Affiliated Managers Group, Inc. (AMG) 2026 Q1 法說會逐字稿

Greetings, and welcome to the AMG first-quarter 2026 earnings call.

各位好，歡迎參加 AMG 2026 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（接線員指示）提醒各位，本次會議將被錄音。

I'd now like to turn the call over to your host, Patricia Figueroa, Head of Investor Relations for AMG. Thank you. You may begin.

現在我想把電話會議交給本次主持人——AMG 投資人關係主管 Patricia Figueroa。謝謝。您可以開始了。

Good morning and thank you for joining us today to discuss AMG's results for the first quarter of 2026. 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 due to a number of factors, including those described in today's earnings press release and our most recent Form 10-K and subsequent filings with the SEC, and AMG assumes no obligation to update these statements. Also, please note that nothing on this call constitutes an offer of any products, investment vehicles, or services of any AMG Affiliate.

早安，感謝各位今天加入我們，一同討論 AMG 2026 年第一季的業績。在開始之前，我想提醒各位，在本次電話會議中，我們可能會做出若干前瞻性陳述；由於多項因素，我們的實際結果可能與這些陳述存在重大差異，包括今日財報新聞稿以及我們最近一期 Form 10-K 與其後向美國證券交易委員會（SEC）提交之文件中所描述的因素；AMG 不承擔更新這些陳述的任何義務。此外，請注意，本次電話會議中的任何內容均不構成對任何 AMG 關係企業之任何產品、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 for 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.

今日電話會議的重播將於我們網站的投資人關係專區提供，並附上我們的財報新聞稿，以及任何非 GAAP 財務衡量指標（包括所提供的任何盈餘指引）的調節表。此外，我們也已在網站上發布更新後的投資人簡報，並鼓勵投資人定期查閱我們的網站以取得最新資訊。

With us today to discuss the company's results for the quarter are Jay Horgen, President and Chief Executive Officer; and Dava Ritchea, Chief Financial Officer. With that, I'll turn the call over to Jay.

今天與我們一同討論本季公司業績的有：總裁兼執行長 Jay Horgen，以及財務長 Dava Ritchea。接下來我把電話會議交給 Jay。

Thanks, Patricia, and good morning, everyone. AMG reported record results for the first quarter with Adjusted EBITDA of approximately $317 million, and Economic earnings per share of $8.23, representing year-over-year growth of 39% and 58%, respectively. Rising demand for liquid alternative strategies and ongoing strength in private markets fundraising generated record quarterly net client cash flows of more than $22 billion, bringing net flows over the last 12 months to $52 billion, an organic growth rate of 7% over the period.

謝謝你，Patricia，各位早安。AMG 第一季繳出創紀錄的成績，調整後 EBITDA 約 3.17 億美元，經濟每股盈餘為 8.23 美元，分別較去年同期成長 39% 與 58%。對流動型另類策略的需求上升，以及私募市場募資持續強勁，帶動單季客戶淨現金流入創新高、超過 220 億美元，使過去 12 個月的淨流入達到 520 億美元，期間有機成長率為 7%。

In the quarter, given our confidence in AMG's business profile and growth prospects, we repurchased shares at an elevated pace, deploying approximately $186 million and bringing share buybacks over the past 12 months to more than $700 million, a reduction of 10% in our shares outstanding. AMG generated these excellent first quarter results against a volatile market backdrop, highlighting the value of AMG's differentiated model and the ongoing strength of our diverse business.

本季，基於我們對 AMG 業務輪廓與成長前景的信心，我們以較快的速度回購股份，投入約 1.86 億美元，使過去 12 個月的股票回購總額超過 7 億美元，流通在外股數減少 10%。AMG 在市場波動的背景下仍創下優異的第一季成果，凸顯 AMG 差異化模式的價值，以及我們多元化業務的持續強勁。

As we have seen over AMG's history, our business is resilient and well-positioned to navigate periods of uncertainty and dislocation. AMG's highly diversified profile has once again demonstrated that resilience, as we ended the first quarter in a position of even greater strength relative to the beginning of the year, with record assets under management and record fee-related EBITDA and we have continued to build on this momentum in April.

如同 AMG 歷史所展現的，我們的業務具備韌性，並已做好準備以因應不確定性與市場錯位的時期。AMG 高度多元化的輪廓再次證明了這種韌性：第一季結束時，我們相較年初處於更強勢的位置，管理資產規模創新高、費用相關 EBITDA 創新高，且我們在 4 月仍持續延續這股動能。

With 40 Affiliates managing a broad range of private markets, liquid alternatives and differentiated long-only strategies, this is the type of environment where we expect AMG to not only weather a volatile environment well, but outperform.

我們有 40 家關係企業，管理涵蓋廣泛的私募市場、流動型另類與差異化長倉策略；在這樣的環境下，我們預期 AMG 不僅能良好度過市場波動，更能脫穎而出、取得優於市場的表現。

Given that we have strategically evolved toward alternative strategies over the last several years, a number of important secular trends are driving our organic growth story today.

鑑於過去數年我們已策略性地朝向另類策略演進，當前多項重要的長期結構性趨勢正推動我們的有機成長故事。

In private markets, where our Affiliates manage $148 billion in assets, we see opportunities for growth across all 11 Affiliates, with the strongest momentum coming in two areas: infrastructure and real estate, where our Affiliates manage more than $60 billion, and secondary solutions where our Affiliates manage approximately $50 billion.

在私募市場方面，我們的關係企業管理 1,480 億美元資產；我們在全部 11 家關係企業中都看到成長機會，其中動能最強的兩個領域為：基礎建設與不動產（關係企業管理逾 600 億美元），以及次級解決方案（關係企業管理約 500 億美元）。

We expect rising demand for infrastructure strategies, as infrastructure investment has become a global imperative due to population growth, the need to modernize aging assets, and an evolving economy shaped by energy security, supply chain realignment, and the rapid growth of digital infrastructure, all against the backdrop of rising inflation. We also expect ongoing demand for secondary solutions across private equity, infrastructure, and credit given the role such strategies play in underlying portfolio management for both GPs and LPs to address liquidity, manage duration and adjust exposures, attributes that are even more important in the environment today, given monetization headwinds in private equity.

我們預期基礎建設策略的需求將上升，因為在人口成長、老舊資產現代化需求，以及在能源安全、供應鏈重整與數位基礎建設快速成長所形塑的經濟演變之下，基礎建設投資已成為全球迫切需求，而這一切又發生在通膨上升的背景中。我們也預期私募股權、基礎建設與信貸等領域的次級解決方案需求將持續，因為此類策略可協助 GP 與 LP 進行底層投資組合管理，以因應流動性需求、管理存續期間並調整曝險；在當前環境下，鑑於私募股權變現面臨逆風，這些特性更顯重要。

Together, infrastructure and secondary solutions have generated substantial organic growth from both institutional and individual investors over the past 12 months. In liquid alternatives, where our Affiliates manage more than $261 billion in assets, we are benefiting most from growth in two trends: institutional demand for absolute return strategies and the growing focus on after-tax compounding in the wealth channel.

綜合而言，基礎建設與次級解決方案在過去 12 個月中，來自機構與個人投資人的有機成長相當可觀。在流動型另類方面，我們的關係企業管理逾 2,610 億美元資產；我們主要受惠於兩項趨勢的成長：機構對絕對報酬策略的需求，以及財富通路對稅後複利成長的日益重視。

Absolute return strategies, which account for approximately $180 billion in assets, include multi-strategy, global macro, relative value fixed income and trend-following, and are designed to generate returns that have low or no correlation to broader markets. They provide AMG's business with ballast relative to pro-cyclical strategies in private markets and differentiated equities, enhancing the stability of our earnings over time.

絕對報酬策略約占 1,800 億美元資產，包含多策略、全球總體、相對價值固定收益與趨勢追蹤等，旨在創造與更廣泛市場低相關或無相關的報酬。相較於私募市場與差異化股票等順景氣策略，這些策略為 AMG 的業務提供「壓艙石」效果，提升我們長期盈餘的穩定性。

For the same reasons, clients globally are increasingly attracted to these absolute return strategies, especially as the outlook for the macro environment has become more uncertain. As a result, we had a meaningful uptick in flows in the quarter driven by institutional demand for absolute return strategies with contributions from nearly all of our Affiliates in liquid alternatives, and we expect continued organic growth momentum in these strategies.

