Artisan Partners Asset Management Inc (APAM) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Artisan Partners Asset Management business update and second-quarter 2026 earnings call. (Operator Instructions) Please also note today's event is being recorded.

各位好，歡迎參加 Artisan Partners Asset Management 業務更新暨 2026 年第二季財報電話會議。(接線員指示) 另請注意，今天的活動將被錄音。

At this time, I'd like to turn the conference call over to Artisan Partners Asset Management. Please go ahead.

此刻，我想將電話會議交給 Artisan Partners Asset Management。請開始。

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.

歡迎參加 Artisan Partners Asset Management 業務更新暨財報電話會議。今天的電話會議將由執行長 Jason Gottlieb 與財務長 CJ Daley 發表談話。在上述談話之後，我們將開放提問。

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

我們最新的業績結果與投資人簡報可於本公司網站「投資人關係」專區取得。在今天開始之前，我想提醒各位，今天電話會議中的評論（包括對問題的回應）可能包含前瞻性陳述。這些陳述受已知與未知的風險與不確定性影響，包括但不限於我們財報新聞稿所列示以及在向美國證券交易委員會（SEC）申報文件中詳述的因素。

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

這些風險與不確定性可能導致實際結果與該等陳述所揭露者存在重大差異；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 指標之間的調節表；相關資料可於我們的投資人關係網站取得。

Also, please note that nothing on this call constitutes an offer or solicitation to purchase or sell an interest in any Artisan Investment product or a recommendation for any investment 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 投資產品之權益的要約或招攬買賣，亦不構成對任何投資服務的建議。

I will now turn it over to Jason.

現在我把時間交給 Jason。

Thank you for joining the call today. Our purpose at Artisan Partners remains unchanged: to generate and compound wealth for our clients over the long term. That purpose continues to guide every aspect of our business. We believe our autonomous investment team model, combined with the disciplined business management and thoughtful long-term growth initiatives, differentiates Artisan Partners and creates durable value for clients and shareholders alike.

感謝各位今天加入電話會議。Artisan Partners 的宗旨始終不變：為客戶在長期創造並複利累積財富。這一宗旨持續指引我們業務的每一個面向。我們相信，自主的投資團隊模式，結合嚴謹的企業管理與審慎的長期成長計畫，使 Artisan Partners 脫穎而出，並為客戶與股東共同創造持久價值。

The second quarter demonstrated the resilience of that business model. We delivered record quarter-end assets under management, strong investment performance across much of the platform, continued growth in credit and alternatives, and another quarter of attractive financial performance despite continued headwinds in several equity strategies.

第二季展現了該商業模式的韌性。我們在季末交出創紀錄的資產管理規模（AUM），平台多數策略投資績效強勁，信用與另類投資持續成長；儘管多項股票策略仍面臨逆風，我們仍再度繳出亮眼的財務表現。

As we have discussed, we are building a diversified global investment platform focused on producing attractive long-term growth across market cycles. The results this quarter reinforce that strategy.

如同我們先前所討論的，我們正打造一個多元化的全球投資平台，聚焦於在不同市場循環中創造具吸引力的長期成長。本季結果再次印證了這項策略。

Strong investment performance continues to create opportunities for growth, particularly as clients increasingly seek differentiated active managers. Long-term investment performance remained strong across our platform with 86% of our AUM outperforming their benchmarks over three years, 77% over five years, and 99% over 10 years gross of fees.

強勁的投資績效持續帶來成長機會，特別是在客戶日益尋求具差異化的主動式管理人的背景下。我們平台的長期投資績效依然強勁：以費用前計算，86% 的 AUM 在三年期間跑贏基準，五年為 77%，十年為 99%。

The 12 Artisan strategies with track records over 10 years have compounded capital at average annual rates between 6% and 13%. Since inception, their average annual rates of return have in the aggregate, exceeded their benchmarks by an average of 189 basis points annually, net of fees. The investment performance of our equity strategies improved meaningfully over the one- and three-year time horizons, with 81% of our AUM outperforming their benchmarks over one year and 84% over three years, gross of fees.

12 項具 10 年以上績效紀錄的 Artisan 策略，其資本複利成長的平均年化報酬率介於 6% 至 13%。自成立以來，這些策略的整體平均年化報酬率在扣除費用後，合計每年平均超越其基準 189 個基點。我們的股票策略投資績效在一年與三年的時間區間內顯著改善；以費用前計算，81% 的 AUM 在一年期間跑贏基準，三年為 84%。

During the quarter, global equity markets rebounded sharply before volatility returned in June. Our investment teams navigated well, generating more than $20 billion of returns for our clients.

本季期間，全球股市在大幅反彈後，於 6 月再度出現波動。我們的投資團隊應對得宜，為客戶創造超過 200 億美元的報酬。

Turning to slide 4. We continually evaluate our investment franchises against both client demand and long-term economic viability. As previously announced, following the loss of two large sub-advisory mandates in the US Value business, we concluded the prudent decision was to wind down the US Value team and redeploy resources toward areas where we see substantially greater long-term opportunity.

請看投影片第 4 頁。我們持續從客戶需求與長期經濟可行性兩方面，評估各投資事業體。如先前所宣布，在美國價值（US Value）業務失去兩項大型次顧問委任後，我們認為較為審慎的決策是逐步結束美國價值團隊，並將資源重新配置至我們認為具顯著更大長期機會的領域。

The US Value franchise has been an important part of Artisan Partners for nearly 30 years, and we are extremely proud of what the team has accomplished for clients and shareholders during that time. We expect the wind-down to be largely completed by the end of the third quarter, and CJ will describe the financial impact during his remarks.

美國價值事業體近 30 年來一直是 Artisan Partners 的重要組成，我們對該團隊在此期間為客戶與股東所達成的成果深感自豪。我們預期此一逐步結束作業將在第三季末前大致完成，CJ 將在其談話中說明財務影響。

Including the US Value outflows, net client outflows totaled $10.5 billion during the quarter. Approximately $9.2 billion or nearly 90% of the total net outflows came from the US Value and Growth teams, with $6.4 billion from US Value and $2.8 billion from Growth.

包含美國價值的資金流出在內，本季客戶淨流出合計 105 億美元。約 92 億美元（接近總淨流出的 90%）來自美國價值與成長（Growth）團隊，其中美國價值 64 億美元、成長 28 億美元。

We continue to diversify our platform and execute on growth opportunities. Credit strategies generated nearly $700 million of net inflows, representing our 16th consecutive quarter of positive organic growth and a 15% annualized organic growth rate. Alternative strategies have gathered approximately $300 million of net inflows, representing a 25% annualized organic growth rate and positive organic growth in five of the last six quarters.

