AllianceBernstein Holding LP (AB) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to the AllianceBernstein's first-quarter 2025 earnings review. (Operator Instructions)

感謝您的支持，歡迎來到聯博 2025 年第一季財報回顧。（操作員指示）

As a reminder, this conference is being recorded and will be available for replay on our website shortly after the conclusion of this call. I would now like to turn the conference over to the host for this call, Head of Investor Relations for AB, Mr. Ioanis Jorgali. Please go ahead.

提醒一下，本次會議正在錄製中，會議結束後不久即可在我們的網站上重播。現在，我想將會議交給本次電話會議的主持人，AB 投資者關係主管 Ioanis Jorgali 先生。請繼續。

Good morning, everyone and welcome to our first-quarter 2025 earnings review. This conference call is being webcast and accompanied by a slide presentation that's posted in the investor relations section of our website www.alliancebernstein.com.

大家早安，歡迎參加我們的 2025 年第一季財報回顧。本次電話會議將透過網路直播，並附有幻燈片演示，發佈在我們的網站 www.alliancebernstein.com 的投資者關係部分。

With us today to discuss the company's results for the quarter are Seth Bernstein, President and CEO; and Tom Simeone, CFO; Onur Erzan, Head of Global Client Group and Private Wealth, will join us for questions after our prepared remarks.

今天與我們一起討論公司本季業績的有總裁兼首席執行官 Seth Bernstein；以及首席財務官湯姆·西蒙尼 (Tom Simeone)；在我們發表準備好的發言後，全球客戶集團和私人財富主管 Onur Erzan 將加入我們並回答問題。

Some of the information we'll present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure, so I would like to point out to the Safe Harbor language on slide 2 of our presentation.

我們今天要介紹的一些資訊是前瞻性的，並受美國證券交易委員會關於披露的某些規則和規定的約束，因此我想指出我們簡報第 2 張投影片上的安全港語言。

You can also find our Safe Harbor language in the MD&A of our 10-Q which we filed this morning. We base our distribution to unit holders on our adjusted results which we provide in addition to and not as a substitute for our GAAP results.

您也可以在我們今天早上提交的 10-Q 的 MD&A 中找到我們的安全港語言。我們根據調整後的結果向單位持有人進行分配，調整後的結果作為對 GAAP 結果的補充而不是替代。

Our standard GAAP reporting and a reconciliation of GAAP to adjusted results are in our presentation appendix, press release, and our 10-Q. Under regulation FD, management may only address questions of material nature from the investment community in a public forum. So please ask all such questions during this call.

我們的標準 GAAP 報告以及 GAAP 與調整後結果的對帳均在我們的示範附錄、新聞稿和 10-Q 中。根據公平揭露條例，管理階層只能在公開論壇上回答投資界提出的實質問題。因此，請在通話期間詢問所有此類問題。

Now I'll turn it over to Seth.

現在我將把話題交給賽斯。

Good morning, and thank you for joining us today. Against the backdrop of escalating uncertainty around trade policy and economic growth, AllianceBernstein delivered another strong quarter. Our results highlight the strength of our franchise, the depth of our investment expertise, and the breadth of our globally diversified platform.

早安，感謝您今天加入我們。在貿易政策和經濟成長不確定性不斷升級的背景下，聯博又取得了強勁的季度業績。我們的業績凸顯了我們特許經營的實力、我們投資專業知識的深度以及我們全球多元化平台的廣度。

On slide 3, I'll review the key business highlights of our first quarter. First, all three of our distribution channels grew organically in the first quarter, generating $2.7 billion in firmwide active net inflows. Our differentiated distribution platform gives us an edge in growing markets like Asia, US high net worth, and insurance, where we've consistently gained market share, including in the first quarter of 2025.

在幻燈片 3 上，我將回顧我們第一季的主要業務亮點。首先，我們所有的三個分銷管道在第一季都實現了有機成長，產生了 27 億美元的全公司主動淨流入。我們差異化的分銷平台使我們在亞洲、美國高淨值和保險等成長型市場中佔據優勢，我們在這些市場的市場份額持續增長，包括在 2025 年第一季。

Coupled with the extensive range of our investment capabilities that span across traditional and alternative assets, we're strategically positioned to help our clients navigate turbulent markets and benefit from rapidly emerging trends.

加上我們涵蓋傳統資產和另類資產的廣泛投資能力，我們在策略上能夠幫助客戶應對動盪的市場並從快速出現的趨勢中獲益。

The fixed income reallocation theme is a prime example of our ability to capture demand where it exists, having generated over $35 billion of active fixed income inflows over the last two years. Even amidst the return of rates volatility and heightened policy risks, we successfully generated $1 billion in active fixed income inflows during the first quarter of 2025.

固定收益重新分配主題是我們捕捉現有需求能力的典型例子，過去兩年來，我們已經產生了超過 350 億美元的主動固定收益流入。即使在利率波動重現和政策風險加劇的情況下，我們仍在 2025 年第一季成功實現了 10 億美元的主動固定收益流入。

Despite the downturn in overseas demand for our taxable fixed income strategies largely driving a $1.4 billion in firmwide taxable outflows, we continue to enjoy robust growth for our tax exempt franchise, which generated $2.4 billion of inflows. Our industry leading retail Muni platform has been a driving force of organic growth, achieving an impressive 19% annualized growth rate in the first quarter.

儘管海外對我們應稅固定收益策略的需求下降，導致全公司 14 億美元的應稅資金流出，但我們的免稅特許經營業務繼續保持強勁增長，產生了 24 億美元的資金流入。我們行業領先的零售市政債券平台一直是有機成長的推動力，第一季實現了令人印象深刻的 19% 的年增長率。

Over the past five years, retail tax-exempt has consistently grown at double digit rates, reaching $46 billion in AUM, more than doubling in size since 2020. The secular growth and private alternatives is another theme that benefits us. During the quarter, we had over $2.5 billion of institutional deployments into our private markets platform, coupled with inflows from high net worth into our asset-based finance and private credit strategies.

過去五年，零售免稅持續以兩位數的速度成長，資產管理規模達到 460 億美元，自 2020 年以來成長了一倍多。長期成長和私人替代品是另一個令我們受益的主題。本季度，我們有超過 25 億美元的機構資金投入我們的私募市場平台，同時高淨值資金也流入我們的資產融資和私人信貸策略。

Active equity outflows of $2.5 billion moderated compared to recent quarters, with institutional redemption slowing down while retail flows flip back to positive. In the first quarter of 2025, we generated $500 million of retail inflows driven by solid demand for our US large cap growth, global strategic core, US select, and our security of the future strategies.

25 億美元的主動股票流出量與最近幾季相比有所放緩，其中機構贖回放緩，而零售流量則回升至正值。2025 年第一季度，我們產生了 5 億美元的零售流入，這得益於對我們的美國大盤成長、全球戰略核心、美國精選和未來安全戰略的強勁需求。

Secondly, we are actively expanding our private market platform by deepening existing partnerships, establishing new ones, and diversifying the growth avenues of our business. Our fee paying and fee eligible assets under management have reached $75 billion as of quarter end, marking a 20% increase compared to a year ago.

其次，我們正在積極拓展我們的私人市場平台，深化現有的合作夥伴關係，建立新的合作夥伴關係，並實現業務成長途徑多元化。截至本季末，我們管理的收費和符合收費條件的資產已達到 750 億美元，比去年同期成長了 20%。

We've successfully deployed nearly 40% of Equitable second $10 billion commitment and are leveraging our expertise to extend the addressable market with institutional and retail oriented solutions. We are replicating the success of our evergreen capabilities in middle market lending that have been historically marketed within our private wealth channel.

我們已成功部署了 Equitable 第二筆 100 億美元承諾中的近 40%，並正在利用我們的專業知識透過面向機構和零售的解決方案來擴展可尋址市場。我們正在複製我們在中端市場貸款領域中長期累積的、在私人財富管道中推廣的成功經驗。

We're excited with the momentum we're seeing as we extend our private credit franchise to the institutional channel with customized solutions. In asset-based finance, we're expanding our retail offerings to help our own private wealth clients access this exciting new asset class while also venturing into new distribution platforms.

當我們透過客製化解決方案將私人信貸特許經營權擴展到機構管道時，我們對所看到的勢頭感到非常興奮。在資產融資方面，我們正在擴大零售產品範圍，幫助我們自己的私人財富客戶獲得這個令人興奮的新資產類別，同時也進入新的分銷平台。

Our credit opportunities interval fund has exceeded $200 million in assets under management, including allocation from third party retail clients. In the first quarter we've engaged with nearly a dozen new RIAs and we're encouraged by the increasing number of advisors exploring alternative investments with AB.

我們的信貸機會間隔基金管理的資產已超過2億美元，其中包括來自第三方零售客戶的分配。在第一季度，我們與近十幾家新的 RIA 進行了合作，並且越來越多的顧問與 AB 一起探索另類投資，這讓我們感到鼓舞。

We continue to leverage our strong local relationships in the RIA channel where we already partner with national aggregators and independent advisors in areas such as municipal bonds. Third, our diversified asset mix coupled with our enhanced operational efficiency provides downside protection to our revenue base and to our margins.

我們繼續利用我們在 RIA 管道中強大的本地關係，我們已經與市政債券等領域的國家聚合商和獨立顧問建立了合作夥伴關係。第三，我們多元化的資產組合加上增強的營運效率為我們的收入基礎和利潤率提供了下行保護。

As asset managers, we value diversification, and we've developed an all-weather platform that mitigates concentration risks by geography or asset class with liquid and illiquid credit accounting for nearly half of our assets under management, we believe we're less vulnerable to significant equity market downturns. The strategic initiatives we completed last year optimized our expense structure to expand the upside from favorable market conditions while also fortifying our business against downturns.

