Artisan Partners Asset Management Inc (APAM) 2024 Q4 法說會逐字稿

Good day, everyone and welcome to the Artisan Partners Fourth Quarter, 2024 Earnings Conference Call.(Operator instructions)

大家好，歡迎參加 Artisan Partners 2024 年第四季財報電話會議。

I'd like to turn the floor over to Brendan Hughes, Head of Investor relations.

我想把發言權交給投資者關係主管 Brendan Hughes。

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 will open the line for questions. Our latest results and investor presentation are available on the investor relations section of our website.

歡迎參加工匠合作夥伴、資產管理、業務更新和收益電話會議。今天的電話會議將包括執行長 Eric Colson 和總裁 Jason Gottlieb 的演講；以及財務長 C.J. Daley。發表完這些演講後，我們將開放問答熱線。我們的最新業績和投資者介紹可在我們網站的投資者關係部分查閱。

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 but not limited to the factors set forth in our earnings release and detailed in our SCC filings. 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.

在我們今天開始之前，我想提醒您，今天電話會議中所發表的評論（包括對問題的回答）可能包含前瞻性陳述。這些都受已知和未知的風險和不確定性的影響，包括但不限於我們的收益報告中列出的和我們的 SCC 文件中詳細說明的因素。這些風險和不確定性可能會導致實際結果與聲明中揭露的結果有重大差異，我們不承擔在演示後更新或修改任何這些聲明的義務。

In addition, some of our remarks today will include references to non-GAAP financial measures. You can find reconciliations of these measures to the most comparable GAAP measures in the earnings release and the supplemental materials which can 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. I will now turn it over to Eric.

此外，我們今天的一些評論將涉及非公認會計準則財務指標。您可以在收益報告和補充資料中找到這些指標與最具可比性的 GAAP 指標的對帳表，這些資料可在我們的投資者關係網站上找到。此外，請注意，本次電話會議中的內容並不構成購買或出售任何工匠投資產品的權益的要約或邀請，也不構成對任何投資服務的推薦。現在我將把發言權交給 Eric。

Thank you Brendan and thank you everyone for joining the call or reading the transcript. We passed our 30th anniversary as a firm in December throughout our history. We have remained true to who we are as a high value added investment firm designed for talent to thrive in a thoughtful growth environment. Based on those first principles. We have built an investment platform that supports accelerates and amplifies investment talent in order to invest differently, generate compelling returns and build durable investment franchises.

謝謝布倫丹，也謝謝大家加入電話會議或閱讀會議紀錄。縱觀我們的發展歷程，我們公司於 12 月迎來了成立 30 週年。我們始終堅持自己的定位，作為一家高附加價值投資公司，我們致力於為人才在周到的成長環境中蓬勃發展。基於這些首要原則。我們建立了一個投資平台，支持加速和擴大投資人才，以便進行不同的投資，產生可觀的回報並建立持久的投資特許經營權。

We combine autonomy, entrepreneurialism and economic alignment with the depth and breadth of resources available to a global multi asset class investment manager with over $160 billion of assets under management. Each of our teams benefits from best of breed and customized support across people, technology, data execution and capital. All operations are designed for and responsive to investment team needs. Distribution includes business leaders dedicated to individual investment teams and is designed to protect investment team time and optimize the overall multi channel global distribution effort. Firm leadership is independent, has no investment responsibilities and is dedicated to making each investment franchise successful and sustainable. We believe our investment platform is a force multiplier and compounding machine.

我們將自主性、創業精神和經濟協調性與可供全球多資產類別投資經理人使用的深度和廣度資源相結合，管理超過 1,600 億美元的資產。我們的每個團隊都受益於人員、技術、數據執行和資本方面的最佳和客製化支援。所有營運都是針對投資團隊的需求而設計的，並回應其需求。分銷包括致力於各個投資團隊的業務領導，旨在保護投資團隊的時間並優化整體多通路全球分銷工作。公司領導階層獨立，不承擔投資責任，致力於使每個投資特許經營取得成功和永續發展。我們相信我們的投資平台是一個力量倍增器和複合機器。

On our platform, differentiated thinkers build durable investment franchises that seek to compound capital for decades. Slide, two shows how our platform has expanded over time. In 2004, we had four investment teams managing seven relatively constrained public equity strategies in 2014. After our IPO, we had six investment teams managing 13 public equity strategies and one newly launched fixed income strategy. Today, we have 11 investment teams managing 25 strategies spanning long only equities, long, short equity, us high yield, long, short credit, emerging market debt, global macro and private assets.

在我們的平台上，差異化的思想者建立了持久的投資特許經營權，尋求數十年的資本複合。第二張幻燈片展示了我們的平台是如何隨著時間的推移而擴展的。2004 年，我們有 4 個投資團隊，管理 7 個相對受限的公開股權策略。首次公開募股後，我們有六個投資團隊，管理 13 個公開股權策略和一個新推出的固定收益策略。今天，我們有 11 個投資團隊，管理 25 種策略，涵蓋多頭股票、多頭、空頭股票、美國高收益、多頭、空頭信貸、新興市場債務、全球宏觀和私人資產。

As Jason will discuss, we are firmly established in fixed income with two best in class investment franchises and we are gaining more traction and alternatives every day. As we have broadened our platform by geography style client base and asset class. We have increased our avenues for growth in 2024, 13 of our 25 investment strategies achieved net inflows for the year 10 of our 25 strategies achieved net inflows in excess of $100 million which included equities, fixed income and alternatives. And spanned seven of our 11 investment teams with each additional investment team, we expand the capabilities of our investment platform, demonstrate the repeatability of our process and increase the probability of success for existing teams and new talent.

