Affiliated Managers Group Inc (AMG) 2025 Q2 法說會逐字稿

Greetings and welcome to AMG's second quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Patricia Figueroa, Head of Investor Relations.

問候並歡迎參加 AMG 2025 年第二季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹主持人、投資者關係主管 Patricia Figueroa。

Thank you. You may begin.

謝謝。你可以開始了。

Good morning, and thank you for joining us today to discuss AMG's results for the second quarter of 2025. Before we begin, I'd like to remind you that during this call, we may make a number of forward-looking statements, which could differ from our actual results materially, and AMG assumes no obligation to update these statements.

早安，感謝您今天加入我們討論 AMG 2025 年第二季的業績。在我們開始之前，我想提醒您，在本次電話會議中，我們可能會做出一些前瞻性陳述，這些陳述可能與我們的實際結果有重大差異，AMG 不承擔更新這些陳述的義務。

Also please note that nothing on this call constitutes an offer of any products, investment vehicles or services of any AMG Affiliate.

另請注意，本次電話會議中的任何內容均不構成任何 AMG 附屬公司提供的任何產品、投資工具或服務的要約。

A replay of today's call will be available on the Investor Relations section of our website, along with a copy of our earnings release and reconciliations of any non-GAAP financial measures, including any earnings guidance provided. In addition, we have posted an updated investor presentation to our website and encourage investors to consult our site regularly for updated information.

我們網站的「投資者關係」部分將提供今天的電話會議重播，同時還將提供我們的收益報告副本和任何非 GAAP 財務指標的對帳表，包括提供的任何收益指引。此外，我們在網站上發布了更新的投資者介紹，並鼓勵投資者定期訪問我們的網站以獲取更新的資訊。

With us today to discuss the company's results for the quarter are Jay Horgen, Chief Executive Officer; Tom Wojcik, President and Chief Operating Officer; and Dava Ritchea, Chief Financial Officer.

今天與我們一起討論公司本季業績的有執行長傑伊·霍根 (Jay Horgen)、總裁兼營運長湯姆·沃伊西克 (Tom Wojcik) 和財務長達瓦·里切亞 (Dava Ritchea)。

With that, I'll turn the call over to Jay.

說完這些，我會把電話轉給傑伊。

Thanks, Patricia, and good morning, everyone. It has been an exciting and very busy 2025 for AMG so far. In the second quarter, we reported strong results with year-over-year growth of 15% in Economic Earnings per Share and more than $8 billion in net client cash flows, driven by another record quarter of inflows into alternative strategies.

謝謝，帕特里夏，大家早安。到目前為止，2025 年對 AMG 來說是令人興奮且非常忙碌的一年。在第二季度，我們報告了強勁的業績，每股經濟收益同比增長 15%，淨客戶現金流超過 80 億美元，這得益於另類策略資金流入再創紀錄的一個季度。

From an organic growth perspective, the second quarter of 2025 was our strongest quarter in 12 years, reflecting the ongoing execution of our strategy to allocate our capital and resources to areas of secular growth. In addition, our results this quarter showcase the accelerating pace of our ongoing business evolution toward a greater contribution from in-demand strategies in both private markets and liquid alternatives. And we expect our results going forward to continue to benefit from this increasingly attractive business profile.

從有機成長的角度來看，2025 年第二季度是我們 12 年來表現最強勁的一個季度，這反映了我們正在持續執行將資本和資源配置到長期成長領域的策略。此外，本季的業績表明，我們正在不斷加快業務轉型步伐，透過私人市場和流動性替代品中的熱門策略做出更大貢獻。我們預計，我們未來的業績將繼續受益於這一日益具有吸引力的業務狀況。

In the first half of 2025, AMG has added approximately $55 billion in alternative assets under management, increasing our total alternative AUM by 20% in just six months, including a record $33 billion in net inflows into alternatives and four new partnerships with Affiliates operating in private markets and liquid alternative strategies. Today, more than 15 Affiliates manage $331 billion in alternative AUM, contributing approximately 55% of our EBITDA on a run-rate basis.

2025 年上半年，AMG 管理的另類資產增加了約 550 億美元，在短短六個月內，我們的另類資產管理總額增加了 20%，其中包括創紀錄的 330 億美元另類資產淨流入以及與在私人市場和流動性另類策略中運營的附屬公司建立的四個新合作夥伴關係。如今，超過 15 家附屬公司管理著 3,310 億美元的替代資產管理規模，以運行率計算，為我們的 EBITDA 貢獻了約 55%。

As we look ahead, given the substantial growth in alternative AUM this year and the addition of new Affiliates, together with the positive impact of our ongoing allocation of capital to share repurchases, we anticipate a meaningful increase to our full-year Economic earnings per share in 2026.

展望未來，鑑於今年另類資產管理規模 (AUM) 的大幅成長和新關聯公司的加入，再加上我們持續配置資本用於股票回購的正面影響，我們預計 2026 年全年每股經濟收益將顯著成長。

Stepping back, we are seeing several compelling trends that we expect will drive further growth across a number of our Affiliates managing alternative strategies. In particular, these tailwinds include the acceleration of alternative flows into the wealth channel, driven by growing demand for secondary strategies across private equity, private credit and infrastructure, and new strategies in liquid alternatives designed to deliver superior after-tax outcomes for high-net-worth investors.

回顧過去，我們看到了幾個引人注目的趨勢，我們預計這些趨勢將推動我們許多管理替代策略的附屬公司的進一步成長。具體來說，這些順風因素包括另類資金加速流入財富管道，推動因素包括私募股權、私人信貸和基礎設施的二級策略需求不斷增長，以及旨在為高淨值投資者提供卓越稅後結果的流動性另類新策略。

Two of AMG's largest and longest-standing Affiliates, Pantheon and AQR, are capitalizing on these trends by leveraging their scale, innovative cultures and differentiated expertise. Their strong organic growth is having a pronounced impact on AMG's business profile and earnings, with each Affiliate expected to be a double-digit contributor to AMG's earnings this year.

AMG 規模最大、歷史最悠久的兩家附屬公司 Pantheon 和 AQR 正在利用其規模、創新文化和差異化專業知識來利用這些趨勢。其強勁的有機成長對 AMG 的業務狀況和收益產生了顯著的影響，預計每個附屬公司今年都將為 AMG 的收益做出兩位數的貢獻。

In addition, AMG's strategic engagement and collaboration on capital formation initiatives will enable many of our new and existing Affiliates to access the full potential of the rapidly expanding opportunity in the wealth marketplace.

此外，AMG 在資本形成計劃方面的策略參與和合作將使我們的許多新舊附屬公司能夠充分利用財富市場快速擴張的機會。

Turning to new Affiliate investments, we completed our investment in Verition in the second quarter, and we recently announced a new partnership with Montefiore, a leading European private equity firm focused on mid-cap companies in the services sector with a track record of delivering exceptional returns for clients over the past two decades.

談到新的附屬投資，我們在第二季度完成了對 Verition 的投資，並且我們最近宣布與 Montefiore 建立新的合作夥伴關係，Montefiore 是一家領先的歐洲私募股權公司，專注於服務業的中型公司，在過去二十年中為客戶帶來了卓越的回報。

Through its differentiated value-added approach, which focuses on accelerating profitable and sustainable growth by closely collaborating with management teams, Montefiore has successfully scaled portfolio companies from local players into sector leaders across Europe. The firm has excellent forward prospects, and AMG's strategic partnership solutions can magnify the firm's long-term success as it continues to execute its European expansion strategy.

Montefiore 透過差異化的增值方法，專注於透過與管理團隊密切合作來加速獲利和永續成長，成功地將投資組合公司從本地參與者擴展為歐洲各地的行業領導者。該公司擁有極佳的前景，AMG 的策略合作夥伴解決方案可以擴大該公司在繼續執行歐洲擴張策略時的長期成功。

More broadly, we are in the midst of one of the most active periods of new investment activity in AMG's history, having announced four new partnerships with NorthBridge, Verition, Qualitas Energy and Montefiore so far in 2025, each underscoring the ongoing demand for AMG's differentiated partnership approach, our unique ability to source new opportunities and our focus on investing in areas of secular growth. Looking ahead, our new investment pipeline remains strong, with active ongoing dialogue with prospective new Affiliates operating in both private markets and liquid alternatives.

更廣泛地說，我們正處於 AMG 歷史上最活躍的新投資活動時期之一，迄今為止已宣佈在 2025 年與 NorthBridge、Verition、Qualitas Energy 和 Montefiore 建立四個新的合作夥伴關係，每個合作夥伴關係都凸顯了對 AMG 差異化合作夥伴關係方式的持續需求、我們尋找新機遇的獨特增長能力以及我們對投資。展望未來，我們的新投資管道仍然強勁，並正在與私人市場和流動性替代品領域運營的潛在新關聯公司進行積極的持續對話。

We also completed the sale of AMG's minority stake in Peppertree, more than doubling our initial investment and further demonstrating our ability to create shareholder value by maintaining alignment with our partners and supporting our Affiliates' long-term strategic goals. We were very pleased that the Peppertree partnership culminated in an excellent outcome for all parties, and the significant gain highlights the embedded value of our private markets businesses.

我們也完成了 AMG 在 Peppertree 少數股權的出售，這使我們的初始投資增加了一倍多，並進一步證明了我們透過與合作夥伴保持一致並支持我們的附屬公司的長期戰略目標來創造股東價值的能力。我們非常高興與 Peppertree 的合作最終為各方帶來了優異的成果，而顯著的收益凸顯了我們私募市場業務的內在價值。

Each element of our growth strategy, including investing in new Affiliate partnerships, investing in our existing Affiliates and investing in AMG's capabilities to magnify our Affiliates’ success, is driving the evolution of our distinctive business profile toward greater participation in secular growth areas. And given our strong capital position and diversified business profile, we have ample flexibility to continue to execute on these growth opportunities, while simultaneously returning capital through share repurchases.