我們持續推動平台多元化並執行成長機會。信用策略帶來近 7 億美元的淨流入，為連續第 16 季實現正向有機成長，年化有機成長率為 15%。另類投資策略募集約 3 億美元的淨流入，年化有機成長率為 25%，且在過去六季中有五季呈現正向有機成長。

Within equities, we secured a $1 billion Global Discovery institutional mandate, and our sustainable emerging market strategy continues to attract meaningful new client capital. Throughout the history of Artisan Partners, we have evolved the platform while remaining true to the principles that have defined the firm since its founding: high value-added investing, talent-driven strategies, and alignment with long-term asset allocations.

在股票方面，我們取得一項 10 億美元的 Global Discovery 機構委任案；同時，我們的永續新興市場策略持續吸引具規模的新客戶資金。在 Artisan Partners 的歷史中，我們在堅守自創立以來所界定本公司的原則下，不斷演進平台：高附加價值的投資、以人才驅動的策略，以及與長期資產配置相一致的定位。

Consistent with these principles, we have successfully added new investment teams, expanded into attractive asset classes and increased the capabilities of our existing investment franchises. EMsights Capital Group demonstrates that strategy in action. This quarter marks the four-year anniversary of EMsights Capital Group.

秉持這些原則，我們成功新增投資團隊、拓展至具吸引力的資產類別，並提升既有投資事業體的能力。EMsights Capital Group 正是該策略落地的展現。本季是 EMsights Capital Group 成立滿四週年。

In four years, the team has built a distinctive business spanning three investment strategies, combining emerging market expertise with sophisticated derivative capabilities to deliver differentiated investment solutions for clients. Today, the team manages more than $5 billion of assets, supported by strong investment performance and growing client demand. We believe EMsights remains in the early stages of its growth opportunity.

四年來，該團隊建立了橫跨三項投資策略的獨特業務，結合新興市場專業與成熟的衍生性商品能力，為客戶提供具差異化的投資解決方案。目前該團隊管理超過 50 億美元資產，在強勁投資績效與日益成長的客戶需求支持下持續發展。我們認為 EMsights 的成長機會仍處於早期階段。

Looking ahead, we see meaningful potential to continue expanding the business through additional investment vehicles and broader distribution. EMsights demonstrates what our platform is designed to do: identify exceptional investment talent, provide the resources and autonomy to succeed, and build enduring investment franchises that create long-term value for clients and shareholders.

展望未來，我們看到透過新增投資載體與更廣泛的通路布局，持續擴大業務的可觀潛力。EMsights 展現了我們平台的設計初衷：辨識卓越的投資人才，提供成功所需的資源與自主性，並打造可長可久、為客戶與股東創造長期價值的投資事業體。

We are now applying that same long-term approach to Grandview Property Partners. Like EMsights, Grandview expands our platform into an attractive area of long-term client demand while preserving the autonomy that allows great investment talent to thrive.

我們現在也將同樣的長期方法應用於 Grandview Property Partners。如同 EMsights，Grandview 在維持能讓優秀投資人才茁壯的自主性之同時，將我們的平台拓展至一個具吸引力、且符合客戶長期需求的領域。

Since completing the acquisition of Grandview earlier this year, the investment team has maintained their distinctive investment philosophy, process and leadership. We are laying the foundation for Grandview's next phase of growth. We are making good progress on the launch of their new flagship fund, including advanced discussions with an anchor institutional investor and active engagement with many of the limited partners that supported Grandview's prior funds.

自今年稍早完成對 Grandview 的收購以來，投資團隊維持其獨特的投資理念、流程與領導架構。我們正為 Grandview 下一階段的成長奠定基礎。我們在推出其新的旗艦基金方面進展良好，包括與一位機構基石投資人進行深入洽談，並與多位曾支持 Grandview 先前基金的有限合夥人（LP）保持積極互動。

We recently hired a dedicated business leader to accelerate fundraising and expand institutional investor relationships. While it's early, we are encouraged by the progress to-date and are excited for the opportunities ahead. As we look ahead, we see meaningful opportunities across the investment platform.

我們近期聘任一位專責的業務主管，以加速募資並拓展機構投資人關係。雖然仍在早期階段，但我們對迄今的進展感到鼓舞，並對未來的機會充滿期待。展望未來，我們在整個投資平台上看到具實質意義的機會。

We are preparing to launch additional vehicles to meet evolving client demands, expanding our credit capabilities, advancing Grandview's next phase of growth and continuing to invest behind exceptional investment talent. Combined with our strong balance sheet and active pipeline of opportunities, we believe we're well positioned to drive long-term growth. We're excited about the opportunities ahead.

我們正準備推出更多投資載體以因應不斷演變的客戶需求，擴充我們的信用投資能力，推進 Grandview 下一階段的成長，並持續加碼投入於卓越的投資人才。結合我們強健的資產負債表與活躍的機會管線，我們相信公司已具備推動長期成長的良好定位。我們對未來的機會感到振奮。

I will now turn the call over to CJ to discuss our financial results.

我現在把電話交給 CJ，請他說明我們的財務結果。

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

謝謝你，Jason。我們完整的 GAAP 與調整後結果已在我們的財報新聞稿中詳述。

Assets under management ended the quarter at $183 billion, a record quarter end level and an increase of 6% from the March quarter and 5% from a year ago. Average assets under management were $182 billion, flat sequentially and up 9% compared to the June 2025 quarter. Year-to-date average AUM improved 9% over the prior six-month period.

管理資產規模（AUM）在本季末為 1,830 億美元，創下季末新高，較 3 月季度增加 6%，較去年同期增加 5%。平均管理資產規模為 1,820 億美元，較前一季持平，較 2025 年 6 月季度增加 9%。年初至今的平均 AUM 較前六個月期間提升 9%。

Revenues for the quarter were $308 million, up 2% from the March quarter, primarily reflecting one additional day during the quarter and a modest increase in our average fee rate. Compared to the June 2025 quarter, revenue increased 9%, driven by higher average assets under management.

本季營收為 3.08 億美元，較 3 月季度增加 2%，主要反映本季多了一個營業日，以及我們平均費率小幅上升。相較 2025 年 6 月季度，營收增加 9%，由較高的平均管理資產規模所帶動。

Our weighted average fee rate for the quarter was 68 basis points, up from the March quarter, primarily due to the loss of the US Value team mandates. Adjusted operating expenses declined 1% from the March quarter, primarily reflecting lower seasonal expenses and reduced long-term incentive compensation, offset in part by employee separation costs, including those associated with the wind-down of the US Value team.

本季加權平均費率為 68 個基點，較 3 月季度上升，主要因為美國價值（US Value）團隊委任案流失。調整後營運費用較 3 月季度下降 1%，主要反映季節性費用較低及長期激勵薪酬減少，但部分被員工離職相關成本所抵銷，其中包括與美國價值團隊結束營運相關的成本。

Looking ahead, the September quarter will be negatively impacted by approximately $0.03 per share compared to the second quarter as a result of the wind-down of the US Value team. Additionally, fixed expenses are expected to decline in the September quarter due to continued roll-off of seasonal expenses and a decline in employee separation costs. Fixed expense guidance has not changed for the year.

