Artisan Partners Asset Management Inc (APAM) 2025 Q1 法說會逐字稿

Good day and welcome to the Artisan Partners asset management business update and first quarter earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0.

大家好，歡迎參加 Artisan Partners 資產管理業務更新和第一季財報電話會議。所有參與者將處於只聽模式。如果您需要協助，請按星號鍵然後按 0 向會議專家發出信號。

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touchstone phone. To withdraw your question, please press star, then 2. Please note that this event is being recorded.

今天的演講結束後，將有機會提問。要提問，您可以按試金石電話上的星號，然後按 1。若要撤回您的問題，請按星號，然後按 2。請注意，此事件正在被記錄。

I would now like to turn the conference over to Brendan Hughes, head of investor relations. Please go ahead.

現在，我想將會議交給投資者關係主管 Brendan Hughes。請繼續。

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 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 業務更新和財報電話會議。今天的電話會議將包括執行長 Eric Colson、總裁 Jason Gottlieb 和財務長 CJ Daley 的演講。在這些發言之後，我們將開放提問熱線。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 SEC filings. These risks and uncertainties may cause actual results to differ materially from those disclosed in the statement.

在我們今天開始之前，我想提醒您，今天電話會議中發表的評論（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因素以及我們提交給美國證券交易委員會的文件中詳細說明的因素。這些風險和不確定性可能導致實際結果與聲明中揭露的結果有重大差異。

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-gap 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.

我們不承擔在演講後更新或修改任何這些聲明的義務。此外，我們今天的一些演講中將提到非缺口財務措施。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，這些資料可以在我們的投資者關係網站上找到。

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，請注意，本次電話會議中的任何內容均不構成購買或出售任何工匠投資產品權益的要約或邀請，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 for joining the call or reading the transcript. We value your time. Artisan Partners is built for the uncertainty and volatility of markets. Our investment teams have the autonomy, experience, and degrees of freedom to execute through these periods, the ability to use cash, geography, market cap, an array of instruments to take and manage risk, and the judgment, discipline, and patience to remain true to their investment philosophies and client expectations.

感謝您加入電話會議或閱讀會議記錄。我們珍惜您的時間。Artisan Partners 的成立是為了回應市場的不確定性和波動性。我們的投資團隊擁有自主權、經驗和自由度來度過這些時期，能夠利用現金、地理位置、市值、一系列工具來承擔和管理風險，並且擁有判斷力、紀律性和耐心來堅持他們的投資理念和客戶期望。

Historically, our investment teams have taken advantage of uncertainty and volatility to add value for clients.

從歷史上看，我們的投資團隊利用不確定性和波動性為客戶增加價值。

We believe the same will be true this time around.

我們相信這次也會如此。

Our business model is a source of stability for our people, our clients, and our shareholders.

我們的商業模式是我們的員工、客戶和股東的穩定來源。

The majority of our expenses, including compensation, adjust automatically with changes in our AUM, allowing us to remain focused on executing for our clients and thoughtfully growing our business.

我們的大部分支出（包括薪資）都會隨著 AUM 的變化而自動調整，這使我們能夠繼續專注於為客戶提供服務並深思熟慮地發展我們的業務。

In that regard, volatility creates opportunity for us in the broader marketplace as asset allocators seek established and trusted managers and investment talent seeks a stable long-term home. For Artisan, disruption truly creates opportunity.

在這方面，隨著資產配置者尋求成熟可靠的管理者，投資人才尋求穩定的長期投資場所，波動性為我們在更廣泛的市場中創造了機會。對 Artisan 來說，顛覆確實創造了機會。

Since 2013, we've expanded from 5 investment teams to 11.

自 2013 年以來，我們的投資團隊已從 5 個擴展到 11 個。

We have increased the number of investment strategies we offer from 12 to 27.

我們提供的投資策略數量已從 12 種增加到 27 種。

We have evolved from a long only public equity manager to a multi-asset class investment platform.

我們已經從一家長期專注於公共股權的管理公司發展成為一個多資產類別的投資平台。

We now have 2 fixed income teams, 4 fixed income strategies, and 6 alternative strategies.

我們現在有 2 個固定收益團隊、4 個固定收益策略和 6 個另類策略。

And we have reoriented our firm to align with demand from both the traditional institutional channel and the private wealth market.

我們已經重新調整了公司定位，以滿足傳統機構管道和私人財富市場的需求。

This includes realigning our distribution structure and team and evolving from a bought, not sold mentality to a sales culture.

這包括重新調整我們的分銷結構和團隊，並從買賣而非出售的心態轉變為銷售文化。

Today, approximately 60% of our AUM is managed on behalf of what we consider intermediated wealth clients.

如今，我們約 60% 的 AUM 是代表我們認為的中介財富客戶進行管理的。

Through all this change, we have demonstrated the repeatability of our model and process across investment leaders, generations, geographies, asset classes, and distribution channels.

透過所有這些變化，我們證明了我們的模型和流程在投資領導者、世代、地區、資產類別和分銷管道中的可重複性。

We have performed for existing clients, thoughtfully grown the firm from Next Generation high value added investing, and generated a healthy return for shareholders.

我們為現有客戶提供服務，精心策劃公司從下一代高附加價值投資中成長，並為股東創造豐厚的回報。

Flight 2 is a snapshot of our repeatable success.

第二次飛行是我們重複成功的縮影。

This shows our 11 strategies with track records of more than 10 years.

這顯示了我們的 11 個策略，這些策略已有 10 多年的歷史。

Developing world which Jason will discuss, will join this group in July.

Jason 將要討論的發展中國家將於 7 月加入該小組。

The returns on this slide are average annual returns since inception, after fees and expenses.

本投影片上的回報是自成立以來扣除費用和開支後的平均年回報。

To help better understand the significance of our outperformance.

幫助更理解我們優異表現的意義。

Let me translate one of these outcomes into dollars.

讓我把其中一個結果轉化成美元。

$1 million invested in the artisan Global strategy 18 years ago would be worth $4.1 million today after fees.

18 年前對工匠全球戰略投資的 100 萬美元扣除費用後，如今的價值將達到 410 萬美元。

Had the same $1 million been invested in the same manner as the index, it would be worth $2.9 million today.