正如傑森所討論的，我們憑藉兩大一流的投資特許經營權在固定收益領域站穩了腳跟，並且每天都在獲得更多的關注和選擇。我們已經透過地理風格的客戶群和資產類別擴大了我們的平台。我們增加了 2024 年的成長管道，我們的 25 種投資策略中有 13 種實現了當年的淨流入，其中 10 種實現了超過 1 億美元的淨流入，其中包括股票、固定收益和另類投資。在我們的 11 個投資團隊中，有 7 個是新增的，隨著每個新增投資團隊的加入，我們的投資平台的能力得到了拓展，流程的可重複性得到了展示，現有團隊和新人才的成功機率也得到了提升。

I will now turn it over to Jason to speak about our two credit oriented franchises. The success of which demonstrates the power and repeatability of the artisan investment platform.

現在我將讓傑森來談談我們的兩個以信貸為導向的特許經營權。其成功證明了工匠投資平台的強大性和可重複性。

Thank you, Eric. A little over 10 years ago, we had no history in fixed income investing, no in fixed income, investment talent and no fixed income investment operations. Today we have two exceptional credit oriented investment franchises. In 2024 the Denver based credit team led by Brian Krug passed its 10th anniversary, raised $1.7 billion of net inflows and now manages nearly $12 billion.

謝謝你，埃里克。十多年前，我們在固定收益投資方面沒有歷史，沒有固定收益投資人才，也沒有固定收益投資業務。今天我們擁有兩家卓越的信貸導向投資特許經營權。2024年，由布萊恩·克魯格（Brian Krug）領導的丹佛信貸團隊迎來了成立10週年，籌集了17億美元的淨流入，目前管理著近120億美元的資金。

The Boston based MSCIs capital group led by Mike Sami and Mike o'brien raised $1.9 billion of net inflow and now manages nearly $3 billion collectively. The two teams raised $3.6 billion in 2024 and now manage nearly $15 billion in six different strategies including two alternative strategies. The successful business development is driven by exceptional investment performance for clients that's inception and after fees, the high income, emerging markets, debt opportunities and emerging markets. Local opportunity strategies have generated 174 basis points, 722 basis points, 141 basis points respectively. Our performance annually versus their benchmarks.

由麥克薩米和麥克奧布萊恩領導的波士頓 MSCI 資本集團籌集了 19 億美元的淨流入，目前共同管理著近 30 億美元的資金。這兩個團隊在 2024 年籌集了 36 億美元，目前管理著包括兩種替代策略在內的六種不同策略中的近 150 億美元。成功的業務發展是由為客戶提供卓越的投資績效所驅動，這些投資績效包括初始投資和扣除費用後的高收入、新興市場、債務機會和新興市場。本地機會策略分別產生了174個基點、722個基點、141個基點。我們每年的表現都與他們的基準相符。

The absolute return oriented credit opportunities and global unconstrained strategies have generated average annual returns of 10.41% and 9.76% respectively. Since inception, after fees, the quality and uniqueness of these strategies is reflected in their weighted average effective fee rate, which was 67 basis points in 2024. That includes nearly $12 million in performance fees earned in the fourth quarter, which CJ will further discuss. We are still early on our credit journey, as we have said in the earnings release at Artisan a decade is not that long and three years is just the blink of an eye.

絕對回報導向的信貸機會和全球無約束策略分別產生了10.41%和9.76%的平均年回報率。自成立以來，扣除費用後，這些策略的品質和獨特性反映在其加權平均有效費率中，2024 年該費率為 67 個基點。其中包括在第四季度賺取的近 1200 萬美元的績效費，CJ 將進一步討論這一點。我們的信貸之旅才剛開始，正如我們在 Artisan 的收益報告中所說，十年並不算很長，三年只是一眨眼的功夫。

When we partner with new talent, we focus on getting them up and running quickly and with high quality support, we provide time and a distraction free environment so that the investment team can put their time energy and focus into building a foundation of people and process and a track record of investing success only when the foundation is firmly in place. Do we begin to develop a business with greater commercial breadth?

當我們與新人才合作時，我們專注於讓他們快速啟動並運行，並提供高品質的支持，我們提供時間和無幹擾的環境，以便投資團隊可以投入時間、精力和精力來建立人員和流程的基礎，並且只有在基礎牢固的情況下才能創造投資成功的記錄。我們是否開始拓展商業廣度更大的業務？

That is what we have been doing with the credit team over the last several years. And what we are beginning to do with the MSICs Capital Group, we aim for durable success and long term growth. The precise form of which is unpredictable at the time talent joins artisan slide. Four shows our execution of this deliberate process. With the MSICs Capital group, we have long been on the hunt for talent in emerging markets that it's an asset class with a large opportunity set in which investment talent can differentiate and long term asset allocation demand exists. We had spoken with numerous em debt managers prior to meeting Mike Sami and Mike o'brien in early 2021.

這就是我們過去幾年與信貸團隊一起所做的事情。我們與 MSICs 資本集團合作的初衷是實現持久的成功和長期的成長。當人才加入工匠行列時，其確切形式是無法預測的。圖四顯示了我們對這項深思熟慮的過程的執行。與 MSICs 資本集團一起，我們長期以來一直在尋找新興市場的人才，因為這是一個擁有巨大機會的資產類別，投資人才可以脫穎而出，並且存在長期資產配置需求。在 2021 年初與 Mike Sami 和 Mike O'Brien 會面之前，我們曾與多位 EM 債務經理進行過交談。

Once we met them, we embarked on a rigorous process of getting to know them, understanding their process and track records, educating them about artists and partners and determining the appropriate terms and timing for them to join our platform. They ultimately joined Artisan in September of 2021 and established the MSICs Capital Group. Once on board, it was imperative to minimize the time before they began managing capital and reestablish a track record.

