BROOKFIELD ASSET MANAGEMENT LTD (BAM) 2019 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

This is the conference operator.

這是會議操作員。

Welcome to the Brookfield Asset Management 2019 First Quarter Results Conference Call and Webcast.

歡迎參加布魯克菲爾德資產管理公司 2019 年第一季度業績電話會議和網絡廣播。

As a reminder, all participants are in a listen-only mode and the conference is being recorded.

提醒一下，所有參與者都處於只聽模式，並且正在錄製會議。

(Operator Instructions)

（操作員說明）

At this time, I would like to turn the conference over to Suzanne Fleming, Managing Partner, Branding & Communications for Brookfield Asset Management.

這次，我想將會議交給布魯克菲爾德資產管理公司品牌與傳播部執行合夥人蘇珊·弗萊明 (Suzanne Fleming)。

Please go ahead, Ms. Fleming.

請繼續，弗萊明女士。

Thank you, operator, and good morning.

謝謝您，接線員，早上好。

Welcome to Brookfield's first quarter 2019 conference call.

歡迎參加 Brookfield 2019 年第一季度電話會議。

On the call today are Bruce Flatt, our Chief Executive Officer; Brian Lawson, our Chief Financial Officer; as well as Mark Weinberg, Managing Partner in our Private Equity Group.

今天參加電話會議的是我們的首席執行官 Bruce Flatt； Brian Lawson，我們的首席財務官；以及我們私募股權團隊的執行合夥人馬克·溫伯格 (Mark Weinberg)。

Brian will start off by discussing the highlights of our financial and operating results for the quarter and Mark will then give an update on our investment in Clarios.

Brian 將首先討論我們本季度財務和運營業績的亮點，然後 Mark 將介紹我們對 Clarios 投資的最新情況。

And finally, Bruce will give an update on the business.

最後，布魯斯將介紹業務的最新情況。

After our formal comments, we'll turn the call over to the operator and take analysts questions.

在我們提出正式意見後，我們會將電話轉給接線員並回答分析師的問題。

In order to accommodate those who want to ask questions, we ask that you refrain from asking multiple questions at one time.

為了方便那些想提問的人，我們要求您不要一次提出多個問題。

We'll be happy to respond to additional questions later in the call as time permits.

如果時間允許，我們很樂意在稍後的電話會議中回答其他問題。

I'd like to remind you that in responding to questions and in talking about new initiatives and our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meaning of applicable Canadian and U.S. securities laws.

我想提醒您，在回答問題以及談論新舉措以及我們的財務和運營業績時，我們可能會做出前瞻性聲明，包括適用的加拿大和美國證券法含義內的前瞻性聲明。

These statements reflect predictions of future events and trends and do not relate to historic events.

這些陳述反映了對未來事件和趨勢的預測，與歷史事件無關。

They're subject to known and unknown risks, and future events may differ materially from such statements.

它們面臨已知和未知的風險，未來事件可能與此類聲明存在重大差異。

For further information on these risks and their potential impacts on our Company, please see our filings with the securities regulators in Canada and the U.S. and the information available on our website.

有關這些風險及其對我們公司的潛在影響的更多信息，請參閱我們向加拿大和美國證券監管機構提交的文件以及我們網站上提供的信息。

Thank you.

謝謝。

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

有了這個，我會把它交給布萊恩。

Great.

偉大的。

Thank you, Suzanne, and good morning to all of you on the call.

謝謝你，蘇珊娜，祝所有參加電話會議的人早上好。

I'll start off by saying that we're pleased with the results for the first quarter of 2019, funds from operations or FFO totaled $1.1 billion or $1.04 per share.

首先我要說的是，我們對 2019 年第一季度的業績感到滿意，來自運營或 FFO 的資金總計 11 億美元，即每股 1.04 美元。

Net income was $1.3 billion with $0.58 per share of that attributable to shareholders.

淨利潤為 13 億美元，其中股東應佔每股收益 0.58 美元。

Both FFO and net income benefitted from the continued expansion of our asset management operations and strong performance by the underlying businesses.

FFO和淨利潤均受益於我們資產管理業務的持續擴張和基礎業務的強勁表現。

This includes significant progress in closing new fund commitments, deploying capital into new investments across all of our funds strategies over the last 12 months and increasing returns from the existing businesses through operational improvements.

這包括在完成新基金承諾、在過去 12 個月內將資金部署到我們所有基金策略的新投資以及通過運營改進提高現有業務回報方面取​​得重大進展。

I will first touch on the results of our asset management operations, which include fee-related earnings and carried interests.

我將首先談談我們資產管理業務的結果，其中包括與費用相關的收益和附帶權益。

Fee-related earnings were $238 million in the quarter, which before performance fees is a 19% increase from the prior year.

本季度與費用相關的收入為 2.38 億美元，扣除績效費用後比上年增長 19%。

This mirrors the 18% year-over-year increase in fee bearing capital.

這反映了收費資本同比增長 18%。

The fee bearing capital increased by $23 billion over the last 12 months and that's due to additional capital commitments to our private funds, including the current vintage of flagship funds as well as newer product offerings and an increase in the capitalization of our listed partnerships due to increases in their unit prices.

過去 12 個月中，收費資本增加了 230 億美元，這是由於對我們私募基金的額外資本承諾，包括旗艦基金的當前年份以及更新的產品，以及我們上市合作夥伴的資本增加，這是由於其單價上漲。

So now to carried interest.

現在我們來談談附帶利息。

We generated $332 million of unrealized carried interest before cost in the quarter and that increases the total amount of carried interest attributable to us at this point in time to $2.7 billion before costs.

本季度我們產生了 3.32 億美元的未實現成本前附帶權益，這使我們此時歸屬於我們的附帶權益總額增加至 27 億美元（成本前）。

We recorded $119 million of realized carry into our funds from operations, FFO.

我們從運營 FFO 中記錄了 1.19 億美元的已實現結轉資金。

This to remind you is the result that -- is the amount that became no longer subject to clawback during the quarter as a result of dispositions and distributions to fund investors.

謹此提醒您，結果是——由於向基金投資者進行處置和分配而在本季度不再受到回撥的金額。

In the first quarter this related primarily to assets sales within one of our global flagship real estate funds.

第一季度，這主要與我們全球旗艦房地產基金之一的資產銷售有關。

We continue to work on several other asset realizations across our more mature funds, and if successful, we could crystallize up to $1 billion during 2019.