我們成長策略的每個要素，包括投資新的附屬合作夥伴關係、投資我們現有的附屬公司以及投資 AMG 的能力以擴大我們附屬公司的成功，都在推動我們獨特的業務形象向更大程度地參與長期成長領域發展。鑑於我們強大的資本狀況和多元化的業務狀況，我們有充足的靈活性來繼續執行這些成長機會，同時透過股票回購返還資本。

Finally, as you can see from our excellent results in the second quarter and for the first half of 2025, AMG's business momentum has accelerated as a result of the disciplined and continuous execution of our strategy. Yet, as we look forward, we believe that the long-term impact of our strategy execution is only just beginning to materialize, and we see meaningful potential for substantial value creation ahead for our shareholders.

最後，正如您從我們 2025 年第二季和上半年的優異業績中所看到的，由於我們嚴格且持續地執行策略，AMG 的業務勢頭得到了加速。然而，展望未來，我們相信，我們策略執行的長期影響才剛開始顯現，我們看到了為股東創造巨大價值的巨大潛力。

And with that, I'll turn it over to Tom.

現在，我將把麥克風交給湯姆。

Thank you, Jay, and good morning, everyone. In 2019, we set forth a strategy to evolve our business mix toward secular growth areas, with a primary focus on alternative asset classes. Our strong results demonstrate that our strategy is working, and underscore the growth potential of AMG's differentiated model as well as the unique value proposition of independent partner-owned firms.

謝謝傑伊，大家早安。2019 年，我們制定了一項策略，將我們的業務組合轉向長期成長領域，主要專注於另類資產類別。我們的強勁業績表明我們的策略正在發揮作用，並強調了 AMG 差異化模式的成長潛力以及獨立合作夥伴公司的獨特價值主張。

AMG delivered more than $8 billion in net client cash inflows in the second quarter, representing an annualized organic growth rate of 5%. This was our strongest net flow quarter in more than a decade, powered by record net flows in alternatives, with $19 billion in client cash inflows, reflecting ongoing momentum in private markets fundraising and rapidly growing client demand for a number of liquid alternative strategies. Our strong net inflows into alternatives more than offset $11 billion in outflows in active equities, reflecting industry and near-term performance headwinds, and multi-asset and fixed income strategies.

AMG 在第二季度實現了超過 80 億美元的淨客戶現金流入，年化有機成長率為 5%。這是我們十多年來淨流量最大的一個季度，這得益於另類投資淨流量創歷史新高，客戶現金流入達到 190 億美元，反映了私募市場融資的持續勢頭以及客戶對多種流動性另類投資策略的需求快速增長。我們對另類投資的強勁淨流入超過了對活躍股票市場 110 億美元的流出，這反映了行業和近期業績的逆風，以及多資產和固定收益策略。

I'd like to spend a few minutes talking about alternatives and the strength that we are seeing in this area as a result of executing our growth strategy over the past six years. Our private markets Affiliates raised $8 billion in the quarter, reflecting investors' conviction in our Affiliates' specialized investment strategies and the impact of ongoing secular growth trends. These trends include the increasing role of private market solutions in investor portfolios, benefiting firms like Pantheon and the significant opportunity we see ahead of us in private markets in the US Wealth channel.

我想花幾分鐘時間談談替代方案以及我們在過去六年執行成長策略後在這一領域看到的優勢。我們的私募市場附屬公司在本季籌集了 80 億美元，反映了投資者對我們附屬公司專業投資策略的信心以及持續長期成長趨勢的影響。這些趨勢包括私人市場解決方案在投資者投資組合中的作用日益增強，使 Pantheon 等公司受益，以及我們在美國財富通路私人市場中看到的重大機會。

Since 2022, AMG's private markets AUM has grown by 50% and now stands at $150 billion, driven by high teens organic growth and the addition of seven private markets Affiliates through new investment partnerships, three of which have been announced thus far in 2025.

自 2022 年以來，AMG 的私募市場 AUM 成長了 50%，目前達到 1500 億美元，這得益於高十幾歲的有機增長以及透過新的投資夥伴關係增加了 7 個私募市場附屬公司，其中 3 個已宣布將在 2025 年增加。

Earlier this week, we announced a new partnership with Montefiore. With a 20-year track record of consistently delivering top-tier returns, Montefiore has become one of Europe's best-performing private equity managers, with strong net IRRs, an attractive MOIC profile, and compelling DPI across vintages.

本週早些時候，我們宣布與 Montefiore 建立新的合作夥伴關係。Montefiore 擁有 20 年持續提供頂級回報的記錄，已成為歐洲表現最佳的私募股權管理公司之一，擁有強勁的淨 IRR、具有吸引力的 MOIC 概況以及歷年來引人注目的 DPI。

The firm has raised six funds as part of its flagship series, launched two additional complementary strategies, and today manages EUR5 billion in assets. Montefiore's two-decade track record positions the firm for future success, and we are excited to welcome our new partners to AMG.

該公司已籌集了六支基金作為其旗艦系列的一部分，推出了另外兩項補充策略，目前管理著 50 億歐元的資產。Montefiore 二十年的業績記錄為公司未來的成功奠定了基礎，我們很高興歡迎新合作夥伴加入 AMG。

In liquid alternatives, our Affiliates’ value proposition is increasingly resonating with clients and this quarter generated nearly $12 billion in net inflows, driven primarily by tax-aware solutions, and supported by positive contributions across a number of Affiliates. This is now the second consecutive quarter of strong flows we've seen in this category, and client demand remains substantial on a forward-looking basis.

在流動性替代品方面，我們的關聯公司的價值主張越來越引起客戶的共鳴，本季產生了近 120 億美元的淨流入，主要由稅收意識解決方案推動，並得到多家關聯公司的積極貢獻的支持。這是我們連續第二個季度看到該類別出現強勁流量，從前瞻性來看，客戶需求仍然很大。

Over the past year, our Affiliates have generated approximately $20 billion in net new flows into tax-managed liquid alt strategies serving US Wealth clients. This innovative breakthrough speaks to the entrepreneurial spirit of independent firms like AQR, which has a long history of developing new strategies to meet the ever-evolving needs of clients, and we see significant opportunities ahead.

在過去的一年裡，我們的附屬公司為服務美國財富客戶的稅收管理流動性替代策略帶來了約 200 億美元的淨新資金流入。這項創新突破體現了 AQR 等獨立公司的企業家精神，AQR 長期以來一直致力於制定新策略來滿足客戶不斷變化的需求，我們看到了未來巨大的機會。

More broadly, AMG's diverse group of Affiliates managing liquid alternative strategies comprises firms with excellent long-term track records across both beta-sensitive and absolute return strategies. And, with the completion of our investment in Verition, one of the industry's premier multi-manager businesses, we have further enhanced the diversification and stability of our earnings profile.

更廣泛地說，AMG 管理流動性替代策略的多元化附屬機構集團包括在 beta 敏感策略和絕對回報策略方面擁有出色長期業績記錄的公司。而且，隨著我們對業內首屈一指的多經理人企業之一 Verition 的投資完成，我們進一步增強了獲利狀況的多樣化和穩定性。

Taking private markets and liquid alternatives together, since 2022 we've grown assets under management from alternative strategies by $110 billion or approximately 20% per year. That growth has been fueled by a combination of new partnerships and strong organic growth, aided by innovation, excellent investment performance and AMG's product development and distribution capabilities. And, given that a significant portion of the growth we're seeing in alternatives is coming with a combination of longer expected duration, and in many cases the ability to earn performance fees, the EBITDA impact from the growth we are experiencing can be meaningful.

將私人市場和流動性替代品結合起來，自 2022 年以來，我們透過替代策略管理的資產增加了 1,100 億美元，即每年約 20%。這一成長得益於新的合作夥伴關係和強勁的有機成長，並得益於創新、出色的投資表現以及 AMG 的產品開發和分銷能力。而且，考慮到我們在替代品中看到的很大一部分增長來自於更長的預期持續時間，以及在許多情況下賺取績效費的能力，我們所經歷的增長對 EBITDA 的影響可能是有意義的。

AMG partners with our Affiliates to magnify their long-term success, including through product development and capital formation initiatives. As the US Wealth landscape evolves, we continue to collaborate with our Affiliates to develop and offer high-quality, innovative investment solutions in vehicles and wrappers that meet the needs of clients, including through mutual funds, SMAs, limited liquidity evergreen vehicles and drawdown funds for alternatives. And now, with the filing to register the AMG GW&K Muni Income ETF and recent launches at both Parnassus and Tweedy, Browne, active ETFs as well.

AMG 與我們的附屬公司合作，以擴大他們的長期成功，包括透過產品開發和資本形成計劃。隨著美國財富格局的演變，我們繼續與我們的附屬公司合作，開發並提供滿足客戶需求的工具和包裝的高品質、創新的投資解決方案，包括透過共同基金、SMA、有限流動性常青工具和替代提取基金。現在，隨著 AMG GW&K Muni Income ETF 的註冊申請以及 Parnassus 和 Tweedy, Browne 兩家公司近期推出的主動 ETF 的推出。

AMG's entry into active ETFs marks a milestone in the ongoing expansion of our US Wealth platform with the goals of broadening our Affiliates' reach by connecting them with a wider range of US Wealth clients, and enhancing clients’ access to our Affiliates' differentiated investment capabilities. Our ongoing investments across product development, distribution talent, technology infrastructure, and marketing and education programs designed to drive lasting client engagement, together underscore our commitment to building a scalable and enduring wealth business on behalf of our Affiliates at AMG.