一旦我們與他們見面，我們就會開始嚴格的了解他們，了解他們的流程和業績記錄，向他們介紹藝術家和合作夥伴，並確定他們加入我們平台的適當條款和時間。他們最終在 2021 年 9 月加入 Artisan，並成立了 MSICs 資本集團。一旦加入，必須盡量縮短開始管理資本和重建業績記錄之前的時間。

Seven months after they joined the firm, we launched Artisan global unconstrained, which has the ability to invest directly in over 89 markets. And since inception has invested in sovereign debt, corporate debt loans, equities options, currency forwards and futures, commodity derivatives, CDS and CDX interest rates and repurchase agreements. A month later, we launched artisan emerging market debt opportunities.

他們加入公司七個月後，我們推出了 Artisan global unconstrained，它能夠直接投資於 89 多個市場。自成立以來，該公司一直投資於主權債務、公司債務貸款、股票選擇權、貨幣遠期和期貨、商品衍生性商品、CDS 和 CDX 利率以及回購協議。一個月後，我們推出了工匠新興市場債務機會。

And three months after that, we launched artisan emerging markets, local opportunities within a year from the leadership team. Joining Artisan, the MSICs capital group comprised 13 individuals and was managing three strategies, Mike built a team just the way they wanted it working with them. We delivered a customized operating stack to support their process, their execution and their analytics simultaneously. We resourced the team with a dedicated business leader with previous experience building a large emerging market step business.

三個月後，我們領導團隊在一年內推出了新興工匠市場和在地機會。加入 Artisan 後，MSIC 資本集團由 13 名成員組成，負責管理三種策略，Mike 依照 Artisan 的要求組建了一支團隊。我們提供了客製化的操作堆疊來同時支援他們的流程、執行和分析。我們為團隊配備了一位專門的業務領導者，他曾有建立大型新興市場步驟業務的經驗。

In the third quarter of 2023 we accepted large strategic mandates in each of the emerging markets, local opportunities and global unconstrained strategies. We accepted similar large strategic mandates in the MDO and MLO strategies in the third and fourth quarter of 2024 respectively. The team has a very firm foundation and is poised for further success. Each strategy will hit its third anniversary this year which we believe will accelerate business development especially in pull the vehicle.

2023 年第三季度，我們在每個新興市場、本地機會和全球不受約束的策略中都接受了大型策略授權。我們分別於 2024 年第三季和第四季在 MDO 和 MLO 策略中接受了類似的大型策略授權。該團隊基礎非常牢固，有望取得進一步的成功。每項策略今年都將迎來三週年紀念，我們相信這將加速業務發展，特別是在拉動汽車方面。

More generally, I think the process we have undertaken over the past four years to build the MSICs Capital group is a perfect example of the power of our investment platform. We found the right talent, we supported them for success. We focused on the investment performance, we structure distribution to work for the team and minimize distraction. We worked quickly and with high quality, we delivered results and we established the foundation for something that can be very powerful for a very long time.

更廣泛地說，我認為我們過去四年來打造 MSICs 資本集團的過程完美地體現了我們的投資平台的實力。我們找到了合適的人才，並支持他們取得成功。我們專注於投資業績，我們建立分配以服務團隊並最大限度地減少干擾。我們工作迅速、高品質，取得了成果，並為長期強大的事業奠定了基礎。

Thank you, Jason. I want to expand upon your final point and broaden the lens. What we have accomplished with the MSICs Capital group is what we have been accomplishing with investment talent repeatedly over a long period of time slide, five shows a after 12 and three years for the five investment teams we have established since our IPO in 2013.

謝謝你，傑森。我想擴展你的最後一點並拓寬視角。我們與 MSICs 資本集團共同取得的成就是我們長期以來與投資人才共同取得的成就（幻燈片 5），對於我們自 2013 年 IPO 以來建立的五個投資團隊而言，12 年過去了，這是一個巨大的進步。

Within three years of joining our firm, each of these five teams reached a level of foundational capital that allowed them to execute their investment strategy. Build upon initial track records and establish the economic foundation for long term franchise development capital for talent to manage is a critical component of our investment platform. We have proven our ability to deliver early foundational capital for new talent.

在加入我們公司三年內，這五個團隊都達到了一定的基礎資本水平，可以執行他們的投資策略。在最初的業績記錄的基礎上，為長期特許經營發展建立經濟基礎，為人才管理提供資本，這是我們投資平台的重要組成部分。我們已經證明我們有能力為新人才提供早期基礎資本。

In 2025 we will celebrate another important milestone. The 10th anniversary of the developing world strategy. Working closely with founding portfolio manager, Lewis Kaufman. We have designed and communicated the developing world strategy as a highly differentiated means of accessing emerging markets demand opportunities via an enlarged opportunity set including firms domiciled in developed markets.

2025年，我們將慶祝另一個重要的里程碑。發展中世界戰略十週年。與創始投資組合經理 Lewis Kaufman 密切合作。我們設計並傳達了發展中國家策略，作為一種高度差異化的手段，透過擴大包括在已開發市場設立的公司在內的機會集合來獲取新興市場的需求機會。

Since inception and after fees, the developing world strategy has generated a cumulative return of 157% which is more than four times greater than the MSICs emerging markets index. Lewis is an incredibly experienced, thoughtful and differentiated investor. He is truly one of a kind which is reflected in his performance relative to the index.

自成立以來，扣除費用後，發展中國家策略性累積報酬率達到 157%，是 MSIC 新興市場指數的四倍多。劉易斯是一位經驗豐富、深思熟慮且與眾不同的投資者。他確實是獨一無二的，這從他相對於指數的表現中就可以看出來。

As we celebrate the 10th anniversary, we are excited about the opportunity in front of Lewis and the developing world strategy, especially in the wealth marketplace where investors are looking for differentiation and absolute return. Approximately $95 billion of our A is managed for intermediated wealth clients. We have broad and deep relationships across the space it is growing and there is demand for differentiated absolute return oriented strategies. We have reoriented our distribution structure to better address the wealth and alternatives marketplace.

