Acadian Asset Management Inc (AAMI) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Acadian Asset Management Incorporated earnings conference call and webcast for the third quarter, 2025.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Acadian Asset Management Incorporated 2025 年第三季財報電話會議和網路直播。

During the call, all participants will be in a listen-only mode. After the presentation, we will conduct a question-and-answer session. (Operator Instructions). Please note that this call is being recorded today, Thursday, October 30, 2025, at 11 a.m. Eastern time.

通話期間，所有參與者將處於唯讀模式。演講結束後，我們將進行問答環節。（操作說明）請注意，本次通話將於美國東部時間 2025 年 10 月 30 日星期四上午 11 點進行錄音。

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

我謹將會議交給資深副總裁兼財務及投​​資者關係總監黃美玲女士。請繼續，梅洛迪。

Good morning and welcome to Acadian Asset Management Inc.'s conference call to discuss our results for the third quarter in the September 30, 2025.

早安，歡迎參加 Acadian Asset Management Inc. 的電話會議，我們將討論截至 2025 年 9 月 30 日的第三季業績。

Before we begin the presentation, please know that we may make forward-looking statements about our business and financial performance. 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 AK filed today containing the earnings release. A 2024 Form 10-K and a Form 10-Q for the first and second quarter of 2025.

在正式開始演示之前，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。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期結果有重大差異。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 AK 表格。2024 年 10-K 表格和 2025 年第一季和第二季的 10-Q 表格。

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.

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, along with the slides that we will use as part of today's discussion. Finally, nothing here and shall be deemed to be an offer or solicitation to buy any investment products.

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，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。

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 joining us today. I'm thrilled to share our Q3 2025 results with you as Acadian continues to grow and reach new heights. Every milestone we hit reflects our team's discipline and dedication in executing the organic growth plan we articulated when I assumed the CEO role at the beginning of the year.

謝謝你，梅洛迪。各位早安，感謝大家今天收看我們的節目。我很高興與大家分享我們 2025 年第三季的業績，Acadian 將繼續發展壯大，達到新的高度。我們所取得的每一個里程碑都體現了我們團隊在執行我年初擔任執行長時所製定的有機成長計畫時的自律和奉獻精神。

We remain focused on expanding targeted products and distribution initiatives to deliver long-term growth and shareholder value.

我們將繼續專注於擴大目標產品和分銷管道，以實現長期成長和股東價值。

Beginning on slide 3, Acadian is the only pure play publicly traded systematic manager. Founded in 1986, Acadian has pioneered systematic investing, and we continue to lead the space through constant innovation.

從第 3 張投影片開始，Acadian 是唯一純粹的上市系統化資產管理公司。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該領域。

We have delivered sustained outperformance across various investment strategies and through numerous market cycles. We manage $166.4 billion of AUM and are a pure systematic manager, applying data and cutting-edge techniques to the evaluation of global stocks and corporate bonds. 95% of our strategies by revenue have outperformed benchmarks over a five-year period, with a 4.5% annualized excess return.

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。我們管理的資產規模達1,664億美元，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。過去五年，我們95%的策略（以收入計）均跑贏基準，年化超額報酬達4.5%。

Our competitive edge comes from a combination of world-class talent, data-driven insights, and innovative tools which enable us to generate unique research and risk adjusted returns that help our clients achieve their long-term investment goals.

我們的競爭優勢源自於世界級人才、數據驅動的洞察力和創新工具的結合，這使我們能夠產生獨特的研究和風險調整後的收益，從而幫助我們的客戶實現其長期投資目標。

Our investment team is comprised of over 100 individuals with a depth and breadth of experience across many disciplines of finance, statistics, and economics, and a shared culture of collaboration and innovation. We're implementing focused product and distribution initiatives to drive sustainable growth, which I will discuss in more detail.

我們的投資團隊由 100 多名成員組成，他們在金融、統計和經濟等多個學科領域擁有深厚的經驗和廣泛的知識，並秉持著合作與創新的共同文化。我們正在實施有針對性的產品和分銷計劃，以推動永續成長，我將在後面詳細討論這些計劃。

Slide 4 showcases Acadian's Q3 2025 strong performance. A US GAAP net income attributable to controlling interests was down 11%, and EPS was down 7% compared to prior year due to increased operating expenses driven by increased non-cash expenses representing changes in the value of Acadian LLC equity and profits interests. Our ENI diluted EPS of $0.76 was up 29%, and our adjusted EID was up 12%, driven by significant growth in reoccurring base management fees as well as share repurchases.

第 4 張投影片展示了 Acadian 在 2025 年第三季的強勁表現。由於非現金支出增加（代表 Acadian LLC 股權和利潤權益價值的變化），導致營運費用增加，因此歸屬於控股股東的美國通用會計準則淨利潤下降了 11%，每股收益下降了 7%。我們的 ENI 稀釋後每股收益為 0.76 美元，成長了 29%；經調整後的 EID 成長了 12%，這主要得益於經常性基本管理費和股票回購的大幅成長。

We realized $6.4 billion of positive net client cash flows in Q3 of 25, 4% of beginning period AUM, the second highest in the firm's history, driven by enhanced extension and core strategies such as non-US equities. AUM surged to $166.4 billion as of September 30th, 2025, marking another record high for Acadians.

2025 年第三季度，我們實現了 64 億美元的正淨客戶現金流，佔期初資產管理規模的 4%，這是公司歷史上第二高的季度，這主要得益於非美國股票等核心策略的加強拓展。截至 2025 年 9 月 30 日，AUM 飆升至 1,664 億美元，再次創下 Acadians 的歷史新高。

Turning to slide 5, Acadian's investment performance track record remains strong despite a more challenging recent period. We have 5 major implementations which comprise the majority of our assets.