如果以與指數相同的方式投資同樣的 100 萬美元，那麼今天的價值將達到 290 萬美元。

Artisan's global values 205 basis points of average annual outperformance after fees translated into $1.2 million of more wealth, over 40% more wealth than the index approach.

Artisan 的全球估值在扣除費用後，年平均超額表現為 205 個基點，相當於增加 120 萬美元的財富，比指數方法的財富高出 40% 以上。

In addition to the consistency of the absolute and excess returns, we are equally proud of the consistency of our investment talent and their execution through time.

除了絕對收益和超額收益的一致性之外，我們同樣為我們的投資人才及其執行力的一致性感到自豪。

We have done what we have told our clients, what we would do over long periods of time.

我們按照客戶的意願去做了，這也是我們長期會做的事情。

Even the strategies no longer led by founding portfolio managers are led by portfolio managers with long tenures at Artisan.

即使不再由創始投資組合經理領導的策略也由在 Artisan 任職長期的投資組合經理人領導。

They are known entities.

它們是已知實體。

We have achieved these long-term outcomes by knowing who we are, focusing on what we can influence, and taking a long-term view and avoiding trying to be all things to all people.

我們透過了解自己、專注於我們能夠影響的事情、採取長遠眼光並避免試圖滿足所有人的需求，從而實現了這些長期成果。

We TRY to maintain an ideal home for investment talent.

我們努力為投資人才打造一個理想的家。

We provide that talent with expanding degrees of freedom to generate absolute returns and manage risk.

我們為人才提供不斷擴大的自由度，以創造絕對回報並管理風險。

We launch strategies we believe will have long-term demand from sophisticated investors who understand the scarcity of alpha.

我們推出的策略相信會受到那些了解阿爾法稀缺性的成熟投資者的長期需求。

We execute through periods of short-term noise, uncertainty, and volatility to generate long-term outcomes for our people, our clients, and our shareholders.

我們克服短期噪音、不確定性和波動性，為我們的員工、客戶和股東創造長期成果。

Jason will discuss several recent examples of this process at work.

傑森將討論這一過程在工作中的幾個最新例子。

Thank you, Eric.

謝謝你，埃里克。

I'm going to discuss several investment strategies, all of which embody the themes and characteristics Eric was describing and has been describing for many years.

我將討論幾種投資策略，所有這些策略都體現了艾瑞克多年來一直在描述的主題和特徵。

Talent driven, increasing degrees of freedom.

人才驅動，自由度不斷提升。

High value added, differentiated investing, long-term demand, in particular in the private wealth space.

高附加價值、差異化投資、長期需求，尤其是在私人財富領域。

The first is the Artisan Global special situation strategy.

首先是Artisan Global特殊情況策略。

We launched this new strategy in March. It is led by Brian Luko, who joined the Artisan International Value Group in September of last year.

我們在三月推出了這項新策略。該集團由 Brian Luko 領導，他於去年 9 月加入 Artisan International Value Group。

The investment strategy is multi-asset focused on issuers experienced stress or dislocation.

該投資策略是多資產投資，重點關注遭受壓力或混亂的發行人。

The portfolio will be highly differentiated, targeting attractive risk adjusted absolute returns through market cycles.

該投資組合將高度差異化，目標是透過市場週期獲得具有吸引力的調整風險後的絕對回報。

In addition to managing global special situations, Brian and his team will provide corporate credit and special situations expertise to the broader international value group led by David Sammer.

除了管理全球特殊情況外，Brian 和他的團隊還將為 David Sammer 領導的更廣泛的國際價值團隊提供企業信貸和特殊情況專業知識。

This is the 2nd time David has added new capabilities to the International Valley Group.

這是 David 第二次為國際谷集團增添新能力。

In 2020, [Bainy Za] and Anand Vasagari launched the Artisan International Explorer Strategy, which has generated over 540 basis points of average annual outperformance since inception after fees.

2020 年，[Bainy Za] 和 Anand Vasagari 推出了 Artisan International Explorer Strategy，該策略自推出以來，扣除費用後年均業績超過 540 個基點。

Bainy and Anand now manage over $600 million including net inflows of almost $221 million during the first quarter.

Bainy 和 Anand 目前管理超過 6 億美元的資金，其中包括第一季近 2.21 億美元的淨流入。

We are excited to have started the journey with Brian, his team, and the global special situation strategy, and we are very pleased to see David Sammer and the International Valley Group further expand their degrees of freedom and capabilities into fixed income, special situations, and alternatives.

我們很高興能與 Brian、他的團隊以及全球特殊情況策略一起開始這段旅程，我們也非常高興地看到 David Sammer 和國際谷集團進一步將他們的自由度和能力擴展到固定收益、特殊情況和替代品領域。

Our second new strategy is the Artisan franchise strategy managed by the growth teams Jim Hammel and Angela Wu.

我們的第二個新策略是由成長團隊 Jim Hammel 和 Angela Wu 管理的 Artisan 特許經營策略。

The franchise strategy is a highly concentrated global equity strategy that seeks to generate significant alpha for investors willing to hold through periods of volatility and tracking error.

特許經營策略是一種高度集中的全球股票策略，旨在為願意在波動和追蹤誤差時期持有的投資者創造顯著的阿爾法收益。

In particular, we expect the franchise strategy will be attractive to family offices and other intermediated wealth clients.

特別是，我們預期特許經營策略將對家族辦公室和其他中介財富客戶具有吸引力。

In addition to representing a new investment offering from the growth team, the franchise strategy is yet another demonstration of the team's thoughtful and methodical development of investment talent.

特許經營策略除了代表成長團隊提供的全新投資產品外，還體現了團隊對投資人才的深思熟慮和有條不紊的培養。

Moving from new launches to important milestones on slide 4, on April 1st, we mark the third anniversary of the Artisan Global unconstrained strategy.

從新產品發佈到幻燈片 4 上的重要里程碑，4 月 1 日，我們迎來了 Artisan Global 無約束策略三週年紀念日。

Tomorrow, the emerging market debt opportunity strategy will hit 3 years, and in August the emerging markets local op opportunity strategy will do so as well.

