Acadian Asset Management Inc (AAMI) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Acadian Asset Management, Inc., earnings conference call and webcast for the first-quarter 2025. (Operator Instructions) Please note that this call is being recorded today, Thursday, May 1, 2025, at 11:00 AM Eastern Time.

女士們、先生們，感謝你們的支持。歡迎參加 Acadian Asset Management, Inc. 2025 年第一季財報電話會議和網路廣播。（操作員指示）請注意，本次通話將於今天（2025 年 5 月 1 日星期四）東部時間上午 11:00 進行錄音。

I would now like to turn the meeting over to Melody Huang, SVP, Director of Finance and Investor Relations. Please go ahead, Melody.

現在，我想將會議交給高級副總裁、財務和投資者關係總監 Melody Huang。請繼續，Melody。

Good morning, and welcome to Acadian Asset Management, Inc.'s conference call to discuss our results for the first quarter ended March 31, 2025.

早安，歡迎參加 Acadian Asset Management, Inc. 的電話會議，討論截至 2025 年 3 月 31 日的第一季業績。

Before we begin the presentation, please note that we may make forward-looking statements about our business and financial performance. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected. Additional information regarding these risks and uncertainties appears in our SEC filings, including the Form 8-K filed today containing the earnings release and our 2024 Form 10-K. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events.

在我們開始演示之前，請注意我們可能會對我們的業務和財務表現做出前瞻性的陳述。每個前瞻性陳述都存在風險和不確定性，可能導致實際結果與預測結果有重大差異。有關這些風險和不確定性的更多資訊出現在我們的 SEC 文件中，包括今天提交的包含收益報告的 8-K 表格和我們的 2024 年 10-K 表格。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

We may also reference certain non-GAAP financial measures. Information about any non-GAAP measures referenced, including a reconciliation of those measures to GAAP measures, can be found on our website, along with the slides that we will use as part of today's discussion. Finally, nothing herein shall be deemed as an offer or solicitation to buy any investment products.

我們也可能參考某些非公認會計準則財務指標。有關所引用的任何非 GAAP 指標的資訊（包括這些指標與 GAAP 指標的對帳）均可在我們的網站上找到，同時也可在我們的網站上找到今天討論中將使用的幻燈片。最後，本文的任何內容均不應被視為購買任何投資產品的要約或邀請。

Kelly Young, our President and Chief Executive Officer, will lead the call. And now I'm pleased to turn the call over to Kelly.

我們的總裁兼執行長凱利楊 (Kelly Young) 將主持此次電話會議。現在我很高興將電話轉給凱利。

Thanks, Melody. Good morning, everyone, and thanks for joining us today. We're very pleased with the path Acadian is on in 2025, and I'm excited to share our results for the first quarter with you. Acadian is the only pure-play publicly traded systematic manager. Founded in 1986, Acadian has pioneered systematic investing, and we continue to lead the sector through constant innovation. We've delivered sustained outperformance across various investment strategies and through numerous market cycles.

謝謝，梅洛迪。大家早安，感謝大家今天加入我們。我們對 Acadian 在 2025 年的發展方向感到非常滿意，我很高興與您分享我們第一季的業績。Acadian 是唯一純粹的公開交易系統管理公司。Acadian 成立於 1986 年，是系統化投資的先驅，我們透過不斷創新繼續引領這個產業。我們在各種投資策略和無數市場週期中都實現了持續優異的績效。

We manage $121.9 billion of AUM, and Acadian is a pure systematic manager applying data and technology to the evaluation of global stocks and corporate bonds. 94% of our strategies by revenue are outperforming benchmarks over a five-year period with 4.4% annualized excess return. Our competitive edge comes from the convergence of talented people, rich data, and powerful tools, and we have a 120-person investment team with over 100 advanced analytic degrees. We are implementing product and distribution initiatives to drive sustainable growth.

我們管理著 1,219 億美元的資產管理規模，Acadian 是一家純粹的系統化管理公司，運用數據和技術對全球股票和公司債進行評估。以收入計算，我們 94% 的策略在五年內表現優於基準，年化超額報酬率為 4.4%。我們的競爭優勢來自於人才、豐富數據和強大工具的融合，我們擁有一支 120 人的投資團隊，其中 100 人擁有高級分析學位。我們正在實施產品和分銷計劃以推動永續成長。

Slide 4 showcases Acadian's Q1 2025 strong performance. Our net income attributable to controlling interest is up 38% compared to prior year, and US GAAP EPS is up 46%. ENI diluted EPS of $0.54 per share is up 23% with adjusted EBITDA up 10%. We delivered $3.8 billion of positive net flows, our strongest quarter in 19 years, and finished with AUM of $121.9 billion as of March 31, 2025.