翻到第 5 張投影片，儘管最近一段時間充滿挑戰，但 Acadian 的投資業績記錄依然強勁。我們有 5 個主要實施方案，它們構成了我們大部分的資產。

As of September 30, 2025, global equity, emerging markets equity, non-US equity, small cap equity, and enhanced equity have 100% of assets outperforming benchmarks across 35, and 10 year periods with one minor variation.

截至 2025 年 9 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 35 年和 10 年期間均 100% 跑贏基準，僅有一處細微波動。

Global equity markets delivered strong returns in Q3 of 25. However, crowding in lesser quality, high beta stocks created a more challenging environment for Acadian's fundamentally driven, quality oriented approach. We've seen these periods before but remain confident in our approach and believe we are well positioned for when markets refocus on company fundamentals.

2025年第三季度，全球股市表現強勁。然而，大量品質較差、高貝塔係數的股票湧入，為 Acadian 以基本面驅動、品質為導向的投資方法帶來了更大的挑戰。我們以前也經歷過這樣的時期，但我們仍然對我們的方法充滿信心，並相信當市場重新關注公司基本面時，我們已經做好了充分的準備。

Slide 6 details how our disciplined, systematic investment process has weathered various market cycles and generated meaningful long-term alpha for our clients. Our revenue weight five-year annualized return in excess of benchmark was 4.5% as of the end of Q3 2025 on a consolidated firmwide basis. Our asset weight five-year annualized return in excess of benchmark was 3.5% as of the end of the quarter.

第 6 張投影片詳細介紹了我們嚴謹、系統性的投資流程如何經受住了各種市場週期的考驗，並為我們的客戶創造了有意義的長期超額收益。截至 2025 年第三季末，我們以公司整體合併計算的五年期年化報酬率（以收入加權）超過基準的比率為 4.5%。截至本季末，我們的資產加權五年年化報酬率超過基準3.5%。

By revenue weight, 94% of Acadian strategies outperformed their respective benchmarks across 35-, and 10-year periods as of September 30, 2025. And by asset weight, 90% of Acadian strategies outperform their respective benchmarks across 35-, and 10-year periods.

截至 2025 年 9 月 30 日，以收入權重計算，94% 的 Acadian 策略在 35 年和 10 年期間的表現均優於各自的基準。以資產權重計算，90% 的 Acadian 策略在 35 年和 10 年期間的表現均優於各自的基準。

Next on slide 7, I'd like to focus on Acadian's extensive global distribution platform, which has helped us achieve robust growth sales and will continue to be a major driver of growth in the years ahead. Acadian has had a strong global presence for many years, with 4 offices headquartered in Boston, London, Sydney, and Singapore.

接下來，在第 7 張幻燈片中，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，並將繼續成為未來幾年成長的主要驅動力。多年來，Acadian 一直擁有強大的全球影響力，設有 4 個辦事處，總部位於波士頓、倫敦、雪梨和新加坡。

We have continued to expand our client and distribution team with over 100 experienced professionals serving more than 1,000 client accounts in more than 40 countries. The team has established strong, deep relationships with many institutional clients, as our average client relationship length with TOP 50 clients is over 10 years.

我們不斷擴大客戶和分銷團隊，擁有 100 多名經驗豐富的專業人員，為 40 多個國家的 1000 多個客戶帳戶提供服務。團隊與許多機構客戶建立了牢固、深入的關係，我們與前 50 名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 have $39 billion of gross sales in the first nine months of 2025, which has surpassed our previous record of 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 年頭九個月，我們的總銷售額達到 390 億美元，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 expanding our strategy and vehicle offerings in high demand and growing areas where Acadian's systematic approach is particularly well suited. Our current pipeline remains robust after the funding of several large mandate wins in Q3 of 2025.

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擴大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。在 2025 年第三季獲得幾項大型委託專案資金後，我們目前的專案儲備依然強勁。

Moving to slide 8, Acadian's standing as a highly regarded institutional asset manager is a testament to our proven investment process, as well as Acadian's world-class investment and distribution teams. We have 5 clients among the TOP20 global asset owners and 24 clients among the TOP50 US retirement plans. More than 40% of our assets are from clients invested in multiple Acadian strategies.

翻到第 8 張投影片，Acadian 作為一家備受推崇的機構資產管理公司，其地位證明了我們成熟的投資流程，以及 Acadian 世界一流的投資和分銷團隊。我們在全球前 20 大資產所有者中有 5 位客戶，在美國前 50 大退休計畫中有 24 位客戶。我們超過 40% 的資產來自投資多種 Acadian 策略的客戶。

Our client base is diverse, with 43% of assets managed for clients outside the US. We offer over 80 institutional quality funds for investors. And we achieved $39 billion of gross sales in the first nine months of 2025 and reached $166 billion of AUM as of September 30th, 2025.

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。我們為投資者提供超過 80 檔機構級優質基金。我們在 2025 年前九個月實現了 390 億美元的銷售總額，截至 2025 年 9 月 30 日，資產管理規模達到了 1,660 億美元。

Slide 9 highlights the sustained momentum in Acadian's net flows.

第 9 張投影片突顯了阿卡迪亞淨流量的持續成長動能。

We realized positive net flows of $6.4 billion in Q3 of 2025, the second highest in the firm's history, representing 4% of beginning period AUM. This quarter's net flows were diverse across products and client types. Both enhanced and extension equities generated strong NCCF and core strategies such as non-US also saw meaningful net inflows.

