Artisan Partners Asset Management Inc (APAM) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the Artisan Partners Asset Management business update and fourth-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎參加 Artisan Partners Asset Management 業務更新和 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Artisan Partners Asset Management. Please go ahead.

現在我將把會議交給 Artisan Partners Asset Management 公司。請繼續。

Welcome to the Artisan Partners Asset Management business update and earnings call. Today's call will include remarks from Jason Gottlieb, CEO; 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 的業務更新和財報電話會議。今天的電話會議將包括執行長 Jason Gottlieb 和財務長 CJ Daley 的演講。演講結束後，我們將開放提問環節。我們最新的業績報告和投資者簡報可在我們網站的投資者關係版塊查閱。

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, and we assume no obligation to update or revise any of these statements following the presentation.

在今天會議開始之前，我想提醒各位，今天電話會議期間發表的評論，包括對問題的回答，可能包含前瞻性陳述。這些都受到已知和未知風險及不確定性的影響，包括但不限於我們在盈利報告中列出的因素以及我們在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，我們不承擔在發布後更新或修改任何此類聲明的義務。

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 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.

此外，我們今天的一些演講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可比較的 GAAP 指標的調整表，這些資料可以在我們的投資者關係網站上找到。另外，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 Artisan 投資產品權益的要約或招攬，也不構成對任何投資服務的推薦。

I will now turn it over to Jason.

現在我將把任務交給傑森。

Thank you, Ryan, and thank you for joining the call today. Since our founding in 1994, we have steadily expanded our capabilities across equities, credit and most recently alternatives. We have done this while remaining true to a consistent business philosophy and approach, high value-added investing, a talent-driven business model, and thoughtful growth, all in the pursuit of generating and compounding wealth for our clients over the long term.

謝謝你，瑞恩，也謝謝你今天參加電話會議。自 1994 年成立以來，我們穩步擴展了在股票、信貸以及最近的另類投資領域的業務能力。我們始終秉持一貫的商業理念和方法，堅持高附加價值投資、人才驅動的商業模式和穩健成長，力求長期為客戶創造和累積財富。

2025, we generated significant absolute returns for our clients, delivered strong results for our shareholders, and continue to expand our multi-asset class platform. Firm-wide asset-weighted investment returns exceeded 20% net of fees. Our investment strategies generated over $33 billion in returns for clients. Compared to 2024, we grew revenue by 8%, operating income and adjusted operating income by 9% and 12% respectively, and assets under management by nearly 12%.

2025年，我們為客戶創造了可觀的絕對回報，為股東帶來了強勁的業績，並繼續擴大我們的多元資產類別平台。公司整體資產加權投資報酬率（扣除費用後）超過 20%。我們的投資策略為客戶創造了超過330億美元的回報。與 2024 年相比，我們的收入成長了 8%，營業收入和調整後營業收入分別成長了 9% 和 12%，管理資產成長了近 12%。

Turning to slide 3. Investment performance remains strong across our platform with 79% of our AUM outperforming benchmarks for the three-year period, 74% for the five-year period, and 92% for the 10-year period gross of fees. Several strategies generated particularly strong results in 2025.

翻到第三張幻燈片。我們平台的投資表現依然強勁，三年期內 79% 的資產管理規模 (AUM) 跑贏基準，五年期內 74% 跑贏基準，十年期內 92% 跑贏基準（未扣除費用）。2025 年，一些策略取得了特別顯著的成效。

In equities, six of our strategies generated over 500 basis points of outperformance net of fees, including US Mid-Cap growth, Non-US growth, Global Equity, Global Value, Select Equity, and Sustainable Emerging Markets. The Global Equity, Global Value, and Select Equity Strategies outperformed their benchmarks by 2,422, 1,188, and 1,175 basis points respectively net of fees.

在股票方面，我們的六項策略在扣除費用後實現了超過 500 個基點的超額收益，其中包括美國中型股成長策略、非美國成長策略、全球股票策略、全球價值策略、精選股票策略和可持續新興市場策略。全球股票策略、全球價值策略和精選股票策略分別比其基準高出 2,422、1,188 和 1,175 個基點（扣除費用後）。

In credit, the emerging markets local opportunity strategy generated a calendar year return of over 24%, 527 basis points above its benchmark net of fees. In alternatives, credit opportunities returned nearly 8%, global unconstrained returned nearly 12%, and Antero Peak returned over 20% each net of fees.

在信貸方面，新興市場本地機會策略的年度回報率超過 24%，扣除費用後比基準高出 527 個基點。另類投資方面，信貸機會報酬率接近 8%，全球無限制報酬率接近 12%，Antero Peak 的報酬率均超過 20%（扣除費用後）。

Longer-term performance across our platform is compelling and broad based. All 12 Artisan strategies with track records over 10 years have outperformed their benchmark since inception net of fees. 14 of 17 strategies in equity, 4 of 4 credit strategies, and 3 of 5 alternative strategies have outperformed their respective benchmarks since inception net of fees. Trailing one-year performance has been weighed down by underperformance in two of our largest equity strategies, International Value and Global Opportunities, both of which have very strong long-term track record.