基於相同原因，全球客戶對這些絕對報酬策略的吸引力日益提升，尤其是在總體環境展望更不確定之際。因此，本季在機構對絕對報酬策略的需求帶動下，我們的資金流入明顯增加，且流動型另類領域幾乎所有關係企業皆有貢獻；我們預期這些策略的有機成長動能將持續。

In addition, within liquid alternatives, we are benefiting from significant client demand for tax-aware long/short strategies. These strategies account for approximately $69 billion of our AUM in liquid alternative strategies or about 8% of AMG's business. And while tax-loss harvesting has been a secular trend for decades, clients and advisers are increasingly attuned to the impact of their portfolio allocation decisions on compounding returns after tax.

此外，在流動型另類之中，我們也受惠於客戶對具稅務意識的多空策略之顯著需求。這些策略約占我們流動型另類策略管理資產的 690 億美元，或約占 AMG 整體業務的 8%。雖然稅損收割已是數十年的長期趨勢，但客戶與顧問愈來愈重視投資組合配置決策對稅後複利報酬的影響。

AMG has benefited from this underlying secular trend through ongoing organic growth, which has been significant over the past year. As I mentioned, these four growth areas: infrastructure, secondary solutions, absolute return strategies, and beta-sensitive long/short strategies have driven organic growth in the quarter and over the past 12 months. Looking ahead, given the continued tailwinds in these areas, and our Affiliates' excellent long-term track records, AMG is well-positioned for further growth.

AMG 透過持續的有機成長受惠於這項底層的長期結構性趨勢，而過去一年尤為顯著。如我所提，這四個成長領域——基礎建設、次級解決方案、絕對報酬策略，以及對 beta 較敏感的多空策略——推動了本季及過去 12 個月的有機成長。展望未來，鑑於這些領域仍有持續順風，以及我們關係企業卓越的長期績效紀錄，AMG 已具備進一步成長的良好條件。

As demonstrated over the past five years, our business is strong, diversified, and dynamic. Through our ability to shape AMG's business profile and scale our earnings power by allocating our capital to investments in new and existing Affiliates, we will further evolve our business toward areas of growth and return. Our unique approach and track record as a partner are continuing to resonate with the highest-quality independent firms.

過去五年的表現證明，我們的業務強健、多元且具動態性。透過將資本配置於對新與既有關係企業的投資，我們能塑造 AMG 的業務輪廓並擴大盈餘能力，進一步使業務朝向具成長性與報酬性的領域演進。我們作為合作夥伴的獨特方法與過往紀錄，持續獲得最高品質獨立機構的認同。

We have had an active start to 2026 in this area. In January, we completed our investment in BBH Credit Partners, a leading taxable fixed income and credit franchise. In February, we announced a new partnership with HighBrook Investors, a private markets manager operating in the real estate sector. And we also announced an incremental minority investment in Garda Capital Partners, an existing, highly successful Affiliate operating and liquid alternatives.

在這方面，2026 年我們有一個積極的開局。1 月，我們完成對 BBH Credit Partners 的投資，該公司是領先的應稅固定收益與信貸平台。2 月，我們宣布與 HighBrook Investors 建立新的合作關係，該公司為在不動產領域運作的私募市場管理人。我們也宣布對既有且非常成功的關係企業 Garda Capital Partners 進行額外的少數股權投資，該公司在流動型另類領域營運。

Stepping back from the quarter and to take a longer-term view of our business and our strategy. Over the past five years, we have transformed AMG and evolved our business profile in a way that we believe will benefit shareholders for years to come. During this period, our business generated more than $5 billion in capital, all of which, through our disciplined capital allocation strategy, we have reallocated to both high-conviction growth investments and meaningful return of capital to shareholders, demonstrating our commitment to long-term value creation.

從本季拉回來，以更長期的角度看待我們的業務與策略。過去五年，我們已改造 AMG，並以我們相信將在未來多年使股東受益的方式，演進我們的業務輪廓。在此期間，我們的業務創造了超過 50 億美元的資本；透過我們嚴謹的資本配置策略，我們已將其全數重新配置至高信念的成長投資，以及對股東具意義的資本回饋，展現我們對長期價值創造的承諾。

Together, these strategic actions have resulted in exceptional earnings growth, generating mid-teens compound annual growth rate and Economic earnings per share over the past five years. And this growth is accelerating. In 2025, economic earnings per share grew by more than 20%, and we expect that growth rate to increase to more than 30% this year.

綜合而言，這些策略行動帶來卓越的盈餘成長，使過去五年的經濟每股盈餘達到約中十位數的年複合成長率。而且這項成長正在加速。2025 年，經濟每股盈餘成長超過 20%，我們預期今年的成長率將提高至超過 30%。

As we look ahead, our capital allocation decision-making will continue to be the most impactful element of our strategy. We anticipate our business will generate significantly higher levels of capital cumulatively over the next five years, and we expect the impact of deploying it towards growth investments and capital return will further shape and diversify our business profile and fuel our earnings growth.

展望未來，我們的資本配置決策將持續是策略中影響最深遠的要素。我們預期未來五年我們的業務累計將產生顯著更高水準的資本，並預期將其投入成長投資與資本回饋所帶來的影響，將進一步塑造並多元化我們的業務輪廓，並推動盈餘成長。

With our unique partnership-centric, cash-generative, return-focused model, we will continue to press our advantages, executing the same proven strategy with the same level of discipline that brought us here. Today, AMG's reputation, value proposition and capital flexibility have never been stronger, a powerful combination for our firm and for our shareholders.

憑藉我們以夥伴關係為核心、能產生現金、聚焦報酬的獨特模式，我們將持續發揮自身優勢，以帶領我們走到今天的同一套經驗證的策略、同樣的紀律水準來執行。如今，AMG 的聲譽、價值主張與資本彈性從未如此強大——這對我們公司與股東而言，是一個強而有力的組合。

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

那麼，接下來我把時間交給 Dava。

Thank you, Jay, and good morning, everyone. AMG entered 2026 with significant momentum, and our first quarter results reinforced that strength, highlighted by record net inflows and significant year-over-year growth in fee-related earnings, Adjusted EBITDA, and Economic earnings per share. Our alternatives business continues to scale, underpinned by strong organic growth from existing Affiliates and further enhanced by the addition of several new high-quality partnerships.

謝謝你，Jay，各位早安。AMG 以顯著的動能進入 2026 年，而我們第一季的業績進一步印證了這股強勁態勢，亮點包括創紀錄的淨流入，以及與去年同期相比手續費相關盈餘、調整後 EBITDA 與經濟每股盈餘的顯著成長。我們的另類投資業務持續擴張，既有聯屬公司帶來強勁的有機成長，同時也因新增數個高品質的新合作夥伴而進一步強化。

These results underscore the strength and resilience of our model as a result of the ongoing execution of our strategy to evolve the business toward areas of secular growth while remaining disciplined in our capital allocation decision-making.

這些結果凸顯了我們模式的強韌與韌性，源自於我們持續落實策略：在嚴守資本配置決策紀律的同時，推動業務朝向具長期結構性成長的領域演進。

Starting with our results for the first quarter. AMG's AUM was $882 billion, the highest level in our history, driven by record positive net inflows for our alternatives Affiliates and the addition of AUM from new investments. Our business reached this record AUM level despite market headwinds from broader macro events.

先從第一季的業績談起。AMG 的資產管理規模（AUM）達 8,820 億美元，創下公司歷史新高，主要由另類投資聯屬公司的創紀錄正向淨流入，以及新投資帶來的 AUM 增加所驅動。儘管整體宏觀事件帶來市場逆風，我們的業務仍達到這一 AUM 新高。

Net client cash inflows of more than $22 billion marked our fourth consecutive quarter of positive and increasing net flows, driven by ongoing strength in alternatives. In liquid alternatives, Affiliates generated $25 billion in net inflows, marking another record quarter with most of our liquid alternative Affiliates, including AQR, Capula, Garda, Systematica and Winton, contributing to the strong result.

客戶淨現金流入超過 220 億美元，為連續第四季呈現正向且逐季增加的淨流量，主要由另類投資的持續強勁所帶動。在流動性另類投資方面，聯屬公司淨流入 250 億美元，再度創下單季新高；我們多數流動性另類投資聯屬公司（包括 AQR、Capula、Garda、Systematica 與 Winton）皆對此強勁表現有所貢獻。

Flows were broad-based. We had net inflows from wealth clients of $15 billion into long/short tax-aware strategies, $6 billion in net inflows into absolute return strategies from institutional clients and $4 billion of inflows into retail products across both beta-sensitive and absolute return strategies. This is consistent with broader industry trends of rising allocations to these strategies as investors value the role they play in portfolios across market cycles.

