富蘭克林資源 (BEN) 2025 Q3 法說會逐字稿

Welcome to the Franklin Resources Earnings Conference Call for the quarter ended June 30, 2025. Hello, my name is Maria, and I will be your call operator today.

歡迎參加富蘭克林資源 2025 年 6 月 30 日止季度財報電話會議。您好，我叫瑪麗亞，今天我將擔任您的接線生。

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

提醒一下，本次會議正在錄音，目前所有參與者都處於只聽模式。

I would now like to turn the conference over to your host, Selene Oh, Head of Investor Relations for Franklin Resources. You may begin.

現在，我想將會議交給主持人、富蘭克林資源公司投資者關係主管 Selene Oh。你可以開始了。

Good morning and thank you for joining us today to discuss your quarterly results. Statements made on this conference call regarding Franklin Resources Inc. which are not historical facts or forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from any future results expressed or implied by such forward-looking statements. These and other risks, uncertainties, and other important factors are described in more detail in Franklin's recent filings with the Securities and Exchange Commission, including in the risk factors and the MD&A sections of Franklin's most recent Form 10-K and 10-Q filings.

早安，感謝您今天加入我們討論您的季度業績。本次電話會議有關富蘭克林資源公司的聲明不屬於《1995 年私人證券訴訟改革法案》所定義的歷史事實或前瞻性聲明。這些前瞻性陳述涉及許多已知和未知的風險、不確定性和其他重要因素，可能導致實際結果與此類前瞻性陳述表達或暗示的任何未來結果有重大差異。這些和其他風險、不確定性和其他重要因素在富蘭克林最近向美國證券交易委員會提交的文件中進行了更詳細的描述，包括富蘭克林最近的 10-K 和 10-Q 表格中的風險因素和 MD&A 部分。

Now I'd like to turn the call over to Jenny Johnson, our President and Chief Executive Officer.

現在我想將電話轉給我們的總裁兼執行長珍妮·約翰遜。

Thank you, Selene. Welcome, everyone, and thank you for joining us today as we review Franklin Templeton third fiscal quarter results. I'm here with Matt Nicholls, our CFO and COO and Adam Spector, our Head of Global Distribution. We'll answer your questions momentarily, but before we do that, I'd like to highlight some key developments and themes from the quarter.

謝謝你，塞勒涅。歡迎大家，感謝您今天加入我們，一起回顧富蘭克林鄧普頓第三財季的業績。我和我們的財務長兼營運長 Matt Nicholls 以及我們的全球分銷主管 Adam Spector 一起來到這裡。我們將立即回答您的問題，但在此之前，我想強調本季的一些關鍵發展和主題。

Over the past few years, Franklin Templeton continues to evolve into one of the world's largest and most diversified investment managers with a full spectrum of capabilities across public and private markets. At the core of this evolution is our commitment to being a trusted partner for what's ahead, helping clients navigate the complexity of global markets with confidence and experience. From individual investors and financial professionals to institutions, we are focused on delivering customized solutions to achieve their long-term financial goals. We do this by leveraging the breadth and depth of our specialist investment teams who bring differentiated expertise. And we offer our strategies through a broad range of investment vehicles from mutual funds and ETFs to SMAs and private fund structures.

在過去幾年中，富蘭克林鄧普頓不斷發展成為全球最大、最多元化的投資管理公司之一，擁有涵蓋公開市場和私人市場的全方位能力。這一演變的核心是我們致力於成為未來值得信賴的合作夥伴，幫助客戶憑藉信心和經驗應對全球市場的複雜性。從個人投資者、金融專業人士到機構，我們專注於提供客製化解決方案，以實現他們的長期財務目標。我們透過利用擁有差異化專業知識的專業投資團隊的廣度和深度來實現這一目標。我們透過從共同基金和 ETF 到 SMA 和私募基金結構等廣泛的投資工具提供我們的策略。

As more asset owners seek multifaceted partnerships with fewer firms that can deliver across asset classes, styles, and regions; we believe our business is well suited to meet that demand. In today's fast-moving and interconnected investment landscape, Franklin Templeton's global reach is increasingly important. Our capabilities span US and international markets, including emerging markets, positioning us to meet evolving client needs as they allocate and reallocate across regions and through market cycles.

隨著越來越多的資產所有者尋求與更少的能夠跨資產類別、風格和地區提供服務的公司建立多方面的合作夥伴關係；我們相信我們的業務非常適合滿足這種需求。在當今快速變化且相互關聯的投資環境中，富蘭克林鄧普頓的全球影響力日益重要。我們的能力遍及美國和國際市場，包括新興市場，使我們能夠滿足客戶在跨地區和跨市場週期進行分配和重新分配時不斷變化的需求。

Almost 40 years ago, we opened our first office outside of North America in Taiwan and we were one of the first global firms to build local asset management capabilities. We currently operate in over 30 countries, and our clients are located in over 150 countries. Our goal is to manage each local business combined with global scale, focusing on local investing and client needs and today we have approximately $500 billion or roughly 30% of our AUM in countries outside the US.

大約 40 年前，我們在台灣開設了第一家北美以外的辦事處，並且是第一批建立本地資產管理能力的全球公司之一。目前，我們的業務遍及 30 多個國家，我們的客戶遍及 150 多個國家。我們的目標是結合全球規模來管理每個本地業務，專注於本地投資和客戶需求，今天我們在美國以外的國家擁有約 5000 億美元或約 30% 的 AUM。

From our legacy as pioneers in international and income investing to leadership in emerging areas like AI, tokenization, and blockchain; we're committed to keeping our clients on the forefront of investment opportunity across markets and technologies globally. Innovation is and has always been central to who we are. Our investment teams around the world collaborate closely to provide forward-looking insights and identify new opportunities. A great example of this is the Franklin Templeton Institute, which plays a central role in delivering timely research, thought leadership, and educational resources to help clients interpret and respond to fast-moving market developments.

從我們作為國際和收入投資先驅的傳統到人工智慧、代幣化和區塊鏈等新興領域的領導地位；我們致力於讓我們的客戶在全球市場和技術的投資機會中保持領先地位。創新一直是我們的核心。我們在世界各地的投資團隊密切合作，提供前瞻性的見解並發現新的機會。富蘭克林鄧普頓研究所就是一個很好的例子，它在提供及時的研究、思想領導和教育資源方面發揮著核心作用，幫助客戶解讀和應對快速變化的市場發展。

Turning to public equity markets, it's been a tale of two quarters to start calendar 2025. Despite a turbulent April, global equity markets rebounded sharply from Liberation Day setbacks, with the S&P 500 posting one of its fastest ever post-war recovery, rising 25% from its April lows and ending the quarter up nearly 11%. The sharp recovery was led by large cap growth stocks, including most of the Magnificent Seven. The top performing sectors were IT, communication services, industrials, and consumer discretionary, along with the other major domestic indexes. The small cap Russell 2000 index rebounded in the second quarter, gaining 8.5%.

談到公開股票市場，從 2025 年開始，這是一個兩季的故事。儘管 4 月市場動盪，但全球股市從解放日的挫折中強勁反彈，標準普爾 500 指數創下戰後最快的復甦之一，較 4 月低點上漲 25%，本季末上漲近 11%。帶動股市強勁復甦的是大型成長股，其中包括「七雄爭霸」中的大部分股票。表現最好的產業是 IT、通訊服務、工業和非必需消費品，以及其他主要國內指數。小型股羅素2000指數第二季反彈，上漲8.5%。

International markets have shined so far in calendar 2025, but the outperformance versus the US was largely in Q1. Through June, the MSCI EAFE is up 19%, helped by a weaker US dollar and expectations that US tariffs will not meaningfully alter the corporate earnings outlook. Emerging markets similarly outperformed. After holding up much better in the first quarter of the calendar year, Value stocks lagged growth in this quarter. Large cap growth outperformed large cap value by 14% in Q2.

截至目前，2025 年國際市場表現亮眼，但相較於美國市場而言，其優異表現主要體現在第一季。截至 6 月份，MSCI EAFE 指數上漲了 19%，這得益於美元走弱以及市場預期美國關稅不會對企業獲利前景產生重大影響。新興市場同樣表現出色。在歷年第一季表現好得多之後，價值股在本季的成長卻落後了。第二季度，大盤股成長表現優於大盤股價值表現 14%。

Our investment teams remain cautiously constructive on the outlook for the US equity market. While the market remains supported by solid fundamentals, caution stems from the market's already strong advance from its lows and ongoing geopolitical and policy uncertainty.