幻燈片 4 展示了 Acadian 2025 年第一季的強勁表現。我們的歸屬於控股股東的淨收入比去年增加了 38%，美國 GAAP EPS 成長了 46%。ENI 稀釋每股收益為 0.54 美元，成長 23%，調整後 EBITDA 成長 10%。我們實現了 38 億美元的正淨流量，這是 19 年來最強勁的季度，截至 2025 年 3 月 31 日，我們的資產管理規模達到 1,219 億美元。

Acadian's investment performance track record remains strong despite the market volatility. We have five major implementations, which comprise the majority of our assets. As of March 31, 2025, global equity, emerging markets equity, non-US equity, small-cap equity and our enhanced equity strategies have 100% of assets outperforming benchmarks across 3-, 5- and 10-year periods with one minor variation.

儘管市場波動，Acadian 的投資表現依然強勁。我們有五個主要實施方案，它們構成了我們大部分的資產。截至 2025 年 3 月 31 日，全球股票、新興市場股票、非美國股票、小型股股票和我們的增強型股票策略的資產在 3 年、5 年和 10 年期間的表現均超過基準，只有一處小幅變化。

In Q1 of 2025, global equity markets experienced significant volatility amid a complex macroeconomic backdrop. While US equities fell, European markets and emerging markets both rose, partly driven by dollar weakening, and investments outside of the US provided significant diversification benefits for our clients' portfolios.

2025年第一季，宏觀經濟情勢複雜，全球股市波動較大。儘管美國股市下跌，但歐洲市場和新興市場都上漲，部分原因是美元走弱，而美國以外的投資為我們客戶的投資組合帶來了顯著的多元化效益。

Our disciplined systematic investment process has generated meaningful long-term alpha for our clients. Our revenue-weighted five-year annualized return in excess of benchmark was 4.4% as of the end of Q1 of 2025 on a consolidated firm-wide basis. Our asset-weighted five-year annualized return in excess of benchmark was 3.5% as of the end of Q1. By revenue weight, more than 94% of Acadian strategies outperformed their respective benchmarks across 3-, 5- and 10-year periods as of the end of March 2025.And by asset weight, more than 90% of Acadian strategies outperformed their respective benchmarks across 3-, 5- and 10-year periods.

我們嚴謹的系統投資流程為我們的客戶創造了有意義的長期效益。截至 2025 年第一季末，我們全公司合併後的營收加權五年年化報酬率超過基準 4.4%。截至第一季末，我們的資產加權五年年化超基準報酬率為 3.5%。以收入權重計算，截至 2025 年 3 月底，超過 94% 的 Acadian 策略在 3 年、5 年和 10 年期間的表現均優於各自的基準。以資產權重計算，超過 90% 的 Acadian 策略在 3 年、5 年和 10 年期間的表現均優於各自的基準。

Next, I'd like to focus on Acadian's extensive global distribution platform, which has helped us achieve strong gross sales and will be a major driver of growth in the years ahead.

接下來，我想重點介紹 Acadian 廣泛的全球分銷平台，該平台幫助我們實現了強勁的總銷售額，並將成為未來幾年成長的主要動力。

For many years, Acadian has had a strong global presence with four offices in Boston, London, Sydney, and Singapore. We have continued to expand our client and distribution team with over 90 experienced professionals serving more than 1,000 client accounts in 40 countries. The team has established strong, deep relationships with many institutional clients and our average relationship length with our top 50 clients is over 10 years.We work with over 40 investment consultants across market segments and geographies, leading to a diverse client base invested across multiple strategies.

多年來，Acadian 在全球擁有強大的影響力，在波士頓、倫敦、雪梨和新加坡設有四個辦事處。我們不斷擴大客戶和分銷團隊，擁有超過 90 名經驗豐富的專業人員，為 40 個國家的 1,000 多個客戶提供服務。團隊與許多機構客戶建立了牢固而深厚的關係，我們與前 50 名客戶的平均合作關係超過 10 年。我們與來自不同市場領域和地區的 40 多位投資顧問合作，從而形成了投資於多種策略的多元化客戶群。

We had approximately $9 billion of gross sales in the first quarter of 2025 after achieving record annual sales of $21 billion in 2024. In tandem with expanding our distribution capabilities, Acadian's business and product development teams have been focused on increasing our strategy and vehicle offerings in high demand and growing areas where Acadian's systematic approach is particularly well suited, and our current pipeline is very robust. The success of Acadian as a highly regarded institutional investment manager is testament to our proven investment process as well as Acadian's world-class investment and distribution teams.