在我們慶祝成立十週年之際，我們對劉易斯面臨的機會和發展中國家策略感到非常興奮，特別是在投資者尋求差異化和絕對回報的財富市場。我們的 A 資產中約有 950 億美元是為中介財富客戶管理的。我們在其不斷發展的領域內擁有廣泛而深厚的關係，並且對差異化的絕對回報導向策略有需求。我們已經重新調整了分銷結構，以更好地滿足財富和替代市場的需求。

And we believe there is tremendous opportunity to bring more of our investment platform to existing and new intermediated wealth clients. In addition to the traditional institutional business in 2025 we remain committed to building our investment platform, developing our existing franchises, adding new talent to the platform and tapping into demand from investors around the world, seeking high value added investments and then I'll turn it over to C.J to discuss our most recent financial results.

我們相信，我們將為現有和新的中介財富客戶提供更多的投資平台，這其中有著巨大的機會。除了傳統的機構業務外，我們仍致力於在2025年建立我們的投資平台，發展我們現有的特許經營權，為平台增添新的人才，並挖掘來自世界各地投資者的需求，尋求高附加價值的投資，然後我將把話題轉到 C.J 上來討論我們最近的財務業績。

Thank you, Eric. An overview of financial results begins on slide 11th quarter. Results reflect the outcome of our quality business model which drives durable growth and long term returns for clients and shareholders. Compared to the September quarter revenues rose 6% adjusted operating income was up 12% and our adjusted operating margin improved by 180 basis points.

謝謝你，埃里克。財務結果概覽從第 11 季投影片開始。業績反映了我們的優質商業模式的成果，該模式推動著客戶和股東的持久成長和長期回報。與 9 月季度相比，營收成長 6%，調整後營業收入成長 12%，調整後營業利潤率提高了 180 個基點。

More specifically assets under management ended the December quarter at $161 billion down 4% from last quarter and up 7% from the end of 2023 net client cash outflows during the December quarter were approximately $800 million and included an outflow from a client rebalance on a $1.1 billion subadvised mandate.

更具體地說，截至 12 月季度，管理資產為 1,610 億美元，較上一季下降 4%，較 2023 年底增長 7%，12 月季度淨客戶現金流出約為 8 億美元，其中包括來自 11 億美元分項建議授權的客戶再平衡流出。

Full year net client cash outflows improved slightly to $3.7 billion fourth quarter and full year 2024 represent the 10th consecutive quarter and 11th consecutive year of positive flows for our fixed income. Business average A. For the quarter was up 2% sequentially and up 18% compared to the December 2023 quarter. While full year average, a improved 15% in the fourth quarter. The equity artisan funds completed their annual income and capital gain distributions. The amount of distributions not reinvested in the artisans funds totaled $795 million for the quarter and $1.2 billion for the full year. This amount is presented separately from client cash outflows.

第四季度，全年客戶淨現金流出略有改善，至 37 億美元，而 2024 年全年則代表我們的固定收益連續第 10 個季度和連續第 11 年實現正流量。業務平均 A。而全年平均則在第四季成長了 15%。股權工匠基金完成了年度收入和資本利得分配。本季未再投資於工匠基金的分配金額總計為 7.95 億美元，全年總計為 12 億美元。該金額與顧客現金流出分開列示。

Our complete GAAP and adjusted results are presented in our earnings release revenues for the quarter increased 6% compared to the September 24th quarter and up 19% compared to the prior year. Fourth quarter. The December 2024 quarter reflects approximately $17 million of performance fees from seven different strategies included in that amount is a $2.4 million performance fee earned on a consolidated investment product which is reflected in non operating income as required by accounting rules.

我們的完整 GAAP 和調整後結果已在我們的收益報告中列出，本季的營收與 9 月 24 日季度相比增長了 6%，與去年同期相比增長了 19%。第四季。2024 年 12 月季度反映了來自七種不同策略的約 1700 萬美元的績效費，其中包括合併投資產品所賺取的 240 萬美元的績效費，該績效費根據會計規則的要求反映在非營業收入中。

As of the end of 2024 approximately 3% of our EUM is subject to performance fees and the majority of those arrangements are annual fees with measurement dates at the end of December, our weighted average recurring fee rate for the quarter excluding performance fees was 68 basis points. Reflecting the growing growing portion of our A and lower fee fixed income strategies inclusive of performance fees. Our weighted average fee rate for the fourth quarter was 72 basis points.

截至 2024 年底，我們約有 3% 的 EUM 需繳納績效費，其中大部分安排是年度費用，計量日期為 12 月底，我們本季不包括績效費的加權平均經常性費率為 68 個基點。反映了我們的 A 類資產和低費用固定收益策略（包括績效費用）不斷增長的部分。我們第四季的加權平均費用率為72個基點。

Adjusted operating expenses for the quarter were up 3% from the third quarter of 2024 and 11% for the same quarter. Last year, primarily from higher incentive compensation expense due to increased revenues adjusted operating income increased 12% sequentially and 37% compared to the same quarter last year. As a result of revenue growth outpacing increases in operating expenses adjusted net income per adjusted share improved 14% compared to last quarter and 35% compared to December 2023 quarter, full year, 2024 revenues were up 14% compared to 2023 on a higher average. A adjusted operating expenses increased 10% from 2023. Primarily from higher incentive compensation elevated revenues also contributing to the increase in compensation and benefits with higher fixed compensation expenses from an increase in the number of full time associates and annual base salary merit increases.