我們平台的長期表現令人矚目且覆蓋率廣。所有12項業績記錄超過10年的Artisan策略，自成立以來，扣除費用後均跑贏了各自的基準指數。其中，17項股票策略中有14項、4項信貸策略中有4項、5項另類投資策略中有3項，自成立以來扣除費用後均跑贏了各自的基準指數。過去一年的業績受到我們兩項最大的股票策略——國際價值策略和全球機會策略——表現不佳的拖累，而這兩項策略都擁有非常強勁的長期業績記錄。

Turning to slide 4. We ended the year with $180 billion in assets under management, an all-time high at year-end, driven by over $33 billion of investment gains. Our credit platform performed well in 2025. AUM grew by 29% compared to 2024 to $17.9 billion. Net inflows totaled $2.8 billion, and organic growth exceeded 20% for the third consecutive year.

翻到第4張投影片。年底時，我們的管理資產規模達到 1,800 億美元，創下年末歷史新高，主要得益於超過 330 億美元的投資收益。我們的信貸平台在2025年表現良好。預計到 2024 年，資產管理規模將成長 29%，達到 179 億美元。淨流入總額達 28 億美元，有機成長率連續第三年超過 20%。

Our alternatives platform also experienced healthy growth with AUM growing 20% from 2024 to $4 billion, with strong organic growth in global unconstrained in particular. Our equity platform was impacted by higher-than-expected outflows of $15.6 billion. Outflows were primarily concentrated in global opportunities, US mid-cap growth, and non-US small-mid growth strategies, driven by challenging short-term performance, changing asset allocation preferences, and profit taking on the back of strong long-term performance.

我們的另類投資平台也實現了健康成長，資產管理規模從 2024 年起成長 20% 至 40 億美元，其中全球不受限制的投資尤其實現了強勁的內生成長。我們的股票平台受到高於預期的資金流出的影響，資金流出高達 156 億美元。資金外流主要集中在全球機會、美國中型股成長股和非美國中小市值成長股策略，其驅動因素包括短期業績不佳、資產配置偏好變化以及長期業績強勁後獲利了結。

Maintaining and growing AUM in public equities requires differentiated and compelling investment performance, asset allocation demand, the right vehicles and pricing, and effective sales and client service. The bar is high, but we believe we can continue to maintain and grow our equity businesses. In addition, we continue to make meaningful progress towards expanding the breadth of our platforms towards credit and alternatives.

維持和成長公開股票的資產管理規模需要差異化和引人注目的投資績效、資產配置需求、合適的投資工具和定價，以及有效的銷售和客戶服務。門檻很高，但我們相信我們能夠繼續維持並發展我們的股權業務。此外，我們在拓展平台業務範圍，涵蓋信貸和另類投資領域方面，也持續取得實質進展。

Slide 5 provides an overview of our newest investment franchise, Grandview Property Partners. Grandview is a real estate private equity firm specializing in originating, developing, acquiring, and managing middle market properties across the United States and joins Artisan as our 12th autonomous investment franchise.

第 5 張投影片概述了我們最新的投資特許經營項目——Grandview Property Partners。Grandview 是一家房地產私募股權公司，專門從事美國各地中端市場房地產的開發、收購和管理，它與 Artisan 一起成為我們的第 12 個獨立投資特許經營機構。

The Grandview team led by founding partners, Raj Menon, Dean Sotter, Eric Freeman, and Jeff Usas has worked together for an average of 22 years. Since forming Grandview Partners in 2018, the team has delivered top quartile results and consistent DPI realization. Grandview's macro-driven investment approach focuses on growth markets supported by shifting demographic trends and regional supply-demand dynamics. Recent funds have emphasized industrial, residential and power land themes.

由創始合夥人 Raj Menon、Dean Sotter、Eric Freeman 和 Jeff Usas 領導的 Grandview 團隊平均合作時間長達 22 年。自 2018 年成立 Grandview Partners 以來，該團隊取得了前四分之一的業績，並持續實現了 DPI 目標。Grandview 的宏觀驅動型投資方法著重於受人口趨勢變化和區域供需動態支撐的成長型市場。近期的基金主要投資於工業用地、住宅用地和電力用地主題。

Grandview has raised three discretionary closed-end drawdown funds and currently manages approximately $880 million in institutional assets across its flagship fund series and co-investment programs. The acquisition of Grandview advances our strategic expansion into alternative investments, establishes a foundation in private real estate, and creates new pathways for growth. It also aligns with our longstanding business model, high value-added investing, talent-driven, and thoughtful growth. We believe we can leverage our institutional and intermediated wealth relationships to further expand and develop Grandview's business. Marketing the team's next fund will be high on the priority list in 2026.

Grandview 已募集了三個自主管理的封閉式提取基金，目前在其旗艦基金係列和聯合投資計劃中管理約 8.8 億美元的機構資產。收購 Grandview 推進了我們向另類投資領域的策略擴張，奠定了我們在私人房地產領域的基礎，並創造了新的成長途徑。這也符合我們長期以來的商業模式，即高附加價值投資、人才驅動和深思熟慮的成長。我們相信，我們可以利用我們與機構和中介財富的關係，進一步拓展和發展 Grandview 的業務。2026 年，團隊下一期基金的行銷將是首要任務之一。

With Grandview's acquisition, we have broadened the ways in which we can partner with and onboard differentiated investment talent. We intend to leverage our enhanced transactional and operational capacity to add additional capabilities across our platform with a disciplined focus on allocating capital towards our highest conviction opportunities.