我們的投資團隊對美國股票市場的前景保持謹慎樂觀的態度。儘管市場仍受到穩固基本面的支撐，但謹慎情緒源自於市場已從低點強勁上漲，以及持續存在的地緣政治和政策不確定性。

Turning to public fixed income markets and rates following Liberation Day, the quarter opened with a higher-than-expected tariffs announcements which sparked a temporary market sell-off and a spike in volatility. Subsequent data, however, suggested that the US economy has remained resilient, economic activity continued to unfold at a healthy pace, even though volatility in exports and imports makes headline GDP numbers less informative than usual. The labor market remains at or close to full employment and while tariff hikes have fed through into the prices of specific goods, they have not had a broader impact on inflation. All this seems consistent with the fact that exports and imports play a relatively smaller role in the US than in many other economies.

解放日之後，轉向公共固定收益市場和利率，本季開始時宣布的關稅高於預期，引發了暫時的市場拋售和波動性飆升。然而，後續數據表明，儘管進出口波動導致整體 GDP 數據不如往常具有參考價值，但美國經濟仍保持韌性，經濟活動繼續以健康的速度發展。勞動力市場仍然處於或接近充分就業，儘管關稅上調已經影響到特定商品的價格，但尚未對通膨產生更廣泛的影響。這一切似乎都與這樣一個事實相符：與許多其他經濟體相比，出口和進口在美國發揮的作用相對較小。

Market conditions stabilized during the quarter as investors' worst fears proved unfounded, and risk assets recovered with global credit spreads spiking but then trending significantly lower. Lower rated sectors outperformed as did non-US markets with the US dollar, seeing its largest quarterly decline since 2022.

由於投資者最壞的擔憂被證明是沒有根據的，本季市場狀況趨於穩定，風險資產有所回升，全球信貸利差一度飆升，但隨後呈現大幅下降趨勢。評級較低的行業表現優於非美國市場，美元也出現自 2022 年以來的最大季度跌幅。

The Fed has maintained interest rates unchanged at its May, June, and July meetings, noting that while there are some downside risks to growth, labor markets remain robust, inflation is still above target. We continue to expect at most one more rate cut by the Fed this year with additional monetary easing possible should growth begin to deteriorate. Tariff-driven price pressures and a still large fiscal deficit seem likely to exert some upward pressure on yields.

聯準會在 5 月、6 月和 7 月會議上維持利率不變，指出儘管經濟成長有一些下行風險，但勞動市場依然強勁，通膨仍高於目標。我們仍預期聯準會今年最多會再降息一次，如果經濟成長開始惡化，可能會進一步放鬆貨幣政策。關稅驅動的價格壓力和仍然巨大的財政赤字似乎可能會對收益率施加一些上行壓力。

Financial markets will likely continue to anticipate and push for more monetary easing than what we are forecasting, likely resulting in a prolonged roller coaster ride of market volatility. In private markets, quarterly volatility in global equity markets continued to act as a constraint on IPOs and M&A activity. As a result, continuation funds and secondary private equity were the primary sources for investor liquidity, where Lexington Partners provides scaled solutions, expertise, and leadership. The trends shaping the private equity landscape, growing net asset values, significant dry powder, longer holding periods, and shifting distribution patterns point to a secondary market opportunity that is poised to remain attractive for years to come.

金融市場可能會繼續預期並推動比我們預測的更多的貨幣寬鬆政策，這可能會導致市場波動持續很長時間。在私人市場，全球股票市場的季度波動持續對 IPO 和併購活動造成限制。因此，延續基金和二級私募股權成為投資者流動性的主要來源，而 Lexington Partners 則提供規模解決方案、專業知識和領導力。塑造私募股權格局的趨勢、不斷增長的淨資產價值、大量的乾火藥、更長的持有期以及不斷變化的分銷模式都表明，二級市場機會在未來幾年仍將具有吸引力。

Private credit remained an area of conviction, though even here LPs are deploying more selectively. The macro backdrop characterized by higher base rates, modest spread widening, and potential credit deterioration has made quality underwriting and structure more important than ever. Increased market volatility, while challenging, also creates an attractive backdrop for our alternative credit businesses like direct lending, real estate credit, and special situations.

私人信貸仍然是一個值得信賴的領域，儘管有限合夥人在這一領域的部署也更具選擇性。以基準利率上升、利差適度擴大和潛在信用惡化為特徵的宏觀背景使得優質的承保和結構比以往任何時候都更加重要。市場波動性加劇雖然充滿挑戰，但也為我們的直接貸款、房地產信貸和特殊情況等另類信貸業務創造了有吸引力的背景。

In these markets where there is greater dispersion between the best and worst credits, Benefit Street Partners is well positioned given its conservative approach to underwriting and our deep portfolio management expertise. Real estate capital markets activity remains muted with greater volume and perceived stronger property types. Top-performing property sectors include industrial, multi-family, and self-storage, which continue to have solid long-term underlying property fundamentals.

在這些最佳信用評級與最差信用評級之間存在較大差異的市場中，Benefit Street Partners 憑藉其保守的承保方式和深厚的投資組合管理專業知識，佔據了有利地位。房地產資本市場活動依然低迷，交易量較大，房地產類型被認為較強。表現最佳的房地產行業包括工業、多戶住宅和自助倉儲，這些行業繼續擁有穩固的長期房地產基本面。

For the fourth quarter in a row, overall property indices showed modestly positive performance, signaling more evidence of reaching a bottom after two years of decline. As sentiment changes for real estate, Clarion continues to be well positioned with over 60% of AUM in the industrial and logistics sectors and less than 6% in the office sector.

房地產整體指數連續第四個季度呈現溫和上漲態勢，在連續兩年下跌之後，有更多跡象顯示房地產市場正在觸底。隨著房地產市場情緒的變化，Clarion 繼續保持良好地位，其 AUM 在工業和物流領域佔有超過 60% 的份額，在辦公領域佔有不到 6% 的份額。

Our overall view of private markets remains constructive while there may be subtle shifts within private markets, the changing trade policies and elevated geopolitical risks haven't altered our long-term outlook. We continue to favor secondary private equity, real estate, and commercial real estate debt as key areas of opportunity.

我們對私人市場的整體看法仍然是建設性的，儘管私人市場內部可能會發生微妙的變化，但不斷變化的貿易政策和不斷上升的地緣政治風險並沒有改變我們的長期前景。我們繼續看好二級私募股權、房地產和商業房地產債務作為關鍵機會領域。

In today's environment of heightened volatility, shifting trade policies and geopolitical uncertainty, diversification, and active management are not just prudent but essential to mitigate potential risks and maximize returns. Diversification across various asset classes, regions, and sectors can of course help cushion the impact of market volatility, and as a diversified active manager, we have the capabilities across public and private assets to customize solutions to help investors to achieve their long-term financial goals.

在當今波動性加劇、貿易政策轉變和地緣政治不確定性的環境中，多元化和主動管理不僅是謹慎的，而且對於降低潛在風險和最大化回報至關重要。當然，不同資產類別、地區和行業的多元化投資可以幫助緩解市場波動的影響，作為多元化主動管理者，我們有能力在公共和私人資產方面客製化解決方案，幫助投資者實現其長期財務目標。

Turning now to our business results. Our third fiscal quarter saw progress across asset classes, investment vehicles, and geographies, highlighting the strength of our diversified global platform. Our assets under management ended the quarter at $1.61 trillion, AUM increased from the prior quarter due to the impact of positive markets and strengthening flows, partially offset by long-term outflows at Western Asset Management.

現在談談我們的業務成果。我們的第三財季在資產類別、投資工具和地理方面都取得了進展，凸顯了我們多元化全球平台的實力。本季末，我們管理的資產規模達到 1.61 兆美元，由於市場利好和資金流增強的影響，AUM 較上一季度有所增加，但被西方資產管理公司的長期資金流出部分抵消。

Our institutional pipeline of one but unfunded mandates rose by net $4 billion to a record $24.4 billion. It included $14.8 billion in new wins, reflecting strong client demand across all asset classes, and was diversified across specialist investment managers in multiple regions. This quarter we saw notable mandates in fixed income from our partners in the insurance sector, we remain encouraged by increased client engagement on potential opportunities ahead.