在 2024 年實現創紀錄的 210 億美元年銷售額之後，我們在 2025 年第一季的總銷售額約為 90 億美元。在擴大我們的分銷能力的同時，Acadian 的業務和產品開發團隊一直致力於在高需求和成長地區增加我們的策略和車輛供應，Acadian 的系統方法特別適合這些地區，而且我們目前的管道非常強大。Acadian 作為備受推崇的機構投資管理公司所取得的成功證明了我們成熟的投資流程以及 Acadian 世界級的投資和分銷團隊。

We have six clients among the top 20 global asset owners and 27 clients among the top 50 US retirement plans. Over 50% of our assets are from clients invested in multiple Acadian strategies. Our client base is diverse with 37% of assets managed for clients outside of the US. We offer over 80 institutional quality funds for investors and achieved $8.8 billion of gross sales in Q1 of 2025, reaching $121.9 billion of assets under management as of March 31, 2025.

在我們的客戶中，有 6 家屬於全球前 20 名資產所有者，有 27 家屬於美國前 50 名退休計畫。我們超過 50% 的資產來自投資多種阿卡迪亞策略的客戶。我們的客戶群多種多樣，其中 37% 的資產為美國以外的客戶管理。我們為投資者提供 80 多個機構優質基金，2025 年第一季的總銷售額達到 88 億美元，截至 2025 年 3 月 31 日，管理資產達到 1,219 億美元。

The next slide highlights the positive trend in Acadian's net flows, showing a significant increase from the negative $2.3 billion in the full year of 2023 to the positive $1.8 billion in the full year for 2024 and reaching $3.8 billion in Q1 of this year. This was the highest quarterly NCCF that we've generated in 19 years. Our core strategies such as global, non-US and EM equity saw robust net inflows and our newer strategies such as enhanced equity and extension equity strategies had meaningful positive flows in the first quarter of the year.

下一張投影片重點介紹了阿卡迪亞淨流量的正面趨勢，從 2023 年全年的負 23 億美元顯著增加到 2024 年全年的正 18 億美元，並在今年第一季達到 38 億美元。這是我們 19 年來創造的最高季度 NCCF。我們的核心策略（例如全球、非美國和新興市場股票）實現了強勁的淨流入，而我們的較新策略（例如增強型股票和擴展型股票策略）在今年第一季實現了有意義的正流入。

As we discussed in our last earnings call, there are four key product initiatives in addition to our core strategy that we expect will drive Acadian's future growth. These are enhanced equity, extension equity, systematic credit and equity alternatives, and we continue to make strong progress in these endeavors.

正如我們在上次收益電話會議上所討論的那樣，除了我們的核心策略之外，我們預計還有四個關鍵產品計劃將推動 Acadian 的未來成長。這些是增強股權、擴展股權、系統信貸和股權替代，我們在這些努力中繼續取得長足進展。

Our enhanced equity strategies underscore the potential for strong future growth as the market opportunity is vast. Enhanced equity is one of Acadian's key product initiatives to drive long-term growth. Recent flows have been robust with end of Q1 2025 AUM of $12 billion, doubling from the prior year and expected to continue meaningful growth in the future. Enhanced equity strategies address investors increasing demand for consistent, low-risk alpha at fees below those of fully active strategies. These strategies appeal to a number of investors, including investors in the $16 trillion global passive equity market who are seeking improved performance with modest incremental risk.

由於市場機會巨大，我們增強的股權策略凸顯了未來強勁成長的潛力。增強股權是 Acadian 推動長期成長的關鍵產品舉措之一。近期資金流動強勁，2025 年第一季末的資產管理規模為 120 億美元，比前一年翻了一番，預計未來將繼續實現有意義的成長。增強型股票策略滿足了投資者對持續、低風險阿爾法收益日益增長的需求，其費用低於完全主動策略的費用。這些策略吸引了許多投資者，包括價值 16 兆美元的全球被動股票市場的投資者，他們尋求以適度的增量風險獲得更好的業績。

Our enhanced equity strategies repackage Acadian's alpha in a lower-risk manner to meet market demand. These strategies leverage Acadian's proprietary investment process to invest in benchmark stocks and deliver attractive risk-adjusted returns with lower tracking error. And current notable implementations include the Russell 1000, MSCI ACWI and the MSCI Emerging Markets Indexes.