我們在 2025 年第三季實現了 64 億美元的正淨流入，這是公司史上第二高的淨流入，佔期初資產管理規模的 4%。本季淨流量在產品和客戶類型方面呈現多樣化。增強型和擴展型股票均產生了強勁的淨現金流，非美國等核心策略也獲得了可觀的淨流入。

Year-to-date, we've generated net flows of $24 billion. With positive flows of $1.8 billion in 2024, we've now generated seven consecutive quarters of positive net flows. As indicated earlier, our current pipeline remains robust after the funding of a number of significant client wins year-to-date.

今年迄今為止，我們已創造了 240 億美元的淨流入。2024 年正向資金流入將達到 18 億美元，我們現在已經連續七個季度實現了正向淨資金流入。如前所述，在今年迄今成功獲得多個重要客戶專案資金後，我們目前的專案儲備依然強勁。

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

現在我將把發言權交給我們的財務長史考特海恩斯，讓他為大家詳細介紹本季的財務表現以及資本配置的最新情況。

Thanks Kelly.

謝謝你，凱莉。

Turning to slide 11, our key GAAP and ENI performance metrics are summarized here. As previously noted, we manage the business using ENI metrics, which better reflect our underlying operating performance. You can find complete GAAP to ENI reconciliations in the appendix. Let me now turn to our core business results.

翻到第 11 頁，這裡總結了我們的關鍵 GAAP 和 ENI 績效指標。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。您可以在附錄中找到完整的 GAAP 與 ENI 調整表。現在讓我來談談我們的核心業務成果。

Starting on slide 12, Q3 25 ENI revenue of 136 million increased from Q3 24 by 12%, primarily due to management fee growth, partially offset by decline in performance fees. Management fees increased 21% from Q3 24, reflecting a 34% increase in average AUM driven by strong positive NCCFs and market appreciation.

從第 12 頁開始，2025 年第三季 ENI 的營收為 1.36 億美元，比 2024 年第三季成長了 12%，主要原因是管理費成長，但部分被業績費下降所抵銷。管理費較 2024 年第三季成長 21%，反映出平均資產管理規模成長 34%，主要得益於強勁的正淨現金流和市場升值。

Moving to slide 13 and Q3 25, our ENI operating margin expanded 157 basis points to 33.2% from 31.7% and Q3 24, driven by increased ENI management fees. Our Q3 25 operating expense ratio fell 480 basis points year over year to 43.3%, reflecting the impact of improved operating leverage. Our Q3 25 variable compensation ratio decreased to 41.5% in Q3 25 from 43.3% in Q3 24.

翻到第 13 頁和第 3/25 季度，由於 ENI 管理費增加，我們的 ENI 營業利潤率從第 3/24 季度的 31.7% 增長了 157 個基點，達到 33.2%。2025 年第三季營運費用率年減 480 個基點至 43.3%，反映了營運槓桿改善的影響。2025 年第三季我們的可變薪酬比率從 2024 年第三季的 43.3% 下降至 2025 年第三季的 41.5%。

We now expect that our fiscal year 2025 operating expense ratio will be approximately 44 to 46%, while our fiscal year 2025 variable compensation ratio is now expected to be approximately 43 to 45%.

我們現在預計，2025 財年的營運費用率約為 44% 至 46%，而 2025 財年的可變薪資率預計約為 43% 至 45%。

Turning to slide 14 on capital resources, I'll focus on our strength and balance sheet and the refinancing of our 275 million senior notes.

接下來請看第 14 張投影片，關於資本資源，我將重點介紹我們的實力和資產負債表以及我們 2.75 億優先票據的再融資情況。

This morning we noticed the redemption of these notes that were to mature in July 2026. We'll be funding the redemption with a committed 3 year bank term loan and balance sheet cash. The term loan will have a floating rate based on so forth and does not require annual mortization or principal payment prior to maturity, and it is prepayable at any time with no fees or costs. We expect the senior notes redemption to be completed and for the term loan to fund around December 1, 2025.

今天早上我們注意到，這些將於 2026 年 7 月到期的票據已被贖回。我們將透過一筆承諾的3年期銀行定期貸款和資產負債表現金來為贖回提供資金。此定期貸款將採用浮動利率，具體利率視情況而定，到期前無需每年支付本金或償還本金，並且可以隨時提前償還，無需支付任何費用或成本。我們預計高級票據贖回將於 2025 年 12 月 1 日左右完成，定期貸款也將到位。

As of September 30th, 2025, prior to the senior notes refinancing, our gross debt to adjusted EBITDA ratio was 1.4 times, and net debt to adjusted EBITDA ratio was 0.8 times.

截至 2025 年 9 月 30 日，在優先票據再融資之前，我們的總負債與調整後 EBITDA 比率為 1.4 倍，淨負債與調整後 EBITDA 比率為 0.8 倍。

As adjusted for our senior notes refinancing, our gross debt outstanding declines from $275 million to $200 million with our gross debt to adjusted EBITDA ratio moving lower to approximately 1 times and our net debt to adjusted EBITDA do ratio to approximately 0.9 times.

經調整優先票據再融資後，我們的未償債務總額從 2.75 億美元降至 2 億美元，債務總額與調整後 EBITDA 的比率降至約 1 倍，淨債務與調整後 EBITDA 的比率降至約 0.9 倍。

Stepping back, this refinancing transaction is consistent with our disciplined approach to maximizing shareholder value. It increases our balance sheet flexibility, enables further deleveraging, and enhances cash flows to capital management priorities, including investments in organic growth, share or purchases, and dividends.

