Artisan Partners Asset Management Inc (APAM) 2026 Q1 法說會逐字稿

Welcome to the Artisan Partners Asset Management Business Update and Earnings Call. Today's call will include remarks from Jason Gottlieb, CEO; and C.J. Daley, CFO. Following these remarks, we will open the line for questions.

歡迎參加 Artisan Partners 資產管理業務更新與財報電話會議。今天的電話會議將由執行長 Jason Gottlieb 與財務長 C.J. Daley 發表談話。談話結束後，我們將開放提問。

Our latest results and investor presentation are available on the Investor Relations section of our website.

我們最新的業績結果與投資人簡報可於本公司網站的「投資人關係」專區取得。

Before we begin today, I would like to remind you that comments made during today's call, including responses to questions, may include forward-looking statements. These are subject to known and unknown risks and uncertainties, including, 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.

在今天開始之前，我想提醒各位，今日電話會議中的評論（包括對問題的回應）可能包含前瞻性陳述。此等陳述受已知與未知之風險與不確定性影響，包括但不限於我們財報新聞稿所載及於向美國證券交易委員會（SEC）申報文件中詳述之因素。這些風險與不確定性可能導致實際結果與陳述中揭露者出現重大差異；且在本次簡報後，我們不承擔更新或修訂任何此類陳述之義務。

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.

此外，我們今天的部分談話將提及非 GAAP 財務衡量指標。您可在財報新聞稿與補充資料中找到這些指標與最可比 GAAP 指標之調節表；相關資料可於我們的投資人關係網站取得。

Also, please note that nothing on this call constitutes an offer or solicitation to purchase or sell an interest in any Artisan investment product or a recommendation for any investment service.

另外請注意，本次電話會議中的任何內容均不構成對任何 Artisan 投資產品之權益的購買或出售要約或招攬，亦不構成對任何投資服務之建議。

I will now turn the call over to Jason.

接下來我將把電話會議交給 Jason。

Thank you for joining the call today. At Artisan Partners, our purpose is to generate and compound wealth for our clients over the long term. We do so by maintaining an ideal home for investment talent, providing a unique combination of autonomy, degrees of freedom, resources and support.

感謝各位今天加入電話會議。在 Artisan Partners，我們的宗旨是為客戶長期創造並複利累積財富。我們透過打造投資人才的理想歸屬，提供獨特的自主性、自由度、資源與支援的組合來實現此目標。

Our model has proven repeatable over time as we have steadily expanded our capabilities across equities, credit and alternatives. Across a wide range of market environments, we have maintained our focus on high value-added investing, driving positive outcomes for both our clients and our shareholders.

隨著我們在股票、信用與另類投資領域穩健擴展能力，我們的模式已在時間推移中證明具可重複性。面對各種市場環境，我們始終專注於高附加價值的投資，為客戶與股東帶來正向成果。

Long-term investment performance remains strong across our platform with 74% of our AUM outperforming their benchmarks over 3 years, 76% over 5 years and 99% over 10 years gross of fees. All 12 Artisan strategies with track records over 10 years have outperformed their benchmarks since inception, net of fees. These 12 strategies have compounded capital at average annual rates between 6% to nearly 13% and have exceeded their benchmarks by an average of 202 basis points annually, net of fees.

我們平台的長期投資績效依然強勁：以費用前（gross of fees）計算，74% 的管理資產（AUM）在 3 年期超越基準，5 年期為 76%，10 年期為 99%。所有 12 檔具 10 年以上績效紀錄的 Artisan 策略，自成立以來皆以費用後（net of fees）計算超越其基準。這 12 檔策略的資本複利年化報酬率介於 6% 至接近 13%，且以費用後計算，每年平均超越基準 202 個基點。

Highlighting our track record of positive long term investment outcomes, 2 of our investment teams were recently recognized by Morningstar and Lipper for investment excellence. Morningstar nominated the Global Value team's Dan O'Keefe for the 2026 Morningstar Award for Investing Excellence, Outstanding Equity Portfolio Manager. Lipper named the team's Global Value Fund, institutional class, the best fund in its Global Large Cap Value Funds category for the 3-, 5- and 10-year periods ended December 31, 2025.