我們的增強型股票策略以較低風險的方式重新包裝 Acadian 的 alpha 以滿足市場需求。這些策略利用 Acadian 的專有投資流程投資基準股票，並以較低的追蹤誤差提供有吸引力的風險調整回報。目前值得注意的實施包括羅素 1000、MSCI ACWI 和 MSCI 新興市場指數。

Results have been robust, as shown on Slide 13. Our enhanced equity targets stable alpha with low active risk and has produced consistent outperformance versus benchmarks. In the chart below, we highlight the relationship between the monthly three-year annualized return of Acadian's enhanced Global Equity strategy versus that of the MSCI ACWI Index's monthly three-year annualized return. We track the rolling return at each month end from Enhanced Global Equities inception date of September 2012 to the end of 2024.

如幻燈片 13 所示，結果非常強勁。我們的增強型股票目標是穩定的阿爾法值和較低的主動風險，並且相對於基準而言一直表現出色。在下圖中，我們重點介紹了 Acadian 增強全球股票策略的每月三年年化報酬率與 MSCI ACWI 指數的每月三年年化報酬率之間的關係。我們追蹤從 2012 年 9 月增強型全球股票成立之日起至 2024 年底每個月末的滾動回報。

The solid line represents the index's returns. The dots representing the strategy returns are consistently close to or above the benchmark line, noting the outperformance since inception of the strategy at lower levels of tracking error than core strategies. Our enhanced equity strategies offer attractive risk-adjusted returns and can satisfy broader investment demand for lower fees and more consistent return characteristics.

實線代表指數的報酬。代表策略回報的點始終接近或高於基準線，表示該策略自實施以來，在追蹤誤差低於核心策略的情況下，表現優異。我們的增強型股票策略提供具有吸引力的風調整後回報，並能滿足對更低費用和更穩定的回報特徵的更廣泛投資需求。

I'm now going to turn the call over to Melody to provide you with an update on capital allocation.

我現在將把電話轉給 Melody，以便她向您提供有關資本配置的最新資訊。

Thanks, Kelly. Acadian has low leverage ratios with high liquidity position. At the end of the first quarter 2025, we have $119.6 million in cash and $91.5 million in fee investments. Debt including outstanding balance on revolving credit facility of $80 million reflects draws to support first quarter seasonal needs and is expected to be fully paid down by year-end. Our debt-to-adjusted EBITDA ratio was 2 times as of March 31, '25, and our net leverage ratio was just 1.3 times as of end of Q1 '25.

謝謝，凱利。Acadian 的槓桿率較低，流動性較高。截至 2025 年第一季末，我們擁有 1.196 億美元現金和 9,150 萬美元費用投資。債務包括 8,000 萬美元的循環信貸額度未償還餘額，反映了支持第一季季節性需求的提款，預計將在年底前全部償還。截至 2025 年 3 月 31 日，我們的負債與調整後 EBITDA 比率為 2 倍，截至 2025 年第一季末，我們的淨槓桿比率僅為 1.3 倍。

AAMI Board declared an interim dividend of $0.01 per share to be paid on June 27, 2025. Our balance sheet provides liquidity and financial flexibility to execute our growth strategy and to enhance shareholder value.

AAMI 董事會宣布派發每股 0.01 美元的中期股息，將於 2025 年 6 月 27 日支付。我們的資產負債表提供了流動性和財務靈活性，以執行我們的成長策略並提高股東價值。

We have demonstrated a track record of creating significant value through buybacks to our shareholders. Outstanding diluted shares went down 57% from $86 million in Q4 2019 to 37 million shares in Q1 2025. $1.4 billion in excess capital was returned to shareholders over the last five years through share buybacks and dividends.

我們已經證明透過回購為股東創造巨大價值的記錄。流通在外的稀釋股份從 2019 年第四季的 8,600 萬美元下降 57% 至 2025 年第一季的 3,700 萬股。過去五年，透過股票回購和股利向股東返還了 14 億美元的超額資本。

During the first quarter of 2025, we repurchased 0.8 million shares of common stock or 2% of total outstanding shares for an aggregate total of $19.4 million. We expect to continue generating strong free cash and deploying excess capital towards supporting organic growth and share buybacks.

2025 年第一季度，我們回購了 080 萬股普通股，佔已發行股份總數的 2%，總計 1,940 萬美元。我們預計將繼續產生大量自由現金，並部署過剩資本來支持有機成長和股票回購。

Now I'm going to turn the call back to Kelly.

現在我要把電話轉回給凱利。

Thanks, Melody. Slide 16 highlights that Acadian is positioning for multiple expansions and value creation. The AAMI stock PE multiple based on last 12 months earning is around 9 times. Our peer asset managers' average is higher at around 12 times, indicating a 33% premium. Acadian Asset Management, Inc., stock price is at $26.69 as of April 29, 2025.