我們的機構單一但未獲資金支持的授權項目淨增加了 40 億美元，達到創紀錄的 244 億美元。其中包括 148 億美元的新收益，反映了客戶對所有資產類別的強勁需求，並分散在多個地區的專業投資經理中。本季度，我們看到保險業合作夥伴在固定收益方面做出了顯著的授權，客戶對未來潛在機會的參與度不斷提高，這讓我們感到鼓舞。

Long-term net outflows totaled $9.3 billion, representing a marked improvement from the prior quarter's outflows of $26.2 billion. Excluding Western asset management, long-term net inflows were $7.8 billion this quarter and $7.4 billion in the prior quarter. This quarter represents the seventh consecutive quarter of positive net flows excluding Western, demonstrating growing momentum across our business.

長期淨流出總額為 93 億美元，較上一季的 262 億美元流出有明顯改善。不包括西方資產管理公司，本季長期淨流入為 78 億美元，上一季為 74 億美元。本季是除西方之外連續第七個季度實現正淨流量，顯示我們整個業務的成長動能。

Multi-asset and alternatives continue to have strong, consistent performance and generated another quarter of positive net flows, resulting in a combined $4.3 billion for the quarter. Multi-asset flows have been positive for 16 consecutive quarters.

多種資產和另類投資繼續保持強勁、穩定的表現，並在本季度產生了另一個正淨流量，本季總計達到 43 億美元。多種資產流動已連續16季為正。

In addition, we saw improving flow trends in fixed income and equities. Equity net outflows were $645 million as market volatility impacted growth strategies more than others. Given our diverse global equity capabilities, we benefited from the broadening of markets into both value and non-US strategies, generating positive net flows into large cap value, international, and emerging markets strategies. Putnam continues to be a strong contributor with positive net flows since acquisition across mutual funds, SMAs, and ETFs.

此外，我們看到固定收益和股票的流動趨勢正在改善。由於市場波動對成長策略的影響大於其他策略，股票淨流出量為 6.45 億美元。鑑於我們多樣化的全球股票投資能力，我們受惠於市場向價值和非美國策略的拓展，為大盤價值、國際和新興市場策略帶來了正淨流入。自被收購以來，Putnam 一直是共同基金、SMA 和 ETF 的強勁貢獻者，淨流量為正。

Fixed income net outflows improved to $13 billion this quarter. Excluding Western fixed income net inflows were $3.5 billion driven by Franklin Templeton Fixed Income and Brandywine Global.

本季固定收益淨流出改善至 130 億美元。不包括西方固定收益，淨流入金額為 35 億美元，主要由富蘭克林鄧普頓固定收益和 Brandywine Global 推動。

Flight to safety generated positive flows into munis, stable value, and short duration strategies. Excluding Western, fixed income has generated positive net flows for six consecutive quarters. Western net outflows also moderated on a quarterly basis and are the lowest since the September quarter of 2024.

避險情緒為市政債券、穩定價值債券和短期債券策略帶來了積極的資金流入。除西方外，固定收益已連續六季產生正淨流量。西方淨流出量也按季度放緩，達到 2024 年 9 月季度以來的最低水準。

In addition, money market balances have continued to grow as the Federal Reserve holds the target overnight rate at about 4%. We've had cash management net inflows for four out of the five last quarters, with $2.7 billion in each of the last two quarters, increasing our cash management AUM to $72 billion.

此外，由於聯準會將隔夜目標利率維持在4%左右，貨幣市場餘額持續成長。在過去五個季度中，我們有四個季度實現了現金管理淨流入，最近兩個季度每季的淨流入額為 27 億美元，使我們的現金管理資產管理規模 (AUM) 增至 720 億美元。

This quarter we continue to successfully execute our long-term corporate priorities which reflect key areas of long-term growth. Fundraising and alternatives generated $6.2 billion for the quarter of which private markets assets totaled $5.3 billion. This brings alternative asset fundraising to $19 billion fiscal year to date, including $15.7 billion in private markets, placing us at approximately the middle of our annual guidance range with one more quarter to go. Fundraising was diversified across alternative specialist investment managers and reflected client demand in secondary private equity, alternative credit, and real estate from institutions as well as from the wealth channel.

本季度，我們繼續成功執行我們的長期企業重點，這些重點反映了長期成長的關鍵領域。本季度，融資和另類投資產生了 62 億美元，其中私募市場資產總額為 53 億美元。這使得本財年迄今的另類資產籌資額達到 190 億美元，其中包括私募市場的 157 億美元，使我們處於年度指導範圍的中間水平，而且還剩下一個季度。融資管道多元化，涵蓋另類專業投資經理，反映了來自機構和財富管道的客戶對二級私募股權、另類信貸和房地產的需求。

In June, we announced an agreement to acquire a majority interest in Apera Asset Management, a pan-European private credit firm with approximately $5.7 billion in AUM. The transaction will expand our direct lending capabilities across Europe's lower middle market and reflects our continued commitment to growing our global alternatives platform, which had $258 billion in AUM at quarter end. Apera is complementary to our existing global alternative credit offerings.

6 月，我們宣布了一項協議，收購 Apera Asset Management 的多數股權，Apera Asset Management 是一家泛歐私人信貸公司，資產管理規模約 57 億美元。此交易將擴大我們在歐洲中低端市場的直接貸款能力，並體現出我們持續致力於發展全球替代平台的承諾，該平台在季度末的資產管理規模達 2580 億美元。Apera 是我們現有的全球替代信貸產品的補充。

Alongside Benefit Street Partners in the US and Alcentra in Europe, Apera further diversifies our firm's geographic exposure and capabilities within the private credit asset class. This acquisition brings our pro forma private credit AUM to nearly $90 billion.

連同美國的 Benefit Street Partners 和歐洲的 Alcentra，Apera 進一步豐富了我們公司在私人信貸資產類別中的地理覆蓋範圍和能力。此次收購使我們的私人信貸資產管理規模達到近 900 億美元。

On both a relative and absolute basis, Alternatives by Franklin Templeton, our alternatives business in the wealth management channel, has been a strong contributor over the course of this year. We have invested heavily in this business to meet the growing demand in this critical area. Over the past few years, we have focused on designing suitable products, investing in client education, and supporting wealth advisors. Our substantial distribution resources and coverage model includes a dedicated alternative specialist team that we have significantly expanded over the past two years.

無論從相對或絕對角度來看，我們財富管理管道的另類投資業務——富蘭克林鄧普頓另類投資 (Alternatives by Franklin Templeton) 在今年都做出了強勁貢獻。我們對該業務進行了巨額投資，以滿足這一關鍵領域日益增長的需求。過去幾年，我們專注於設計合適的產品、投資客戶教育以及支持財富顧問。我們擁有豐富的分銷資源和覆蓋模式，其中包括一支專門的替代專家團隊，該團隊在過去兩年中得到了顯著擴展。

Our perpetual secondary private equity funds, Franklin Lexington Private Markets Fund are nearing $2.5 billion in gross sales fiscal year to date, and we're excited to expand into new markets in Europe and Asia, leveraging our global distribution footprint.

我們的永久性二級私募股權基金富蘭克林列剋星敦私募市場基金本財年迄今的總銷售額已接近 25 億美元，我們很高興能夠利用我們的全球分銷足跡擴展到歐洲和亞洲的新市場。

Additionally, our two other primary alternative managers, Benefit Street Partners and Clarion Partners, each have perpetual funds with at least $1 billion in AUM. These are semi-liquid perpetual vehicles and are open to ongoing subscriptions. Over the long term, we believe there is a significant opportunity for alternatives in wealth management, especially given the average wealth management client has approximately 5% or less of their portfolio allocated to alternatives, and depending on the client's liquidity needs, it could be much higher.

此外，我們的另外兩家主要另類投資管理公司 Benefit Street Partners 和 Clarion Partners 各自擁有資產管理規模至少 10 億美元的永久基金。這些是半流動的永久工具，可以持續訂閱。從長遠來看，我們認為財富管理領域的另類投資具有巨大的發展機會，特別是考慮到平均而言，財富管理客戶將其投資組合中約 5% 或更少的資金分配給另類投資，而且根據客戶的流動性需求，這一比例可能會更高。

Institutions, for example, have been allocating 30% or more. It is essential for us to provide opportunity for broader client participation in the investment returns generated in private markets. In addition, we're developing products with strategic partners in the retirement channel for private market investments to be included in defined contribution retirement plans.