展望未來，9 月季度將因美國價值團隊結束營運而較第二季每股約負面影響 0.03 美元。此外，由於季節性費用持續回落以及員工離職成本下降，預期 9 月季度固定費用將下滑。全年固定費用指引維持不變。

Compared to the prior year quarter, adjusted operating expenses increased 7%, driven primarily by higher variable incentive compensation associated with increased revenues. As a result, adjusted operating income increased 8% sequentially to $101.4 million.

相較去年同期季度，調整後營運費用增加 7%，主要由於營收增加帶動的變動性激勵薪酬較高。因此，調整後營運利益較前一季增加 8% 至 1.014 億美元。

Adjusted operating margin expanded 180 basis points to 32.9% and adjusted earnings per share increased to $0.94. Compared to the second quarter of 2025, adjusted operating income increased 13%. Margin expanded 120 basis points and adjusted EPS increased 13%, highlighting the operating leverage inherent in our business model.

調整後營運利潤率擴大 180 個基點至 32.9%，調整後每股盈餘提升至 0.94 美元。相較 2025 年第二季，調整後營運利益增加 13%。利潤率擴大 120 個基點，調整後 EPS 增加 13%，凸顯我們商業模式內在的營運槓桿。

Looking at the year-to-date results, average assets under management increased 9% compared to the first half of last year, driving a 9% increase in revenue. Year-to-date adjusted operating expenses increased 9% from 2025, primarily from higher incentive compensation on elevated revenues.

就年初至今的結果而言，平均管理資產規模較去年上半年增加 9%，帶動營收增加 9%。年初至今調整後營運費用較 2025 年增加 9%，主要來自在較高營收水準下的激勵薪酬增加。

Adjusted operating income increased 10% to $195.6 million, adjusted operating margin improved to 32% and adjusted earnings per share increased 9% to $1.81.

調整後營運利益增加 10% 至 1.956 億美元，調整後營運利潤率改善至 32%，調整後每股盈餘增加 9% 至 1.81 美元。

In our non-GAAP measures, non-operating income includes only interest income and expense. The balance sheet remains strong with $335 million of cash.

在我們的非 GAAP 指標中，非營運收入僅包含利息收入與利息費用。資產負債表仍然穩健，現金為 3.35 億美元。

During the second quarter, we redeemed approximately $20 million of seed capital, reducing seed investments on the balance sheet to approximately $100 million. 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.

在第二季期間，我們贖回約 2,000 萬美元的種子資本，使資產負債表上的種子投資降至約 1 億美元。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年終特別股利等方式潛在回饋股東。

Consistent with our dividend policy, our Board of Directors declared a quarterly dividend of $0.80 per share for the June 2026 quarter, representing a 4% increase from the prior quarter and a 10% increase year over year. After funding the quarterly dividend, we retained over $180 million of excess capital to support organic growth initiatives, evaluate potential M&A opportunities or return to shareholders.

依循我們的股利政策，董事會宣告 2026 年 6 月季度每股 0.80 美元的季度股利，較前一季增加 4%，年增 10%。在支付季度股利後，我們仍保留超過 1.8 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.

以上為我準備的發言。我現在把電話交回給主持人。

(Operator Instructions) Kenneth Lee, RBC Capital Markets.

（主持人指示）RBC Capital Markets 的 Kenneth Lee。

Just from a high level, during the quarter, as you've been talking to the clients, I wonder if you could just characterize overall client appetite for emerging market and global risk assets more recently.

從較高層次來看，本季在你們與客戶交流時，我想請你們描述一下，近期客戶對新興市場以及全球風險資產的整體偏好如何。

Yes, we have seen a really strong demand for EM. They're looking for not only access to the asset class, but certainly, they're looking for differentiated capabilities. And we're seeing that flow through more specifically to our Sustainable Emerging Markets team. They've had a couple of good quarters of strong net new inflow,

是的，我們看到對新興市場（EM）的需求非常強勁。他們不僅希望取得該資產類別的曝險，也確實在尋找具差異化的能力。而我們看到這股需求更具體地反映在我們的永續新興市場團隊上。他們已連續幾季出現強勁的淨新增流入，

Growth, I believe, for the quarter, they were up about 2.35%, and for the year, they're sort of double that. The pipeline of activity, specifically in EM is robust. Pipelines need to be crystallized, but we are happy with what we're seeing there. I'd say more generally across global risk assets, specifically equity, there's maybe a slightly more cautious tone.

我記得本季成長約 2.35%，全年大概是其兩倍左右。特別是在新興市場方面，業務管線相當強勁。管線仍需落實成案，但我們對目前看到的情況感到滿意。更廣泛地看全球風險資產，尤其是股票，語氣可能稍微更為謹慎。

We've seen a fair bit of rebalancing. I look at the top separately managed accounts, which are institutionally focused just to see what kind of activity we're experiencing. And naturally, there's benefit payments and adjustments, but we saw a pretty broad-based rebalancing activity across a number of our largest relationships, nothing meaningful on an isolated basis.

我們看到相當程度的再平衡。我會特別觀察前幾大個別管理帳戶（SMA），這些多以機構為主，以了解我們正在經歷何種活動。當然會有給付支出與調整，但我們在多個最大客戶關係中看到相當廣泛的再平衡活動，單一事件來看都不算重大。

But when you sort of add it all up, it becomes relatively meaningful. But we are still seeing good opportunities in international. David and the International Value pipeline continues to be quite robust and strong across our global franchises and global strategies, we're seeing good interaction with clients.

但把它們加總起來，就變得相對有意義。不過，我們在國際市場仍看到不錯的機會。David 以及國際價值策略的業務管線在我們的全球特許經營與全球策略中仍然相當強勁，我們也看到與客戶良好的互動。

But I think where it tends to push people is they're tend to looking a little bit more across credit. They're tending to look for more goal or income-oriented strategies, and they're tending to focus a little bit more time and effort and attention on alternatives where they can get a, again, a differentiated return that might complement their current or existing equity portfolio that's done obviously very well coming out of COVID.

但我認為這往往會促使客戶更偏向信用市場。他們傾向尋找更以目標或收益為導向的策略，也傾向在另類投資上投入更多時間、精力與關注，以取得同樣具差異化的報酬，來補充其目前或既有的股票投資組合；該組合在 COVID 之後顯然表現非常好。

Just one follow-up if I may. I wonder if you could share your latest thoughts around any kind of outlook around potential platform expansion opportunities?

如果可以的話再追問一題。我想請你分享一下，你們對任何潛在平台擴張機會的最新看法與展望。

Yes. I'll highlight a few areas of expansion. I think there are two clear initiatives that we have. The first one is we're going to continue to focus our time, effort and attention in the areas where we see that overlap between asset allocation, demand, where we believe alpha is prevalent, and where we think the talent is available. And where we're really seeing a good source of opportunity and pipeline is certainly in credit. We think that there is good possibilities and opportunities for expansion more globally to our credit platform and franchise.