透過收購 Grandview，我們拓寬了與不同領域的投資人才合作和吸收人才的方式。我們計劃利用我們增強的交易和營運能力，在我們的平台上增加更多功能，並有條不紊地將資金分配給我們最有信心的投資機會。

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

現在我將把發言權交給CJ，讓他來審閱我們最近的財務表現。

Thanks, Jason. Our complete GAAP and adjusted results are presented in our earnings release. We are pleased with our financial results for the fourth quarter 2025. Assets under management as of December 31, 2025, were $180 billion, up 12% from year-end 2024. Revenues in the December quarter reached a new all-time high of $336 million, up 11% compared to the September quarter and up 13% compared to the prior-year fourth quarter.

謝謝你，傑森。我們的完整GAAP和調整後業績均在盈利報告中列出。我們對2025年第四季的財務表現感到滿意。截至 2025 年 12 月 31 日，管理資產規模為 1,800 億美元，比 2024 年底成長 12%。12 月季度的營收達到歷史新高 3.36 億美元，比 9 月季度增長 11%，比上年同期增長 13%。

The December 2025 quarter reflects approximately $29 million of performance fees from six different strategies. Strong relative investment performance in the fourth quarter across three performance fee eligible accounts drove performance fees above our third-quarter projections.

2025 年 12 月季度反映了來自六項不同策略的約 2,900 萬美元的業績費。第四季有三個符合業績費資格的帳戶的強勁相對投資表現，使得業績費超過了我們第三季的預期。

As of the end of 2025, approximately 3% of our AUM is subject to performance fee arrangements and the majority of those arrangements are annual fees with measurement dates at the end of December. Our weighted average fee rate for the fourth quarter was 74 basis points, which includes performance fee revenue. Our recurring management fee rate remained consistent with recent quarters.

截至 2025 年底，我們約 3% 的資產管理規模受績效費安排約束，其中大部分安排是按年收取費用，計算日期為 12 月底。第四季的加權平均費率為 74 個基點，其中包括業績費收入。我們的經常性管理費率與最近幾季保持一致。

In the fourth quarter, the Artisan funds completed their annual income and capital gain distributions. Distribution is not reinvested in Artisan funds totaled $1.5 billion for the quarter and $2 billion for the full year, representing an $800 million increase from 2024. This increase was driven primarily by strong absolute investment performance in our two largest equity mutual funds.

第四季度，匠人基金完成了年度收入和資本利得分配。本季分配額未再投資於 Artisan 基金，總額為 15 億美元，全年總額為 20 億美元，比 2024 年增加了 8 億美元。這一成長主要得益於我們兩個最大的股票共同基金強勁的絕對投資表現。

Adjusted operating expenses for the quarter were up 4% compared with the third-quarter 2025 and up 7% compared with the fourth quarter 2024, primarily from higher variable incentive compensation expense due to increased revenues.

與 2025 年第三季相比，本季調整後的營運費用成長了 4%；與 2024 年第四季相比，成長了 7%，主要原因是收入增加導致可變激勵薪資支出增加。

While total adjusted operating expenses increased, fixed compensation costs for the quarter declined modestly. Long-term incentive compensation expense was lower in the quarter due to the forfeiture of unvested long-term incentive awards associated with a small number of employee departures. Additionally, we benefited from the quarterly true-up of self-insurance liabilities which reflected updated estimates.

雖然經調整後的總營運費用有所增加，但本季的固定薪資成本略有下降。由於少數員工離職導致未歸屬的長期激勵獎勵被沒收，本季長期激勵薪資支出下降。此外，我們也受惠於季度自保負債調整，該調整反映了更新後的估計值。

Adjusted operating income increased 23% compared to both the prior quarter and the same quarter last year. Adjusted operating margin for the quarter was 40.2%, an improvement of 400 basis points from the prior quarter. Adjusted net income per adjusted share was up 24% compared to last quarter and up 20% compared to the fourth quarter of 2024, largely consistent with operating income.

經調整後的營業收入比上一季和去年同期均成長了 23%。本季調整後營業利潤率為 40.2%，比上一季提高了 400 個基點。經調整後的每股淨收入比上一季成長了 24%，比 2024 年第四季成長了 20%，與營業收入基本一致。

Full-year 2025 revenues were up 8% compared to 2024 on higher average AUM. Full-year 2025 adjusted operating expenses increased 5% from 2024, primarily from higher incentive compensation on elevated revenues and the impact of the addition of the January 2025 long-term incentive award.

由於平均資產管理規模 (AUM) 增加，2025 年全年營收比 2024 年成長 8%。2025 年全年調整後營運費用比 2024 年增加 5%，主要原因是收入成長帶來的激勵性薪酬增加，以及 2025 年 1 月長期激勵獎勵的增加。

Calculating our non-GAAP measures, nonoperating income includes only interest expense and interest income. As of December 31, we had $152 million of seed capital invested in emerging products. Those investments have produced solid returns.