為凸顯我們長期正向投資成果的紀錄，近期有 2 個投資團隊獲 Morningstar 與 Lipper 表彰投資卓越。Morningstar 提名全球價值（Global Value）團隊的 Dan O'Keefe 角逐 2026 年 Morningstar 投資卓越獎（Morningstar Award for Investing Excellence）之「傑出股票投資組合經理」。Lipper 則將該團隊的 Global Value Fund（機構級別）評為其「全球大型股價值基金」類別中，截至 2025 年 12 月 31 日止之 3 年、5 年與 10 年期間的最佳基金。

Lipper also named Select Equity Fund, institutional class, the best fund in its Global Multi-Cap Value Funds category for the trailing 3-year period ended December 31, 2025. Lipper also named the EMsights Capital Group's Global Unconstrained Fund, institutional class, as the best fund in its Global Income Funds category over the trailing 3-year period ending December 31, 2025.

Lipper 亦將 Select Equity Fund（機構級別）評為其「全球多市值價值基金」類別中，截至 2025 年 12 月 31 日止之近 3 年期間的最佳基金。Lipper 也將 EMsights Capital Group 的 Global Unconstrained Fund（機構級別）評為其「全球收益基金」類別中，截至 2025 年 12 月 31 日止之近 3 年期間的最佳基金。

External recognition is not our goal, but the consistency with which Artisan Partners has earned accolades like these across time, teams and asset classes validates the quality of our platform and the repeatability of our business model for both talent and clients. Congratulations to the Global Value team and the EMsights Capital Group on these recent recognitions.

外部肯定並非我們的目標，但 Artisan Partners 能在不同時間、不同團隊與不同資產類別中持續獲得此類獎項，印證了我們平台的品質，以及我們商業模式對人才與客戶而言的可重複性。恭喜全球價值團隊與 EMsights Capital Group 獲得這些近期的肯定。

Shorter-term trailing 1-year performance has been weighed down by underperformance in a couple of our largest equity strategies, all of which have strong long-term track records.

較短期的近 1 年績效受到我們幾個最大型股票策略中部分策略落後的影響；而這些策略皆具備強勁的長期績效紀錄。

Turning to Slide 4. Firm-wide net outflows in the first quarter were $3.1 billion. Outflows were concentrated in a few equity strategies where we saw clients derisking, reallocating after periods of asset class outperformance and some shifting to passive alternatives.

接著看第 4 頁投影片。第一季全公司淨流出為 31 億美元。資金流出主要集中在少數股票策略，我們看到客戶降低風險、在資產類別一段期間表現優於大盤後進行再配置，以及部分資金轉向被動式替代方案。

Those outflows mask positive business developments across many parts of the platform. Year-to-date, we have net inflows in 13 of our investment strategies. The Sustainable Emerging Market strategy raised $250 million in the first quarter and assets under management are nearing $3 billion.

然而，這些流出掩蓋了平台多個領域的正向業務進展。今年以來，我們有 13 項投資策略呈現淨流入。永續新興市場（Sustainable Emerging Market）策略在第一季募集 2.5 億美元，管理資產規模已接近 30 億美元。

We have continued our multiyear success in growing our credit businesses with $800 million of net inflows in the first quarter. This was our 15th consecutive quarter of positive credit flows.

我們在擴展信用業務方面延續多年來的成功，第一季淨流入 8 億美元。這是我們信用資金流連續第 15 個季度為正。

In alternatives, we raised $300 million in the first quarter, primarily in the Global Unconstrained strategy, where we continue to build a realizable pipeline. We expect to see continued strong business development in credit and alternatives, while the backdrop in equities is more challenging and difficult to predict.

在另類投資方面，我們第一季募集 3 億美元，主要來自 Global Unconstrained 策略；我們持續建立可落地的潛在案源（pipeline）。我們預期信用與另類投資將持續有強勁的業務拓展，而股票市場的背景則更具挑戰且較難預測。

Our teams have been operating efficiently during a recent market volatility. At the end of last week, our AUM was back up to nearly $184 billion, near the all-time high that we achieved in late February.

