BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2018 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the 2018 year-end results conference call and webcast.

女士們、先生們，美好的一天，歡迎參加 2018 年年終業績電話會議和網絡直播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host for today, Suzanne Fleming, Managing Partner of Branding & Communications.

現在我想將會議交給今天的主持人，品牌與傳播管理合夥人蘇珊·弗萊明 (Suzanne Fleming)。

You may begin.

你可以開始了。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早上好。

Welcome to Brookfield's 2018 Year-End Conference Call.

歡迎參加布魯克菲爾德 2018 年年終電話會議。

On the call today are Bruce Flatt, our Chief Executive Officer; and Brian Lawson, our Chief Financial Officer; as well as Leo van den Thillart, Head of Client Relationship Management.

今天參加電話會議的是我們的首席執行官 Bruce Flatt；以及我們的首席財務官 Brian Lawson；以及客戶關係管理主管 Leo van den Thillart。

Brian will start off by discussing the highlights of our financial and operating results for the quarter, and Leo will then give an update on fundraising.

Brian 將首先討論我們本季度財務和運營業績的亮點，然後 Leo 將介紹籌款的最新情況。

And finally, Bruce will give an update on the business.

最後，布魯斯將介紹業務的最新情況。

After our formal comments, we'll turn the call over to the operator and take analyst questions.

在我們提出正式意見後，我們會將電話轉給接線員並回答分析師的問題。

(Operator Instructions) I'd like to remind you that in responding to questions and in talking about new initiatives in our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. securities law.

（操作員說明）我想提醒您，在回答問題以及談論我們的財務和運營業績的新舉措時，我們可能會做出前瞻性陳述，包括適用的加拿大和美國法律含義內的前瞻性陳述。證券法。

These statements reflect predictions of future events and trends and do not relate to historic events.

這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。

They are subject to known and unknown risks, and future events may differ materially from such statements.

它們面臨已知和未知的風險，未來事件可能與此類聲明存在重大差異。

For further information on these risks and their potential impact on our company, please see our filings with the securities regulators in Canada and the U.S., and the information available on our website.

有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。

And with that, I'll turn the call over to Brian.

然後，我會將電話轉給布萊恩。

Thank you, Suzanne, and good morning to all of you on the call.

謝謝你，蘇珊娜，祝所有參加電話會議的人早上好。

So let me start out by saying that we are very pleased with the results for 2018.

首先我要說的是，我們對 2018 年的結果感到非常滿意。

We achieved record net income and record FFO for the year.

我們今年實現了創紀錄的淨利潤和創紀錄的 FFO。

We also had a record fundraising year, closing $26 billion of private fund capital as we continue to raise capital across our 3 flagship fund strategies and also added capital to our newer long life fund strategies.

我們還創下了籌資記錄，完成了 260 億美元的私募基金資本，我們繼續通過 3 個旗艦基金策略籌集資金，並為我們新的長期基金策略增加資本。

Net income was $7.5 billion for the year, and funds from operations, or FFO, totaled $4.4 billion for the year.

全年淨利潤為 75 億美元，全年運營資金 (FFO) 總額為 44 億美元。

The FFO result represents a 16% increase over last year, and in fact, it would have been an additional $0.11 higher if not for the impact of year-end volatility on our financial assets, and much of this is already reversed with the market recovery in the first quarter.

FFO 結果比去年增長了 16%，事實上，如果不是年末波動對我們金融資產的影響，這一數字還會額外上漲 0.11 美元，而隨著市場復甦，這一情況大部分已經逆轉在第一季度。

So turning to our asset management results first, fee-related earnings increased by 26% to $1.1 billion for the year.

首先來看我們的資產管理業績，今年與費用相關的收益增長了 26%，達到 11 億美元。

This is due to growth in fee-bearing capital, which now stands at $138 billion, as well as strong performance fees.

這是由於收費資本的增長（目前達到 1,380 億美元）以及強勁的績效費用。

We generated $661 million of unrealized carried interest before costs that reflects continued favorable investment performance within the private funds.

我們產生了 6.61 億美元的未實現成本前附帶利息，這反映了私募基金持續良好的投資業績。

And in fact, we booked -- we also booked $254 million of this carry and recorded it in our FFO as realized because we felt there was no longer any meaningful risk of claw back.

事實上，我們還預訂了 2.54 億美元的套利，並將其記錄在我們的 FFO 中，因為我們認為不再有任何有意義的收回風險。

So this was driven by some of the carry that we built up in our first flagship real estate fund and our fourth flagship private equity fund, and both of these recognized carry for the first time.

因此，這是由我們在我們的第一個旗艦房地產基金和我們的第四個旗艦私募股權基金中建立的一些利差推動的，這兩個利差都是首次得到認可。

In each case, we've now returned 100% of the capital originally invested in these funds, along with the preferred return to our investors.

在每種情況下，我們現在都 100% 返還最初投資於這些基金的資本，並向投資者提供優先回報。

Looking forward, we expect to earn additional carried interest in 2019 from both of these funds, and more generally, expect that realized carry could reach nearly $1 billion in 2019 across all funds.

展望未來，我們預計 2019 年這兩隻基金將獲得額外的附帶利息，更廣泛地說，預計 2019 年所有基金的已實現利差可能達到近 10 億美元。

So turning to invested capital, excluding disposition gains, FFO from invested capital for the year increased to $1.6 billion.

因此，轉向投資資本，排除處置收益，本年度投資資本中的 FFO 增加至 16 億美元。

In particular, we benefited from the contributions from acquisitions made across our businesses over the past 2 years, but we also had strong organic growth across the portfolio, notably in our private equity business, as a result of improved pricing within our industrial operations.

特別是，我們受益於過去兩年各業務收購的貢獻，但由於我們工業運營中定價的改善，我們的整個投資組合也實現了強勁的有機增長，特別是在我們的私募股權業務中。

We monetized several investments across the portfolio in 2018, including the recent sale of an Australian energy company in our private equity business and a logistics business within our North American real estate operations.

2018 年，我們將投資組合中的多項投資貨幣化，包括最近出售我們私募股權業務中的一家澳大利亞能源公司以及我們北美房地產業務中的物流業務。

These gains contributed towards the $1.5 billion of realized disposition gains recorded -- included in FFO and also impacted carry.