本季調整後的營業費用較 2024 年第三季成長 3%，較去年同期成長 11%。去年，主要由於收入增加導致的激勵薪酬費用增加，調整後的營業收入比上一季增長了 12%，比去年同期增長了 37%。由於營收成長超過營業費用成長，調整後每股淨利較上一季成長 14%，較 2023 年 12 月季度成長 35%，2024 年全年營收較 2023 年平均成長 14%。調整後的營業費用較 2023 年增加 10%。主要是由於更高的激勵性薪酬增加了收入，也導致了薪酬和福利的增加，全職員工數量的增加和年度基本工資的增加導致了固定薪酬費用的增加。

Additionally, amortization of long term incentive compensation expense increased primarily from the $6 million impact of the retirement acceleration clause discussed during the first quarter, 2024 call and the net increase from the impact of the addition of the January 2024 long term incentive award grants higher revenues in 2024 led to a 22% improvement in adjusted operating income and a 23% improvement in adjusted net income per adjusted share over 2023 in calculating our non-GAAP measures, non operating income includes only interest, expense and interest income. Although valuation changes on our seed investments impact shareholder economics. We fully exclude these valuation changes from our adjusted results to provide transparency into our core business operations.

此外，長期激勵薪酬費用的攤銷主要來自第一季度討論的2024年加速退休條款的600萬美元的影響，以及2024年1月長期激勵獎勵增加的影響帶來的淨增加，2024年收入增加導致調整後營業收入增長22%，調整後每股淨收益增長23%，在計算我們的非公認會計準則儘管我們的種子投資的估值變化會影響股東經濟。我們將這些估值變化完全排除在調整後的結果之外，以確保我們的核心業務營運的透明度。

Turning to slide 11, our balance sheet remains strong. We currently have $155 million of seed capital in our investment products with significant capacity as strategies reach scale and our seed investments are redeemed. Any gains realized are included in the cash available for corporate purposes, seed investment or as an addition to our year end special dividend.

轉到第 11 張投影片，我們的資產負債表依然強勁。目前，我們的投資產品中擁有 1.55 億美元的種子資金，隨著策略達到規模並且我們的種子投資被贖回，其容量將非常巨大。任何實現的收益都包含在可用於公司用途的現金、種子投資或作為我們年終特別股息的補充。

In addition, our $100 million revolving credit facility remains unused $60 million of our senior notes will mature in August 2025. We currently expect to refinance the maturing amounts of new series of long term senior notes. We continue to return capital to shareholders on a consistent and predictable basis through quarterly cash dividend payments and a year end special dividend.

此外，我們的 1 億美元循環信貸額度仍未使用，6,000 萬美元的優先票據將於 2025 年 8 月到期。我們目前預計將為新一系列長期優先票據的到期金額進行再融資。我們繼續透過季度現金股利和年終特別股息，以一致且可預測的方式向股東返還資本。

Consistent with our dividend policy, our board of directors declared a quarterly dividend of $0.84 per share with respect to the December 2024 quarter and an additional $0.50 for the year end. Special dividend dividends declared with respect to 2024 cash generated total $3.48 per share. An increase of 25% from the dividends declared with respect to 2023 cash generation.

根據我們的股利政策，我們的董事會宣布 2024 年 12 月季度的季度股利為每股 0.84 美元，年末額外股利 0.50 美元。與 2024 年現金產生相關的特別股息已宣布，每股股息總計 3.48 美元。較 2023 年現金創造所宣布的股利增加 25%。

The special dividend declared with respect to 2024 was 47% larger than the previous year. And special dividend as a result of higher earnings and realized gains on seed capital redemptions dividends declared with respect to 2024 represent an 8% dividend yield calculated based on the closing price of a common stock on December 31 2024. Consistent with prior years, a portion of cash available for the special dividend has been retained for future growth initiatives.

2024年宣布的特別股利比前一年增加47%。由於收益增加和種子資本贖回的實現收益而派發的特別股息，與 2024 年有關的已宣布股息代表著根據 2024 年 12 月 31 日普通股收盤價計算的 8% 股息收益率。與往年一致，用於特別股息的部分現金被保留用於未來的成長計劃。

Looking ahead to 2025 our board approved the 2025 annual long term incentive award of approximately $66 million consisting of $47 million of cash based franchise capital awards and $19 million of restricted stock awards. Approximately 85% of the awards are awarded to our investment talent. Generally 50% of the award vest pro Rata over five years and the remaining 50% vest on or 18 months after a qualified retirement. We expect long term incentive amortization to be approximately $75 million for 2025 excluding the mark to market impact, excluding long term incentive compensation, fixed expenses are expected to increase mid to low single digits in 2025. The majority of the increase reflects 2025 merit increases and the absorption of a full year of expense for full time employees hired in 2024.

展望 2025 年，我們的董事會批准了 2025 年度長期激勵獎勵，金額約為 6,600 萬美元，其中包括 4,700 萬美元的現金特許經營資本獎勵和 1,900 萬美元的限制性股票獎勵。大約85%的獎項授予了我們的投資人才。通常，獎金的 50% 在五年內按比例歸屬，剩餘 50% 在達到退休年齡時或退休後 18 個月歸屬。我們預計，2025 年長期激勵攤銷約為 7,500 萬美元（不包括以市價計算的影響）和長期激勵薪酬，預計 2025 年固定支出將以中低個位數成長。大部分成長反映了 2025 年的績效加薪以及吸收 2024 年僱用的全職員工全年的費用。

As a reminder, our compensation and benefits expenses are generally higher in the first quarter of each year due to seasonal expenses. We estimate those seasonal expenses will be approximately $6 million higher in the first quarter of 2025 compared to the fourth quarter of 2024.