明天，新興市場債權策略將迎來3週年紀念日，8月份，新興市場本地操作機會策略也將迎來3週年紀念日。

ALL 3 strategies have performed extremely well since inception.

自推出以來，這三種策略都表現得非常出色。

The absolute return oriented global unconstrained strategy has generated average annual returns of 9.87%, net of fees, and a sharp ratio of 2.1%.

以絕對回報為導向的全球無約束策略扣除費用後，年平均回報率為 9.87%，夏普比率為 2.1%。

Since inception, emerging market debt opportunities and emerging market local opportunities rank in the 1st and 7th percentiles respectively of their vestment peer universes.

自成立以來，新興市場債務機會和新興市場本地機會在其投資同類領域中分別排名第 1 和第 7 個百分位。

All three strategies have large institutional anchor clients.

這三種策略都擁有大型機構錨定客戶。

Historically, the 3 year mark has been an inflection point for business development.

從歷史上看，三年是業務發展的轉捩點。

With the foundation firmly established, we are increasing our marketing and distribution efforts across the MSI strategies.

在基礎牢固建立之後，我們正在加強 MSI 策略的營銷和分銷力度。

We have raised over $300 million for MSite so far this year.

今年到目前為止，我們已經為 MSite 籌集了超過 3 億美元。

And we expect to do much more across distribution channels and geographies.

我們希望在分銷管道和地理方面取得更多進展。

In July we will celebrate the 10th anniversary of the Developing world strategy. As Eric mentioned, it will become our 12th strategy with a 10[+] year track record.

今年7月，我們將慶祝發展中國家戰略發布十週年。正如 Eric 所提到的，這將成為我們的第 12 個策略，擁有 10 年以上的業績記錄。

When portfolio manager Lewis Kaufman joined Arson more than a decade ago, We very intentionally set out to do something different, to design an investment strategy that could capture the potential of emerging markets, but provide Lewis with the degrees of freedom to move optimally, capture the economic opportunity and better manage risk.

十多年前，當投資組合經理 Lewis Kaufman 加入 Arson 時，我們有意嘗試一些不同的事情，設計一種能夠抓住新興市場潛力的投資策略，但同時為劉易斯提供最佳行動自由、抓住經濟機會和更好地管理風險。

Lewis has dared to be different, methodically communicated his unique approach, remained disciplined around a core set of principles, and delivered.

路易斯敢於與眾不同，有條不紊地傳達他獨特的​​方法，嚴格遵循一套核心原則，並實現了目標。

As we approach the 10 year anniversary, we believe the developing world team is a great example of our strategy of identifying unique talent and supporting them with broader degrees of freedom to add value for clients over long periods.

在十週年紀念日即將到來之際，我們相信，發展中國家團隊是我們策略的一個很好的例子，即發現獨特的人才，並以更廣泛的自由度支持他們，以便長期為客戶增加價值。

We believe the 10 year track record will make the developing world that much more appealing to investors seeking an emerging market strategy with degrees of freedom to navigate geopolitical and economic uncertainty.

我們相信，十年來的業績記錄將使發展中國家對尋求新興市場策略、能夠自由應對地緣政治和經濟不確定性的投資者更具吸引力。

Thank you, Jason. It is gratifying to see our established investment franchises adding degrees of freedom, and our more recent franchise is hitting important milestones with impressive investment and business results. It speaks directly to the repeatability of our business model and philosophy.

謝謝你，傑森。我們很高興地看到，我們現有的投資特許經營權正在增加自由度，而我們最近的特許經營權也正以令人印象深刻的投資和業務成果達到重要的里程碑。它直接說明了我們的商業模式和理念的可重複性。

Our approach to thoughtful growth has always emanated from who we are, a high value added investment firm designed for talent to thrive in a thoughtful growth environment.

我們對深思熟慮的成長方法始終源自於我們的身份，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成長。

Consistent with that, we have always focused on the intersection of investment talent, alpha opportunity, and long-term asset allocation demand.

與此一致，我們始終關注投資人才、阿爾法機會和長期資產配置需求的交會。

Historically, that led us to design much of our business primarily with an eye towards institutional investors and the consultants who serve them.

從歷史上看，這使得我們在設計大部分業務時主要著眼於機構投資者及其服務的顧問。

That remains an important part of our business today and will continue long into the future.

這仍然是我們目前業務的重要組成部分，並將在未來很長一段時間內繼續下去。

Today though, we're increasingly designing and evolving our business primarily with an eye towards the private wealth market.

然而今天，我們在設計和發展我們的業務時越來越多地主要著眼於私人財富市場。

Private wealth is large and growing with demand for high value added management. We have a significant presence in this market today. Of our $162 billion in AUM at quarter end, approximately $97 billion was sourced from the intermediated wealth channel. In the intermediated wealth, we have approximately 172 relationships of greater than $50 million and 117 are invested in 3 or more strategies.

私人財富規模龐大且不斷成長，對高附加價值管理的需求也日益增加。如今我們在這個市場上佔有重要地位。截至本季末，我們的資產管理規模為 1,620 億美元，其中約 970 億美元來自中介財富管道。在中介財富方面，我們擁有約 172 個價值超過 5,000 萬美元的關係，其中 117 個投資於 3 個或更多策略。

We believe there is a tremendous opportunity for us to further grow in the intermediated wealth channel.

我們相信，中介財富管道為我們帶來了進一步發展的巨大機會。

We will continue to bring together unique investment talent with large opportunity sets requiring active management. We will continue to align interests between investment talent, clients, and the firm.

我們將繼續匯集獨特的投資人才和需要積極管理的大量投資機會。我們將繼續協調投資人才、客戶和公司之間的利益。

And we will continue to reorient our distribution structure and team to better access and service the intermediated wealth channel.

我們將繼續調整我們的分銷結構和團隊，以更好地進入和服務中介財富管道。

By remaining focused on who we are and executing on this strategy, I am highly confident we will continue to generate successful long-term outcomes for our people, our clients, and our shareholders.