這些收益促成了 15 億美元的已實現處置收益——包括在 FFO 中，也影響了套利。

At year-end, we had approximately $35 billion of deployable capital, and this should grow as we continue to raise capital across flagship and other strategies.

截至年底，我們擁有約 350 億美元的可部署資本，隨著我們繼續通過旗艦和其他戰略籌集資本，這一數字應該會增長。

Our capitalization also remains very strong, with a low debt-to-cap level and elevated levels of cash and undrawn lines.

我們的資本也仍然非常強勁，債務上限水平較低，現金和未提取額度水平較高。

Cash flow and distribution -- available for distribution and reinvestment was $2.3 billion for the year at BAM itself, and that's a 27% increase over 2017.

現金流和分配——BAM 本身當年可用於分配和再投資的現金流量為 23 億美元，比 2017 年增長了 27%。

The asset management franchise generated over $1.3 billion as recent fundraising drove growth in fee-related earnings; and the invested capital generated $1.7 billion in distributions, reflecting strong growth -- underlying growth in FFO per unit.

由於最近的融資推動了與費用相關的收入的增長，資產管理業務產生了超過 13 億美元的收入；投資資本產生了 17 億美元的分配，反映出強勁的增長——每單位 FFO 的潛在增長。

And we expect this to continue to increase in 2019 as all of our -- as our listed partnerships announced 2019 distribution increases in line with the 5% to 9% target ranges.

我們預計這一比例將在 2019 年繼續增加，因為我們所有的上市合作夥伴宣布 2019 年的分配增加符合 5% 至 9% 的目標範圍。

So finally, I'm pleased to confirm that our Board of Directors has declared a $0.16 per share quarterly dividend, payable at the end of February -- or at the end of March, and this represents a 7% increase over the prior year.

最後，我很高興地確認，我們的董事會已宣布派發每股 0.16 美元的季度股息，將於 2 月底或 3 月底支付，這比上一年增加了 7%。

And with that, I will hand the call over to Leo, who's going to provide an update on fundraising.

接下來，我會將電話轉交給 Leo，他將提供籌款的最新信息。

Thanks, Brian.

謝謝，布萊恩。

Thank you.

謝謝。

Thanks, Brian.

謝謝，布萊恩。

Good morning, everyone calling in.

早上好，大家都來電了。

I'm pleased to have this opportunity to give you an update on our fundraising activities, both reflecting on 2018 and looking forward to 2019 and beyond.

我很高興有這個機會向您介紹我們籌款活動的最新情況，既回顧 2018 年，又展望 2019 年及以後。

Let me start by saying that excellence in investor service is one of the key priorities of our client service group and everyone at Brookfield.

首先我要說的是，卓越的投資者服務是我們的客戶服務團隊和布魯克菲爾德每個人的首要任務之一。

We work hard to ensure that we have the right people on the ground, servicing our investors.

我們努力確保我們有合適的人員在現場為我們的投資者提供服務。

Today, we have a large, established team of relationship managers, overseeing our private fund investors that now totals about 50.

如今，我們擁有一支規模龐大、成熟的客戶關係經理團隊，負責監管我們的私募基金投資者，目前該團隊總數約為 50 人。

These professionals are spread around the globe in key markets to help address investor needs in real time.

這些專業人員遍布全球主要市場，幫助實時滿足投資者的需求。

We have also recently expanded our team to include 10 relationship managers dedicated to working with our high net worth investors and new private wealth channel.

我們最近還擴大了我們的團隊，增加了 10 名客戶關係經理，致力於與我們的高淨值投資者和新的私人財富渠道合作。

In terms of our fundraising activities, 2018 was our most successful fundraising year yet, with $26 billion of capital raised into our funds.

就我們的籌款活動而言，2018 年是我們迄今為止最成功的籌款年，我們的基金籌集了 260 億美元的資金。

We launched 2 successor flagship funds, 1 in private equity and 1 in infrastructure; and just a couple of weeks ago, we closed the fund raise for our third flagship real estate fund.

我們推出了2只後續旗艦基金，1只私募股權基金和1只基礎設施基金；就在幾週前，我們完成了第三個旗艦房地產基金的融資。

We also continue to raise capital for several long life perpetual funds and credit products, which I'll talk about in a moment.

我們還繼續為幾種長期永續基金和信貸產品籌集資金，我稍後會討論這些產品。

Looking at our flagship funds, earlier this year, as I mentioned, we closed on our largest real estate flagship fund to date, BSREP III at $15 billion, which is 50% larger than our original target of $10 billion and is the second largest real estate fund ever raised.

看看我們的旗艦基金，正如我提到的，今年早些時候，我們以150 億美元的價格完成了迄今為止最大的房地產旗艦基金BSREP III，這比我們最初的100 億美元目標高出50% ，是第二大房地產旗艦基金。曾經籌集過的遺產基金。

For this fund, we also raised more capital from high net worth investors than ever before.

對於這只基金，我們還從高淨值投資者那裡籌集了比以往更多的資金。

They represented almost 10% of capital raised.

它們幾乎佔籌集資金的 10%。

Last March, we launched our fifth private equity flagship fund and have raised over $7 billion to date and are pleased that over 80% of investors have recommitted from its predecessor fund.

去年 3 月，我們推出了第五隻私募股權旗艦基金，迄今為止已籌集了超過 70 億美元，令人高興的是超過 80% 的投資者已重新投資其前身基金。

Last fall, we also launched our fourth flagship infrastructure fund, which we expect will be significantly larger than our existing $14 billion fund.

去年秋天，我們還推出了第四個旗艦基礎設施基金，我們預計該基金的規模將大大超過我們現有的 140 億美元基金。

In addition, for the first time, we've also created a dedicated renewable power sleeve, which means that investors in that fund can increase their investments in renewables.

此外，我們還首次創建了專用的可再生能源電力套筒，這意味著該基金的投資者可以增加對可再生能源的投資。

Beyond our flagship funds, we continue to diversify our product offering through scaling existing fund strategies and launching new ones.