AMG 進入主動型 ETF 標誌著我們美國財富平台持續擴張的一個里程碑，我們的目標是透過將我們的附屬公司與更廣泛的美國財富客戶聯繫起來，擴大他們的覆蓋範圍，並增強客戶對我們附屬公司的差異化投資能力的訪問。我們對產品開發、分銷人才、技術基礎設施以及旨在推動持久客戶參與的營銷和教育計劃的持續投資，共同凸顯了我們代表 AMG 的附屬公司打造可擴展且持久的財富業務的承諾。

Importantly, the success that we are having in the wealth channel is resonating not only with clients and existing AMG Affiliates, but also with new investment prospects, as accessing this attractive market requires scale and is difficult, if not impossible, for independent firms to do on their own. As we continue to invest in new partnerships with alternative firms, we look forward to collaborating with additional Affiliates to broaden their reach and expand their platforms.

重要的是，我們在財富管道取得的成功不僅引起了客戶和現有 AMG 附屬公司的共鳴，也引起了新的投資前景，因為進入這個有吸引力的市場需要規模，而獨立公司很難（甚至不可能）獨自做到這一點。隨著我們繼續投資與其他公司建立新的合作夥伴關係，我們期待與更多附屬公司合作，以擴大他們的影響力並擴展他們的平台。

We have strategically evolved our business profile toward secular growth areas by investing in new Affiliates, investing in our existing Affiliates and, investing in our own strategic capabilities, growing the contribution from alternatives to AMG's earnings from approximately one-third five years ago to more than half today. As we continue to execute our strategy, we expect the contribution from alternatives to further increase, enhancing our long-term organic growth profile and our earnings profile.

我們透過投資新的附屬公司、投資現有的附屬公司以及投資我們自己的策略能力，策略性地將我們的業務格局轉向長期成長領域，從而將替代品對 AMG 收益的貢獻從五年前的約三分之一增加到今天的一半以上。隨著我們繼續執行我們的策略，我們預計替代品的貢獻將進一步增加，從而增強我們的長期有機成長狀況和獲利狀況。

With that, I'll turn the call over to Dava to discuss our second quarter results and guidance.

說完這些，我將把電話轉給達瓦，討論我們第二季的業績和指導。

Thank you, Tom, and good morning, everyone. As Jay and Tom described, the first half of 2025 has been one of the most active periods in AMG's history. And, in terms of capital allocation, we have committed nearly $1.2 billion in capital across growth investments and share repurchases.

謝謝你，湯姆，大家早安。正如傑伊和湯姆所描述的，2025 年上半年是 AMG 歷史上最活躍的時期之一。在資本配置方面，我們已投入近 12 億美元的資本用於成長投資和股票回購。

Our business continues to generate strong momentum, demonstrated by improving organic growth, increasing assets under management, and the continued evolution of our business composition toward greater participation in areas of secular growth. These factors, coupled with the strength of our balance sheet and the underlying health and diversity of our business, enabled us to successfully execute our growth strategy during the first half of 2025, and we are well positioned to continue as we head into the second half of the year.

我們的業務持續保持強勁勢頭，體現在有機成長改善、資產管理規模增加以及業務結構持續演變，並更多地參與長期成長領域。這些因素，加上我們強勁的資產負債表以及業務的潛在健康和多樣性，使我們能夠在 2025 年上半年成功執行我們的成長策略，並且我們已準備好在下半年繼續保持這一勢頭。

I will start with our results for the quarter before covering the positive impact of this capital activity on the forward earnings power of our business and conclude with a discussion of our balance sheet.

我將從本季的業績開始，然後介紹這項資本活動對我們業務未來獲利能力的正面影響，最後討論我們的資產負債表。

In the second quarter, we reported Adjusted EBITDA of $220 million, which grew 1% year-over-year and included $5 million in net performance fee earnings. Fee-related earnings, which exclude net performance fees, grew 4% year-over-year, driven primarily by higher average AUM, resulting from the positive impact of investment performance over the period and organic growth in our alternative strategies, partially offset by outflows from fundamental equity strategies. Economic earnings per share of $5.39 grew 15% year-over-year, which incrementally benefited from significant share repurchases over the last 18 months.

第二季度，我們報告的調整後 EBITDA 為 2.2 億美元，年增 1%，其中包括 500 萬美元的淨績效費收入。費用相關收益（不包括淨績效費）同比增長 4%，主要由於平均 AUM 增加，這得益於期內投資業績的積極影響以及另類策略的有機增長，但基本股票策略的資金流出部分抵消了這一增長。每股經濟收益為 5.39 美元，年增 15%，這得益於過去 18 個月的大量股票回購。

Now moving to third quarter guidance. We expect Adjusted EBITDA to be in the range of $230 million and $240 million, based on current AUM levels reflecting our market blend, which was up 1% quarter-to-date as of July 30 and including seasonally lower net performance fees of up to $10 million. This guidance includes a full quarter of FRE contribution from Verition, the final quarter of Peppertree contribution, and no impact from our recently announced investments in Qualitas Energy and Montefiore, both of which are expected to close before year-end.

現在轉向第三季指引。根據反映我們市場混合度的當前 AUM 水平，我們預計調整後的 EBITDA 將在 2.3 億美元至 2.4 億美元之間，截至 7 月 30 日，本季度迄今已上漲 1%，其中包括季節性較低的高達 1000 萬美元的淨績效費。該指引包括 Verition 整個季度的 FRE 貢獻、Peppertree 最後一個季度的貢獻，並且不包含我們最近宣布的對 Qualitas Energy 和 Montefiore 的投資的影響，這兩項投資預計都將在年底前完成。

Both Qualitas and Montefiore are within our typical size range for new investments, between $100 million and $250 million, and are expected to be modestly accretive to earnings in 2026, with meaningful forward growth potential as they continue to scale and generate carried interest.

Qualitas 和 Montefiore 的新投資規模均在我們典型的 1 億美元至 2.5 億美元範圍內，預計 2026 年的收益將略有增加，隨著它們繼續擴大規模並產生附帶權益，未來將具有顯著的成長潛力。

We expect third-quarter Economic Earnings per share to be between $5.62 and $5.87, assuming an adjusted weighted average share count of 29.4 million for the quarter.

我們預計第三季每股經濟收益將在 5.62 美元至 5.87 美元之間，假設本季調整後的加權平均股數為 2,940 萬股。

Q3 EBITDA and Economic Earnings per share guidance does not include any book gain from the Peppertree transaction. It is important to note that our four new investments will only have a partial year impact on our 2025 earnings. And as a result, we expect a step-up in earnings for 2026 as we experience the full year impact of these new partnerships, as well as the growth at our existing Affiliates managing alternative strategies this year. We will provide more details around 2026 earning expectations in the coming quarters.

第三季 EBITDA 和每股經濟收益指引不包括 Peppertree 交易帶來的任何帳面收益。值得注意的是，我們的四項新投資只會對我們的 2025 年收益產生部分年度影響。因此，隨著這些新合作夥伴關係對全年的影響以及我們現有的附屬公司今年管理替代策略的成長，我們預計 2026 年的收益將會成長。我們將在未來幾季提供有關 2026 年獲利預期的更多詳細資訊。

Finally, turning to the balance sheet and capital allocation. With our new investment and seed activity through the first half of the year, we continue to maintain leverage at recent historical levels. And given our annual cash generation and embedded growth in our business, we expect greater flexibility on leverage levels as we scale. Importantly, this robust level of deployment activity does not limit our ability to continue to repurchase shares or complete further growth investments as attractive opportunities materialize.

最後，談談資產負債表和資本配置。透過今年上半年的新投資和種子活動，我們繼續將槓桿率保持在近期歷史水平。考慮到我們每年的現金產生量和業務的內在增長，我們預計隨著規模的擴大，槓桿水平將具有更大的靈活性。重要的是，這種強勁的部署活動水平並不限制我們在有吸引力的機會出現時繼續回購股票或完成進一步成長投資的能力。

Our balance sheet remains in a strong position to execute against our opportunities, with long-dated debt, significant capacity from ongoing cash generation, and access to our $1.25 billion revolver. Additionally, we received pre-tax proceeds of approximately $260 million from the sale of our stake in Peppertree, which closed on July 1 that further enhances our flexibility.

我們的資產負債表仍然處於強勁地位，能夠抓住機遇，擁有長期債務、持續產生現金的巨大能力以及 12.5 億美元的循環信貸額度。此外，我們透過出售 Peppertree 股份獲得了約 2.6 億美元的稅前收益，該交易於 7 月 1 日完成，這進一步增強了我們的靈活性。

We repurchased approximately $100 million in shares in the second quarter, bringing year-to-date repurchases to $273 million. For the full year 2025, we expect to repurchase approximately $400 million, subject to market conditions and new investment activity.

我們在第二季回購了約 1 億美元的股票，使年初至今的回購額達到 2.73 億美元。就 2025 年全年而言，我們預計將回購約 4 億美元，具體取決於市場狀況和新的投資活動。

As Jay and Tom highlighted, we are really excited about the momentum building in our business today as we are experiencing record levels of alternative inflows and near record levels of new investment activity. Looking ahead, we remain well-positioned to execute our growth strategy within our disciplined capital allocation framework to create meaningful long-term shareholder value.

正如傑伊和湯姆所強調的那樣，我們對當今業務的成長勢頭感到非常興奮，因為我們正在經歷創紀錄的替代資金流入和接近創紀錄的新投資活動水平。展望未來，我們仍處於有利地位，能夠在嚴謹的資本配置框架內執行成長策略，為股東創造有意義的長期價值。

Now we are happy to take your questions.

現在我們很樂意回答大家的提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Dan Fannon of Jefferies.