透過繼續關注我們是誰並執行這項策略，我非常有信心，我們將繼續為我們的員工、客戶和股東創造長期的成功成果。

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

現在我將把時間交給 CJ 來討論我們最近的財務表現。

Thanks, Eric. First quarter results reflect lower revenues, primarily as a result of the absence of $17 million in performance fees realized in the 4th quarter of 2024.

謝謝，埃里克。第一季業績反映營收下降，主要原因是 2024 年第四季沒有實現 1,700 萬美元的績效費。

The 4th quarter included performance fees realized in 7 different strategies.

第四季包含 7 種不同策略實現的績效費。

The majority of our performance fee arrangements pay annually and have measurement states at the end of December.

我們的大部分績效費安排都是按年支付，並在 12 月底進行衡量。

The expected absence of performance fees in the first quarter and higher seasonal expenses led to a 7% decline in revenues, 19% lower adjusted operating income, and 470 basis points decrease in our adjusted operating margin from the fourth quarter of 2024.

由於第一季預計沒有績效費，且季節性費用增加，導致收入下降 7%，調整後營業收入下降 19%，調整後營業利潤率與 2024 年第四季相比下降 470 個基點。

Assets under management ended the March quarter at $162 billion, up slightly from last quarter and from a year ago.

截至 3 月份季度，管理資產規模達 1,620 億美元，較上一季及去年同期略有成長。

Ending assets under management for the March quarter reflect $4.1 billion of market returns, including $1.8 billion or 110 basis points of returns in excess of benchmarks.

3 月季度末管理資產反映了 41 億美元的市場回報，其中包括超過基準 18 億美元或 110 個基點的回報。

Net client cash outflows during the March quarter were approximately $2.8 billion and included a $1.2 billion outflow from a separate account rebalancing within our mid-cap growth strategy.

3 月季度的淨客戶現金流出約為 28 億美元，其中包括來自我們中型股成長策略中單獨帳戶再平衡的 12 億美元流出。

Gross outflows for the quarter, excluding the separate account rebalance were in line with historical levels.

本季的總流出量（不包括單獨帳戶再平衡）與歷史水準一致。

Equity outflows in the quarter were partially offset by positive flows into our fixed income and alternative businesses.

本季的股票資金流出部分被我們固定收益和另類業務的正流入所抵銷。

The 1st quarter of 2025 marks the 11th consecutive quarter of positive fixed income flows.

2025 年第一季是固定收益資金連續第 11 季流入。

Average AUM for the quarter was up 1% sequentially and up 8% compared to the March 2024 quarter.

本季平均 AUM 環比增長 1%，與 2024 年 3 月季度相比增長 8%。

Slide 9 is a new cut of our AUM by distribution channel.

投影片 9 是按分銷管道新切分的我們的 AUM。

Eric has highlighted how Artisan has become firmly established in the wealth channel.

艾瑞克強調了 Artisan 如何在財富管道中牢牢站穩腳跟。

This view of AUM provides a 5 year view of the strength of our intermediated wealth relationships and the $97 billion of assets sourced from that channel.

從 AUM 角度來看，我們可以對中介財富關係的實力以及來自該管道的 970 億美元資產進行 5 年的觀察。

The intermediated wealth channel has grown tremendously over that period and now accounts for 60% of total AUM with an annualized organic growth rate over that period of 5%.

在此期間，中介財富管道得到了極大的發展，目前佔總 AUM 的 60%，年化有機成長率為 5%。

As discussed in Eric's remarks, our distribution efforts continue to focus on this channel with more dedicated resources and a build out of enhanced digital marketing and sales enablement capabilities.

正如 Eric 在評論中所討論的，我們的分銷工作將繼續專注於這個管道，投入更多專用資源，並增強數位行銷和銷售支援能力。

Our complete GAAP and adjusted results are presented in our earnings release.

我們的完整 GAAP 和調整後結果已在我們的收益報告中呈現。

Revenues for the quarter decreased 7% compared to the December 2024 quarter and are up 5% compared to the prior year of first quarter.

本季營收與 2024 年 12 月季度相比下降了 7%，與去年同期第一季相比成長了 5%。

In addition to the seasonal decline in performance fees, $5.4 million of the decline in revenue was attributable to two fewer days in the first quarter of 2025 compared to the fourth quarter of 2024.

除了績效費用的季節性下降外，營收下降 540 萬美元還可歸因於 2025 年第一季與 2024 年第四季相比減少了兩天。

He weighted average recurring fee rate for the quarter remained at 68 basis points.

本季加權平均經常性費用率維持在68個基點。

Adjusted operating expenses for the quarter were flat from the fourth quarter, with variable expenses declining 6% on lower revenues, offsetting seasonal increases in fixed expenses of 8% or $7.5 million.

本季調整後的營運費用與第四季持平，由於收入下降，變動費用下降了 6%，抵消了固定費用季節性增加 8% 或 750 萬美元。

Comparison to the same quarter last year, adjusted operating expenses are up 3%, primarily from higher incentive compensation expense due to increased revenues.

與去年同期相比，調整後的營業費用上漲了 3%，主要原因是收入增加導致的激勵薪酬費用增加。

For the full year of 2025, fixed expenses are still expected to increase mid to low single digits, consistent with our previous guidance.

就 2025 年全年而言，預計固定支出仍將以中低個位數成長，與我們先前的預測一致。

Adjusted operating income is down 19% sequentially from the absence of performance fees and up 9% compared to the same quarter last year as a result of revenue growth outpacing increases in operating expenses.

由於沒有績效費，調整後的營業收入較上季下降 19%，由於收入成長超過營業費用增幅，調整後的營業收入較上季成長 9%。

Adjusted net income for adjusted share declined 21% compared to last quarter, again, primarily from the expected absence of performance fees and up 9% compared to the same quarter last year.

調整後淨收入與上一季相比下降了 21%，這同樣主要由於預期沒有績效費，與去年同期相比增長了 9%。

In calculating our non-gap measures, non-operating income includes only interest expense and interest.

在計算我們的非缺口指標時，非營業收入僅包括利息支出和利息。

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.

儘管我們的種子投資的估值變化會影響股東經濟，但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運營的透明度。

Turning to side 11.