作為資產管理者，我們重視多元化，並且我們已經開發了一個全天候平台，可以透過地理或資產類別來減輕集中風險，其中流動性和非流動性信貸占我們管理資產的近一半，我們相信我們不太容易受到重大股市下跌的影響。我們去年完成的策略性措施優化了我們的費用結構，以擴大有利市場條件下的優勢，同時也增強了我們的業務抵禦經濟衰退的能力。

We enter a turbulent market environment from a position of strength. Fourthly, the durable base fee rate that has held relatively steady over the past several years. Our all-in fee rate, including base and performance fees, is another differentiating factor for AB. This relative stability results in symmetrical growth between our management fees and our AUM.

我們以實力雄厚的優勢進入動盪的市場環境。第四，基本費率在過去幾年中保持相對穩定。我們的全包費率（包括基本費用和績效費用）是 AB 的另一個差異化因素。這種相對穩定性導致我們的管理費和 AUM 之間對稱成長。

Moving on to slide 4, I'll highlight our strengthening relationship with Equitable. We firmly believe that being affiliated with a leading insurance provider is a competitive advantage for AB.

轉到投影片 4，我將重點介紹我們與 Equitable 之間日益加強的關係。我們堅信，與領先的保險提供者建立合作關係是 AB 的競爭優勢。

Leveraging the permanent capital commitment from Equitable helps us seed and scale our higher fee, longer dated private alternative strategies. Investment grade quality private credit is a key growth opportunity for both Equitable and AllianceBernstein , and we've now deployed nearly $14 billion of the $20 billion committed by Equitable.

利用 Equitable 的永久資本承諾可以幫助我們播下並擴大費用更高、期限更長的私人替代策略。投資等級優質私人信貸是 Equitable 和 AllianceBernstein 的關鍵成長機會，我們現在已經部署了 Equitable 承諾的 200 億美元中的近 140 億美元。

This has enabled us to build out new capabilities like residential mortgages and private ABS which we intend to expand with our other insurance and institutional clients.

這使我們能夠建立新的能力，例如住宅抵押貸款和私人 ABS，我們打算與其他保險和機構客戶一起擴展這些能力。

We continue to scale our distribution, leveraging our leading brand awareness and our expertise in vehicle versatility to expand our third party growth avenues. This virtuous circle of delivering additional yield to our partner's balance sheet while seeding new strategies with permanent capital enables AllianceBernstein to sustainably expand our business.

我們繼續擴大分銷規模，利用我們領先的品牌知名度和我們在車輛多功能性方面的專業知識來擴展我們的第三方成長管道。這種良性循環既能為合作夥伴的資產負債表帶來額外收益，又能以永久資本播下新策略的種子，使聯博能夠持續擴大業務。

We remain on target to grow our private markets AUM to $90 billion to $100 billion by 2027. Slide 5 reflects the summary page with our key financial metrics. Tom will follow up with more commentary on our results.

我們仍致力於在 2027 年將私募市場資產管理規模擴大至 900 億至 1,000 億美元。投影片 5 顯示了包含我們關鍵財務指標的摘要頁面。湯姆將對我們的結果進行更多評論。

Turning to slide 6, I'll review our investment performance starting with fixed income. Despite resurgent rates volatility driven by inflationary pressures caused by policy uncertainty, bonds served as a safe haven during the first quarter of '25, with Bloomberg's US aggregate index returning 2.8%.

翻到第 6 張投影片，我將從固定收益開始回顧我們的投資績效。儘管政策不確定性造成的通膨壓力導致利率波動性再度上升，但債券在 2025 年第一季仍是避風港，彭博美國綜合指數回報率為 2.8%。

Our fixed income performance benefited from active duration management and our allocation to investment grade, while our security selection within high yield detracted from relative performance. Overall, our performance improved with 64% and 63% of our AUM outperforming over the one and three year periods, while 81% outperformed over the five-year period.

我們的固定收益表現受益於積極的久期管理和對投資等級的配置，而高收益範圍內的證券選擇則降低了相對錶現。整體而言，我們的業績有所提高，一年期和三年期的 AUM 表現優異的佔比分別為 64% 和 63%，而五年期的 AUM 表現優異的佔比為 81%。

Quarter to date dynamics have been tumultuous, with markets reacting sharply to tariff headlines, global growth uncertainty, and shifting demand for US treasuries. Despite policy risks intensifying and credit spreads widening to levels reminiscent of the regional banking crisis in 2023, fixed income is proving relatively resilient compared to the significant drawdowns we've seen in US equity markets.

本季迄今的市場動態一直動盪，市場對關稅新聞、全球成長不確定性以及美國國債需求的變化做出了劇烈反應。儘管政策風險加劇，信貸利差擴大至 2023 年區域銀行業危機的水平，但與美國股市的大幅下跌相比，固定收益仍表現出相對的韌性。

For example, at the peak of the drawdown caused by a tariff announcements, the S&P 500 was down 15% while the US high yield index was down less than 2%. While the elevated rate volatility may dampen sentiment and appetite for duration, we view the value proposition for fixed income as intact.

例如，在關稅公告引發的下跌高峰期，標準普爾 500 指數下跌了 15%，而美國高收益指數下跌不到 2%。儘管利率波動加劇可能抑制市場情緒和對久期的偏好，但我們認為固定收益的價值主張仍然完好無損。

Specifically, we see the belly of the yield curve as an attractive spot to manage duration risk given the ongoing buildup of term premium. Credit remains an area of opportunity with all-in yields over 8% presenting an appealing risk adjusted return profile compared to long term equity forecasts.

具體而言，鑑於期限溢價的持續增加，我們認為殖利率曲線的腹部是管理久期風險的一個有吸引力的位置。信貸仍然是一個充滿機會的領域，其總收益率超過 8%，與長期股票預測相比，呈現出相當具有吸引力的風險調整後回報率。

With policies still in motion, markets may continue to react faster than fundamentals, creating dislocations as well as opportunities for new investors. In this environment, we're constructive on fixed income, and we have the right strategies to compete for the next wave of the reallocation.

由於政策仍在實施中，市場的反應速度可能繼續快於基本面，從而造成混亂，同時也為新投資者帶來機會。在這種環境下，我們對固定收益持建設性態度，並且我們擁有正確的策略來爭取下一波重新分配。

Turning to equities, near record high valuations in US equities combined with a dimming economic outlook for the US arising from a changing trade policy triggered a rotation into international equities. The percentage of AUM outperforming over the one year period deteriorated to 23%. The shift was primarily driven by our US large cap growth fund distributed in Japan, flipping from above to below median.

談到股票，美國股市估值接近歷史高位，加上貿易政策變化導緻美國經濟前景黯淡，引發了國際股市的輪動。一年內表現優異的 AUM 百分比下降至 23%。這種轉變主要是由我們在日本分銷的美國大盤成長基金從中位數上方轉向中位數下方所致。

A significant factor contributing to this change was the strengthening of the yen during the quarter, impacting comparisons against other local growth managers. The three year figure had improved to 52% while the five year declined to 45%.

導致這一變化的一個重要因素是本季日圓走強，影響了與其他本地成長管理公司的比較。三年期數字上升至 52%，而五年期數字則下降至 45%。

This performance trend reflects the market dynamic of excessive concentration in a few mega cap names within the AI scene. Our investment focus on companies demonstrating consistent growth with disciplined approach to valuation also posed challenges in the later half of 2024.

這一表現趨勢反映了人工智慧領域內少數幾家大型上市公司過度集中的市場動態。我們的投資重​​點是那些表現出持續成長且採用嚴謹估值方法的公司，但這在 2024 年下半年也帶來了挑戰。

Year-to-date, despite the volatility following the tariff announcements in April, our active platform has demonstrated significant relative performance. US Large Cap growth has generated nearly 300 basis points of relative outperformance, positioning it near the top [quartile] (corrected by company after the call) year-to-date. Our strategic core portfolios designed to offer downside protection in volatile environments have outperformed their benchmarks by 300 to 400 basis points year-to-date.

年初至今，儘管 4 月關稅公告發布後出現波動，但我們的活躍平台仍表現出顯著的相對錶現。美國大盤股的成長已經產生了近 300 個基點的相對優異表現，使其年初至今處於接近頂部 [四分位數]（電話會議後公司進行了修正）。我們的策略核心投資組合旨在為動盪的環境中提供下行保護，今年迄今其表現已超出基準 300 至 400 個基點。

Furthermore, our global, international, and emerging markets portfolios have established track records that have exhibited strong performance. Additionally, our US core strategies select equities and US strategic equities have continued to deliver robust returns following a successful year, showcasing their ability to generate alpha across various market conditions and attracting client interest.

此外，我們的全球、國際和新興市場投資組合已建立強勁的業績記錄。此外，我們的美國核心策略精選股票和美國戰略股票在成功的一年後繼續帶來強勁的回報，展示了它們在各種市場條件下產生阿爾法收益的能力並吸引了客戶的興趣。

Overall, we had eight active equity strategies that generated over $100 million in inflows during the first quarter of 2025. Now turning to slide 7. Retail posted its seventh straight quarter of positive net flows, with sales continuing to track at record pace levels, offsetting elevated redemptions during a turbulent quarter.

總體而言，我們有 8 種主動股票策略，在 2025 年第一季產生了超過 1 億美元的資金流入。現在翻到幻燈片 7。零售業連續第七個季度實現淨流入，銷售額繼續保持創紀錄水平，抵消了動盪季度中贖回量的增加。

Actively managed asset classes were inflowing in the first quarter, led by enduring organic gains in tax exempt, solid inflows into multi-asset, and modest inflows into active equities.

第一季度，主動式管理資產類別出現資金流入，其中，免稅類別的資金持續有機成長、多種資產類別的資金穩健流入以及主動型股票類別的資金適度流入。

We continued to gain retail market share in tax exempt for the nineth consecutive quarter, growing at a 19% annualized rate. Our all market income strategy drove multi-asset sales in the first quarter, particularly out of the Asia Pacific region.