我們將繼續在更成熟的基金中開展其他幾項資產變現工作，如果成功，我們可能會在 2019 年實現高達 10 億美元的目標。

So this would be our highest amount of carried realized in a single year-to-date, but it still represents a small portion of the overall current accrued balance of nearly $3 billion that I referenced earlier, as well as our annualized target carry which stood at $1.5 billion annually at quarter end.

因此，這將是我們今年迄今為止實現的最高套利金額，但它仍然只占我之前提到的近 30 億美元的當前應計餘額以及我們的年化目標套利的一小部分。季度末每年為15 億美元。

Now turning to invested capital, excluding disposition gains, FFO from invested capital in current quarter with $505 million and that's a 17% quarter-over-quarter increase on a comparable basis.

現在轉向投資資本，不包括處置收益，本季度投資資本中的 FFO 為 5.05 億美元，在可比基礎上環比增長 17%。

FFO benefited from a number of new investments across our business and the performance of our financial asset portfolio which recovered from the market volatility experienced in late 2018.

FFO 受益於我們業務中的多項新投資以及我們的金融資產組合的表現，該投資組合從 2018 年底經歷的市場波動中恢復過來。

Disposition gains above and beyond the amount I just referenced, totaled $223 million in the quarter and that represents our share of gains on the sale of several investments across our portfolios.

該季度的處置收益總計 2.23 億美元，超出了我剛才提到的金額，這代表了我們在出售投資組合中的多項投資時所獲得的收益份額。

These included the partial sale of interest in a Chilean toll road business and the sale of partial interest in 3 North American hydroelectric sites.

其中包括出售智利收費公路業務的部分權益以及出售 3 個北美水力發電站的部分權益。

We had approximately $36 billion of deployable capital across the business at the end of the quarter.

截至本季度末，我們整個業務擁有約 360 億美元的可部署資本。

This includes $12 billion of core liquidity and $24 billion of uncalled private fund commitments.

這包括 120 億美元的核心流動性和 240 億美元的未兌現私募基金承諾。

We expect us to grow in the second quarter with the first close of our latest flagship infrastructure fund and further funds raised across our other products.

我們預計，隨著我們最新的旗艦基礎設施基金的首次募集以及我們其他產品籌集的更多資金，我們將在第二季度實現增長。

Our deployable capital is supplemented by accessing the capital markets when opportunities arise or the timing is right.

當機會出現或時機成熟時，我們會通過進入資本市場來補充我們的可部署資本。

And to that end, in January, we raised $1 billion of 10-year medium-term notes at a favorable rate.

為此，我們在一月份以優惠利率發行了 10 億美元的 10 年期中期票據。

A portion of the proceeds were used in April to repay a maturing note, ensuring that our capitalization remains very strong with a very long term to maturity and a debt to capitalization level of less than 20% of book value.

部分收益於 4 月份用於償還到期票據，確保我們的資本保持強勁，到期期限很長，債務資本水平低於賬面價值的 20%。

Our liquidity is also enhanced by the increasing amount of recurring cash flowing into Brookfield from our asset management earnings and distributions from the capital we have invested in our funds.

我們的資產管理收益和我們投資於基金的資本分配不斷增加流入布魯克菲爾德的經常性現金流，也增強了我們的流動性。

We refer to this as cash flow available for distribution and reinvestment and provide this metric to provide insight into free cash flow generated by our business.

我們將其稱為可用於分配和再投資的現金流，並提供此指標以深入了解我們業務產生的自由現金流。

Since 2015, this cash flow has more than doubled and now stands at over $2 billion being generated annually.

自 2015 年以來，這一現金流量增加了一倍以上，目前每年產生超過 20 億美元。

We expect this to continue to increase as our asset management business grows along with distributions received from our invested capital and carried interest and continue the trend towards the level exceeding $5 billion in 5 years' time.

我們預計，隨著我們的資產管理業務的增長以及從我們的投資資本和附帶利息中收到的分配，這一數字將繼續增加，並繼續保持在 5 年內超過 50 億美元水平的趨勢。

Finally, I'm pleased to confirm that our Board of Directors has declared a $0.16 quarterly dividend per share payable at the end of June.

最後，我很高興地確認，我們的董事會已宣佈在 6 月底支付每股 0.16 美元的季度股息。

And with that I will hand the call over to Mark Weinberg, who's going to provide an update on our private equity business' recently closed acquisition of Clarios Power solutions.

接下來，我將把電話轉給 Mark Weinberg，他將提供我們私募股權業務最近完成的 Clarios Power 解決方案收購的最新情況。

Thank you.

謝謝。

Thank you, Brian, and good morning to everyone on the call.

謝謝你，布萊恩，祝所有參加電話會議的人早上好。

Today, I am pleased to speak with you about our private equity business' recent acquisition of the world's leading automotive battery manufacturer and distributor from Johnson Controls.

今天，我很高興與您談論我們的私募股權業務最近從江森自控收購世界領先的汽車電池製造商和分銷商的情況。

The transaction closed just this past week and the business has subsequently been rebranded as Clarios.

該交易於上週完成，該公司隨後更名為 Clarios。

This transaction provides a great case study, highlighting Brookfield's competitive advantages that you hear us speak of often.

這項交易提供了一個很好的案例研究，突出了您經常聽到我們談論的布魯克菲爾德的競爭優勢。

As we have noted in the past, and in this quarter's shareholder letter, there are a few key ways in which we look to acquire businesses.

正如我們過去以及在本季度的股東信中所指出的，我們尋求收購業務的一些關鍵方式。

We have had success recently in privatizing large companies, completing 7 transaction totaling $55 billion in assets over the last 2 years.

我們最近在大公司私有化方面取得了成功，在過去兩年內完成了 7 筆交易，總資產達 550 億美元。

But we have also completed 5 transactions over the same time period where we carved out assets from owners who wish to realize cash from a non-core business.

但我們還在同一時期完成了 5 筆交易，從那些希望從非核心業務中變現的所有者手中剝離了資產。

These are high-quality assets, run by strong operating teams, but they were just not core to the seller's business or capital strategies.

這些都是高質量的資產，由強大的運營團隊運營，但它們並不是賣方業務或資本戰略的核心。

This was the case with the acquisition of Clarios, which was an operating unit under the broader Johnson Controls or what we call JCI portfolio.

收購 Clarios 就是這種情況，Clarios 是更廣泛的江森自控（Johnson Controls）或我們所說的 JCI 投資組合下的一個運營部門。

Both JCI and the Power Solutions businesses are fantastic businesses in their own right.