從整體來看，這項再融資交易符合我們為實現股東價值最大化而採取的嚴謹做法。它提高了我們資產負債表的靈活性，使進一步去槓桿化成為可能，並增強了現金流，從而優先用於資本管理，包括對內生成長、股票收購和股息的投資。

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 in Q4 19 to 35.8 million in Q3 25. Over the same period, $1.4 billion in excess capital was returned to stockholders through share buybacks and dividends.

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。已發行稀釋股份數從 2019 年第四季的 8,600 萬美元減少到 2025 年第三季的 3,580 萬美元，減少了 58%。同期，公司透過股票回購和分紅，將14億美元的超額資本返還給了股東。

During the third quarter of 2025, we repurchased 0.1 million shares, or $5 million of stock at a volume weighted average price of 48.58.

2025 年第三季度，我們回購了 0.10 萬股，即價值 500 萬美元的股票，成交量加權平均價格為 48.58。

AMMI's Board declared an interim dividend of $0.01 per share to be paid on December 24th, 2025, to shareholders of record as of the close of business on December 12th, 2025. Going forward, we expect to continue generating strong free cash flow and deploying excess capital that maximizes shareholder value.

AMMI 董事會宣布派發每股 0.01 美元的中期股息，將於 2025 年 12 月 24 日支付給截至 2025 年 12 月 12 日營業結束時登記在冊的股東。展望未來，我們預計將繼續產生強勁的自由現金流，並部署剩餘資本以最大限度地提高股東價值。

I'll now turn the call back over to Kelly.

現在我將把電話轉回給凱莉。

Before moving to Q&A, let me recap some key points.

在進入問答環節之前，讓我先回顧幾個要點。

Acadian is competitively positioned as the only pure play, publicly traded systematic manager with a nearly 40-year track record and competitive edge in systematic investing. Our investment performance track record remains strong this quarter, with more than 94% of strategies by revenue outperforming over 35-, and 10-year periods.

Acadian 是唯一一家純粹的上市系統化資產管理公司，擁有近 40 年的業績記錄和系統化投資方面的競爭優勢，因此在競爭中佔據優勢地位。本季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 35 年和 10 年期間均取得了優異的業績。

Business momentum continued in Q3 of 25 with net inflows of $6.4 billion the second highest in the firm's history, and with record AUM of $166.4 billion. Q325 financial results included. Record management fees of $136.1 million up 21% from Q3 of 24. ENI EPS of $0.76 up 29% from Q3, 24. An operating margin expansion to 33.2%, up from 31.7% in Q3 of 24.

2025年第三季業務動能持續強勁，淨流入資金達64億美元，創公司史上第二高，資產管理規模（AUM）也達到創紀錄的1,664億美元。財務業績已包含在內。唱片管理費為 1.361 億美元，比 2024 年第三季成長 21%。ENI 每股盈餘為 0.76 美元，較第三季成長 29%，24 美元。營業利益率擴大至 33.2%，高於 2024 年第三季的 31.7%。

Finally, capital management remained a focus in the quarter as we repurchased 0.1 million shares, or $5 million of stock, and strengthened our balance sheet with the announced senior notes redemption and term loan refinancing.

最後，本季資本管理仍然是我們的重點，我們回購了 10 萬股股票，即 500 萬美元的股票，並透過宣布的高級票據贖回和定期貸款再融資加強了我們的資產負債表。

Acadian is well positioned to continue to drive growth and generate value for shareholders through targeted distribution initiatives and new product offerings. A talented and dedicated team is acutely focused on achieving these goals, and I look forward to building on the momentum we've seen year-to-date.

Acadian 憑藉其有針對性的分銷計劃和新產品推出，已做好充分準備，繼續推動成長並為股東創造價值。一支才華橫溢、兢兢業業的團隊正全力以赴地實現這些目標，我期待著在今年迄今為止取得的良好勢頭基礎上再接再厲。

This concludes my prepared remarks.

我的發言稿到此結束。

At this time those with questions should leave their phone receiver and press followed by the number one on their telephone keypad to cancel a question, please press one again. Please hold for a brief moment while we compile the Q&A roster.

此時，如有疑問，請離開電話聽筒，按電話鍵盤上的數字 1 取消提問，請再按 1。請稍等片刻，我們正在整理問答名單。

Your first question comes from the line of Kenneth Lee from RBC Capital Markets. Your line is open.

你的第一個問題來自加拿大皇家銀行資本市場的 Kenneth Lee。您的線路已開通。

Hey, good morning. Thanks for taking my question.

嘿，早安。謝謝您回答我的問題。

On the institutional pipeline, you mentioned that it still remains robust, wondering if you could just talk a little bit more around the composition, any particular strategies or strategy buckets that you're seeing demanded from clients and things.

關於機構管道，您提到它仍然保持強勁，我想知道您是否可以再多談談它的組成，以及您看到客戶要求的任何特定策略或策略類別等等。

Hi Ken. It's nice to talk to you again.

嗨，肯。很高興能再次和你聊天。

Yes, as I noted, the pipeline continues to look very robust, and, the themes that I think we've talked about on these calls earlier in the year continue. So enhanced equity continues to resonate with a number of our clients, particularly, I'd say our international clients outside of the US, although increasingly within the US, and we've seen a real pick up of interest in the second part of this year in Extension strategies.

是的，正如我所指出的，項目儲備依然非常強勁，而且，我認為我們今年早些時候在這些電話會議上討論過的主題仍在繼續。因此，增強權益策略繼續引起我們許多客戶的共鳴，尤其是美國以外的國際客戶，儘管在美國國內也越來越受歡迎。今年下半年，我們看到客戶對擴展策略的興趣顯著增加。

I would say that's primarily driven by US clients, but again we're starting to see some interest there outside with non-US investors. So those are clearly two themes that I think have continued through 2025 and continue to see really robust interest in our core strategies where obviously we have, very long-term attractive track records there and particularly I'd say international equity.