謝謝，梅洛迪。幻燈片 16 突顯了 Acadian 正在定位於多重擴張和價值創造。根據過去 12 個月的收益，AAMI 股票的市盈率約為 9 倍。我們的同業資產管理公司的平均本益比較高，約 12 倍，溢價 33%。截至 2025 年 4 月 29 日，Acadian Asset Management, Inc. 的股價為 26.69 美元。

If we apply that 33% increase to get our stock to the same 12x as our peers' average multiple, the implied price would be $35.50. This presents a compelling investment opportunity in AAMI given our strong growth potential.

如果我們以33%的增幅，將我們的股價推高至與同業平均本益比相同的12倍，則隱含價格將為35.50美元。鑑於我們強勁的成長潛力，這為AAMI帶來了極具吸引力的投資機會。

Before going into Q&A, I'd like to recap the key points in this presentation. We're the only pure-play publicly traded systematic manager. We have a nearly 40-year track record with competitive edge in systematic investing and Acadian's investment performance track record remains strong with more than 90% of strategies by revenue outperforming over 3-, 5- and 10-year periods.

在進入問答環節之前，我想回顧一下本次演講的重點。我們是唯一一家純粹的公開交易系統管理公司。我們在系統投資方面擁有近 40 年的競爭優勢，Acadian 的投資績效記錄依然強勁，90% 以上的策略在 3 年、5 年和 10 年期間的營收表現優異。

We started 2025 with outstanding performance. Q1 '25 ENI EPS is up 23% from Q1 of 2024. We delivered positive Q1 NCCF of $3.8 billion, our best quarterly flows in 19 years. We will continue to drive growth through targeted distribution initiatives and accelerate growth through key product initiatives such as enhanced equity. Acadian Asset Management, Inc., stock is trading at a modest PE multiple of 9 times compared to our peer average of 12 times.

我們以優異的成績開啟了2025年。2025 年第一季 ENI 每股盈餘較 2024 年第一季成長 23%。我們第一季的 NCCF 為正 38 億美元，這是 19 年來最好的季度流量。我們將繼續透過有針對性的分銷計劃推動成長，並透過增強股權等關鍵產品計劃加速成長。Acadian Asset Management, Inc. 的股票本益比為 9 倍，而同業的平均本益比為 12 倍。

Acadian is well positioned to generate value for shareholders. Our team's focus, talent, and hard work have been instrumental in achieving these milestones, and I look forward to building on this momentum and driving further growth and innovation.

Acadian 已做好為股東創造價值的準備。我們團隊的專注、才華和辛勤工作對於實現這些里程碑至關重要，我期待著在此基礎上進一步推動成長和創新。

This concludes my prepared remarks. And at this point, I'd be delighted to take your questions.

我的準備好的發言到此結束。現在，我很樂意回答你們的提問。

(Operator Instructions) Michael Cyprys, Morgan Stanley.

（操作員指示） 摩根士丹利的 Michael Cyprys。

Congratulations on the strong flows here, best in 19 years. That's great to see. Nearly $9 billion gross sales, nearly $4 billion of net inflows. Maybe you could just unpack some of the key strategies that you saw contributing? And can you just remind us what the revenue impact was of those flows as we think about the organic base fee impact stemming from the strong flows in the quarter?

祝賀這裡的流量如此強勁，是 19 年來最好的。很高興看到這一點。總銷售額近 90 億美元，淨流入近 40 億美元。也許您可以闡述您認為有助於實現的一些關鍵策略？當我們考慮本季強勁流量對有機基礎費用的影響時，您能否提醒我們這些流量對營收的影響為何？

Mike, nice to speak to you again. Yes, so flows in Q1 were really pretty diversified in terms of where we've seen those asset raising efforts. Particularly, we've seen, as I noted in my prepared remarks, a huge interest in our enhanced equity strategies and those different implementations, particularly, I'd say, across global and sort of broader equity and emerging markets implementation. So continuing to see real interest and momentum there as well as in our extension strategies, which, again, as you know, as we noted, they are two of our sort of key initiatives. So very excited to see the growth there.

麥克，很高興再次與您交談。是的，從我們所看到的資產籌集努力來看，第一季的資金流動確實相當多樣化。特別是，正如我在準備好的發言中提到的那樣，我們看到人們對我們增強型股票策略和不同實施方案表現出濃厚的興趣，特別是在全球和更廣泛的股票和新興市場實施方面。因此，我們繼續看到那裡以及我們的擴展策略的真正興趣和動力，正如您所知，正如我們所指出的，它們是我們的兩項關鍵舉措。我很高興看到那裡的發展。

Other areas of conversation that we're having with investors and where we're seeing interest is sort of broadly, I would say, in non-US strategies. And I think that's sort of some momentum and a bit of a pivot that we've seen through this quarter after last year, where there was tended to be quite a US-centric bias. So certainly, I'd say kind of broad across the spectrum of our new initiatives as well as some of our core strategies.