翻到第 11 面。

Our balance sheet remains strong. We currently have $138 million of seed capital in our investment products with ample liquidity to seed future strategies.

我們的資產負債表依然強勁。我們目前在投資產品中擁有 1.38 億美元的種子資金，擁有充足的流動性來制定未來的策略。

As strategies reach scale and our seed investments are redeemed, any gains realized are included in the cash available for corporate purposes, future seed investment needs, or as an addition to our year-end special dividend.

隨著策略達到規模並且我們的種子投資被贖回，任何實現的收益都將計入可用於公司用途的現金、未來的種子投資需求或作為我們年終特別股息的補充。

During the first quarter of 2025, we fully redeemed our remaining $23 million seed investments in our credit opportunities fund with a cost basis of $8 million.

2025 年第一季度，我們以 800 萬美元的成本基礎全額贖回了信貸機會基金中剩餘的 2,300 萬美元種子投資。

The original seed investment of $22 million was made in 2017 and generated total realized gains of $27 million and an annualized return of 13%.

最初的種子投資為 2,200 萬美元，於 2017 年進行，產生了 2,700 萬美元的總實現收益和 13% 的年化回報率。

As a result of the redemption of the remaining seed capital, the Credit Opportunities fund was deconsolidated from our balance sheet during the 1st quarter.

由於贖回剩餘的種子資本，信貸機會基金在第一季從我們的資產負債表中分離出來。

Moving to our borrowings, our $100 million revolving credit facility remains unused, and $60 million of senior notes will mature in August 2025.

談到我們的借款，我們的 1 億美元循環信貸額度仍未使用，6000 萬美元的優先票據將於 2025 年 8 月到期。

We currently expect to refinance all or a significant portion of the maturing amounts with a new series of long-term senior notes.

我們目前預計以一系列新的長期優先票據為全部或大部分到期金額進行再融資。

We continue to return capital to shareholders on a consistent and predictable basis through quarterly cash dividend payments and a year-end special dividend.

我們繼續透過季度現金股利和年終特別股利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 $0.68 per share with respect to the March 2025 quarter.

根據我們的股利政策，我們的董事會宣布 2025 年 3 月季度的季度股息為每股 0.68 美元。

The decline in the dividend from Q4 reflects lower cash generation from the absence of performance fees in the 1st quarter of 2025.

第四季股利的下降反映了 2025 年第一季因缺乏績效費用而導致的現金產生減少。

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

我的準備好的發言到此結束。我現在將把電話轉回給接線生。

(Operator Instructions)

（操作員指示）

And your first question today will come from Alex Blostein with Goldman Sachs. Please go ahead.

今天的第一個問題來自高盛的亞歷克斯·布洛斯坦 (Alex Blostein)。請繼續。

Hey, good afternoon, this is Anthony on for Alex, I guess to first start, I would say, congrats Jason on the new role, but for my first question, you guys have talked about fixed income and alternatives being the key strategic growth areas, for the firm. Could you maybe expand on opportunities you see here specifically in the retail or insurance channel?

嘿，下午好，我是安東尼，代表亞歷克斯發言。首先我想說，恭喜傑森擔任新職務，但我的第一個問題是，你們談到了固定收益和替代品是公司的關鍵策略成長領域。能否詳細說明您在零售或保險通路中看到的機會？

Yeah, hi Anthony, thank you for the kind words. There's a couple of ways that I think we can, that we can continue to build and expand and grow. The first way, and it's one that we've historically talked about quite a bit, which is, the highest and best use of our time is to continue to expand degrees of freedom with our existing investment franchises, and we think we've got a.

是的，嗨，安東尼，謝謝你的好意。我認為我們可以透過幾種方式繼續建造、擴張和發展。第一種方式，也是我們過去經常討論的方式，即，我們時間的最高和最佳利用方式是繼續擴大我們現有投資特許經營權的自由度，我們認為我們已經做到了。

A long runway with our high income team and franchise as well as our insights team and so you know we think that there's multiple paths you know I'd highlighted Global unconstrained as a you know as one of our marquee franchises that cuts across fixed income slash alternatives.

我們的高收入團隊和特許經營團隊以及洞察團隊擁有悠久的歷史，因此我們認為有多種途徑，我強調全球不受約束是我們跨越固定收益和替代品的招牌特許經營權之一。

And certainly fits in that high net worth space it's a liquid alternative that gives people the ability to. Use it as a, fixed income, traditional fixed income, non-traditional fixed income, a cash, surrogate, or just, purely in in in in in all context, and, we view this as a as a pretty big, opportunity for us.

它當然適合高淨值領域，是一種流動性替代品，可以讓人們有能力。將其用作固定收益、傳統固定收益、非傳統固定收益、現金、替代品，或純粹在所有情況下，我們認為這對我們來說是一個相當大的機會。

And we're, as we've mentioned on the call leaning in on the on the expansion there, and maybe on the on the new endeavour front, there's multiple ways in which we can grow the fact that we only have.

正如我們在電話中提到的那樣，我們傾向於在那裡擴張，也許在新的努力方面，我們可以透過多種方式來實現成長，而事實上我們只有這種方式。

Two teams suggest that we have, a clear path to grow, via lift out or via M&A, and you know we're going to continue to evaluate those opportunities as we always do, and as and when we see that, what we call the no brainer where we feel like we've got really strong alignment with, really strong investment capabilities, we'll certainly go ahead and do that.

兩個團隊都認為我們有一條清晰的成長路徑，透過剝離或併購，你知道我們會像往常一樣繼續評估這些機會，當我們看到我們稱之為無需思考的事情，我們覺得我們與非常強大的投資能力有著非常強的一致性時，我們肯定會繼續這樣做。

And so those are really the areas that I would suggest are clear paths for us both in the intermediate wealth channel as well as, just, pure platform expansion.

因此，我認為這些領域對我們來說都是清晰的道路，既包括中間財富管道，也包括純粹的平台擴展。

Got you. That's helpful and I guess for my follow up expenses came in well managed this quarter, especially on the non-com side. So how should we think about normalized expenses from here, and if uncertainty continues, what kind of levers can you use to maintain margins?