我認為這主要是由美國客戶推動的，但我們也開始看到一些非美國投資者對此表現出興趣。所以很明顯，我認為這兩個主題延續到了 2025 年，並​​且繼續看到人們對我們核心策略的濃厚興趣，顯然，我們在這些策略方面擁有非常長期的、有吸引力的業績記錄，尤其是國際股票。

Clients looking to allocate perhaps to to strategies that don't have aren't sort of US dominated, so continuing to see a real interest there. So the pipeline looks very diverse by strategy, continues to look very diverse by client domicile, and we continue to edge closer to that 50/50 split of AUM between US and non-US clients that we have been targeting for some time.

希望將資金配置到非美國主導策略的客戶，繼續看到他們對這方面表現出濃厚的興趣。因此，從策略來看，我們的業務管道非常多元化；從客戶所在地看，我們的業務管道也繼續非常多元化；我們正不斷接近我們一直以來努力實現的美國客戶和非美國客戶資產管理規模 50/50 的目標。

Gotcha. Very helpful there. And just 11 follow-up if I may, any updated around outlook for capital management you mentioned, plans to to redeem this in your notes as well as wefi with the term loan, relatedly, any plans about how you think about paying down that term loan over time thanks.

明白了。那方面幫了我很大的忙。如果可以的話，我還有一個後續問題：您提到的資本管理前景有任何更新嗎？您在票據中提到的贖回計劃以及與定期貸款相關的 WeFi 計劃？另外，您有什麼計劃打算如何隨著時間的推移償還這筆定期貸款？謝謝。

Yeah, hey, Ken, it's Scott. Thanks for joining this morning. It's good to talk again. In regards to capital management, I think, look, I would anticipate that we'll continue to be pretty athletic in this regard. So we feel really good about the senior notes' redemption and landing with the committed financing we have in place with the new term on [A] a lot of flexibility there, and I think you'll you'll see us look every quarter to.

嗨，肯，我是史考特。感謝您今天上午的參與。很高興能再次交談。關於資本管理方面，我認為，你看，我預期我們在這方面將繼續保持相當靈活的作風。因此，我們對高級票據的贖回以及我們已落實的承諾融資感到非常滿意，新的期限[A]提供了很大的靈活性，我想你會看到我們每個季度都在關注這一點。

To stare at, what's the best answer for our shareholders recognizing we do have that prioritization as we've spoken about before about organic growth and prioritizing organic growth, and then going from there in terms of return of capital to shareholders. So I think there is a balance. I think we're really well positioned. I think, we'll be looking again every quarter, and you saw this quarter, I think that's reflected we have a lot as you can see going on this quarter.

仔細想想，對我們的股東來說，最好的答案是什麼？我們之前也談過，我們會優先考慮內生成長，然後再考慮如何向股東返還資本。所以我認為這其中存在著一種平衡。我認為我們處於非常有利的地位。我認為，我們會每個季度都進行評估，正如你所看到的，本季的情況也反映出這一點，我們有很多事情要做。

Another great quarter of performance, strong free cash flows, but we did have this refinancing, and yet we were still in the market doing sharerp purchases. So I think that's reflective again my words, I think we're going to be pretty athletic in this regard every quarter looking to step into the market when appropriate in terms of sharer purchases while still being mindful of that debt position. This was, as you can see clearly, a deleveraged move. We think that's.

又一個業績出色的季度，強勁的自由現金流，但我們進行了再融資，儘管如此，我們仍然在市場上進行股票收購。所以我認為這再次印證了我之前的話，我認為我們在這方面會非常靈活，每個季度都會在適當的時候進軍股票購買市場，同時仍然會注意我們的債務狀況。正如你所看到的，這是一次去槓桿化的舉措。我們認為就是這樣。

The right position to be in, I would note in this regard that we also upsized our existing revolver, so I think we're marching to a place of continuing to have a little less leverage. So that 200 million turmo is a lot of flexibility there for us to repay early, no fees or costs associated with that, so we'll be revisiting that, every quarter. Does that make sense?

就目前的情況而言，我認為我們應該處於有利地位。在這方面，我們也加強了現有左輪手槍的威力，所以我認為我們正在朝著一個影響力逐漸減弱的方向發展。因此，這 2 億的資金為我們提供了很大的靈活性，可以提前償還，而且沒有相關的費用或成本，所以我們每季都會重新審視這個問題。這樣說得通嗎？

Yeah, that makes sense. That makes sense. Thanks for that color there. And if actually if I could squeeze one more question and I really appreciate the detail around global distribution.

嗯，有道理。這很有道理。謝謝你提供的這種顏色。如果可以的話，我再問一個問題，我非常感謝您詳細介紹全球分佈。

I just curious, what's what's been driving the pickup, the meaningful pickup in gross inflows that you've been seeing over the last year or two. Were there any specific initiatives or efforts within the distribution platform, or is it more related to to what you're seeing in terms of its client trends? Thanks.

我只是好奇，是什麼因素推動了過去一兩年您看到的毛流入量的顯著增長。分銷平台內部是否有任何具體的舉措或努力，還是更多地與您觀察到的客戶趨勢有關？謝謝。

Sure, yeah, I think it's a bit of both, Ken. I mean, we've very thoughtfully added resources to our distribution and client service teams, across the globe. To continue to service our clients, to the best of our abilities and obviously continue to focus on sort of newer channels or channels that have been under penetrated. So I do think that it's a testament to the quality of the team that we've built here. We've also very intentionally tried to build out a suite of pooled funds. We have a UI range that works very well for our non-US clients. We've continued to build out. Delaware and CIT ranges within the US. So again, I think making ease of access for clients a lot better.

