Net income attributable to Artisan Partners Asset Management (unaudited, in millions except per share amounts or as otherwise noted)Īssets Under Management (amounts in billions) The table below presents AUM and a comparison of certain GAAP and non-GAAP ('adjusted') financial measures. We will remain patient and confident in the tremendous long-term potential as we bring together investment talent, large investment opportunity sets and long-term secular demand.' and global equity strategies where we have long-term track records of generating meaningful alpha. And we believe that valuations outside of the United States present attractive return and demand opportunities for non-U.S. We are energized by the excitement around potential fixed income allocations and returns. Thus far in 2023, we have seen a continuation of the fourth quarter, as decision-makers have learned to operate with greater uncertainty and have gathered more information and knowledge about the direction of inflation and China policies. 'Everyone has their list of 2022 geopolitical and market events. In the near-term, we expect to see early institutional adoption, and as the team experiences foundational growth, we believe there will be multiple vectors for long-term growth. Early returns have been strong, with all three of the team's strategies outperforming benchmarks since inception. Our priority remains early franchise development, establishing the people, processes, resources, culture and returns necessary for long-term success. We are less than a year from having launched the team's first strategy. 'Our demonstrated success with the Credit team was instrumental in our ability to recruit, on-board and launch the EMsights Capital Group. Historically, we have seen foundational growth translate into a subsequent phase of more pronounced compounding growth as teams compound capital and leverage their resources, returns and reputations to extend duration with existing clients, diversify books of business and launch additional strategies. 'The foundational growth achieved by the Credit team is similar to that experienced by many of our established equity teams. Our recent focus has been diversifying the High Income strategy across investment vehicle and client types, as well as developing the team's Credit Opportunities and Floating Rate strategies. We have raised cumulative net flows of $6.8 billion in the High Income strategy during a period of muted flows into the high-yield asset class. The Artisan High Income Fund is ranked number 5 of 338 funds in the Lipper High-Yield Category. 'Since inception in 2014, the Credit team's High Income strategy has generated average annual returns of 5.1%, after fees, beating the benchmark index by 178 basis points per year annually. We are optimistic about the near, medium and long-term growth prospects of our two fixed income teams, the Artisan Credit team and the EMsights Capital Group.

Because of our long-term investments, we now offer six high value-added fixed income strategies spanning high-yield, leveraged loans, long-short credit, emerging markets debt and global macro. Since 2013, when we made a strategic investment to expand and diversify into fixed income, we have never seen excitement around potential fixed income returns and allocations like we do today. 'While 94% of our AUM is in investment strategies that primarily invest in equity securities, we believe we are at an inflection point in the development of our fixed income businesses. We have continued to benefit from the market rebound-particularly in non-U.S.

In the fourth quarter, though, the power of our equity engine resulted in investment returns outpacing net outflows. Our AUM declined 27% from $175 billion to $128 billion, as a result of $9.8 billion in net outflows and $36.6 billion in investment declines. 'From a short-term perspective, 2022 was a difficult year.

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