Acadian Asset Management Inc (AAMI) 2025 Q2 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 second quarter of 2025. (Operator Instructions) Please note that this call is being recorded today, Thursday, July 31, 2025, at 11:00 AM Eastern Time.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Acadian Asset Management Inc. 2025 年第二季財報電話會議和網路直播。（操作員指示）請注意，本次通話正在錄音，時間是2025年7月31日星期四上午11:00（美國東部時間）。

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

現在我將會議交給財務和投資者關係高級副總裁兼總監黃美玲女士。請繼續，梅洛迪。

Good morning and welcome to Acadian Asset Management Inc's conference call to discuss our results for the second quarter ended June 30, 2025. Before we begin the presentation, please note that we may make forward-looking statements about our business and financial performance.

早安，歡迎參加 Acadian Asset Management Inc 的電話會議，我們將討論截至 2025 年 6 月 30 日的第二季業績。在開始演示之前，請注意，我們可能會對我們的業務和財務表現做出前瞻性陳述。

Each forward-looking statement is subject to risk and uncertainties that could cause actual results to differ materially from those projected. Additional information regarding this risk and certainties appears in our SEC filings, including the form 8-K filed today containing the earnings release.

每項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。有關此風險和確定性的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括今天提交的包含收益發布的 8-K 表格。

A 2024 Form 10-K and our form 10-Q for the first quarter of 2025. 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 of future events.

2024 年 10-K 表格和 2025 年第一季 10-Q 表格。我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，我們不承擔因未來事件或新資訊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.

我們也可能會參考某些非公認會計準則財務指標。有關文中提及的任何非GAAP指標的信息，包括這些指標與GAAP指標的調節表，都可以在我們的網站上找到。

Along with the slides that we will use as part of today's discussion. Finally, nothing here in shall be deemed as an offer or solicitation to buy any investment products. Kelly Young, a President and Chief Executive Officer, will lead the call. And now I'm pleased to turn the call over to Kelly.

以及我們將在今天討論中使用的幻燈片。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招攬。總裁兼執行長凱莉楊將主持此次電話會議。現在我很高興把電話交給凱莉。

Thanks, Melody. Good morning, everyone and thank you for taking the time to join us today. At the beginning of 2025 when I delivered AAMI's inaugural earnings presentation, we laid out an organic growth strategy for Acadian based on targeted product and distribution initiatives.

謝謝你，梅洛迪。各位早安，感謝大家今天抽出時間參加我們的節目。2025 年初，我向 AAMI 做了首次收益報告，我們為 Acadian 制定了一項基於有針對性的產品和分銷計劃的有機成長策略。

Since then, our team has been executing that growth strategy, and I'm excited to share our Q2 2025 results with you as we've achieved certain milestones during this quarter.

從那時起，我們的團隊一直在執行這項成長策略，我很高興與大家分享我們 2025 年第二季的業績，因為我們在本季實現了某些里程碑。

Acadian is the only pure play publicly traded systematic manager. Founded in 1986, Acadian has pioneered systematic investing, and we continue to lead in the space through constant innovation. We have delivered sustained outperformance across various investment strategies and through numerous market cycles.

Acadian是唯一純粹從事系統性資產管理的上市企業。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一領域。我們在各種投資策略和多個市場週期中都取得了持續的優異績效。

We manage $151.1 billion of AUM, and Acadian is a pure systematic manager applying data and cutting-edge technology to the evaluation of global stocks and corporate bonds. 95% of our strategies by revenue are outperforming benchmarks over five-year periods, with 4.5% annualized excess return.

我們管理的資產規模達1511億美元，Acadian是一家純粹的系統化資產管理公司，運用數據和尖端技術評估全球股票和公司債券。以收入計算，我們95%的策略在過去五年中均跑贏基準，年化超額報酬達4.5%。

Our competitive edge comes from the convergence of talented people, rich data, and powerful tools. We have a 120 person investment team with over 100 advanced analytical degrees. We're implementing products and distribution initiatives to drive sustainable growth.

我們的競爭優勢源自於優秀人才、豐富的數據和強大的工具的整合。我們擁有一支120人的投資團隊，其中超過100人擁有高階分析學位。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 Q2 2025 strong performance. Our US GAAP in the income attributable to controlling interests was down 8% and EPS was down 3% compared to prior year due to an increase in non-cash expense related to higher employee equity plan revaluations.

