Artisan Partners Asset (APAM) 2014年年度报告「NYSE」.pdf

1、ARTISAN PARTNERSASSET MANAGEMENT INC.2014 ANNUAL REPORTThoughtful EvolutionChange is constant in our industry.We have evolved thoughtfully.A LETTER FROM OUR CEO 2INVESTMENT TEAMS Artisan Partners Growth Team 16Artisan Partners Global Equity Team 18Artisan Partners U.S.Value Team 20 Artisan Partners

2、Global Value Team 22 Artisan Partners Emerging Markets Team 24Artisan Partners Credit Team 26FINANCIAL HIGHLIGHTS 28MANAGEMENT TEAM&BOARD OF DIRECTORS 37TABLE OF CONTENTSIn this annual letter I want to reflect on our twenty years in business.Where we started.What has remained consistent.How we have

3、evolved.Where we are today.I hope these reflections are helpful in understanding how the year came together for our organization and our expectations for our future.Our FoundationDuring the mid-1990s,when our firm was founded,there was an interesting debate about the potential consolidation of the i

4、nvestment management industry.At the same time,mutual fund supermarkets were coming online.Our relationship to the consolidation debate and the way open architecture has spurred growth at our firm provide insight into our foundation and who we are today.The debate about industry consolidation revolv

5、ed around whether small investment management companies could survive given the marketing capabilities of large financial services firms.This was a reasonable debate.Consolidation is a common phenomenon as an industry matures and economies of scale are achieved.Small firms are often acquired or forc

6、ed to exit.However,the advantages of scale are usually more significant where the product is a commodity and therefore competition focuses on price and distribution efficiency.Investment management is hardly a commodity.Talent matters.Value can be realized from intelligent stock picking and unique i