提醒一下，由於季節性費用，我們的薪資和福利支出通常每年第一季較高。我們估計，2025 年第一季的季節性費用將比 2024 年第四季高出約 600 萬美元。

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

我的發言到此結束，現在我將把電話轉回給接線生。

Ladies and gentlemen, at this time, we will begin the question and answer session to ask a question. (Operator instructions)

女士們、先生們，現在我們開始問答環節，提出一個問題。（操作員指令）

And our first question today comes from Bill Katz, TD Cowen.

今天我們的第一個問題來自 TD Cowen 的 Bill Katz。

I appreciate the commentary and the opportunity to ask question. Just thinking through the interplay between the what seems to be a bit of a pickup in the organic growth rate versus the fee rate. And just sort of wondering if this might be just some of the initial capital you've taken on the fixed income platform more broadly. Can you sort of speak to the extent you can continue to grow out the credit platform and the insight EM sites team, how that might play through on the subadvisory fee rate, which seems to have gone down rather dramatically.

我很感謝您的評論和提問的機會。只需思考一下有機成長率與費率之間似乎略有回升的相互作用。我只是想知道這是否只是您在固定收益平台上投入的一些初始資本。您能否談談您可以在多大程度上繼續發展信貸平台和洞察新興市場站點團隊，以及這將如何影響次級諮詢費率？

And then sort of relatedly just sort of wondering as you look at the rest of the business with particular emphasis on the International Value Fund, which is doing very well. That's now roughly 25% of the platform. Just wondering where you are in terms of risk management of capacity, in terms of continuing to grow that platform.

然後有點相關的是，當你看其餘業務時，你會感到有點好奇，特別關注國際價值基金，它表現得非常好。目前這大約佔平台的25%。只是想知道您在容量風險管理方面以及在繼續發展平台方面處於什麼位置。

Kind of taking a reverse order. The international value strategy is hit a similar spot where we've seen in the early years of international equity or our growth platform or value platform. Over 30 years, we've seen various teams build up and we've had to manage the capacity given our values at the firm, heavily weigh performance and we believe by weighing more on performance and betting on performance, we create a longer term business. What we've seen in many of our competitors that have become an asset gathering business have focused on maximizing the dollars they can bring in a given year. We clearly are in capacity management with a few of our strategies.

有點像是採取相反的順序。國際價值策略與我們早年國際股權或成長平台或價值平台所見的類似。30 多年來，我們見證了各種團隊的成長，我們必須根據公司的價值觀來管理團隊的能力，高度重視績效，我們相信，透過更重視績效和押注績效，我們可以創造更長期的業務。我們看到，許多已成為資產聚集企業的競爭對手都專注於在特定年份中最大限度地賺取收益。我們顯然正在透過一些策略進行容量管理。

What that means to us is that we're always looking at the velocity of assets, we're looking at the mix of assets and we're looking at the total asset capacity. We will manage international value with a forward lien but really not let the assets get out of control so that we don't hurt the performance track record and that's been fairly consistent and it's worked out very well for us over the 30 years. With regards to the organic growth and fee rate, you clearly saw a build up over the last year specifically and a little bit in the fourth quarter of what we call foundational assets.

對我們來說，這意味著我們始終關注資產的流通速度、資產的組合和總資產容量。我們將透過遠期留置權來管理國際價值，但實際上不會讓資產失控，這樣我們就不會損害業績記錄，而且這一直相當一致，而且在過去 30 年裡對我們來說效果很好。關於有機成長和費率，您可以清楚地看到，我們所謂的基礎資產在去年特別是在第四季度增加。

I think you used the term subadvisory. These are foundational assets that are have been a little larger than past teams given the emerging market debt. And the global unconstrained strategies both have taken on or all three strategies have taken on foundational assets and some of these have had a performance based fees. And so it's brought down the fee rate a bit more, as opposed to the clear mix of fixed income as you can see in the fixed income fee rate. It would be slightly if we grew fixed income, enormously, it bring down the rate slightly. The tick you saw was the foundational asset over the last couple of quarters.

我覺得您使用了“subadvisory”這個術語。考慮到新興市場債務，這些基礎資產比過去的團隊規模更大。全球不受約束的策略都已採用或所有三種策略都已採用基礎資產，其中一些已收取基於績效的費用。因此，它進一步降低了費率，而不是像您在固定收益費率中看到的那樣明顯的固定收益組合。如果我們大幅增加固定收益，利率就會稍微下降。您看到的勾號是過去幾季的基礎資產。

That was my suspicion and maybe one for C.J. And thanks for taking the questions. The payout rate this year was much higher on the dividend. I think it sounds like it was a realization of some gains on seed capital. So maybe a two part question, where are you in terms of any kind of, where are you in terms of seed capital needs versus maybe repatriating that and then secondary, how we should be thinking about payout rate for 2025?

這是我的懷疑，也許也是 C.J. 的懷疑。今年的股息支付率要高得多。我認為這聽起來像是種子資本的一些收益的實現。所以也許這個問題分為兩部分，第一，就種子資本需求而言，您處於什麼位置，第二，我們應該如何考慮 2025 年的派息率？

Thanks for the question bill. So the payout ratio slight uptick, I think you hit the hit the point. We did realize some some gains on seed capital investments that we redeem during the year. I think there will be, we expect to see some more of that in 2025 with respect to our private fund credit opportunities which, we've had seen in there for the last 10 years so or seven years.

謝謝你的提問。因此，派息率略有上升，我認為你觸及了要點。我們確實在年內贖回的種子資本投資中實現了一定收益。我認為會有，就我們的私募基金信貸機會而言，我們預計在 2025 年會看到更多這樣的機會，過去 10 年或 7 年裡我們已經看到了這種機會。

And then the rest of the seat capital is majority of it's in sites which is as Eric said, still in the foundational phase. So at some point that'll be harvested but no clear time frame on that with respect to the payout ratio. We've been in the mid 90s for the last three years. We've held back some cash to fund the capital needs. We did that again this year, but I would think you would see something similar in the mid 90% range on the power ratio with respect to calculating that on adjusted EPS.

