博枫资管股东信摘抄 2022Q4

这是$Brookfield资管(BAM)$ 基金管理业务从$布鲁克菲尔德(BN)$ 分拆上市后的第一封股东信。#博枫资管股东信# 随手摘选一些时效性不强的文字。#博枫股东信#

Welcome to the ‘NEW’ BAM – our pure-play asset manager

【欢迎来到“新”BAM - 我们专注于资产管理业务的公司】

Our asset management business is currently one of the largest and fastest growing alternative asset managers globally, with operations spanning more than 30 countries on five continents.


We have 2,000 investment and asset management professionals who employ a disciplined investment approach to create value and deliver strong risk-adjusted returns to clients across a diverse set of public and private fund offerings.


The business has grown from its infancy 25 years ago to approximately $800 billion of assets under management today, and deep relationships with more than 2,000 clients. We are fortunate that this includes most of the largest global institutional investors.


【Our strategy is distinct 我们的战略是独特的】

The outlook for our business remains very strong, due largely to the following components of our differentiated strategy:


We invest in the backbone of the global economy.


We leverage our deep operational expertise to create value.


Our scale and track record over a long period of time means that we are a beneficiary of the capital that is increasingly gravitating to the largest, multi-asset class managers in a period of industry consolidation.


Our business is positioned around the leading secular global drivers of capital across renewable power and transition, infrastructure, real estate, and credit.


We are highly diversified. This enables the business to grow, and to deploy capital through economic cycles—with our credit, private equity, and real estate businesses each specializing in finding investment opportunities in markets like we are seeing today.


We pride ourselves both on providing the highest level of service to our clients and constantly innovating to meet their needs.


Across Brookfield, we have $175 billion of our own discretionary permanent capital to invest in, and with, our funds. This is one of the benefits of our structure and is unrivalled in the industry.


【Our asset classes are in favor 我们的资产类别受到青睐】

Infrastructure is experiencing a multi-year secular shift towards increased demand for large-scale, long-term assets that serve as critical components of the built economy. Similarly, and more recently, burgeoning investor appetite for clean energy and transition investment mandates have powered the rapid rise of—and demand for—net-zero and energy transition investments.


Within real estate, investors are starting to allocate capital to opportunistic strategies that are benefiting from value investments that are the result of liquidity issues created by market disruption. Within the credit space, flows remain strong and we are well positioned to benefit from the ongoing market volatility and uncertainty.


Given this backdrop, we are seeing increased demand for real assets, and particularly essential assets with low volatility, enhanced appreciation potential, and highly stable, contracted returns. A substantial portion of real assets benefit from inflation protection and pass-through contracts.


In addition, as market volatility and more challenging economic conditions continue, we expect the preeminence of Oaktree to come to the fore. Having one of the most sophisticated credit managers as part of the franchise diversifies our business, makes us better investors, and ensures that we can raise and successfully deploy capital at all points in an economic cycle.


Our asset management business is the beneficiary of synergies across the broader Brookfield Ecosystem. With the tightening of markets and scarcity of capital, we have the benefit of access to significant perpetual capital from Brookfield Corporation and large-scale, flexible capital from its insurance solutions business.

我们的资产管理业务是整个博枫生态系统协同效应的受益者。随着市场的紧缩和资本的稀缺,我们受益于能从$布鲁克菲尔德(BN)$ 获得了大量永久资本,从其保险解决方案业务获得了大规模的灵活资本。

【Listing from strength is best 在实力强时分拆上市是最好的】

With a strong business backdrop, we designed the BAM security to provide investors with direct exposure to our asset management business. Our security has the following attributes:


The cash flow stream is extremely resilient. Most of our $418 billion of fee-bearing capital is invested in long-term private funds that have perpetual, or 10+ year lives.


Distributable earnings are almost entirely made up of our stable and annuity-like fee-related earnings, making our earnings simple to understand, stable, and easy to predict.


We will return the vast majority of our cash flows to shareholders via dividends—and when it makes sense, stock buybacks.


Our asset-light balance sheet is exceptionally strong, with no debt and cash and financial assets of $3 billion.


Overall, the combination of these characteristics generates an excellent long-term investment, which should provide us with added optionality for acquisitions, should the right opportunity present itself.


【Our perpetual capital is very valuable 我们的永久资本非常宝贵】

One of the most important attributes of our business is that 83% of our fee-bearing capital, which generates over 90% of our fee streams, is either very long-term or perpetual in nature.


In addition to the strategic benefits that come with having this amount of perpetual capital backing the business, our cash flow profile is incredibly consistent, resilient and permanent as a result.


Our long-term capital is in the form of commitments to our private funds from predominantly institutional clients, which have a typical life of 10-12 years. We have a proven track record of growing these strategies that is backed by the returns we have been able to deliver to our clients. The revenues are stable and have grown at a 24% CAGR over the last 10 years.


Permanent capital vehicles and perpetual strategies make up close to 50% of our overall cash flows—and importantly, these are not subject to any potential pressure of redemptions or capital outflows. We believe the quality and nature of our perpetual capital is a true differentiator of our business, and falls into the following four categories:


First, and arguably the most unique component, is the permanent capital we manage on behalf of the Brookfield listed entities (BIP, BEP and BBU). These entities, which have a combined capitalization of almost $60 billion, are all dual-listed NYSE and TSX companies, and are truly perpetual. They provide investors with daily liquidity, however our capital base is not subject to redemptions. The trend of value and capitalization is positive, with an annual growth rate of 12% over the last 10 years.

首先,可以说是最独特的组成部分,是我们代表博枫旗下上市公司 (BIP、BEP和BBU)管理的永久资本。这些公司的总市值接近600亿美元,都是纽约证交所和多伦多证券交易所两地上市的公司,是真正的永久性资本。它们每天为投资者提供流动性,但我们的资本基础不受赎回的影响。它们价值和市值的发展趋势是积极的,过去10年的年增长率为12%。

Second, we manage a portfolio of real estate on behalf of Brookfield Corporation. This is a portfolio that is invested across a highly diversified, high-quality portfolio of assets in the best locations around the world.


Third, we manage a pool of insurance capital that is backstopped by long-dated liabilities and an equity value invested by Brookfield Corporation of $8 billion. There is no maturity to this mandate, and as a core strategic business to Brookfield, we expect this capital to only increase over time.


And lastly, we have perpetual core and core plus private funds predominantly in real estate and infrastructure for primarily institutional investors with longer-term investment horizons.


【Closing 总结】

We remain committed to being a world-class asset manager, and to investing capital for you and the rest of our investment partners in high-quality assets that earn solid returns, while emphasizing downside protection.


The primary objective of the company continues to be to generate increasing cash flows on a per-share basis, and to distribute that cash to you by dividend or share repurchases.




坚信价值02-10 21:07

$Brookfield资管(BAM)$ 管理层预期分红会以每年15-20%的速度提升。


坚信价值02-10 21:29



e大海航行靠舵手04-03 16:02

大陆身份的$Brookfield资管(BAM)$ 扣20%股息税,有点多啊#持股收息#

十串金针菇02-17 17:49

分了 A、B股吗?如果BAM增发并购,是否也会稀释非上市的股份?

肖恩她爹02-17 17:37


肖恩她爹02-17 17:34


十串金针菇02-17 13:46