第 4 張投影片展示了 Acadian 在 2025 年第二季的強勁表現。由於與員工股權計畫重估增加相關的非現金支出增加，我們按美國通用會計準則計算的歸屬於控股股東的利潤下降了 8%，每股收益下降了 3%。

Our ENI diluted EPS of $0.64 was up 42% and adjusted EBITDA up 22%, both driven by significant revenue growth. We delivered $13.8 billion of positive net client cash flow in Q2 of 2025, 11% of beginning period AUM, the highest in the firm's history.

我們的 ENI 稀釋後每股收益為 0.64 美元，成長 42%；調整後 EBITDA 成長 22%，這兩項成長均得益於營收的顯著成長。我們在 2025 年第二季實現了 138 億美元的正淨客戶現金流，佔期初資產管理規模的 11%，創公司歷史新高。

And AUM surged to $151.1 billion as of June 30, 2025, the highest in Acadian's history and a major milestone for the company. Acadian's investment performance track record remains strong despite continued market volatility.

截至 2025 年 6 月 30 日，ACM 飆升至 1,511 億美元，創下 Acadian 的歷史新高，也是該公司的一個重要里程碑。儘管市場持續波動，Acadian 的投資業績記錄依然強勁。

We have five major implementations which comprise the majority of our assets. As of June 30, 2025, global equity, emerging markets equity, non-US equity, small cap equity, and enhanced equity have 100% of assets outperforming benchmarks across 3-year, 5-year, and 10-year periods.

我們有五個主要實施方案，這些方案構成了我們的大部分資產。截至 2025 年 6 月 30 日，全球股票、新興市場股票、非美國股票、小型股和增強型股票的資產在 3 年、5 年和 10 年期間均 100% 跑贏基準。

In Q2 2025, global equity markets were strong, though still volatile. The quarter had a turbulent start with a large sell-off in equities, but as volatility subsided, equity markets around the globe saw a sharp recovery. Higher returns in European and emerging markets were partly driven by dollar weakening and investments outside of the US which provided significant diversification benefits for our clients portfolios.

2025年第二季度，全球股市表現強勁，但波動性依然較大。本季開局動盪，股市遭遇大幅拋售，但隨著波動性減弱，全球股市均出現強勁反彈。歐洲和新興市場較高的回報部分是由於美元走弱以及對美國以外地區的投資，這為我們的客戶投資組合提供了顯著的多元化收益。

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 4.5% as of the end of Q2 on a consolidated firm-wide basis.

我們嚴謹的系統化投資流程為客戶創造了可觀的長期超額效益。截至第二季末，我們公司整體合併後的五年期營收加權年化報酬率超過基準的比率為 4.5%。

Our asset weighted five-year annualized return in excess of benchmark was 3.6% as of the end of the quarter. By revenue weight, more than 94% of Acadian strategies outperformed their respective benchmarks across 3-year, 5-year, and 10-year periods as of June 30, 2025.

截至本季末，我們資產加權五年年化報酬率超過基準3.6%。截至 2025 年 6 月 30 日，以收入權重計算，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。

And by asset weight, more than 92% of Acadians strategies outperformed their respective benchmarks across 3-year, 5-year, and 10-year periods.

以資產權重計算，超過 92% 的 Acadians 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 would like to focus on Acadian's extensive global distribution platform which helped us achieve strong growth sales and will be a major driver of growth in the years ahead. For many years, Acadians had a strong global presence with four offices in Boston, London, Sydney, and Singapore.

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銷售成長，並將成為未來幾年成長的主要驅動力。多年來，Acadians 一直擁有強大的全球影響力，在波士頓、倫敦、雪梨和新加坡設有四個辦事處。

We've 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 the top 50 clients was over 10 years.

我們不斷擴大客戶和分銷團隊，目前擁有 90 多名經驗豐富的專業人員，為 40 個國家的 1000 多個客戶帳戶提供服務。團隊與眾多機構客戶建立了牢固、深入的關係，與前 50 位客戶的平均合作關係持續超過 10 年。

We work with over 40 investment consultants across market segments and geographies, leading to a diverse client base invested across multiple strategies. We had $28 billion of gross sales in the first half of 2025, already surpassing our previous record annual sales of $21 billion in 2024.

我們與 40 多位投資顧問合作，涵蓋各個市場領域和地區，從而擁有多元化的客戶群，並投資於多種策略。2025 年上半年，我們的總銷售額達到 280 億美元，已經超過了 2024 年創下的 210 億美元的年度銷售額紀錄。

In tandem with expanding our distribution capabilities, Acadian's business and product development team 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.

在擴大分銷能力的同時，Acadian 的業務和產品開發團隊一直致力於在需求旺盛且不斷增長的地區增加我們的策略和車輛產品，Acadian 的系統方法在這些地區尤其適用。

Our current pipeline remains robust. The success of Acadian is a highly regarded institutional investment manager is testament of our proven investment process, as well as Acadian's world-class investment and distribution teams.