資金流向相當廣泛。我們來自財富管理客戶的淨流入為 150 億美元，投入於多空稅務敏感策略；機構客戶投入絕對報酬策略的淨流入為 60 億美元；零售產品方面，涵蓋 beta 敏感與絕對報酬策略的流入合計 40 億美元。這與產業整體趨勢一致：投資人愈來愈提高對這些策略的配置，因為他們重視這些策略在不同市場循環中於投資組合所扮演的角色。

As momentum continues to build across channels, we believe AMG's diversified liquid alternatives Affiliates are well-positioned to continue to attract new flows over time. Our private markets Affiliates raised $4 billion in the quarter, primarily driven by Pantheon in secondaries strategies, along with infrastructure fundraises at Ara, EIG and Qualitas Energy. On the heels of our record fundraising year in 2025, we continue to see consistent demand, given these Affiliates’ specialized strategies, deep institutional relationships and strong long-term track records.

隨著各通路動能持續增強，我們相信 AMG 多元化的流動性另類投資聯屬公司具備良好條件，能在時間推移下持續吸引新的資金流入。我們的私募市場聯屬公司本季募資 40 億美元，主要由 Pantheon 的次級市場策略所帶動，並包括 Ara、EIG 與 Qualitas Energy 的基礎建設基金募資。延續 2025 年創紀錄的募資年度之後，鑑於這些聯屬公司的專精策略、深厚的機構關係與強勁的長期績效紀錄，我們仍持續看到穩健的需求。

Importantly, with multiple private market Affiliates contributing across vintages, products and channels, AMG exhibits a more durable and consistent fundraising pattern, reflecting a structurally diversified model rather than reliance on any single fundraise, differentiating our private markets profile from that of others.

重要的是，隨著多家私募市場聯屬公司在不同年份（vintages）、產品與通路上皆有貢獻，AMG 呈現更具耐久性且更一致的募資型態，反映的是結構性多元化的模式，而非仰賴單一募資案，這也使我們的私募市場輪廓有別於其他同業。

To give further color on our private markets profile, we have a distinctive strategic position in the industry. Nearly 90% of AUM managed by our Affiliates in private markets is institutional, largely in drawdown style funds. These drawdown funds form the core offerings of our private markets Affiliates. Additionally, we have experienced growing demand for these strategies from wealth clients and we are well-positioned with our differentiated product offerings and capital formation solutions for Affiliates to access this long-term trend.

為了更進一步說明我們的私募市場輪廓，我們在產業中具備獨特的策略定位。我們聯屬公司在私募市場所管理的 AUM 近 90% 來自機構客戶，且多數為承諾制（drawdown）基金。這些承諾制基金構成我們私募市場聯屬公司的核心產品。此外，我們也看到財富管理客戶對這些策略的需求日益增加；憑藉差異化的產品供給與協助聯屬公司進行資本募集的解決方案，我們已做好準備把握這項長期趨勢。

Our Affiliates’ private market strategies are well-diversified across strategies, including secondaries, private equity, infrastructure, real estate, and private credit. Our private credit exposure is low, representing approximately 3% of AMG's total assets today. Within private credit, we have limited traditional direct lending exposure given the sale of our stake in Comvest’s private credit business last year. More broadly, the credit exposure we have is more opportunistic in nature, including secondaries in private credit and structured credit and relative value in liquid alternatives.

我們聯屬公司的私募市場策略在各策略面向上高度多元，涵蓋次級市場、私募股權、基礎建設、不動產與私募信貸。我們的私募信貸曝險偏低，目前約占 AMG 總資產的 3%。在私募信貸之中，由於去年出售我們在 Comvest 私募信貸業務的持股，我們對傳統直接放貸的曝險有限。更廣泛而言，我們的信貸曝險更偏向機會型，包括私募信貸次級市場、結構型信貸，以及流動性另類投資中的相對價值策略。

We believe the current credit market environment is creating compelling long-term opportunities for these strategies. In multi-asset and fixed income, our Affiliates generated net inflows of $3 billion, mainly driven by BBH Credit Partners, with additional contributions from Baker Street, Artemis, Beutel Goodman and GW&K.

我們認為目前的信貸市場環境，正為這些策略創造具吸引力的長期機會。在多元資產與固定收益方面，我們的聯屬公司淨流入 30 億美元，主要由 BBH Credit Partners 帶動，Baker Street、Artemis、Beutel Goodman 與 GW&K 亦有額外貢獻。

Finally, in equities, net outflows of approximately $9 billion in the quarter reflected ongoing industry and performance headwinds. However, we continue to see pockets of strength in our differentiated long-only business, including consistent positive net flows at Artemis based on its excellent long-term track record of investment performance.

最後，在股票方面，本季約 90 億美元的淨流出反映了產業面與績效面的持續逆風。不過，我們仍在具差異化的長期持有（long-only）業務中看到一些亮點，包括 Artemis 憑藉其優異的長期投資績效紀錄，持續維持穩定的正向淨流入。

In aggregate, our first-quarter flows highlight the structural advantages of AMG's diversified business model. With a broad group of Affiliates spanning strategies, asset classes, geographies and client channels, we were able to navigate shifting market conditions and trends while continuing to capture growth opportunities. As we further evolve our mix towards higher-growth alternatives, the resulting incremental diversification enhances the resilience of our cash flows and positions AMG to deliver more consistent, sustainable organic growth across market cycles.

整體而言，我們第一季的資金流向凸顯了 AMG 多元化商業模式的結構性優勢。憑藉涵蓋不同策略、資產類別、地理區域與客戶通路的廣泛聯屬公司群，我們得以在市場環境與趨勢變動之際持續掌握成長機會。隨著我們進一步將組合朝向成長性更高的另類投資演進，所帶來的額外多元化將提升現金流的韌性，並使 AMG 能在不同市場循環中提供更一致、可持續的有機成長。

Turning to first quarter financial results. We reported Adjusted EBITDA of $317 million, which grew 39% year-over-year. Fee-related earnings, which exclude net performance fees, grew 29% year-over-year, driven by positive organic growth, the positive impact of investment performance and margin expansion at some of our largest Affiliates. Net performance fee earnings of $49 million in the quarter increased $29 million from the prior year, driven by Capula, Winton, AQR and ValueAct. Economic earnings per share of $8.23 grew 58% year-over-year, driven by these factors and further benefiting from the impact of share repurchases.

接著談第一季財務結果。我們的調整後 EBITDA 為 3.17 億美元，年增 39%。手續費相關盈餘（不含淨績效費）年增 29%，主要受正向有機成長、投資績效的正面影響，以及部分最大聯屬公司的利潤率擴張所帶動。本季淨績效費盈餘為 4,900 萬美元，較去年同期增加 2,900 萬美元，主要由 Capula、Winton、AQR 與 ValueAct 所驅動。經濟每股盈餘為 8.23 美元，年增 58%，除上述因素外，亦進一步受惠於庫藏股回購的影響。

Now moving to second quarter guidance. We expect adjusted EBITDA to be in the range of $290 million to $305 million, based on current AUM levels reflecting our market blend, which was up 5% quarter-to-date as of April 30, and including seasonally lower net performance fees of up to $10 million. Based on this, and assuming an adjusted weighted average share count of 26.7 million, we expect second quarter economic earnings per share to be between $7.60 and $8.01, the midpoint of which represents approximately 45% growth versus Q2 2025.

接下來是第二季指引。我們預期調整後 EBITDA 將落在 2.90 億至 3.05 億美元區間，係以目前 AUM 水準為基礎並反映我們的市場組合；截至 4 月 30 日，該市場組合的季初至今上升 5%，並納入季節性較低、最高至 1,000 萬美元的淨績效費。基於此，並假設調整後加權平均股數為 2,670 萬股，我們預期第二季經濟每股盈餘介於 7.60 至 8.01 美元之間，其中點相較 2025 年第二季約成長 45%。

Finally, turning to the balance sheet and capital allocation. Building on an active 2025, we continue to execute our capital allocation strategy in the first quarter of 2026. With the January close of our partnership with BBH Credit Partners and the February announcements of our new investment in HighBrook and follow-on investment in Garda.

