Artisan Partners Asset (APAM) 2017年年度报告「NYSE」.pdf

1、ARTISAN PARTNERSARTISAN PARTNERSASSET MANAGEMENT INC.2017 ANNUAL REPORTTALENT AS AN ARTInvestment management practiced with intelligence and discipline is an art.A LETTER FROM OUR CEOA LETTER FROM OUR CEO 2 2THE ART OF FRANCHISE DEVELOPMENTTHE ART OF FRANCHISE DEVELOPMENT 1414INVESTMENT PERFORMANCEI

2、NVESTMENT PERFORMANCE 2424FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS 2828MANAGEMENT TEAM&BOARD OF DIRECTORSMANAGEMENT TEAM&BOARD OF DIRECTORS 3535For more than 20 years,Artisan Partners has been identifying unique investors and partnering with them to build investment franchises with stable and multi-

3、generational leadership,repeatable investment processes and track records of successful outcomes for clients.$1 million invested in each of our investment strategies launched prior to 2017(a total investment of$15 million)would have grown to$73.5 million as of December 31,2017,after fees.That s$23 m

4、illion(46%)more than a portfolio consisting of each strategy s broad-based benchmark index.The Artisan outcome is a product of our unique investment talent working within a model and culture designed specifically for them to achieve long-term investing success.We provide investment autonomy and comp

5、rehensive business support.Investment autonomy results in a pure investment process and accountability for investment outcomes.Comprehensive business support minimizes distraction and maximizes the probability that a talented individual will develop into a team and ultimately into a multi-generation

6、al franchise.This personal and intricate process of partnering with talented individuals to unlock and realize potential across time and through generations is what we mean by Talent as an Art.In this report,we describe Talent as an Art in greater detail.We have also included,as a case study,the sto