我們目前的生產計劃依然穩健。Acadian 能夠成為備受推崇的機構投資管理公司，其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 26 clients among the top 50 US retirement plans. More than 40% of our assets are from clients invested in multiple Acadian strategies. Our client base is diverse, with 43% of assets managed for clients outside of the US.

我們在全球排名前 20 名的資產所有者中有 6 位客戶，在美國排名前 50 的退休計畫中有 26 位客戶。我們超過 40% 的資產來自投資多種 Acadian 策略的客戶。我們的客戶群十分多元化，其中 43% 的資產管理對象為美國以外的客戶。

We offer 80 plus institutional quality funds for investors. We achieved $28 billion of gross sales in the first half of 2025 and reached $151 billion of AUM as of June 30, 2025. The next slide highlights a positive trend in Acadian's net flows, showing a significant increase from the $1.8 billion in the full year of 2024 to $17.6 billion in the year-to-date 2025.

我們為投資者提供 80 多個機構級優質基金。2025 年上半年，我們的總銷售額達到 280 億美元，截至 2025 年 6 月 30 日，資產管理規模達到 1,510 億美元。下一張投影片重點介紹了 Acadian 淨流量的正面趨勢，顯示其從 2024 年全年的 18 億美元大幅增長至 2025 年迄今為止的 176 億美元。

We realized positive net flows of $13.8 billion in Q2 2025, which is 11% of beginning period AUM, driven by a new enhanced equity mandate and global equity net inflows, the highest quarterly NCCF in Acadian's history. With two positive quarterly net flows in 2025, totaling $17.6 billion, along with $1.8 billion in the full year 2024, we've now generated six consecutive quarters of positive net flows.

2025 年第二季度，我們實現了 138 億美元的淨流入，佔期初資產管理規模的 11%，這主要得益於新的增強型股票投資授權和全球股票淨流入，這是 Acadian 歷史上最高的季度淨現金流。2025 年有兩個季度淨流入為正，總計 176 億美元，加上 2024 年全年淨流入 18 億美元，我們現在已經連續六個季度實現了淨流入為正。

I'm now going to turn the call over to our CFO Scott Hynes to provide you with some more detail on our financial performance this quarter and an update on capital allocation.

現在我將把電話交給我們的財務長史考特·海恩斯，讓他為大家詳細介紹我們本季的財務表現以及資本配置的最新情況。

Thanks, Kelly. Turning to slide 11, our key GAAP in ENI performance metrics are summarized here. As previously noted, we manage the business using ENI metrics, which better reflect our underlying operating performance.

謝謝你，凱莉。翻到第 11 頁，這裡總結了 ENI 績效指標的關鍵 GAAP。如前所述，我們使用 ENI 指標來管理業務，這些指標能更能反映我們的基本營運績效。

You can find complete GAAP ENI reconciliations in the appendix. Let me now turn to our core business results.

您可以在附錄中找到完整的 GAAP ENI 調整表。現在讓我來談談我們的核心業務成果。

Starting on slide 12, Q2 '25 ENI revenue of $124.9 million increased from Q2 '24 by 15%, primarily due to management fee growth. Management fees increased 16% from Q2 '24, reflecting a 20% increase in average AUM driven by strong positive NCCF and market appreciation.

從第 12 頁開始，2025 年第二季 ENI 的營收為 1.249 億美元，比 2024 年第二季成長了 15%，主要原因是管理費的成長。管理費較 2024 年第二季成長 16%，反映出平均資產管理規模成長 20%，主要得益於強勁的正淨現金流和市場升值。

Moving to slide 13 and Q2 '25, our ENI operating margin expanded, 360 basis points to 30.7% from 27.1% and Q2 '24, driven by increased ENI management fees. Our Q2 '25 operating expense ratio fell 420 basis points to 44.6% for the period from 48.8% and Q2 '24, reflecting the impact of improved operating leverage.

翻到第 13 頁，2025 年第二季度，由於 ENI 管理費增加，我們的 ENI 營業利潤率從 2024 年第二季度的 27.1% 增長了 360 個基點，達到 30.7%。2025 年第二季度，我們的營運費用率從 2024 年第二季的 48.8% 下降 420 個基點至 44.6%，反映了營運槓桿改善的影響。

Our Q2 '25 variable compensation ratio decreased to 45.4% in Q2 '25 from 48.2% and Q2 '24. We now expect that for fiscal year 2025, our operating expense ratio will be approximately 45% to 47% if equity markets remain at Q2 '24 and levels. The full year variable compensation ratio is now expected to be approximately 43% to 47%.