當然，是的，我認為兩者兼而有之，肯。我的意思是，我們已經深思熟慮地為全球各地的分銷和客戶服務團隊增加了資源。為了繼續竭盡所能為客戶提供服務，我們顯然將繼續專注於一些較新的管道或尚未充分滲透的管道。所以我認為這證明了我們在這裡組建的團隊的品質。我們也特意嘗試建立一系列集合基金。我們擁有一系列非常適合非美國客戶的使用者介面。我們一直在持續擴建。特拉華州和 CIT 範圍在美國境內。所以，我再次強調，讓客戶更容易獲得資訊至關重要。

And then I do just think as well as we talked about things like enhanced and extensions are capturing the imagination and satisfying a client need at the moment. So I think it's a combination of all of those things, but again, being very intentional about, adding to an already, incredibly talented team here and being very intentional about that.

而且我認為，正如我們之前討論的那樣，增強型和擴展型產品目前能夠吸引人們的想像力，並滿足客戶的需求。所以我認為這是所有這些因素的綜合作用，但再次強調，我們要非常有意識地為這支已經非常有才華的團隊增添新成員，並且要非常有意識地這樣做。

Great, very helpful there. Thanks again.

太好了，他們幫了我很大的忙。再次感謝。

Thanks.

謝謝。

Your next question comes from the line of John Tan of EVERCORE. Your line is open.

你的下一個問題來自 EVERCORE 的 John Tan。您的線路已開通。

Thanks guys. Yeah, I want, you just talked about like the domicile mix of your AUM. Could you remind us of the geographic mix of your investment strategies and then just any change you're seeing in the demand for non-US exposure relative, to the last year or so.

謝謝各位。是的，我想問的是，你剛才談到了你的資產管理規模的所在地組合。能否請您介紹一下貴公司投資策略的地域構成，以及與過去一年左右相比，您對非美國市場投資需求的任何變化？

Sure, yeah, nice to talk to you again, John. Yeah, so we have seen a real pick up, in interest, I would say over the last 12 months in international, in international strategies. It's one of our core strategies here, I would say alongside global and emerging markets and, is, our longest track record at the firm. So, again, Acadian is very much known for international investing and we have, I think, a strong brand advantage there.

當然，很高興再次和你聊天，約翰。是的，在過去的 12 個月裡，我們看到人們對國際策略的興趣確實有所提升。這是我們公司的核心策略之一，與全球和新興市場策略並駕齊驅，也是我們公司業績最輝煌的策略之一。所以，Acadian 在國際投資領域非常有名，我認為我們在這方面擁有強大的品牌優勢。

What's been quite interesting, I think, for us is not just seeing a pick up in interest of these strategies from our US doomiciled clients, but starting to see some of our non-US clients thinking in this more sort of international or ex-S space.

我認為，對我們來說，非常有趣的是，不僅看到我們美國本土客戶對這些策略的興趣增加，而且開始看到一些非美國客戶也開始考慮這種更國際化或非美國地區的策略。

So again, I think there are different drivers, but that's that's sort of a newer trend that we've seen, and I certainly think, we're going to benefit from a tailwind there given, our long standing track record and the, established brand in that space.

所以，我認為驅動因素有很多，但這算是我們看到的新趨勢，我確信，鑑於我們在該領域長期積累的良好業績和已建立的品牌，我們將從中受益。

Gotcha. And then relatedly, one of your competitors recently said that they, they've seen others, other managers that kind of pulling back from emerging markets over the past year.

明白了。另外，你們的一位競爭對手最近表示，他們看到其他一些經理人在過去一年逐漸從新興市場撤出。

Would you agree with that and maybe just a little more on emerging markets specifically.

您是否同意這一點？如果可以的話，能否再補充一些關於新興市場的內容？

Sure, yeah, I think if we'd been talking in 2024, I would have probably completely agreed with that statement.

當然，是的，我想如果我們是在 2024 年談論這件事，我可能完全同意這種說法。

I think through this year we are seeing pockets of interest in emerging. Again, I think, Acadian has been established as an emerging markets manager since the early 1990s. So again, I think that very strong robust track record that dates back decades means that perhaps we're kind of front and center when folks are thinking about systematic exposure to EM.

我認為今年以來，我們看到了一些新興的興趣點。我認為，Acadian 自 20 世紀 90 年代初以來就已確立了其作為新興市場管理公司的地位。所以，我認為，我們幾十年來一直保持著非常強勁的良好業績記錄，這意味著當人們考慮系統性地投資新興市場時，我們可能會處於中心位置。

I certainly don't think that we're seeing the level of demand there that we are in things like, developed international. I think that that's a fair statement. But again, I think we're seeing, we are seeing some pockets of interest, be it on the back of, 2 or 3 years, I think of relatively flat demand.

我當然不認為我們在那裡的需求水準能與已開發國際市場的需求水準相提並論。我認為這個說法很中肯。但話說回來，我認為我們看到，在經歷了 2 到 3 年相對平穩的需求之後，出現了一些興趣點。

Got it and maybe just one quick modeling one, could you just, kind of outline the puts and takes of the fee fee rate from here?