最後，談到資產負債表與資本配置。在 2025 年積極作為的基礎上，我們在 2026 年第一季持續執行資本配置策略，包括 1 月完成與 BBH Credit Partners 的合作，以及 2 月宣布對 HighBrook 的新投資與對 Garda 的追加投資。

In January, conversions related to our 2037 junior convertible trust preferred securities were fully settled in cash. The $174 million in conversion premium effectively represented the repurchase of 600,000 adjusted diluted shares and the share dilution associated with these securities has now been fully removed from our capital structure.

1 月，與我們 2037 年次順位可轉換信託優先證券相關的轉換已全數以現金結算。1.74 億美元的轉換溢價實質上相當於回購 60 萬股調整後稀釋股數，而與這些證券相關的股本稀釋如今已完全自我們的資本結構中移除。

We repurchased approximately $186 million in shares in the first quarter, and for the full year, we expect to repurchase approximately $500 million, subject to market conditions and capital allocation activity. Our balance sheet remains in a strong position given our long-dated debt, low leverage level, and access to our revolver. This is further supported by a healthy underlying business generating recurring annual cash flows that continue to grow.

我們在第一季回購約 1.86 億美元的股票；全年而言，在視市場狀況與資本配置活動而定的前提下，我們預期回購約 5 億美元。我們的資產負債表仍維持強勁，得益於長天期負債、低槓桿水準，以及可動用的循環信貸額度（revolver）。此外，健康的核心業務持續產生並成長的經常性年度現金流，也進一步提供支撐。

These after-tax cash flows are at record levels, delivering approximately $1 billion annually. With these factors, we are well-positioned to execute our growth strategy across all stages of a market cycle. We have ample capacity to both make growth investments and simultaneously return capital to shareholders. Our strong first-quarter results reflect the accelerating momentum in our business and the advantages of our highly diversified Affiliate model.

這些稅後現金流處於歷史新高，每年約可貢獻 10 億美元。基於這些因素，我們具備良好條件在市場循環的各個階段執行成長策略。我們有充足的能力一方面進行成長投資，同時也向股東回饋資本。我們強勁的第一季業績反映了業務動能的加速，以及我們高度多元化聯屬公司模式的優勢。

Looking ahead, we are excited by the breadth of opportunities in front of us as we continue to evolve our business toward higher growth alternatives. We will remain deliberate and disciplined in deploying capital. Investing in growth opportunities with new and existing Affiliates while also consistently returning capital to shareholders, and we are confident in our ability to generate meaningful incremental value over time.

展望未來，隨著我們持續推動業務朝向成長性更高的另類投資演進，眼前廣泛的機會令我們振奮。我們將在資本部署上保持審慎且有紀律：一方面投資於與新舊聯屬公司的成長機會，另一方面也持續穩定地向股東回饋資本；我們對於隨時間推移創造具意義的增量價值充滿信心。

Now we are happy to take your questions.

現在我們很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Jay, maybe just pick up in some of your commentary. I think the investment community in the last few weeks has gotten myopically focused on AQR, just given some of the headlines coming out of Schwab, the short selling, et cetera, it all seems to be noise to us. And it sounds like there's a lot of diversification from your comments today, which we appreciate the expanded discussion.

Jay，我想接續你剛才的一些評論。過去幾週投資圈似乎有點短視地把焦點放在 AQR 上，主要是因為 Schwab 那邊出來的一些新聞標題、放空等等；在我們看來這些似乎都只是雜音。而從你今天的說法聽起來，你們的多元化程度其實很高，我們也很感謝你們更深入、擴充的說明。

Can you dig in a little bit further into maybe these four verticals of opportunity for growth? And then I was intrigued by your comments of April off to a good start. I was wondering if you maybe expand on that as well. Thank you.

您能否再更深入談談這四個成長機會的垂直領域？另外，我對您提到四月開局良好的評論很感興趣，也想請您再多展開說明。謝謝。

Yes. Great. Thanks for your question, Bill. So I'll start, Dava can help. We're going to talk about our flows and then maybe I'll circle back on AQR.

好的。很棒。謝謝你的提問，Bill。我先開始，Dava 也可以補充。我們會先談談資金流向，然後我可能再回到 AQR 的部分。

So yes, the answer is our flows were broad-based, and they were along the lines of the four trends that I mentioned in our prepared remarks. Just to dimensionalize that in the quarter, we had $29 billion in alternative flows. That was a record for us. Over the past year, we generated $90 billion in flows into alternatives. And I know there's a temptation, there always has been to focus on one Affiliate or one element of AMG.

是的。答案是我們的資金流向相當廣泛，並且符合我在事先準備的發言中提到的四個趨勢。為了讓大家更具體理解本季的情況，我們在另類投資的資金流入為 290 億美元，這對我們來說是紀錄。過去一年，我們在另類投資方面累計帶來 900 億美元的資金流入。我知道一直以來大家都很容易把焦點放在某一家關聯公司（Affiliate）或 AMG 的某個單一面向。

But AMG is truly a diverse business. These four growth drivers that I mentioned, infrastructure, secondary solutions, absolute return, and tax-aware strategies, they're all powering the strong organic growth story and the $90 billion of flows into alternatives. Our flows were balanced across each of these four areas over the quarter and over the year with none accounting for a majority. So maybe I'll turn it to Dava just to drill down a little bit to further contextualize some of this, and then I'll come back and address maybe some of the noise.

但 AMG 確實是一個高度多元的業務。我提到的這四個成長驅動因素——基礎建設、次級解決方案、絕對報酬，以及稅務敏感（tax-aware）策略——都在推動強勁的有機成長故事，以及 900 億美元的另類投資資金流入。本季以及過去一年，我們的資金流入在這四個領域之間相當均衡，沒有任何一項占到多數。接下來我先請 Dava 再更深入說明、補充一些背景脈絡，之後我再回來回應可能的一些雜訊。

Thanks, Jay. So just digging in a little bit further here. Our flow profile is really an output of our strategy. It aligns our business with areas of secular client demand trends and alternatives, and it continues to evolve our mix through organic growth and new investments. I'll double-click into each of private markets and then liquid alts.

謝謝，Jay。那我再更深入一點。我們的資金流向輪廓其實是我們策略的結果：讓我們的業務與客戶長期結構性需求趨勢以及另類投資領域對齊，並透過有機成長與新投資持續優化我們的組合。我會分別更細談私募市場與流動性另類投資（liquid alts）。

Starting with private markets. Our private market Affiliates raised capital through multiple strategies, vehicles, and channels, which help produce a more consistent fundraising profile than a single flagship-led model. That consistency is supported by durable client demand trends, most notably in infrastructure and real assets, secondaries, and specialized allocations, such as decarbonization and healthcare.

先從私募市場開始。我們的私募市場關聯公司透過多種策略、載體（vehicles）與通路募集資金，這有助於形成比單一旗艦基金主導模式更穩定的募資輪廓。這種穩定性來自於持久的客戶需求趨勢，最顯著的包括基礎建設與實體資產、次級市場，以及更專門的配置方向，例如去碳化與醫療健康。

Our private market flows have been relatively consistent over the past eight quarters, exhibiting about 18% annualized growth on average. As one of our largest and longest standing Affiliates, Pantheon has been a consistent driver of that fundraising, supported by a scaled multi-product platform, particularly in secondaries. It's been recurring demand across vintages and has had meaningful contributions from institutional clients as well as within the wealth channel.

過去八個季度，我們的私募市場資金流入相對穩定，平均約呈現 18% 的年化成長。作為我們規模最大且合作時間最久的關聯公司之一，Pantheon 一直是募資的穩定推動者，背後支撐是其具規模的多產品平台，尤其是在次級市場領域。這是跨不同基金年度（vintages）的持續性需求，且機構客戶與財富通路（wealth channel）都做出了顯著貢獻。

Alongside of that, many of our other private market Affiliates are more specialized and tend to raise capital through more targeted fundraises across their focus areas. Given we have 11 of these private market Affiliates, we're less reliant on any single Affiliates’ capital-raising calendar, and this tends to produce a more consistent, durable overall private markets flow profile.

此外，我們其他許多私募市場關聯公司更為專精，通常會在其聚焦領域透過更具針對性的募資來募集資金。由於我們有 11 家這類私募市場關聯公司，我們對任何單一關聯公司的募資時程表依賴度較低，這也往往能帶來更一致、更具韌性的整體私募市場資金流向輪廓。

And based on what we're seeing today, fundraising and client demand are expected to remain robust with multiple funds coming to market across our private market Affiliate strategies, including all the Affiliates we just recently partnered with over the past 15 months.