JCI 和電源解決方案業務本身都是出色的業務。

But for various reasons JCI decided to run a strategic review process for their Power Solutions business which ultimately led to a sale process.

但由於各種原因，JCI 決定對其電源解決方案業務進行戰略審查流程，最終導致了出售流程。

When it comes to underwriting and being the success bidder in transactions such as this one, Brookfield has 3 distinct competitive advantages.

當談到承銷和成為此類交易的中標者時，布魯克菲爾德擁有 3 個明顯的競爭優勢。

These advantages allow us to consistently identify and acquire high-quality assets for which we can then create significant value.

這些優勢使我們能夠始終如一地識別和獲取優質資產，從而創造巨大的價值。

This transaction is a perfect example of how we are able to use these competitive advantages.

這次交易是我們如何利用這些競爭優勢的完美例子。

Our 3 competitive advantages that many of you are very familiar with, if you have been following us for a while are: One, the scale of our business and our access to capital.

如果您已經關注我們一段時間了，那麼我們的 3 個競爭優勢是你們很多人都非常熟悉的：一是我們的業務規模和我們獲得資本的渠道。

Two, our proven operating capabilities that we have built up from being an operator of real assets for over 120 years; and Three, our global platform and presence.

二是我們作為實物資產運營商120多年積累下來的成熟的運營能力；第三，我們的全球平台和存在。

First, I will start with the scale of the transaction.

首先，我將從交易規模開始。

In fact, this acquisition is the largest deal completed within our private equity business to-date.

事實上，此次收購是我們私募股權業務迄今為止完成的最大一筆交易。

With the total transaction size of $13 billion, it was funded with approximately $3 billion of equity, including capital from our latest flagship private equity fund as well as BBU and a long time institutional partner of ours who participated as a coinvestor.

交易總規模為 130 億美元，由約 30 億美元的股本提供資金，其中包括來自我們最新的旗艦私募股權基金以及 BBU 和我們作為共同投資者參與的長期機構合作夥伴的資金。

Additionally, we were able to secure $10 billion of debt financing at very favorable terms with no recourse to BAM, BBU the fund or any coinvestors.

此外，我們能夠以非常優惠的條件獲得 100 億美元的債務融資，無需向 BAM、BBU 基金或任何共同投資者求助。

There are a few firms in the world that can commit to a deal of this size, which in turn narrows down the competition and allows us to acquire assets at fair prices.

世界上有幾家公司能夠承諾進行如此規模的交易，這反過來又縮小了競爭範圍，使我們能夠以公平的價格收購資產。

We can do this because of our ability to access multiple pools of capital at any given time.

我們之所以能夠做到這一點，是因為我們有能力在任何特定時間訪問多個資本池。

It is this access to capital and our ability to move quickly and deliver certainty on closing that sellers seek on large transactions such as this one.

賣方在此類大型交易中尋求的正是這種獲得資金的渠道以及我們快速行動並提供成交確定性的能力。

Carve out transactions can be particularly complex, especially carve outs of such an operationally intensive business like Clarios, and this is where our operating expertise sets us apart.

分拆交易可能特別複雜，尤其是像 Clarios 這樣的運營密集型業務的分拆，而這正是我們的運營專業知識使我們與眾不同的地方。

We have a long history of running and optimizing manufacturing operations globally and this expertise helps us to identify opportunities where others may not see them or where others may even perceive there to be risks.

我們在全球範圍內運營和優化製造業務有著悠久的歷史，這種專業知識幫助我們發現其他人可能看不到的機會，或者其他人甚至可能認為存在風險的機會。

Take for example in the case of Clarios, the perceived risk surrounding the future for car batteries as the demand for electric cars grows.

以 Clarios 為例，隨著電動汽車需求的增長，汽車電池的未來面臨風險。

In fact, the industry expects the total number of cars on the road to grow by 30% globally over the next 10 years, allowing us to provide batteries to the manufacturers of these cars as well as replacement batteries for decades to come.

事實上，業界預計未來 10 年全球道路上的汽車總數將增長 30%，這使我們能夠在未來幾十年內為這些汽車的製造商提供電池以及替換電池。

This is true even in a world where there is a higher take-up of electric cars, as today every electric or hybrid car also has a traditional 12-volt battery that performs many of the same functions as it would in an internal combustion engine car.

即使在電動汽車普及率較高的世界中也是如此，因為如今每輛電動汽車或混合動力汽車都配備了傳統的 12 伏電池，該電池執行許多與內燃機汽車相同的功能。

And to add to this, as vehicles are increasing in complexity, the car battery is becoming more critical than ever before in order to manage the increasing electrical loads in automobiles.

除此之外，隨著車輛的複雜性不斷增加，為了管理汽車中不斷增加的電力負載，汽車電池變得比以往任何時候都更加重要。

This is driving an industry shift toward advanced batteries where we believe Clarios is by far the industry leader.

這正在推動行業向先進電池轉變，我們相信 Clarios 是迄今為止的行業領導者。

During the diligence phase of any transaction, our operating expertise is essential in understanding how to maximize efficiency and productivity, mitigate risks and ultimately get comfortable over the downside protection of capital and the ability to deliver on returns.

在任何交易的盡職調查階段，我們的運營專業知識對於了解如何最大限度地提高效率和生產力、降低風險並最終適應資本的下行保護和實現回報的能力至關重要。

Our team dedicated months on the ground working through detailed diligence and coming up with a granular business plan.

我們的團隊花了數月的時間進行詳細的調查並製定了詳細的業務計劃。

Our level of diligence and prior relationship with Johnson Controls in a different joint venture helped reinforce our ability to affect the carve out and complete the transaction.

我們的勤勉程度以及之前與另一家合資企業江森自控的關係​​有助於增強我們影響分拆和完成交易的能力。

Following the signing of the transaction, we started the carve-out process.

交易簽署後，我們開始了剝離流程。

We worked very closely with the management team and ensuring the right infrastructure would be in place on day 1 to enable Clarios to operate as a standalone business.

我們與管理團隊密切合作，確保在第一天就建立正確的基礎設施，使 Clarios 能夠作為獨立企業運營。

In this regard, we were able to leverage what we have learned from completing other carve out transactions in the past.

在這方面，我們能夠利用過去完成其他剝離交易中學到的經驗。

Now turning to our global presence, Clarios will continue to maintain its current global manufacturing and operations footprint as with our other operations for which we have over 100,000 employees on the ground across all the regions that we operate in.