例如，機構已分配了 30% 或更多。對我們來說，為更廣泛的客戶提供參與私人市場產生的投資回報的機會至關重要。此外，我們正在與退休通路的策略合作夥伴一起開發產品，將私人市場投資納入固定繳款退休計畫。

Client demand also continued across investment vehicles. Our ETF platform achieved its 15th consecutive quarter of positive net flows, attracting $4.3 billion and reached a new high of $44.1 billion in AUM, 19% growth from the prior quarter. We have over 13 ETFs with over $1 billion in AUM across equities and fixed income, and since acquisition, Putnam's ETF lineup has more than tripled in AUM, reflecting the strength of our global distribution platform.

客戶對各種投資工具的需求也持續成長。我們的 ETF 平台連續 15 個季度實現正淨流入，吸引了 43 億美元，資產管理規模達到 441 億美元的新高，較上一季成長 19%。我們擁有超過 13 檔 ETF，股票和固定收益領域的資產管理規模超過 10 億美元，自收購以來，Putnam 的 ETF 陣容的資產管理規模增加了兩倍多，反映了我們全球分銷平台的實力。

Retail SMAs had another quarter of positive net flows, and the AUM is up 8% to $156.3 billion, a new high water mark for our retail SMAs. Our leading SMA franchise saw continued progress driven by growth in Putnam, Franklin Templeton Fixed Income, Canvas, and Franklin Income.

零售 SMA 又迎來了一個季度的正淨流量，AUM 成長 8% 至 1563 億美元，創下了我們零售 SMA 的新高。我們領先的 SMA 特許經營權在 Putnam、富蘭克林鄧普頓固定收益、Canvas 和富蘭克林收益的成長推動下繼續取得進展。

Canvas, our custom indexing platform, attracted notable inflows with Canvas AUM of $13.7 billion, increasing 20% from the prior quarter. The platform has been in positive inflows since acquisition.

我們的客製化索引平台 Canvas 吸引了大量資金流入，其資產管理規模 (AUM) 達到 137 億美元，較上一季成長 20%。該平台自收購以來一直保持正流入。

As I mentioned earlier, one of Franklin Templeton's strengths is our global presence in the international markets are an integral part of our growth strategy. Our international business continues to expand with positive net flows for the quarter. Speaking of international markets. In May, I joined senior leaders in the Middle East to engage directly with government officials, policy leaders, and some of the region's most influential institutional investors.

正如我之前提到的，富蘭克林鄧普頓的優勢之一是我們在國際市場的全球影響力，這是我們成長策略不可或缺的一部分。我們的國際業務持續擴大，本季淨流量為正。談到國際市場。五月，我與中東地區的高層領導人一起直接與政府官員、政策領導人以及該地區一些最具影響力的機構投資者接觸。

The visit reinforced Franklin Templeton's long-term commitment to helping shape global capital markets in the region. This quarter, we worked with two of Saudi Arabia's leading institutions to invest in the country's financial markets, broadening investment offerings for both Saudi and international investors. We continue to be selected as a trusted partner to official institutions in emerging markets, including central banks and sovereign wealth funds.

這次訪問強化了富蘭克林鄧普頓幫助塑造該地區全球資本市場的長期承諾。本季度，我們與沙烏地阿拉伯兩家領先的機構合作，投資該國的金融市場，擴大沙烏地阿拉伯和國際投資者的投資範圍。我們繼續被選為新興市場官方機構（包括中央銀行和主權財富基金）值得信賴的合作夥伴。

This quarter, we became the trustee and manager of the $1.7 billion National Investment Fund of the Republic of Uzbekistan. This strategic mandate builds on our 15-year track record of managing mandates in frontier and emerging markets. We are also honored to be recognized as the Asset Manager Of The Year by the publication Central Banking, reflecting the progress we are making with this client base.

本季度，我們成為烏茲別克共和國17億美元國家投資基金的受託人和管理者。這項策略任務建立在我們 15 年管理前沿和新興市場任務的記錄之上。我們也很榮幸被《中央銀行》雜誌評為年度資產管理人，這反映了我們在該客戶群中所取得的進步。

This quarter, we launched an intraday yield feature on Benji, our tokenized money market fund, making investing faster, more transparent, and accessible 24/7. This is another example of how Franklin Templeton has always been at the forefront of change, whether it's providing investors with access to new investment opportunities, improving how they manage their money, or leveraging new technology to make it more efficient.

本季度，我們在代幣化貨幣市場基金 Benji 上推出了日內收益功能，使投資變得更快、更透明，並且可以全天候進行。這是富蘭克林鄧普頓始終走在變革前沿的另一個例子，無論是向投資者提供新的投資機會，改善他們的資金管理方式，還是利用新技術提高效率。

Before I turn to investment performance, I wanted to provide a brief update on July flows. While it's early and we will formally report preliminary July AUM and flows next week, Western's long-term net outflows are expected to be approximately $3 billion for the month of July and had ending AUM of approximately $236 billion. Excluding Western, we expect long-term net inflows of approximately $3 billion.

在談投資績效之前，我想先簡單介紹一下七月的資金流動。雖然現在還為時過早，我們將於下週正式報告 7 月的初步 AUM 和流量，但預計 Western 7 月的長期淨流出量約為 30 億美元，期末 AUM 約為 2,360 億美元。除西方國家外，我們預計長期淨流入約 30 億美元。

Now in terms of investment performance, over half of our mutual fund AUM is outperforming its peer median across the 3-, 5-, and 10-year periods. The one year would also be in the top half, excluding one of our largest funds managed for yield. Similarly, over half of the strategy composite AUM is outperforming its benchmarks over the same time periods.

現在就投資績效而言，我們超過一半的共同基金 AUM 在 3 年、5 年和 10 年期間的表現都優於同業中位數。這一年也將處於上半部分，不包括我們管理的最大的收益基金之一。同樣，在同一時間段內，此策略綜合資產管理規模中有超過一半的表現優於基準。

Compared to the prior quarter, mutual fund investment performance increased in the 3-, 5-year, and 10-year periods and declined in the 1-year period. Again, primarily due to the categorization of one of our largest funds managed for yield.

與上一季相比，共同基金投資績效在3年期、5年期及10年期均有所成長，但在1年期有所下降。再次，這主要歸因於我們管理的最大收益基金之一的分類。

Turning briefly to financial results, adjusted operating income was $378 million, flat from the prior quarter, driven by lower compensation expenses offset by the impact of Western outflows and lower average AUM. We continue to focus on expense discipline and operational efficiencies. Our balance sheet remains strong, providing flexibility to pursue strategic investments, and return capital to shareholders.

簡單回顧一下財務業績，調整後的營業收入為 3.78 億美元，與上一季持平，這主要是由於薪酬支出減少，但被西方資金外流和平均資產管理規模下降的影響所抵消。我們持續專注於費用紀律和營運效率。我們的資產負債表依然強勁，為進行策略性投資和向股東返還資本提供了靈活性。

Finally, at Franklin Templeton, our collective purpose is clear. To help our clients all over the world achieve the most important financial milestones of their lives. Central to our approach is a deep understanding of each client's goals, allowing us to serve as a trusted partner through the complexities of the financial markets. We have built a resilient business that is diversified across investment teams, asset classes, vehicles and regions, delivering value to all stakeholders.

最後，在富蘭克林鄧普頓，我們的共同目標是明確的。幫助我們遍布全球的客戶實現他們一生中最重要的財務里程碑。我們的方法的核心是深入了解每個客戶的目標，這使我們能夠在複雜的金融市場中成為值得信賴的合作夥伴。我們建立了一個具有韌性的業務，其投資團隊、資產類別、投資工具和地區多元化，為所有利害關係人創造價值。

I'd like to express my thanks to our talented and dedicated employees around the world whose client-first mindset drives our continued success.

我要向世界各地才華橫溢、敬業奉獻的員工表示感謝，他們的客戶至上理念推動著我們不斷取得成功。

Now let's open the call up to your questions. Operator/

現在讓我們開始回答你們的問題。操作員/

(Operator Instructions)

（操作員指示）

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

So once I guess private credit in general, I like what you've done with Apera, and it seems like dedicated for European direct lending. The bigger picture question is how do you integrate -- how do you grow organically and then how do you integrate something like Apera into the broader private credit platform, and can these products and strategies stand alone, or do you need to have that fully integrated across all asset classes solution throughout private credit? I'm just trying to think about where you're building towards. Thanks so much.