在近期市場波動期間，我們的團隊運作效率良好。截至上週末，我們的 AUM 已回升至接近 1,840 億美元，接近我們在 2 月下旬創下的歷史新高。

Our business and f inancial model allows us to remain focused on delivering high value-added investment outcomes for clients, servicing our existing clients while actively developing new client opportunities across channels globally.

我們的業務與財務模式使我們能持續專注於為客戶提供高附加價值的投資成果；在服務既有客戶的同時，也在全球各通路積極開發新的客戶機會。

Slide 5 highlights our methodical approach to expanding our platform with new talent and investment capabilities. In the first quarter, we onboarded Grandview Property Partners, a real estate private equity investment firm specializing in U.S. middle market assets and laid the groundwork to launch the team's next flagship fund later this year.

第 5 頁投影片重點說明我們以有條不紊的方式，透過引進新人才與新投資能力來擴展平台。第一季我們完成 Grandview Property Partners 的加入；該團隊為不動產私募股權投資公司，專注於美國中型市場資產，並已為今年稍晚推出該團隊下一檔旗艦基金奠定基礎。

We also added key distribution talent in EMEA and the intermediate wealth channel and filed an exemptive relief application with the SEC to offer ETF share classes of Artisan mutual funds.

我們也在 EMEA 地區與中階財富通路增補關鍵銷售/通路人才，並向 SEC 提交豁免救濟（exemptive relief）申請，以提供 Artisan 共同基金的 ETF 股份類別。

These investments build on success we are seeing with additional distribution resources accessing the intermediate wealth channel, in particular, and the broadening and modernizing of our investment vehicle capabilities with custom credit solutions and model delivery.

這些投資建立在我們所見的成功之上：新增的通路資源，特別是在中階財富通路的觸達；以及透過客製化信用解決方案與模型化交付（model delivery），擴大並現代化我們的投資載具能力。

The asset management landscape remains dynamic, and we are actively exploring opportunities to expand the breadth of our platform. We are looking at a full range of opportunities from individual lift-out to larger acquisitions.

資產管理產業格局仍然多變，我們正積極探索擴大平台廣度的機會。我們評估的機會範圍涵蓋從單一團隊的整體延攬（lift-out）到較大型的併購。

Our platform remains differentiated and compelling for great investment talent, and we have more ways to access, resource, support talent than ever before.

我們的平台對優秀投資人才而言仍具差異化與吸引力，而且我們比以往任何時候都有更多方式來接觸、配置資源並支援人才。

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

接下來我把時間交給 C.J.，請他回顧我們近期的財務結果。

Thanks, Jason. Our complete GAAP and adjusted results are detailed in our earnings release.

謝謝你，Jason。我們完整的 GAAP 與調整後（adjusted）結果已在財報新聞稿中詳述。

We exited 2025 with record assets under management, a new all-time high in quarterly revenue and our second highest annual revenues and earnings. As of March 31, 2026, assets under management were $173 billion, down 4% from the December quarter and up 7% year-over-year.

我們在 2025 年底以創紀錄的管理資產規模作收，季度營收創下歷史新高，年度營收與獲利則為歷來第二高。截至 2026 年 3 月 31 日，管理資產為 1,730 億美元，較 12 月季度下降 4%，較去年同期增加 7%。

Average AUM was $182 billion, up 1% sequentially and up 9% compared to the prior year quarter. While AUM declined sharply in March due to market conditions, it has largely recovered in April, as Jason mentioned.

平均管理資產規模（AUM）為1,820億美元，較前一季增加1%，較去年同期增加9%。雖然AUM在3月因市場狀況而大幅下滑，但如Jason所提及，4月已大致回升。

Revenues were $303 million, down 10% from the December quarter and up 9% compared to the prior year quarter. The sequential decline was primarily due to the expected absence of performance fees as the December quarter included $29 million of performance fees realized across 6 strategies, with the majority of our performance fee opportunities measured and realized annually in that period.