根據我們目前看到的情況，募資與客戶需求預期仍將維持強勁，且我們多個私募市場關聯公司策略將有多檔基金推向市場，其中也包括我們在過去 15 個月內新合作的所有關聯公司。

Now turning over to liquid alternatives. We had $25 billion of flows this quarter, and flows this quarter were broad-based across both beta-sensitive and absolute return strategies. Also broad-based across investor channels with institutional, wealth, and retail flows all coming through. This is consistent with broader industry trends as investors are increasing allocations to these strategies as they've demonstrated a real role that they can play across market cycles. And these allocations have been flowing to the largest managers, and here we're well-positioned with several of our Affiliates, like AQR, Garda, Capula and Verition.

接著談流動性另類投資。本季我們有 250 億美元的資金流入，而且本季的流入在對 beta 較敏感的策略與絕對報酬策略之間都相當廣泛；在投資人通路方面也很分散，機構、財富與零售通路都有資金進來。這與更廣泛的產業趨勢一致，因為投資人正在提高對這些策略的配置，且這些策略已證明在不同市場循環中確實能扮演角色。而這些配置也正流向規模最大的管理人；在這方面，我們透過多家關聯公司（如 AQR、Garda、Capula 與 Verition）具備良好定位。

Finally, it's worth mentioning that we've been experiencing positive mix shift over the past year as well, leading to an increase in our management fee rate and margin expansion at some of our largest Affiliates, which has had a direct benefit to our EBITDA. By contrast, though, we have continued to see some headwinds alongside of overall industry in equities.

最後也值得一提的是，過去一年我們也經歷了正向的組合轉移（positive mix shift），帶動管理費率上升，並使我們部分最大關聯公司的利潤率擴張，這對我們的 EBITDA 有直接助益。相較之下，我們在股票業務方面仍與整體產業一樣持續面臨一些逆風。

We reported about $9 billion in net outflows from equities this quarter, in line with average levels over the last 12 months. But when taken together with $3 billion in net inflows in multi-asset and fixed income, we're seeing an improvement in our differentiated long-only net flows. Across these Affiliates, we see pockets of strength, including at Artemis, where strong performance has led to positive net flows, and at BBH Credit Partners, where we see ongoing demand for fixed income strategies.

本季我們報告股票策略約 90 億美元的淨流出，與過去 12 個月的平均水準一致。但若再加上多元資產與固定收益合計 30 億美元的淨流入，我們看到在具差異化的傳統多頭（long-only）淨流向方面正在改善。在這些關聯公司中，我們也看到一些強勢領域，包括 Artemis，因為績效強勁而帶來正向淨流入；以及 BBH Credit Partners，我們看到固定收益策略仍有持續需求。

Yes. Great. Thanks, Dava. So I'm just going to comment on one thing here, which is in addition to the strong alternative flows. As we look out for the next 12 months, we actually think that our long-only outflows seem to be getting better. So our flow story, just all around for the moment is positive relative to what it's been in the past. We had $52 billion of net flows for the last 12 months, and that trend seems to be getting better as we look forward.

是的。很棒。謝謝，Dava。我這裡只補充一點：除了另類投資資金流入強勁之外，展望未來 12 個月，我們其實認為 long-only 的資金流出似乎正在改善。因此，就目前而言，我們整體的資金流向故事相較過去更為正面。過去 12 個月我們的淨流入為 520 億美元，而隨著我們往前看，這個趨勢似乎還在變好。

Now I'm going to take the second part of your question and just address AQR for a moment. And maybe I'll just start with a bit of a fun statement, which is, over the past 15 years, I've answered a lot of questions on AQR, mostly on these earnings calls. Virtually, every time I answer the question, I start and will end as well with one observation. AQR is an incredibly innovative business. Their success is rooted in its decade-long reputation and history of this innovation. They deliver strategies and products that meet clients’ objectives that can be used in portfolio construction and that can produce alpha.

接著我來回答你問題的第二部分，先談一下 AQR。也許我先用一句比較有趣的話開場：過去 15 年來，我回答過很多關於 AQR 的問題，多半是在這些法說會上。幾乎每次我回答這個問題，我都會以同一個觀察作為開頭，也會以同一個觀察作為結尾：AQR 是一家極具創新力的公司。他們的成功根植於長達數十年的創新聲譽與歷史。他們提供能滿足客戶目標的策略與產品，可用於投組建構，並且能產生 alpha。

So AQR's reputation and it’s long-term investment track record across its broad range of strategies today, including absolute return, beta-sensitive, long-only, is driving demand across all of its client types: institutional, wealth, retail. The firm's primary goal is to deliver institutional caliber, pre-tax alpha to all investors. And for individuals, AQR has a focus on compounding after-tax returns. This is a very large addressable market. It's been around for a long time, and AQR is one of the participants in the market.

因此，AQR 的聲譽以及其在廣泛策略上的長期投資績效紀錄——包括絕對報酬、對 beta 較敏感的策略、以及 long-only——正在推動各類客戶的需求：機構、財富與零售。該公司的主要目標是為所有投資人提供具機構水準的稅前 alpha；而對個人投資人而言，AQR 著重於複利化的稅後報酬。這是一個非常龐大的可服務市場，存在已久，而 AQR 是其中的參與者之一。

We continue to see strong demand for these strategies, including in the second quarter. And we are not aware of anything that changes our positive outlook for the firm or their strategies and underlying trends supporting its ongoing business momentum.

我們持續看到這些策略的強勁需求，包括在第二季也是如此。而且我們並未察覺有任何因素會改變我們對該公司、其策略，以及支撐其持續業務動能的底層趨勢之正向展望。

These tax-aware strategies, however, they only speak to one aspect of AQR's broad platform and its continued innovation. The firm has generated inflows across a range of strategies, including in this quarter. And we also are very excited about their absolute return strategies and the prospect for additional flows into these strategies, which have excellent performance and are gaining interest from all types of clients, including institutions.

不過，這些稅務敏感策略只反映了 AQR 廣泛平台與持續創新的一個面向。該公司在多種策略上都出現資金流入，本季亦然。我們也對他們的絕對報酬策略感到非常振奮，並看好這些策略有望帶來更多資金流入；這些策略績效優異，且正獲得各類客戶（包括機構）的更多關注。

Now I'd like to take it back to the AMG level. Long/short strategies in wealth account for just 8% of our assets under management. As I mentioned, our Affiliates generated $90 billion in flows into alternatives, a minority of those flows came from tax-aware strategies. AMG is highly diverse, and this one trend is just one of the four major drivers of our growth. Again, these four trends being infrastructure, secondary solutions, absolute return strategies, and tax-aware strategies. Again, all four are driving our growth and none are accounting for a majority.

現在我想把層級拉回到 AMG。財富通路中的多空（long/short）策略僅占我們管理資產的 8%。如我所提，我們的關聯公司在另類投資方面帶來 900 億美元的資金流入，其中只有少數來自稅務敏感策略。AMG 高度多元，而這個趨勢只是我們成長的四大驅動因素之一。再次強調，這四個趨勢是：基礎建設、次級解決方案、絕對報酬策略，以及稅務敏感策略。四者都在推動成長，且沒有任何一項占到多數。

So then the last question you asked me is April. Interestingly, during the first quarter, we had, as others did, we had to face reasonably significant volatility in the market and beta was down in the quarter, yet, AMG had record AUM and record cash flow and record earnings in the quarter. In April, we have seen strong beta. And because of the balance in our business, our assets are at another all-time high.

你最後問到的是四月。有趣的是，在第一季，我們和其他人一樣，必須面對相當顯著的市場波動，而且本季 beta 下跌；然而，AMG 在該季仍創下管理資產新高、現金流新高與盈餘新高。到了四月，我們看到 beta 表現強勁。由於我們業務的均衡性，我們的資產也再度創下歷史新高。

Thanks, Bill. I appreciate the question.

謝謝你，Bill。我很感謝這個問題。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Thank you. I appreciate all the detail and extra discussion on the flow backdrop. I wanted to double-click into the wealth channel. You guys had quite a lot of success with Pantheon's retail product focused on secondaries and co-invest markets. How is the appetite for these kind of products in the channel today given the turbulence we're seeing in the credit part of the business. Obviously, that's not a part of your model, but just curious if you're seeing any spillover effects of that into other parts of the wealth channel?