然後，其餘席位資本大部分都在站點，正如 Eric 所說，仍處於基礎階段。因此，在某個時候將會收穫，但是對於支付率，沒有明確的時間框架。過去三年來，我們的水準一直處於 90 年代中期。我們保留了一些現金來滿足資本需求。我們今年再次這樣做了，但我認為，在計算調整後的每股盈餘時，你會看到功率比率在 90% 中間範圍內有類似的變化。

Our next question comes from Alex Blostein, Goldman Sachs.

下一個問題來自高盛的 Alex Blostein。

Thanks for the question as well. A little bit of a bigger picture question for you guys for global and international emerging markets, equity strategies broadly. We've clearly seen lots of volatility in those markets relative to us markets for some time. Political uncertainty continues to be significant. So curious how you're seeing the end customer, the end market, respond to that with respect to either institutional interest in the non US business is picking up staying the same or diminishing as well as anything on the retail side that you're noticing on the grant on the ground that could, pivot the appetite for the strategies and if things do turn and there's more appetite, which products are sort of most best positioned from a capacity perspective to take in new assets.

也感謝您的提問。我想問你們一個更大層面的問題，關於全球和國際新興市場以及廣泛的股票策略。一段時間以來，我們明顯看到這些市場相對於美國市場出現很大的波動。政治不確定性仍然很大。非常好奇您如何看待終端客戶、終端市場對此的反應，無論是機構對非美國業務的興趣在增加、保持不變還是在減少，以及您在零售方面註意到的任何情況，這些都可能影響對戰略的興趣，如果情況確實發生變化，人們的興趣增加，那麼從產能角度來看，哪些產品最適合吸收新資產。

I'll give it a start and probably Jason will jump in a bit too. But yeah, just on the big picture, it's that time of the year where where people roll into looking at capital market forecast revisiting asset allocation. The direction there has been really an eye on inflation and a lot of the volatility in the global macro markets. I think the output we've been seeing from clients is a bit of a hesitation though given the macro environment and, and firstly, what's going on with the tariff news and inflation and the fed. I don't think we are going to see as much tactical movement as we thought. I think it'll be more strategic in nature.

我會開始，也許 Jason 也會加入一點。但是，從整體來看，每年的這個時候，人們都會開始關注資本市場預測，重新檢視資產配置。那裡的方向確實關注通貨膨脹和全球宏觀市場的波動。我認為，考慮到宏觀環境，首先是關稅新聞、通膨和聯準會的動態，我們從客戶那裡看到的輸出有些猶豫。我認為我們不會看到如我們想像的那麼多的戰術行動。我認為它的本質將更具戰略性。

People are a little frozen on which direction things are going to go. Given all the news in the marketplace. So we're expecting some moderate strategic moves and asset allocation but not wholesale changes that some people talk about of big moves this year. If there's start getting a, a clearer picture of the direction of some policies and regulation and where the markets are digesting the news, you might see some shifts, but we're expecting just some OZK changes in the marketplace. When we looked at our product mix.

人們對於事情將會如何發展有些茫然。考慮到市場上的所有新聞。因此，我們預計今年會出現一些適度的策略性舉措和資產配置，但不會出現一些人所說的大規模的全面變化。如果我們開始更清楚地了解一些政策和法規的方向以及市場如何消化這些新聞，你可能會看到一些轉變，但我們預計市場上只會發生一些 OZK 變化。當我們審視我們的產品組合。

The only thing I would add, Alex, it's Jason Gottlieb. Is we've seen continued progress and stability in the alpha profile of a number of those strategies. It tends to make sense to us the uncertainty drives volatility in those markets and volatility is basically the gas and an active manager tank.

我唯一想補充的是，亞歷克斯，他是傑森·戈特利布 (Jason Gottlieb)。我們看到許多策略的 alpha 概況持續取得進展並保持穩定。我們認為，不確定性導致了這些市場的波動，而波動性基本上就是燃料和活躍管理者的油箱。

And our team's ability to capture that that volatility has proven out pretty nicely across the platform. We're seeing it in the global equity team, the international value team, global value, sustainable emerging markets developing world. So we feel like we're really well positioned in that regard for what is an active management opportunity set. It's really just more a question of, when that tide turns, we'll certainly be very well positioned for it.

我們的團隊捕捉這種波動的能力已在整個平台上得到了很好的證明。我們在全球股票團隊、國際價值團隊、全球價值、永續新興市場發展中國家中看到了這一點。因此，我們覺得，就積極的管理機會而言，我們確實處於非常有利的位置。這其實只是一個問題，當潮流轉變時，我們肯定會做好充分的準備。

That all makes sense. I see you want for you. I heard the comments around compensation and the guidance for '25. Sorry if I missed any color on non comp as well, if we can run through your expectations for expense growth and those buckets, in total as well by pro by line if you have that.

這一切都是有道理的。我知道你想要這個。我聽到了有關薪酬和25年指導的評論。很抱歉，如果我錯過了非薪酬方面的詳細信息，如果我們可以按照您的預期支出增長和那些桶，總共以及按專業劃分，如果有的話。

So, if you were to assume flat markets, I would expect expenses to be up low single digits, a couple percent. If you were really focus in on fixed controllable. Given the variable nature of our P&L obviously, revenues are going to dictate variable expenses. But on the fixed side, you're really looking at probably mid single digits, I'd say two thirds about it of it is the long term incentive comp, which we highlighted, in the prepared remarks and then we have some increases in salary and benefits primarily some muted new roles over last year and then merit increases and the full impact of new hires then new hires of about 10 or 11 folks last year in 2025 the rest of the buckets are relatively flat for our projections.