營收為3.03億美元，較12月季度下降10%，較去年同期增加9%。季比下滑主要是因為如預期般缺少績效費收入，因12月季度包含在6項策略中實現的2,900萬美元績效費，而我們多數績效費機會是在該期間按年度衡量並實現。

In addition, approximately $6 million of the sequential decrease in revenue was due to 2 fewer days in the first quarter of 2026.

此外，營收季比減少中約有600萬美元是因2026年第一季少了2個交易日所致。

Our weighted average fee rate for the quarter was 67 basis points, down from the December quarter due to the absence of performance fees.

本季加權平均費率為67個基點，較12月季度下降，原因是缺少績效費。

Adjusted operating expenses increased 4% compared to the December quarter, primarily due to the addition of expenses of Grandview Property Partners, seasonal expenses and the impact of long-term compensation expense.

調整後營運費用較12月季度增加4%，主要因新增Grandview Property Partners的費用、季節性費用，以及長期薪酬費用的影響。

Our full year 2026 expense guidance remains unchanged. Excluding approximately $20 million of incremental fixed expenses related to long-term incentive compensation and Grandview, we continue to expect fixed expenses to increase at low single-digit rate in 2026.

我們對2026年全年費用指引維持不變。若排除與長期激勵薪酬及Grandview相關、約2,000萬美元的新增固定費用，我們仍預期2026年固定費用將以低個位數的增幅成長。

Compared to the prior year quarter, adjusted operating expenses increased 11%, driven primarily by higher variable incentive compensation associated with increased revenues.

與去年同期相比，調整後營運費用增加11%，主要由於營收增加帶動較高的變動性激勵薪酬。

As a result, adjusted operating income decreased 30% sequentially and increased 6% year-over-year. The decline in margin compared to the prior year quarter was primarily a result of the addition of Grandview results.

因此，調整後營運利益季比下降30%，年比增加6%。相較去年同期，利潤率下滑主要是因納入Grandview的業績所致。

Adjusted net income per adjusted share declined 31% from the December quarter and increased 5% compared to the prior year quarter, consistent with operating income trends.

每股調整後淨利（以調整後股數計）較12月季度下降31%，較去年同期增加5%，與營運利益趨勢一致。

In our non-GAAP measures, nonoperating income includes only interest income and expense. While valuation changes in our seed investments impact shareholder economics, we exclude these changes from adjusted results to provide greater transparency into our core operating performance.

在我們的非GAAP衡量中，非營運收入僅包含利息收入與利息費用。雖然我們種子投資的估值變動會影響股東經濟利益，但我們將這些變動排除在調整後結果之外，以更清楚呈現核心營運表現。

Our balance sheet remains strong with $271 million in cash. During the first quarter, we redeemed approximately $50 million of seed capital, reducing seed investments on the balance sheet to $110 million.

我們的資產負債表仍然穩健，持有2.71億美元現金。第一季期間，我們贖回約5,000萬美元的種子資本，使資產負債表上的種子投資降至1.10億美元。

Proceeds from seed capital redemptions are included in cash available for corporate purposes, reinvestment or potential return to shareholders through our year-end special dividend.

種子資本贖回所得款項計入可供公司用途的現金，可用於再投資，或透過我們年終特別股利潛在回饋股東。

Consistent with our dividend policy, our Board of Directors declared a quarterly dividend of $0.77 per share for the March 2026 quarter, representing a 24% decrease from the prior quarter and a 13% increase year-over-year.

依循我們的股利政策，董事會宣告2026年3月季度每股0.77美元的季度股利，較前一季下降24%，較去年同期增加13%。

The sequential decline reflects lower cash generation due primarily to the absence of performance fees and seasonal expense patterns in the first quarter.

季比下滑反映現金創造能力降低，主要因缺少績效費，以及第一季季節性費用型態所致。

After funding the quarterly dividend, we retained approximately $150 million of excess capital to support organic growth initiatives, evaluate potential M&A opportunities or return to shareholders.