謝謝。我很感謝你們就資金流向背景提供了這麼多細節與額外討論。我想更深入談談財富通路。你們在 Pantheon 的零售產品上相當成功，該產品聚焦於次級市場與共同投資（co-invest）市場。鑑於我們在信貸業務部分看到的動盪，目前通路對這類產品的胃納如何？顯然那不是你們模型的一部分，但我想了解的是，你們是否看到這種情況對財富通路其他部分產生任何外溢影響？

And then maybe as part of that hit on the road map of additional products you're likely to launch in the coming 12 to 18 months as we think about further diversifying your flow base?

然後也許作為其中一部分，當我們思考在未來 12 到 18 個月內，為了進一步多元化你們的資金流入基礎，你們可能會推出哪些額外產品的路線圖？

Yes. Great. Thanks, Alex. I think that's an excellent question. We'll take it in a few different pieces. We'll talk about the wealth products, and then I'll circle back. I'll have Dava do that, and then I'll come back and do Pantheon more broadly and then other products that we're looking at introducing.

是的。很好。謝謝你，Alex。我覺得這是一個非常好的問題。我們會分幾個部分來回答。我們先談財富管理產品，然後我再回來補充。我會先請 Dava 來說，接著我會更廣泛地談 Pantheon，然後再談我們正在考慮推出的其他產品。

Great. Thanks for the question, Alex. So we remain constructive on the secular trend. And while we're monitoring the broader industry dynamics, wealth investors and advisers continue to broaden portfolios beyond traditional allocations and evergreen structures are an increasingly important way to access institutional quality alternatives in a more flexible wrapper.

謝謝你的提問，Alex。就長期結構性趨勢而言，我們仍然持正面看法。雖然我們正在監測更廣泛的產業動態，但財富端投資人與理財顧問仍持續將投資組合擴展到傳統配置之外，而常青（evergreen）結構正日益成為以更具彈性的包裝來取得機構級替代性資產的重要方式。

AMG is focused on delivering the right strategies in the right structure, meeting clients where they are on liquidity preference, access, and portfolio needs. We believe AMG is differentiated in this channel, providing investors access to independent Affiliates and their breadth of offerings across private markets and alternative credit. We see the most compelling opportunities today in differentiated strategies, led by credit secondaries.

AMG 專注於以正確的結構提供正確的策略，在流動性偏好、可及性與投資組合需求上與客戶接軌。我們相信 AMG 在此通路具差異化優勢，讓投資人得以接觸獨立的聯屬公司（Affiliates），以及其在私募市場與另類信貸方面的多元產品。我們認為當前最具吸引力的機會在於差異化策略，其中以信貸次級市場（credit secondaries）為首。

Liquidity needs, duration management and slower exits are driving greater secondary activity, while market noise and headline risks are creating pricing dislocations that can offer seasoned assets at attractive valuations. We also see opportunity in asset-backed credit solutions where structural protections and collateral quality support capital preservation.

流動性需求、存續期間管理以及退出放緩正推動次級市場活動增加；同時，市場雜訊與新聞風險造成的定價錯位，可能以具吸引力的估值提供成熟資產。我們也在資產擔保信貸解決方案中看到機會，因其結構性保護與抵押品品質有助於資本保全。

Ultimately, the key to long-term success is education and setting expectations while staying disciplined. Education remains a critical enabler of growth for evergreen private markets solutions. While these vehicles expand access, their structural features differ meaningfully from traditional private market funds and require deeper understanding.

最終，長期成功的關鍵在於教育與設定預期，同時保持紀律。教育仍是常青私募市場解決方案成長的關鍵推動力。雖然這些工具擴大了可及性，但其結構特徵與傳統私募市場基金有顯著差異，需要更深入的理解。

We are committed to providing scalable education that equips advisers to understand these mechanics, assess suitability and thoughtfully integrate evergreen solutions to support clients' long-term investment objectives. We believe these products can be a compelling option for wealth clients seeking diversified access to alternatives over a long time horizon.

我們致力於提供可規模化的教育，協助理財顧問理解這些運作機制、評估適配性，並審慎地整合常青解決方案，以支持客戶的長期投資目標。我們相信，對於希望在長期投資期間內以多元方式配置替代性資產的財富客戶而言，這些產品可能是很有吸引力的選擇。

Let me walk you through the main products that we have here on the platform. First, P-BUILD. This is the AMG Pantheon Infrastructure Fund, which we launched last year, and it's still in its seed phase. The portfolio is ramping nicely, and we expect it will benefit from the rising demand for infrastructure strategies as infrastructure investment has become a global imperative.

我先帶你看一下我們平台上的主要產品。第一個是 P-BUILD。這是 AMG Pantheon 基礎建設基金，我們去年推出，目前仍處於種子期。投資組合正在順利擴張，我們預期隨著基礎建設投資成為全球迫切需求，對基礎建設策略的需求上升將使其受益。

P-BUILD is uniquely positioned to combine the benefits of infrastructure investments, including the potential for capital appreciation, yields, lower volatility and portfolio diversification with the added advantages of secondaries, which can offer greater risk mitigation, shorter investment durations and more immediate distributions compared to traditional infrastructure investments.

P-BUILD 具備獨特定位，能結合基礎建設投資的優勢（包括資本增值潛力、收益率、較低波動度與投資組合分散效果），並加入次級市場的額外優點；相較於傳統基礎建設投資，次級市場可提供更高的風險緩解、更短的投資期間，以及更即時的分配。

The next one is P-SECC, the AMG Pantheon Credit Solutions Fund and it's still relatively new, launched within the last two years. The fund's investment approach is first of its kind, focused on private credit secondaries. Since inception, it's been among the top performers in its peer set. And given broader market dynamics, we believe the current environment creates a compelling investment opportunity for the fund.

下一個是 P-SECC，也就是 AMG Pantheon 信貸解決方案基金，推出時間相對較新，於過去兩年內成立。該基金的投資方法屬首創，聚焦於私募信貸次級市場。自成立以來，它在同業組別中一直名列前茅。鑑於更廣泛的市場動態，我們認為目前環境為該基金創造了具吸引力的投資機會。

While near-term growth may be more muted due to traditional direct lending trends, we believe this is a compelling long-term product for investors and differentiated from peer offerings. In these environments, pricing dislocations and motivated sellers can allow access to high-quality seasoned investment opportunities at potentially attractive valuations. This dynamic enables selective capital deployment with a margin of safety, positioning the fund to benefit from both income generation and potential capital appreciation as markets stabilize.

雖然由於傳統直接放貸趨勢，短期成長可能較為溫和，但我們認為這對投資人而言是具吸引力的長期產品，且相較同業產品更具差異化。在這類環境下，定價錯位與有動機的賣方，可能讓投資人以具吸引力的估值取得高品質、已成熟的投資機會。此一動態使得資本能在具安全邊際的情況下選擇性部署，讓基金在市場趨於穩定時，同時受益於收益產生與潛在資本增值。

For P-SECC, periods of increased volatility can create particularly attractive entry points for disciplined secondary credit investing. And this growing opportunity set underscores the increasing role credit secondaries are playing in managing liquidity and portfolio exposures in a market characterized by heightened demand for capital flexibility. And finally, P-PEXX, the AMG Pantheon fund, which has a long operating history since its launch in 2014, with a strong long-term track record of delivering private equity exposure through cycles.

對 P-SECC 而言，波動加劇的期間往往能為有紀律的次級信貸投資創造特別具吸引力的進場點。而這個持續擴大的機會集合，也凸顯在資本彈性需求升高的市場中，信貸次級市場在管理流動性與投資組合曝險方面所扮演的角色日益重要。最後是 P-PEXX，也就是 AMG Pantheon 基金，自 2014 年推出以來已有長期運作歷史，並在不同景氣循環中提供私募股權曝險，具備強勁的長期績效紀錄。

Notably, it has a compelling fee structure for its market comparables with a lower management fee, and it does not charge performance fees. It provides a single allocation globally diversified portfolio across co-investments, secondaries, and primaries, diversified by manager, vintage, geography, and sector, which we view as more sustainable for building long-term compounding of returns. We remain constructive on its outlook, including ongoing progress and expanding its reach to new wealth platforms and intermediaries.

值得注意的是，相較市場同類產品，它的費用結構具吸引力：管理費較低，且不收取績效費。它透過共同投資、次級與初級投資，提供單一配置、全球分散的投資組合，並在管理人、年份（vintage）、地理與產業上分散；我們認為這更有利於建立長期、可持續的複利報酬。我們對其展望仍持正面看法，包括持續進展，以及擴大觸及新的財富平台與中介通路。

Overall, these three products represent a small growing proportion of Pantheon and when put into context of AMG represent less than 1% of AUM today. We are confident in the long-term secular trend and the underlying fundamentals of each of these products, but mindful of the impact of current market dynamics in the evergreen space on near-term growth expectations.