除了我們的旗艦基金之外，我們還通過擴大現有基金策略和推出新策略來繼續實現產品供應多元化。

We now have 4 long-life perpetual funds, sometimes referred to as open end as they are always open to receive new capital from investors.

我們現在有 4 隻長期永續基金，有時被稱為開放式基金，因為它們始終願意接受投資者的新資本。

These include a diversified U.S. real estate fund and a U.S. real estate senior mezzanine lending fund.

其中包括多元化的美國房地產基金和美國房地產高級夾層貸款基金。

Both were launched a few years ago and are getting solid traction in the market.

兩者均於幾年前推出，並在市場上獲得了穩固的關注。

Last year, we also launched a long life perpetual global infrastructure fund, which had its first close in December at approximately $1 billion.

去年，我們還推出了長期永久全球基礎設施基金，該基金於 12 月首次募集，規模約為 10 億美元。

We also launched and had a first close of a diversified Australian real estate fund.

我們還推出了多元化的澳大利亞房地產基金並進行了首次募集。

These long life products appeal to investors who are seeking exposure to fixed income like predictable cash flows, lower volatility, and a preference for longer-duration investment exposure.

這些長壽命產品吸引了尋求固定收益（例如可預測的現金流、較低波動性和偏好長期投資風險）的投資者。

We see these strategies as a huge growth opportunity for the firm and believe they can scale to become very large in the mid-to longer-term.

我們認為這些戰略對公司來說是一個巨大的增長機會，並相信它們可以在中長期內擴大規模。

These products appeal to a broader group of investors, thus we believe enabling us to further diversify our investor base.

這些產品吸引了更廣泛的投資者群體，因此我們相信能夠使我們的投資者基礎進一步多元化。

We also continue to grow our private credit business, which has historically been focused on real estate.

我們還繼續發展私人信貸業務，該業務歷來專注於房地產。

In the last couple of years, we've expanded into other asset classes that we know well like infrastructure, where we now have funds dedicated to infrastructure loans.

在過去幾年中，我們已經擴展到我們熟悉的其他資產類別，例如基礎設施，我們現在有專門用於基礎設施貸款的資金。

Beyond our long life perpetual offerings and credit funds, we continue to explore new opportunities where we see strong investor demand, and importantly, an alignment with our core competencies.

除了我們的長期永續產品和信貸基金之外，我們還繼續探索新的機會，我們看到投資者的強勁需求，而且重要的是，與我們的核心競爭力保持一致。

One such example is our special opportunities program, which is designed to deploy capital into equity credit and hybrid transactions that don't otherwise fit within our traditional fund mandates.

其中一個例子是我們的特殊機會計劃，該計劃旨在將資本部署到不符合我們傳統基金任務的股權信貸和混合交易中。

We see compelling investment opportunities for this strategy and significant long-term growth potential as many of our investors are increasingly looking for access to bespoke programs like this.

我們看到了這一戰略的引人注目的投資機會和巨大的長期增長潛力，因為我們的許多投資者越來越多地尋求獲得此類定制計劃的機會。

Turning now to our investor base.

現在轉向我們的投資者基礎。

It remains largely institutional and is well diversified across sovereign wealth funds, public and private pensions, endowments and foundations and financial and insurance companies.

它在很大程度上仍然是機構性的，並且在主權財富基金、公共和私人養老金、捐贈基金和基金會以及金融和保險公司方面實現了多元化。

We have a substantial investor base -- excuse me, we have a substantial investor base in North America, with large amounts of capital also coming from Asia, the Middle East and Europe.

我們擁有龐大的投資者基礎——對不起，我們在北美擁有龐大的投資者基礎，大量資金也來自亞洲、中東和歐洲。

Over the last 3 years, we have grown our investor base by 75%, and it now totals over 600 investors.

過去 3 年裡，我們的投資者基礎增長了 75%，目前投資者總數超過 600 名。

Continued diversification growth of our investor base remains a key priority for us.

我們投資者基礎的持續多元化增長仍然是我們的首要任務。

On that point, another area of focus has been the private wealth channel, which represented 10% of capital raised in 2018.

在這一點上，另一個關注領域是私人財富渠道，佔 2018 年籌集資金的 10%。

In this channel, we work with banks, registered investment advisors, independent wealth managers as well as direct ultra-high net worth investors and family offices.

在這個渠道中，我們與銀行、註冊投資顧問、獨立財富管理機構以及直接超高淨值投資者和家族辦公室合作。

We are excited about this channel and the momentum we have going into 2019.

我們對這個渠道以及我們進入 2019 年的勢頭感到興奮。

To highlight, we raised almost $2 billion of capital from the private wealth channel in our latest flagship real estate fund.

需要強調的是，我們通過私人財富渠道為我們最新的旗艦房地產基金籌集了近 20 億美元的資金。

Looking ahead to 2019, we see potential for another year of robust fundraising across our products.

展望 2019 年，我們看到我們的產品在新的一年裡有可能實現強勁的融資。

We also seek -- we also see a continuing trend of investors pooling capital into larger asset managers and we think that Brookfield will be a beneficiary of this continued consolidation.

我們還尋求——我們也看到投資者將資金集中到更大的資產管理公司的持續趨勢，我們認為布魯克菲爾德將成為這種持續整合的受益者。

In summary, our main focus continues to be providing excellence in investor service and outstanding investment returns.

總之，我們的主要重點仍然是提供卓越的投資者服務和卓越的投資回報。

In terms of product offerings, our focus is twofold.

在產品供應方面，我們的重點是雙重的。

First, to continue to raise flagship funds that provide attractive risk-adjusted returns for our investors; and second, to continue to expand the diversity and breadth of our product offerings in areas like our long life funds and special opportunity program.

首先，繼續籌集旗艦基金，為我們的投資者提供有吸引力的風險調整回報；其次，繼續擴大我們在長壽基金和特殊機會計劃等領域產品的多樣性和廣度。

With that, I'll turn the call over to Bruce.

這樣，我就把電話轉給布魯斯。

Thank you.

謝謝。

Good day, everyone, and thank you, Leo.

大家好，謝謝你，利奧。

2018 was a strong year in the global economy, with considerable political drama.