好的。我會強調幾個擴張領域。我認為我們有兩項明確的倡議。第一，我們將持續把時間、精力與注意力放在我們看到資產配置與需求重疊、我們相信 alpha 較為充沛、且我們認為人才可得的領域。而我們真正看到良好機會來源與管線的領域，確實是在信用。我們認為在全球範圍內擴展我們的信用平台與特許經營，有不錯的可能性與機會。

The second is within alternatives. And there's a couple of areas that we've talked about in the past, but I'll highlight one maybe that we spent a little less time on in the world of hedged equity, equity long-short in particular, with more of a focused bias to it. We've been sourcing and identifying really interesting talent within that sphere of the market.

第二是在另類投資之內。其中有幾個領域我們過去談過，但我想特別點出一個我們可能較少著墨的方向：避險股票（hedged equity），尤其是股票多空（equity long-short），並帶有更聚焦的偏好。我們一直在該市場領域尋找並辨識非常有意思的人才。

And we've seen a pretty meaningful uptick in the demand for hedged equity, which for the first time in a long time, is starting to bear itself out in terms of actual implementation and allocations. Those are two clear areas that we're focused on.

而且我們看到對避險股票的需求顯著上升；這是很長一段時間以來第一次，開始在實際執行與配置上真正反映出來。這是我們聚焦的兩個明確領域。

And then as we've discussed in the past, areas in private markets such as equity secondaries and real assets via either infrastructure or even a more global real estate to complement and sit within or alongside the Grandview Property Partners are also areas that we've been active in.

另外，如同我們過去討論過的，私募市場中的一些領域，例如股權次級市場（equity secondaries）以及透過基礎建設或甚至更全球化的不動產來布局的實體資產（real assets），以補充並納入 Grandview Property Partners 之內或與其並行，也都是我們一直積極投入的領域。

And they're coming, as you would expect, in both forms. So certainly willing and interested in looking at lift-outs, which is our bread and butter, but we're also considering inorganic opportunities for growth where we see that really first or second generation of talent that we can partner with and align ourselves and the firm alongside our clients to potentially bring a new team on.

而且如你所預期的，它們正以兩種形式出現。因此，我們當然願意且有興趣評估「整隊挖角」（lift-outs）——這是我們的核心強項——但我們也在考慮非有機的成長機會；在我們看到真正第一代或第二代的人才、且能與之合作並使我們與公司能與客戶站在同一陣線時，我們可能會引進一個新團隊。

Then the second piece that we talked a little bit about that's been a strategic initiative is just the broadening the aperture of the vehicles. So trying to get in between and find the intersection between where and how our clients want to implement some of our existing strategies and provide them the easier way to access that. And so that can come in many different forms.

接著第二個部分，我們先前也稍微談到、且一直是策略性倡議的，就是擴大產品載體（vehicles）的範圍。也就是嘗試在客戶想要在哪裡、以及如何落實我們既有策略之間，找到交集並提供他們更容易的方式來取得這些策略。因此，這可以有很多不同的形式。

We've talked about SMAs. We talked about models. There's likely going to be something that we can envision an interval-based oriented product that gives us the ability to do a hybrid between public and private securities, and certainly more private funds. And as I'm sure you've seen, we did file for exemptive relief in the world of ETFs.

我們談過 SMA（分別管理帳戶）。我們也談過模型（models）。很可能我們能構想出一種以區間型（interval-based）為導向的產品，使我們能在公開與私募證券之間做一種混合配置，當然也包括更多私募基金。而且如你所見，我們也已在 ETF 領域申請了豁免性救濟（exemptive relief）。

And so we have received that relief. We have not announced or we haven't determined when or what we are going to be launching within ETFs, but we certainly recognize that that is an area that many of our clients are focused on implementation. And so we need to be thoughtful about how that would work with our existing investment teams and strategies and franchises.

因此我們已獲得該項豁免。我們尚未宣布、也尚未決定將在何時或推出何種 ETF 產品，但我們確實認知到，這是許多客戶在執行配置時高度關注的領域。因此，我們需要審慎思考，這將如何與我們既有的投資團隊、策略與產品線（franchises）相互配合。

But that's clearly an area and a path for us to continue to broaden out the aperture and utilize our existing platform in a way that I think our clients are more increasingly looking to access us.

但這顯然是一個領域，也是一條路徑，讓我們能持續擴大產品載體的範圍，並以我認為客戶愈來愈希望接觸我們的方式，來運用我們既有的平台。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

First one is really just a set of clarifications. I just want to make sure I understand the math. You mentioned that the wind-down will cost $0.03 sequentially. Is that related to the fundamentals of the business and that's just the timing of that? Does that also include the wind-down that you're expecting for the remaining assets?

第一個其實是一組釐清問題。我只是想確認我理解的計算方式。你提到這次收尾（wind-down）會使每股盈餘環比影響 0.03 美元。這是與業務基本面相關、只是時間點造成的影響嗎？這也包含你預期對剩餘資產所進行的收尾嗎？

Then you also mentioned that your fixed expenses would be down sequentially, reflecting both seasonality as well as less severance costs. Can you just sort of quantify the severance costs in the quarter, so we have a better sense of that?

另外你也提到固定費用將環比下降，反映季節性因素以及較少的資遣費用。你能否量化一下本季的資遣費用，讓我們更清楚？

Yes, sure, Bill. So on your first question, the $0.03 is the delta between the second quarter and what we expect in the third quarter. So we had a slight accretive nature to the US Value team in the second quarter given the wind-down started midway. And then in the third quarter, we expect a very minimal loss before it evens out. So that $0.03 is the differential between the second quarter, this quarter's results and what you would expect next quarter.

好的，當然可以，Bill。針對你的第一個問題，0.03 美元是第二季與我們預期第三季之間的差額。由於收尾在第二季中途才開始，因此第二季美國價值（US Value）團隊對獲利有些微增益（accretive）。而在第三季，我們預期在趨於持平前會出現非常小幅的虧損。所以這 0.03 美元就是第二季（本季）結果與你對下季預期之間的差異。

Then with respect to the costs, in the first quarter, we have a larger number of seasonal expenses, which the decline in the second quarter was partially offset by the wind-down of the costs related to the wind-down of the US Value team, including severance as well as some other expenses related to the wind-down. And then in the third quarter, we would expect to see the absence of those separation costs and wind-down expenses and continued roll-off of the seasonal expenses, there is still a little bit more to go.