整體而言，這三項產品在 Pantheon 中仍僅占一小部分但正在成長；若放在 AMG 的脈絡下，目前合計占 AUM 不到 1%。我們對長期結構性趨勢以及各產品的基本面有信心，但也留意常青產品領域當前市場動態對短期成長預期的影響。

We continue to focus resources on partnering with Affiliates in the US wealth space through robust product development and access to our broad capital formation resources with several products including the newly registered AMG BBH fund in development. This fund is expected to be launched into a compelling credit market environment for its opportunistic structure and alternative credit approach.

我們持續投入資源，透過強健的產品開發，並運用我們廣泛的募資（capital formation）資源，與美國財富通路的聯屬公司合作；目前有多項產品正在推進中，包括新近完成註冊、正在開發的 AMG BBH 基金。預期該基金將在具吸引力的信貸市場環境中推出，並以其機會型結構與另類信貸方法為特色。

Yes. So Alex, Dava covered it -- covered the landscape. But I think what I would maybe contextualize maybe even just give some perspective is, look, the market had been painting everything with a single brush. This is actually an opportunity to differentiate. I think we see opportunities here because we think our products are unique, differentiated.

是的。Alex，Dava 已經把整體情勢——也就是市場版圖——說明得很完整。不過我想補充一些脈絡、甚至提供一點觀點：你看，市場過去常常用同一把尺看所有東西。其實這正是一個做出差異化的機會。我們在這裡看到機會，因為我們認為我們的產品是獨特且具差異化的。

Certainly, on the semi-liquid side. Education, as Dava said, is key. People have to understand what they own, there are suitability questions. But what we like about our products is that they're opportunistic in nature. I'll take the Pantheon credit secondaries fund, it actually had an opportunity to take advantage of what's happening in the market, and that's the same with the newly registered BBH opportunity credit fund.

尤其是在半流動性（semi-liquid）這一端。如同 Dava 所說，教育是關鍵。人們必須了解自己持有的是什麼，也會有適配性（suitability）方面的問題。但我們喜歡我們產品的一點是：它們本質上是機會型的。以 Pantheon 的信貸次級基金為例，它確實有機會利用市場正在發生的情況；新近註冊的 BBH 機會型信貸基金也是如此。

So we -- and it's got it in the name. So I think we're having -- in some ways, we might come out better through this period as people sort through what products really are differentiated and what products people want to own. So we're long-term constructive. As Dava said, there is a bit of sorting that's going to go through -- we're going to go through here. But on the -- as we come out of it, we have an expectation that we're going to be on our front foot.

所以我們——而且這也寫在名字裡。我認為在某些方面，當大家梳理哪些產品真正具差異化、哪些產品是人們想持有的，我們可能會在這段期間後表現得更好。我們對長期仍持正面看法。如同 Dava 所說，這裡會有一段整理與篩選的過程——我們也會經歷這個過程。但當我們走出這段期間時，我們預期自己會處於更主動進攻的位置。

Maybe just on our wealth strategy more broadly. It’s clearly important to us. We collaborate with our Affiliates. We offer strategic capabilities to new and existing Affiliates. It's part of our brand. It's part of our reputation, the ability to engage with our Affiliates and help them meet their goals, exceed their goals, and get them into this channel.

再更廣泛地談我們的財富策略。這顯然對我們很重要。我們與聯屬公司合作，為新舊聯屬公司提供策略能力。這是我們品牌的一部分，也是我們聲譽的一部分：能與聯屬公司互動，協助他們達成目標、超越目標，並幫助他們進入這個通路。

It's very difficult to get into this channel. It's an area where you need scale. AMG offers our Affiliates that scale. We also offer them the ability to package the products and bring them to the market. So it's a growth area for us long term.

要進入這個通路非常困難。這是一個需要規模的領域，而 AMG 能為聯屬公司提供這樣的規模。我們也提供他們將產品打包並推向市場的能力。因此，長期而言，這對我們是一個成長領域。

I think we made it through this period reasonably well. I think partly because we were methodical and careful. But obviously, we have good fortune on our side, too. We're not -- I think we're just trying to do the very best that we can here. And we do think this is a good long-term opportunity.

我認為我們相當不錯地度過了這段期間，部分原因是我們做事有方法、也很謹慎。但顯然，我們也有一些運氣成分。我們不是——我想我們只是盡我們所能把事情做到最好。而我們也確實認為這是一個很好的長期機會。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

So Jay, I wanted to just talk about the environment for new investments. You guys have obviously been quite active over the last 12 months. But given some of the dislocations we're seeing in certainly the private credit markets or broadly within some of the equity markets, is that creating more of an opportunity for you to deploy capital in this environment? Or any changes kind of in the backdrop as you think about the new investment pipeline?

Jay，我想談談新投資的環境。你們在過去 12 個月顯然相當積極。但考量到我們在私募信貸市場、或更廣泛的一些股票市場看到的某些錯位情況，這是否在當前環境中為你們創造了更多部署資本的機會？或者當你們思考新的投資案源（pipeline）時，整體背景有沒有任何變化？

Yes. Great, Dan. Thank you. And I apologize, it's so early for you on the West Coast. So yes, look, we did have a very active period in the last 18 months. It has been one of our more active periods of new investments. It's one of the benefits that we have. It's contributing to our earnings this year and our growth rate this year. We're very excited about the businesses that we invested in over this period, largely speaking, in alternatives with a focus on private markets but more specialty businesses.

是的。很好，Dan。謝謝你。也抱歉你在西岸那邊時間還這麼早。是的，你看，我們在過去 18 個月確實非常活躍。那是我們新投資最活躍的時期之一。這也是我們具備的優勢之一，正在貢獻我們今年的獲利與今年的成長率。我們對這段期間所投資的企業感到非常興奮；整體而言多集中在替代性資產領域，重點在私募市場，但更偏向專業型（specialty）業務。

So coming off of an active period, really even into this first quarter because we were just closing on HighBrook, the second investment in Garda and BBH. When we look at the rest of this year, one of the things that we note is that public market valuations for alternatives are way down.

因此，在經歷了一段活躍期之後，實際上一直延續到第一季，因為我們當時剛完成 HighBrook、對 Garda 的第二筆投資以及 BBH 的交割。當我們看今年剩餘時間時，我們注意到的一點是，替代投資在公開市場的估值已大幅下滑。

It takes a little while to have that trickle into the M&A market, but I think we have an expectation that it will. We're mindful that some of the key competitors in that market are the ones who have lower valuations today. So maybe they're not offering their stock.

這需要一點時間才會逐步傳導到併購（M&A）市場，但我認為我們預期它會發生。我們也留意到，該市場中的一些主要競爭對手正是那些目前估值較低的公司，所以也許他們不會用股票作為對價。

So competition just may have gotten better for AMG. As you know, we've been an active participant, maybe, I would say, the most active participant for independent firms over the past 30 years. We are open for business. We like to partner with outstanding independent firms, and maybe the competitive environment and pricing has gotten better for us as we look forward. So we're excited about that. Thanks for your question.

因此，對 AMG 而言，競爭環境可能反而變得更有利。如各位所知，過去 30 年來，我們一直是積極參與者；若要說的話，對於獨立公司而言，我們可能是最積極的參與者。我們隨時可以展開合作。我們喜歡與卓越的獨立公司結盟，而隨著競爭環境與定價對我們更有利，我們對未來感到振奮。謝謝你的提問。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Thanks for the question. Good to see the really strong flows across the franchise and diversified contribution as well. We, of course, are getting more questions on the tax-aware strategy, so I just want to zone in on that a little bit. Obviously there’s really strong growth in 1Q. Maybe if you could talk a little bit about the contribution in 1Q from tax-aware, and I think you mentioned it's 8% of AUM.

謝謝提問。很高興看到整個平台的資金流入非常強勁，而且貢獻來源也相當多元。我們當然也收到更多關於稅務敏感（tax-aware）策略的問題，所以我想稍微聚焦談一下。顯然第一季（1Q）成長非常強勁。也許你可以談談第一季稅務敏感策略的貢獻，我記得你提到它約占 AUM 的 8%。

But just was curious if there's a way to frame like what percentage of EBITDA that is or I think last time you spoke about AQR as a percentage of EBITDA, it was about 20%. I don't know if there are updated comments on that. And then, as this is getting added to more platforms given really strong retail demand, if you can talk about the pipeline of doing that because I know, of course, Fidelity had constrained it. And I think Schwab had some guardrails around it.