計算我們的非GAAP指標時，非營業收入僅包括利息支出和利息收入。截至12月31日，我們已向新興產品投入了1.52億美元的種子資金。這些投資都獲得了可觀的回報。

During the year, we realized $20 million of gains from seed investment redemptions in products that no longer require support from firm capital. Those gains, which are excluded from our non-GAAP earnings, provide capital to support dividends as well as future growth through reinvestment in new products, GP investment in private funds or acquisitions.

年內，我們從不再需要公司資本支持的產品的種子投資贖回中實現了 2000 萬美元的收益。這些收益不計入我們的非GAAP收益，為股息以及透過再投資新產品、GP投資私募基金或收購來支持未來成長提供了資金。

Our balance sheet remains a source of strength. We ended the year with approximately $214 million of cash and a conservatively leveraged capital structure at approximately 0.4 times leverage. Importantly, our $100 million revolver remains fully undrawn, providing additional liquidity and downside protection. As a result, we are in a position to return capital to shareholders on a consistent and predictable basis while maintaining the flexibility to invest in the business.

我們的資產負債表依然穩健。年底時，我們擁有約 2.14 億美元的現金，資本結構槓桿較為保守，約 0.4 倍。重要的是，我們1億美元的循環信用額度仍未動用，可提供額外的流動性和下行保護。因此，我們能夠在維持投資業務彈性的同時，持續、可預測地向股東返還資本。

Consistent with our dividend policy, the Board declared a quarterly dividend of $1.01 per share with respect to the December 2025 quarter, along with a $0.57 year-end special dividend. In total, dividends declared with respect to 2025 cash generation were $3.87 per share, representing a 98% payout ratio relative to adjusted earnings and an 11% increase versus dividends declared on 2024 cash generation. Year-end special dividend was 14% higher than the prior year, reflecting stronger earnings and cash generation. Based on our stock price on December 31, this equates to a dividend yield of 9.5%.

根據我們的股息政策，董事會宣布派發 2025 年 12 月季度每股 1.01 美元的季度股息，以及每股 0.57 美元的年終特別股息。2025 年現金產生項下宣布的股息總額為每股 3.87 美元，相對於調整後的收益，派息率為 98%，比 2024 年現金產生項下宣布的股息增長了 11%。年末特別股息比上年增長 14%，反映出獲利和現金流的增強。根據我們 12 月 31 日的股價計算，這相當於 9.5% 的股息殖利率。

Importantly, even after funding the quarterly and special dividends and our near-term growth initiatives, including Grandview, we retain approximately $80 million of excess capital to fund organic growth and explore potential M&A opportunities.

重要的是，即使在支付季度股息、特別股息以及我們近期的成長計劃（包括 Grandview）之後，我們仍然保留了約 8000 萬美元的超額資本，用於資助內生增長和探索潛在的併購機會。

Overall, our capital structure is intentionally designed to be durable through market cycles combining strong cash flows and liquidity, modest leverage, and a variable cost model that generates attractive margins.

總體而言，我們的資本結構經過精心設計，旨在透過強勁的現金流和流動性、適度的槓桿以及產生可觀利潤率的可變成本模式，在市場週期中保持穩健。

Looking ahead to 2026. Our Board approved the 2026 Annual Long-Term Incentive Award of approximately $72 million, consisting of $51 million of cash-based franchise capital awards and $21 million of restricted stock awards. Consistent with our longstanding philosophy of retaining investment talent, the vast majority of the awards were awarded to our investment professionals.

展望2026年。我們的董事會批准了 2026 年年度長期激勵獎勵，總額約為 7,200 萬美元，其中包括 5,100 萬美元的現金特許經營資本獎勵和 2,100 萬美元的限制性股票獎勵。秉承我們長期以來留住投資人才的理念，絕大多數獎項都頒給了我們的投資專業人士。

The result of the 2026 grant, we expect long-term incentive amortization expense to be approximately $85 million for 2026, excluding mark-to-market impacts. The acquisition of Grandview closed on January 2 is expected to have an immaterial impact on our 2026 earnings. We expect that the acquisition will be mildly accretive to earnings per share after the final closing of Grandview's next flagship closed-end drawdown fund.

2026 年的撥款結果顯示，我們預計 2026 年的長期激勵攤銷費用約為 8,500 萬美元，不包括以市值計價的影響。1月2日完成的對Grandview的收購預計將對我們2026年的收益產生微不足道的影響。我們預計，在 Grandview 的下一支旗艦封閉式提取基金最終完成募集後，此次收購將略微增加每股盈餘。

Including approximately $20 million of increased fixed expenses from the long-term incentive compensation grant and the addition of Grandview expenses, fixed expenses are expected to increase low-single digits in 2026. Low-single-digit increase primarily reflects merit-based salary increases and inflationary market data and technology costs. As a reminder, we estimate our fixed compensation and benefits expenses will be approximately $6 million higher in the first quarter of 2026 compared to the fourth quarter of 2025.