2018 年是全球經濟強勁的一年，同時也出現了相當多的政治戲劇性事件。

And towards the end of the year, as a result of that, a lot of stock market volatility.

到了年底，股市出現了很大的波動。

But behind that volatility, most companies reported good results.

但在波動的背後，大多數公司都報告了良好的業績。

And as Brian noted, ours were no exception.

正如布萊恩指出的，我們也不例外。

Assets under management for the overall business are now over $350 billion, and during 2018, in aggregate, we committed $35 billion into a number of opportunities for investment globally, including an $11 billion portfolio of office and residential properties in 4 premier U.S. markets; a carve-out of a global battery maker for vehicles; the purchase of Westinghouse Electric Company; the take private of Saeta Yield -- and the take private of Saeta Yield, a portfolio of 1,000 megawatts in wind and solar facilities in Spain.

目前，整個業務管理的資產超過 3500 億美元，2018 年期間，我們總共投入了 350 億美元用於全球多個投資機會，其中包括美國 4 個主要市場價值 110 億美元的辦公和住宅物業組合；一家全球汽車電池製造商的分拆；收購西屋電氣公司； Saeta Yield 的私有化——以及 Saeta Yield 的私有化，Saeta Yield 是西班牙 1,000 兆瓦風能和太陽能設施的投資組合。

Each one of these acquisitions is quite different, but they all have one or more of the following in common: They are large in size and, therefore, we found and find that the competition was limited.

這些收購中的每一項都截然不同，但它們都有以下一個或多個共同點：它們的規模很大，因此，我們發現競爭是有限的。

They are diverse in nature so many market participants cannot work on these transactions due to their limited global reach.

它們本質上是多樣化的，因此許多市場參與者由於其全球影響力有限而無法進行這些交易。

Or thirdly, they require significant operational enhancements to generate the value that creates the outsized returns that we want and need.

第三，它們需要顯著的運營增強來產生價值，從而創造我們想要和需要的巨額回報。

This is where our 100,000 operating team members come in.

這就是我們 100,000 名運營團隊成員發揮作用的地方。

We're also active on dispositions in 2018.

2018 年我們也積極進行處置。

In total, we sold $14 billion of more mature assets, including a large U.S. logistics business, an Australian -- and an Australian-based oil and gas company.

我們總共出售了價值 140 億美元的成熟資產，其中包括一家大型美國物流企業、一家澳大利亞企業以及一家澳大利亞石油和天然氣公司。

Virtually all of these were sold at exceptional returns.

事實上，所有這些都以豐厚的回報出售。

Today, we have approximately $35 billion of deployable capital for activities, and this amount of money should grow as we continue to raise capital, as Leo was mentioning, across our flagship and other strategies.

如今，我們擁有大約 350 億美元的可用於活動的資本，隨著我們繼續在我們的旗艦戰略和其他戰略中籌集資本，這筆資金應該會增長，正如 Leo 所提到的。

Turning to economic fundamentals, they generally remain strong globally, as we observe across all of our businesses.

談到經濟基本面，正如我們在所有業務中觀察到的那樣，全球經濟基本面普遍保持強勁。

In specific markets, and I'll mention a few, the U.S. economy, while slowing from the pace of '17, early '18, continues to be strong, with interest rates still at historically low levels, and we expect that to continue.

在特定市場（我將提到一些市場），美國經濟雖然較 17 年、18 年初的步伐有所放緩，但仍然強勁，利率仍處於歷史低位，我們預計這種情況將持續下去。

Economic momentum in Europe has been slow for a while due to uncertainty over Brexit, Italian issues, and long-term structural components of the market.

由於英國脫歐、意大利問題和市場長期結構性因素的不確定性，歐洲經濟增長勢頭一段時間以來一直緩慢。

We expect the activity to be better once the outlook on Brexit becomes clearer, but in the meantime, we always find select opportunities to deploy capital.

我們預計，一旦英國脫歐前景變得更加明朗，活動將會更好，但與此同時，我們總是會尋找部署資本的精選機會。

South American markets where we invest have been recovering nicely, with Brazil the slowest.

我們投資的南美市場恢復良好，其中巴西恢復最慢。

But Brazil is now set to recover that a new government is in place.

但巴西現在即將恢復元氣，因為新政府已經就位。

We will continue to make tuck-in acquisitions around our businesses and monetize investments as the currencies and economies recover.

隨著貨幣和經濟的複蘇，我們將繼續圍繞我們的業務進行收購，並將投資貨幣化。

Asia continues to increase its importance in the global economy, and while trade issues are disruptive, possibly, and are so in the short term, and growth is slowing due to large numbers, these countries are extremely important to the investment markets globally.

亞洲在全球經

And we will continue to judiciously increase our investments in India, China, Japan and South Korea.

我們將繼續明智地增加在印度、中國、日本和韓國的投資。

Market volatility in late 2018, as Brian mentioned, had an impact on many of the investments we own that are publicly listed, but most of that performance has recovered in the last month.

正如 Brian 提到的，2018 年底的市場波動對我們擁有的許多公開上市投資產生了影響，但大部分錶現在上個月已經恢復。

We are often asked by investors which Brookfield stock they should own, BAM or one of our 4 listed partnerships.

投資者經常問我們他們應該持有哪種 Brookfield 股票，是 BAM 還是我們 4 家上市合夥企業之一。

We described each in our recent letter to shareholders, and believe that each has a spot in a diversified portfolio of investments.

我們在最近致股東的信中對每一項進行了描述，並相信每一項都在多元化的投資組合中佔有一席之地。

Because while each carries the Brookfield brand and owns and operates high-quality businesses, each one is distinctly different and has a specific goal of being best-in-class in their specific area of expertise: Asset management, real estate, renewable power, infrastructure or private equity.

因為雖然每家公司都擁有布魯克菲爾德品牌並擁有和經營高質量的業務，但每家公司都截然不同，並且都有一個特定的目標，即在其特定的專業領域成為一流的：資產管理、房地產、可再生能源、基礎設施或私募股權。

Of course, BAM is a significant owner of each of these listed partnerships, benefiting from their cash flows and value creation, but is focused and driven today, and increasingly in the future, by our asset management business.