2025 年第二季度，我們的可變薪酬比率從 2024 年第二季的 48.2% 下降至 2025 年第二季的 45.4%。我們現在預計，如果股票市場保持在 2024 年第二季的水平，那麼 2025 財年的營運費用率將約為 45% 至 47%。預計全年浮動薪資比率約為 43% 至 47%。

Turning to slide 14 on capital management, consistent with our disciplined approach to maximizing shareholder value, we continue to orient our strong free cash flow toward organic growth initiatives and then returning capital to shareholders.

翻到關於資本管理的第 14 張幻燈片，我們秉持著為股東創造最大價值而採取的嚴謹方法，繼續將強勁的自由現金流用於內生增長計劃，然後將資本返還給股東。

A robust balance sheet also provides flexibility to optimize your capital structure and enhance returns. At the end of the second quarter of 2025, we had $90.2 million in cash and $95.2 million in these investments. That includes an outstanding balance on a revolving credit facility of $20 million reflecting draws to support first quarter seasonal bonus payments, and that is expected to be fully paid down by year end.

穩健的資產負債表還能為優化資本結構和提高收益提供彈性。截至 2025 年第二季末，我們擁有 9,020 萬美元現金和 9,520 萬美元投資。其中包括 2,000 萬美元的循環信貸額度未償餘額，用於支付第一季季節性獎金，預計到年底將全部償還。

Our debt to adjusted EBITDA ratio was 1.6 times as of June 30, 2025, while our net leverage ratio was 1.1 times. AAMI's board declared an interim dividend of a penny per share to be paid on September 26, 2025, to shareholders of record as of close of business on September 12, 2025.

截至 2025 年 6 月 30 日，我們的負債與調整後 EBITDA 比率為 1.6 倍，而我們的淨槓桿比率為 1.1 倍。AAMI 董事會宣布派發每股 1 便士的中期股息，將於 2025 年 9 月 26 日支付給截至 2025 年 9 月 12 日營業結束時登記在冊的股東。

Moving to slide 15, we have a track record of creating significant value through share buybacks in recent years. Outstanding diluted shares have decreased 58% from 86 million shares in Q4 '19 to 35.9 million in Q2 '25.

翻到第 15 張投影片，近年來，我們透過股票回購創造了顯著的價值，並取得了良好的表現。截至 2025 年第二季度，流通在外的稀釋股份數量從 2019 年第四季的 8,600 萬股減少了 58%，至 3,590 萬股。

Over the same period, $1.4 billion in excess capital was returned to stockholders to share buybacks and dividends. During the second quarter of 2025, we repurchased 0.9 million shares, or $23.6 million of stock at a volume weighted average price of $25.48.

同期，14億美元的超額資本返還給了股東，用於股票回購和分紅。2025 年第二季度，我們回購了 0.9 萬股股票，即價值 2,360 萬美元的股票，成交量加權平均價格為每股 25.48 美元。

We expect to continue generating strong free cash flow and deploying excess capital over time that maximizes shareholder value. I'll now turn the call back over to Kelly.

我們預計將繼續產生強勁的自由現金流，並隨著時間的推移部署剩餘資本，從而最大限度地提高股東價值。現在我將把電話轉回給凱莉。

Before going into Q&A, I'd like to recap the key points covered in this presentation. We're the only pure play publicly traded systematic manager. We have a nearly 40 year track record with a competitive edge in systematic investing.

在進入問答環節之前，我想先回顧一下本次演講涵蓋的要點。我們是唯一一家純粹的上市系統性資產管理公司。我們在系統化投資領域擁有近40年的良好業績記錄和競爭優勢。

Our investment performance track record remains strong, with more than 94% of strategies by revenue outperforming over 3-year, 5-year, and 10-year periods.

我們的投資業績記錄依然強勁，超過 94% 的策略以收入計算在 3 年、5 年和 10 年期間均取得了優異的業績。

We delivered outstanding performance in Q2 of '25 with record NCCF of $13.8 billion, the best quarterly net flows in the firm's history. Record AUM of $151.1 billion as of the end of Q2. Q2 '25 ENI EPS up 42% from Q2 of 2024.

我們在 2025 年第二季取得了優異的業績，淨現金流達到創紀錄的 138 億美元，這是該公司歷史上最好的季度淨現金流。截至第二季末，資產管理規模創歷史新高，達 1,511 億美元。2025 年第二季 ENI 每股盈餘比 2024 年第二季成長 42%。

And Q2 '25 operating margin expansion to 30.7% from 27.1%. We will continue to drive growth through targeted distribution initiatives and new product offerings.