包括長期激勵性薪酬撥款帶來的約 2,000 萬美元固定支出增加以及 Grandview 支出的增加，預計 2026 年固定支出將以個位數百分比成長。個位數低成長主要反映了基於​​績效的薪資成長以及通貨膨脹的市場數據和技術成本。提醒各位，我們預計 2026 年第一季的固定薪資和福利支出將比 2025 年第四季高出約 600 萬美元。

In closing, we believe our longstanding investment-led culture, disciplined allocation of resources and capital, and expanding multi-asset platform positions us well to continue to compound wealth for our clients and shareholders over the long term.

最後，我們相信，我們長期以來以投資為主導的企業文化、嚴謹的資源和資本配置以及不斷擴展的多資產平台，使我們能夠繼續為客戶和股東長期創造財富。

I will now turn the call back to the operator.

現在我將把電話轉回給接線生。

(Operator Instructions) Bill Katz, TD Cowen.

（操作說明）比爾·卡茨，TD Cowen。

So maybe all things Grandview to get started. There's probably a cluster of questions here, maybe accounts for my first question, so if you don't mind.

所以，或許可以從格蘭德維尤的一切開始說起。這裡可能包含一系列問題，也許可以解釋我的第一個問題，所以如果您不介意的話。

One, the AUM was a fairly lower level than I think maybe many of us were anticipating. I appreciate the close earlier. Maybe you could sort of explain why that happened.

第一，資產管理規模比我們許多人預期的要低得多。感謝你們提前結束。或許你可以解釋為什麼會發生這種事。

And then secondly, as you mentioned in terms of the accretion guidance looking ahead, how do we think about maybe the timeline for the next flagship fund? And maybe what was the previous size of the fund as we can sort of try to lay that through our models?

其次，正如您所提到的關於未來增值指引的問題，我們應該如何考慮下一支旗艦基金的時間表呢？我們或許可以嘗試透過我們的模型來估算一下該基金之前的規模？

Bill, I'll start. The AUM was down because in the fourth quarter, there were some realizations on some properties in the first fund, the Grandview Fund I, which is fully invested in the harvesting phase. So there were realized gains as well as distributions out to LPs, which is a good thing.

比爾，我先來。資產管理規模下降的原因是，在第四季度，第一支基金 Grandview Fund I 中的一些房產實現了部分變現，該基金已完全投資於收割階段。因此，既實現了收益，也向有限合夥人進行了分配，這是一件好事。

And Bill, on your question regarding Fund III. Fund III was about $150 million in raised out and committed assets. They're almost through the investment period there. And so that's obviously a lower bar than what we're certainly expecting in Fund IV, which we're going to be actively pursuing, as I mentioned in our prepared commentary. This will very much be a goal of ours, a top priority of the management teams as well as Grandview to build out Fund IV, which we're effectively launching as we speak.

比爾，關於你提出的有關基金 III 的問題。第三期基金已募集和承諾的資產約為 1.5 億美元。他們在那裡的投資期間差不多結束了。因此，這顯然比我們對第四期基金的預期要低，正如我在準備好的評論中提到的，我們將積極追求第四期基金。這將是我們的目標之一，也是管理團隊和 Grandview 的首要任務，即建立第四期基金，而我們現在實際上正在啟動該基金。

And so we expect that to build throughout the course of the year. We hope to have a first close sometime in the early to mid part of the summer which will be a good indication as to how we're tracking. But we do expect it to be significantly higher than their last fund launch, which was Fund III.

因此，我們預計這種情況會在今年逐漸改善。我們希望能在夏季初期到中期進行首次交割，這將有助於我們了解專案進度。但我們預期此次基金規模將遠高於他們上次推出的基金（即第三期基金）。

And then just sticking with -- I was encouraged by some of your comments in the press release and in your prepared commentary. I was just sort of leaning into the M&A opportunity. I was wondering if you could maybe expand on your commentary a little bit, just sort of where you're seeing the greatest receptivity? How is the portfolio potentially seasoning of maybe three months ago?

然後，我繼續說下去——我從您在新聞稿和您準備好的評論中的一些發言中受到了鼓舞。我當時只是想抓住併購的機會。我想問您能否稍微詳細地闡述您的觀點，例如您認為哪些地方最能引起共鳴？三個月前的投資組合可能已經累積了多少經驗？

And then just given just everything that's going on in the market, how are you sort of seeing like the bid-ask spread on expectations around purchase price?

鑑於目前市場上的各種情況，您如何看待買賣價差以及市場對購買價格的預期？

Yeah. So maybe I'll just talk a little bit about the future pipeline. There's a couple of things that I would highlight. We're clearly not exclusively focused on M&A. We're really letting the talent drive the outcome here.

是的。所以，我或許可以簡單談談未來的發展方向。有幾點我想重點強調一下。我們顯然並非只專注於併購。我們真正讓球員的才能決定最終結果。

And certainly, there's asset classes where we have an emphasis in terms of where we're seeking opportunity. And I would continue to focus on the areas that you would expect private credit is one where we've been reasonably active both in the form of lift out and the potential for M&A.