當然，BAM 是這些上市合作夥伴關係的重要所有者，受益於它們的現金流和價值創造，但今天以及未來將越來越多地受到我們的資產管理業務的關注和推動。

While each of these 5 securities is different, they are all investments that we expect will generate significant value creation over the longer term.

雖然這 5 種證券各不相同，但我們預計它們都是將在長期內產生重大價值創造的投資。

And like our private institutional clients who invest with us across our suite of private funds, these partnerships are designed to do the same for listed securities investors.

就像我們的私人機構客戶與我們一起投資我們的一系列私募基金一樣，這些合作夥伴關係旨在為上市證券投資者做同樣的事情。

I'd sum it up by saying pick one, pick all 5, but rest assured, we will work hard to make them all great investments.

我總結說，選一個，選全部 5 個，但請放心，我們將努力使它們成為偉大的投資。

Operator, that completes my remarks, and I will turn the call back to you for any questions there may be from the lines.

接線員，我的發言完畢，如果線路中存在任何問題，我會將電話轉回給您。

(Operator Instructions) Our first question comes from Cherilyn Radbourne of TD Securities.

（操作員指令）我們的第一個問題來自道明證券的 Cherilyn Radbourne。

First, with regards to latest property fund, just wondering if you can speak to the level of institutional versus high net worth demand, and how you think about allocating the fund to those 2 client groups relative to a hard cap and the fund size?

首先，關於最新的房地產基金，只是想知道您是否可以談談機構與高淨值需求的水平，以及您如何考慮相對於硬上限和基金規模將基金分配給這兩個客戶群體？

Thank you for the question.

感謝你的提問。

So we see demand, or demand for that fund about a 90-10 split, 90% across institutional investors and about 10% from the private wealth channel, as I mentioned.

因此，正如我提到的，我們看到對該基金的需求或需求大約為 90-10，其中 90% 來自機構投資者，約 10% 來自私人財富渠道。

In terms of sizing and predicting that, we do a little bit of advanced work with the various partners that we have and try to anticipate that and so we can size it appropriately.

在調整和預測方面，我們與我們擁有的各個合作夥伴做了一些高級工作，並嘗試預測這一點，以便我們可以適當地調整它的規模。

Great.

偉大的。

And then separately, I was wondering, Bruce, if you could expand a little bit more on your view of the new administration in Brazil and whether you think that capital flows into the country have recovered to the point where there might be an opportunity to monetize some of the investments that you made close to the bottom of the recent cycle?

另外，布魯斯，我想知道您是否可以進一步闡述一下您對巴西新政府的看法，以及您是否認為流入該國的資本已經恢復到可能有機會貨幣化的程度您在最近週期的底部附近進行了一些投資？

So thanks for the question.

謝謝你的提問。

I'll just say that foreign direct investment has started to go into Brazil, but it hasn't really recovered to any major extent.

我只想說，外國直接投資已經開始進入巴西，但還沒有真正大幅復甦。

I think that you will see it start over the next while as more positive things come both in the country, pension reform, getting voted through, and a number of the economic things that are done by the government and the appointments that have been made.

我認為，隨著國家出現更多積極的事情，養老金改革、投票通過，以及政府所做的一些經濟事情和已經做出的任命，你會看到它在接下來的一段時間內開始。

So I don't think you've seen that capping yet, but it will occur over time.

所以我認為你還沒有看到這種上限，但隨著時間的推移它會發生。

And as a result of that, when I say, we'll use the markets to monetize or bring some capital out of the country from our investment period, I'd say that's not in -- probably in 2019, but it will be at some point thereafter.

因此，當我說我們將利用市場貨幣化或從我們的投資期將一些資本帶出該國時，我想說這不會在——可能是在 2019 年，但會在此後的某個時刻。

Specifically related to the country, we've always said it was a good country to invest in.

具體到國家方面，我們一直說這是一個投資的好國家。

We found the rule of law and other things in the country to be within the standards we operate, and we've always done very well there.

我們發現該國的法治和其他事情符合我們的運作標準，而且我們一直做得很好。

I would just say that I think having a government in place that can make forward-looking decisions compared to where we've been over the last couple of years is highly positive.

我只想說，我認為與過去幾年相比，擁有一個能夠做出前瞻性決策的政府是非常積極的。

And I think most business people in Brazil and that are looking at Brazil are energized and reinvigorated by that situation.

我認為巴西的大多數商人以及正在關注巴西的大多數商人都因這種情況而充滿活力和活力。

And our next question comes from Dean Wilkinson of CIBC.

我們的下一個問題來自 CIBC 的 Dean Wilkinson。

Bruce, in your comment on the -- on market environment, sort of looking out, you made the observation which we generally agree with that we're likely to see a recession at some point in next few years, and certainly, that's what the bond yields are indicating to us.

布魯斯，在您對市場環境的評論中，您做出了我們普遍同意的觀察，即我們可能會在未來幾年的某個時候看到經濟衰退，當然，這就是經濟衰退的原因。債券收益率正在向我們表明。

So against that and given $34 billion of liquidity and what could be another banner year of fundraising, are you happy to sort of take the foot off the accelerator a bit on acquisitions and let the pucks come to you?

因此，鑑於 340 億美元的流動性，以及今年可能又是融資的輝煌一年，您是否願意在收購方面稍微放鬆一下，讓冰球來找您？

Or how are you thinking about that in the context of what could be a slowing environment?

或者在可能放緩的環境下您如何看待這一點？

Yes.

是的。

So I would just say, our business is about investing capital.

所以我只想說，我們的業務就是投資資本。

But there are times when you should -- I guess, we try to take macro, look at the macro environment, there are times when you should heavy-up investments because anything that you can buy probably will be successful.

但有時你應該——我想，我們嘗試著眼於宏觀，看看宏觀環境，有時你應該加大投資，因為你能買的任何東西都可能會成功。

And I would suggest 2009 was one of those periods.

我認為 2009 年就是其中之一。

If you had $1 to invest, and in hindsight, this is certainly true, almost anything you bought, it would have been a successful investment, it didn't really matter what happened.

如果你有 1 美元可以投資，事後看來，這當然是正確的，幾乎你買的任何東西，這都是一次成功的投資，發生了什麼並不重要。

There were times when you should be -- one where you should be doing some things and not doing other.