2025 年第二季營業利益率從 27.1% 擴大至 30.7%。我們將繼續透過有針對性的分銷計劃和新產品推出來推動成長。

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. And this concludes my prepared remarks.

Acadian公司擁有良好的發展前景，能為股東創造價值。我們團隊的專注、才華和努力是實現這些里程碑的關鍵，我期待在此勢頭基礎上繼續發展，推動進一步的成長和創新。我的發言稿到此結束。

(Operator Instructions)

（操作員指示）

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，加拿大皇家銀行資本市場。

Hey, good morning, and thanks for taking my question. I wondering if you could provide a little bit more color as to the composition of the institutional pipeline as it stands right now. I think in the past you've talked about enhanced equity as well as equity extension being pretty foundational. Thanks.

嗨，早上好，謝謝你回答我的問題。我想請您詳細介紹一下目前機構人才儲備的組成。我認為你過去曾談到增強股權以及股權擴展是非常基礎性的。謝謝。

Yeah, Morning Ken, nice to speak to you again. Yeah, the pipeline continues to look very robust, as you noted, enhanced and extensions have both been very key features of the pipeline and the fundings year-to-date.

早上好，肯，很高興能再次和你說話。是的，正如您所指出的，該專案線看起來仍然非常穩健，增強和擴展一直是該專案線和今年迄今為止資金的關鍵特徵。

But again, it looks very robust I'd say across different strategies, different domiciles, but certainly with enhance and extensions being key themes alongside, our core strategies and core equity offerings.

但再次強調，我認為它在不同的策略、不同的註冊地都表現得非常穩健，而且肯定以增強和擴展為關鍵主題，以及我們的核心策略和核心股權產品。

So I'd say the partner is not just robust but diversified and the three dimensions that we think about being very important to the business are by strategy, by channel, and by client geography. As you will have seen from a record NCCF in Q2 and a very strong NCCF in Q1.

所以我認為，這家合作夥伴不僅實力雄厚，而且業務多元化。我們認為對企業而言非常重要的三個面向是：策略、通路和客戶地域。正如您從第二季創紀錄的 NCCF 和第一季非常強勁的 NCCF 所看到的那樣。

We've obviously been able to move those awarded mandates to funding through the first part of this year, but the team is continuing to replenish the pipeline as those accounts are funding, and I'm very pleased with the velocity with which we've been able to do that.

顯然，我們已經能夠在今年上半年將這些已授予的授權轉化為資金，但隨著這些帳戶獲得資金，團隊仍在繼續補充專案儲備，我對我們能夠以如此快的速度完成這項工作感到非常滿意。

So again, it continues to be very robust and very broad, but with, as you say, those enhanced and extensions product initiatives certainly being sort of front and center over the last couple of quarters.

所以，它仍然非常強大且覆蓋面很廣，但正如你所說，這些增強和擴展產品計劃在過去幾個季度中無疑成為了重點。

Great, very helpful there. And just one follow up if I may in terms of capital management, any updated outlook around capital returns in terms of repurchases for the remainder of the year and then somewhat relatedly, what are any thoughts around excess cash position at this point? Thanks.

太好了，他們幫了我很大的忙。關於資本管理，我還有一個後續問題：對於今年剩餘時間的回購，資本回報方面是否有任何更新的展望？另外，對於目前的現金盈餘狀況，您有什麼看法？謝謝。

Hey Ken, thanks. It's Scott. Good to hear you again. Look, what I say is, we're very much remaining committed to returning excess capital to shareholders over time, right? And our track record, including this quarter, reflect that.

嘿，肯，謝謝。是斯科特。很高興再次聽到你的消息。我的意思是，我們始終致力於隨著時間的推移將多餘的資本回饋給股東，對吧？我們的業績記錄，包括本季的業績，也反映了這一點。

Having said that, we're obviously forward-looking, and we want to ensure we're building the most durable and resilient balance sheet that we can, one that, supports the business through a range of environments. So as always, we'll be thoughtful and balanced in how we're deploying capital, quarter-to-quarter. Does that make sense?

話雖如此，我們顯然具有前瞻性，我們希望確保建立盡可能持久和穩健的資產負債表，以支持企業在各種環境下的發展。因此，我們將一如既往地謹慎、平衡地進行季度資本部署。這樣有道理嗎？

Yes, that makes sense that makes sense. Great, well, very helpful and thanks again.

是的，這很有道理。太好了，非常有幫助，再次感謝。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Hey, good morning. Thanks for taking the question and congratulations on the strong quarter. Maybe just starting out on the strong flows, $13.8 billion significant record for you guys.