當然，在某些資產類別中，我們會專注於那些我們正在尋找機會的領域。我將繼續專注於您所期望的領域，私募信貸領域是我們一直相當活躍的領域，無論是以收購形式還是潛在的併購形式。

Private equity in the form of secondaries has been an area that we remain pretty active. We've seen some really interesting idiosyncratic opportunities within equity that has more recently come back. This is one in particular that we've been talking about five or six years ago. We were very excited about. There was a little bit of a hesitation, I think, more on their part just due to where they were in their career and what they wanted to achieve and get accomplished before they did something more entrepreneurial, but we're now engaged with them, and we're talking.

私募股權投資（尤其是二級市場）一直是我們比較活躍的領域。我們看到，最近股票市場出現了一些非常有趣且獨特的投資機會。這是我們五、六年前就開始討論的問題。我們對此感到非常興奮。我認為他們當時有點猶豫，主要是因為他們正處於職業生涯的某個階段，想在從事更具創業精神的事情之前取得一些成就，但我們現在已經和他們接洽，並且正在洽談。

And another one in particular that is interesting is just the potential to broaden out our credit platform, not necessarily just purely in private, but also on the public side as well as the hybrid side. I would go back to some of the comments I made around Grandview and most of their transactions are off market. And I think that what we saw with Grandview, which was an off-market transaction. I think that that will continue to be a more fertile hunting ground for us.

另一個特別有趣的方面是，我們有可能擴大信貸平台，不僅在私人領域，而且在公共領域以及混合領域。我會回顧我之前對 Grandview 的一些評論，他們的大部分交易都是非公開交易。我認為我們在 Grandview 的案例中看到的是一筆場外交易。我認為那將繼續成為我們更肥沃的獵場。

The transactions that are being shown and prominently shopped are hard for us to really get excited about. Those tend to be more about dollars and cents as opposed to investments, and we really need to just stay true to who we are and focus on the investment side.

那些被重點展示和推廣的交易很難讓我們感到興奮。這些往往更注重金錢利益而不是投資，我們真的需要忠於自我，專注於投資方面。

But the other -- the last thing I would say about the pipeline, and it goes back to Grandview, we're excited about Grandview for all of the reasons we're excited about the prior 11 teams. And what's great about Grandview is they already are a fully functioning investment platform. It's not like we have to build something.

但關於人才培育計劃，我最後要說的是，這與格蘭德維尤有關，我們對格蘭德維尤充滿期待，原因與我們對之前的 11 支球隊充滿期待的原因相同。Grandview 的優點在於它已經是一個功能齊全的投資平台。我們又不是非得建造什麼東西。

The foundation has been laid. The team has been working together for 20-plus years. They have had great deal of investment success. And so it's really up to us to collectively work with them to build in some and layer in some growth.

基礎已經打好。該團隊已合作超過20年。他們在投資方面取得了巨大的成功。因此，我們真的需要與他們共同努力，逐步建立和完善一些成長機制。

And so that's different from when you go into a lift out where you have to really drop all your pencils and really focus on everything that's required to make a team successful. And so while we're still going to be there and do that, I think there's less that's required of the middle of the firm given that this is a team that's operating at a high level already.

所以，這和你進入電梯時的情況不同，在電梯裡你必須放下所有鉛筆，並真正專注於使團隊成功所需的一切。因此，雖然我們仍將繼續在那裡工作，但我認為鑑於這支團隊已經處於高水準的運作狀態，公司中層需要承擔的責任就減少了。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

This is Anthony on for Alex. Maybe just one two-part question on the international value strategy. So this has been one of the top flowing strategies at APAM for a while now, yet we saw another quarter of elevated outflows despite what seems like an industry rotation out of growth and into value. So what's driving this recent weakness? And how have you seen client demand change recently?

這是安東尼替亞歷克斯上場。或許可以問一個關於國際價值策略的兩部分問題。因此，這已經是 APAM 資金流出量最大的策略之一一段時間了，然而儘管行業似乎正在從成長股轉向價值股，我們還是看到了另一個季度資金流出量居高不下。那麼，近期這種疲軟態勢的根源是什麼呢？您最近觀察到的客戶需求發生了哪些變化？

Yeah. I don't -- Hey, Anthony, it's Jason. I wouldn't put too much emphasis on the elevation of the outflows. I think it's primarily due to the fact that David and the team have just continued to deliver really exceptional absolute returns even in the face of a challenging market for them. They continue to produce great absolute returns with a slight relative headwind.

是的。我不——嘿，安東尼，我是傑森。我不會過度強調出水口的高度。我認為這主要是因為，即使面對充滿挑戰的市場，David 和他的團隊仍然持續取得了非常優異的絕對收益。即使面臨輕微的相對不利因素，它們仍然能夠持續帶來豐厚的絕對收益。

So we haven't seen anything notable in particular that gives us pause or concern or certainly, David and the team. There's been some institutional reductions just largely due to the impact of the equities book of several of our clients just outperforming. And so we're getting a little bit of that rebalanced flow that you naturally expect. And we would expect some of that to continue to happen throughout the course of the first quarter in light of how strong markets were globally, especially ex-US.