至於成本方面，第一季我們有較多季節性費用；第二季的下降，部分被美國價值團隊收尾相關成本所抵銷，其中包括資遣費以及其他一些與收尾相關的費用。而在第三季，我們預期將看不到這些離職（separation）成本與收尾費用，季節性費用也會持續回落，但仍有一點尚未完全消退。

So all of that compared to the second quarter, we'll see a benefit in fixed expenses related to those items. But our guidance for the year, mid-single digits is what I said in January, excluding the addition of Grandview and the long-term incentive comp expense we guided for the year, we still expect that to be mid-single digits even with the additional costs of the wind-down.

因此，與第二季相比，固定費用在這些項目上會帶來一些好處。但我們對全年指引仍維持不變：如我在一月所說，排除併入 Grandview 以及我們對全年所指引的長期激勵薪酬（long-term incentive comp）費用後，我們仍預期為中個位數成長（mid-single digits），即使納入這次收尾的額外成本也是如此。

That's very helpful. Maybe a big picture question. You mentioned in your prepared comments just the opportunity to leverage the EM platform and then sort of turn that to Grandview as well. Can we click in a layer deeper and just sort of say, okay, can you give us a sense of some of the initiatives you might be getting toward?

這很有幫助。也許問一個更宏觀的問題。你在事先準備的發言中提到，有機會運用新興市場（EM）平台，並將其延伸到 Grandview。我們能否再深入一層，請你大致說明一下你們可能推進的一些倡議方向？

Then on Grandview, you had mentioned some early success in the conversations. I'm sort of wondering if you could just remind us how big the prior flagship fund was? Where are you in terms of invested? And then what the timeline might be for the new fund?

另外關於 Grandview，你提到在對話中已有一些早期成果。我想請你提醒我們，先前的旗艦基金規模有多大？目前投資進度到哪裡？以及新基金的時間表可能會是什麼？

Yes, sure, Bill. I'm going to have you repeat the first part, but I'll tackle Grandview. The Fund III was about $150 million in committed capital. That's small relative to what they would have expected. They chose to stop taking commitments, recognizing that an opportunity to partner with us was on the horizon and really preserve the return capability that was put in the ground and is to be put in the ground for those that were the early adopters so that we could focus on ultimately the launch of Fund IV.

好的，當然可以，Bill。第一部分我需要你再重複一次，但我先回答 Grandview。第三期基金（Fund III）的承諾資本（committed capital）約為 1.5 億美元。相較於他們原本的預期，這個規模偏小。他們選擇停止再接受承諾出資，因為他們意識到與我們合作的機會已近在眼前，並希望保留既有已建立、以及將持續建立的報酬能力，讓早期投資人能受益，同時讓我們能把重心放在最終推出第四期基金（Fund IV）。

Fund IV, their flagship fund, we expect will be launched sometime later this summer, but likely early in the fall of this year. And we're obviously having conversations with that one anchor as well as many of the existing LPs that have invested with them along funds I through III. And so we're feeling pretty good about where we're at with the anchor and the ability to get out there.

第四期基金（Fund IV）作為其旗艦基金，我們預期會在今年夏末某個時間點推出，但更可能是在今年初秋。我們顯然也正與那位主力投資人（anchor）以及許多既有 LP（有限合夥人）進行對話，這些 LP 曾投資其第一期到第三期基金。因此，我們對目前與 anchor 的進展，以及能夠正式對外推進募資，感覺相當不錯。

It's important also to have some opportunities to share with clients that might make their way into the portfolio. So they're working aggressively to identify and solidify those that will help us with the marketing campaign. But Fund III was $150 million, and we expect that Fund IV will be multiples of that.

同樣重要的是，要有一些可與客戶分享、且可能納入投資組合的投資機會。因此他們正積極尋找並敲定這些機會，以協助我們的行銷推廣。但第三期基金是 1.5 億美元，而我們預期第四期基金將是其數倍規模。

As I mentioned in my prepared comments, we hired an institutional business leader that we expect to be helping us in a very meaningful way to help us grow the business. So that's where we're at with Grandview.

如我在事先準備的發言中提到，我們聘請了一位機構業務負責人（institutional business leader），我們預期他將以非常顯著的方式協助我們推動業務成長。這就是我們在 Grandview 方面的最新進展。

Okay. And just to clarify, sorry, I asked five questions in one. You mentioned that the opportunity to maybe expand vehicles and capabilities in some of the teams, I think you sort of highlighted the EM platform. Just wondering if you could maybe give us an update on what kind of vehicles, what kind of incremental distribution partners you might have on the horizon?

好的。再釐清一下，抱歉，我一次問了五個問題。你提到在某些團隊中，可能有機會擴展產品載體與能力，我想你特別提到了 EM 平台。我想請問你能否更新一下：未來可能有哪些產品載體、以及可能有哪些新增的通路合作夥伴（distribution partners）？

Yes. Sorry if I made it EM-specific, but it's really across all the teams. And I think that each team has their own set of clients and distribution opportunities. But I would view it as we have the opportunity to launch CITs, private funds where institutional clients don't want to access a capability or a strategy that might come in a mutual fund or a more liquid wrapper, but also don't want to deal with a separately managed account, which might require country openings or opening up of various derivative contracts and relationships with PBs and third parties.

可以。如果我剛剛讓人覺得是 EM 專屬，那我道歉；其實是涵蓋所有團隊。我認為每個團隊都有各自的客戶群與通路機會。但我會這樣看：我們有機會推出 CIT（集合投資信託）、私募基金；因為有些機構客戶不希望透過共同基金或更具流動性的包裝（wrapper）來取得某項能力或策略，但也不想處理分別管理帳戶（SMA），因為那可能需要開立各國帳戶，或建立各種衍生品合約，以及與主經紀商（PB）和第三方的關係。

So I think if you look at the totality of it, we would view CITs, private funds, there's certainly the opportunity to widen the aperture in UCITS, and we expect to launch a UCIT in the not-too-distant future. We're in some active conversations with a potential anchor there. And as I mentioned, we're not quite there yet on ETFs, but there's the possibility of doing ETFs, and that's not specific to EM, but just more generic to the platform.

所以若從整體來看，我們認為 CIT、私募基金都是方向；在 UCITS 方面也確實有機會擴大範圍，我們預期在不久的將來推出一檔 UCITS 產品。我們也正與潛在的主力投資人（anchor）進行一些積極的對話。另外如我所提，我們在 ETF 上還沒到那一步，但確實存在推出 ETF 的可能性；這並非 EM 專屬，而是更偏向整體平台層面的機會。

Thank you for taking all the questions.

感謝您回答所有問題。

Yes. I would just highlight that one of the things that we've always said philosophically is that we want to be vehicle-agnostic, and we're just really putting our money where our mouth is here. If a client wants to access our IP, we want to do it in a thoughtful way, but in a manner that really helps solidify the long-term relationship.