我們連續第九個季度繼續獲得免稅零售市場份額，年增長率達到 19%。我們的全市場收入策略推動了第一季的多元資產銷售，尤其是亞太地區以外的銷售。

Active equity also grew organically, supported by continued inflows into our US large cap growth strategy in addition to global strategic core and US select equities. Thematic investing is another area with significant potential. Our security of the future portfolio continues to attract solid inflows, surpassing $1 billion in AUM just one year since we launched.

主動型股票也實現了有機成長，這得益於全球戰略核心和美國精選股票以及持續流入我們美國大盤股成長策略的資金。主題投資是另一個具有巨大潛力的領域。我們的未來安全投資組合持續吸引大量資金流入，自推出僅一年時間，資產管理規模就已超過 10 億美元。

Diversifying our product offerings remains a cornerstone of our distribution strategy, and we're very pleased with the early success we're seeing as we scale our services across our global footprint. Offsetting our organic gains, our taxable fixed income franchise posted outflows of $1.4 billion, primarily as our marquee income strategies, AIP and GHY had outflows given the uncertain rate outlook.

多樣化我們的產品供應仍然是我們分銷策略的基石，我們對在全球範圍內擴展服務所取得的早期成功感到非常高興。抵銷了我們的有機收益，我們的應稅固定收益特許經營權出現了 14 億美元的資金流出，主要是因為我們的主要收入策略 AIP 和 GHY 在利率前景不確定的情況下出現了資金流出。

Base management fees grew 10% year-over-year reflective of market growth and organic flows while they were down 3% versus the prior quarter due to the equity drawdown. Organic-based fee growth was 2% over the last 12 months and slightly below 1% as of the first quarter.

基本管理費較去年同期成長 10%，反映了市場成長和有機流量，而由於股權縮水，基本管理費較上季下降 3%。過去 12 個月有機費用成長率為 2%，截至第一季略低於 1%。

Moving to slide 8. Institutional sales and flows rebounded in the first quarter of 2025 to the highest level since fourth quarter of 2022, breaking a streak of persistent outflows. Channel inflows were driven by an accelerated pace in alternative deployments across various services, including private placements, commercial real estate debt, residential loans, and CLOs.

移至幻燈片 8。2025 年第一季度，機構銷售和流量反彈至 2022 年第四季以來的最高水平，打破了持續的資金流出局面。通路流入的動力來自於私募、商業房地產債務、住宅貸款和 CLO 等各種服務領域另類投資部署步伐的加快。

Active equity outflows of $1.9 billion in the first quarter moderated versus recent trends. Our pipeline grew to $13.5 billion in the first quarter, up $2.8 billion sequentially, reaching its highest levels in seven quarters. Note that institutional funding is also accelerated with roughly $3 billion in pass- through mandates that were not captured within our pipeline.

第一季主動股票流出量為 19 億美元，與近期趨勢相比有所放緩。我們的第一季的管道成長至 135 億美元，比上一季增加 28 億美元，達到七個季度以來的最高水準。請注意，機構融資也因約 30 億美元的直通授權而加速，而這些授權並未在我們的通路內落實。

The decrease in the pipeline fee rate was mainly attributed to the addition of a sizable lower fee mandates including an $800 million in passive index equities and $1.1 billion in systematic fixed income. Our ongoing efforts to market our systematic strategy continues to attract strong client interest, enabling us to grow our institutional market share in fixed income. However, these mandates tend to be lower-fee and will impact pipeline fee rates.

管道費率的下降主要歸因於增加了大量較低費用的授權，包括 8 億美元的被動指數股票和 11 億美元的系統固定收益。我們不斷努力推銷我們的系統化策略，繼續吸引客戶的強烈興趣，使我們能夠擴大固定收益領域的機構市場份額。然而，這些授權往往費用較低，並會影響管道費率。

Turning to slide 9. Private wealth posted solid inflows in the first quarter, growing to an annualized organic growth rate of more than 2%, the fastest pace in two years. As a reminder, our private wealth net inflows exclude reinvested dividends and interest income, which is typically reported within net assets across key wealth management peers.

翻到第 9 張投影片。第一季私人財富流入穩健，年化有機成長率超過2%，為兩年來最快成長。提醒一下，我們的私人財富淨流入不包括再投資股息和利息收入，這些收入通常在主要財富管理同行的淨資產中報告。

Our organic growth was fueled by increased sales momentum underscoring robust client engagement and advisor productivity. We're still focused on supporting and growing our advisors sales force, ramping up our recruiting effort in line with our long term target of 5% headcount growth.

我們的有機成長得益於銷售動能的增強，凸顯了強勁的客戶參與度和顧問的生產力。我們仍然專注於支持和發展我們的顧問銷售隊伍，加大招聘力度，以實現員工人數增長 5% 的長期目標。

Demand dynamics within the channel were positive across all asset classes except for active equity. Fixed income inflows exceeded $800 million driven by our Muni tax aware strategies, money markets, and global plus.

除主動股票外，所有資產類別的通路內需求動態均為正值。受我們的市政債券稅收意識策略、貨幣市場和全球優勢的推動，固定收益流入超過 8 億美元。

Solid demand for our passive tax harvesting strategy led to $600 million in inflows into passive equities growing organically at nearly 10% annualized rate. Alt MAS inflows of nearly $500 million growing at 7% annualized rate, marked the eighth consecutive quarter of organic growth through alternatives and multi-asset within Bernstein.

對我們的被動稅收收穫策略的強勁需求導致 6 億美元的資金流入被動股票，年化成長率接近 10%。Alt MAS 流入資金接近 5 億美元，年化成長率為 7%，標誌著伯恩斯坦旗下另類投資和多元資產連續第八個季度實現有機成長。

Private alternatives, including real estate debt, CarVal, and private credit accounted for approximately half of those inflows. Fundraising in private alternatives continued to be a significant driver of channel activity, with approximately $400 million raised in the first quarter.

私人替代性投資（包括房地產債務、CarVal 和私人信貸）約佔這些流入資金的一半。私募另類融資持續成為通路活動的重要推動力，第一季籌集了約 4 億美元。

Base management fees grew 10% year-over-year and came in flat sequentially. Channel revenues were up 6% versus the prior year and down 17% quarter over quarter, primarily due to performance fees typically crystallizing in the fourth quarter.

基本管理費年增 10%，與上一季持平。通路收入比上年同期成長 6%，比上一季下降 17%，主要原因是績效費用通常在第四季具體化。

Before moving on to our financial review, I'm delighted to introduce our newly appointed CFO, Tom Simeone, having had the privilege of collaborating with Tom for several years, I'm eager for our unit holders, analysts, and all stakeholders to have the opportunity to become acquainted with him. Tom?

在進行財務審查之前，我很高興介紹我們新任命的財務長湯姆·西蒙尼，我很榮幸與湯姆合作多年，我渴望我們的單位持有人、分析師和所有利益相關者有機會認識他。湯姆？

Thank you, Seth. Good morning, everyone, and thank you for joining our call. During my 20 year tenure at AB, I've had the privilege of serving in various roles across the organization. This has taught me what sets AB apart. I am enthusiastic about the future that lies ahead of us and excited to share our financial results with you today. Let's delve into the details.

謝謝你，塞斯。大家早安，感謝你們參加我們的電話會議。在 AB 任職的 20 年期間，我有幸在該組織內擔任過各種職位。這讓我了解了 AB 的與眾不同之處。我對我們的未來充滿熱情，並很高興今天與大家分享我們的財務表現。讓我們深入探討一下細節。

We continue to deliver strong financial performance in the first quarter, reflecting solid growth in asset management fees and focused expense discipline. First quarter adjusted earnings of $0.80 per unit were up 10% versus prior year, benefiting from strong markets early in the quarter, sustained organic growth, a durable fee rate, and solid margin expansion.

我們在第一季持續保持強勁的財務業績，反映資產管理費的穩健成長和重點支出紀律。第一季調整後每股收益為 0.80 美元，較上年同期增長 10%，受益於本季度初的強勁市場、持續的有機增長、持久的費率以及穩健的利潤率擴張。

Distributions and EPU grew uniformly as we distribute 100% of our adjusted earnings to unit holders. On slide 10, we show our adjusted results which remove the effect of certain items not considered part of our core operating business.

由於我們將 100% 的調整後收益分配給單位持有人，因此分配和 EPU 也均勻成長。在投影片 10 上，我們展示了調整後的結果，消除了不屬於我們核心營運業務的某些項目的影響。

For a reconciliation of GAAP and adjusted financials, please refer to our presentation appendix or our 10-Q. First quarter net revenues of $838 million were down 5% versus the prior year and up 6% on a like-for-like basis, excluding Bernstein research.

有關 GAAP 和調整後財務狀況的對賬，請參閱我們的演示附錄或 10-Q。第一季淨收入為 8.38 億美元，較上年下降 5%，不包括伯恩斯坦研究，年增 6%。

First quarter base fees increased 8% versus prior year in line with the growth in our firmwide average AUM. Performance fees of $39 million increased by $12 million from prior year reflecting sustained alpha generation from our international small cap and middle market lending strategies.

第一季基本費用較上年同期成長 8%，與我們全公司平均 AUM 的成長一致。3,900 萬美元的績效費比去年增加了 1,200 萬美元，反映了我們國際小型股和中型市場貸款策略持續產生的阿爾法收益。

Dividend and interest revenue, net of broker-dealer related interest expense declined versus prior year, which reflects lower cash and margin balances within private wealth. In the first quarter, we had an $11 million loss as compared to a gain in the prior year period related to our seed-like capital and other investments.

扣除經紀自營商相關利息支出後的股利和利息收入較上年下降，這反映了私人財富中現金和保證金餘額的下降。第一季度，我們虧損 1,100 萬美元，而去年同期我們的種子資本和其他投資則獲利。

Moving to expenses, our first quarter total operating expenses of $555 million declined 10% year-over-year reflecting the deconsolidation of Bernstein Research, as well as lower occupancy costs from our New York office relocation and a lower compensation ratio.