明白了，或許只需要一個簡單的建模範例，您能大致概括一下從這裡開始的費用率的構成嗎？

Yeah, hey John, it's Scott. Yeah, I mean, as we've, and Kelly's already touched on it. We've had seen a bit of a transition and it's purposeful given the amount of traction that enhanced specifically has has gotten in recent quarters and particularly in the second quarter, the prior quarter when we saw, as another really strong quarter of inflows, particularly in enhanced, you saw a bit of downward pressure on the on the fee rate and then for all intents and purposes we're more of a run rate reflecting those inflows.

嗨，約翰，我是史考特。是的，我的意思是，正如我們之前提到的，凱利也已經談到了這一點。我們已經看到了一些轉變，這是有意為之的，因為增強型服務在最近幾個季度，特別是上個季度，獲得了相當大的發展勢頭，尤其是在第二季度，我們看到了另一個資金流入非常強勁的季度，特別是增強型服務，我們看到費率面臨一些下行壓力，因此，實際上，我們現在的運行費率實際上，我們更多地反映了這些資金流入。

And enhanced in a large way in the second quarter and again in this quarter, as we said prior in all candor, this is an output and there's a lot of things at work here that are not in our control. So more specifically, broader market levels and where we're seeing client demand, as Kelly said, enhanced has gotten a lot of transaction, excuse me, traction in recent quarters, and we're staring at the pipeline and she already articulated, it's still there.

第二季和本季都得到了很大程度的提升，正如我們之前坦率地說，這是一個產出，其中有很多因素是我們無法控制的。更具體地說，從更廣泛的市場水平以及我們看到的客戶需求來看，正如凱利所說，增強型產品在最近幾個季度獲得了大量的交易，抱歉，是獲得了大量的進展，我們正在關注銷售渠道，正如她已經明確指出的那樣，銷售渠道仍然存在。

However, there are other products, and I would say to be clear that when we think about enhanced from the start of the year and the management fee rate, and the call it upper 30 basis points, it would often be, somewhat lower than that. But other products that we are seeing, also traction in, could be higher than that upper 30 basis points rate. So I say that and that we have seen some chunky installations.

然而，還有其他產品，我想明確指出的是，當我們考慮年初的增強型產品和管理費率，並將其稱為 30 個基點以上時，通常會比這略低一些。但我們看到的其他一些產品，以及它們所獲得的市場反應，其利率可能高於這 30 個基點以上。所以我說，我們已經看到了一些笨重的裝置。

And it can move around quarter to quarter. So that's a long way of saying, we have seen this direction of travel closer to the mid-30s range. I think, all else equal looking at the pipeline today, you could see another basis point to come lower perhaps next quarter, particularly if enhanced materializes the way that we're staring at now at the pipeline. But a few chunky wins, and another product which are very much on the table, could have a different effect. So that's a long way of saying there has been this dynamic. I think you could continue to see a little bit of downward pressure in the fee rate, given the ongoing traction. Enhanced in the fourth quarter, but I'll tell you, it's not something that, I think we can continue to pencil in necessarily. There's just too many factors at work, particularly when we look at, 2026 and beyond. Hopefully that's a help.

而且它可能每季都在變化。所以說，我們已經看到這種發展方向接近 30 多歲。我認為，在其他條件不變的情況下，就目前的管道情況來看，下個季度價格可能會再下降一個基點，特別是如果增強型產品能夠像我們現在看到的管道情況那樣實現的話。但是，幾場大獲成功的交易，以及另一款正在籌備中的產品，可能會產生不同的效果。所以，說了這麼多，其實就是想說一直存在著這種動態。鑑於目前的成長勢頭，我認為費率可能會繼續面臨一些下行壓力。第四季有所加強，但我得說，我認為我們不能就此繼續按計劃進行。影響因素太多了，尤其是當我們展望 2026 年及以後。希望這能有所幫助。

Yeah, it is gotcha. Thanks very much.

沒錯，你被套路了。非常感謝。

Your next question comes from the line of Michael Cyprys of Morgan Stanley. Your line is now open.

你的下一個問題來自摩根士丹利的麥可‧西普里斯。您的線路已開通。

Hi, good morning, Kelly Scott.

你好，早安，凱莉·斯科特。

Question for you on the platform today. Clearly a lot of momentum with your enhanced and extension strategies, but when you look at the platform, are there any capabilities, geographies in areas that are lacking today that could, no pun intended enhance your value proposition with with clients and just curious how you're thinking about inorganic versus organic initiatives as you look out from here.

今天在平台上我有一個問題想請教大家。顯然，你們的增強和擴展戰略勢頭強勁，但從平台的角度來看，目前在哪些方面有所欠缺，例如在某些地區缺乏哪些功能或地域覆蓋，可以增強你們對客戶的價值主張？我只是好奇，從目前的角度來看，你們是如何看待非有機成長和有機成長舉措的。

Yeah. Hi, nice to speak to you again, Michael. Yes, as you've noticed, enhancing extensions have been a great story for us, as have our core capabilities, and I think being able to, support clients as they're looking at, different points on the risk curve have been, very helpful for us from a business and organic growth, standpoint.

是的。你好，很高興再次和你通話，麥可。是的，正如您所注意到的，增強擴展功能對我們來說一直是一個很好的發展方向，我們的核心能力也是如此。我認為，能夠支持客戶應對風險曲線上的不同階段，從業務和自然成長的角度來看，對我們非常有幫助。

We haven't touched on systematic credit, but I think as we've been, we very actively have built out an offering there, I think still perhaps over the medium term where we expect to see, much larger flows there. We're coming up on our 2 year anniversary of our longest running strategy in that space next month.