在支付季度股利後，我們保留約1.50億美元的超額資本，以支持有機成長計畫、評估潛在併購（M&A）機會，或回饋股東。

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

以上是我事先準備的發言。接下來我把電話交回給接線員。

Ladies and gentlemen, at this time, we'll begin that question-and-answer session. (Operator Instructions)

各位女士、先生，現在我們將開始問答環節。（接線員指示）

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Okay, thank you very much for taking the questions. So first question, I guess, in your prepared comments, it was also in the commentary yesterday with the release, you mentioned just sort of the equity attrition. I was just wondering where do you think we stand in terms of that reallocation.

好的，非常感謝讓我提問。第一個問題，我想在你們的事先準備發言中，以及昨天隨著公告發布的評論裡，你們提到某種程度上的股票資產流失（equity attrition）。我想請教你們認為目前在這種再配置方面進展到哪個階段。

And then within the $182 billion that you cited -- $184 billion, excuse me, that you cited to last week, maybe frame sort of what you're seeing in terms of that equity attrition.

另外，在你提到的1,820億美元——抱歉，是你上週提到的1,840億美元——之中，能否說明一下你們在股票資產流失方面觀察到的情況？

And then maybe the broader question on the institutional pipeline at large, maybe talk about how that has been reshaped a little bit between EM and credit versus what you might know on the equity side. Thank you.

再來，關於整體機構客戶案源（pipeline）的大方向，能否談談相較於股票端，你們看到新興市場（EM）與信貸之間的變化，如何讓案源結構有些重新塑形？謝謝。

Bill, I'll just talk about the equity business for a second. There were 2 really primary drivers. The f irst one was just the rebalancing that we experienced across the international strategies that we have, given the strength in the EAFE market being up 30% relative to still a relatively strong U.S. market.

Bill，我先簡單談一下股票業務。主要有兩個驅動因素。第一個是我們在國際策略上所經歷的再平衡，因EAFE市場相對於仍然相當強勁的美國市場，上漲了30%。

We experienced it across a number of teams within our International Value franchise, in particular, just given the size and the nature of their business. As you know, David and the International Value team have been closed for -- soft closed for quite a long time, but he's always been able to manage the capacity and just the flow dynamics to sort of a neutral to a slight forward lean. We would expect that to remain in place.

我們在國際價值（International Value）系列中的多個團隊都感受到這點，特別是考量到他們業務的規模與性質。如你所知，David與國際價值團隊已經關閉——採取軟性關閉（soft closed）——相當長一段時間，但他一直能管理容量以及資金流動的動態，使其維持在中性到略為偏前的狀態。我們預期這種狀態會持續。

Everything that we have seen in that book of business has been very much rebalance oriented. There hasn't been any termination activity.

我們在該業務組合中看到的一切都非常偏向再平衡導向，並沒有任何終止委任（termination）活動。

The other piece of it is coming from our growth business, which is another obviously large component of our AUM. And when you look at that, there's a lot of underlying dynamics that are occurring.

另一部分則來自我們的成長型（growth）業務，這顯然也是我們AUM的另一個大型組成。當你看這一塊時，底層有許多動態正在發生。

The first one is our global opportunity strategy remains a little bit challenged when it comes to some shorter and intermediate-term performance, and that is causing some headwinds and challenges with some of our institutional relationships globally.

第一點是，我們的全球機會（global opportunity）策略在短期與中期績效方面仍有些挑戰，這使我們在全球部分機構客戶關係上面臨一些阻力與挑戰。

But I would point out that there's actually a lot of interesting and important positive developments that are occurring inside of that business.

但我也要指出，該業務內部其實正在出現許多有趣且重要的正面發展。

First and foremost, the franchise fund that we launched about a year or so ago, raised net $400 million in flows in the quarter from a global client that's getting us pretty close to $1 billion in AUM there.

首先也是最重要的是，我們約在一年前推出的旗艦基金（franchise fund），本季來自一位全球客戶的淨流入達4億美元，使該產品AUM接近10億美元。

The mid-cap growth strategy, which is another large strategy on that team, has seen a very meaningful performance turnaround that began in late '24, really started accelerating into '25, and we're continuing to see it in '26 that we think will continue to help bolster that.

