures.

我們喜歡資金流動，因為新的機會就會出現；不論投資人是像過去那樣透過直接曝險取得新興市場配置，或是轉向更廣泛的策略，或是把新興市場愈來愈多地納入全球股票配置，讓團隊能有更高的新興市場曝險。

In all cases, that disruption creates money in motion and opportunity for us to compete with our high-quality products. We clearly are seeing also beyond the emerging markets, into the value space. There's been quite a bit of movement into value equities, both global, international, and domestic, across the board. And so I would say the emerging markets pipeline to the value equity is showing some interesting inflection points.

在所有情況下，這種擾動都會帶來資金流動，並為我們以高品質產品競爭創造機會。我們也清楚看到，除了新興市場之外，資金也在往價值（value）領域移動。價值型股票（無論全球、國際或本土）都出現了相當多的資金轉移，全面皆然。因此我會說，從新興市場到價值型股票的這條管線，正顯示出一些有趣的拐點。

Thank you.

謝謝。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Hey, good afternoon, everybody. Thank you for the question as well. Maybe just to continue building on the fixed income discussion, obviously very nice progress in this business for you guys over the years and appreciate you re-highlighting that again. Can you talk about what the next five years in this business looks like?

嗨，大家下午好。也謝謝讓我提問。或許延續固定收益的討論，顯然這些年你們在這項業務上取得了很好的進展，也感謝你們再次強調這點。你能談談未來五年這項業務會是什麼樣子嗎？

Since launching, you guys gathered $11 billion in AUM or so over the last decade. How should we think about the path going forward and the speed of inflows? And maybe provide some details around what distribution platforms are you guys getting on now and how you are able to build on this momentum? Thanks.

自推出以來，過去十年你們大約募集了 110 億美元的資產管理規模（AUM）。我們應該如何看待未來的發展路徑與資金流入速度？也請提供一些細節：你們目前正在進入哪些銷售通路平台，以及你們如何在此基礎上延續這股動能？謝謝。

Yeah. On the fixed income side, it's leveraging the success and brand of Brian Krug and taking the high-income strategy over the last 10 years has created an incredible proof statement out to the institutional marketplace and the consultants.

好的。在固定收益方面，是運用 Brian Krug 的成功與品牌；過去 10 年的高收益策略，已在機構市場與顧問端建立了非常有力的成功佐證。

I think that really gives us two vectors off that one, allowing us to go deeper into the alternative space, what you've seen with credit opportunities and as Jason mentioned, the dislocation fund. We see the future growth of that strategy or that franchise balancing heavily into alternatives when you look at it from a revenue standpoint.

我認為這讓我們從這一點延伸出兩個方向：第一，讓我們能更深入替代領域，也就是你們看到的信用機會策略，以及 Jason 提到的錯位（dislocation）基金。從營收角度來看，我們認為該策略或該特許經營（franchise）未來的成長，將會在替代投資上占很大比重。

And then secondly, the floating rate funds into the wealth space. So after establishing that franchise and now there's really an ability to leverage into the high-net-worth wealth space with alternatives as well as into some of the broader broker-dealer platforms with a floating rate. So we think we have very strong flow opportunities with the credit franchise.

第二，是把浮動利率基金帶入財富管理領域。因此，在建立起該特許經營之後，我們現在確實有能力在高淨值財富管理領域推進替代投資，同時也能透過浮動利率產品進入更廣泛的券商通路平台。所以我們認為，信用特許經營帶來非常強的資金流入機會。

And if you look at that credit franchise and translate it to the MSites team, we see a bit more capacity in the emerging market debt given the breadth of securities, both the emerging market debt opportunities and the emerging market local opportunities provide more capacity in those strategies than what we see in the high yield or high income strategy, as well as it gives us very strong growth into the alternative space with the global unconstrained and in the global macro space for alternatives.

而如果你把這個信用特許經營對應到 MSites 團隊，我們看到新興市場債的容量更大，因為標的範圍更廣；無論是新興市場債的機會，或是新興市場本地（local）機會，都讓這些策略的容量高於我們在高收益或高收入策略中看到的容量；同時也讓我們在替代領域具備非常強的成長動能，包括全球不受限（global unconstrained）以及替代投資中的全球宏觀領域。

And that franchise will help us heavily in non-US with higher allocations of emerging market debt, mainly out of Europe and the Middle East. And in the US, it provides us a really good opportunity again into the alternative space and the wealth space with the global unconstrained. So really amplified growth opportunity with both fixed income teams.