傑富瑞的丹‧範農 (Dan Fannon)。

Oh great. Thanks. Good morning. Jay, you mentioned the contribution from EBITDA from AQR and Pantheon this year, I think, being in double digits. So I was hoping to get some context around that in terms of what that's been, say, a year ago. And then as you think about management fees versus the potential for performance fees, what does that incorporate? Or what is that mix?

哦，太好了。謝謝。早安.傑伊，您提到了今年 AQR 和 Pantheon 的 EBITDA 貢獻，我認為是兩位數。所以我希望了解一些背景狀況，比如說，一年前的情況。然後，當您考慮管理費與績效費的可能性時，它包含什麼？或者那是什麼混合物？

Yes. Thanks, Dan, and thanks for your question. You did hear me right, we do expect both Pantheon and AQR to be double-digit contributors to our earnings this year. And over the years, both of them have been significant contributors to our earnings. And in particular, I would say Pantheon has been relatively consistent. But given the tailwinds that they're experiencing on an organic growth basis, they're growing pretty significantly.

是的。謝謝，丹，謝謝你的提問。您確實聽對了，我們確實預計 Pantheon 和 AQR 都將為我們的今年收益貢獻兩位數。多年來，他們兩人都為我們的收益做出了重大貢獻。尤其是，我想說萬神殿一直相對穩定。但考慮到他們在有機增長方面所經歷的順風，他們的增長相當顯著。

AQR has had, in the past, been, as everyone knows on the call, a pretty significant contributor to our earnings, and they're back to a pretty significant contributor to our earnings. And we see them growing very significantly as well.

正如電話會議上的每個人都知道的那樣，AQR 過去一直是我們收益的重要貢獻者，現在他們又重新成為我們收益的重要貢獻者。我們也看到它們正在顯著增長。

Maybe I'll give a little bit of detail, and I can ask Dava to help me as well just on AQR, in particular. I would say there, before I comment specifically on it, maybe I'll reference my prepared remarks on the compelling trends that we're seeing around organic flows in the Wealth channel, and that's positively impacting both of those Affiliates.

也許我會提供一些細節，我可以請 Dava 來幫助我，特別是在 AQR 方面。我想說，在我對此發表具體評論之前，也許我會參考我準備好的評論，關於我們在財富管道中看到的有機流動的引人注目的趨勢，這對這兩個附屬公司都產生了積極的影響。

And one of the more notable trends is the client demand acceleration for tax-aware solutions where AQR has emerged a clear market leader. And if you're not as familiar with this, for high-net-worth individuals, the shift in focus to after-tax returns from the historical convention of evaluating it on a pre-tax basis, well, it's a trend in the Wealth space, and we believe it's kind of a game-changing development that will not only benefit those who offer tax-aware solutions, but it will fundamentally reshape asset allocations when you think about it on an after-tax basis.

其中一個更值得注意的趨勢是客戶對稅務意識解決方案的需求加速成長，而 AQR 已成為明顯的市場領導者。如果您對此不太熟悉，那麼對於高淨值個人來說，關注點從傳統的稅前回報轉向稅後回報，這是財富領域的一個趨勢，我們相信這是一種改變遊戲規則的發展，它不僅會讓那些提供稅收意識解決方案的人受益，而且當你從稅後角度考慮時，它將從根本上重塑資產配置。

So we see this as a significant tailwind. Wealth advisers will need to focus on the impact of a given strategy on their clients' tax profiles given that taxes disrupt compounding. So, the shift in focus amongst advisers and high-net-worth investors, it's really in the early innings, and it really benefits AQR.

因此，我們認為這是一個重要的順風。由於稅收會擾亂複利，財富顧問需要專注於特定策略對其客戶稅務狀況的影響。因此，顧問和高淨值投資者關注點的轉變實際上還處於早期階段，並且確實對 AQR 有利。

And why? Because AQR has been an innovator for a long time in liquid alternatives for more than 20 years now. Their firm's ability to bring new strategies and products to market, it's among the best in the industry. And over the last few years, AQR has been building one of the industry's leading capabilities in this tax-aware solutions investing business.

為什麼？因為 AQR 在液體替代品領域已經處於長期創新者的地位，至今已有 20 多年的歷史。他們的公司將新策略和新產品推向市場的能力在業界名列前茅。過去幾年中，AQR 一直在稅收意識解決方案投資業務領域中打造業界領先的能力之一。

It's developed an entire suite of products, including separate accounts, limited partnerships and now mutual funds. And these strategies, to your point in your question, I should say, they generate higher management fees than their average fee rate. Many of them, because they're liquid alternatives, they generate performance fees. So we have both an increased management fee opportunity and an increased performance fee opportunity.

它開發了一整套產品，包括獨立帳戶、有限合夥企業和現在的共同基金。就您在問題中提到的而言，我應該說，這些策略產生的管理費高於平均費率。其中許多由於是流動性替代品，所以會產生績效費用。因此，我們既有增加管理費的機會，也有增加績效費的機會。

Maybe more broadly, these assets are part of an entire wealth program and estate program, so they tend to be stickier in terms of duration than your average assets.

也許更廣泛地說，這些資產是整個財富計劃和房地產計劃的一部分，因此它們在期限方面往往比平均資產更具黏性。

So given this momentum, we wanted to make sure that we called it out, and that's why we gave that extra disclosure. But to put it in perspective, AQR has grown its AUM in the last 18 months from the beginning of 2024 from $100 billion to $143 billion. And a significant portion is coming from the liquid alts in this space as well as strong investment performance.

因此，鑑於這種勢頭，我們希望確保我們能夠將其公開，這就是我們進行額外披露的原因。但從整體來看，從 2024 年初開始的 18 個月裡，AQR 的資產管理規模已從 1,000 億美元成長至 1,430 億美元。其中很大一部分來自該領域的流動性山寨幣以及強勁的投資表現。

So maybe I'm going to let Dava give a bit more detail on the tax-aware business because it is a major trend for us.

因此，也許我會讓達瓦更詳細地介紹稅收意識業務，因為這對我們來說是一個主要趨勢。

Great. Thanks, Jay. So I can give a little bit more detail as to what we've seen with AQR and what's been driving that. So our liquid alternatives net inflows in the first half of 2025 were really driven by AQR, which has had more than $20 billion of positive net flows into liquid alts year-to-date.

偉大的。謝謝，傑伊。因此，我可以更詳細地介紹我們在 AQR 方面看到的情況以及推動這一現象的因素。因此，2025 年上半年我們的流動性替代資產淨流入實際上是由 AQR 推動的，今年迄今為止，AQR 已向流動性替代資產注入超過 200 億美元的正淨流入。

AQR continues to focus on growing these products, which have had excellent performance and have been building strong momentum with investors and distribution channels. As of June 2025, AQR manages about, I should say, north of $30 billion in long/short tax-aware AUM.

AQR 繼續致力於發展這些產品，這些產品表現優異，並在投資者和分銷管道中建立了強勁的發展勢頭。截至 2025 年 6 月，AQR 管理的多頭/空頭稅收意識 AUM 約為 300 億美元。

Currently, the largest and fastest-growing element of this is their Flex series, which was launched in 2022 and has grown quickly to north of $20 billion in AUM, and there's significant capacity to grow from here. Flex series charges a management fee consistent with liquid alternative products, which can really tailor volatility that fits the client goals. And their long/short commingled product has both management fee and performance fee eligibility.

目前，其中規模最大、成長最快的是其 Flex 系列，該系列於 2022 年推出，其資產管理規模已迅速增長至 200 億美元以上，未來將有巨大的成長潛力。Flex系列收取與流動性替代產品一致的管理費，可以真正客製化適合客戶目標的波動性。他們的多/空混合產品同時具有管理費和績效費資格。

AQR's growth over the last five years has really been anchored by excellent performance and innovation. And as a result, they've generated performance fees, attracted significant capital from clients and scaled their products by employing disciplined expense management. Importantly, this growth has shifted their business profile to being much more absolute return-oriented and less beta-sensitive. And so given the combination of these trends, the organic growth profile, higher fee rates on inflows, strong performance, that's how we're getting to AQR's overall contribution being in the double digits for 2025.

AQR 過去五年的成長確實得益於卓越的業績和創新。結果，他們透過採用嚴格的費用管理，產生了績效費，吸引了大量客戶資本，並擴大了產品規模。重要的是，這種成長使他們的業務狀況變得更加以絕對回報為導向，而對貝塔係數的敏感度則降低。因此，考慮到這些趨勢、有機成長狀況、流入資金的更高費率、強勁的表現，這就是我們為什麼 AQR 的整體貢獻在 2025 年將達到兩位數的原因。

And maybe just to bring this back to the original question as well, both Pantheon and AQR are large FRE contributors. Both have some of that performance fee capability as well, but I would say a large portion of that is driven on the FRE side.

也許只是為了把這個問題帶回最初的問題，Pantheon 和 AQR 都是 FRE 的主要貢獻者。兩者都具有一些績效費能力，但我想說其中很大一部分是由 FRE 方面推動的。

Yes. Thanks, Dava. And Dan, I'm going to go ahead and just expand it and talk about Pantheon because that was part of your question as well, because Pantheon is an equally attractive growth story. Since we established the partnership with Pantheon in 2010, it has grown from about $25 billion in private markets assets to $85 billion.

是的。謝謝，達瓦。丹，我將繼續擴展它並談論萬神殿，因為這也是你問題的一部分，因為萬神殿是一個同樣有吸引力的成長故事。自 2010 年我們與 Pantheon 建立合作關係以來，其私人市場資產已從約 250 億美元成長至 850 億美元。

The more important story here, I think, is over that time, the partners and AMG catalyzed the firm's transformation into a leading secondaries investor across multiple asset classes, which includes private equity, infrastructure and credit. And the firm today has a leading market position in the secondary space and a leading market position in the Wealth channel for semi-liquids.