嘿，早安。感謝您回答這個問題，並祝賀您本季業績出色。也許只是強勁資金流的開始，138億美元對你們來說是一個重要的紀錄。

I think you mentioned a number of strategies that helped contribute. I was hoping maybe you could unpack the composition with a little more detail in terms of, maybe how much came from each of the major strategies that contributed.

我認為你提到了一些有助於實現這一目標的策略。我希望您能更詳細地分析作品的組成，例如每個主要創作策略分別貢獻了多少元素。

Was it from a single client or two maybe help unpack the breath that you're seeing from the number of clients that participated or that drove a lot of that activity and then if you could just maybe update us on some of the range of new product initiatives that you guys have in mind that we could see come to the market in the next 12 months to 24 months. Thanks.

是來自一兩個客戶，還是來自其他客戶？或許可以幫助我們理解參與客戶數量如此之多所帶來的影響，或者說，是哪些客戶推動了這些活動？另外，能否向我們介紹一下你們正在考慮的一系列新產品計劃，這些計劃可能會在未來 12 到 24 個月內推向市場？謝謝。

Morning, Michael. It's nice to nice to speak to you again. Yeah, our two key positive NCCF I think reflects the success, in particular of our enhanced equity product initiative. There was also a lot of particular interest in our core product offerings, particularly our global core offering, in the second quarter.

早上好，麥可。很高興能再次和你聊天。是的，我認為我們兩個關鍵的積極 NCCF 指標反映了我們的成功，特別是我們加強的股權產品計劃的成功。第二季度，我們的核心產品，特別是我們的全球核心產品，也受到了許多特別的關注。

I think, we're continuing to see demand for enhanced equity strategies, given they offer this, attractive, risk adjusted return profile that I know we've talked about in the past and. I think it satisfies, broad investor need for lower fee and more consistent return characteristics.

我認為，鑑於增強型股票策略能夠提供我們過去討論過的、具有吸引力的風險調整後收益特徵，我們將繼續看到對增強型股票策略的需求。我認為它滿足了廣大投資者對更低費用和更穩定回報的需求。

So certainly, the majority of our gross sales for QT were driven by enhanced type mandates, but as I say, noting. Strong interest in global core as well in Q2.

因此，QT 的大部分總銷售額當然是由增強的型號要求推動的，但正如我所說，請注意。第二季全球核心市場也表現出濃厚的興趣。

The new account, we did have one particularly large account that was, I'd say, outsized by historic standards, that was, one of the, certainly one of the larger drivers of that $13.8 billion NCCF number.

在新帳戶中，我們確實有一個特別大的帳戶，我認為，按照歷史標準來看，這個帳戶的規模非常大，這無疑是 NCCF 138 億美元數字的主要驅動因素之一。

What's very, what's nice to see about that mandate is it continues to diversify our client base, not just by product type but also by client domicile, shifting our non-US domicile clients percentage of AUM from 37% in Q1 to 43% at the end of Q2.

這項授權最令人欣喜之處在於，它繼續使我們的客戶群多元化，不僅體現在產品類型上，還體現在客戶居住地上，使我們非美國居民客戶的資產管理規模佔比從第一季的 37% 增加到第二季末的 43%。

So, certainly a larger account that funded this quarter, but I think it also underscores, what we've seen for a long time and that I noticed in my prepared remarks that we continue to see some of the largest and most sophisticated investors globally continuing to put their trust in Acadian in terms of managing their assets.

所以，這當然是一個為本季度提供資金的大帳戶，但我認為這也強調了我們長期以來所看到的，也是我在準備好的發言稿中提到的，那就是全球一些規模最大、最成熟的投資者繼續信任 Acadian 來管理他們的資產。

So Q2 NCCF was extraordinary, we wouldn't necessarily anticipate that same level of net sales in future quarters, but as I mentioned, the pipeline remains very strong across all of those dimensions, strategy, channel, and geography, but certainly I'd say, enhanced was, continues to be the dominant theme in Q2 in the way that it was in Q1. And perhaps maybe I'll just comment, as you, noted on the product initiatives.

因此，第二季度的淨現金流非常出色，我們不一定預期未來幾個季度的淨銷售額能達到同樣的水平，但正如我所提到的，在戰略、渠道和地域等各個方面，銷售渠道仍然非常強勁，但可以肯定的是，增強型銷售仍然是第二季度的主旋律，就像第一季一樣。或許我也可以像你提到的那樣，對產品方案發表一些評論。

Again, we remain very focused on the initiatives that we laid out at the beginning of this year. Enhanced is obviously one of those four blocks, as well as extensions and credits.