所以，我們沒有看到任何特別值得注意的事情讓我們感到猶豫或擔憂，當然，大衛和他的團隊也沒有。一些機構的減持主要是因為我們幾位客戶的股票投資組合表現優異所致。因此，我們正在獲得一些你所期望的重新平衡的流動。鑑於全球市場，尤其是美國以外市場的強勁表現，我們預計這種情況將在第一季繼續發生。

So there's nothing that we're seeing in the trends or there's nothing underlying that gives us concern or something that suggests that there's an issue on the horizon.

所以，從目前的趨勢來看，我們沒有看到任何令人擔憂的跡象，也沒有任何潛在的問題表明未來可能會出現什麼問題。

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

I wanted to maybe get an update on what you're seeing as far as interest in and demand for non-US strategies just given what a contributor is to your AUM base?

我想了解一下，鑑於非美國策略對您的資產管理規模 (AUM) 貢獻較大，您對這些策略的興趣和需求有何看法？

Yeah, it's a good question. I'd say there's probably four -- there's really four areas that I think there's going to be some interesting opportunities for our platform. And I think they aligned directly to your question. So right now, I think our AUM is 70% ex-US, plus or minus a few percent. And when you think about the big trends that we're seeing, number one, we think there's a re-emergence of emerging markets allocations coming on the horizon.

是的，這是個好問題。我認為大概有四個領域──確實有四個領域，我認為我們的平台在這些領域會有一些有趣的機會。我覺得它們直接回答了你的問題。所以目前，我認為我們的資產管理規模中有 70% 來自美國以外地區，上下浮動幾個百分點。當你思考我們看到的重大趨勢時，首先，我們認為新興市場配置即將重新興起。

We spoke about something last quarter, which was we were aligning some sales efforts and some sales focus and running a campaign specifically in emerging markets. And while it was early days and it remains extremely early days, we're seeing some green shoots and some direct allocations coming out of that effort. I think we raised north of $1 billion in the 5-ish plus months that we enacted that campaign with -- we have four very distinct strategies that are able to capture that, and all four of them had over $100 million in net flows over that very short period of time.

上個季度我們討論過一些事情，那就是我們要調整一些銷售工作和銷售重點，並專門在新興市場開展一項活動。雖然現在還處於早期階段，而且現在仍然處於非常早期的階段，但我們已經看到一些積極的跡象，而這項努力也帶來了一些直接的撥款。我認為，在我們開展這項活動的五個多月裡，我們籌集了超過 10 億美元的資金——我們有四種截然不同的策略能夠實現這一目標，而且在如此短的時間內，這四種策略的淨流入都超過了 1 億美元。

We fully expect that that campaign will be in force throughout 2026 as we see the pipeline grow and build. And so we're very much excited about that area, in particular, you rightly point out the international markets. And I would expand that out to global as well. I think a lot of people don't want to give up the ghost on US and the beauty of global clearly gives you the ability to toggle between US and non-US. And we've had a great deal of success in our global franchises.

我們完全預期，隨著專案儲備的成長和建設，這項活動將在 2026 年全年持續進行。因此，我們對這個領域，特別是國際市場，感到非常興奮，您也正確地指出了這一點。而且我還會將這種理念推廣到全球。我認為很多人不想放棄美國，而全球模式的優點在於它能讓你在美國和非美國之間切換。我們的全球特許經營業務取得了巨大的成功。

So global value, as I've mentioned in my prepared comments, has just shot the lights out performance-wise. Our global equity team with Mark Yockey also had an outstanding year. I think they produced a 47% return in their global equity strategy.

正如我在準備好的評論中提到的，全球價值在業績方面已經取得了巨大的成功。我們與 Mark Yockey 領導的全球股票團隊也取得了卓越的成績。我認為他們的全球股票策略獲得了 47% 的回報。

And then underneath that, we also have some international capabilities that we're excited about. Mark Yockey, again, produced a really outstanding return in 2025, which is on the heels of outstanding returns in prior years as well. And so his record is really compelling. We're starting to see some real activity in that strategy as well.

此外，我們也擁有一些令我們感到興奮的國際化能力。馬克約基在 2025 年再次取得了非常出色的成績，而此前幾年他的成績也同樣出色。所以他的成績確實很有說服力。我們也開始看到這種策略的一些實​​際應用。

And so we think the engagement in international will remain elevated, and we expect that several of our strategies will be aligned to at least have conversations with the clients about the benefits of how they operate in those markets.

因此，我們認為國際市場的參與度將保持在較高水平，我們預計我們的幾項策略將至少與客戶進行對話，探討他們在這些市場中運作的益處。

Some that are maybe a little less aligned to your question, but still relevant to, I think, the trends that we're seeing in our conversations, we still think that there's a long way to go in credit. And you're seeing that in all of our areas where we have exposure. So the high income team with Bryan Krug and his -- the development of custom credit solutions, we've seen significant uptake in interest from our institutional marketplace where they're really designing a bespoke solution around a specific need, and Bryan is able to accommodate those. So we're seeing really good uptake there.