因此，當我猜測私人信貸總體情況時，我喜歡你對 Apera 所做的事情，它似乎專門用於歐洲直接貸款。更大的問題是如何整合——如何有機地發展，然後如何將像 Apera 這樣的東西整合到更廣泛的私人信貸平台中，這些產品和策略是否可以獨立存在，或者是否需要在整個私人信貸中將其完全整合到所有資產類別解決方案中？我只是在思考你的目標是什麼。非常感謝。

Yeah, thanks, Glen.

是的，謝謝，格倫。

I mean, first of all, remember that we also acquired Alcentra, and I think that has gone very well. It reports up under BSP reporting into David Manlow, and, they're big CLO managers. It's really, grown our CLO capabilities. We don't want to be viewed as an asset manager that just acquires and has these things stand alone. And if you look at what we think are real growth story and opportunity, it's the integration of these things.

我的意思是，首先，請記住我們也收購了 Alcentra，而且我認為進展非常順利。它向 BSP 報告，向 David Manlow 報告，他們都是大型 CLO 經理。這確實增強了我們的 CLO 能力。我們不想被視為僅僅收購併獨自擁有這些東西的資產管理者。如果你看看我們認為的真正的成長故事和機遇，那就是這些東西的整合。

And so there'll be parts of Apera that'll be standalone. They just raised a $2.9-billion fund, but they will also through sourcing, leverage the broader part of the organization, leverage it for distribution, and so we really are looking when we close Apera as a single [$90-billion] (corrected by company after the call) private credit manager as opposed to BSP, Alcentra, and Apera.

因此，Apera 的某些部分將是獨立的。他們剛剛籌集了 29 億美元的資金，但他們也將透過採購，利用組織的更廣泛的部分，利用它進行分銷，因此，當我們關閉 Apera 時，我們真正關注的是作為單一的 [900 億美元]（電話會議後公司更正）私人信貸管理者，而不是 BSP、Alcentra 和 Apera。

And they've got broad capabilities. And honestly, what's happening in private credit is your more core type private credits becoming a little bit more commoditized. And so having that expertise and say like middle market direct lending, which Apera is or asset-backed or real estate debt, those are really important. And you want to be able to globalize that kind of expertise. But so the answer is we really think of it as one private credit group.

而且他們擁有廣泛的能力。老實說，私人信貸領域正在發生的事情是，更核心的私人信貸正在變得更加商品化。因此，擁有專業知識和像 Apera 這樣的中間市場直接貸款或資產支持或房地產債務這樣的說法非常重要。您希望能夠將這種專業知識全球化。但答案是，我們確實認為它是一個私人信貸集團。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Maybe a super big picture question for you. I think you've been at the sort of the vanguard of tokenization. I'm sort of curious to think beyond maybe just the short termism of whether or not it helps a specific asset class. How do you see this shifting the potential economic value proposition with the distribution partners?

對你來說這可能是一個非常重要的問題。我認為您一直處於標記化的先鋒地位。我有點好奇，想超越短期思維來思考它是否對特定的資產類別有幫助。您如何看待這會改變經銷合作夥伴的潛在經濟價值主張？

Thank you.

謝謝。

Let me answer that in a -- we think that it will fundamentally change the rails of the financial system. So why do we think that? Let me just use our tokenized money market fund as an example. So we launched this in 2021. We are still the only asset manager in the world who provides digitally native exposure on chain as opposed to shadowing onto -- from your old system shadowing onto the blockchain. That gives us a lot of additional capability that enhances what we can do for clients with that single product.

讓我來回答這個問題——我們認為它將從根本上改變金融體系的軌道。那我們為什麼會這麼想呢？讓我以我們的代幣化貨幣市場基金為例。因此我們在 2021 年推出了這個產品。我們仍然是世界上唯一一家提供鏈上數位原生曝險的資產管理公司，而不是從舊系統影子到區塊鏈上。這為我們帶來了許多額外的能力，增強了我們利用單一產品為客戶提供的服務。

So I'm going to start kind of small and then go broader. So we just launched intraday yield. If you hold our Benji money market fund, you will see what you earned that day and it'll be posted to your account that same day. If you use us as -- if you use the Benji product as collateral, and you only hold it for 4 hours and 32 minutes, you're going to get 4 hours and 32 minutes of yield. So it's really because blockchain is so efficient that it enables those enhanced services.

所以我將從小處著手，然後再擴大範圍。因此我們剛剛推出了日內收益。如果您持有我們的 Benji 貨幣市場基金，您將看到您當天賺了多少錢，並且它將在同一天記入您的帳戶。如果您使用我們作為 - 如果您使用 Benji 產品作為抵押品，並且您只持有 4 小時 32 分鐘，那麼您將獲得 4 小時 32 分鐘的收益。所以，正是因為區塊鏈非常高效，它才能夠實現這些增強的服務。

When the SEC approved that product, they had us run and we were still running the transfer agency in-house. They had us run a parallel process, and we were astonished even by the difference in cost to actually run transactions on chain versus on the old transfer agency system. And so, if you take that more broadly, there's going to be tremendous amount of opportunities. Well, what does blockchain do? It does three things.

當美國證券交易委員會批准該產品時，他們讓我們運營，而我們仍在內部運營轉讓機構。他們讓我們運行一個並行流程，我們甚至對在鏈上和在舊的轉移代理系統上實際運行交易的成本差異感到驚訝。因此，如果你更廣泛地看待這個問題，你會發現有大量的機會。那麼區塊鏈能做什麼呢？它做三件事。

It has a source of truth of ownership. It has the ability to execute smart contracts, and it has a payment mechanism. So why is that important? If you think about the players in the financial system, there's all these toll takers that serve in those roles.

它具有所有權的真實來源。它具有執行智能合約的能力，並且具有支付機制。那麼這為什麼重要？如果你考慮一下金融體系中的參與者，你會發現有很多收費員在扮演這些角色。

So, for example, a bank may stand between Franklin and a counterparty on an FX contract because we don't want to worry who the counter party is and we need to make sure we get paid. But with blockchain because the smart contract can execute it and because the entitlement of ownership is embedded in the token and there's a payment mechanism, we can be assured that we will get paid and that the counterparty will pay. And so you actually are going to disintermediate a lot of the toll takers on transactions. And that's going to open up opportunities and drive down costs of delivering. And that's why I say I think that ultimately mutual funds and ETFs will be leveraging blockchain because it's just a less expensive way to do it.

舉例來說，在外匯合約中，銀行可能會站在富蘭克林和交易對手之間，因為我們不想擔心交易對手是誰，而且我們需要確保付款。但是有了區塊鏈，因為智能合約可以執行它，而且所有權的權利嵌入在代幣中，並且有一個支付機制，我們可以確保我們會得到付款，並且交易對手也會付款。因此，你實際上將消除交易中許多收費員的中介作用。這將帶來機會並降低交付成本。這就是為什麼我說我認為最終共同基金和 ETF 將利用區塊鏈，因為這是一種更便宜的方式。

Now, you hear things like, hey, it's a great way to democratize alternatives. The reality is that technology exists today, but you still need market makers and others to be able to step in and allow the maturity of that. So it's not the technology that's holding us back. It's just that the infrastructure has been slow and it will be -- it'll take some time to roll those things out. But I always say you can't stop water from rolling down the mountain. You can try to block it, but it find its way down. The fundamental nature of blockchain is such that it will replace a lot of the existing rails and it will create opportunities for innovation.

現在，你會聽到這樣的話，嘿，這是將替代方案民主化的好方法。現實情況是，雖然如今技術已經存在，但仍需要市場製造者和其他人介入，使其成熟。所以，阻礙我們前進的不是技術。只是基礎建設進展緩慢，推出這些功能還需要一些時間。但我總是說，你無法阻止水從山上滾落下來。您可以嘗試阻止它，但它會自己找到路。區塊鏈的根本性質是它將取代許多現有的軌道，並創造創新的機會。

All right, thank you. Just to follow up (multiple speakers) (laughter) yeah, that's great. A lot to think about with all this going on.