有時候你應該這樣做——你應該做一些事情而不做其他事情。

There are times when you shouldn't be doing anything.

有時候你不應該做任何事情。

I would say given our scale of our business, given the global nature of our business, and given most of our returns come out of operating excellence as opposed to financial returns, we are -- we always find things to do within the market.

我想說，考慮到我們的業務規模，考慮到我們業務的全球性質，考慮到我們的大部分回報來自於卓越運營而不是財務回報，我們總是在市場內找到要做的事情。

You wouldn't imagine, we could have bought 3 companies out of bankruptcy last year in one of the best markets that you would have found for business performance.

您無法想像，我們去年可以在您發現的業務表現最佳的市場之一收購 3 家擺脫破產的公司。

And so I would just say, we're very focused on making sure we find bespoke opportunities, but we feel no -- we're not compelled to invest the cash we have.

所以我只想說，我們非常專注於確保找到定制機會，但我們覺得不行——我們沒有被迫投資我們擁有的現金。

We have long investment periods should that be available.

如果可以的話，我們有很長的投資期限。

And on a corporate level, I would say, we're ensuring that our balance sheets are as strong as we possibly can make them to ensure we have cash around to do all the things that we will want to do and may have to do with respect to our investments as that go through a recession at some point in time.

在公司層面上，我想說，我們正在確保我們的資產負債表盡可能強大，以確保我們有足夠的現金來完成我們想做的和可能要做的所有事情尊重我們的投資，因為這些投資在某個時間點會經歷衰退。

So it's not -- it's a time to be wary, but also we're opportunistic.

所以，現在不是要保持警惕的時候，但我們也是機會主義的。

I guess in that context and not going out into the market, then the easiest thing is to either be buying back shares of the listed issuers or the parent company, right?

我想在這種情況下，如果不進入市場，那麼最簡單的事情就是回購上市發行人或母公司的股票，對嗎？

Yes.

是的。

Look, the -- if you traded less than tangible value, it's a very easy investment decision to repurchase securities.

看，如果您的交易量低於有形價值，那麼回購證券就是一個非常簡單的投資決定。

We did some in the fourth quarter of 2018.

我們在 2018 年第四季度做了一些工作。

And as cash builds, we'll consider that going forward.

隨著現金的增加，我們會考慮繼續這樣做。

So that's certainly an easy investment to make if you know what you have, what you're getting.

因此，如果您知道自己擁有什麼、將得到什麼，那麼這無疑是一項容易的投資。

Yes, that makes sense.

是的，這是有道理的。

My second question is just on the tremendous opportunity, I guess, that is sort of the infrastructure runway as you put it there.

我的第二個問題是關於巨大的機會，我想，這就是你所說的基礎設施跑道。

I guess, one of the bigger things is it's not just capital, but private enterprise has definitely been more effective at running, not just building a lot of those large-scale infrastructure projects.

我想，更重要的事情之一是，這不僅僅是資本，而且私營企業在運營方面肯定更有效，而不僅僅是建設許多大型基礎設施項目。

Do you see the future of this less PPP and more sort of fully contracted out?

您是否看到這種更少的 PPP 和更多的完全外包的未來？

Or what does that -- what do you think that looks like?

或者那是什麼——你認為那看起來像什麼？

Well, I guess the infrastructure story fits really into 2 categories, where is the money coming from?

嗯，我想基礎設施的故事實際上可以分為兩類：錢從哪裡來？

And if interest rates stay low-ish -- they're not to stay as low as they are today, but if they're -- well, I'd say the long bond in the United States, which is 2.7% today or the 10-year at 2.7%.

如果利率保持在較低水平——它們不會保持像今天這樣低的水平，但如果是——那麼，我會說美國的長期債券，今天的利率是 2.7% 或10年期利率為2.7%。

If it's below 5%, I think you're going to see a very significant amounts of capital continue to shift from institutional investors and long-term sovereign investors into the infrastructure space.

如果低於 5%，我認為您將看到大量資本繼續從機構投資者和長期主權投資者轉移到基礎設施領域。

And so that's the first thing.

這是第一件事。

So the money will be there.

所以錢就會在那裡。

On the supply side, governments are over indebted or need the help, as you suggest, to build this kind of infrastructure, and I think it's going to be all of the above.

在供應方面，正如您所建議的，政府負債過多或需要幫助來建設此類基礎設施，我認為這將是以上所有情況。

I think they will do PPPs.

我認為他們會做 PPP。

They will sell infrastructure that's built to owners if they can do it in countries that can achieve that and have the ability to do it from their populace.

如果他們能夠在能夠實現這一目標並且有能力從其民眾那裡做到這一點的國家做到這一點，他們將向業主出售建造的基礎設施。

And they'll bid new infrastructure with private builders.

他們將與私人建築商競標新的基礎設施。

The easiest thing to do is for government to take on higher-risk projects, it's for governments to take the risk of new greenfield infrastructure and then sell it to owners at another price.

最簡單的做法是政府承擔風險較高的項目，政府承擔新綠地基礎設施的風險，然後以另一個價格將其出售給業主。

Because this day, in essence, are the government, they can do things that most private owners can't do.

因為今天，本質上是政府，他們可以做大多數私人業主做不到的事情。

And as a result of that, that is -- that's a valuable thing.

因此，這是一件有價值的事情。

So -- but I truly think it will be all 3 of the above.

所以——但我確實認為這將是以上三點。

And the -- and each infrastructure builder, contractor, owner, investor will be able to find their own niche like we have and will.

每個基礎設施建設者、承包商、業主、投資者都將能夠像我們一樣找到自己的利基市場。

That's great.

那太棒了。

Let's hope the government can build a pipeline.

希望政府能夠修建一條管道。

I will hand it back.

我會把它還給你。

Our next question comes from Sohrab Movahedi of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Brian, just maybe the answer to this question is what Bruce already talked about, but the higher level of liquidity that you're running with, I think it's almost like a record level now, is that more defensive?