我們再次重申，我們將繼續專注於今年年初制定的各項措施。增強功能顯然是這四個模組之一，此外還有擴展和積分。

I think those initiatives alongside, a very strong core offering provide a really robust line up of strategies that we believe cater for our clients needs today, so very much going to be continuing to execute on those initiatives that we laid out at the beginning of the year.

我認為這些舉措，再加上我們非常強大的核心產品和服務，構成了一套真正穩健的策略，我們相信這些策略能夠滿足我們客戶當前的需求，因此我們將繼續執行年初制定的這些舉措。

And Mike, it's Scott. I'll just jump in real quick here. I think in regard to the product initiatives already announced, one thing I'd add and something we're very focused on is the scalability of the business, right.

麥克，我是史考特。我就簡單插一句。我認為，就已經公佈的產品計劃而言，我想補充一點，也是我們非常關注的一點，那就是業務的可擴展性，對吧。

So everything that Kelly's talked about, I think as we've talked to you on prior occasions about the seed investments largely are in place, the infrastructure is largely in place, so we're beginning to feel that you saw it some this quarter in the expansion in our operating margin and the decline in the operating expense ratio.

所以，正如凱利之前和您談到的那樣，種子投資基本上到位，基礎設施也基本上到位，因此我們開始感覺到，您在本季度已經從營業利潤率的擴張和營業費用率的下降中看到了這一點。

So we're managing that, very carefully and we're optimistic in this regard going forward as the franchise continues to scale up.

所以我們正在非常謹慎地管理這件事，隨著特許經營權的不斷擴大，我們對未來的發展持樂觀態度。

I guess as a follow-up question, and that's probably a good starting point just around operating leverage and just how to think about that. I know it's probably too early for '26 guidance, but just curious as you look out over the next couple of years, where can this margin profile, you think? get to is there some sort of upper ceiling?

我想問一個後續問題，這可能是關於經營槓桿以及如何思考經營槓桿的好切入點。我知道現在預測 2026 年的業績可能還為時過早，但我很好奇，展望未來幾年，您認為這種利潤率走勢會如何？到那裡之後，會不會有什麼上限？

How do you think about as you're winning more business and customers, the need for investments in the platform? How do you think about that pace of expense growth to help drive and support the growth of the top line in the overall business and what that means for the bottom line margin? Thanks.

隨著業務和客戶的增加，您如何看待對平台進行投資的必要性？您如何看待這種成本成長速度對推動和支持整體業務收入成長的作用，以及這對最終利潤率意味著什麼？謝謝。

Yeah, I appreciate it, Mike, what I'd say is this again, we're optimistic. We're very focused on this. We're very focused on continuing to drive operating leverage in the business. We're optimistic about our ability to continue to do so, as you said, this is an area on a 2026 basis that, we're going to provide guidance now.

是的，我很感激，麥克。我想再次強調的是，我們保持樂觀。我們非常關注這一點。我們非常注重持續提高業務的營運槓桿。正如您所說，我們對繼續這樣做的能力持樂觀態度，我們將就 2026 年的這一領域提供指導。

What I would point you to. In particularly, if you look at that ENI operating expense ratio, which to me is one of the best measures of the pure scalability, right. That's the operating expenses divided by the management fees, right, and more stable in that regard.

我會向你推薦這個。特別是如果你看一下 ENI 的營運費用率，在我看來，這是衡量純粹可擴展性的最佳指標之一，對吧。那是營運費用除以管理費，對吧，在這方面更穩定。

In recent years, the company's printed something, in around 50%, whereas this year and you'll see it, in the deck as we laid out, we're thinking that we could land. Something closer to 45% to 47% this year.

近年來，該公司印刷的商品約佔 50%，而今年，正如我們在簡報中所展示的那樣，我們認為我們能夠成功。今年應該會接近 45% 到 47%。

So material progress in that regard. So I don't know that we're prepared yet to range bound this, but as I said, we're narrowly focused on this and optimistic.

所以，在這方面取得了實質進展。所以，我不知道我們是否已經準備好對此進行範圍界定，但正如我所說，我們目前專注於此，並且持樂觀態度。

Great thank you.

非常感謝。

John Dunn, Evercore ISI.

John Dunn，Evercore ISI。

So you guys, kind of talked about the investment strategy side, but as you evolved the business, there are any new channels of vehicles, you might look to try to tap into, and more broadly, any just new tax you'd look to take on the distribution side.