是的。我只想強調，我們在理念上一直說的一點是，我們希望對載體（vehicle）保持中立，而我們現在確實是在用行動證明我們說到做到。如果客戶想要取得我們的 IP，我們希望以審慎周全的方式來做，同時也要能真正鞏固長期合作關係。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I was hoping to drill down a little bit into any other sizable redemption risks you might see across the equities portfolio, particularly when we look at the Growth team, there is a number of strategies that are still quite sizable and have underperformed.

我想更深入了解一下，您在股票投資組合中是否看到其他較大的贖回風險，特別是我們看成長團隊時，仍有一些策略規模相當大且表現落後。

So any concentration risk we should be mindful of when it comes to those businesses and how you're potentially managing that risk and just navigating this recent performance with clients?

因此，就這些業務而言，有沒有我們需要留意的集中度風險？以及你們可能如何管理該風險，並在近期績效表現下與客戶溝通、應對？

Yes. So we've done a few things. First and foremost, I'd highlight Mid-Cap Growth as a feature of what's occurred on the team. I think Matt Kamm and the leadership of the Growth team thought it was important that they bring on a second key decision-maker and Jason White, who's been a long-standing member of leadership as well. And since we made that change, you can see the follow-through into performance.

是的。我們做了幾件事。首先也是最重要的，我會強調中型股成長（Mid-Cap Growth）是該團隊近期變化的一個重點。我認為 Matt Kamm 以及成長團隊的領導層認為，引入第二位關鍵決策者很重要，因此加入了 Jason White；他也一直是領導層的資深成員。自從我們做出這項調整後，你可以看到績效也隨之改善。

So mid-cap growth, I don't have the numbers in front of me, but they're having a nice year from a relative basis in 2026. They had a great 2025. And so we now have a strong year to date, a strong one year, a really strong three-year. And so that's a very large and important piece of the Growth franchise.

所以中型股成長，我手邊沒有具體數字，但以相對表現來看，他們在 2026 年表現不錯。他們在 2025 年表現也很出色。因此我們現在年初至今表現強勁、一年期表現強勁、三年期表現非常強勁。這是成長投資平台中非常大且非常重要的一塊。

Really, where I think the struggle is the intersection between difficult and challenging performance and AUM is really in the global segments of the Growth team, global opportunities. And Jim Hamel just recently brought Angela Wu into the mix to help him with the decision-making, and we think that that's going to be a key long-term benefit to the business and to the strategy.

我認為真正的壓力點，是成長團隊的全球板塊——全球機會（global opportunities）——在「艱難且具挑戰的績效」與 AUM 規模之間的交會處。而 Jim Hamel 最近也把 Angela Wu 納入團隊，協助他進行決策；我們認為這將對業務與策略帶來關鍵的長期效益。

The second is we've hired a couple of recent additions in the analyst ranks as well as in the associate portfolio manager ranks to continue to bolster and upgrade the talent that we have and they have on the team to be able to access different securities and different opportunities. And it's very early days. So I don't want to say that we're through the worst of it.

第二，我們也在分析師職級以及副投資組合經理（associate portfolio manager）職級新增了幾位近期加入的成員，持續強化並提升團隊的人才配置，使其能夠涵蓋不同證券與不同機會。而目前仍是非常早期的階段。所以我不想說我們已經度過最糟的時期。

But I think the team has been willing to disrupt themselves both proactively and with our help to make sure that they've got the right resources to help bolster the performance.

但我認為團隊願意在我們的協助下，主動且自我驅動地進行調整，確保他們具備正確的資源來支撐並提升績效。

In terms of client concentration, I think there was a fair bit of concentration that we talked a little bit about over the course of the last several years in the Australian market. It wasn't any one client in particular, but it was more of just the systematic issues and challenges that we were facing in the Australian market.

就客戶集中度而言，我認為在過去幾年我們曾稍微談到，澳洲市場確實存在一定程度的集中。那並不是特定某一位客戶，而是更多來自澳洲市場我們所面臨的系統性問題與挑戰。

Beyond that, there is certainly some clients that have a higher percentage of the AUM relative to others, but there's nothing that we would look at that would give us pause or concern that there's a brewing or looming cliff of AUM that's at risk that would cause a cascade effect. The business is pretty well diversified, not only across strategy, but within strategy, it's pretty well diversified.

除此之外，確實有些客戶在 AUM 中的占比相對更高，但沒有任何情況會讓我們停下來感到猶豫或擔心，認為有一個正在形成或迫近的 AUM「斷崖」風險，可能引發連鎖效應。我們的業務分散度相當良好，不僅跨策略分散，在單一策略內部也相當分散。

Understood. CJ, one follow-up for you just on the fee rates. With US Value team rolling off or strategy rather rolling off, are the fee rates across both the funds and separate accounts appropriate jumping off points as we sort of think on the forward basis, or is there any other implications as you sort of think about the run rate fee rates for both of these subsegments on a go forward?

了解。CJ，我想就費率再追問一個問題。隨著美國價值（US Value）團隊退出、或更準確地說該策略退出後，基金與全權委託（separate accounts）的費率，是否可以作為我們往前看時合適的起點？或者在你們思考未來兩個子分部的常態化（run rate）費率時，還有其他影響？

Yes. Good question. I mean, we had a little bit of movement this quarter. But I think if you look at the year-to-date fee rates for this year, they're pretty good jumping off points. In the credit space, on a year-to-date basis, we are up a little bit. But during the quarter, we did take on a large mandate that was a little lower than the fee rate.

是的。好問題。我的意思是，我們這一季確實有一些變動。但我認為如果你看今年年初至今的費率，它們是相當不錯的起點。在信貸領域，年初至今我們略有上升。但在本季，我們承接了一個大型委任案（mandate），其費率略低於我們原本的費率水準。

And then in the alternative space, we brought on the addition of Grandview with a little under $1 billion in AUM at higher fee rates than we were running. So that's new this year. And then we're continuing to win some business in EMsights. And in the quarter, we had a nice win at a really attractive fee rate.

而在另類投資領域，我們新增了 Grandview，AUM 略低於 10 億美元，其費率高於我們原本的運行水準。所以這是今年的新因素。另外，我們也持續在 EMsights 贏得一些業務。而在本季，我們以非常具吸引力的費率拿下一筆不錯的案子。

So year to date, decent like the average between Q2 and 1Q is kind of like a decent jumping off point to think about for the rest of the year.

因此年初至今來看，大致上不錯；像是第二季與第一季的平均值，可以作為思考今年剩餘時間的一個合理起點。

Yes, yes, yes, absolutely.

是的，是的，是的，完全同意。

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

Thanks. Maybe on the other side of redemptions on the gross sales. Could you give us a flavor of where you see your institutional pipeline at the moment and maybe some of the underlying stuff like what you're seeing as far as RFP activity, win percentages and composition and kind of time to funding?