談到費用，我們第一季的總營運費用為 5.55 億美元，年減 10%，這反映了伯恩斯坦研究公司的拆分，以及我們紐約辦公室搬遷導致的入住成本降低和薪酬比率降低。

Total compensation benefits expenses of $414 million declined by 6% versus the prior year in absolute terms. This reflects a 48.5% compensation ratio of adjusted net revenues in line with our guidance and below the 49% ratio in the prior year period.

總薪資福利支出為 4.14 億美元，以絕對值計算比上年下降 6%。這反映出調整後淨收入的薪酬比率為 48.5%，符合我們的預期，低於去年同期的 49%。

We will continue to accrue at a 48.5% compensation to revenue ratio in the second-quarter of 2025, but we are mindful of market volatility and may adjust in the second half of the year, depending on conditions. Promotion and servicing costs decreased by 36% from the prior year, primarily reflecting the significant reduction of trade execution and clearance expenses from Bernstein Research in addition to lower marketing expenses.

我們將在 2025 年第二季繼續以 48.5% 的薪酬收入比率計提，但我們注意到市場波動，可能會根據情況在下半年進行調整。促銷和服務成本較前一年下降了 36%，主要反映了伯恩斯坦研究公司交易執行和清算費用的大幅減少以及行銷費用的降低。

G&A declined 13% versus the prior year period, primarily driven by occupancy savings from our New York City office relocation, coupled with lower professional fee and portfolio servicing costs. The first quarter run rate of our non-compensation expenses is tracking better than our guidance as we are exercising expense discipline in the face of a deteriorating market backdrop underscoring our improved operational flexibility.

一般及行政費用較上年同期下降 13%，主要原因是我們搬遷至紐約市辦公室後節省了入住費用，同時專業費用和投資組合服務成本也下降了。我們第一季的非薪資費用運作率優於我們的預期，因為我們在不斷惡化的市場背景下嚴格執行費用紀律，凸顯了我們營運彈性的提升。

We maintain our guidance of $600 million to $625 million of full year 2025 non-compensation expenses, but we will continue to exercise expense discipline given volatile markets. As a reminder, promotion and servicing makes up roughly 20% to 25% of non-com expenses, and G&A accounts for 75% to 80%, excluding one-time items.

我們維持 2025 年全年非薪酬支出 6 億至 6.25 億美元的預期，但鑑於市場波動，我們將繼續嚴格控制支出。需要提醒的是，促銷和服務費用約佔非商業支出的 20% 至 25%，一般及行政費用佔 75% 至 80%，不包括一次性項目。

First quarter interest on borrowings decreased by $10 million versus the prior year due to a lower cost of debt and lower debt balances. Please note that we intend to increase leverage during the year to fund our commitment to the Ruby Re sidecar and take advantage of any other potential growth opportunities that may arise.

由於債務成本降低和債務餘額減少，第一季借款利息比去年減少了 1,000 萬美元。請注意，我們打算在今年增加槓桿，以資助我們對 Ruby Re sidecar 的承諾，並利用可能出現的任何其他潛在成長機會。

ABLP's effective tax rate was 6.2% in the first quarter, in line with our full year guidance of 6% to 7%. Transitioning to slide 11, let's take a look at the trajectory of our firmwide base fee rate, which is net of distribution expenses.

ABLP 第一季的有效稅率為 6.2%，與我們全年預期的 6% 至 7% 一致。轉到第 11 張投影片，讓我們看一下全公司基本費率的走勢，該費率扣除了分銷費用。

In the first quarter, our firm wide fee rate stood at 39.5 basis points, slightly higher versus the first quarter of 2024, supported by AUM shifts between asset classes and channels. Looking forward, I would note that we may see less support from mix shift given market movements in March and April, which could put downward pressure on the fee rate.

第一季度，我們公司範圍內的費率為 39.5 個基點，略高於 2024 年第一季度，這得益於資產類別和管道之間 AUM 的轉移。展望未來，我注意到，鑑於 3 月和 4 月的市場走勢，我們可能會看到混合轉變的支持減少，這可能會對費率造成下行壓力。

This dynamic was somewhat evident in the first quarter as the decline in fee rate from the fourth quarter of 2024 was primarily attributed to the adverse effects of the downturn in equity markets during the latter part of the quarter.

這種動態在第一季表現得較為明顯，因為從 2024 年第四季開始的費用率下降主要歸因於本季後半段股市低迷的不利影響。

The decrease was particularly influenced by the drawdown in US equities which constitute approximately three quarters of our total equity assets. Although non-US equities performed better, their smaller share of our asset allocation only partially mitigated the overall negative impact on the fee rate.

這一下降主要受到美國股票下跌的影響，美國股票約占我們總股票資產的四分之三。儘管非美國股票表現較好，但其在我們的資產配置中所佔比例較小，僅部分減輕了對費率的整體負面影響。

In contrast, fixed income markets outperformed equities in the first quarter of 2025. While this provided diversification benefits to our assets under management and revenues, our fixed income strategies typically command lower fees, particularly for our institutional side.

相較之下，2025 年第一季固定收益市場表現優於股票市場。雖然這為我們的管理資產和收入提供了多元化優勢，但我們的固定收益策略通常收取較低的費用，特別是對於我們的機構方面。

While our fee rate will remain mixed dependent, we have managed to deliver a durable fee rate over time as our regional sales mix and selective growth initiatives have mitigated some of the fee erosion witnessed across the industry.

雖然我們的費率仍將依賴混合費率，但由於我們的區域銷售組合和選擇性增長舉措減輕了整個行業所經歷的費用侵蝕，我們已設法隨著時間的推移提供持久的費率。

Slides will provides a detailed breakdown of our performance fees by private and public strategies. Performance related fees from our private alternative strategies totaled $20 million during the first quarter. On the public front, our international small cap strategy, which has consistently outperformed the benchmark over the one, three, five and 10 year periods, yielded $19 million in performance fees.

幻燈片將按私人和公共策略詳細列出我們的績效費用。第一季度，我們私人另類策略的績效相關費用總計 2,000 萬美元。在公開市場方面，我們的國際小型股策略在一年、三年、五年和十年期間的表現一直優於基準，產生了 1,900 萬美元的績效費。

Although public alpha is volatile and more difficult to predict, our public strategies enhance our market leverage profile and provide additional upside tied to the public markets. As a result, we're revising our annual performance fee expectations to $90 million to $105 million up from the prior projection of $70 million to $75 million.

儘管公開阿爾法值不穩定且更難預測，但我們的公開策略增強了我們的市場槓桿率，並提供了與公開市場相關的額外上行空間。因此，我們將年度績效費預期從先前的 7,000 萬至 7,500 萬美元上調至 9,000 萬至 1.05 億美元。

For the remainder of the year, we expect our private alternative strategies to be the primary contributors to our performance fees as they have been in recent years. These strategies include commercial real estate debt.

在今年剩餘時間內，我們預計我們的私人另類策略將像近年來一樣成為我們績效費用的主要貢獻者。這些策略包括商業房地產債務。

AB CarVal and AB Private Credit Investors or AB PCI, which is the largest contributor. Although certain strategies exhibit greater volatility than others, we anticipate an additional $50 million to $60 million of hurdle-based performance fees for the remainder of 2025.

AB CarVal 和 AB Private Credit Investors 或 AB PCI，後者是最大的貢獻者。儘管某些策略表現出比其他策略更大的波動性，但我們預計 2025 年剩餘時間內基於障礙的績效費用將額外增加 5,000 萬至 6,000 萬美元。

It is important to highlight that our estimate factors in a lower interest rate environment. However, the wide range of rate cut projections obscures our visibility on the potential impact from such cuts. Turning to slide 13, we saw solid margin expansion during the first quarter of 2025.

值得強調的是，我們的估計考慮了較低利率環境。然而，降息預測範圍廣泛，導致我們無法看清降息帶來的潛在影響。轉到投影片 13，我們看到 2025 年第一季利潤率穩定擴大。

The adjusted operating margin reached 33.7% up 340 basis points versus the first quarter of 2024, demonstrating our improved operating leverage following the completion of both the Bernstein Research JV and the move to Hudson Yards.

調整後的營業利潤率達到 33.7%，較 2024 年第一季上升 340 個基點，顯示在完成 Bernstein Research JV 和搬遷至哈德遜城市廣場後，我們的營業槓桿率有所提高。

Our forecast for a 33% margin for 2025 assumed flat markets from year-end 2024 levels. If the recent market weakness continues, it could put downward pressure on future margins, although we will also actively manage expenses.

我們預測 2025 年的利潤率為 33%，這是假設市場與 2024 年底的水準持平。如果近期市場疲軟持續下去，可能會對未來的利潤率造成下行壓力，儘管我們也會積極管理費用。

While we are keenly focused on margins, we are also committed to investing in growth and generating long-term value for our unit holders. As part of our strategic planning, we have allocated resources for targeted growth investments such as onboarding new investment teams and introducing new products with the expectation that these endeavors will yield enhanced returns over time.

在我們高度關注利潤率的同時，我們也致力於投資成長並為我們的單位持有人創造長期價值。作為我們策略規劃的一部分，我們已為有針對性的成長投資分配了資源，例如加入新的投資團隊和推出新產品，期望這些努力能夠隨著時間的推移帶來更高的回報。

Before we move on to the Q&A session, I want to extend my heartfelt appreciation to all my colleagues throughout our organization for their unwavering dedication.

在我們進入問答環節之前，我想向我們組織內的所有同事表示衷心的感謝，感謝他們堅定不移的奉獻精神。

It is a privilege to assume the CFO role, and I am eager to contribute to our collective success and create value for our clients, our unit holders, our colleagues, and all our stakeholders. With that, we're pleased to answer your questions, operator.