明白了。這很有幫助，我想本季我的後續費用管理得很好，特別是在非商業方面。那麼，從現在起我們應該如何看待正常化費用，如果不確定性持續存在，您可以使用什麼樣的槓桿來維持利潤率？

Thanks, Anthony. Good question. You know our guidance for the full year really hasn't changed much. I think there there's a bit of a miss from folks on GNA.

謝謝，安東尼。好問題。您知道，我們對全年的指導實際上並沒有太大變化。我認為 GNA 上的人們有些失落。

We did have some FX gains this quarter and travel typically, slows down a bit in the in the first quarter after a heavy fourth quarter. So that guidance still remains, so I think you'll see, the rest of the quarters pick up, the savings that you had in your model for the first quarter on the on the variable expenses, obviously they fluctuate with revenues and then long term incentive comp guidance is still similar to what we gave for the full year in the first quarter.

本季我們的外匯收入確實有所成長，而且在經歷了第四季度的繁忙之後，第一季的旅行通常會有所放緩。因此，該指導仍然有效，因此我認為您會看到，其餘季度的業績回升，您在第一季度模型中預測的變動費用的節省顯然會隨著收入而波動，而長期激勵補償指導仍然與我們在第一季度給出的全年指導相似。

There is a little bit of a holiday because our 2025 grand happens at the end of 20 at the end of January. So, there isn't a full quarter of expensing there, but, all the guidance that we gave, in January, related to 2025 remains intact.

因為我們的 2025 年盛會將於 2020 年 1 月底舉行，所以有一點假期。因此，那裡沒有整整一個季​​度的費用，但是，我們在一月份給出的與 2025 年相關的所有指導仍然有效。

Yeah thanks guys.

是的，謝謝大家。

And your next question today will come from John Dunn with Evercore ISI Group. Please go ahead.

今天的下一個問題來自 Evercore ISI Group 的 John Dunn。請繼續。

Hi, congratulations, Jason. I wanted to ask about, just given the movement in markets, are there any areas you want to highlight about being, capacity constrained or the reverse having a lot of capacity?

嗨，恭喜你，傑森。我想問一下，鑑於市場的動向，您是否想強調哪些領域是產能受限的，或者相反，產能過剩的？

Yeah, We're always in in constant communication with the teams about capacity management. There are certainly you know a couple of strategies that have been in the in the soft close mode, for several years now and you know we don't anticipate them to be adjusted or changed or opened that being said, there are some opportunities where there could be the potential for a shift there and you know it comes down to the team being comfortable taking on that additional capacity.

是的，我們始終與團隊就容量管理保持持續溝通。當然，您知道，有幾種策略已經處於軟關閉模式好幾年了，您知道，我們預計它們不會進行調整、改變或開放，話雖如此，還是有一些機會可能會發生轉變，您知道，這取決於團隊是否願意承擔額外的能力。

And certainly we want to work with them and evaluate why that potential is available. Is it the dislocation in the market and that there's opportunities? Has there been some attrition that they're looking to replace and so it's a bit of an ongoing dialogue and discussion with teams, but we do think in not too distant future, there is the potential for some capacity opening coming in the form of these soft closes being removed.

當然，我們希望與他們合作並評估這種潛力的存在原因。是市場錯位，存在機會嗎？他們是否正在尋找替代的人員進行替換，因此這需要與各個團隊進行持續的對話和討論，但我們確實認為，在不久的將來，可能會以取消這些軟關閉的形式開放一些產能。

Got it. And then also just with the market movements on the M&A front, a bunch of your peers seen like a renewed interest in, maybe doing some team lift outs of small deals in private markets, with smaller firms looking for better distribution in the wealth channel. Can you just kind of give us your thoughts around that topic?

知道了。然後，隨著併購方面的市場動向，您的許多同行似乎重新燃起了興趣，也許在私人市場上進行一些團隊合作進行小型交易，而較小的公司則尋求在財富渠道中更好的分配。您能否就該話題談談您的看法？

Yeah, there is no shortage of opportunity in the market right now for sure, and we're extremely active as we have been and always and always have been, but we're going to stay true to our process our time tested process of evaluating each opportunity on the merits of their investment acumen as well as the the.

是的，現在市場上肯定不乏機會，我們也一如既往地非常活躍，但我們將堅持我們的流程，我們經過時間考驗的流程，根據投資敏銳度以及投資機會的優點來評估每個機會。

The asset allocation trends that we see in the markets, I would just continue to Advocate that we see really good and interesting opportunities, but they're, they we're going to just be very judicious with how we think about adding capability on the platform and so you know they're going to come via lift out, they're going to come possibly via M&A this the market volatility, as you rightly pointed out is very much working to our benefit.

我們在市場上看到的資產配置趨勢，我會繼續主張我們看到了真正好的和有趣的機會，但是，我們會非常明智地考慮如何在平台上增加功能，所以你知道他們會通過提升來實現，他們可能會通過併購來實現，正如你正確指出的那樣，市場波動對我們非常有利。

I know people don't always love the disruptions that are occurring. But we view them as really great opportunities for us, and they do come in the form of, these opportunities that you rightly pointed out.

我知道人們並不總是喜歡發生的混亂。但我們認為它們對我們來說確實是絕佳的機會，而且它們確實以您正確指出的這些機會的形式出現。

Thank you

謝謝

And your next question today will come from Bill Katz with TD Cowen. Please go ahead.

今天的下一個問題來自 TD Cowen 的 Bill Katz。請繼續。

Thank you very much and as well, congratulations, Jason. So just coming back to a new disclosure, so thank you for that. I did spend some time on that last night.

非常感謝，同時恭喜你，傑森。回到新的披露，謝謝你。昨晚我確實花了一些時間在這上面。

So a couple of questions embedded in that. Can you unpack some of the commentary you mentioned in terms of, and Eric may have been your commentary, I forget which I apologize, but just in terms of the 172 relationships and then [117], I just maybe you could just sort of unpack exactly what you mean by those relationships.