中型股成長（mid-cap growth）策略——也是該團隊的另一個大型策略——其績效出現非常顯著的反轉，始於2024年末，並在2025年加速，我們在2026年也持續看到這個趨勢，並認為將持續提供支撐。

And Global Discovery, which is another meaningful opportunity within that franchise, is also seeing really good pipeline activity given their stable and good long-term performance.

而Global Discovery——該系列中另一個重要機會——也因其穩定且良好的長期績效，正看到非常不錯的案源活動。

And so that's really what we're seeing from an equity perspective. It's been primarily institutionally focused given the rebalance and some of the challenges coming from global opportunities.

因此，從股票角度來看，我們看到的主要是機構端的影響，原因在於再平衡，以及全球機會策略帶來的一些挑戰。

When you look at emerging markets, we're actually seeing really good opportunities. As you all know, this was an asset class that was left for dead up until 2025.

再看新興市場，我們其實看到非常好的機會。如各位所知，這個資產類別在2025年之前幾乎被市場判了死刑。

We've seen some really good performance coming from not only the asset class, but importantly from our teams, Sustainable Emerging Markets in particular.

我們看到不僅是該資產類別本身，且更重要的是我們的團隊——尤其是永續新興市場（Sustainable Emerging Markets）——帶來了非常好的績效。

The $250 million flow that we saw for the quarter is really -- I think, is the beginning of what should be a good path to being able to crystallize the great performance that the team has been able to put up over the course of the last several quarters.

本季我們看到的2.5億美元資金流入，我認為只是開始，應該會是一條良好的路徑，讓我們能把團隊在過去幾個季度所創造的優異績效具體轉化（crystallize）為成果。

And we would continue to believe that, that will be a good opportunity for us as we look out as it relates to the pipeline.

而且我們仍然相信，展望未來，就案源而言，這將會是我們的一個良好機會。

Okay. And then as a follow-up, so we ended the commentary just in terms of the -- maybe the pipeline for team lift-outs and acquisitions.

好的。接著作為後續追問，我們剛才的評論是就——也許是團隊整體挖角（team lift-outs）與併購的管線而言。

I appreciate you sort of working on Grandview right now. How does that look today, maybe where you were either a year ago or even last quarter in terms of nature of the pipeline, where it is seasoned and where you're sort of leaning into in terms of incremental opportunity? Thank you.

感謝你目前在 Grandview 這件事上的推進。就今天來看，相較於一年前甚至上個季度，在管線的性質、成熟度，以及你們在增量機會上更傾向著力的方向，現在看起來如何？謝謝。

Yes. So as I've mentioned in previous calls, our investment strategy group and the broader management team is operating extremely efficiently, not only with the existing platform and franchises, but certainly, we've been working aggressively with the external opportunity set.

是的。正如我在先前的電話會議中提到的，我們的投資策略團隊以及更廣泛的管理團隊運作得非常高效，不僅是在既有平台與各項投資事業（franchises）上，當然我們也一直在積極推進外部機會集合。

And there's really 2 areas in particular that we're focused on. It's something that we've talked about for a little while, which is the ability to expand our credit business and our ability to expand our alternatives platform.

我們特別聚焦在兩個領域。這也是我們談了一段時間的：一是擴大我們的信貸業務能力，二是擴大我們的另類投資平台能力。

There's really good opportunities that we're seeing to expand more traditional credit globally, so much so that we think there's a strong possibility that we could get something done by the end of the year. So we're pretty excited about that. But as I've said in the past, you never say it's done until it's done. And we see strange behavior and activity always happens near the end of the end of the road when we cross that Rubicon, but we still feel very good about where we're at, and we think this will be a big opportunity for our platform.