好的，謝謝。只是為了跟進（多位發言者）（笑聲）是的，太好了。發生這一切時有很多事情值得思考。

Just stepping back now, I really encouraged to see the buyback step up a little bit this quarter. One of the pushbacks we're getting on the story is sort of some uncertainty around where you might stand in the conversation with the regulators on any potential financial settlement with WAMCO. It's certainly great to see clients stabilizing on the attrition side. How do we think about where you might be sitting in terms of those conversations with the regulators, how you might reserve, if at all, for a potential charge, and then how you think about capital deployment on the other side of that.

現在回顧一下，我真的很高興看到本季的回購有所增加。我們在報告中遇到的阻力之一是，在與監管機構就與 WAMCO 的任何潛在財務和解進行對話時，您可能持何種立場，存在一些不確定性。看到客戶流失率逐漸穩定下來，真是令人欣慰。我們如何考慮您在與監管機構對話時的位置，您可能會如何預留（如果有的話）以應對潛在的收費，然後您如何考慮另一方面的資本部署。

Thank you.

謝謝。

So I'll start, and then, Matt can jump in on anything I don't cover.

所以我先開始，然後馬特可以補充我沒有涉及的任何內容。

Look, first of all, I want to reiterate the strength of our fixed income franchise. We -- the Franklin Fixed Income is probably the largest SIM in our institutional won-but-unfunded pipeline. And that would have been unheard of five years ago. They just didn't have the institutional capabilities. We've been in positive flows with the Franklin fixed Income and Brandywine for multiple quarters now. So they've really been able to pick up a lot of the slack there from Western, and so that's obviously really important.

首先，我想重申我們固定收益業務的實力。我們—富蘭克林固定收益可能是我們機構贏得但尚未獲得資金的管道中最大的 SIM。而這在五年前是聞所未聞的。他們只是缺乏機構能力。富蘭克林固定收益和白蘭地酒基金已連續多個季度為我們帶來正向資金流入。因此，他們確實能夠彌補西方的許多不足，這顯然非常重要。

Western has -- is also still in positive gross sales. They have -- and their gross sales have actually increased and their performance, and that's been something we've said all along that's been really important to us to try to insulate the investment team as much as we can from the distraction of everything going on to ensure they can focus on clients. And there are 1-, 3-, and 5-year numbers are -- they're in the like the 90th -- close to the 90th or around the 90th percentile for one, three, and five years beating the composite benchmark.

Western 的總銷售額也仍為正。他們確實做到了——他們的總銷售額和業績實際上都有所成長，這也是我們一直在說的，對我們來說非常重要的一點是，我們要盡可能地讓投資團隊免受各種事情的干擾，以確保他們能夠專注於客戶。1 年、3 年和 5 年的數據都接近 90%，或在 90% 左右的百分位數，1 年、3 年和 5 年的數據都超過了綜合基準。

So their performance is really good. And then you -- we've gone from what was $37 billion in outflows -- net outflows, I think in December to June was, I think $4.1 billion and July is $3 billion. So the story there is improving and there's some amount of stabilization on some of that. But the reality is with the government -- we don't control the pace of that. And so we are obviously continuing to cooperate with the government as a reminder Western about just under 6% of our revenues. And today, we have -- well, I'll let Matt address anything on reserves or anything else you want to add to that.

所以他們的表現確實很出色。然後你 — — 我們的資金流出量從 370 億美元變成了淨流出量，我認為 12 月到 6 月是 41 億美元，7 月是 30 億美元。因此，那裡的故事正在改善，部分內容已經趨於穩定。但現實情況是，政府無法控制這項進程。因此，我們顯然會繼續與政府合作，以提醒西方國家，我們的收入將接近 6%。今天，我們有——好吧，我會讓馬特討論有關儲備的任何問題，或者你想補充的任何其他問題。

I maybe I'll just say, there's nothing to report on reserves at this time, and then to answer Bill's other question about capital management priorities in the context of this situation and just in general. I'll just reiterate, Bill, that obviously you're very familiar with this. Our priorities are obviously the dividend organic growth strategies. Jenny's talked a lot about the various areas that are growing, alternative assets, ETFs, canvas, multi-asset solutions. We've invested very heavily in each of those areas and they're the areas that are growing.

我可能只想說，目前沒有什麼關於儲備的報告，然後回答比爾關於在這種情況下以及一般情況下的資本管理重點的其他問題。我只想重申一下，比爾，你顯然對此非常熟悉。我們的首要任務顯然是股息有機成長策略。珍妮談了很多正在成長的各個領域，包括另類資產、ETF、畫布、多元資產解決方案。我們在每個領域都投入了大量資金，而且這些領域都在不斷成長。

We're focused on repurchasing employee share grants, as you just noted, that's what we managed to do some of that in the last quarter. We've also been servicing our debt. We de-levered by another $100 million in the quarter. We also made the last acquisition related payment of $100 million in related to the Lexington acquisition. We're being conservative about around debt, just in case we want to pay down the $450 million of debt that comes due next year but we're probably more likely than not accessing the debt capital markets between now and then assuming the markets are in good shape.

正如您剛才提到的，我們專注於回購員工股票獎勵，這就是我們在上個季度設法完成的部分工作。我們也一直在償還債務。本季我們又降低了 1 億美元的槓桿。我們也支付了與 Lexington 收購相關的最後一筆 1 億美元收購款項。我們對債務持保守態度，以防萬一我們要償還明年到期的 4.5 億美元債務，但假設市場狀況良好，我們更有可能從現在到那時進入債務資本市場。

And then of course, we look at opportunistic share repurchases and acquisitions. The market is very, very active as we've talked openly about.

當然，我們也會考慮機會性的股票回購和收購。正如我們公開談論的那樣，市場非常非常活躍。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大·布洛斯坦。

Wanted to get your guys' thoughts on the outlook for private markets growth for Franklin over the next 12 months and a bit of a two-parter, but I guess one, was hoping to get a more wholesome update I guess on the wealth channel, nice traction with Flex products, both US and non-US. I think you guys have BSP as well with a real estate debt fund as well but talk to us a little bit about how that's tracking, where do you see that going and what else you're planning on launching that could be needle moving there over the next kind of 12 months and then similarly maybe just update us on the institutional outlook with the Lexington flagship fund coming up here in the next few months.

想聽聽你們對富蘭克林未來 12 個月私人市場成長前景的看法，這個問題可以分為兩個部分，但我想其中一部分是希望在財富管道上獲得更全面的更新，Flex 產品（包括美國和非美國產品）的良好發展勢頭。我認為你們也有 BSP 和房地產債務基金，但請與我們稍微談談它的走勢如何，您認為它會如何發展，以及您計劃在未來 12 個月內推出哪些可能對其產生影響的其他產品，然後同樣，也許只是向我們介紹一下機構前景，列剋星敦旗艦基金將在未來幾個月內推出。

Sure. So we said at the beginning of the year that we thought that our alts fundraising would be in the range of $13 billion to $20 billion and the higher end of that range would be dependent on a first close of Lex's flagship fund, if it happened in September. So that isn't going to happen that they're just now kicking off in the market. And so there probably won't be a first close until either December or early 2026.

當然。因此，我們在年初就說過，我們認為我們的另類融資規模將在 130 億美元至 200 億美元之間，而該範圍的上限將取決於 Lex 的旗艦基金的首次關閉（如果在 9 月發生）。因此，他們剛剛進入市場，這種情況不會發生。因此，可能要到 12 月或 2026 年初才會首次關閉。

But we're sitting here today after three quarters at halfway right in the middle of that range at $15.7 billion. We think we'll end the year around $18.5 billion. Of that so far the $15.7 billion, 25% has been raised in the wealth channel. And if you look at our current assets, it's about 10% of the assets are in the wealth channel. So that's a really good sign.

但三個季度過去了，我們今天看到的是該範圍的中間值，即 157 億美元。我們預計今年的銷售額將達到 185 億美元左右。其中，迄今為止已籌集 157 億美元，其中 25% 是透過財富管道籌集的。如果你看看我們目前的資產，你會發現大約有 10% 的資產屬於財富管道。所以這是一個非常好的跡象。

Now we went out with a limited number of distributors when we first launched Lex. I think we've added something like 16 now internationally. We're -- the Flex and the Flex International, we're seeing about $150 million to $200 million a month coming in that particular perpetual product and we're continuing to add distributors, so there's a lot of opportunities as far as additional distributors to increase that number.