我想說，我們正在與投資者進行對話的其他領域以及我們看到的興趣大致在於非美國策略。我認為這是我們在去年之後本季看到的一種勢頭和轉折點，去年同期的趨勢是相當以美國為中心的偏見。所以當然，我會說我們的新措施以及一些核心策略的範圍很廣泛。

In terms of overall fee impact, so our blended rate remains around 38 basis points. Obviously, in the near term, we don't expect that to change. Obviously, over the longer term, things like enhanced tend to attract a lower fee as the sort of lower risk, lower return expectations on those strategies. But obviously, where we're seeing on the other side, interest in areas like extensions, like small cap, those attract higher fees, they're limited capacity in some cases. And so certainly, over the near term, we don't expect a change to that blended rate.

就整體費用影響而言，我們的混合利率維持在 38 個基點左右。顯然，短期內我們預期這種情況不會改變。顯然，從長期來看，增強型產品往往會吸引較低的費用，因為這些策略的風險較低，回報預期較低。但顯然，我們看到另一方面，人們對擴展、小型股等領域的興趣，這些領域會吸引更高的費用，在某些情況下，它們的容量是有限的。因此，我們當然不希望短期內混合利率改變。

But obviously, over the longer term, market dynamics, flows into different areas, may have an impact of medium to longer term.

但顯然，從長期來看，市場動態、流入不同領域的資金可能會產生中長期影響。

Great. And then just a follow-up question on the pipeline. Maybe you could just help unpack how the composition of that looks today, size, magnitude, types of strategies in there, how that compares versus last quarter. And clearly, very strong, quite impressive investment performance. Just curious how that is evolving here in April given the volatile market backdrop.

偉大的。然後只是關於管道的後續問題。也許您可以幫助解開今天的構成情況，規模、數量級、其中的策略類型，以及與上一季相比的情況。顯然，投資表現非常強勁，令人印象深刻。我只是好奇，在動盪的市場背景下，四月的情況將如何發展。

Yes, sure. So yes, in terms of pipeline, as I said, the momentum continues to build in two of those key initiatives in the near term in both enhanced and extensions. So I expect those to continue to be a theme in terms of pipeline and asset raising through this year. And as I say, Michael, we're having kind of more conversations now than non-US nature or sort of broader in terms of global and sort of, I'd say, some resurgence of interest in emerging markets. So pretty broad in terms of pipeline.

是的，當然。是的，就管道而言，正如我所說，短期內這兩項關鍵舉措在增強和擴展方面的勢頭將繼續增強。因此，我預計這些將繼續成為今年管道和資產籌集的主題。正如我所說，邁克爾，我們現在的對話不僅僅是美國本土的對話，而是更廣泛的全球對話，我想說，人們對新興市場的興趣正在復蘇。因此，就管道而言，相當廣泛。

Obviously, Q1, very strong quarter in terms of gross sales. The pipeline remains very robust. So again, we're obviously looking to continue to build on that momentum and feel pretty positive about where we are now going into Q2 and Q3.

顯然，就總銷售額而言，第一季非常強勁。管道仍然非常強勁。因此，我們顯然希望繼續保持這種勢頭，並且對第二季和第三季的進展感到非常樂觀。

Perhaps, maybe I'll just comment a little bit on performance. Q1 saw some mixed performance across some of the strategies. I think the benefit of being long-term investors, we're steadfast and committed to our process. And as we noted in the presentation, our long-term returns obviously remain very strong. There's obviously been some very sharp swings in the market since early April. And I think this is where I think it's important to emphasize that Acadian's process adapts systematically and not emotionally to these types of environments.

或許，也許我只是想對性能發表一點評論。Q1 部分策略表現參差不齊。我認為作為長期投資者的好處是，我們堅定不移並致力於我們的進程。正如我們在演示中指出的，我們的長期回報顯然依然非常強勁。自四月初以來，市場顯然出現了一些非常劇烈的波動。我認為需要強調的是，阿卡迪亞人的流程是系統性地而不是情感地適應這些類型的環境的。

The process we've built is continually integrating new data and allowing us to respond, I'd say, objectively and systematically to evolving risks.