現在轉向我們的全球業務，Clarios 將繼續保持其當前的全球製造和運營足跡，就像我們在所有運營地區擁有超過 100,000 名員工的其他業務一樣。

The combination of our strong local presence on the ground, as well as our cross-border reach allows us to bring global relationships and operating best practices to Clarios.

我們強大的本地影響力以及跨境影響力相結合，使我們能夠將全球關係和最佳運營實踐引入 Clarios。

And now with the acquisition closed, we are excited to roll up our sleeves and work on delivering on the opportunities we identified within the manufacturing and supply chain processes to further support the business's profitability and to work closely with the management team on these and other initiatives to enhance the business.

現在，隨著收購的完成，我們很高興能夠捲起袖子，致力於提供我們在製造和供應鏈流程中發現的機會，以進一步支持業務的盈利能力，並與管理團隊就這些舉措和其他舉措密切合作以增強業務。

And with that, I will turn the call over to Bruce.

這樣，我會將電話轉給布魯斯。

Thank you very much for your time.

非常感謝您的寶貴時間。

Thank you, Mark and good day everyone.

謝謝你，馬克，大家好。

Coming off a record fundraising year for us in 2018, our efforts in fundraising continue to be strong.

2018 年是我們籌款創紀錄的一年，我們的籌款工作繼續強勁。

In January, we had the final close of our $15 billion flagship real estate fund and throughout the quarter we progress closes across many of our other fund strategies.

一月份，我們完成了 150 億美元旗艦房地產基金的最終收盤，整個季度我們的許多其他基金策略都取得了進展。

We also expect to reach a first close of approximately $14 billion in our latest infrastructure fund shortly, which is on pace to be our largest infrastructure fund raised to-date.

我們還預計很快我們最新的基礎設施基金將首次募集約 140 億美元的資金，這有望成為我們迄今為止籌集的最大的基礎設施基金。

We see no signs that allocations to real assets are slowing.

我們沒有看到任何跡象表明實物資產配置正在放緩。

Turning to investment markets, while it's on the forefront of everyone's mind that we are 10 years into an economic recovery, overall our businesses and the global environment for real asset investments look good.

談到投資市場，雖然每個人都最關心的是我們已經進入經濟復甦十年，但總體而言，我們的業務和全球實物資產投資環境看起來不錯。

Within North America, economies are strong as evidenced by employment levels that are higher than we have seen in half a century.

在北美，經濟強勁，就業水平高於半個世紀以來的水平就證明了這一點。

Meanwhile, South American countries are still recovering, albeit at different levels and Europe is slower.

與此同時，南美國家仍在復蘇，儘管程度不同，而歐洲則較慢。

But the U.K. is very resilient and we are often asked how Brexit has impacted our businesses, and in fact, most of our U.K. businesses are doing very well.

但英國的韌性非常強，我們經常被問到英國脫歐對我們的業務有何影響，事實上，我們大多數英國業務都表現得很好。

As long-term investors, we do not get too concerned with any short-term government changes and we believe that in the long term the U.K. will still be a great place to invest.

作為長期投資者，我們不會太擔心任何短期政府變化，我們相信從長遠來看，英國仍然是一個投資的好地方。

Moving on, Australia is doing okay with some residential pressures.

接下來，澳大利亞在一些住宅壓力方面表現還不錯。

China is slowing but is still robust relatively speaking.

中國正在放緩，但相對而言仍然強勁。

And India is struggling with over leverage in the financial system.

印度正面臨金融體系槓桿率過高的問題。

But overall, we think the global markets remain very constructive for our businesses.

但總體而言，我們認為全球市場對我們的業務仍然非常有建設性。

The same can be said for the capital markets.

資本市場也是如此。

So far in 2019, we have not seen a slowdown in our ability to access the capital markets.

2019年到目前為止，我們進入資本市場的能力並未放緩。

An example of this, and as Mark mentioned, we successfully completed the sizeable financing for the recent Clarios transaction on very favorable terms.

舉一個例子，正如 Mark 提到的，我們以非常優惠的條件成功完成了最近 Clarios 交易的大規模融資。

The markets are good, but I would make a comment that we don't see them as too good.

市場很好，但我想說的是，我們認為市場不太好。

Meaning, we do not see major excesses building or put in quotations yet like we saw in 2007.

這意味著，我們還沒有看到像 2007 年那樣出現嚴重的過度建設或報價。

Lastly, turning to Oaktree, in March, as most of you will know, we announced our agreement to acquire 62% of Oaktree with a balance of 38% continuing to be owned by the management group who will remain with Oaktree and run the business for us.

最後，轉向橡樹資本，正如你們大多數人所知，今年3 月份，我們宣布同意收購橡樹資本62% 的股份，其餘38% 的股份繼續由管理團隊持有，管理團隊將繼續留在橡樹資本並經營業務我們。

Howard Marks, Bruce Karsh and their management team have built a first class asset management business, focusing on credit, and with a particular promise in distressed credit.

霍華德·馬克斯 (Howard Marks)、布魯斯·卡什 (Bruce Karsh) 和他們的管理團隊建立了一流的資產管理業務，專注於信貸，並在不良信貸方面做出了特殊承諾。

And we are thrilled to partner with them to own this business.

我們很高興與他們合作擁有這項業務。

We believe we can learn a lot from the team at Oaktree, and while their business will be run separately from ours, we believe there is still many ways that we will all gain.

我們相信我們可以從橡樹資本的團隊中學到很多東西，雖然他們的業務將與我們的業務分開運營，但我們相信我們仍然可以在很多方面獲益。

The strategic benefits of the partnership should come by way of a combined delivery of our products to our clients.

合作夥伴關係的戰略利益應通過向客戶聯合交付我們的產品來實現。

From an opportunistic standpoint, as many of you know, we have been bolstering our financial resources in preparation for the inevitable downturn in markets in credit that will come at some point in time in the future.

正如你們許多人所知，從機會主義的角度來看，我們一直在增強我們的財政資源，為未來某個時間不可避免的信貸市場低迷做好準備。

This partnership should strengthen our position in this regard.

這種夥伴關係應該加強我們在這方面的地位。

And as some of you -- I have asked since the announcement of the deal, Oaktree also participates in private equity, real estate, and the infrastructure asset classes.