我認為，這裡更重要的故事是，在那段時間裡，合夥人和 AMG 催化了該公司轉型為多個資產類別的領先二級投資者，其中包括私募股權、基礎設施和信貸。目前，該公司在二級市場和半流動性財富通路市場中佔據領先地位。

So those two tailwinds are really driving their business. And therefore, their growth has accelerated, both their revenue and their profits, growing mid-teens or higher in some cases. And we're very excited about their contribution to AMG as well.

因此，這兩大順風確實推動了他們的業務。因此，他們的成長速度加快了，無論是收入還是利潤，在某些情況下都成長了百分之十五甚至更高。我們也對他們對 AMG 的貢獻感到非常興奮。

And what I think is unique about Pantheon is their ethos is really an investment-led organization in the secondaries market. And they do have significant scale, and so they're capitalizing on that scale as GPs and LPs look for ongoing liquidity in the market, and they're able to provide it through their secondaries funds.

我認為 Pantheon 的獨特之處在於，他們的精神是真正以投資為主導的二級市場組織。而且它們確實擁有相當大的規模，因此他們正在利用這種規模，因為 GP 和 LP 尋求市場中的持續流動性，並且他們能夠透過其二級基金來提供這種流動性。

You've heard us say -- you've heard Tom say many times as well that Pantheon and AMG have collaborated along the lines of many products now in the wealth space. The original P-PEXX, which is the AMG Pantheon Fund is significant today. It's $6 billion. The P-SECC, which is the credit secondaries fund, is growing, and they've recently launched the P-BUILD, which is the infrastructure fund.

您已經聽我們說過——您也聽湯姆說過很多次，Pantheon 和 AMG 已經在財富領域的許多產品上進行了合作。最初的 P-PEXX，即 AMG 萬神殿基金，在今天具有重要意義。是 60 億美元。P-SECC，即信貸二級基金，正在不斷發展，並且他們最近推出了P-BUILD，即基礎設施基金。

So very excited about the opportunities here. And maybe I'll end by saying that both AQR and Pantheon have the opportunity for revenue growth that is both management fee and performance fee, as Dava said, but incrementally higher fees than even their historical averages. And they also have the opportunity for operating leverage as both of them are at scale. And in both cases now, AMG does participate in that profit growth. So we could see significant growth rates out of both firms. Thanks, Dan.

我對這裡的機會感到非常興奮。最後我想說的是，正如達瓦所說，AQR 和 Pantheon 都有機會實現收入成長，包括管理費和績效費，但費用會比其歷史平均值更高。而且由於兩家公司都具有規模，因此他們也有機會實現營運槓桿。現在，在這兩種情況下，AMG 確實參與了利潤成長。因此我們可以看到兩家公司都實現了顯著的成長率。謝謝，丹。

Alex Blostein of Goldman Sachs

高盛的亞歷克斯·布洛斯坦

Oh hi, thanks. Good morning. I wanted to build on that AQR discussion for a couple of more minutes, and thank you for all the incremental color. Obviously, it's an important part of the story. When you think about the $30 billion in tax-advantaged strategies, and I heard you talk about capacity bid, maybe walk us through in a bit more detail how you're thinking about capacity constraints for something that's growing so quickly.

噢，嗨，謝謝。早安.我想在 AQR 討論的基礎上再多花幾分鐘時間，感謝大家的補充。顯然，這是故事的重要組成部分。當您考慮 300 億美元的稅收優惠策略時，我聽到您談到產能競標，也許您可以更詳細地向我們介紹一下，對於快速增長的事物，您是如何考慮產能限制的。

And while I totally agree that the end market demand for a product like this appears quite robust, I was wondering if you could also speak to the competitive advantage AQR might have in this area that could sort of help them sustain their moat, so to speak, in this business relative to other potential incoming competitors.

雖然我完全同意終端市場對此類產品的需求似乎相當強勁，但我想知道您是否可以談談 AQR 在這一領域可能擁有的競爭優勢，這種優勢可以幫助他們維持其在該業務領域相對於其他潛在競爭對手的護城河。

Yes. So thank you, Alex, for your question. And I think we'll try to give you a sense for it. Obviously, speaking directly towards Affiliate-related items is more difficult for us, just as part of our own model. We try not to get too deep into it. But you're right, it is an important growth driver. So let's see, Tom and I will give you some information here, I think, that could be helpful.

是的。所以謝謝你，亞歷克斯，提出這個問題。我想我們會盡力讓你了解這一點。顯然，直接談論與附屬機構相關的項目對我們來說更加困難，因為這只是我們自己模型的一部分。我們盡量不去深入探討這個問題。但你說得對，它是重要的成長動力。那麼讓我們看看，湯姆和我會在這裡給你一些信息，我認為，這可能會有所幫助。

I'm going to start with just their competitive advantages, and then maybe Tom can help me a bit on the capacity and just how to think about growth from here more than that.

我將從他們的競爭優勢開始講起，然後也許湯姆可以在產能方面給我一些幫助，以及如何從現在開始考慮成長。

So as you know, AQR is an innovator. They've always been an innovator. They're particularly good at it. And I think, to some extent, their ability to innovate and also have robust trading and risk systems to be able to offer liquid alternatives into the Wealth channel has been something that they've been good at for 15 years now. And I think the element of having that level of risk management and robust systems, really, there's only a finite number of firms in the world that could even attempt to do what they're doing. So there's a bit of a moat just right there.

如你所知，AQR 是一位創新者。他們一直都是創新者。他們在這方面特別擅長。我認為，在某種程度上，他們的創新能力以及強大的交易和風險系統能夠為財富管道提供流動性替代品，這是他們 15 年來一直擅長的事情。我認為，擁有這種程度的風險管理和強大系統的要素，實際上，世界上只有有限數量的公司可以嘗試做他們正在做的事情。所以那裡有一條護城河。

I think given that they're three years now into being very focused on outcomes for wealth advisers on an after-tax basis, specifically around both market neutral and index-oriented, sort of S&P-oriented products that go long, short, they have got a very big first-mover advantage, in addition to their robust systems.

我認為，鑑於他們三年來一直非常關注財富顧問的稅後成果，特別是圍繞市場中性和指數導向，以及類似標準普爾導向的多頭和空頭產品，除了強大的系統之外，他們還擁有非常大的先發優勢。

So we're very excited about the leading position that they have today. And again, they continue to innovate. In addition to offering separate accounts and alternative products that they've had in the past, they've recently come out with the Fusion series, which is a mutual fund long-only tax-aware product.

因此，我們對他們目前所處的領先地位感到非常興奮。而且他們還在不斷創新。除了提供過去提供的獨立帳戶和替代產品外，他們最近還推出了 Fusion 系列，這是一款共同基金多頭稅收意識產品。

So they continue to innovate even as we stand today, which very few firms can do. And so when we look at the growth from here, we do think that the growth is significant. And maybe I'll turn it to Tom to just how we think about it more generally.

因此，即使在今天，他們仍然不斷創新，這是很少有公司能夠做到的。因此，當我們從這裡看成長時，我們確實認為成長是顯著的。也許我會把它交給湯姆，讓他談談我們如何更全面地看待這個問題。

Thanks, Jay, and thanks, Alex, for the question. There are a lot of different flavors, as Jay talked about, and also a number of factors that certainly contribute to what capacity looks like. But I'd say there's a tremendous amount of runway from here.

謝謝傑伊，也謝謝亞歷克斯提出這個問題。正如傑伊所說，有很多不同的風格，而且還有很多因素肯定會影響容量的樣子。但我想說，從這裡出發還有很長的路要走。

Also I think you have to think about AQR a bit, right? It's a very large, diverse, well-resourced and incredibly innovative firm. Certainly, they see the opportunity ahead of them. They're understanding the demand trends and just how quickly this has turned into such an exciting opportunity. So they're very focused on building here for the future, not only building the appropriate level of investment capacity, which again is something they've been in the business of doing for decades, but also, importantly, building the appropriate operational capacity, the appropriate distribution capacity.

另外我認為你必須考慮一下 AQR，對嗎？這是一家規模龐大、業務多元化、資源豐富且極具創新精神的公司。當然，他們看到了眼前的機會。他們了解需求趨勢，也知道這如何迅速轉變為一個令人興奮的機會。因此，他們非常注重未來的建設，不僅要建立適當水準的投資能力（這也是他們幾十年來一直在做的事情），而且重要的是，建立適當的營運能力和適當的分銷能力。

So I think we've got a lot of runway from here. And ultimately, AQR is very focused on making sure that they're able to put this product in front of their clients and really provide a solution that, to Jay's point, on the competitive dynamics, we and they and ultimately, their clients believe is very advantaged relative to other offerings in the market.

所以我認為我們在這方面還有很大的發展空間。最終，AQR 非常注重確保他們能夠將產品擺在客戶面前，並真正提供解決方案，正如 Jay 所說，在競爭動態方面，我們、他們以及最終他們的客戶都認為，相對於市場上的其他產品而言，該解決方案非常有優勢。

Bill Katz of TD Cowen

TD Cowen 的 Bill Katz

Thank you for taking the questions. Maybe just some big picture kind of questions maybe integrated to each other. I was wondering if you could talk a little bit about just like portfolio management now as you continue to scale your Affiliates, and I appreciate you continue to migrate into the faster growth area of alternatives.

感謝您回答這些問題。也許只是一些宏觀問題可能會相互融合。我想知道您是否可以談談現在的投資組合管理，因為您正在繼續擴大您的附屬公司，我很欣賞您繼續轉向更快成長的替代品領域。

Is there an opportunity to accelerate that by potentially disposing of anything on the traditional side, where I think lead indicates they're probably not good just relative to the alts platform? And then as you just think about buyback, your share count is getting rather small rather quickly. Is there any sort of natural limit here in terms of how low you want to let that go?