我們所建立的流程正在不斷整合新數據，並使我們能夠客觀、有系統地應對不斷變化的風險。

So I always think it's a good reminder that we find opportunities in periods of dislocation, and periods of stress often lead to mispricings. And so for a process like ours, again, this is when we can find particularly attractive opportunities, particularly in less efficient markets. But certainly, the macro backdrop has obviously been a little more challenging than perhaps 2024 was. But again, still with some good areas and bright spots of performance for us. And as things we hope start to settle down in Q2, again, I think we're well positioned for some good performance this year.

因此，我一直認為這是一個很好的提醒，我們在混亂時期發現了機會，而壓力時期往往會導致錯誤定價。因此，對於我們這樣的流程，我們可以再次找到特別有吸引力的機會，特別是在效率較低的市場中。但可以肯定的是，宏觀背景顯然比 2024 年更具挑戰性。但同樣，我們仍然看到一些好的方面和表現亮點。我們希望情況在第二季度開始穩定下來，我認為我們今年已經為良好業績做好了準備。

Kenneth Lee, RBC.

肯尼斯李 (RBC)。

Just one on capital management. Wondering if you could share any updated thoughts around outlook for share repurchases for the rest of the year? And perhaps just remind us again what's remaining in terms of the share repurchase authorization at this point?

僅就資本管理而言。想知道您是否可以分享有關今年剩餘時間股票回購前景的最新想法嗎？也許只是再次提醒我們目前股票回購授權還剩下什麼？

Ken, nice to speak to you again. Yes, as we've previously disclosed over a number of quarters, one of our key objectives is obviously to return capital to shareholders through stock buybacks. So in Q1, as we noted, we bought back 0.8 million shares or $19 million in total. The most recent authorization has approximately $61 million remaining on it as of the end of the quarter. But maybe just to be clear on that, any actual buyback activity is obviously subject to a number of factors.

肯，很高興再次與您交談。是的，正如我們之前幾季所揭露的那樣，我們的主要目標之一顯然是透過股票回購向股東返還資本。因此，正如我們指出的，在第一季度，我們回購了 80 萬股，總計 1900 萬美元。截至本季末，最新授權剩餘金額約為 6,100 萬美元。但也許只是為了明確這一點，任何實際的回購活動顯然都會受到許多因素的影響。

That's obviously the company's stock price, the capital needs of the business, the economic backdrop, market conditions. So the Board does refresh the amount of that authorization from time to time when we think it's prudent to do so. But we don't have a specific time frame in mind to sort of finish those buybacks under that current authorization, Ken. And as I say, again, that's going to depend on a variety of factors, such as stock price being one of them, but there is $61 million remaining on the current authorization.

這顯然是公司的股價、企業的資本需求、經濟背景、市場狀況。因此，當我們認為有必要時，董事會確實會不時更新授權金額。但是我們還沒有確定具體的時間框架來完成目前授權下的回購，肯。正如我所說，這將取決於多種因素，例如股票價格就是其中之一，但目前授權金額還剩下 6,100 萬美元。

Okay. Great. Very helpful there. And just one follow-up, if I may. Looking through the slides, it looks as if the various expense ratios, the outlooks there are unchanged from last quarter. Wonder if you could just talk a little bit more about potential levers Acadian might have for further expense reductions if needed, if market volatility were to continue, for example, for a longer period of time?

好的。偉大的。非常有幫助。如果可以的話，我還有一個後續問題。瀏覽幻燈片，似乎各種費用比率和前景與上一季相比沒有變化。我想知道，如果市場波動持續較長時間，您是否可以再多談談 Acadian 可以採取哪些潛在手段來進一步削減開支？

Ken, this is Melody. Yes, our expenses, operating expenses and variable comp ratio remain the same. I think we are going to be continued laser-focused on expense management. And in terms of the market volatility, we will manage our expenses, make sure that we continue to achieve the similar margin. So that's currently -- the expenses ratio for the full year remains unchanged.

肯，這是梅洛迪。是的，我們的費用、營運費用和可變薪酬比率保持不變。我認為我們將繼續專注於費用管理。就市場波動而言，我們將管理我們的費用，確保我們繼續實現類似的利潤率。因此，目前全年的費用率保持不變。

And we generate very strong free cash flow, as you know, Ken. So I think we remain very well positioned today to support growth, to return capital to shareholders. But to Melody's point, we obviously remain laser-focused on expenses and being efficient. And again, I think one of the many benefits of being a systematic manager is the ability to raise assets and not necessarily have to scale costs in a linear fashion.