正如你們中的一些人一樣——自交易宣布以來我一直在詢問，橡樹資本還參與了私募股權、房地產和基礎設施資產類別。

In this regard, we intent to retain 2 premier brands in the marketplace; Brookfield as the large scale transaction brand, with I know -- funds that are between the range of $10 billion to $25 billion, and Oaktree as the boutique smaller fund sized brand with funds, say, up to $5 billion and we intent to support both of those strategies in many ways.

在這方面，我們打算在市場上保留 2 個頂級品牌； Brookfield 是大型交易品牌，據我所知，基金規模在 100 億至 250 億美元之間，而 Oaktree 是精品小型基金規模品牌，基金規模高達 50 億美元，我們打算支持這兩個品牌這些策略在很多方面都有體現。

As far as the timeline for the transaction closing, our initial plan for working through our required approvals is on track and we continue to target closing in the third quarter of '19.

就交易完成的時間表而言，我們完成所需批准的初步計劃正在按計劃進行，我們繼續目標是在 19 年第三季度完成交易。

So when that time comes, we hope that shareholders of Oaktree will keep their shares and join the rest of us.

因此，到那時，我們希望橡樹資本的股東保留其股份並加入我們其他人的行列。

Operator, that completes my remarks and we will turn it back to you for any questions that there may be from the lines for any of us.

接線員，我的發言到此結束，如果我們任何人在線路中可能提出任何問題，我們會將其轉回給您。

(Operator Instructions) Our first question comes from Cherilyn Radbourne with TD Securities.

（操作員說明）我們的第一個問題來自道明證券的 Cherilyn Radbourne。

First one is for Bruce.

第一個是給布魯斯的。

I've read a few articles recently suggesting that China's ongoing deleveraging program maybe creating sort of a window of opportunity for foreign investors.

我最近讀到了幾篇文章，其中指出中國正在進行的去槓桿化計劃可能為外國投資者創造了一扇機會之窗。

And was just hoping you could get some Brookfield perspective on that.

只是希望你能得到一些布魯克菲爾德對此的看法。

Yes.

是的。

So as most of you know, we've -- our presence in China is small relative to the rest of the business.

正如你們大多數人所知，我們在中國的業務相對於其他業務來說很小。

But we've been increasing our investments there over the years.

但多年來我們一直在增加在那裡的投資。

We recently committed to a number of real estate purchases and a solar power joint venture.

我們最近致力於購買一些房地產並建立一家太陽能合資企業。

And not yet closed, but we committed to buy a major office complex in Shanghai.

尚未關閉，但我們承諾在上海購買一個大型辦公大樓。

I would just say that our -- generally what we do is set up in countries have the ability to acquire assets and wait for times when more dislocation happens then when capital is freely available.

我只想說，我們所做的一般是在有能力獲得資產的國家設立，並等待資本自由可用時發生更多混亂的時期。

And for the first time in a long time, I think the local state-owned entities and some of the entrepreneurs in China are paying back -- are deleveraging and paying that back to banks.

我認為中國地方國有實體和一些企業家正在償還債務，正在去槓桿化並將其償還給銀行，這是很長一段時間以來的第一次。

And usually, what that means is that we can find opportunity to participate in transactions.

通常，這意味著我們可以找到參與交易的機會。

So I think odds favor us doing more things in China, although, we are always careful when we're in places where we're less familiar.

因此，我認為我們在中國做更多事情的可能性很大，不過，當我們在不太熟悉的地方時，我們總是很小心。

So it's not -- for a long time it won't be a major, major presence of the company, but it keeps increasing every year.

因此，在很長一段時間內，它不會成為公司的主要業務，但它每年都在不斷增加。

And then secondly, I was hoping that one of you could comment on the trend among your peers to convert the C-Corp structures and standardize on distributable cash flow as the key earnings metric.

其次，我希望你們中的一位能夠對同行中轉變 C 型企業結構並將可分配現金流標準化作為關鍵盈利指標的趨勢發表評論。

And whether you think those changes will be helpful in terms of how the market values your own asset management franchise and particularly the carried interest component?

您認為這些變化是否有助於市場如何評估您自己的資產管理特許經營權，特別是附帶權益部分？

Sure, Cherilyn, this is Brian.

當然，Cherilyn，這是布萊恩。

I'll take a shot at that.

我會嘗試一下。

So I guess as a general observation, we welcome that in the sense that it makes the class more comparable, makes us and our structure more comparable as well.

因此，我想作為一般觀察，我們歡迎這一點，因為它使班級更具可比性，使我們和我們的結構也更具可比性。

So I think generally it's helpful.

所以我認為一般來說這是有幫助的。

In terms of the specific metrics you're referring to, we do think that's a useful way.

就您所指的具體指標而言，我們確實認為這是一種有用的方法。

And as you know, we've been focusing more on what we refer to as cash available for distribution and reinvestment.

如您所知，我們一直更多地關注我們所說的可用於分配和再投資的現金。

And -- because we do think it provides a pretty clear insight on the business and how it's performing in terms of the cash flows generating.

而且 - 因為我們確實認為它提供了對業務及其在現金流生成方面的表現的非常清晰的見解。

And then of course what -- give some sense as to what we have available to us in pursuing growth opportunities within the business, and we've also referenced potentially returning the cash to shareholders as well down the road.

當然，讓我們了解一下我們在尋求業務增長機會時可以使用什麼，我們還提到了未來可能將現金返還給股東的可能性。

So I think there -- so we're, I'd say, pleased with both developments and I think it's helpful to us.

所以我認為——所以我想說，我們對這兩項進展感到滿意，我認為這對我們有幫助。

Our next question comes from Bill Katz with Citi.

我們的下一個問題來自花旗銀行的比爾·卡茨。

I guess maybe come back to your Oaktree transaction for a moment, just want to talk about the internal decision of build versus buy.

我想也許回到你的橡樹交易一會兒，只是想談談構建與購買的內部決策。

And then is there any way to sort of lay out the potential financial accretion related to transaction?

那麼有沒有什麼方法可以列出與交易相關的潛在財務增值呢？

So I'll maybe take the first part and Brian can ponder the second part, whether he can answer that given where we are with the process.

所以我可能會考慮第一部分，布萊恩可以思考第二部分，考慮到我們目前的流程，他是否可以回答這個問題。

But I would just say the first, and I've said this often before and an investor said to me the other day, he wasn't sure that I was correct.

但我只想說第一點，我以前經常這麼說，有一天一位投資者對我說，他不確定我是否正確。

But I'll state what I have said before and I'll make a couple of comments on.

但我會陳述我之前說過的話，並發表一些評論。

And what I've said before is, probably over the next 10 years, we could have built a credit business like Oaktree.