我很榮幸能夠擔任財務長一職，我渴望為我們的共同成功做出貢獻，並為我們的客戶、我們的單位持有人、我們的同事以及所有利害關係人創造價值。接線員，我們很高興回答您的問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hi, good morning. Thank you. And Tom, welcome to the call. Question to you guys starting maybe with the asset allocation trends you guys have seen so far in the second quarter. Obviously super volatile backdrop, lots of uncertainty. It seems like the retail channels starting to look a little bit softer, including on the fixed income side, which has been historically a source of strength for you guys.

嗨，早安。謝謝。湯姆，歡迎您參加電話會議。我首先要問的是第二季迄今為止你們看到的資產配置趨勢。顯然，背景極為動盪，存在著許多不確定性。零售通路似乎開始變得有些疲軟，包括固定收益方面，而這在歷史上一直是你們的力量來源。

So how do you expect, the retail channel, I guess, to behave, as we kind of deal with the current backdrop and. Seth, curious in particular, when it comes to non-US retail, given your distribution footprint there how that channel is performing and the outlook there? Thanks.

那麼，當我們處理目前的背景時，您預期零售通路會如何表現？塞思，我特別好奇，當談到非美國零售業時，考慮到你們在美國的分銷足跡，該通路的表現如何以及前景如何？謝謝。

Sure. Hi, Alex, Onur here. I'll take the question. In terms of -- I'll start with that asset allocation, then switch to non-US retail. What we are seeing is that driven by largely what's happening with the treasuries and the rates, obviously the continued Fed. Uncertainty with the rate cuts as well as the tariff policy uncertainty is creating some confusion in the market.

當然。你好，我是 Alex，我是 Onur。我來回答這個問題。就此而言——我將從資產配置開始，然後轉向非美國零售。我們看到，這很大程度上受到國債和利率走勢的影響，顯然是聯準會的持續升息。降息的不確定性以及關稅政策的不確定性正在為市場帶來一些混亂。

As a result, we have seen, starting in Q1, some outflows out of retail, taxable fixed income, particularly in the overseas markets, our flagships like Hong Kong, Taiwan. This is not a first time or a new thing. We have seen this trend in the past. There were times like COVID or 2022. When the rate cuts happen, when the shape of the yield curve gets solidified with the steeper yield curve, our strategies go back to strong inflows.

因此，從第一季開始，我們看到一些零售、應稅固定收益資金流出，特別是在海外市場，例如香港、台灣等我們的旗艦市場。這並不是第一次，也不是什麼新鮮事。我們過去已經看到過這種趨勢。曾經有過像新冠疫情或 2022 年那樣的時期。當降息發生時，當殖利率曲線的形狀隨著殖利率曲線的陡峭化而變得更加穩定時，我們的策略就會恢復到強勁的資金流入。

So as a result, although this current volatility is not going to help in the very short term, we believe it will continue to support us in the long term. And as you recall, when there was an asset rebalancing into taxable fixed income, we were one of the first beneficiaries of that and gathered close to $35 billion of net flows from taxable fixed income, so definitely it will help us in the long term while it might partially hurt us along with others in the short term.

因此，儘管當前的波動在短期內不會有幫助，但我們相信它將在長期內繼續支持我們。大家還記得，當資產重新平衡為應稅固定收益時，我們是首批受益者之一，並從應稅固定收益中獲得了近 350 億美元的淨流量，因此從長遠來看這肯定會對我們有幫助，但從短期來看，它可能會對我們和其他人造成一定傷害。

However, balancing some of that is the strength of our tax exempt franchise in the US, as well as our growing ETF franchise, which obviously caters to a slightly different audience with the active ETFs being 100%. US today. So overall we continue to see relative strength in our US business and enhance overall. We believe that to be confident about the long term prospects for taxable and tax exempt fixed income.

然而，與此相平衡的是，我們在美國擁有強大的免稅特許經營權，並且我們不斷增長的 ETF 特許經營權，這顯然迎合了略有不同的受眾，因為主動型 ETF 佔 100%。今天的美國。因此，總體而言，我們繼續看到美國業務的相對優勢和整體提升。我們對於應稅和免稅固定收益的長期前景充滿信心。

In terms of the non-US geographies, I already touched on the fixed income. I'm not going to belabor further into that. In terms of equity, as we run the largest active equity strategy in Japan, and that strategy delivered very strong flows in first quarter.

就美國以外地區而言，我已經談到了固定收益。我不會對此做進一步的闡述。在股票方面，我們在日本實施最大的主動股票策略，該策略在第一季實現了非常強勁的資金流動。

We continue to monitor what's happening not only with the equity markets but also with the dollar yen dynamics. However, even if the second quarter might be a little bit softer with the equity market and affects volatility, the structural trend in Japan is the growth of the retirement market with the NISA accounts and we play well into that retirement money which tends to be stickier, more long term oriented, less short term, and we expect to have strong kind of growth in our Japan franchise leveraging that retirement trend.

我們不僅持續關注股票市場的動態，也關注美元日圓的動態。然而，即使第二季股市可能略微疲軟並影響波動性，日本的結構性趨勢是退休市場的成長，其中包括 NISA 帳戶，而我們很好地利用了退休金，這種退休金往往更具黏性，更注重長期，而非短期，我們預計，借助這一退休趨勢，我們的日本特許經營業務將實現強勁增長。

Alex, I just add that. As I said in my earlier comments, we believe the fixed income thesis remains intact despite what has been remarkable volatility. And when you look at sort of yields of 8% out there and they could get higher for sure. But they look pretty good relative to any kind of long term expectations of equity returns right now, and I think risk aversion will probably remain present for a while and so I think once the stability begins to reassert itself, I think that's there's pretty attractive opportunities out there for people who don't want to venture back into equities so quickly.

亞歷克斯，我只是補充一下。正如我在先前的評論中所說，儘管市場波動劇烈，但我們認為固定收益理論依然完好。當你看到收益率達到 8% 時，你會發現它們肯定還會更高。但相對於目前任何長期的股票回報預期，它們看起來都相當不錯，而且我認為風險規避情緒可能會持續一段時間，因此我認為，一旦穩定性開始重新顯現，我認為這對於那些不想這麼快重返股市的人來說，就存在相當有吸引力的機會。

But that will take some more time to figure out. But it's also worth noting that our own retail flows have certainly stabilized in recent days, at a better level. So, look, we are monitoring it just like everyone else is and can't predict the future, but, I like the mix of businesses we have and our emphasis on fixed income in a time like this.

但這還需要一些時間來弄清楚。但同樣值得注意的是，我們自己的零售流量最近幾天確實已經穩定下來，處於更好的水平。所以，你看，我們和其他人一樣都在監控它，無法預測未來，但是，我喜歡我們擁有的業務組合以及我們在這種時期對固定收益的重視。

Yeah, I agree with you there. Thanks. A good great detail, for my follow up question, I just wanted to ask you guys around the equitable dynamics and now with the tender results, known, and participation was relatively limited, and I was curious if you could expand on maybe some of the structural benefits to equitable, from having AllianceBernstein as a public company. Do you ultimately see the willing to acquire more over time or kind of how do you think that relationship plays out over the next several years?

是的，我同意你的看法。謝謝。非常好的細節，對於我的後續問題，我只是想問你們有關公平動態的問題，現在招標結果已知，參與度相對有限，我很好奇您是否可以詳細說明一下 AllianceBernstein 作為一家上市公司給公平帶來的一些結構性好處。您是否最終看到隨著時間的推移願意獲得更多，或者您認為這種關係在未來幾年會如何發展？

Thanks, Alex. Well, the first thing I'd say is you all cover equitable and you should certainly ask them the question yourself. We took it, I take it as a vote of confidence in this business that they had decided to make such an endeavor to increase their holdings in AB in the manner that they did. I think the premium clearly didn't convince a ton of people to go to tender into it, and I think a part of that is the very high distribution yield we offer remains pretty attractive, particularly in times like this, to [unitholders] (corrected by company after the call).

謝謝，亞歷克斯。好吧，我想說的第一件事是，你們都報道公平，你們當然應該親自問他們這個問題。我們認為，他們決定以這種方式努力增加在 AB 的持股，我認為這是對這項業務的信任。我認為溢價顯然沒有說服很多人去投標，我認為部分原因是我們提供的非常高的分銷收益率仍然相當有吸引力，特別是在這樣的時期，[單位持有人]（公司在電話會議後已更正）。

And so I do think and know that equitable understands the logic of maintaining the independence of AB, frankly, for several reasons. One, our employees like the clear alignment and the recognition that a public security has for their endeavors, and we don't take that lightly from a deferred compensation perspective as well as a clear understanding of the business and its goals.

因此，我確實認為並且知道，公平理解保持 AB 獨立性的邏輯，坦率地說，原因有幾個。首先，我們的員工喜歡公共安全對他們的努力的明確協調和認可，從延期補償的角度以及對業務及其目標的清晰理解來看，我們不會輕視這一點。

Secondly, Equitable sees this as a more attractive currency potentially as we continue to look for opportunities to supplement our product or distribution capabilities and so we want that as do they as a potential option as we've used it before, whether it was the purchase of CarVal or in other contexts.

其次，Equitable 認為這是一種更具吸引力的貨幣，因為我們會繼續尋找機會補充我們的產品或分銷能力，所以我們希望它作為一種潛在的選擇，就像我們以前使用過的那樣，無論是購買 CarVal 還是在其他情況下。

And I guess finally I would say to you that, they get it it's a pretty tax advantageous position that they have today in their position as a private partner as well as the owner of the public units to have AB in the current status as a partnership. So, there is no change in our view in that that, and I don't believe there's a change in their view.

最後我想告訴你們的是，他們明白，作為私人合夥人以及公共單位的所有者，讓 AB 保持目前的合夥關係狀態，這對他們來說是一個非常有利的稅收地位。因此，我們對此的看法沒有改變，我也不認為他們的觀點有改變。

Right. That's super helpful. Thank you, guys.

正確的。這非常有幫助。謝謝你們。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Seth and Tom. I hope everyone's doing well. I had two follow-ups to Alex's last question. The first one is EQH taking a more active role in the management of AB, which I thought was run fairly autonomously over the last 20 years across three CEOs. And then the follow up would be, are there any limits in place to prevent EQH from buying more stock in the future?

