Defined contribution plans have adopted passive and proprietary target date solutions. Retirement plans have moved from accumulation and growth to liability management and distribution. Demand has declined for low tracking error, liquid strategies replicable via low-cost passive products. Since then, active allocations, budgets, and demand have shifted increasingly in the direction of alternative investments and other lower-capacity, less correlated, and more differentiated investment strategies. By our 2013 IPO, we managed $81 billion across five investment teams and 12 investment strategies. Our second phase of strategies, beginning in 2006, were more global in nature, aligning with the adoption of global equity allocations, especially outside of the United States. Our earliest investment strategies, launched in the late 1990's and early 2000's, aligned well with institutional style box asset allocations, open architecture defined contribution plans, and mutual fund supermarkets. We have, however, evolved considerably how and where we apply our business model and philosophy. From our beginning in 1995, we have maintained our autonomous investment team model, our investments-first culture, and our singular focus on high value added investment management. The third important process is our process for evolving and diversifying our investment platform while remaining true to Who We Are as a high value added, talent-driven firm. Repeated success through time is unlikely. Without process discipline, it is impossible to determine whether a philosophy and approach have value. When feedback loops take years, process discipline is vital. Outcomes over short periods do not reveal the quality of the underlying investment or business philosophy. The merits of our investment teams' investment philosophies and our business philosophy take years to show through. Long-term time horizons are most relevant to our clients. We focus on long-term performance-both for our investment strategies and our business. We estimate that since inception those strategies have generated approximately $26 billion of excess returns for clients. The average annual alpha of those nine strategies since inception and after fees is 275 basis points through March 31, 2023. Of our ten strategies with track records of over ten years, nine have outperformed their benchmark indices since inception, after fees. Our historical performance validates our philosophy and approach. We believe superior long-term investment returns are most consistently achieved by putting the right investment talent in the right home with the right tools, resources, and alignment. Artisan Partners is a high-value added investment firm designed for talent to thrive in a thoughtful growth environment.
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