這其中隱藏著幾個問題。您能否解釋一下您提到的一些評論，埃里克可能是您的評論，我忘記了哪一個，我很抱歉，但就 172 種關係以及 [117] 而言，我可能只能解釋一下您所說的這些關係到底是什麼意思。

And then as you think big picture of the franchise, as I think about the channels, the institutional business has been under a fair amount of pressure over that same 5 year time frame. How do you sort of see the backdrop for that business? Does that continue to sort of migrate down in terms of flows or is there an opportunity for that to potentially stabilize to supplement the well side?

然後，當你思考特許經營的整體情況時，當我考慮通路時，機構業務在同樣的 5 年時間範圍內承受著相當大的壓力。您如何看待該業務的背景？就流量而言，這種趨勢是否會繼續下降，或者是否有機會穩定下來以補充油井流量？

Thank You.

謝謝。

Hey Bill, it's Eric. Yeah, we just, really wanted to highlight the progress we've made in the wealth space and we clearly defined it as intermediated wealth versus the wealth management space. We view ourselves as a pure play investment platform, for talent that want to be resourced with high degrees of freedom. Many of those, individuals are seeking to manage assets in the wealth space and plug into this growth area.

嘿，比爾，我是艾瑞克。是的，我們只是真的想強調我們在財富領域的進展，並且我們明確將其定義為中介財富與財富管理領域。我們將自己視為一個純粹的投資平台，面向希望獲得高度自由的資源的人才。其中許多個人正在尋求管理財富領域的資產並進入這一成長領域。

We are not looking to build out, the accounting, the tax, the legal, the overall portfolio allocation to be a direct wealth player, but, many of our clients and clients are sourcing assets from. The wealth channel, the number of relationships have been growing, and we wanted to highlight that that channel. We think the characteristics really line up to what we were looking for in the institutional channel day one. We always wanted barriers of entry, and we felt the institutional channel had research barriers.

我們不希望透過建立會計、稅務、法律和整體投資組合配置來成為直接的財富參與者，但我們的許多客戶和客戶都從中獲取資產。財富管道、關係數量一直在成長，我們想強調這個管道。我們認為這些特徵確實符合我們第一天在機構管道中尋找的特徵。我們一直想要進入壁壘，我們認為機構管道存在研究壁壘。

We always wanted to compete on investment performance and operational quality and not compete on sales, marketing fees. And so the institutional channel had that research barrier. It allowed the time required for strategies to deliver excess return.

我們一直希望在投資績效和營運品質上競爭，而不是在銷售和行銷費用上競爭。因此，機構通路存在研究障礙。它允許策略提供超額回報所需的時間。

And most importantly, it created a leveraged outcome with the institutionally had the consultant channel and in the intermediated wealth channel, the RIAs we're working with the broker dealers, have been providing that leverage and that's the number.

最重要的是，它透過機構擁有的顧問管道和中介財富管道創造了槓桿效應，我們與經紀交易商合作的 RIA 一直在提供這種槓桿，這就是數位。

The second number that you highlighted there was the number of relationships with more than 3 strategies that we're getting enormous leverage with these relationships, and so we think, more and more we're aligning our distribution to grow that. We've talked about the distribution evolution and that's exactly the outcome we're looking for. With regards to the institutional space, we have grown that in the US and we've then taken it overseas.

您強調的第二個數字是擁有超過 3 種策略的關係數量，我們透過這些關係獲得了巨大的槓桿作用，因此我們認為，我們正在越來越多地調整我們的分銷管道來增加這一數量。我們已經討論了分銷的演變，這正是我們所尋求的結果。就機構空間而言，我們在美國已經發展起來，然後將其擴展到海外。

We believe that's going to maintain a solid growth area for us, but we did see some rebalancing over this period away from equities into other asset classes of credit and alternatives, and you've seen us align. The organization to fill out with fixed income strategies and alternatives. So we think the alternative, we think the institutional space will remain a very strong area for us.

我們相信這將為我們保持一個穩健的成長區域，但我們確實看到在此期間從股票轉向信貸和另類資產類別的一些再平衡，並且您已經看到我們進行了調整。該組織填寫固定收益策略和替代方案。因此，我們認為，另一個選擇是，機構空間對我們來說仍將是一個非常強大的領域。

Okay, thank you.

好的，謝謝。

Just as a follow up, excuse me, in terms of you mentioned the pipeline, I'm sort of curious maybe between just sort of Jason taking on a greater responsibility here and being at the at the vanguard of both driving the credit and the old platform, is there any shift in strategy here? You said you're going to sort of stay true to your time tested capabilities, but anything different? I feel like I'm hearing a little bit more lean forward into organic growth.

抱歉，作為後續問題，就您提到的管道而言，我有點好奇，也許傑森在這裡承擔了更大的責任，並且成為推動信貸和舊平台的先鋒，這裡的戰略有什麼轉變嗎？您說過您將堅持自己經過時間考驗的能力，但有什麼不同嗎？我感覺我聽到了更多傾向於有機增長的聲音。

Historically, I know you've tried to cap some of that growth, but is it more of a structural receptivity to growing without being sort of focused on fee [deregation] to drive that growth?

從歷史上看，我知道你們曾試圖限制部分成長，但這是否更多的是一種結構性的接受成長的方式，而不是專注於費用（降低）來推動這種成長？

Thank you.

謝謝。

We've definitely been focused on growth, we've talked about our distribution, evolution, we've talked about.

我們確實一直專注於成長，我們一直在談論我們的分銷、發展，我們也一直在談論。

Going from being bought to being sold, and as we focus on the intermediated space, we have shifted our sales team and grown our head count last year was primarily in sales, so the focus is, building on that intermediated wealth, really restructuring how we're selling into that channel and more importantly the strategies that Jason.

從購買到銷售，當我們專注於中介領域時，我們已經改變了銷售團隊，並且去年我們的員工人數有所增加，主要是在銷售方面，因此重點是建立在中介財富的基礎上，真正重組我們向該渠道銷售的方式，更重要的是 Jason 的策略。

Highlighted, and the groups we're looking at is to build out, investment opportunities and strategies that fit that channel, whether it's within team or within a lift out which we think is.

重點強調的是，我們正在關注的群體是建立適合該管道的投資機會和策略，無論是在團隊內部還是在我們認為的提升範圍內。

Quite, You know quite opportunistic right now given the amount of teams available, so we definitely feel that we're positioned well for that that channel and we are focused on growth.