我之前說過，也許在未來 10 年裡，我們可以建立像橡樹資本這樣的信貸業務。

And what the investor said to me is, "I don't think you could have in the next 10 years built a credit business like Oaktree".

投資者對我說的是，“我認為你不可能在未來 10 年內建立像橡樹資本這樣的信貸業務”。

And I guess the point was -- is this is one of the finest credit businesses focused on distressed credit there is in the world and the individuals that have built the business and the whole team has spent the last 25 years doing it and -- or more than that.

我想重點是——這是世界上專注於不良信貸的最好的信貸業務之一，創建該業務的個人和整個團隊在過去 25 年裡一直在做這件事——或者比那更多的。

And I think probably that's a correct comment.

我認為這可能是一個正確的評論。

Because I don't think many people can build the businesses we have in 10 years, and it might take 25 years.

因為我認為沒有多少人能夠在 10 年內建立起我們現在的業務，這可能需要 25 年。

So it gives us instant credibility in the markets to ability to raise significant amounts of capital in those areas and moves us forward in a much more significant pace.

因此，它使我們在市場上立即獲得信譽，有能力在這些領域籌集大量資金，並推動我們以更顯著的速度前進。

So I just -- we just felt that it was the right thing for us to do.

所以我只是——我們只是覺得這對我們來說是正確的事情。

Yes.

是的。

So in terms of the financial side, Bill -- it's Brian here.

就財務方面而言，比爾——這裡是布萊恩。

So the way that we've position it to-date and communicated, it's -- I'd say we've used the word sort of "modestly accretive".

因此，我們迄今為止的定位和溝通方式是——我想說我們使用了“適度增值”這個詞。

But generally, this is not about an immediate step up in returns in the near term or anything like that.

但總的來說，這並不是要在短期內立即提高回報或類似的事情。

This is the transaction that we think is fair for everybody involved and it's a good transaction.

我們認為這是一筆對每個參與者都公平的交易，也是一筆很好的交易。

And as Bruce alluded to, a lot of this is about really building our collective ability to grow the business.

正如布魯斯提到的，這很大程度上是為了真正建立我們發展業務的集體能力。

And so hence that obviously it's going to happen as we progress.

因此，隨著我們的進步，這顯然會發生。

And I would note the transaction is not closing for something yet.

我要指出的是，該交易尚未結束。

So -- and we're somewhat limited in what we can communicate on that front in any event.

因此，無論如何，我們在這方面可以交流的內容都受到一定限制。

Just in terms of the realization -- Brian, maybe one for you as well, you sort of -- you hedged your answer little bit on $1 billion.

就認識而言——布萊恩，也許也適合你，你有點——你用 10 億美元對沖了你的答案。

Is there sort of a shift in your expectations around the pace of realizations this year around that $1 billion plus or minus in either direction?

您對今年實現 10 億美元上下的預期速度是否有某種變化？

No, it wasn't really intended to be a scaling back.

不，這並不是真的要縮減規模。

As you know, these things are all transactions and so they're depending on a number of things.

如您所知，這些都是交易，因此它們取決於很多因素。

So I don't think we'd be hedging or qualifying that any differently today than we would have when we first alluded to the prospect of generating that carry.

因此，我認為我們今天的對沖或資格認定與我們第一次提到產生這種套利的前景時的做法沒有任何不同。

And our next question comes from Robert Lee with KBW.

我們的下一個問題來自 KBW 的 Robert Lee。

This is actually Pell Bermingham on for Rob Lee.

這實際上是佩爾·伯明翰為羅布·李代言的。

I was wondering if you guys could provide more color on your fundraising pipeline kind of 2 to 3 years out after sort of these big flagship fundraisings kind of wrapping up.

我想知道在這些大型旗艦籌款活動結束後，你們能否在 2 到 3 年後為你們的籌款渠道提供更多的信息。

What sort of new strategies you may be launching and focused on?

您可能會推出並關注哪些新策略？

I would -- the comment I would make is every few years we raise flagships.

我想說的是，我們每隔幾年就會推出旗艦產品。

So as we wrap these up, we would expect to have another flagship come 18, 24, 30 months afterwards.

因此，當我們總結這些內容時，我們預計將在 18、24、30 個月後推出另一款旗艦產品。

So you can think about for each of the flagships.

所以大家可以針對每一款旗艦進行考慮。

On top of that, we're always fundraising for our open-ended strategies and those continue to grow and I would say they take a long time to start.

最重要的是，我們總是為我們的開放式策略籌集資金，並且這些策略不斷增長，我想說它們需要很長時間才能開始。

But once they get going and get invested, they often can attract significant amounts of capital.

但一旦他們開始行動並獲得投資，他們通常可以吸引大量資本。

So we continue to grow those.

所以我們繼續發展這些。

And then all the other strategies that we have, we're constantly in the markets fundraising for those.

然後我們擁有的所有其他策略，我們不斷在市場上籌集資金。

So I just -- in general we raise $10 billion to $25 billion a year and I think that will continue in the future.

所以我只是——總的來說，我們每年籌集 100 億至 250 億美元，我認為這種情況在未來會持續下去。

Our next question comes from Dean Wilkinson with CIBC.

我們的下一個問題來自 CIBC 的 Dean Wilkinson。

Just a 2 part question on the opportunities that the stock market volatility is creating.

這是關於股市波動所創造的機會的兩部分問題。

Are there any specific areas that you are looking at where you see value or is it just as it comes to you?

您是否正在關注任何特定領域，您認為這些領域具有價值，或者它對您來說是否有價值？

And the second question is, would you look at partial ownership interest there, sort of like Berkshiresque, if I can say, way or do you want it on all or nothing ownership?

第二個問題是，你是否會考慮那裡的部分所有權權益，有點像伯克希爾風格，如果我可以說，或者你想要全部或全部所有權？

So the answer to the first question, just where are the opportunities coming from, I would say we're always looking at businesses in the stock market that are in our areas of expertise.

因此，對於第一個問題，機會來自哪裡，我想說，我們一直在關注股票市場上屬於我們專業領域的企業。

And that's a pretty wide group of stocks when you look -- when you have a global mandate and we're in the number of countries that we have.

當你看一看時，這是一個相當廣泛的股票群體——當你擁有全球授權並且我們擁有眾多國家時。

So I wouldn't say it's -- it's not in any specific area, but it's in the areas that we're invested in.

所以我不會說它不是在任何特定領域，而是在我們投資的領域。

so I'd say that's the way to think of it.