是否有機會透過潛在地處理傳統方面的任何東西來加速這一進程，我認為領先優勢表明它們可能相對於替代平台而言並不好？然後，當您考慮回購時，您的股票數量很快就會變得相當少。就您想要將其降低到何種程度而言，是否存在某種自然限制？

Thank you.

謝謝。

Yes. Bill, thanks for your questions. Let's see, we might divvy this up amongst the three of us. So I'll start with sort of the overall strategy question that you've asked us, and I'm going to ask Tom to help me on that. And then maybe, Dava, you can talk about the buybacks for us. So give you some time to think about that.

是的。比爾，謝謝你的提問。讓我們看看，我們可以把它分給我們三個人。因此，我將從您向我們提出的整體策略問題開始，然後我將請湯姆幫我解決這個問題。那麼，達瓦，也許你可以為我們談談回購事宜。所以給你一些時間來考慮一下。

So maybe just on the strategy point, we have been allocating really for some time now, I think Tom said in his prepared remarks, six years now, we decided as a firm to allocate our capital and resources towards areas of secular growth. We spent a lot of time understanding where we think secular growth is in the market and trying to invest to continue to evolve AMG to the areas of highest growth and return.

因此，也許僅從戰略角度來看，我們實際上已經進行了一段時間的配置，我認為湯姆在他的準備好的發言中說過，六年來，我們作為一家公司決定將我們的資本和資源分配給長期增長領域。我們花了很多時間去了解我們認為的市場長期成長點在哪裡，並嘗試進行投資以繼續推動 AMG 向成長和回報最高的領域發展。

I do think that we've done that successfully. So in addition to the two Affiliates that we were just talking about, we've invested in over 10 private markets and liquid alternatives firms over this period of time. Those firms themselves are growing as well. So we've got growth kind of in that segment, which is why we're at more than 55% of our EBITDA now on a run-rate basis in alternatives, and we see those continuing to grow.

我確實認為我們已經成功做到了這一點。因此，除了我們剛才談到的兩家附屬公司之外，我們在這段時間內還投資了 10 多家私人市場和流動性替代品公司。這些公司本身也在成長。因此，我們在該領域取得了成長，這就是為什麼我們現在的 EBITDA 在替代品的運作率基礎上超過了 55%，而且我們看到這些替代品還將繼續成長。

And we are in the most active period of new investments that we've been in, in more than a decade. And so we see ourselves adding more private markets and liquid alternatives firms. So the natural, I think, evolution here really over the medium term, I'll say, three years is to get to something that looks like two-thirds of our business in alternatives, both kind of equal weighted is our best estimate between private markets and liquid alternatives.

我們正處於十多年來新投資最活躍的時期。因此，我們會看到更多的私人市場和流動性替代公司出現。因此，我認為，從中期來看，也就是三年內，自然的演變就是將我們的三分之二業務集中在另類投資上，我們對私人市場和流動性另類投資的最佳估計是兩者均等加權。

And we kind of like that mix, right? Because one of the benefits of having liquid alternatives sit side by side with long-only sitting side by side with private markets is they're complementary. In fact, in some cases, they diversify us in a way that lets us invest through a market cycle. If you remember, in 2022, our liquid alternatives business has really performed well, lots of performance fees, and it offset what other asset managers experienced that year, which was a downdraft or drawdown in the markets.

我們有點喜歡這種混合，對吧？因為流動性替代品與只做多頭部位和私人市場並存的好處之一是它們是互補的。事實上，在某些情況下，他們透過某種方式使我們的投資多樣化，讓我們能夠在整個市場週期中進行投資。如果你還記得的話，2022 年，我們的流動性替代品業務確實表現良好，收取了大量績效費，抵消了其他資產管理公司當年經歷的市場下行或下跌。

This year, with markets near all-time highs, we're experiencing tremendous cash flow from our long-only businesses. And we redeploy that capital into most or all of that capital is going into private markets and liquid alternatives.

今年，隨著市場接近歷史最高水平，我們的多頭業務獲得了巨大的現金流。我們將這些資本重新部署到大部分或全部私人市場和流動性替代品。

So this is a natural evolution. Accelerating that natural evolution for us really has to, one, start with are we constrained in any way to make new investments? And we're not. And do we have a very strong, diverse group of long-only Affiliates? We do. And frankly, I think the balance of all 3 is really unique. It makes AMG differentiated in the marketplace, allows us to continue to grow our business.

所以這是一個自然的演變。對我們來說，加速這種自然演進首先要考慮的是我們是否受到任何限製而無法進行新的投資？但我們不是。我們是否擁有一個非常強大、多元化的多頭聯營公司群體？是的。坦白說，我認為這三者的平衡確實很獨特。它使 AMG 在市場上脫穎而出，讓我們能夠繼續發展業務。

Tom, maybe I'll turn it to you to maybe talk a bit more about this, and then we can have Dava talk about repurchases.

湯姆，也許我應該讓你再多談一點這個問題，然後我們可以讓達瓦談談回購。

Yes. Thanks, Jay, and thanks, Bill, for your question. I think you nailed the strategy side of it and also the differentiation side, which I think are all really important points.

是的。謝謝傑伊，也謝謝比爾提出的問題。我認為您抓住了戰略方面和差異化方面的問題，我認為這都是非常重要的一點。

Bill, I'll maybe just make one other point, which is, as you know, and those who followed us for a long time know, we certainly don't run our business like a securities portfolio. These are human capital-driven partnerships. That's extremely important to us. So we really don't think about trading in and out of our Affiliates.

比爾，我可能只想說另一點，那就是，正如你所知，那些長期關注我們的人都知道，我們的業務肯定不像證券投資組合那樣運作。這些都是由人力資本驅動的合作關係。這對我們來說極為重要。所以我們實際上並沒有考慮過與我們關聯公司進行交易。

We think about the fact that when we come to market and enter into a new partnership, we're really committing on behalf of that business, on behalf of that group of partners, a willingness to be a permanent partner to those businesses. And very importantly, we don't have the unilateral right to ever sell an Affiliate or sell our stake in an Affiliate. And that's an important part of our value proposition.

我們認為，當我們進入市場並建立新的合作夥伴關係時，我們實際上是代表該企業、代表該組合作夥伴承諾願意成為這些企業的永久合作夥伴。非常重要的是，我們沒有單方面出售關聯公司或出售我們在關聯公司的股份的權利。這是我們價值主張的重要組成部分。

And it also really differentiates us from others in the market who are taking stakes in asset management businesses. We don't view ourselves as taking stakes in businesses. We view ourselves as partnering with the leadership teams and with Generation 1, Generation 2, et cetera.

這也使我們與市場上其他涉足資產管理業務的公司真正區分開來。我們不認為自己持有企業的股份。我們將自己視為與領導團隊以及第一代、第二代等等的合作夥伴。

So when you see something like a Baring or a Veritable or a Peppertree, that's being driven by the Affiliate, and they are making a choice to ultimately move in a direction that they think is in the best interest of their clients and ultimately the best interest of their business, and we try to be a very supportive partner in those cases.

因此，當您看到 Baring、Veritable 或 Peppertree 之類的公司時，這是由關聯公司推動的，他們選擇最終朝著他們認為最符合客戶利益、最終最符合業務利益的方向發展，在這些情況下，我們會努力成為非常支持的合作夥伴。

So I think we're always sort of long the option and our Affiliates are always long the option of those types of opportunities presenting themselves, industry changing over time, circumstances changing over time. But I wouldn't think about us actively managing our portfolio in the way that you asked the question.

所以我認為我們總是在做多選擇，我們的附屬公司也總是做多出現這些類型機會的選擇，行業隨著時間而變化，情況隨著時間而變化。但我不會考慮以您提出的方式積極管理我們的投資組合。

Great. And thanks, Bill. Why don't I take the one around the buyback situation? First, let me take a step back and describe a little bit how we thought about the repurchases in general and our history over the past five years.

偉大的。謝謝你，比爾。我為什麼不討論一下回購情況呢？首先，讓我回顧一下，稍微描述一下我們對回購的整體看法以及過去五年的歷史。

So we generate about $1 billion in cash flow that we're able to utilize to make growth investments, and also you've seen us use a fair bit of that to repurchase shares. I'd say over the last five years, about 60% of that have been deployed into share repurchases and about 40% of that into new investment opportunities.

因此，我們產生了約 10 億美元的現金流，我們可以利用這些現金流進行成長投資，而且您也看到我們使用了其中相當一部分來回購股票。我想說，在過去五年裡，其中約 60% 被用於股票回購，約 40% 用於新的投資機會。

Although you've seen that shift this year where we've deployed nearly $900 million of capital into growth investments, and you've heard our guidance to repurchase about $400 million of shares this year, we also had changed our tone that we wanted it to be more balanced on a go-forward period. And so we -- it's hard for us to talk about it in a single year period. But over a multi-year period, we really think about a very balanced approach to our capital allocation process.

儘管您已經看到了今年的轉變，我們已將近 9 億美元的資本投入成長投資，並且您已經聽說了我們今年回購約 4 億美元股票的指導，但我們也改變了基調，希望在未來時期內更加平衡。因此，我們很難在一年的時間內談論這個問題。但在多年的時間裡，我們確實考慮採用一種非常平衡的方法來處理我們的資本配置過程。

If you think about the specific question in terms of the natural limit of share count, we obviously continue to monitor our liquidity. Our stock is trading well. We see ample liquidity in that. And we think that the repurchases is a really nice tool for us to return capital to shareholders with some flexibility that allows us to be really opportunistic on the new investment framework.