當我們首次推出 Lex 時，我們只與有限數量的經銷商合作。我認為我們現在在國際上已經增加了 16 個左右。我們—Flex 和 Flex International，我們看到每月約有 1.5 億到 2 億美元的收入來自這種特定的永久性產品，而且我們正在繼續增加分銷商，因此，就增加分銷商而言，有很多機會來增加這個數字。

We also launched a perpetual real estate debt fund with BSP. That one is really just with one wirehouse in the US, and it's got some traction. We actually have seen a lot of good momentum in July on that but we are launching internationally with a -- we're launching with a global distributor that we think will also help that one take off.

我們也與 BSP 合作推出了永久性房地產債務基金。那家公司實際上只是在美國擁有一家大型證券公司，並且已經獲得了一些關注。事實上，我們在 7 月已經看到了很多良好的勢頭，但我們將在國際上推出 - 我們將與一家全球分銷商合作，我們認為這也將有助於這項產品的起飛。

But today, we've got three perpetual products for real estate, real estate and private credit, and secondary P/E that are a billion dollars each. So we've got scale, we've got track record there. And so as the world -- and I think the thing that is often lost on people as far as alts in the wealth channel is that there's a view that if you have a good product, that's going to be all you need. The reality is that's just table stakes. It's the ability, once you get on, you have to get obviously on the platform but it's the education and it's the relationships with the financial advisors, that's so significant. And where we think we stand out is -- the wealth channel's in our DNA, we have relationships with all these advisors, and we have the Franklin Templeton Academy that can help in the education process.

但今天，我們有三種永久性產品，分別針對房地產、房地產和私人信貸以及二級市盈率，每款產品的價值均為 10 億美元。所以我們有規模，有業績記錄。所以，對世界來說——我認為，就財富管道的替代產品而言，人們經常忽略的一點是，有一種觀點認為，如果你有一個好的產品，那就是你所需要的一切。事實是，這只是賭注而已。這是一種能力，一旦你加入，你顯然必須進入這個平台，但教育和與財務顧問的關係非常重要。我們認為我們脫穎而出的地方在於——財富管道已融入我們的 DNA，我們與所有這些顧問都建立了關係，並且我們擁有可以在教育過程中提供幫助的富蘭克林鄧普頓學院。

I can't remember, Adam, when we first launched -- when we raised 20% of Lexington Fund 10 with one of our wirehouse, I think it was something like 44% of advisors had never sold an alt product before. And it is that blocking and tackling of being able to do the education that's so important. It took us a few years honestly to figure this out. We think we actually are now demonstrating that we have figured it out, and we also have the luxury of the fact that we sell to 100% of a financial advisor's book.

亞當，我不記得我們第一次推出產品的時候了——當我們透過一家證券公司籌集了 Lexington Fund 10 的 20% 資金時，我想大概有 44% 的顧問以前從未銷售過替代產品。正是這種阻止和解決才能實現教育，這一點非常重要。說實話，我們花了幾年的時間才弄清楚這一點。我們認為，實際上我們現在證明我們已經找到了解決辦法，而且我們還可以享受這樣的福利：我們的產品 100% 銷往了財務顧問的帳戶。

So we can cover with wholesalers or market leaders out there in a way that it is difficult for the alt managers who are now selling to what is 5% and hopes to be 10% of the book. And so we have 90 people who are just dedicated to supporting our market leaders who are out there talking to advisers with specialty expertise on how to think about alternatives in the wealth channel. So we continued really optimistic. We said we think over time that should get -- the wealth channel should represent certainly 20% of our alt AUM, potentially even over time to 30%.

因此，我們可以與批發商或市場領導者合作，而對於另類經理來說，這很困難，因為他們現在的銷售額佔總銷售額的 5%，希望達到 10%。因此，我們有 90 名員工專門為我們的市場領導者提供支持，他們與具有專業知識的顧問討論如何思考財富管道中的替代方案。因此我們仍然保持樂觀。我們說，我們認為隨著時間的推移，財富管道肯定應該占到我們 alt AUM 的 20%，甚至可能隨著時間的推移達到 30%。

And Jenny, on top of that, just to add as we've invested in headcount both in Europe and Asia, most recently we're adding headcount to the 90 that Jenny mentioned specialists.

珍妮，除此之外，還要補充一點，我們在歐洲和亞洲都投資了員工人數，最近我們將員工人數增加到珍妮提到的 90 位專家。

Great, thanks for that.

太好了，謝謝。

And then Matt, I was hoping you can update us also on the expense guidance just as you kind of progress here towards the end of the fiscal year and any early thoughts for fiscal 2026 for you guys.

然後馬特，我希望你能在財政年度即將結束時向我們更新費用指導，以及對 2026 財年的任何初步想法。

Sure, thanks, Alex. I'll go through the fiscal fourth quarter and annual guide.

當然，謝謝，亞歷克斯。我將介紹第四季和年度財務指南。

Before I do that though, I just want to reiterate Jenny's point on July monthly AUM as she had in her prepared remarks. It's early, as Jenny mentioned, particularly given the fact that it was month end just yesterday. We've formally announced the preliminary July AUM flows next week, but we expect Western Asset long-term net outflows to be approximately $3 billion for the month of July and then the AUM for Western Asset to be approximately $236 billion.

不過，在此之前，我只想重申 Jenny 在她準備好的演講中提到的關於七月份每月 AUM 的觀點。正如珍妮所說，現在還很早，尤其是考慮到昨天才到月底。我們已在下周正式公佈 7 月的初步 AUM 流量，但我們預計 7 月西方資產的長期淨流出量約為 30 億美元，而西方資產的 AUM 約為 2,360 億美元。

Excluding Western asset, we expect long-term net inflows of approximately $3 billion for the month. So combined, we expect to be slightly flat to slightly positive, let's say for the month, inclusive of Western asset or $3 billion positive excluding Western asset.

不包括西方資產，我們預計當月長期淨流入約 30 億美元。因此，綜合起來，我們預期本月營收將略微持平至略微為正，包括西方資產，或不包括西方資產則為 30 億美元正值。

In terms of the quarter, the effective fee rate for the quarter -- for next quarter to about fourth quarter guidance now we expect to be in the high 37s. To be clear, the reason why our effective fee rate was about 5.5% lower than where we guided about 80% of that difference was attributed to the calculation of EFR, which was basically the daily average AUM is 1% lower than the simple monthly average AUM, so that impacted our EFR by about 0.4 basis points, and that explains the difference between the guide that we gave versus where we came out. But we expect that to snap back into the high 37s again in the fourth quarter.

就本季而言，我們預計下個季度至第四季的實際費率將達到 37% 左右。需要明確的是，我們的實際費用率比我們指導的低約 5.5% 的原因大約 80% 是由於 EFR 的計算，基本上每日平均 AUM 比簡單的每月平均 AUM 低 1%，所以這對我們的 EFR 產生了約 0.4 個基點的影響，這也解釋了我們給出的結果之間的差異。但我們預計第四季該數字將再次回升至 37% 的高點。

The compand benefits we expect to be $860 million to $870 million. That assumes though about $100 million in performance fees. This is elevated versus our usual guide of $50 million. We expect an elevated performance fee quarter of around $100 million. Please note though that the payout ratio on that would be 60% versus the usual 55% due to the nature of part of that performance fee. But again, it's a $100 million guide versus our usual $50 million. This also -- the $860 million to $870 million also includes slightly higher incentives due to better performance and higher AUM.

我們預計公司利潤將達到 8.6 億至 8.7 億美元。但前提是績效費約 1 億美元。這比我們通常的 5000 萬美元指導價有所上升。我們預計本季的績效費將增加至約 1 億美元。但請注意，由於部分績效費的性質，其派息率將為 60%，而不是通常的 55%。但同樣，這是一個 1 億美元的指導價，而不是我們通常的 5000 萬美元。這 8.6 億至 8.7 億美元還包括由於業績更好和 AUM 更高而產生的略高的獎勵。

IS&T, we expect to be about $155 million. This includes just a couple of million dollars higher on our investment management platform fee integration on the Aladdin project, but that's just because we're ahead of schedule. It's nothing to do with any changes in terms of where we expect that to come out in terms of expenses. So $155 million via IS&T. Occupancy we expect to be roughly flat, $69 million to $70 million. For the fourth quarter, G&A, we expect to be slightly higher at $190 million to $195 million. This is because of higher professional fees, so overall we expect the quarter to end up being about 1.285 -- 1.283 to 1.285 in terms of adjusted expenses.