我們看到非常好的機會，可以在全球擴展較傳統的信貸業務，甚至我們認為很有可能在年底前把某件事做成。所以我們對此相當興奮。但如我過去所說，不到真正完成之前，都不能說已經完成。當我們跨過那條盧比孔河（Rubicon）接近終點時，總會出現一些奇怪的行為與動態，但我們仍然對目前所處的位置感到非常有信心，也認為這會是我們平台的一個重大機會。

When you look at the M&A landscape, again, we're seeing a really robust pipeline. It's coming in all the areas that we talked about, differentiated credit, secondaries in both private equity as well as real assets.

從併購（M&A）環境來看，我們再次看到非常強勁的管線，涵蓋我們談到的所有領域：差異化信貸、私募股權與實體資產兩方面的次級市場（secondaries）。

Private credit, not surprisingly, is becoming incrementally a little bit more interesting. It's an area that we've sort of shied away from given the lack of what we've seen from a cycle perspective. It's hard to tell whether what we're hearing and seeing is truly a cycle or it's just idiosyncratic situations happening, but we're very focused on having good conversations there.

私募信貸（private credit）不意外地正變得更有意思一些。由於我們從週期角度所看到的情況有限，過去我們對這個領域相對保持距離。很難判斷我們聽到與看到的究竟是真正的週期性變化，還是只是一些特定（idiosyncratic）的個別事件，但我們非常專注於在那裡進行高品質的交流與討論。

And so I would -- in terms of where the pipeline looks and how it feels relative to past, I think it's incrementally gotten a little bit stronger. And clearly, we feel very good about the forward lean with this opportunity to get something done to globalize credit.

因此——就管線的樣貌以及相較於過去的感受而言，我認為它在邊際上變得更強了一些。而且很明顯地，對於把信貸全球化、把事情做成的這個機會，我們對於前傾投入（forward lean）的態度感到非常有信心。

And it's also important to point out that we're constantly evaluating and doing a lot of R&D opportunities with our existing businesses. And there are incremental opportunities. There's 2 in particular that we're working through. And if they come to fruition, we think they could be very meaningful and interesting opportunities. But they're still -- it's in the R&D phase. So it's a little early to discuss those.

同時也很重要的一點是，我們一直在持續評估，並在既有業務上做大量的研發（R&D）機會探索。確實存在一些增量機會，其中我們特別在推進兩項。如果它們能夠落地，我們認為可能會是非常有意義且有趣的機會。但目前仍在研發階段，所以現在討論還稍早。

Thank you very much.

非常感謝。

(Operator Instructions)

（接線員指示）

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

Thank you. I just was wondering, are there any institutional client segments that historically you hadn't done much with that you're targeting now that you have a bunch of newer strategy areas?

謝謝。我想請教的是：在機構客戶方面，是否有任何你們過去較少涉足、但現在因為新增了許多策略領域而正在鎖定的機構客群？

I don't think institutionally, John, there's any new client segment that hasn't been tapped or we don't have a really good handle on.

John，就機構端而言，我不認為有任何尚未被觸及、或我們沒有很好掌握的新客群。

I think the majority of where we're seeing opportunity is in the intermediate wealth space. We've built out the platform in terms of the people, the capabilities, both in the U.S. and -- more recently, we've done some recruiting and hiring and onboarding in both the U.K. market as well as the European market and as well as in EMEA that we think will -- and is, frankly, even over the short term, started to yield some interesting results.

我認為我們看到的大多數機會是在中階財富（intermediate wealth）領域。我們已在人才與能力面把平台建置起來，涵蓋美國以及——更近期——我們在英國市場、歐洲市場以及 EMEA 也進行了一些招募、聘用與到職導入（onboarding）。我們認為這些投入將會——而且坦白說，即使在短期內——已開始帶來一些有趣的成果。

The intermediate wealth platform being able to have a slight positive flow for the quarter, I think, is a really good indication. You look at the -- if you sort of break the flow pattern down a little bit between gross in and gross out, it was our second best gross inflow quarter dating back to, I think, the first or second quarter of 2021 when there was a lot of equity activity.