而這個特許經營也將在非美市場對我們有很大幫助，因為新興市場債的配置更高，主要來自歐洲與中東。在美國市場，它同樣為我們在替代領域與財富管理領域提供了很好的機會，尤其是透過全球不受限策略。因此，兩個固定收益團隊都帶來了被放大的成長機會。

Got it. Thank you. That's helpful. CJ, one just cleanup question for you, you provided a little bit of guidance on part of the expense base, but maybe talk about expenses holistically as you sort of think about the rest of the year on both the comp and more importantly non-comp side of things.

了解。謝謝。這很有幫助。CJ，我再補一個整理性的問題：你對費用基礎中的一部分提供了一些指引，但能否從整體角度談談費用，尤其是你們在思考今年剩餘時間時，無論是薪酬（comp）以及更重要的非薪酬（non-comp）部分？

Yeah. This\ quarter, we obviously had our seasonal expenses as we do every year. So expenses were a bit elevated because of that, as well as the addition of the retirement clause. So combined, we had about $8 million more than we did the previous quarter in comp. And then non-comp had some seasonal expenses of about a million related to our annual fees for our directors.

好的。本\季我們如同每年一樣，出現季節性費用。因此費用因為這點而略為偏高，另外也加入了退休條款（retirement clause）。合計之下，我們的薪酬費用（comp）比上一季多了約 800 萬美元。而非薪酬（non-comp）方面，則有約 100 萬美元的季節性費用，與我們董事的年度費用相關。

So moving forward, our comp rate was a little elevated this quarter. We think that that should normalize to around 53%, depending on what our variable expenses do. It'll go down as revenues go up and it'll increase slightly as revenues go down because of the variable nature of most of our expenses. There's no real change from the guidance that we provided last quarter other than the seasonal expenses and the addition of the retirement clause.

因此往前看，我們本季的薪酬率略高。我們認為它應會回到約 53% 左右，取決於我們的變動費用表現。由於我們大多數費用具有變動性，營收上升時該比率會下降；營收下降時則會略為上升。除了季節性費用與加入退休條款之外，與我們上季提供的指引並無實質變化。

Great. Thank you.

很好。謝謝。

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

Thank you. Maybe could you just take us through some of the puts and takes in the institutional channel in one cue and then maybe over the next few quarters?

謝謝。也許你能先帶我們梳理一下機構通路在本季的一些利多與利空因素，然後再談談接下來幾季可能的情況？

Yeah, John, it's Eric. The institutional channel was fairly strong in the first quarter. We see that in the funding of the fixed income allocations and in the alternative space, we have good fundings in global unconstrained. So I believe the institutional channel and both US and non-US are picking up for us.

好的，John，我是Eric。第一季機構通路表現相當強勁。我們在固定收益配置的資金到位，以及另類投資領域都看得到；在全球不受限策略（global unconstrained）方面也有不錯的募資。所以我認為機構通路在美國與非美國市場對我們而言都在回溫。

We're having quite a bit of dialogue in, as I mentioned, in the fixed income, as well as there is some disruption occurring in the emerging markets equity space as well, but both have been positive. And I think the look forward is quite a bit of dialogue in with institutional buyers.

如我提到的，我們在固定收益方面有相當多的對話；此外，新興市場股票領域也出現一些擾動，但兩者整體都是正向的。我認為往前看，與機構買方之間會有相當多的交流。

Got it. And then maybe just to go back to the shift in distribution strategy from product being bought to sold in the wealth management channel, maybe you could just talk about some of that. First of all, how you think your progress is coming along and maybe some of the proof points we could watch to see and maybe just some specific things that you're doing to bring it to life.

了解。另外回到財富管理通路的分銷策略轉變——從「產品被買進」轉為「產品被推銷」——也許你可以談談其中一些內容。首先，你認為目前進展如何？我們可以觀察哪些具體的佐證指標？以及你們正在做哪些具體措施來落地執行？

Yes, certainly, John. We have a hybrid distribution model, which means that we have dedicated distribution people inside of each of the autonomous investment teams, as well as distribution teams inside the central part of the firm that focus on the wealth channel, broker-dealer channel, and non-US. And these teams work together.

好的，當然可以，John。我們採用混合式分銷模式，也就是在每個自主投資團隊內都有專責的分銷人員；同時，公司中樞也有分銷團隊，聚焦於財富通路、券商通路（broker-dealer channel）以及非美國市場。這些團隊會協同合作。

And over the last couple of years, we've been pushing more emphasis of sales inside the central teams and a bit more of the servicing aspect into the autonomous investment teams, the dedicated distribution people in those teams. The activity has created more meetings and more opportunities.

過去幾年，我們把更多銷售的重心放在中樞團隊，同時把更多服務（servicing）面向放回自主投資團隊，也就是那些團隊內的專責分銷人員。這樣的作法帶來更多會議與更多機會。

So we see a higher volume and meeting rate across the organization. And we think that this adjustment will bear fruit going forward. And really, the logic behind the change was the number of strategies that we offer today versus a few years ago, as well as the complexity of the strategies required us to make this adjustment.