因此，如果假設市場平穩，我預期支出將會上漲個位數，也就是幾個百分點。如果您真的專注於固定可控。鑑於我們的損益表的可變性質，收入顯然將決定變動支出。但在固定方面，您實際上看到的可能是中等個位數，我想其中三分之二是長期激勵補償，我們在準備好的評論中強調了這一點，然後我們的工資和福利有所增加，主要是去年一些新職位有所增加，然後是績效加薪和新員工的全部影響，然後是去年新僱用的大約 10 或 11 人，到 2025 年，其餘部分對我們的預測相對部分持平。

Great. Thank you.

偉大的。謝謝。

Our next question comes from John Dunn, Evercore ISI.

下一個問題來自 Evercore ISI 的 John Dunn。

You guys talked about two EM sites m sites strategies hitting three year track record. Can you remind us maybe any other strategies getting to significant milestones in '25?

你們談到了兩個 EM 站點 m 站點策略達到三年的業績記錄。您能否提醒我們在 25 年可能還有哪些策略能夠實現重要里程碑？

International Explorer is, It's March of of this year. They're going to be hitting their three year milestone. That's the smaller cap strategy that's sitting in the international value franchise. And that's clearly going to springboard them into a greater opportunities. Their alpha profile is exceptional. Their absolute return profile is quite compelling. As we had mentioned in our earnings commentary, the Developing World Fund is going to be hitting its 10 year anniversary and by all accounts, most relevant time periods look extremely compelling. And certainly the short term numbers that Lewis and the developing World team have been able to produce have been catching a lot of attention and a lot of forward lean in the emerging market space as well.

國際探險家是，今年三月。他們即將迎來三年的里程碑。這是國際價值特許經營中的小型股策略。這顯然會為他們帶來更大的機會。他們的 alpha 設定檔非常出色。他們的絕對回報率狀況相當引人注目。正如我們在收益評論中提到的那樣，發展中國家基金即將迎來成立 10 週年，而且從各方面來看，大多數相關時間段看起來都極具吸引力。當然，劉易斯和發展中國家團隊所得出的短期數據已經引起了新興市場領域的廣泛關注和前瞻性預測。

Got it. And at your investor day, you guys had talked about not needing to be first movers to do anything in like private markets ALTs. That we're a little further away from any kind of perspectives, observations learnings updated about going down that direction at some point.

知道了。在投資者日上，你們談到不需要成為先行者就可以在私人市場 ALT 等領域做任何事情。我們距離任何觀點、觀察和學習更新都還有一段距離，某個時候我們會朝著那個方向前進。

Ultimately, we're going to be measured by the opportunities we bring to the platform that being said behind the scenes. Eric and I have been methodically building out the investment strategy group. I think if you were there, you saw the co heads of investment strategy which are led by Keegan o'brien and Chris Nicolau. Talking about the platform, what we're developing together with Eric and we're evaluating more opportunities than we ever have. Our bias has been towards ALTs but we have an open door policy. We're looking at anything and everything we learned a lot by doing that. And as I had mentioned last quarter, we're looking primarily in the real estate credit and equity across private but also credit more broadly. There's still plenty of opportunity for us. Talent is looking for a new home everywhere and anywhere. Lift out an acquisition format still remains quite strong.

最終，我們將根據幕後為平台帶來的機會來衡量。艾瑞克和我一直有條不紊地組成投資策略小組。我想如果你在場，你會看到由 Keegan O'Brien 和 Chris Nicolau 領導的投資策略聯合主管。談到平台，我們正在與 Eric 共同開發，並且正在評估比以往更多的機會。我們一直偏向 ALT，但我們實行開放政策。我們正在觀察一切事物，透過這樣做我們學到了很多。正如我在上個季度提到的那樣，我們主要關注房地產信貸和私人股權，但也關注更廣泛的信貸。我們仍有許多機會。人才到處都在尋找新的歸宿。提升採集格式仍保持相當強勁。

Our goal will continue to remain focused on talent and partnering with the right individuals. We do have later stage opportunities we're working through. But as I said, last quarter, until the team or individual has joined, uncertainty remains extremely high.

我們的目標將繼續專注於人才並與合適的人才合作。我們確實有正在努力爭取的後期機會。但正如我上個季度所說，在團隊或個人加入之前，不確定性仍然非常高。

I think it's important to point out that there's several of our current franchises that have embraced degrees of freedom and we continue to work across the platform to develop new capabilities that intersect with the team's passion, asset allocation and commercial application. Look no further than the international value team in the launch of global special situations which we expect to be in fund format in late QQ one of this year. We believe that artisan in general is a highly attractive home and that we provide it autonomous and distraction free investment environment.

我認為有必要指出的是，我們目前的幾個特許經營權都已獲得了一定程度的自由，我們將繼續在整個平台上努力開發與團隊的熱情、資產配置和商業應用相交叉的新功能。國際價值團隊將在今年 QQ 一號推出全球特殊情況，我們預期這些情況將以基金形式出現。我們相信，工匠之家總體上是一個極具吸引力的家，我們為其提供自主、無幹擾的投資環境。

It's aligned economics and it's a platform that is built to build a business. So we're going to be patient. We're going to swing at pitches that we think are akin to you know, success for our platform. But we do have plenty of opportunities where we can we can grow and expand.

它是符合經濟學的，它是一個為建立商業而構建的平台。所以我們會保持耐心。我們將盡力爭取那些我們認為可能對我們的平台成功的宣傳。但我們確實有很多機會可以成長和擴張。

Thank you and ladies and gentlemen. With that we will be ending today's question and answer session as well as today's presentation and conference call. Thank you for attending. You may now disconnect your lines.

謝謝各位，女士們，先生們。今天的問答環節以及今天的演示和電話會議就到此結束。感謝您的參加。現在您可以斷開線路了。