所以我想說這就是思考的方式。

And then, as the partial interest, I would just say that we've tended not to own partial interest in companies because our strategy has been to operationally rework businesses and that's not really what you do when you're into partial interest.

然後，作為部分利益，我只想說，我們傾向於不對公司擁有部分利益，因為我們的策略是在運營上重新設計業務，而當你擁有部分利益時，這並不是你真正要做的事情。

So that's not to say that we wouldn't own partial interest and we do own partial of companies, but it's generally not the strategy that we deploy.

因此，這並不是說我們不會擁有部分股權，我們確實擁有部分公司，但這通常不是我們部署的戰略。

Our next question comes from Mario Saric with Scotiabank.

我們的下一個問題來自豐業銀行的馬里奧·薩里奇。

I just wanted to touch on return of capital, Brian you mentioned earlier on the call.

我只是想談談資本回報，布萊恩，你之前在電話會議上提到過。

I think with your Q2 results last August you noted the plan to reduce the share count back to '99 line levels over the medium term.

我認為，在去年 8 月的第二季度業績中，您注意到了在中期內將股票數量減少至 99 年線水平的計劃。

And recognizing, I guess, timings predicate on many things and an ultimately dictate if there are opportunity, can you just comment on whether the Oaktree transaction and the issuances just over 50 million BAM shares as part of the deal changes either kind of the timing of that medium-term definition or the absolute scope going forward?

我想，認識到時間安排取決於許多因素，並最終決定是否有機會，您能否評論一下橡樹交易以及作為交易一部分發行超過 5000 萬股 BAM 股票是否會改變任何一種時間安排？中期定義或未來的絕對范圍？

So in essence, can have plan right or ultimate decimation changed as a result of the transaction?

那麼從本質上講，交易的結果是否會改變計劃的正確性或最終的減少？

Sure.

當然。

So Mario thanks.

所以馬里奧謝謝。

It's -- actually there's no real change in terms of the overall strategy.

事實上，總體戰略沒有真正的變化。

And to flush that out, I'd kind of revisit that the central themes to it; One is, as noted, we have significant cash flow today and that's growing significantly.

為了解決這個問題，我會重新審視它的中心主題；一是，如前所述，我們今天擁有大量現金流，而且還在顯著增長。

And when we think about what we want to be doing with that cash flow to enhance value, we look at -- and what we've done principally over the past period of time has been reinvesting in the business and investing for growth of the business.

當我們考慮如何利用現金流來提高價值時，我們會考慮——過去一段時間我們所做的主要是對業務進行再投資，並為業務增長進行投資。

So clearly the Oaktree transaction falls into that category.

很明顯，橡樹資本的交易就屬於這一類。

And we do value the opportunity to be able to return capital to shareholders and we have typically done that in the way of repurchasing our stock and so that's still a very compelling use of capital to us.

我們確實重視向股東返還資本的機會，我們通常通過回購股票的方式來實現這一點，因此這對我們來說仍然是一種非常有吸引力的資本用途。

So if you pull that all together, it's still going to be a mix over the next or the -- over the next number of years about how do we allocate that cash flow.

因此，如果你把所有這些放在一起，在接下來的幾年裡，我們仍然會混合如何分配現金流。

Growing the business, clearly that's an Oaktree priority and we'd stay -- I'd say we generally have a tilt towards growing the business as opposed to buying back stock.

發展業務，顯然這是橡樹資本的首要任務，我們會留下來——我想說，我們通常傾向於發展業務，而不是回購股票。

But when we see that cash flow stripping the ability to put it back into the business -- to grow in the business, then we will look at more the return to capital side, more on the stock buyback side.

但是，當我們看到現金流剝奪了將其重新投入業務（業務增長）的能力時，我們將更多地關注資本回報方面，更多地關注股票回購方面。

So I'll frame the answers that way.

所以我會這樣回答。

And obviously, we're going to be putting a meaningful amount of cash to work in -- with the Oaktree acquisition and so that means that that cash is not available for stock buybacks, but it doesn't influence the overall longer-term strategy.

顯然，我們將投入大量現金來收購橡樹資本，這意味著這些現金無法用於股票回購，但這不會影響整體的長期戰略。

And my follow up would be, if you can provide us with an update on the syndication efforts on the acquired 28% interest in New York real estate portfolio from BPY last year.

我的後續行動是，您能否向我們提供有關去年從 BPY 收購紐約房地產投資組合 28% 權益的銀團工作的最新信息。

Sure.

當然。

So I guess the shorter answer to it is we continue to own that interest and we're continuing to work on syndicating and monetizing those assets.

因此，我想更簡短的答案是我們繼續擁有該權益，並且我們將繼續致力於聯合這些資產並將其貨幣化。

(Operator Instructions) Our next question comes from Sohrab Movahedi with BMO Capital.

（操作員指令）我們的下一個問題來自 BMO Capital 的 Sohrab Movahedi。

I just wanted to also go back to the commentary in the shareholder letter, Bruce, about opportunities in the take-private kind of realm of things.

我只是想回到布魯斯股東信中關於私有化領域的機會的評論。

I guess 2 part question on that.

我想這有兩部分問題。

Would that suggest more of a bias in the BBU franchise or across I guess the rest of the franchises as well?

這是否表明 BBU 特許經營權或我猜其他特許經營權也存在更多偏見？

I'll think of it like that.

我會這樣想。

And then secondarily, does that alter any of the views you would have shared last quarter around periods where it's good to deploy capital and then there are periods where it's good to retain dry powder?

其次，這是否會改變您在上個季度分享的關於適合部署資本的時期以及適合保留乾粉的時期的觀點？

Yes.

是的。

Those are all those are all excellent points.

這些都是優點。

I guess I'd start maybe with the last one.

我想我可能會從最後一個開始。

The comments in the letter about stock market volatility and doing take-privates really has nothing to do with a macro cycle comment, and I'd say our view is still the same.

信中關於股市波動和私有化的評論實際上與宏觀週期評論無關，我想說我們的觀點仍然是一樣的。

We're at the upper portion of the cycle, where we are, not sure.

我們正處於週期的上部，但我們不確定。

And in that point we should all be very careful about how we're deploying our capital, making sure we have our balance sheets in good shape and capital available if and when the market turns.

在這一點上，我們都應該非常小心地配置我們的資本，確保我們的資產負債表狀況良好，並且在市場轉變時有可用的資本。

So I wouldn't say it changes our overall macro -- general thesis of how we invest.