早安，賽斯和湯姆。我希望大家都一切順利。我對 Alex 的最後一個問題有兩個後續問題。第一個是 EQH 在 AB 的管理中發揮了更積極的作用，我認為在過去 20 年裡，AB 在三任 CEO 的領導下相當自主地運作。那麼接下來的問題是，是否有任何限制來阻止 EQH 將來購買更多股票？

There has been absolutely no change in the engagement or activities of Equitable versus the operations of AllianceBernstein. We continue to operate autonomously with the independent members board with independent members.

與聯博的營運相比，Equitable 的業務或活動完全沒有變化。我們將繼續透過由獨立成員組成的獨立成員委員會自主運作。

We continue to set our own comp to revenue ratio in consultation, of course, with our board. And we intend to have that continue, so there's been absolutely no change, Craig, in that regard, and there's no change anticipated.

當然，我們會繼續與董事會協商，設定自己的營業收入比率。我們打算繼續這樣做，所以在這方面絕對沒有任何變化，克雷格，而且預計也不會有任何變化。

Additionally, equitable, there is no technical restriction that I'm aware of that that precludes equitable from potentially buying more units. And indeed, as you might have or I'm sure you recognize that when we entered into the RGA transaction, we actually funded that [investment in Ruby Re] (corrected by company after the call)through an investment equitable made in units of private units of AB to facilitate that.

此外，公平地說，據我所知，沒有任何技術限制可以阻止公平購買更多單位。事實上，正如您可能已經意識到的，或者我相信您已經意識到的，當我們進行 RGA 交易時，我們實際上是透過對 AB 的私人單位進行公平投資來為該 [對 Ruby Re 的投資] 提供資金（電話會議後公司已更正）。

We raised $150 million to do that. I can see that ownership stake rising or falling depending on our acquisition activity, and I'd point out that it had fallen, as part of the acquisition of CarVal. So, there isn't a limitation, Craig, that I'm aware of.

我們籌集了 1.5 億美元來實現這一目標。我可以看到，所有權股份的上升或下降取決於我們的收購活動，我想指出的是，作為收購 CarVal 的一部分，所有權股份已經下降。所以，克雷格，據我所知，不存在任何限制。

Thanks, Seth. Just a follow up, your retail Muni SMA flows have been really strong. They might actually be the leading driver of organic growth at AB, but you can correct me if I'm wrong. But we, US lawmakers now are discussing the removal or even cap of the tax exemptions on Muni bond interests. So if enacted, do you see that as a headwind to flows, or do you think the secular drivers? Of Muni in the SMA wrapper are so powerful that can sort of power right through that sort of issue?

謝謝，塞思。只是後續問題，您的零售 Muni SMA 流量確實非常強勁。他們實際上可能是 AB 有機增長的主要推動力，但如果我錯了，你可以糾正我。但我們美國立法者現在正在討論取消甚至限制市政債券利息的免稅。那麼，如果該法案得以實施，您是否認為這會對資金流動造成阻礙，還是會成為長期的推動因素？SMA 包裝中的 Muni 非常強大，能夠直接解決此類問題嗎？

Look, we spend a lot of time focusing, as you might imagine, on what's going on in the reconciliation discussions in Washington and, as you know Muni deductibility has come up before. Our own view is that there won't be a repeal, and that's what we hear from people we talked to in Washington, but it isn't over until it's over, so I recognize that.

你看，正如你可能想像的那樣，我們花了很多時間關注華盛頓的和解討論的進展情況，而且正如你所知，市政債券扣除問題之前也出現過。我們自己的觀點是，該法案不會被廢除，這也是我們從華盛頓交談過的人們那裡聽到的，但事情不到最後都不會結束，所以我承認這一點。

There may be areas within the high, I'm sorry, within the Muni market that might be some sort of restriction, or other ways, for example, limiting higher income individuals ability to take that deduction. But our view is that the importance that Muni financing has to states and municipalities is so critical and fundamental that we don't think that full repeal is on the table.

在市政債券市場的高端領域可能存在某種限制，或其他方式，例如限制高收入個人享受該項扣除額的能力。但我們認為，市政債券融資對各州和市政當局的重要性是如此關鍵和根本，因此我們認為不可能完全廢除該制度。

But obviously we're watching it carefully. To answer your question more directly, I think in the event that such a such a change happened and it was repealed, I think you would certainly see a one-time reaction to that in the repricing of the sector to accommodate it. I think that would be a likely outcome, so there would be a shock to that market that would affect flows. But ultimately Muni credit quality and credit migration is much slower, as I think, than corporate migration.

但顯然我們正在密切關注。為了更直接地回答你的問題，我認為，如果發生這樣的變化並且被廢除，我認為你肯定會看到該行業對此的一次性反應，即重新定價以適應它。我認為這是一個可能的結果，因此市場將受到衝擊，從而影響流量。但我認為，最終市政信貸品質和信貸遷移比企業遷移慢得多。

It has been a very comfortable place for people to keep a portion of their retirement savings and the need for income, if anything, is even greater than it's been before and I don't see a better substitute for it. Now it may what constitutes a Taxable Americans holdings may change to include non-municipal fixed income assets that may well happen, but, I think people are very comfortable investing in that space and it will continue to be an important part of people's retirement.

它為人們存放部分退休儲蓄提供了一個非常舒適的地方，而且，對收入的需求甚至比以前更大，我看不出有更好的替代方案。現在，構成應稅美國人持有資產的內容可能會發生變化，包括非市政固定收益資產，這很可能會發生，但我認為人們非常樂意投資該領域，它將繼續成為人們退休的重要組成部分。

And also the positive is in a scenario where there are no major changes, which is probably the base case scenario.

積極的一面是，沒有發生重大變化，這可能是基本情況。

You would expect also some increased demand because there has been some volatility with some cautious over issuance of Muni bonds in the first quarter, so there was a demand supply imbalance that created a yield outlook that is even stronger than before also relative to treasury.

您還會預期需求會增加，因為第一季市政債發行謹慎，出現了一些波動，因此出現了供需失衡，導致收益率前景比以前更為強勁，相對於國債而言也是如此。

So although negative. Scenarios are out there and there's definitely some risk. Also, there is an upside when the market is normalized in terms of the tax protected yield and high net worth and ultra high net worth clients kind of using it as they always did over the last decades.

因此儘管是負面的。情況已經存在，而且肯定存在一些風險。此外，當市場在稅收保護收益方面恢復正常，高淨值和超高淨值客戶會像過去幾十年一樣使用它時，也會帶來好處。

Thanks.

謝謝。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Okay, thank you very much, and Tom, congratulations on the new role. Maybe start with on the expense side, I think if I heard you correctly, no change to the prior guide on non-com of $600 million to $625 million. So is the first quarter just some delay of spend and that that might accelerate into the back half of the year, or what kind of flex would you have if the revenue backdrop were not to play out against your base assumptions?

好的，非常感謝，湯姆，恭喜你擔任新職務。也許從費用方面開始，我想如果我沒聽錯的話，之前的 6 億至 6.25 億美元的非商業支出指南沒有變化。那麼，第一季只是支出的一些延遲，而支出可能會在下半年加速成長，或者如果收入背景與您的基本假設不符，您會有什麼樣的靈活性？

Yeah, Bill, this is Tom. Thank you. You have it right there. The $600 million and $625 million, we're going to remain sticking to that guide for now, but Q1 is a bit lower. We do see some spend increasing throughout the remainder of the year and based on that, if you annualize Q1, you'll see that we do have some flex, so we do have some levers that we can pull if we need to reduce expenses during the year.

是的，比爾，這是湯姆。謝謝。你說得對。6 億美元和 6.25 億美元，我們目前將繼續堅持這一指導方針，但第一季的數字略低。我們確實看到今年剩餘時間的一些支出有所增加，基於此，如果將第一季度按年計算，您會發現我們確實有一些靈活性，因此如果我們需要在年內削減開支，我們確實有一些可以利用的槓桿。

Look, if we don't see that base case roll forward. We're going to need to take a more cautious route in spending.

你看，如果我們沒有看到基本情況向前發展。我們在支出方面需要採取更謹慎的態度。

Right. Yeah, for sure. Thank you. And then maybe a big picture question, doing very well on the Alts side. I think we're going to pack that a little bit. What's the allocation in the private wealth side now to all? How much further do you think you have to sort of take that? I think last recollection is something around 10%, but just correct me on that.

正確的。是的，當然。謝謝。然後也許有一個大問題，在 Alts 方面做得很好。我想我們會稍微打包一下。現在私人財富方面給大家的分配狀況是怎麼樣的？您認為您還需要走多遠呢？我認為最後的記憶是大約 10%，但請糾正我。

And then maybe you can unpack a little bit about some of the success factors you're having on the third party side, and which products you're seeing the most traction and where you see the greatest incremental distribution connectivity? Thank you.

然後，也許您可以稍微解釋一下您在第三方方面取得的一些成功因素，以及您認為哪些產品最有吸引力，以及您認為哪些產品的增量分銷連接性最大？謝謝。

Sure, yeah, your, recollection is right, we tend to have, around 10% allocation, in the client portfolios today if you look at our overall AUM, particularly for certain client segments like ultra network clients, obviously family offices that target allocation is much greater, 20% or above, so there's definitely, more upside and hence we have a pretty robust product pipeline.

當然，是的，你的記憶是正確的，如果你看一下我們的整體 AUM，我們今天在客戶投資組合中的分配比例往往在 10% 左右，特別是對於某些客戶群體，例如超級網絡客戶，顯然目標分配的家族辦公室要大得多，20% 或更高，所以肯定還有更多的上行空間，因此我們擁有相當強大的產品線。

Not only to drive allocations from existing clients but also use new products to acquire new clients. I mean, actually, if you look at our first quarter, if I were to quote the net new assets, which is different than net flows, so if you were to look at it like a wealth manager. Our annualized organic growth rate was 6.5% on a net new asset basis.