確實，考慮到可用的團隊數量，現在的機會相當多，所以我們確實覺得我們在該管道中處於有利地位，並且我們專注於成長。

Okay, thank you. I'll get back in the queue.

好的，謝謝。我會回到隊列中。

Thank you.

謝謝。

Your next question today will come from Kenneth Lee with RBC Capital Markets. Please go ahead.

您今天的下一個問題來自加拿大皇家銀行資本市場的 Kenneth Lee。請繼續。

Hey, good afternoon, and thanks for taking my question. Just wanted to add my congratulations to Jason on the on the new role, and one follow up here on the intermediate wealth, growth opportunity here. When you look out for further growth here, are there any particular segments that are, possibly faster growing? I think you mentioned briefly family offices for the franchise strategy there.

嘿，下午好，感謝您回答我的問題。我只是想對傑森擔任新職務表示祝賀，並在此跟進中期財富和成長機會。當您展望這裡的進一步成長時，是否有任何特定的細分市場可能成長更快？我想您簡要地提到了家族辦公室的特許經營策略。

And somewhat relatedly, is it going to require a different mix of strategies or vehicles to really optimize that growth in in that channel going forward? Thanks.

而且有點相關的是，是否需要不同的策略或工具組合來真正優化該管道未來的成長？謝謝。

Yeah I think when you look at the long term asset allocation of that that client mix, it's, it is slightly different than the institutional, so we've always looked at long term asset allocation to drive the type of strategies, that fit within Artisan. We believe that we need the time required to resource and play out those strategies so when they do.

是的，我認為當您查看客戶組合的長期資產配置時，它與機構略有不同，因此我們始終專注於長期資產配置，以推動適合 Artisan 的策略類型。我們相信，我們需要時間來提供資源並實施這些策略，以便他們能夠做到這一點。

Build a 3 year track record, such as the records we highlighted in the call with the MSIS group, with the Global Unconstrained, MDO and MO all coming into 3 year track records, we think that will play out quite well in the intermediated space whether it's in Europe or in the US.

建立 3 年的業績記錄，例如我們在與 MSIS 集團的電話會議中強調的記錄，全球無約束、MDO 和 MO 都進入 3 年的業績記錄，我們認為無論是在歐洲還是在美國，這在中介領域都會發揮很好的作用。

So really the You know The types of strategies we are looking for will be slightly different because of that well space and I think that's a great opportunity for us, but in many cases our existing strategies, given the track records we've highlighted on page 2, also play quite well.

所以實際上，您知道，由於這個良好的空間，我們正在尋找的策略類型會略有不同，我認為這對我們來說是一個很好的機會，但在很多情況下，考慮到我們在第 2 頁強調的記錄，我們現有的策略也發揮得相當好。

So, we think the combination of what we have, the track records we built more recently, we're starting to see, a bulk of our platform producing. A good alpha and solid performance, given the volatility in the marketplace and more and more we'll see new strategies that fit the intermediated wealth space.

因此，我們認為，結合我們現有的資源以及我們最近建立的業績記錄，我們開始看到我們平台的大部分產品正在生產中。考慮到市場的波動性，良好的 alpha 值和穩健的表現，我們將看到越來越多適合中介財富空間的新策略。

Got you, very helpful there and just one, follow up if I may on the on the institutional side, and realize it's still early days, but just given the more recent market volatility there, could you provide a little color around what you're seeing in terms of either RP activity, due diligence activity, any kind of potential changes, that you're seeing in terms of client allocations there thanks.

明白了，這非常有幫助，還有一點，如果可以的話，請跟進一下機構方面的問題，我意識到現在還為時過早，但考慮到最近的市場波動，您能否稍微介紹一下您所看到的 RP 活動、盡職調查活動、任何潛在變化，以及您在客戶分配方面看到的情況，謝謝。

Oh really we in in 21 we saw.

哦，真的，我們在 21 號看到了。

Quite a bit of rebalancing in the equity space and we highlighted the the larger client that rebalanced $1.2 billion away they were signalling that for a while that was really a DC plan that had single manager options that moved into a multi-manager plan.

股票領域進行了相當多的再平衡，我們強調了較大的客戶，他們重新平衡了 12 億美元，他們表示，有一段時間，這實際上是一個 DC 計劃，具有單一經理選項，轉變為多經理計劃。

The strategy was mid cap growth on page 2 of our deck you could see the performance on mid cap growth since inception is 12.78%. So with that type of performance it attracts a lot of assets and when you reallocate back into a multi-manager.

該策略是中型股成長，在我們的簡報的第 2 頁上，您可以看到自成立以來中型股成長的表現為 12.78%。因此，這種類型的表現會吸引大量資產，當您重新分配到多經理人時。

Program and you go back to your target allocations that gets cut back quite a bit and so we've seen that occur across the platform of our platform doing well rebalancing back to a target that was the bulk of of the of the dollar flow in Q1.

程序，然後你回到你的目標分配，這個分配被削減了不少，所以我們看到這種情況發生在我們的平台的整個平台上，做得很好，重新平衡回了第一季度美元流量的大部分目標。

That that we saw, and we saw an increased interest in the credit space and the bulk of the activity was just asking for thoughts and opinions on the uncertainty and the volatility in the market and how each team is positioning for that volatility.

我們看到，人們對信貸領域的興趣日益濃厚，大部分活動只是詢問對市場不確定性和波動性的想法和意見，以及每個團隊如何應對這種波動。

I'd say overall I'd classify the quarter as a lot of communication, a lot of touch points with our clients, which is always positive for us. A but not much action.

我想說，總的來說，本季我們與客戶進行了大量溝通，並且有很多接觸點，這對我們來說總是積極的。A，但沒有太多動作。

Got you. Very helpful there. Thanks again.

明白了。非常有幫助。再次感謝。

This will conclude today's question and answer session as well as conference call.

今天的問答環節和電話會議就到此結束。

Thank you for attending today's presentation. You may now disconnect your lines and have a great day.

感謝您參加今天的演講。現在您可以斷開線路並享受美好的一天。