如果從股票數量的自然限制角度考慮具體問題，我們顯然會繼續監控我們的流動性。我們的股票交易良好。我們認為其中流動性充足。我們認為，回購是一種非常好的工具，讓我們能夠以一定的彈性向股東返還資本，讓我們能夠在新的投資框架上真正抓住機會。

And so obviously, we'll continue to assess what that looks like over time. But from where we're sitting today, we think it's a really great tool for our shareholders and our capital allocation process.

因此，顯然，我們會繼續評估其後續發展。但從我們今天所處的位置來看，我們認為它對我們的股東和我們的資本配置流程來說是一個非常好的工具。

Brian Bedell of Deutsche Bank

德意志銀行的 Brian Bedell

Great, thanks. Good morning. Thanks for taking my question. Great. Maybe just to go to the private market fundraising side, a really strong quarter. I know this area can be more volatile in terms of its magnitude of fundraising. So can you maybe talk about any conviction around the fundraising levels being -- having, I guess, more consistency over time as your portfolios mature? You have now $150 billion of AUM. And then maybe some color around the composition of the fundraising in the quarter between assets moving into fee-paying AUM like as deployed, for example, or absolute fundraising.

太好了，謝謝。早安.感謝您回答我的問題。偉大的。也許只是為了進入私人市場籌款方面，這是一個非常強勁的季度。我知道這個領域的募款規模可能會更加不穩定。那麼，您能否談談對融資水平的任何信念——我想，隨著您的投資組合的成熟，融資水平會隨著時間的推移變得更加一致？你們現在的資產管理規模為 1500 億美元。然後，也許可以對本季度的籌款組成進行一些說明，例如，資產轉入付費 AUM（如部署）或絕對籌款。

Good morning, Brian, thanks for your question. I'm going to have Tom take that one. Thanks.

早安，布萊恩，謝謝你的提問。我要讓湯姆拿走這個。謝謝。

Thanks, Jay, and thanks, Brian. Maybe I'll kind of take a step back and just talk about our overall organic growth profile and kind of what we're seeing in the business, and then I'll provide some more detail specifically around private markets.

謝謝，傑伊，謝謝，布萊恩。也許我會退一步，只談論我們的整體有機成長狀況以及我們在業務中看到的情況，然後我會提供一些關於私人市場的更多細節。

Really, if you think about a high-level framework in terms of what's driving organic growth trends, it kind of comes down to three things. The first is really the alignment of our overall AUM base with client demand trends today. That's sort of the baseline that we're working from.

實際上，如果你從推動有機成長趨勢的角度來思考一個高層次的框架，它可以歸結為三件事。首先是我們的整體 AUM 基礎與當今客戶需求趨勢的真正一致性。這就是我們開展工作的基準。

Then second, how does that AUM mix change over time, and it can change through the relative growth rates across asset classes and Affiliates as well as the investments that AMG is making to form new partnerships in growth areas as part of our strategy.

其次，AUM 組合如何隨時間變化，它可以透過跨資產類別和附屬公司的相對成長率以及 AMG 作為我們策略的一部分在成長領域建立新合作夥伴關係的投資來改變。

And then third, and finally is, how are we enhancing flows at our Affiliates through our own product development, distribution, capital formation.

第三，也是最後一點，我們如何透過自己的產品開發、分銷和資本形成來增強我們附屬公司的流量。

Those were kind of the three guiding elements that inform the strategy that we put into place several years ago. And our execution on that strategy has made a real meaningful impact on where we stand today and our trajectory for the future. And Brian, to your question, private markets are driving a substantial part of that.

這些是我們幾年前製定的策略的三個指導要素。我們對這項策略的執行對我們今天的立場和未來的發展軌跡產生了真正有意義的影響。布萊恩，回答你的問題，私人市場正在推動其中很大一部分。

On that first point that I made, alignment of AUM with secular trends, if you just go back a few years to the end of 2021, at that time, about 55% of our AUM was in long-only equities and about 30% was in alternatives. Today, the long-only side is about 40% of AUM. So it's come down from 55% down to 40%. And on the alternative side, combination of liquid alternatives and private markets, that's grown from 30% at the end of 2021 to 45% today.

關於我提出的第一點，即 AUM 與長期趨勢的一致性，如果回顧幾年前到 2021 年底，當時我們 AUM 中約有 55% 是多頭股票，約有 30% 是另類投資。如今，多頭部位約佔資產管理規模的 40%。因此，這一比例從 55% 下降到了 40%。在替代方面，流動性替代品和私人市場的結合，從 2021 年底的 30% 成長到今天的 45%。

So the alignment of our overall business with client demand trends has changed, and it's changed materially. And effectively, what that means is the baseline in terms of where we grow from here and the growth characteristics embedded in our business is just in a much better place than it was several years ago.

因此，我們的整體業務與客戶需求趨勢的一致性已經發生了變化，而且是實質的變化。實際上，這意味著我們從現在開始的成長基準以及我們業務中蘊含的成長特徵比幾年前要好得多。

And that kind of takes me to the second and third points that I started with, which kind of tell you both how we got here and also where we're headed. So our last nine new investment partnerships have all been in alternatives, and that dates back to late 2021. And again, Brian, to your question, 8 of those 9 have been in private markets. And of course, that's been very intentional as a focus of our strategy.

這讓我想到了我開始時提到的第二點和第三點，它們告訴了我們是如何走到這一步的，以及我們要去哪裡。因此，我們最近的 9 個新投資夥伴關係都屬於另類投資領域，這可以追溯到 2021 年底。布萊恩，再次回答你的問題，這 9 家公司中有 8 家是在私人市場。當然，這是我們策略的一個重點。

Also over that same time period, significantly more than 100% of our net flows have been in alternatives. So you've seen that piece of the business also growing organically significantly faster than our overall business. And in the same time frame, we've managed to grow the private markets AUM on our US Wealth platform from $1 billion to now more than $7 billion. And that's another driver, Brian, to your question around consistency and visibility into flows continuing to grow going forward.

在同一時間段內，我們的淨流量中還有超過 100% 流向了另類投資。因此，您會看到該部分業務的有機成長速度明顯快於我們的整體業務。在同一時間段內，我們成功地將美國財富平台上的私人市場資產管理規模從 10 億美元成長到現在的 70 億多美元。布萊恩，這是您提出的問題的另一個驅動因素，即未來流程的一致性和可見性將持續成長。

And you're seeing the cumulative impact of all of those things on our business mix evolution in terms of the AUM, on our fee rate, which continues to increase, on the contribution of our EBITDA that's coming from alternatives and coming from private markets, on gross sales and net flow trends and ultimately on the EBITDA impact of those flows going forward as well.

而且，您可以看到所有這些因素對我們的業務組合演變的累積影響，包括 AUM、費率（持續增加）、來自替代品和私人市場的 EBITDA 貢獻、總銷售額和淨流量趨勢，以及最終這些流量對 EBITDA 未來的影響。

So maybe just to hit a couple of your questions on private markets specifically. This past quarter, we raised about $8 billion. Those flows were led by another strong quarter at Pantheon, and Jay talked a lot about some of the tailwinds that we're seeing there. And we also saw positive contributions from Comvest, from Ara and from EIG. So when you see kind of the diversity and where those flows are coming from, in this case, this quarter across private market solutions, credit strategies, private equity, infrastructure, we really have a number of different engines that are firing in terms of where we're seeing growth in private markets overall.

所以也許只是想具體回答你關於私人市場的幾個問題。上個季度，我們籌集了約 80 億美元。這些流量是由 Pantheon 的另一個強勁季度所推動的，Jay 詳細談論了我們在那裡看到的一些順風因素。我們也看到了來自 Comvest、Ara 和 EIG 的積極貢獻。因此，當您看到資金的多樣性和來源時，在本例中，本季涉及私人市場解決方案、信貸策略、私募股權、基礎設施，就我們看到的私人市場整體成長而言，我們確實有許多不同的引擎正在推動市場的發展。

So maybe the other thing it's worth spending a moment on, and I'll turn it over to Dava to walk us through that, is what's the impact that these flows are having and, in particular, some of the growth we're seeing in alternatives overall, but private markets specifically on our EBITDA growth opportunity going forward.

因此，也許還有另一件事值得花點時間討論，我將把它交給 Dava 來為我們講解，那就是這些流動將產生什麼影響，特別是我們在替代品中看到的一些增長，特別是私人市場對我們未來 EBITDA 增長機會的影響。

I think we may have lost Dava there for a second. There were go. Sorry. Yes, go ahead.

我想我們可能暫時失去了達瓦。他們走了。對不起。是的，請繼續。

Sorry, sorry about that. I apologize. So Tom, just building on sort of your answer there, given that overall evolution of the business profile that you just talked about with greater participation in alternatives, particularly around private markets, the impact of our growth on the EBITDA basis that we're seeing is expected to be meaningful.

抱歉，很抱歉。我很抱歉。所以湯姆，基於你的回答，考慮到你剛才談到的業務概況的整體發展，以及對替代品的更多參與，特別是在私人市場，我們的增長對 EBITDA 基礎的影響預計會很有意義。

Most importantly, we've seen an improvement in asset-based net flows as we move from a business that was shrinking organically around 10% a year to a business today on an LTM basis that's near flat and grew about 5% annualized this quarter.

最重要的是，我們看到基於資產的淨流量有所改善，因為我們的業務從每年有機萎縮約 10% 轉變為目前 LTM 基礎上幾乎持平且本季度年化增長率約為 5% 的業務。

And of course, that turnaround is the biggest driver. And when you then drill down further on the changes at the asset class level that we've seen, we've really seen a bifurcation of strong organic growth on the alternative side and headwinds on the traditional side.