布萊恩，也許這個問題的答案就是布魯斯已經談到的，但你所擁有的更高水平的流動性，我認為現在幾乎是創紀錄的水平，這是否更具防禦性？

Or is it intended to -- are you intending to play offense with it then?

或者它是打算——那麼你打算攻擊它嗎？

I would say it's a bit of both, frankly.

坦率地說，我想說兩者兼而有之。

We always want to make sure that we are in a position to play very strong defense, respond to things.

我們總是希望確保我們能夠發揮非常強大的防守，對事情做出反應。

But to Bruce's point, there are always a number of opportunities that we seem to be able to avail ourselves when it comes to investments.

但就布魯斯而言，在投資方面，我們似乎總能利用很多機會。

The size of the funds are larger, and so the level of investment activity is larger overall as well.

基金規模較大，因此整體投資活動水平也較高。

And so we think that behooves us to carry enhanced levels of liquidity because a part of what Brookfield does as the asset manager and why we like it, that liquidity is, it does enable us to facilitate investment opportunities as they come along and work with the funds and the listed issuers in that regard.

因此，我們認為我們有必要提高流動性水平，因為布魯克菲爾德作為資產管理公司所做的一部分以及我們喜歡它的原因是，流動性確實使我們能夠在投資機會出現並與投資機會合作時提供便利。基金和上市發行人在這方面的情況。

So it's really a bit of both.

所以這確實是兩者兼而有之。

And so do you think you're around the desired levels, so to speak, right now?

那麼你認為你現在達到了理想的水平嗎？

Or do you think there's still room to add to it as you, I guess, raise more capital?

或者你認為當你籌集更多資金時，還有增加的空間嗎？

Yes.

是的。

If you can add to it at the, -- I'll say at the right cost and in the right way, we can invariably find opportunities to put it to work.

如果你能以正確的成本和正確的方式添加它，我們總能找到機會讓它發揮作用。

So if we have opportunities to increase, I believe we will.

因此，如果我們有機會增加，我相信我們會的。

Fair enough.

很公平。

Yes, fair enough.

是的，很公平。

And then maybe just quickly for Leo.

然後對於獅子座來說也許很快。

Leo, any chance you could kind of break down for us -- I know you raised across all geographies, but maybe be a little bit more specific on that?

Leo，你有沒有可能為我們崩潰一下——我知道你在各個地區長大，但也許能更具體一點嗎？

How much of the fundraising maybe is coming from the Middle East in the first instance?

首先有多少籌款可能來自中東？

And then within the private wealth stuff, if you could give some color as to which geography that money is coming from as well?

然後在私人財富方面，您能否說明這些錢來自哪個地區？

Sure.

當然。

So North America is a substantial part of our region, our regions where we raise capital, around 50%, I would say.

因此，北美是我們地區的重要組成部分，我們籌集資金的地區大約佔 50%，我想說。

The balance is distributed equally through rest of world with the Middle East, anywhere on a year between 13% to 18%.

餘額在世界其他地區與中東地區平均分配，每年在 13% 到 18% 之間。

Asia, similar.

亞洲，類似。

And then Europe, with a tiny bit now also coming from LatAm.

然後是歐洲，現在也有一小部分來自拉丁美洲。

And in terms of the private wealth, about 60% is coming from North America.

而就私人財富而言，大約60%來自北美。

The majority of that from the U.S. And we see a demand accelerating in Asia and the Middle East.

其中大部分來自美國，我們看到亞洲和中東的需求正在加速增長。

Okay.

好的。

And maybe if I can just sneak a quick one in for Brian.

也許我可以偷偷地為布萊恩快速做一份。

The costs, are we around right steady state and from here kind of nominal, I don't know, inflation-like type growth from here?

成本，我們是否處於正確的穩定狀態，從這裡開始，我不知道，是否會出現類似通貨膨脹的增長？

Is that fair, Brian?

這公平嗎，布萊恩？

Well, okay.

哦，那好吧。

So in terms of -- I'd say, in terms of the margins, we've been very consistent and expect to see that status stay the same throughout the foreseeable future.

因此，就利潤率而言，我們一直非常一致，並希望在可預見的未來看到這種狀況保持不變。

In terms of the actual magnitude, the nominal of the cost, I think, really, you've seen that step up over the years as we continue to expand, both I'll say, geographically, as well as into different asset classes and product types.

就實際規模而言，名義成本，我認為，實際上，多年來，隨著我們不斷擴張，我會說，在地理上以及不同的資產類別和領域，你已經看到了成本的上升。產品類型。

So while there's definitely some benefit to scale, we will also continue to invest in our operating base, really to get at what Leo's talking about as well just in terms of ensuring we continue to deliver excellent client service, make sure that we're innovative in terms of the products that we're offering.

因此，雖然擴大規模肯定有一些好處，但我們還將繼續投資於我們的運營基礎，真正了解 Leo 所說的內容，以及確保我們繼續提供卓越的客戶服務，確保我們具有創新性就我們提供的產品而言。

So we feel very comfortable with the margins, and we'll continue to invest and scale out our capabilities.

因此，我們對利潤率感到非常滿意，我們將繼續投資並擴大我們的能力。

(Operator Instructions) Our next question comes from Brian Wu of Citi.

（操作員指令）我們的下一個問題來自花旗銀行的 Brian Wu。

Bruce, with respect to the $1 billion of realized carry target in 2019, which seems a bit faster than expected, can you elaborate on the factors contributing to the favorable realization environment?

Bruce，關於2019年實現10億美元的套利目標，這個目標似乎比預期要快一些，您能詳細說明一下促成有利變現環境的因素嗎？

And perhaps what you expect the timeline of those realizations to occur?

也許您期望這些實現的時間表是什麼？

So I would just say as follows.

所以我只想說如下。

There are periods of time, and it partly goes back to the question of where we are in the market cycle.

在某些時期，這在一定程度上可以追溯到我們處於市場週期的哪個階段的問題。

There are periods of time when one should be investing all the dollars you can reasonably afford to invest because all returns will be good.

在某些時候，人們應該投資所有你能合理負擔得起的美元，因為所有的回報都會很好。

And there are times when even though markets may be good, if you've made a lot of money and if you have achieved the plans within your portfolio, sometimes, it's good to take money off the table.