有些觀點可能與您的問題不太相關，但仍然與我們在對話中看到的趨勢有關，我認為，我們仍然認為信貸領域還有很長的路要走。在我們所有業務涵蓋的地區，這種情況都存在。因此，布萊恩·克魯格及其團隊的高收入團隊——開發客製化信貸解決方案——我們看到機構市場對此表現出濃厚的興趣，他們真正圍繞特定需求設計客製化解決方案，而布萊恩能夠滿足這些需求。所以我們看到那裡的反應非常好。

One thing that's been sort of flying a little bit under the radar screen for quite a long time, but we're starting to see some uptake as well as our -- we have a floating rate fund that is top quartile on a one-year, top quartile on a three-year that's being run out of Bryan's franchise. We're starting to see some interesting opportunities coming from that.

有一件事長期以來一直沒有引起太多關注，但我們開始看到一些接受度，而且我們還有一個浮動利率基金，一年期和三年期收益率均位列前四分之一，該基金由布萊恩的特許經營權運營。我們開始看到由此湧現出一些有趣的機會。

And then when you look at the cross-section of emerging markets and credit with our EMsights team, they're firing on all cylinders, emerging market debt opportunities, emerging market local opportunities continuing to really deliver outcomes to the upside, both in absolute as well as excess returns. And so they're at the intersection of a couple of interesting themes for us.

然後，當我們的 EMsights 團隊從新興市場和信貸的角度進行分析時，會發現它們都在全力運轉，新興市場債務機會、新興市場本地機會都在持續帶來上行收益，無論是絕對收益還是超額收益。因此，它們恰好處於我們感興趣的幾個主題的交匯點。

And then lastly, something that we've talked about for quite a while, which is alternatives. Certainly, Grandview is going to play a very important current and future role in the growth and development of our alternatives platform.

最後，我們還要談談其他一些我們已經討論過很久的話題，那就是替代方案。當然，Grandview 將在我們另類投資平台的成長和發展中發揮非常重要的當前和未來作用。

And then when you think about what's going on, again at EMsights as well as in our high-income team. EMsights, the global unconstrained strategy through the end of the year, I think we raised about $500 million or $600 million in assets. And this, again, is a top quartile performer with a very, very differentiated return profile that people are really -- it's really resonating with our intermediate wealth space as well as our institutional space.

然後，當你思考一下 EMsights 以及我們高收入團隊正在發生的事情時，你會發現情況確實如此。EMsights 是一項全球性的無限制投資策略，到年底為止，我認為我們籌集了大約 5 億至 6 億美元的資產。而且，這隻股票再次躋身前四分之一，具有非常非常獨特的收益特徵，人們真的——它真的引起了我們中等財富市場和機構市場的共鳴。

And then lastly, credit opportunities, which I cited as a really strong performer over a multiyear time horizon is continuing to see incremental flows, which we would expect to continue in 2026.

最後，信貸機會，我曾指出它在多年時間跨度內表現非常強勁，並且持續獲得增量資金流入，我們預計這種情況將在 2026 年繼續下去。

Got it. And then maybe just because it's been a swing factor for flows lately. Maybe could you just give us kind of the puts and takes looking forward the institutional side, particularly by region?

知道了。或許也因為它最近一直是影響流量的因素之一。您能否簡要介紹一下機構投資者方面，特別是按地區劃分的市場看漲和看跌觀點？

Yeah. I think institutionally, we're -- if you look at the regions, I'd say where we're probably a little bit more of a little bit more at risk has probably been more in Europe in light of some of the regulatory changes that we've talked about for quite a while. We talked about it in Australia, and it sort of impacted a couple of countries in Europe as well the combination of some of the regulatory changes that are occurring, some short-term performance where -- that is where we have a lot of global exposure, specifically with our growth team and global opportunities.

是的。我認為從制度上看，如果你看看各個地區，我會說，鑑於我們已經討論過一段時間的一些監管變化，我們可能在歐洲面臨的風險更大一些。我們在澳洲討論過這個問題，它也對歐洲的一些國家產生了一定的影響，這主要是由於一些監管變化以及一些短期業績——我們在這方面有很多全球業務，特別是我們的成長團隊和全球機會。

There's going to be, I think, a little bit more of a challenge in that region, specifically because of that, where clients are reallocating, the active passive debate rages, and then you've got that regulatory overhang causes it to be a little bit more challenging. But institutionally in the US marketplace, we are still continuing to see pretty good opportunities, and it's going to -- it's coming in our emerging markets franchises as well as in our credit franchises.

我認為，該地區將會面臨更大的挑戰，正是因為客戶正在重新配置資產，主動被動投資之爭愈演愈烈，再加上監管的限制，使得情況變得更加複雜。但就美國市場的機構層面而言，我們仍然看到相當不錯的機會，而這些機會將會出現在我們的新興市場業務以及信貸業務中。

So to your point, there's going to be some puts and takes. So it's going to be hard to tell exactly where it all shakes out. But I'd say US is probably a little bit more favorable in that regard institutionally relative to non-US.

所以正如你所說，肯定會有一些買入和賣出。所以，很難準確預測最終結果會如何。但我認為，就制度層面而言，美國在這方面可能比非美國國家更有優勢。

(Operator Instructions) This concludes our question-and-answer session and the Artisan Partners Asset Management business update and fourth-quarter 2025 earnings call. Thank you. You may now disconnect.

（操作員說明）問答環節、Artisan Partners Asset Management 業務更新和 2025 年第四季財報電話會議到此結束。謝謝。您現在可以斷開連線了。