所以我不會說它改變了我們的整體宏觀——我們投資方式的一般論點。

The comments really are towards in all of our areas -- so to answer your first question, as opposed to just BBU.

這些評論確實針對我們所有的領域——所以回答你的第一個問題，而不僅僅是 BBU。

In all of our areas we continue to see increasing differentiations between stocks in the global markets and some shares not trading at fair value.

在我們所有的領域，我們繼續看到全球市場的股票和一些不以公允價值交易的股票之間的差異越來越大。

And as a result of that, it just presents more opportunity and we increasingly having the ability to take companies private and successfully done it many times and having the credibility to do it and the capital available to do it.

因此，它提供了更多的機會，我們越來越有能力將公司私有化，並多次成功地做到這一點，並且擁有這樣做的信譽和可用的資本。

It allows us to be able to access those that many people can't, and that's just -- I'd say that's always been out there.

它使我們能夠接觸到許多人無法接觸到的東西，而且我想說，這種情況一直存在。

It's just we see an increasing disparity between what we would view often as fair value and what trading prices are in some securities

只是我們看到某些證券的公允價值與交易價格之間的差距越來越大

And maybe just as a follow up, depending on where the growth comes, regardless of whether I guess it's the take-private or otherwise, as far as capital deployment.

也許只是作為後續行動，取決於增長的來源，無論我認為是私有化還是其他方式，就資本部署而言。

Is there one franchise or over another that would be a accretive or dilutive to do over all margins?

是否有一個特許經營權或另一個特許經營權會增加或稀釋所有利潤？

Look, our -- I think this will answer your question.

聽著，我們的——我想這會回答你的問題。

But our opportunistic strategies that have the highest returns, it's natural, would pay the highest fees.

但我們的機會主義策略具有最高的回報，自然會支付最高的費用。

And opportunistic real estate and opportunistic -- I'd call it private equity, are the highest returning strategy we pay and they pay the highest fees.

機會主義房地產和機會主義——我稱之為私募股權，是我們支付的回報率最高的策略，他們支付的費用也最高。

Infrastructure is in the middle of the road and credit would be farther across other than real distressed strategies.

基礎設施位於道路的中間，而信貸則比真正的陷入困境的策略走得更遠。

So -- but they're not meaningfully different in what the earnings out of them are.

所以——但它們的收益並沒有顯著的不同。

So it's -- there's not a significant difference between...

所以，這兩者之間沒有顯著差異...

And our next question comes from Andrew Kuske with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的安德魯·庫斯克。

I guess the first question is, when you look at all your historical funds and you look at just the factors.

我想第一個問題是，當你查看所有歷史基金並只查看因素時。

What factors have created the big delta from the dollars raised at first close to final close?

哪些因素造成了從最初募集資金到最後收盤募集資金的巨大增量？

What are the things we should be looking for on your existing set of funds that are out there?

我們應該從您現有的基金中尋找哪些東西？

Andrew, do you mean like how do we earn how do the returns get earned out of the funds generally?

安德魯，你的意思是我們如何賺錢，一般如何從基金中賺取回報？

More and more the absolute dollar size and maybe just a more on a more specific example, I think the last BIF III, the last infrastructure fund, your sort of mid close announcement was call it $11 billion or $12 billion, and I think the fund landed at $14 billion in the end.

美元的絕對規模越來越大，也許只是一個更具體的例子，我認為最後一個 BIF III，最後一個基礎設施基金，你的中收盤公告稱其為 110 億美元或 120 億美元，我認為該基金最終達到140億美元。

So it's more from -- when you announce something like this morning at $14 billion, where do you expect the final close?

所以更多的是——當你今天早上宣布 140 億美元的價格時，你預計最終收盤價是多少？

And what sort of changes that number.

以及這個數字會發生什麼樣的變化。

Yes.

是的。

Andrew, I'll just make one limited comment on that, which is -- I think it's really hard to go from a predecessor example because a lot of times it'll depend on the pace of fundraising given where you might have set a hard cap and there are a whole variety of potential influences on it.

安德魯，我只想對此發表一個有限的評論，那就是——我認為很難從前一個例子中走出來，因為很多時候這將取決於籌款的速度，因為你可能已經設定了一個硬性目標。上限，並且對其有各種各樣的潛在影響。

So I think it would be not wise for us to try and extrapolate from one to the next in these circumstances.

因此，我認為在這種情況下，我們嘗試從一個推斷到下一個是不明智的。

Maybe just a broader question is, as your fundraising momentum is increasing.

也許只是一個更廣泛的問題，因為你的籌款勢頭正在增強。

I mean you historically had a unique view versus some of the other alts out there by offering co-investment to your largest clients.

我的意思是，通過向最大的客戶提供共同投資，您歷來對其他一些替代品有獨特的看法。

So as the funds get bigger in scale, will that remain a feature of your deployment offering or that could be less of a focus given the fact you're going to have bigger funds out there?

因此，隨著資金規模越來越大，這是否仍然是您的部署產品的一個特點，或者考慮到您將擁有更大的資金，這一點可能不再那麼受關注？

I would just say one of our -- we were trained by many large institutions when we started into investment management business by doing co-investments with them.

我只想說我們的一個——當我們通過與他們共同投資開始進入投資管理業務時，我們受到了許多大型機構的培訓。

We think it offers a added feature to be able to do it.

我們認為它提供了一個附加功能來做到這一點。

It gives us extra firepower to be able to do larger transactions.

它為我們提供了額外的火力，能夠進行更大的交易。

And even though the funds are getting bigger, we've been able to offer very significant amounts of co-invest to our clients.

儘管資金規模越來越大，我們仍然能夠為客戶提供大量的共同投資。

We intend to do that increasing as in the same amounts and hopefully larger amounts going forward because we think it's important to them and therefore it's important to us.

我們打算以相同的數量增加這一數量，並希望未來能增加更多數量，因為我們認為這對他們很重要，因此對我們也很重要。

And this concludes our question and answer session.

我們的問答環節到此結束。

I will now hold the call back over to Ms. Fleming.

我現在將把電話轉回給弗萊明女士。

Thank you, and with that, we will wrap up the call.

謝謝您，我們就結束這次通話。

Thank you, everyone, for joining us.

謝謝大家加入我們。

Ladies and gentlemen, thank you for participating in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude today's program and you may all disconnect.

今天的節目到此結束，大家可以斷線了。

Everyone have a wonderful day.

每個人都度過了美好的一天。