不僅要從現有客戶那裡獲得分配，還要使用新產品來吸引新客戶。我的意思是，實際上，如果你看我們的第一季度，如果我引用淨新資產，這與淨流量不同，所以如果你把它看作一個財富經理。以淨新資產計算，我們的年有機成長率為 6.5%。

So as a result, as the net new asset growth materializes, that will benefit the alternatives at the current rate, at least 10% and with also ultra high net worth and family offices and even at a greater rate in terms of the demand, it's broad based obviously private credit is a big part of the story, but also for our private wealth business we onboard best in class managers that are additive in other adjacent asset classes whether it's in real estate equity, venture capital, et cetera.

因此，隨著淨新資產增長的實現，這將使替代品以目前的速度受益，至少 10%，並且對於超高淨值和家族辦公室來說，甚至在需求方面以更高的速度增長，它的廣泛基礎顯然是私人信貸的重要組成部分，但對於我們的私人財富業務，我們聘請了一流的經理，他們在其他相鄰資產類別中具有附加價值，無論是在房地產、風險等。

So it's going to be relatively broad based in our private wealth channel, but the trends in private credit, the strategies we offer, whether it's middle market lending, whether it's the CarVal strategies, the demands stay strong in the first quarter and expected to remain [strong] (corrected by company after the call) for the rest of the year.

因此，我們的私人財富管道將相對廣泛，但私人信貸的趨勢、我們提供的策略，無論是中間市場貸款，還是 CarVal 策略，需求在第一季度保持強勁，預計在今年剩餘時間內仍將保持[強勁]（公司在電話會議後進行了修正）。

In terms of other channels and where we are seeing the demand and broadening, insurance definitely has been an uptake, as we've been focusing on building on insurance capabilities globally, leveraging some of the Equitable synergy.

就其他管道以及我們看到的需求和擴展而言，保險肯定是一個成長點，因為我們一直專注於在全球範圍內建立保險能力，利用一些 Equitable 的協同效應。

Equitable is now $13 billion, almost $13.5 billion into their $20 billion. Overall commitments and that helps us broaden the strategies we offer, for instance, the new private placement ABS that we added in the fourth quarter of '24 already is contributing to our flows. Resi mortgage platform is broadening, out of CarVal, so there are a lot of bright spots and we started to see an increased pool from third party channels, including third party insurers into our middle market lending strategy as we create different leverage levels for the product and insurers typically prefer lower leverage versions of the product.

Equitable 目前資產規模為 130 億美元，比其 200 億美元的資產規模高出近 135 億美元。整體承諾有助於我們拓寬所提供的策略，例如，我們在 24 年第四季增加的新私募 ABS 已經為我們的資金流動做出了貢獻。Resi 抵押貸款平台正在從 CarVal 中擴展，因此有很多亮點，我們開始看到來自第三方管道的資金池不斷增加，包括第三方保險公司加入我們的中端市場貸款策略，因為我們為產品創建了不同的槓桿水平，而保險公司通常更喜歡槓桿率較低的產品版本。

So we are definitely broadening the client base for direct lending in the insurance channel. So I expect the insurance to be a very strong contributor to our alternative growth in private credit across core direct lending, real estate debt, as well as specialty finance and hard assets from CarVal.

因此，我們肯定會擴大保險管道直接貸款的客戶群。因此，我預計保險將對我們在核心直接貸款、房地產債務以及 CarVal 的專業融資和硬資產等私人信貸替代成長做出非常大的貢獻。

On the retail side, our interval fund and the BDC kind of product are in in the markets, our focus in the US has been the interval funds, given the broad appeal and ease of deploying that strategy, the minimums are low. It's a 40-ACT product. So and the subducts and the whole client experience is much smoother than some of the more complex solutions.

在零售方面，我們的間隔基金和 BDC 類產品已進入市場，我們在美國的重點是間隔基金，鑑於該策略的廣泛吸引力和易於部署，最低限額很低。這是一種 40-ACT 產品。因此，與一些更複雜的解決方案相比，子產品和整個客戶體驗要順暢得多。

We are approaching several $100 million in that product already at the 12 month mark, which is in line with our plans and hitting that threshold allows us to have broader conversations with larger broker dealers and warehouses, and we expect to onboard a large broker dealer in that strategy this quarter while seeing also continued demands from the RIA.

截至 12 個月，我們在該產品上的投資已接近數億美元，這符合我們的計劃，達到這一門檻使我們能夠與更大的經紀交易商和倉庫進行更廣泛的對話，我們預計本季度將在該策略中引入一家大型經紀交易商，同時也會看到 RIA 的持續需求。

And in terms of product extensions or products that are getting interest in the overseas markets. There's definitely interest in non-correlated assets. Some of the asset-based finance is definitely interesting to our clients seeing strong demand, as well as our aviation income, which is a little niche but definitely seen as a less correlated product from the client base.

就產品擴展或在海外市場引起興趣的產品而言。人們肯定對非相關資產感興趣。我們的客戶對一些基於資產的融資有著強烈的需求，這無疑對他們很有吸引力，此外還有我們的航空收入，雖然這有點小眾，但絕對被視為與客戶群關聯性較低的產品。

Thank you very much for that.

非常感謝。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

Hi, good morning, and thanks for taking the question. I wanted to check on your private markets fee expectation, I guess first, Tom, it sounds like you indicated that the expectation for this year was a guide up. When I was looking at the transcript from the last call, I think the commentary was $70 million to $75 million of recurring hurdle-based performance fees.

大家好，早安，謝謝您回答這個問題。我想檢查一下您對私人市場費用的預期，我想首先，湯姆，聽起來您表示對今年的預期是一個上漲的指導。當我查看上次通話的記錄時，我認為評論是 7000 萬至 7500 萬美元的經常性基於障礙的績效費用。

I just want to make sure I have the right sort of apples to apples comparison. And then the other piece I was curious about, in the slides you indicate that ABPCI is the majority of private markets performance fees. Curious, could you remind us what were the other big pieces in '23 and '24 that drove higher private markets fees and is there potential for that to recur if conditions are correct, or do you feel pretty good about the sort of $70 million to $80 million full year that you're looking at for '25?

我只是想確保我進行了正確的同類比較。然後我好奇的另一點是，在幻燈片中您指出 ABPCI 佔私人市場績效費的大部分。好奇的是，您能否提醒我們 23 年和 24 年還有哪些重要因素推動了私人市場費用的上漲？如果條件正確，這種情況是否有可能再次發生？或者您對 25 年全年 7,000 萬至 8,000 萬美元的預期感到滿意？

So, the other performance fees in 2024 were CarVal, PCI, and real estate. Is that what you're getting at there? Are you trying to understand the difference between '24 and projected '25?

因此，2024 年的其他績效費用包括 CarVal、PCI 和房地產。這就是你要表達的意思嗎？您想了解 24 年和預計 25 年之間的差異嗎？

Yeah, just the commentary. So the -- or sorry, it's the commentary for '25 for what you gave last quarter versus what you're saying today. So how does the $70 million to $75 million compared to what you're saying today of $90 million to $105 million? Like I assume the prior would not have included public markets, but.

是的，只是評論。所以 — — 或者抱歉，這是針對您上個季度給出的內容與您今天所說的內容之間的對比，針對 25 年的評論。那麼，7000 萬到 7500 萬美元與您今天所說的 9000 萬到 1.05 億美元相比如何？就像我假設之前不會包括公開市場一樣，但是。

Yeah, we had some international SMID that resulted in about $19 million to $20 million of performance fees in Q1, and that's why, that's what's leading to the revision upward. So the public markets forecast hasn't changed. The private markets forecast has not changed. But what increased it overall is because we had some public performance fees in Q1.

是的，我們有一些國際 SMID，導致第一季的績效費用約為 1900 萬至 2000 萬美元，這就是導致上調的原因。因此公開市場的預測並沒有改變。私人市場的預測並沒有改變。但總體而言，增加的原因是因為我們在第一季收取了一些公開表演費用。

That would okay, that's helpful. And then maybe a broader question on private markets, you talked a little bit about investment grade, private credit. It's a huge theme we hear about from some of the other alternative managers. Just curious, how much of your private markets activity today is investment grade and when you talk about sort of expanding to other third party insurance partners or other LPs sort of or even other, wealth clients sort of outside your current your wealth business, how much, how important is investment grade as part of that strategy? Thank you.

那就沒問題，這很有幫助。然後也許是關於私人市場的更廣泛的問題，您談到了投資等級、私人信貸。這是我們從其他一些另類經理那裡聽到的一個重要主題。只是好奇，您今天的私人市場活動有多少是投資級的，當您談到擴展到其他第三方保險合作夥伴或其他 LP，甚至您當前財富業務之外的其他財富客戶時，投資級作為該策略的一部分有多重要？謝謝。

Yeah, it's primarily an insurance story when it comes to private wealth or third party retail, even the larger parts of the institutional markets, typically IG is not the dominant strategy, although it might be appealing in certain jurisdictions like Japan, et cetera. Where they might be looking for some diversification from fixed income but not the full risk exposure to the wider credit markets.

是的，當涉及私人財富或第三方零售，甚至機構市場的較大部分時，這主要是一個保險故事，通常 IG 不是主要策略，儘管它可能在日本等某些司法管轄區具有吸引力。他們可能希望從固定收益中實現一定程度的多元化，但不希望將全部風險暴露於更廣泛的信貸市場。

Within insurance, definitely it's the highest growth part of our market. That's why we've been expanding our IG capabilities significantly either through team extensions as well as additional leadership talents. I mean that was one of the reasons why we brought Geoff Cornell from a large insurance company who was the CIO there to lead our insurance efforts that was back in May '24.

