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.
我们的资产管理业务目前是全球规模最大、增长最快的另类资产管理公司之一，业务遍及五大洲30多个国家。
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.
我们拥有2000名投资和资产管理专业人士，他们采用严格的投资方法，通过一系列多样化的公募和私募基金产品，为客户创造价值，并提供强大的风险调整回报。
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.
该业务已从25年前的初期发展到今天管理资产约8000亿美元，并与2000多家客户建立了深厚的关系。我们很幸运，其中包括大多数最大的全球机构投资者。
【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:
我们的业务前景仍然非常强劲，这主要归功于我们差异化战略的以下组成部分:
We invest in the backbone of the global economy.
我们投资的是全球经济的“脊梁”。
We leverage our deep operational expertise to create value.
我们利用我们深厚的运营专业知识来创造价值。
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.
在行业整合时期，资本越来越多地被吸引到规模最大、多资产类别的管理公司。我们在很长一段时间内的规模和业绩记录意味着，我们是这类资本的受益者。
Our business is positioned around the leading secular global drivers of capital across renewable power and transition, infrastructure, real estate, and credit.
我们的业务定位是围绕可再生能源和转型、基础设施、房地产和信贷领域，这几个最重要的长期全球资本驱动因素。
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.
我们是高度多元化的。这使我们的业务在整个经济周期中都得以增长和配置资本——我们的信贷、私募股权和房地产业务，都专长于在我们今天看到的市场中寻找投资机会。
We pride ourselves both on providing the highest level of service to our clients and constantly innovating to meet their needs.
我们为能给客户提供最高水平的服务和不断创新以满足他们的需求而感到自豪。
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.
在整个博枫体系中，我们拥有1750亿美元的可自由支配的永久资本，可以投资于我们的基金，也可以与基金一起投资。这是我们结构的好处之一，在业内是无可比拟的。
【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.
基础设施正在经历多年的长期转变，即对作为建筑经济关键组成部分的大规模长期资产的需求不断增加。同样，最近，投资者对清洁能源和转型投资策略的兴趣不断增长，推动了净零投资和能源转型投资需求的迅速增长。
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.
在房地产领域，投资者开始将资金配置到投机型策略中，这些策略受益于在市场混乱造成流动性问题时进行的价值投资。在信贷领域，机会的持续供应依然强劲，我们有能力从持续的市场波动和不确定性中受益。
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.
在此背景下，我们看到市场对实物资产的需求增加，特别是对波动性低、升值潜力增强，回报率高度稳定和合同化的必需资产的需求。相当一部分实物资产受益于通胀保护和成本转嫁合约。
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.
此外，随着市场波动和更具挑战性的经济条件的持续，我们预计橡树资本的卓越地位将脱颖而出。拥有最老练的信贷策略管理人之一作为平台的一部分，使我们的业务多样化，使我们成为更好的投资者，并确保我们能够在经济周期的各个阶段都能筹集并成功投放资金。
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:
在强大的业务背景下，我们设计了BAM这个股票，使投资者能够直接投资于我们的资产管理业务。我们的股票具有以下属性:
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.
现金流非常有韧性。我们4180亿美元的收费资本中，大部分都投资于长期私募PE基金，这些基金的封闭期为10年以上。
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.
可分配利润几乎完全由稳定的、类似年金的管理费相关利润构成，这使得我们的利润易于理解、稳定和易于预测。
We will return the vast majority of our cash flows to shareholders via dividends—and when it makes sense, stock buybacks.
我们将把绝大部分现金流通过股息返还给股东，如果有必要的话，还会回购股票。
Our asset-light balance sheet is exceptionally strong, with no debt and cash and financial assets of $3 billion.
我们的轻资产资产负债表非常强健，没有债务，现金和金融资产为30亿美元。
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.
总的来说，这些特点的结合产生了一个优秀的长期投资机会，股票也会在合适的收购机会出现时为我们提供一个支付选择。
【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.
我们业务最重要的属性之一是，我们83%的收费资本（产生了我们90%以上的管理费收入），要么是长期的，要么是永续的。
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.
除了拥有这么多永久资本支持业务所带来的战略好处外，我们的现金流状况也因此具有令人难以置信的一致性、韧性和持久性。
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.
我们的长期资金主要来自机构客户对我们私募PE基金的认购承诺，通常锁定周期为10-12年。我们在增长这些策略的规模上有良好的记录，这是由我们能够为客户提供的回报所支持的。这些营收是稳定的，过去10年的复合年增长率为24%。
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:
在永久性资本工具和永续型策略上的管理费收入，占我们总现金流的近50%，重要的是，它们不受任何潜在的赎回或资本外流压力的影响。我们相信，永久资本的质量和性质是我们业务的真正差异化因素，可分为以下四类:
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.
其次，我们代表BN管理一个商业地产投资组合。这是一个投资于全球最好地点的高度多元化的高质量资产组合。
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.
第三，我们管理着一个保险资金池，由长期负债和BN投入的80亿美元资本金所支撑。这些资金没有到期日，而且作为BN的核心战略业务，我们预计这些资金只会随着时间的推移而增加。
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.
最后，我们有永续型的核心和核心增益私募PE基金，主要投资于商业地产和基础设施，主要面向具有长期投资视野的机构投资者。
【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.
我们将继续致力于成为世界级的资产管理公司，并为您和我们的其他投资伙伴投资于高质量、可获得稳定回报的资产，同时强调下行保护。
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.
公司的主要目标仍然是在每股基础上产生不断增加的现金流，并通过股息或股票回购将这些现金分配给您。