所以你們剛才談到了投資策略方面，但是隨著業務的發展，你們可能會考慮開拓新的管道，更廣泛地說，你們可能會考慮在分銷方面承擔新的稅收。

Yeah, hi, John, nice to speak to you again. As I say, I think in terms of sort of our existing product initiatives, I do think we have, as a very broad range that's suited not just to our more, traditional institutional business, but we have seen a pickup of real interest in a very focused area for us around wealth and sub advisory.

嗨，約翰，很高興再次和你聊天。正如我所說，我認為就我們現有的產品計劃而言，我們確實擁有非常廣泛的產品線，不僅適用於我們更傳統的機構業務，而且我們還看到，在財富和子諮詢這一非常專注的領域，人們的興趣正在真正增長。

So again, I do areas like enhanced, like our extension strategies could play particularly well in that sort of space. We also have had a real focus on expanding our vehicle offering and making sure that our vehicles are suitable not just for US and non-US clients but particular by particular client type.

所以，我再次強調，像增強型策略這樣的領域，我們的擴展策略可以在這類領域中發揮特別好的作用。我們也非常注重擴大車輛供應範圍，並確保我們的車輛不僅適用於美國和非美國客戶，也適用於特定類型的客戶。

So for example, understanding the dynamics of the move from defined benefit to defined contribution and being able to offer CITs for those types of for those type of retiree clients.

例如，了解從固定收益到固定繳款的轉變動態，並能夠為這類退休客戶提供集合投資信託。

So again, I think we feel, very comfortable where we are today. We have very selectively, I would say, added some distribution resources through the first part of this year, bolstering what I think was already a very strong team.

所以，我再次認為，我們對目前所處的狀態感到非常滿意。今年上半年，我們有選擇地增加了一些分銷資源，加強了我們原本就非常強大的團隊。

So I think to Scott's earlier point from a scalability standpoint, we feel very comfortable with the product range and the team that we have in place today and again think that it suits that for a more sort of traditional core business as well as, some of these newer channels.

所以，我認為斯科特之前提到的可擴展性觀點是正確的，我們對目前的產品範圍和團隊感到非常滿意，並認為這既適合更傳統的業務核心，也適合一些新的管道。

Got it. And then, maybe could you just talk a little about the kind of push and pull on the fee rate from what's been inflowing and what's been outflowing and just maybe the outlook for the fee rate in the second half.

知道了。然後，您能否談談資金流入和流出對費率的拉鋸戰，以及下半年費率的前景？

No, John, I appreciate the question. I mean, look, I think as there's a lot of forces at work here, many of which are external, including, just broader market moves and client demand.

不，約翰，我很感謝你的提問。我的意思是，你看，我認為這裡有很多因素在起作用，其中許多是外部因素，包括更廣泛的市場趨勢和客戶需求。

So, the fee rate we're obviously paying attention to that, we're sensitive to it, but any given quarter, it's largely an output and it's very dynamic, right?

所以，我們當然會關注費率，我們會對此很敏感，但任何一個季度，費率主要取決於產出，而且變化非常大，對吧？

I think as Kelly suggested, and as we had a relatively large enhanced win, this quarter. And that's begun to be felt.

我認為正如凱利所建議的那樣，而且我們本季也取得了相對較大的成長。而這種感覺已經開始顯現了。

The future was we stare at the pipeline, it can be a lumpy business, and there's certain pieces there that we're staring at that for all intents and purposes have a higher fee rate that might be implied by the current quarter, and there are certain other wins that might be just a little bit lower.

未來，我們只能盯著管道，這可能是一個起伏不定的行業，我們正在關注的某些部分，實際上可能意味著本季度更高的費率，而其他一些項目的費率可能會略低一些。

So, this is something that is dynamic and that that moves around a bit. What we are focused on, as a management team is what we can control in this regard.

所以，這是動態的，而且會有些變化。作為管理團隊，我們關注的是我們在這方面能夠控制的事情。

And as Kelly just suggested, at the first part of your question, it's that focus on making sure we've got the right product initiatives that we're meeting, the right client demands, and that feels good right now, and that we're continuing to maintain that expense discipline that I spoke about earlier.

正如 Kelly 剛才在你問題的第一部分中提到的那樣，重點在於確保我們擁有正確的產品計劃，滿足正確的客戶需求，目前感覺很好，並且我們繼續保持我之前提到的支出紀律。

Got it. Thank you and congrats Scott on your first call as CFO.

知道了。謝謝，也祝賀斯科特順利完成他作為首席財務官的第一通電話。

Thank you.

謝謝。

This concludes our question and answer session. I would like to turn the conference call back over to Kelly Young.

我們的問答環節到此結束。我想把電話會議交還給凱莉楊。

Thank you everyone for joining us and I hope you all have a great day.

感謝各位的參與，祝福大家今天過得愉快。