但我也好奇，是否有方式可以用 EBITDA 的占比來表達？我記得你上次談到 AQR 占 EBITDA 的比例大約是 20%。不確定這是否有更新的看法。然後，隨著這項產品因零售需求強勁而被納入更多平台，你能否談談把它導入更多平台的管線進度？因為我知道 Fidelity 之前對它有所限制，而我想 Schwab 也設了一些護欄。

Of course, they're continuing to sell it.,they just have some constraints around it. So just some comments around the growth outlook for that product as it pertains to adding it to more wirehouse and brokerage and private bank platforms.

當然，他們仍在持續銷售，只是有一些限制。因此，請就這項產品的成長展望做些評論，特別是關於把它加入更多券商通路（wirehouse）、經紀平台以及私人銀行平台。

Okay. Yes. Thanks, Brian. Well, I'm not going to go back through my conversation or my response on AQR specifically. But I will maybe just broaden it to talk about the environment for these products. And I'm sure I'll weave in a few of those data points that you're looking for.

好的。是的。謝謝，Brian。我不打算再逐一回顧我先前對 AQR 的對話或回覆。不過我可以把範圍拉大一些，談談這類產品的整體環境。我也會順帶穿插你想要的幾個數據點。

Tax-aware businesses and tax-loss harvesting, it's been around since -- as far as I tell since 1993. So just for everyone who may think this is a new business, it's a three-decade old business. I think what's happened in the market is that advisers realize that investors, individual investors, they pay tax and institutional investors, they don't pay tax. And so when you think about your portfolio, you just have to think about it in general, on an after-tax basis. It might change where you allocate your capital. It might change the type of asset or the type of strategy you allocate to.

稅務敏感業務與稅損收割（tax-loss harvesting），據我所知自 1993 年就已存在。所以對於認為這是新業務的人而言，這其實是一個已有三十年歷史的業務。我認為市場上發生的事情是，顧問意識到投資人、也就是個人投資人需要繳稅，而機構投資人不需要繳稅。因此當你思考投資組合時，必須從稅後（after-tax）的角度來整體思考。這可能會改變你資本配置的方向，也可能改變你配置的資產類型或策略類型。

So I think everyone should be aware of the fact that taxes interrupt compounding. So if you're aware of that fact, then you need to at least consider it when you decide that you're going to create a portfolio. These products that have been around many people, many big firms that you all cover have these products. AQR is just one participant in the market. So I just want to make sure that everyone understands that.

所以我認為大家都應該了解，稅負會打斷複利效果（compounding）。如果你意識到這一點，那麼在你決定建立投資組合時，至少需要把它納入考量。這些產品其實已存在很久，你們所覆蓋的許多大型公司也都有這類產品。AQR 只是市場參與者之一。我只是想確保大家理解這一點。

And then the other thing I would just say is we gave you the number on an AUM basis, which is less than 8%. I round it up. It actually has contributed to less than 8% of our EBITDA last year and in the first quarter. It just isn't that big. But it has grown significantly. It has been less than the majority of our flows. So just like I said in my prepared remarks and then in answer to the last question, the four major trends that are driving our business, they're balanced over that $90 billion of inflows that we had.

另外我想說的是，我們給了你以 AUM 計算的數字，低於 8%（我把它四捨五入了）。實際上，去年以及第一季，它對我們 EBITDA 的貢獻也低於 8%。它其實沒有那麼大。但它確實成長顯著。它在我們的資金流入中也不到多數。因此就像我在事先準備的發言中所說，以及在回答上一個問題時提到的，推動我們業務的四大趨勢，在我們累計 900 億美元的流入中是相對均衡分布的。

No one of those trends made up a majority and even in the most recent quarter, $29 billion, the same statement holds. So very balanced. I don't want to go through that all again. But we feel pretty good about that trend as well as the other three trends in our business.

沒有任何一個趨勢占了多數；即使在最近一季的 290 億美元中，同樣也成立。因此非常均衡。我不想再把那些內容全部重講一次。但我們對這個趨勢以及我們業務中的另外三個趨勢都相當有信心。

So I think in terms of sizing, it's important, but it's not a major factor. And when you zoom way out at AMG, and I think this is probably the most important thing that I haven't said yet is we have record cash flow. Our business AUM is at an all-time high. We had record EBITDA in the quarter, as Dava said. Our EBITDA guidance that we gave you at the midpoint would be up with significant growth and cash earnings per share would be up 45% at the midpoint.

所以我認為就規模而言，它很重要，但不是主要因素。當你把視角拉到 AMG 的整體層面，我想這可能是我到目前為止還沒說、但最重要的一點：我們的現金流創下紀錄。我們的業務 AUM 也達到歷史新高。正如 Dava 所說，我們本季 EBITDA 創下新高。我們給出的 EBITDA 指引在中位數（midpoint）將呈現顯著成長，而現金每股盈餘（cash EPS）在中位數將成長 45%。

With that record, cash flow, if you think about that annualized out at over $1 billion a year, it is that cash flow that we have to reinvest. And so as we reinvest, we diversify the business, we add new sources of earnings. Our business grows because of it. So if you're thinking about AMG today, you need to think about what AMG is going to look like in 12 months, and then 3 years and then in 5 years because we generated $5 billion of cash flow over the last 5 years. We're expected to generate much more than $5 billion over the next five years. So the biggest impact to our business is what we do with those cash flows.

有了這樣的創紀錄現金流，如果把它年化，超過每年 10 億美元，這就是我們可以再投資的現金流。當我們再投資時，我們會讓業務更多元，增加新的獲利來源，業務也因此成長。所以如果你今天在看 AMG，你需要思考 AMG 在 12 個月後會是什麼樣子，然後是 3 年後、5 年後，因為過去 5 年我們產生了 50 億美元的現金流。未來 5 年我們預期將產生遠超過 50 億美元的現金流。因此，對我們業務影響最大的，是我們如何運用這些現金流。

And I think you know this, we have a very disciplined capital allocation philosophy. And as we continue to invest in growth areas and return capital through share repurchases, this record level of free cash flow is going to shape AMG. We are looking forward to doing that.

我想你也知道，我們有非常嚴謹的資本配置理念。隨著我們持續投資於成長領域，並透過庫藏股回購回饋資本，這種創紀錄的自由現金流（free cash flow）將會形塑 AMG。我們期待推進這些工作。

And when you think about where we are today at these record levels, our shares are trading at less than 10 times after-tax earnings on a backward-looking basis, not a forward but a backward-looking basis and less than 8 times EBITDA on a forward-looking basis. It is an excellent opportunity for us to continue to buy back at an elevated pace. So we're excited about our capital opportunity.

而當你想到我們目前處於這些創紀錄的水準時，我們的股價以回溯（backward-looking）口徑來看，稅後盈餘的本益比不到 10 倍——不是前瞻，而是回溯口徑；以前瞻口徑來看，EV/EBITDA 也不到 8 倍。這對我們而言是極佳的機會，讓我們能以更高的節奏持續回購。我們對資本運用的機會感到非常振奮。

Dava mentioned in her script that we look forward to estimated share repurchases this year of $500 million. That's not all the capital that we have. If you think about the numbers I just gave you, $1 billion of after-tax earnings, $500 million is only half of that. And with a little bit of leverage because we'd like to lever it up to two times and right now, we're under leveraged at that point. We can do more than $1 billion. So in the next 12 months, more than $1 billion of capital will be the single biggest impact on our business for '27 and '28 and beyond. Thanks, Brian.

Dava 在她的講稿中提到，我們預期今年的股票回購約為 5 億美元。但那並不是我們全部的資本。如果你想想我剛剛給你的數字，稅後盈餘 10 億美元，5 億美元只是一半。而且再加上一點槓桿，因為我們希望把槓桿提高到 2 倍，而目前我們低於那個水準、槓桿不足。我們可以做超過 10 億美元。因此在未來 12 個月，超過 10 億美元的資本運用，將會是對我們在 2027、2028 以及更長遠未來業務影響最大的單一因素。謝謝，Brian。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session, and we'll conclude our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。各位女士、先生，我們的問答環節到此結束，今天的電話會議也將結束。感謝各位的關注與參與。您現在可以掛斷電話線。