當然，這種轉變是最大的動力。當你進一步深入研究我們所看到的資產類別層面的變化時，我們確實看到了替代方面的強勁有機成長與傳統方面的阻力的分歧。

The growth in alternatives is moving the business towards higher fee and longer locked strategies that, in many cases, have future performance fee and carry potential, while the outflows have been more isolated to lower fee open-ended equity funds that AMG tends to own a little bit more of. So you do have some offsetting factors here.

另類投資的成長使業務轉向費用更高、鎖定時間更長的策略，這些策略在許多情況下具有未來的績效費用和持有潛力，而資金流出則更多地集中在費用較低的開放式股票基金中，AMG 傾向於持有更多此類基金。所以這裡確實有一些抵消因素。

But all that being said, as we continue to execute on our growth strategy and build significant exposure to areas of secular growth, our top line momentum is beginning to flow through to EBITDA more clearly, and you're seeing some of that in the guidance that I gave for the third quarter.

但話雖如此，隨著我們繼續執行成長策略並在長期成長領域建立重大影響力，我們的營收勢頭開始更清晰地流向 EBITDA，您可以在我給出的第三季指引中看到這一點。

Patrick Davitt of Autonomous Research.

自主研究的派崔克·戴維特。

Hey, good morning guys. Most of my specific questions have been asked, so I have a higher-level question just on client discussions and allocations. Obviously, the chatter on this has died down since April, but still hearing large European institutions talk about reallocating to European managers from US managers or simply cutting US exposure, either because of concerns around commitments to ESG and, or frustration with the administration's policies.

嘿，大家早安。我的大部分具體問題都已經被問過了，所以我有一個關於客戶討論和分配的更高級別的問題。顯然，自 4 月以來，關於這方面的討論已經逐漸平息，但仍聽到大型歐洲機構談論將資產從美國經理人重新分配給歐洲經理人，或者乾脆削減對美國的投資，這要么是因為對 ESG 承諾的擔憂，要么是對政府政策的失望。

Did you see any of that in your 2Q flow trends? And, or are you hearing more of that in your discussions with European clients?

您在第二季的流量趨勢中看到了這些嗎？或者，您在與歐洲客戶的討論中聽到了更多這樣的訊息嗎？

Yes. Thanks for your question, Patrick. Maybe, Tom, you could start with that one.

是的。謝謝你的提問，派崔克。湯姆，也許你可以從那個開始。

Sure. Patrick, thanks for your question. So I think you embedded some of this in your question, but obviously, the world is moving quickly, and trends that were in place in April seemed quite different sitting here staring down August. I do think Jay mentioned this a bit when he talked about our overall strategy and the importance of diversification.

當然。派崔克，謝謝你的提問。所以我認為你的問題中已經包含了部分內容，但顯然，世界正在快速發展，四月份的趨勢與八月份的趨勢似乎有很大不同。我確實認為傑伊在談到我們的整體策略和多元化的重要性時提到了這一點。

One of the great things about AMG is that we are broadly diversified across asset class, geography. And actually, two of the new investments that we've announced most recently are domiciled in Europe in Montefiore and Qualitas in the private equity space and the infrastructure space, respectively.

AMG 的一大優點是，我們的資產類別和地理分佈廣泛。實際上，我們最近宣布的兩項新投資都位於歐洲，分別是私募股權領域的 Montefiore 和基礎設施領域的 Qualitas。

So we see certainly the dominance that we've seen in markets in the US over the course of the past many years perhaps equalizing a bit. And we've seen a lot of trends in markets overall in Europe and in Asia that seem to be more positive.

因此，我們確實看到，過去幾年來我們在美國市場上所佔據的主導地位可能正在逐漸均衡。我們看到歐洲和亞洲市場整體呈現更積極的趨勢。

So as we think about our business overall and conversations that we're having with clients, we really like to think about the fact that we have the ability to cover the globe in a variety of different ways, and we're participating in those trends in a variety of ways as well.

因此，當我們考慮我們的整體業務以及與客戶的對話時，我們真正喜歡考慮這樣一個事實：我們有能力以各種不同的方式覆蓋全球，並且我們也以各種方式參與這些趨勢。

I wouldn't say that we've seen the specific trend that you talked about influencing our second quarter numbers. It felt to us like some of that was more commentary based and people asking questions in terms of what is the world going to look like as some of the geopolitical and economic things play out over the course of the coming year. So we didn't really see it necessarily show up dramatically in our second quarter, but it's definitely a trend that we continue to watch.

我不會說我們已經看到了您所說的影響我們第二季數據的具體趨勢。我們感覺到其中一些內容更多的是基於評論，人們會問一些問題，隨著來年地緣政治和經濟形勢的變化，世界將會變成什麼樣子。因此，我們實際上並沒有看到它在第二季度出現顯著變化，但這絕對是我們會持續關注的趨勢。

Yes. And I concur with Tom's comments. When you think about the investor behavior, there are so many different cross currents here. And I just think that at this point, we haven't really seen much movement within our Affiliates. But we are well positioned, as Tom said.

是的。我同意湯姆的評論。當你思考投資人行為時，你會發現這裡有許多不同的交叉趨勢。我只是認為，目前我們還沒有真正看到我們的附屬公司有太大的動靜。但正如湯姆所說，我們處於有利地位。

I just note that Pantheon has historically been more of a European client-centric U.K.-based entity. And we also have Forbion in Europe and a number of other managers long-only and others in Europe. So we've got a really good position to the extent that European investors only want European managers. But I think at the moment, we're not really seeing that really impact our business.

我只是指出，從歷史上看，Pantheon 更像是一個以歐洲客戶為中心的英國實體。我們在歐洲也有 Forbion 和一些其他只做多頭部位的管理公司以及其他公司。因此，就歐洲投資者只想要歐洲經理人這一點而言，我們處於非常有利的地位。但我認為目前我們還沒有看到這對我們的業務產生真正的影響。

So maybe one last thing, if I may, just before we wrap up. I do want to restate from my prepared remarks that this has been an incredibly productive period for AMG, really an output of our strategy that we've been executing over the last six years. AMG's organic flow profile and the EBITDA contribution from that flow profile driven by alternatives, it's been improving for some time now. And the $8 billion in inflows this quarter illustrate the building momentum that we're seeing.

所以，如果可以的話，在我們結束之前，我還有最後一件事。我確實想從我準備好的發言中重申這一點，對於 AMG 來說這是一個極其富有成效的時期，這實際上是我們過去六年來一直在執行的策略的成果。AMG 的有機流量曲線以及由替代品驅動的流量曲線產生的 EBITDA 貢獻，目前已經持續改善一段時間了。本季 80 億美元的資金流入表明了我們正在看到的強勁勢頭。

Our strategic engagement with Affiliates, collaborating with them to magnify their long-term success has generated meaningful results at places like Pantheon, AQR, Artemis, Comvest, Garda and many others, where we're working on business development initiatives to enhance the value for all stakeholders, including AMG. We're very excited about our progress there.

我們與附屬機構進行策略合作，與他們攜手擴大他們的長期成功，這在 Pantheon、AQR、Artemis、Comvest、Garda 等地取得了有意義的成果，我們正在這些地方開展業務發展計劃，以提升包括 AMG 在內的所有利益相關者的價值。我們對在那裡取得的進展感到非常興奮。

And then I also mentioned that this has been one of the most active years in terms of new investment activity in our history. We've announced four new partnerships. We have a robust pipeline. And we also had a successful culmination of a partnership with Peppertree, which realized significant return for us, which we can redeploy into our opportunity set.

然後我還提到，就新投資活動而言，這是我們歷史上最活躍的一年。我們宣布了四個新的合作夥伴關係。我們擁有強大的管道。我們也與 Peppertree 成功建立了合作關係，這為我們帶來了豐厚的回報，我們可以將其重新部署到我們的機會集中。

And all of this activity, the organic growth, the EBITDA contribution, the new investments, it's going to have an effect on the second half of 2025, but it's really going to impact 2026, and Dava mentioned that in her prepared remarks, we see a step-up in our earnings going into 2026.

所有這些活動，有機成長、EBITDA 貢獻、新投資，都將對 2025 年下半年產生影響，但實際上將影響 2026 年，Dava 在她準備好的發言中提到，我們預計到 2026 年我們的收益將會增加。

And today, I'm very excited to report that more than 55% of our EBITDA on a run-rate basis is in alternatives, and we see that increasing to something like two-thirds in just a few years, as we believe we are going to continue to see sustained organic growth firm-wide in new investments in these areas.

今天，我很高興地報告，按運行率計算，我們的 EBITDA 中有超過 55% 來自替代品，我們預計這一比例將在短短幾年內增加到三分之二左右，因為我們相信，我們將繼續看到全公司在這些領域的新投資持續有機增長。

And then I think you also heard Dava say finally that capital allocation is critical for us. We're very disciplined in our capital allocation. We'd like to orient ourselves towards growth investments, but it has also resulted in repurchases of $273 million year-to-date and nearly $1 billion over the last 18 months. We think that, that's additive to compounding for our shareholders over time.

然後我想你也聽到達瓦最後說資本配置對我們來說至關重要。我們對資本配置非常嚴格。我們希望將自己定位於成長型投資，但這也導致今年迄今的回購金額達到 2.73 億美元，過去 18 個月的回購金額接近 10 億美元。我們認為，隨著時間的推移，這將為我們的股東帶來複利。

So I'll just leave us where we started, which is I'm very excited about this year, and I'm very excited about our future as we continue to drive the business towards areas of secular growth. So there's just a lot to be excited about here at AMG, and thank you for participating today.

因此，我就不多說了，我對今年感到非常興奮，而且我們將繼續推動業務向長期成長領域發展，因此我對我們的未來也感到非常興奮。所以 AMG 這裡有很多令人興奮的事情，感謝大家今天的參與。

Ladies and gentlemen, this brings us to the end of today's conference call. We would like to thank you for your participation. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路或退出網路直播，享受剩餘的一天。