我們還沒有談到系統性信貸，但我認為，正如我們一直以來所做的那樣，我們已經非常積極地建立了這方面的產品，我認為在中期內，我們仍然預計會看到更大的資金流動。下個月就是我們在這個領域實施時間最長的策略兩週年紀念日了。

So as I as we think about, pivoting away from perhaps some of that equity exposure, although I do feel, much more comfortable now than a couple of years ago with how diversified that is across the risk spectrum across geographies, systematic credit is also something that the team is very focused on having some really interesting conversations with. Existing and prospective clients there is systematic becomes, gains traction and is gaining attention in the credit space.

所以，當我們考慮減少一些股票投資時，雖然我感覺現在比幾年前更有信心，因為股票投資在各個地區的風險分散程度很高，但係統性信貸也是團隊非常關注並正在進行一些非常有趣的討論的領域。現有客戶和潛在客戶正在系統地發展壯大，獲得市場認可，並在信貸領域受到關注。

So I think for us over the short to medium term that's going to continue to be a strong area of focus and again a hopeful that we see, assets follow those strong track records that we're building, be it that we're still sub 2 years on those track records as we sit here today.

所以我認為，在中短期內，這將繼續是我們重點關注的領域，我們也希望看到資產能夠延續我們正在建立的良好業績記錄，儘管我們目前取得這些業績記錄的時間還不到兩年。

And then just on the systematic fixed income, maybe you could elaborate on how that's contributing today, how you think about that evolving over the next couple of years, and what are some of the steps you're taking around to build that out, and do you feel you have the capabilities on the fixed income front, systematic capabilities to capture the opportunities center?

然後，關於系統性固定收益，您能否詳細說明一下它目前是如何發揮作用的，您認為它在未來幾年會如何發展，以及您正在採取哪些措施來構建它，您是否認為您在固定收益方面具備系統性能力來抓住機會？

Yes, absolutely. I mean, we have, we hired a gentleman, Scott Richardson, to run this initiative 3.5 years ago who comes with an extraordinary pedigree in both equity and fixed income investing. So Scott has built out and handpicked, I think, an outstanding team here today of a dozen or so people that have, and again we feel very well placed.

是的，絕對的。我的意思是，我們3年前聘請了史考特理查森先生來負責這項計劃，他在股票和固定收益投資方面都擁有非凡的資歷。所以，斯科特組建並親自挑選了一支非常優秀的團隊，我認為今天這裡有十幾位成員，我們再次感覺到我們處於非常有利的位置。

We've been very intentional about how we have gone to market with these strategies, as I say, our longest US high yield strategy will hit its 2 year anniversary. Next month, closely followed by a global high yield and our US investment grade strategies all between 1 year and 2 years.

正如我所說，我們一直非常謹慎地選擇這些策略的市場推廣方式，我們最長壽的美國高收益策略即將迎來兩週年紀念日。下個月，我們將推出全球高收益債券和美國投資等級債券策略，期限均為 1 年至 2 年。

So I think, again, we are, we've certainly built very intentionally built the capability. Those track records are still in, I'd say incubation stage but not early incubation. I think much more midterm. We know in fixed income again the expectations around returns are that much smaller than they are in equities and so those 3 year track records, I do think are going to be.

所以我認為，我們確實，我們是有意識地建構了這種能力。這些成績記錄目前仍處於孵化階段，但還不是早期孵化階段。我覺得更多的是中期考試。我們知道，固定收益的預期回報要比股票低得多，因此，我認為這三年來的業績記錄將會…

Very important milestones for clients to gain comfort, but certainly when I look at the team that Scott has built, when I look at how integrated that is with the existing research team, the infrastructure of the firm here, I think we're going to be very well placed, over the medium to long-term in terms of generating. Meaningful returns for our investors and meaningful cash flows as well. So again, I feel very confident about it as we sit here today, but with all the caveats that again I think in this type of asset class, 3 years is clearly the benchmark that clients will be looking for in terms of gaining.

對客戶而言，這些都是非常重要的里程碑，有助於他們獲得安心。但當我看到 Scott 組建的團隊，以及該團隊與現有研究團隊和公司基礎設施的整合程度時，我認為從中長期來看，我們在創造收益方面將處於非常有利的地位。為投資者帶來可觀的回報，同時也能帶來可觀的現金流。所以，就目前而言，我對這個目標非常有信心，但需要注意的是，我認為在這種類型的資產類別中，3 年顯然是客戶在收益方面所尋求的基準。

But I do think that what Scott and the team have done in terms of building, very consistent positive performance, month over month, quarter over quarter is starting, to really resonate. So again, I feel very confident, where we are today and the expectations of that platform, being able to manage 10, 20+ billion. Certainly is the capability there over time. I just think, as I say, that those 3 year track records are going to be perhaps more important here than they might be in, some other more adjacent areas of our equity business.

但我確實認為，斯科特和他的團隊在打造持續穩定的積極業績方面所做的工作，月復一月、季度復一季度，已經開始產生真正的影響。所以，我再次感到非常有信心，我們今天所處的位置以及該平台的預期，能夠管理 100 億、200 億甚至更多。隨著時間的推移，這種能力肯定會具備。正如我所說，我認為，這三年來的業績記錄在這裡可能比在我們股權業務的其他一些更相關的領域更為重要。

Great, thanks so much.

太好了，非常感謝。

As a reminder, please press one on your telephone keypad to ask a question.

提醒大家，如需提問，請按電話鍵盤上的 1。

And this 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。我想把電話會議交還給凱莉楊。

Well, thank you everyone for joining us today and I wish you all a great day.

謝謝大家今天收看，祝大家今天過得愉快。

Thank you.

謝謝。