中階財富平台本季能夠出現小幅正向淨流入，我認為是一個很好的指標。若把資金流向稍微拆解成總流入與總流出來看，這是我們自 2021 年第一或第二季（當時股票市場活動非常熱絡）以來，第二高的總流入季度。

And so we feel good that there's a correlation between the quality and the talent that we've brought on and the outcome that we're seeing from an inflow perspective. We obviously have to work through a few of the equity strategies that we talked about from a rebalancing as well as from a performance perspective.

因此，我們對於我們引進的人才品質與能力，與我們在資金流入面所看到的結果之間存在關聯性，感到樂觀。當然，我們仍需要處理我們談到的幾個股票策略，包含再平衡以及績效表現層面的問題。

But what we're seeing is from an intermediate wealth perspective, it feels very good. And institutionally, we just have to continue to block and tackle with some of our larger relationships.

但就中階財富而言，我們看到的狀況讓人感覺非常好。而在機構端，我們只需要持續把一些大型關係的基本功做好（block and tackle）。

Got it. And then maybe just on that, is there anything you can point to as far as like line of sight to any larger mandates that might be looking to exit? And just maybe a wraparound of regionally how the institutional side, the things impacting demand in the different regions?

了解。那再延伸一下，你是否能指出任何跡象，例如對於可能要退出的較大型委託案（mandates）是否有較清楚的能見度？另外，也請你從區域角度概括一下機構端在不同地區的需求受到哪些因素影響？

Yes. I don't have a strong perspective when it comes to line of sight.

是的。就能見度（line of sight）而言，我沒有很強的看法。

We're heavily engaged with all of our institutional relationships, the teams that sit alongside our investment franchises that service are certainly well equipped to handle and provide us with a little intel. And we just don't see any direct line of sight when it comes to massive outflows or massive inflows.

我們與所有機構客戶關係都保持高度互動；與我們各投資事業並肩、負責服務的團隊也確實具備能力，能提供我們一些情報。但我們並沒有看到任何關於大規模資金流出或大規模資金流入的直接能見度。

I think it's been just this steady state of let's make sure that we stay close to clients, certainly when performance is a little bit more challenging and continue to build on that relationship, recognizing that we have work to do.

我認為目前就是一種穩態：確保我們與客戶保持緊密連結，尤其是在績效較具挑戰時，並持續深化關係，同時也承認我們還有工作要做。

Where we have good, strong forward lean when it comes to performance, we're doing our best to lean in there, and we are seeing some green shoots in those areas. And so it could be a bit of an exchange of kicks where we'll have some attrition in areas where we have some weaker performance.

在我們對績效有良好、強勁的前瞻把握之處，我們會盡力加大投入，而我們也在那些領域看到一些初現的正向訊號（green shoots）。因此，可能會有點像此消彼長：在某些績效較弱的領域，我們可能會出現一些流失（attrition）。

But as I mentioned on my initial commentary, we have some really great capabilities. I'd mentioned Global Value. I'm sure you've seen some of the performance that's coming out of Mark Yockey's group and the Global Equity team, both international and global, our sustainable emerging markets franchise that's getting a lot of looks institutionally as well.

但如我在開場評論中提到的，我們有一些非常出色的能力。我提到了 Global Value。我相信你也看到了 Mark Yockey 團隊與全球股票（Global Equity）團隊（包含國際與全球策略）所展現的部分績效；我們的永續新興市場（sustainable emerging markets）投資事業在機構端也獲得很多關注。

And so we feel good about the positioning, recognizing that inevitably, you're always going to have a strategy or two that's got a little bit of a challenge, and we're doing our best to maintain our discipline around those strategies.

因此，我們對於目前的定位感到樂觀，同時也理解不可避免地，總會有一兩個策略面臨一些挑戰，而我們也會盡力在這些策略上維持我們的紀律。

Thanks very much.

非常感謝。

Operator And with that, we'll be concluding today's question-and-answer session as well as today's conference call. We do thank everyone for attending. Have a pleasant day. You may now disconnect your lines.

接線員：至此，我們將結束今天的問答環節以及今天的電話會議。感謝各位與會。祝各位有美好的一天。您現在可以掛斷電話線。