謝謝。也許從贖回的另一面——總銷售（gross sales）——來看。你們能否分享一下目前機構端的銷售管線（pipeline）狀況？以及一些底層指標，例如你們看到的 RFP 活動、得標率、組成結構，以及從中標到資金到位（time to funding）的時間？

Yes, John, I'll tackle that. I'll break it up between institutional and intermediate wealth, and I'll harken back to a comment more generally that I put into one of our earnings conversations, which was we need to do a better job at selling more and losing less. And when we look at our information and our data, and this is by no means -- I don't think of this as a trend, but it's starting to feel that way, which is our gross sales numbers look pretty good.

好的，John，我來回答。我會把它分成機構端與中階財富（intermediate wealth），並回到我在某次財報電話會議中更一般性的評論：我們需要在「賣得更多、流失得更少」這件事上做得更好。當我們看我們的資訊與數據時，這絕非——我不認為這已經是一個趨勢，但開始有那種感覺——也就是我們的總銷售數字看起來相當不錯。

We're not out of the woods, but we're feeling a lot better about what's happening. And I think that stems from the fact that we talked about this where we had onboarded a number of people, both in the institutional world, but more specifically in the intermediate wealth side of our business.

我們還沒有完全脫離險境，但對正在發生的事情感覺好多了。我認為這源自於我們先前提到的：我們已經招募並到位了不少人，涵蓋機構端，但更具體來說是在我們業務的中階財富端。

However, many of those folks had just sort of been onboarded, and we didn't have like full fighting strength. I think we're now pretty close to full fighting strength. We've been onboarding some people in the non-US business, specifically in the UK and EMEA region that are getting up the curve and building their own pipeline. And we're just seeing a nice follow-through in terms of the gross sales.

不過，這些人當中有不少才剛到位，我們當時還沒有達到「完整戰力」。我認為我們現在已經非常接近完整戰力。我們也在非美國業務持續招募，特別是在英國與 EMEA 地區，這些人正在逐步上手並建立各自的管線。而我們也看到總銷售在這方面有不錯的延續性表現。

I think where we're continuing to experience both redemptions as well as some select terminations is really what's causing the net to be a little bit more challenged. And so we feel like we're seeing the green shoots of many of the efforts and initiatives that we put on the distribution effort, but we're still continuing to fight the rebalancing, which is natural in a market that continues to produce high teens returns depending on the market that you're looking at.

我認為我們仍在經歷贖回以及部分選擇性的終止（terminations），這確實使得淨值（net）面臨較多挑戰。因此，我們覺得在通路推進上所投入的許多努力與措施已開始出現一些「綠芽」，但我們仍在對抗再平衡（rebalancing），而在一個持續產生十幾％報酬（high teens returns）的市場中——視你看的市場而定——這是很自然的現象。

When you drill down, you look institutionally, we're also still doing quite well. We had a couple of really interesting wins in Q2. I think one thing I should have highlighted during the prior round of questions was Global Discovery on the Growth team just landed a very large institutional mandate. It's funded predominantly in Q2 and will continue to slightly fund throughout the course of Q3.

再往下看、以機構端而言，我們的表現也仍相當不錯。我們在第二季拿下幾個非常有意思的案子。我想在上一輪提問時有一點我應該要強調：成長團隊的 Global Discovery 剛拿下一個非常大型的機構委任案。該案主要在第二季完成資金到位，並會在第三季期間持續小幅到位。

And I think that's the hallmark type of client we're looking for, somebody that sees the quality, the differentiation, the benefit of partnering with a team like our Growth team and are willing to look through some of the short-term performance challenges associated with the global platform. And so we saw a really nice win there.

而我認為，這正是我們在尋找的那種標誌性客戶：能看見品質、差異化，以及與像我們成長團隊這樣的團隊合作所帶來的好處，並且願意穿越與全球平台相關的一些短期績效挑戰。因此，我們在那裡拿下了一個非常不錯的勝利。

We talked about the Sustainable Emerging Markets team, and the pipeline, and the path and the pattern that they're experiencing. The International Value franchise had a nice institutional win and continues to build on their pipeline. And so we're starting to see a lot of good things on both sides.

我們談到了永續新興市場團隊，以及他們正在經歷的案源管線、路徑與節奏模式。國際價值投資事業群拿下了一筆不錯的機構型勝利，並持續累積其管線。因此，我們開始在兩邊都看到許多正向進展。

If markets didn't produce mid- to high teens returns, I think the rebalancing would be a lot less, and you'd see a little bit more of a balanced organic growth rate. But for now, we're happy with what we're seeing incrementally on the gross inflow side, it's the gross outflows is really where we need to keep our clients a little bit longer than we have.

如果市場沒有帶來中到高十幾%的報酬，我認為再平衡的幅度會小得多，你也會看到較為均衡的內生性成長率。但就目前而言，我們對於總流入端逐步改善的情況感到滿意；真正需要改善的是總流出端——我們確實需要讓客戶的留存時間比過去更長一些。

Got it. And then maybe just to go back to Grandview for a second. Could you kind of give your thoughts on what you think the demand environment for private real estate is just given the rates, macro and kind of return cycle backdrop? And like, you've talked about the fundraising, but maybe also like the deployment, how should we think about deployment once the fund is raised?

了解。那接著也許回到 Grandview 談一下。在利率、總體環境以及報酬循環背景之下，你能否分享你對私募不動產需求環境的看法？另外，你談過募資，但也想問一下投資部署：基金募完之後，我們應該如何看待部署節奏？

Yes. I think obviously, deployment can be slow and then speed up really quickly depending on the rate environment and certainly the macro environment. That being said, I think the great thing about Grandview, and certainly, this is common what you hear from us quite a bit about our existing teams is the degrees of freedom that they're able to express their capabilities in, and this comes in the sectors that they're going to invest in, gives them really a lot of latitude to be able to deploy capital in a thoughtful and meaningful way.

是的。我認為很明顯地，部署可能會很慢，然後又會因利率環境、當然也包括總體環境，而很快加速。話雖如此，我認為 Grandview 很棒的一點——而且這也是你們常常聽到我們談到既有團隊時會提到的——是他們能在多大的自由度下展現能力；這體現在他們將投資的產業領域上，讓他們有很大的彈性，以審慎且有意義的方式部署資本。

And while Fund IV is going to have some reasonably specific themes that are going to be the hallmarks, there's always going to be dry powder associated with being opportunistic. As we've been speaking and spending time with the Grandview investment folks, they are finding some really interesting opportunities across a couple of more distressed sectors of the market that should prove to be quite compelling. So sometimes the rate environment actually works in your favor.

而 Fund IV 雖然會有一些相當明確、作為其標誌的主題，但同時也一定會保留部分乾粉，以便把握機會型投資。在我們與 Grandview 投資團隊交流並花時間深入討論的過程中，他們在市場上幾個較為困境的板塊中，發現了一些非常有意思的機會，應該會相當具吸引力。所以有時候，利率環境反而會對你有利。

It just gives you great opportunities to buy assets in a cheaper fashion because you just have distressed people in need of refinancing that just need to potentially either refinance at higher rates that aren't going to work for the economic model or frankly, just sell it at a discount.