在保險領域，它無疑是我們市場中成長最快的部分。這就是為什麼我們一直透過擴大團隊以及引進更多領導人才來大幅擴展我們的 IG 能力。我的意思是，這就是我們從一家大型保險公司聘請傑夫康奈爾 (Geoff Cornell) 來領導我們的保險工作的原因之一，他當時是那裡的首席資訊官，從 2024 年 5 月開始。

As you might recall, and that has been a large part of our growth. In terms of specific percentages, I don't have it offhand, but again in terms of net flows into private credit in insurance, IG has been the disproportionate amount and I will expect it to remain that way.

您可能還記得，這是我們成長的重要部分。就具體百分比而言，我目前還沒有確切的數字，但就保險私人信貸的淨流入而言，IG 一直佔據著不成比例的比例，我預計這種情況將持續下去。

All right, thank you very much, very helpful.

好的，非常感謝，非常有幫助。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Thanks. Good morning. Just wanted to one more clarification on the performance fee outlook is the public markets numbers, this is just being conservative where you're assuming no performance fees because the performance is yet to be crystallized, or is there a start of the year? Can you give us an update maybe on how those strategies are looking to give us a sense of what that might actually come to?

謝謝。早安.只是想再澄清一下績效費用前景是公開市場的數字，這只是保守的，你假設沒有績效費用，因為績效尚未明確，還是有年初的情況？您能否向我們介紹這些策略的最新進展，以便讓我們了解這些策略的實際效果？

That's exactly right. The public markets, we don't forecast generally because they need to be crystallized.

完全正確。我們通常不會預測公開市場，因為它們需要具體化。

Understood. And then just a follow up on advisor productivity and just within the private wealth you talked about that improving. Can you talk about the mix of new advisors versus existing advisors and whether the newer ones coming on board that you're actively recruiting more aggressively are the ones that are more productive or it's more broad based.

明白了。然後只是跟進顧問的生產力以及您談到的私人財富的改善。您能否談談新顧問與現有顧問的組合情況，以及您積極招募的新顧問是否更有效率或基礎更廣泛。

It's more broad based our strength in the private wealth channel has been the retention of our most tenured than and most productive advisors. We have, I think above industry retention rates, and that has been a very strong contributor to productivity.

更廣泛的是，我們在私人財富管道的優勢在於保留了我們任職時間最長、最有效率的顧問。我認為我們的保留率高於行業水平，這對生產力的提高起到了非常大的推動作用。

And when we recruit, as our recruiting makes tend to skew towards younger advisors where we train. And developing our own model, although we are adding more experienced advisors at a slow rate consciously, right now the recruiting mix remains heavily skewed towards younger advisors that we mold into our model. But there's definitely some upside from adding more experienced advisors over time, and we have a dedicated team effort to accelerate that in the coming quarters.

當我們招募時，我們的招募往往傾向於我們培訓的年輕顧問。當我們開發自己的模型時，儘管我們正在有意識地以緩慢的速度增加更多經驗豐富的顧問，但目前的招募組合仍然嚴重偏向我們塑造成模型的年輕顧問。但隨著時間的推移，增加更多經驗豐富的顧問肯定會帶來一些好處，而且我們有一個專門的團隊努力在未來幾季加速這一進程。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Thanks. I just appreciate the follow up. A couple of sort of modeling it's just tracking to. Tom, just to follow up on the public side of performance fees, is there a way to give us a sense of either AUM they're eligible for performance fees and or how those relative funds, those funds are doing either relative or absolute return at the end of the Q1 versus maybe 12/31 as we think through sort of the incremental upside?

謝謝。我只是感謝您的跟進。它只是跟踪幾種類型的建模。湯姆，只是想跟進一下績效費的公開方面，有沒有辦法讓我們了解一下他們有資格獲得績效費的 AUM，或者那些相對基金，這些基金在第一季末與 12 月 31 日相比的相對或絕對回報如何，因為我們考慮的是增量上行空間？

I think you're asking about the private side there, Bill, and those are very predictable. And those are recurring and consistent. So that --

比爾，我想你問的是私人方面的問題，這些都是可以預見的。這些都是反覆出現且一致的。以便--

I understand. Yeah, I'm sorry to interrupt. No, it's more on the public side. I'm just trying to get a sense of what how to think through the upside to that $0 million to $5 million guide on page 12 of the slide deck. Think about just how is absolute relative performance sitting at 3/31 versus 12/31 or are there any high water mark issues that we have to sort of contemplate.

我明白。是的，很抱歉打擾了。不，更多的是公眾方面。我只是想了解如何理解投影片第 12 頁中 0 百萬美元到 5 百萬美元指南的優勢。想想 3 月 31 日與 12 月 31 日的絕對相對錶現如何，或者是否存在我們必須考慮的高水位問題。

Yeah, with the volatility in the market, it's hard to respond to that one right now from both an interest perspective and then just the equity markets and what they're doing.

是的，由於市場波動，現在很難從利益角度以及股票市場及其趨勢來對此做出反應。

Okay, and just you've mentioned in your commentary that there could be some pressure on the base fee rate given the market backdrop, if that makes sense. Is there a way you could give us what the exit fee rate was on the base fee rate at 3/31 maybe versus the average for the quarter at the prior actual number?

好的，正如您在評論中提到的，考慮到市場背景，基本費率可能會面臨一些壓力，如果這說得通的話。您能否告訴我們 3 月 31 日的退出費率與基準費率相比，與前一季的平均實際費率相比如何？

You know what else I have in front of me -- and I'm sorry, but is the fee rate for the quarter of 39.5 basis points.

您知道我面前還有什麼嗎？很抱歉，本季的費率是 39.5 個基點。

Okay, thank you very much.

好的，非常感謝。

John Dunn, Evercore ISI.

約翰‧鄧恩 (John Dunn)，Evercore ISI。

Thank you. Maybe the pipeline being up is great. Can you just maybe give us a little more flavor of the temperature of different parts of the institutional side of the business and also maybe kind of look geographically if there's any, different appetite for risk in different regions.

謝謝。也許管道的通暢是件好事。您能否讓我們更了解機構業務不同部分的情況，並從地理角度看看不同地區是否有不同的風險偏好。

Yeah, sure. We feel very good about the continued strength in the pipeline. There's been definitely very strong, kind of upside from particularly fixed income insurance, as I mentioned earlier, was a big contributor, but we also had increased allocation to our systematic fixed income capabilities, which we launched relatively recently in the last several years, and it's great to see that that's opening a new type of opportunities for us and we onboarded there in terms of the pipeline.

是的，當然。我們對管道的持續強勁發展感到非常滿意。正如我之前提到的，特別是固定收益保險確實帶來了非常強勁的上漲空間，這是一個很大的貢獻者，但我們也增加了對系統性固定收益能力的配置，這是我們在過去幾年中相對較新推出的，很高興看到這為我們開闢了新的機會，我們在渠道方面也加入了進來。

We added a significant international client, a European client to that strategy, so feeling good about the momentum there. In terms of other areas of pockets of strength, I mean, definitely the demand for asset-based finance is strong across different geographies. I'm talking at this point more pre-pipeline, but definitely in terms if I look at the client conversations, what comes to the CRM, definitely you would see a lot of asset-based finance type conversations, that is there.

我們在該策略中增加了一個重要的國際客戶，一個歐洲客戶，因此對那裡的發展勢頭感到滿意。就其他優勢領域而言，我的意思是，不同地區對資產融資的需求肯定很強。我現在談論的更多的是管道前期，但絕對就我而言，如果我看一下客戶對話，關於 CRM 的內容，你肯定會看到很多基於資產的財務類型的對話，就是這樣。

When it comes to equities, equities have been somewhat concentrated in the more under-allocated areas, whether it's emerging markets, whether it's value strategies, whether it's the small mid-gap, right, because it has been very dominated. In the last several years with the large GAAP with the Mega 7, et cetera.

就股票而言，股票在某種程度上集中在配置不足的領域，無論是新興市場、價值策略還是中小差距，對吧，因為它一直佔據主導地位。過去幾年，Mega 7 等公司都採用了大型 GAAP。

So, those are the areas that we've seen more, increased clients, interest, if you will.

所以，如果你願意的話，這些就是我們看到的更多的領域，增加了客戶的興趣。

Got it. And then, US growth equities in Japan, so distributed in Japan have been a nice tail for you guys. Are you seeing any kind of early signals of non-US investors avoiding the US (technical difficulty)

知道了。然後，美國成長型股票在日本的分佈對你們來說是一個很好的結局。您是否看到任何非美國投資者避開美國的早期訊號（技術難題）

Sorry, the last part of your question got muffled. Can you repeat the last part of your question, please?

抱歉，您問題的最後一部分聽不清楚。您能重複問題的最後一部分嗎？

(technical difficulty) Japanese or other non-US investors avoiding investing in US stocks?

(技術難題)日本或其他非美國投資者避免投資美國股票？

No, we have not seen that broad trend. My guess is going to be a reaction more country by country. Definitely we have not seen any major impacts in our core geographies like Japan. Obviously we need to monitor what happens over time and maybe there could be some reaction to US exceptionalism, but so far looking at the activity. Since the liberation day, we have not picked up anything dominant.

不，我們還沒有看到這種普遍趨勢。我猜測各國的反應會有所不同。毫無疑問，我們的核心地區（如日本）並沒有受到任何重大影響。顯然，我們需要監控一段時間內發生的事情，也許會對美國例外論做出一些反應，但目前為止，我們只關注這項活動。從解放那天起，我們就沒有拾起任何主導的東西。

Thank you.

謝謝。

Hey, Bill, this is Tom. Let me just get back to you on that one thing. While we don't look at the exit fee rate, I will say the 39.5 basis points that we experienced for Q1 that ticked down a little bit in the later half of the quarter. So if that helps you in any way there.

嘿，比爾，我是湯姆。讓我就這一件事情回覆您。雖然我們沒有關注退出費率，但我會說，我們在第一季經歷的 39.5 個基點在本季後半段略有下降。如果這對您有任何幫助的話。

That concludes the conference call. You may now disconnect.

電話會議到此結束。您現在可以斷開連線。