正如你所知，肯，我們產生了非常強勁的自由現金流。因此我認為我們今天仍然處於非常有利的位置來支持成長並向股東返還資本。但正如 Melody 所說，我們顯然仍然專注於開支和效率。而且，我認為成為系統經理的眾多好處之一就是能夠籌集資產，而不必以線性方式擴大成本。

John Dunn, Evercore.

約翰‧鄧恩 (John Dunn)，Evercore。

I wonder just with the market moves we've had so far in 2Q, maybe could you give us a little color on what of your strategies is seeing demand in April and particularly managed well, which I think have been out of favor for a while and maybe this might be a more constructive environment for it.

我想知道，就第二季迄今為止的市場走勢而言，您能否向我們稍微介紹一下，您的哪些策略能夠應對 4 月份的需求，特別是管理得當，我認為這些策略已經不受歡迎一段時間了，也許現在可能是一個更有利的環境。

Sure. I mean, April has been a similar theme, I would say, to what we saw in sort of Q1 and the back half of Q1. The areas of interest have really tended to be our broader strategy, so sort of global and ACWI implementations, things that are not perhaps as focused on just the US enhanced. Again, I think the sort of lower risk, more consistent return profiles are proving to be pretty popular and resonating with clients.

當然。我的意思是，我想說，四月份的主題與我們在第一季和第一季後半段看到的情況類似。我們感興趣的領域實際上往往是我們更廣泛的策略，即全球和 ACWI 實施，而這些可能不僅僅關注美國的增強。再次，我認為這種較低風險、更穩定的回報模式非常受歡迎，並能引起客戶的共鳴。

As you know, [management] has been a bit of a headwind for us in the most recent few quarters. But as you know, it's a strategy that I think that's recently had an opportunity to kind of reassert its value in this type of market environment. And we've certainly sort of seen that in, I'd say, the first four months of this year. I don't imagine that we're going to see a strong tailwind in terms of asset raising in that strategy in the next few quarters.

如您所知，最近幾個季度，[管理]對我們來說有點不利。但正如你所知，我認為這種策略最近有機會在這種市場環境中重申其價值。我想說，我們在今年前四個月確實已經看到了這一點。我認為，在接下來的幾個季度中，我們不會看到該策略在資產籌集方面出現強勁的順風。

But I do believe that investors that remain in those types of strategies will be pleased with their decision to keep those allocations given the current market environment. So again, not necessarily a strong tailwind and expecting to see huge growth in management, but I suspect it's going to be less of a headwind as those strategies kind of prove their worth in this type of environment.

但我確實相信，考慮到當前的市場環境，堅持這些策略的投資者會對保留這些配置的決定感到滿意。所以，再說一次，這不一定是一個強勁的順風，並期望看到管理方面的巨大增長，但我認為這不會是一個逆風，因為這些策略在這種環境中證明了它們的價值。

Got it. And then you just noted demand for non-US strategies. Maybe you have any thoughts on the potential for even greater demand for non-US strategies as people potentially look to put more money outside the US.

知道了。然後您剛才提到了對非美國戰略的需求。也許您對非美國策略的需求可能更大有什麼看法，因為人們可能會考慮將更多的資金投入美國以外。

Yes. I think it's a theme in our pipeline. I think it's going to be a theme in -- as we actually move to fund those mandates. Certainly, last year, there was a lot of focus and interest in sort of US domestic strategies. We are seeing, I think, a number of investors think more carefully about their strategic asset allocation and perhaps adjusting those to either kind of broader developed markets mandates.

是的。我認為這是我們籌劃的主題。我認為這將成為我們實際為這些任務提供資金的一個主題。當然，去年人們對美國國內戰略給予了極大的關注和興趣。我認為，我們看到許多投資者更仔細地考慮他們的策略資產配置，並可能根據更廣泛的已開發市場要求進行調整。

Obviously, that includes US in a global implementation, but also a lot of kind of ACWI ex-US type mandates. So I agree with you. There has, I think, been a shift over the last two or three months in terms of investor focus and attention on those sort of broader implementations and things perhaps of more of an ex-US nature.

顯然，這包括美國在全球範圍內的實施，但也包括許多美國以外的 ACWI 類型的授權。所以我同意你的看法。我認為，在過去的兩三個月裡，投資者的關注點已經發生了轉變，他們開始關注那些更廣泛的實施措施，以及可能更多地涉及美國以外的事情。

That concludes our question-and-answer session. I'd like to turn the conference call back over to Kelly Young.

我們的問答環節到此結束。我想將電話會議轉回給凱利楊 (Kelly Young)。

I'd just like to thank everyone for joining us today, and I wish you all a great day. Thank you.

我只想感謝大家今天的參加，並祝大家有個愉快的一天。謝謝。