因此我們看到整個組織的會議量與會議頻率都更高。我們認為這項調整在未來會開花結果。而這次改變背後的邏輯，主要是我們目前提供的策略數量相較幾年前更多，以及策略的複雜度提高，促使我們必須做出這項調整。

And we're tracking the progress and still feel we're in the early to mid-innings of the transition and think it will be solidified in the next year.

我們正在追蹤進度，仍認為目前處於轉型的前段到中段，並且認為在未來一年內會更趨於定型。

Thanks very much.

非常感謝。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，RBC Capital Markets。

Hey, thanks for taking my question. In terms of the new alternative credit strategies that you're introducing and have recently introduced, I'm wondering, in terms of the demand and traction with new clients, is it going to depend upon the macro environment, the rate environment, or is that not really an important consideration at this point? Just wanted to get your thoughts around that. Thanks.

嗨，謝謝讓我提問。關於你們正在推出、以及近期已推出的新另類信貸策略，我想請教：就新客戶的需求與推進力道而言，是否會取決於總體環境、利率環境？還是說在現階段這並不是很重要的考量？想聽聽你們的看法。謝謝。

Hi, it's Jason. I don't think it requires much on the macro side. I think people always have an allocation that they're thinking about to unique and differentiated strategies when it comes to their alt’s allocation. And so, for us, it's more about just getting out and talking about the opportunity that we think presents itself.

嗨，我是Jason。我不認為在總體面需要太多條件。我認為在另類資產配置上，投資人一直都會考慮配置到一些獨特且具差異化的策略。因此對我們而言，更重要的是走出去，向客戶說明我們認為存在的機會。

Several of our strategies are actually a little bit more in the all-weather category, thinking about GLUN, global unconstrained, where you tend to get an uncorrelated return to broader benchmarks. You tend to get a low beta profile. So I think that's really resonating. It's more about getting out and talking to clients about where it fits in a portfolio and how we think about it.

我們有幾個策略其實更偏向「全天候」（all-weather）類別，例如GLUN、全球不受限（global unconstrained），通常能提供相對於更廣泛基準的低相關報酬。其beta輪廓通常也較低。所以我認為這點確實引起共鳴。重點在於走出去與客戶溝通它在投資組合中的定位，以及我們如何看待它。

And so we're pretty excited about the engagement on that front, but it goes back to some of the comments that Eric had made. It is about getting out, telling the story a little bit more, and it has been resonating with clients. There're some strategies that have a little bit more seasoning to occur before we think we'll see that big inflection, thinking again about global unconstrained where we just passed our -- I believe it's our two-year anniversary.

因此我們對這方面的互動非常振奮，但這也回到Eric先前提到的一些評論。關鍵在於走出去，把故事講得更清楚一些，而這確實已經引起客戶共鳴。有些策略還需要再多一些「歷史績效累積」（seasoning），我們才會看到更大的拐點；再以全球不受限為例，我們剛剛度過——我相信是——兩週年。

And as you know, people tend to look for three years. So that's a big one. We're very, very excited about the dislocation strategy and the raise that we had there. I think that's a testament to Brian, his brand, and the uptake was quite strong. And the credit opportunity strategy speaks for itself.

而如你所知，投資人通常會看三年。所以那會是個重要節點。我們也對錯位（dislocation）策略以及我們在那裡的募資非常、非常興奮。我認為這證明了Brian及其品牌影響力，而市場採納度相當強。而信貸機會（credit opportunity）策略本身也不言自明。

I think people in general are very excited about credit more broadly with where rates are today, and it appears to be in the future at a higher level. And Brian being able to capture those dislocations on a more of an industrial or sectoral basis in something like credit opportunities is also quite compelling. So we feel like we're pretty well positioned across all three when it comes to the credit platform.

我認為整體而言，考量到目前利率水準以及未來看起來可能維持在較高水準，大家對更廣泛的信貸都非常興奮。而Brian能在像信貸機會這類策略中，以更偏產業或部門的角度捕捉這些錯位，也相當有吸引力。因此就信貸平台而言，我們覺得在這三個策略上都具備相當好的布局。

Great. Very helpful there. That's all I had. Thanks again.

很好。非常有幫助。我就這些問題。再次感謝。

And ladies and gentlemen, with that, we'll be concluding today's question and answer session as well as today's presentation. We thank everyone for joining. You may now disconnect your lines.

各位女士、先生，至此我們將結束今天的問答環節以及今天的簡報。感謝各位參與。您現在可以掛斷電話。