有時，即使市場可能很好，但如果你賺了很多錢並且已經實現了投資組合中的計劃，有時，把錢從桌面上拿走也是件好事。

So there's a number of our funds, which are at the -- a couple of our funds in particular, but a number of them where we're at a point where asset recycling is -- asset sales is very effective because we've both achieved the plans we had for the assets and it's a good environment to be able to sell assets, i.e., there are lots of buyers on the other side who are willing to pay the price that we feel is fair.

因此，我們有很多基金，特別是我們的一些基金，但其中一些我們正處於資產回收的階段，資產出售非常有效，因為我們都擁有實現了我們對資產的計劃，並且這是一個能夠出售資產的良好環境，即另一方有很多買家願意支付我們認為公平的價格。

And it may not -- for them, it's a price that will be appeasably great.

也許不會——對他們來說，這是一個可以接受的巨大代價。

Most of the assets we have by this point in time, if we achieved our plans, have turned into phenomenal assets that have great long-term cash flows in them.

如果我們實現了我們的計劃，我們目前擁有的大部分資產都已經變成了擁有大量長期現金流的驚人資產。

And the buyers will earn a different return than what we earn because we did all the work and took a lot of time to get there.

買家將獲得與我們不同的回報，因為我們做了所有的工作並花了很多時間才到達那裡。

But what they then have is a phenomenal asset to own for the next 5, 10, 15, 20 years.

但他們所擁有的是未來 5 年、10 年、15 年、20 年的非凡資產。

And so that's really what we're at a point in the cycle and doing.

這就是我們在周期中的某個時刻所做的事情。

It happens to be a good point to do that.

這樣做恰好是一個好點。

Great.

偉大的。

And regarding compensation specifically, there's a noticeable increase quarter-over-quarter.

具體到薪酬方面，季度環比明顯增加。

Is there any unusual items this quarter worth calling out?

本季度有什麼不尋常的事情值得關注嗎？

Or was that associated with the buildout of new initiatives and perhaps timing of fundraising?

或者這與新舉措的建設以及籌款的時機有關？

And is that a good run rate going forward?

未來的運行率是否良好？

Yes.

是的。

No, I think, Brian -- it's Brian Lawson here.

不，我想，布萊恩——我是布萊恩·勞森。

You hit the nail on the head there.

你說到點子上了。

It's really as expected and in line with the level of activity and scale in the business.

這確實符合預期，並且符合業務的活動水平和規模。

And we do have a follow-up question from Sohrab Movahedi of BMO Capital Markets.

我們確實收到了 BMO 資本市場的 Sohrab Movahedi 的後續問題。

Brian, I just wanted to come back to the liquidity position and get a sense of, does the asset liability management risk tolerance change at all?

Brian，我只是想回到流動性狀況並了解一下，資產負債管理的風險承受能力是否發生了變化？

Will you go -- as far as the -- you're not sitting on cash obviously, so where are you investing at?

你會去嗎——就——顯然你並沒有坐擁現金，那麼你在哪裡投資呢？

And what sort of yields you're looking to generate while you actually find the right investment opportunity?

當您真正找到合適的投資機會時，您希望產生什麼樣的收益？

Is there any risk that, that liquidity could get deployed in something that could result in short-term losses?

是否存在流動性可能被用於可能導致短期損失的風險？

Yes.

是的。

Well, I would say for one thing, as Bruce and I both pointed out, we did have a step down in the -- we took the downward mark-to-markets on some of our financial assets right around year-end.

嗯，我想說的是，正如布魯斯和我都指出的那樣，我們確實在年底前下調了部分金融資產的市價。

Those obviously have largely bounced back.

這些顯然已經基本反彈。

It really comes down to what we deploy that capital in, in that liquidity.

這實際上取決於我們在流動性方面部署資本的方式。

And you've seen us do that in a few different ways, a part of which may be, for example, assisting in building out some of our credit strategies where we've invested in portfolios of credit securities.

您已經看到我們以幾種不同的方式做到這一點，其中一部分可能是，例如，協助制定我們投資於信貸證券投資組合的一些信貸策略。

So that, I'd say, has a -- has sort of a dual purpose.

所以，我想說，這有一個雙重目的。

But if we're raising capital and we have it in mind for liquidity, then that will obviously reflect our -- a view towards capital preservation.

但如果我們在籌集資金時考慮到流動性，那麼這顯然會反映我們對資本保值的看法。

And so we'll deal with that accordingly and measure that appropriately in how we think about liquidity.

因此，我們將相應地處理這個問題，並根據我們對流動性的看法適當地衡量它。

Also recall that a lot of our liquidity is also in the form of undrawn credit facilities, which of course are not subject to market volatility.

另請記住，我們的大量流動性也是以未提取信貸額度的形式出現的，這當然不受市場波動的影響。

So we look at a mix of things depending on what our outlook is, both in terms of capital flows and market environment.

因此，我們會根據我們的前景來綜合考慮資本流動和市場環境方面的因素。

And sometimes, we will actually take risk off the table in terms of monetizing certain assets and turning them into cash and ensuring our lines are fully withdrawn at the same time -- undrawn at the same time.

有時，我們實際上會通過將某些資產貨幣化並將其轉化為現金來消除風險，並確保我們的額度同時完全提取——同時未提取。

Okay.

好的。

So your -- I mean the direction arrow on your appetite for risk in that liquidity pool hasn't increased?

那麼你的——我的意思是你對流動性池中風險偏好的方向箭頭沒有增加？

If anything, it's gone down?

如果有的話，是不是已經下降了？

No.

不。

I'd say it's consistent.

我想說這是一致的。

And ladies and gentlemen, this does conclude our question-and-answer session.

女士們先生們，我們的問答環節到此結束。

I would now like to turn the call back over to Suzanne Fleming for any closing remarks.

現在我想將電話轉回給蘇珊·弗萊明，讓其發表結束語。

And with that, we'll end the call for today.

至此，我們就結束今天的通話。

So thank you, everyone, for joining us.

謝謝大家加入我們。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This concludes today's program.

今天的節目到此結束。

You may all disconnect.

你們都可以斷開連接。

Everyone, have a great day.

大家，祝你有美好的一天。