它會帶來很好的機會，讓你能以更便宜的方式買進資產，因為會有一些陷入困境、需要再融資的人，可能不得不以較高利率再融資——這對其經濟模型行不通——或者坦白說，只能折價出售。

So it's hard to give you a true sense on deployment. I would just say that in our conversations with the Grandview folks, they've got a pretty strong pipeline of investment opportunity that they're looking at across the few themes that will be featured in Fund IV as well as some opportunistic investments that they're and frankly, in the market looking to execute on now.

所以很難給你一個對部署的精準判斷。我只能說，從我們與 Grandview 團隊的對話來看，他們在幾個將成為 Fund IV 主軸的主題上，以及一些機會型投資上，都有相當強的投資機會管線；而且坦白說，他們現在也正在市場上尋求執行這些交易。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Jason, you mentioned a little bit about sort of deal pipeline. Some of your peers in the alt space still speak to pretty heady expectations from the sellers. I was wondering if you could talk a little bit about what you're seeing in terms of the bid-ask spread.

Jason，你稍早提到了一點交易案源管線。你們在另類資產領域的一些同業仍在談賣方相當高的期待。我想請你談談你們在買賣價差（bid-ask spread）方面看到的情況。

And then you mentioned earlier comments of just the intersection of demand, good alpha generation, et cetera, and you've done very well on the credit side. But for the last couple of quarters, the credit rolling performance looks like it's waning a little bit.

另外，你先前也提到需求、良好的 alpha 產生等交集，而你們在信貸端表現非常好。但過去幾季，信貸的滾動績效看起來有點走弱。

Just sort of wondering, is there anything to be mindful on there? Or maybe what's driving the underperformance just so we can think about maybe the go-forward outlook?

想請教，這方面有什麼需要留意的嗎？或者造成相對落後的原因是什麼，好讓我們思考未來的展望？

Yes, sure. So I think this is question seven and eight. We're going to have to cut you off at some point. You're absolutely right. I think there's very heavy expectations, and we have been very active in working through our pipeline, and that has included a couple of, as I mentioned, inorganic opportunities where we presented a proposal that was -- we thought was extremely compelling that didn't make it very much farther than the proposal.

好的，當然。我想這已經是第七、第八個問題了。我們得在某個時間點打斷你一下。你說得完全沒錯。賣方的期待確實非常高，而我們也一直很積極地推進我們的管線；其中也包括我提到過的幾個外延式機會，我們提出了一份——我們認為極具吸引力的——提案，但基本上沒有比提案階段再往前走多少。

As you've come to know us, Bill, very well, we are going to remain disciplined and not extend ourselves in areas where we don't think we can achieve success for not only our clients, but ultimately our shareholders as well. And so we remain focused on areas of finding inorganic opportunities where these are self-sourced, which is where and how we found Grandview.

如你所熟知的，Bill，你很了解我們：我們會保持紀律，不會在我們認為無法為客戶、也最終無法為股東帶來成功的領域過度延伸。因此，我們仍聚焦在尋找外延式機會的領域，且這些機會是我們自行發掘的——Grandview 就是我們這樣找到的。

Those are going to be great opportunities for us to find teams that maybe the dollar value isn't the only thing that's important. If it's a dollar value that's going to win the day, then it's probably going to be a little bit more challenging for us. We think we bring a total package of business leadership, distribution. Obviously, price does matter, but long-term growth and alignment does as well.

對我們而言，這些會是很好的機會，去找到一些團隊——對他們來說，美元金額可能不是唯一重要的事。如果最後勝負只取決於價格，那對我們而言可能就會更具挑戰。我們認為我們能提供的是一整套：商業領導力、通路與銷售。當然價格很重要，但長期成長與一致的利益對齊也同樣重要。

And for those that want that autonomy and not wind up getting tucked into -- be a sleeve of a broader platform or have their ideas fold into other strategies. We think that we are an ideal home for the talent that really wants to continue to invest and grow. And so we'll get our opportunities. We're just going to have to be thoughtful and deliberate.

而對於那些希望保有自主性、不想最後被塞進——成為更大平台中的一個小分段（sleeve），或讓他們的想法被併入其他策略的人而言，我們認為我們是那些真正想持續投資並成長的人才的理想歸宿。所以我們會有機會的。只是我們必須審慎且有步驟地進行。

Going back to your other question about the credit franchise, their performance and their underperformance is quite -- it's not dramatic, and it's on the heels of obviously, multiple years of outstanding performance. The short-term, I think, has somewhat been challenged by the fact that they have not had a ton of energy exposure in their portfolio.

回到你另一個關於信貸事業群的問題：他們的表現與相對落後其實——並不嚴重，而且是在過去顯然連續多年卓越表現之後出現的。我認為短期內的挑戰，某種程度上來自於他們的投資組合中沒有太多能源曝險。

So these are not errors of commission. Had they known that the war was going to bail out a bunch of leveraged companies that were on their last legs, then shame on them. But I don't think that that's something that they could have predicted. And Brian and the team has stayed true to their discipline, and they will continue to what we think deliver even in the face of a sectoral issue that has caused a bit of a short-term shortfall.

所以這不是「做錯事」造成的。如果他們早知道戰爭會拯救一堆已經奄奄一息的高槓桿公司，那才該怪他們。但我不認為那是他們能預測的事情。Brian 和團隊一直忠於他們的紀律；即便面對某個產業面的因素造成一些短期缺口，我們仍認為他們會持續交出成果。

I should have mentioned and I will now, that we did actually win an institutional mandate for our floating rate strategy inside of the credit team, $150-ish million mandate that gives not obviously huge in size, but it's very important in terms of the scale that it brings to that strategy. I think we've talked about scale begets scale.

我本來應該提到、現在補充一下：我們其實在信貸團隊的浮動利率策略中，贏得了一個機構委任，規模約 1.5 億美元左右；雖然不是非常大，但就為該策略帶來的規模效應而言非常重要。我想我們談過，規模會帶來規模。

And so that strategy continues to execute quite well under Brian's leadership, and we're continuing to see the fruits of their capability on the floating rate side where we see actually pretty meaningful opportunity for growth in that segment of the business.

因此，在 Brian 的領導下，該策略持續執行得相當好；而我們也持續看到他們在浮動利率端的能力所結出的成果。在這個業務區隔中，我們確實看到相當有意義的成長機會。

Ladies and gentlemen, with that, we will be concluding today's question-and-answer session and the Artisan Partners Asset Management business update and first-quarter (sic - second-quarter) 2026 earnings call. Thank you. You may now disconnect your lines.

各位女士、先生，至此我們將結束今天的問答環節，以及 Artisan Partners Asset Management 的業務更新與 2026 年第一季（原文誤植—第二季）財報電話會議。謝謝。您現在可以掛線。