IS&T，我們預計約為 1.55 億美元。其中包括我們在阿拉丁專案中投資管理平台費用整合上增加的幾百萬美元，但這只是因為我們提前完成了計劃。這與我們預期的費用方面的任何變化無關。因此透過 IS&T 籌集了 1.55 億美元。我們預計入住率將大致持平，為 6,900 萬美元至 7,000 萬美元。對於第四季度，我們預計 G&A 費用將略高，達到 1.9 億美元至 1.95 億美元。這是因為專業費用較高，因此總體而言，我們預計本季調整後的費用最終將達到 1.285 - 1.283 至 1.285 左右。

Taxes, we expect to be on the higher end of our 25% to 27% range for the quarter because of expected discrete tax items in the quarter, but for the year, we expect it to come into the middle of that range.

就稅收而言，我們預計本季的稅收將處於 25% 至 27% 區間的高端，因為預計本季將出現單獨的稅項，但就全年而言，我們預計稅收將處於該區間的中間。

In terms of fiscal '25 for the full-year '25, obviously we can add the quarter guidance to the other quarters, and you'll see that adjusting for the additional quarter of Putnam and excluding performance fee compensation, we expect expenses to still be roughly flat to 2024, perhaps $20 million to $30 million higher, so a little bit higher. This is notwithstanding markets being significantly higher since I last gave this guidance in the last quarter.

就 2025 財年全年而言，顯然我們可以將季度指引添加到其他季度中，您會發現，根據 Putnam 的額外季度進行調整併排除績效費補償後，我們預計到 2024 年費用仍將大致持平，可能高出 2000 萬至 3000 萬美元，所以會高一點。儘管自從上個季度我給出這項指引以來，市場已經大幅上漲。

Importantly, this includes all the strategic investments that we've been talking about. We've managed to find other ways internally to fund these via other cost saves in the business, and as I mentioned a moment ago, in each area -- each of the areas that we've invested in, we're seeing meaningful growth now both in Alt, ETFs, Canvas, multi-asset solutions in particular.

重要的是，這包括我們一直在談論的所有戰略投資。我們設法在內部找到其他方式，透過業務中的其他成本節約來為這些項目提供資金，正如我剛才提到的，在每個領域——我們投資的每個領域，我們現在都看到了有意義的增長，尤其是在 Alt、ETF、Canvas 和多資產解決方案方面。

Alex, in terms of your question on fiscal '26, as referenced, and obviously we're very early in this but as referenced in the past couple of quarters, we've got expense initiatives underway, and Jenny referenced these at the beginning that are expected to position us to enter fiscal 2026 with at least $200 million of run rate cost savings relative to fiscal '25, excluding performance fee compensation. The only offsets to these savings, which could be a little bit uneven during the fiscal year will be driven by higher growth areas such as distribution expenses in connection with potential faster growth if that indeed happens in alternative asset management and faster growth in AUM in addition to the Apera acquisition. The Apera acquisition adds about $30 million of expenses and of course if we are -- if we have higher distribution-related expenses related to faster growth in alternative assets, as an example, we will make sure that we call that out as we go through our expenses so you can keep track of the expense saves that we've referenced on this call and previous quarters.

亞歷克斯，關於你提到的 26 財年的問題，顯然我們還處於早期階段，但正如過去幾個季度所提到的，我們已經在進行費用計劃，珍妮在開始時提到了這些計劃，預計這些計劃將使我們在進入 2026 財年時相對於 25 財年節省至少 2 億美元的運行成本，不包括績效費補償。這些節省在財政年度可能會有點不均衡，唯一的抵銷因素將來自更高成長領域的推動，例如與潛在更快成長相關的分銷費用（如果這確實發生在另類資產管理領域）以及 AUM 的更快成長（除了 Apera 收購之外）。Apera 的收購增加了約 3000 萬美元的支出，當然，如果我們 - 例如，如果我們有與另類資產的快速增長相關的更高的分銷相關費用，我們將確保在處理費用時將其指出，以便您可以跟踪我們在本次電話會議和前幾季度中提到的費用節省。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

I apologize just to clarify, Matt, what you just kind of went through. So for fiscal '26, I understand you have $200 million of savings going into the year, but did you give a number for fiscal '26 expenses?

馬特，我很抱歉，只是想澄清一下你剛才所經歷的事情。因此，對於 26 財年，我了解到您今年有 2 億美元的儲蓄，但您是否給出了 26 財年的支出數字？

We didn't give a notional number but you can basically -- if you take fiscal '25 guidance that I just gave and you could take $200 million off that. That's where we'd expect to be except for the information I just provided on Apera and if we grow faster in alternative asset management in particular because the placement fees and distribution expenses can add up in the short term, which will of course be offset by higher revenues in the longer term, and we'll obviously highlight those if and when they happen.

我們沒有給出一個名義數字，但基本上你可以——如果你採用我剛剛給出的 25 財年指導，你就可以從中拿出 2 億美元。這是我們預期的情況，除了我剛才提供的有關 Apera 的信息，以及如果我們在另類資產管理方面增長更快，因為安置費和分銷費用可以在短期內增加，當然這將被長期更高的收入所抵消，如果發生這種情況，我們顯然會強調這一點。

Understood. And that includes that's assuming flat AUM from now and no performance fees, is that correct?

明白了。這包括假設從現在起 AUM 保持不變並且沒有績效費，對嗎？

That is correct. Yeah, it excludes performance fees from both sides, so it excludes performance fees from 2025 and it excludes it from the '26 summary that we gave.

沒錯。是的，它不包括雙方的績效費用，因此它不包括 2025 年的績效費用，也不包括我們給出的 26 年摘要中的績效費用。

Right, okay, thank you for clarifying that.

好的，好的，謝謝你澄清這一點。

And then just on the fee rates and understand there are a lot of moving parts in terms of this quarter, but if I look just over the last year and your asset mix, you have equities up substantially in terms of its AUM fixed income down so that makeshift is more positive but your fee rate is essentially flat year over year. So can you talk about obviously alternative is also a source of growth, but that AUM in general is flat so as we think about the underlying trends beyond that, like, are there other things that are putting pressure on the fee rate that would otherwise make it so that number isn't higher as the mix continues to move towards higher fee assets because I'm just surprised in aggregate and if you were to tell AUM mix today versus where it was a year ago that the fee rate isn't higher.

然後僅就費率而言，並了解本季度有很多變動因素，但如果我回顧去年和您的資產組合，您的股票在 AUM 固定收益方面大幅上漲，因此臨時措施更為積極，但您的費率基本上與去年同期持平。那麼，您能否談談，顯然替代品也是增長的一個來源，但 AUM 總體上是持平的，因此，當我們考慮除此之外的潛在趨勢時，例如，是否有其他因素對費率施加壓力，否則會導致該數字不會更高，因為組合繼續向更高費用的資產移動，因為我只是對總體感到驚訝，如果您告訴今天的 AUM 組合與一年前相比，費率並沒有更高。

Yeah, I mean, it's a really interesting question because when we look at our fee rate just being stable, because if you exclude some of the episodic events that create upside to the EFR during various quarters, like for example if we have catch-up fees related to a Lexington fund, that can spike the EFR up to 39 basis points, something like that or even higher that happen in different quarters. If you take that out of the equation and you normalize it over a period of time, we've been relatively stable. The reason why we're stable is because we've had offsets to the lower fee businesses or where we've had to lower fees to be competitive in certain -- in particular, certain large institutional opportunities for the firm. So we often think to ourselves that it's a fairly reasonably decent position to be in to keep it relatively stable versus it going down.

是的，我的意思是，這是一個非常有趣的問題，因為當我們看到我們的費率保持穩定時，因為如果你排除一些在各個季度給 EFR 帶來上行空間的偶發事件，例如，如果我們有與列剋星敦基金相關的補繳費用，這可能會使 EFR 飆升至 39 個基點，在不同季度會發生類似甚至更高的情況。如果你把它從等式中剔除，並在一段時間內使其正常化，我們就會相對穩定。我們之所以穩定，是因為我們抵消了低費用業務的影響，或者我們必須降低費用才能在某些方面保持競爭力——特別是公司的某些大型機構機會。因此，我們常常認為，保持相對穩定而不是下降是一個相當合理的狀態。

The product mix, if you will, quarter over quarter, for example, in this quarter that we're reporting now, only about 20% or 25% of the fee difference is attributed to the product mix. But we'll say the same thing, we've had higher growth areas across Canvas, ETFs, some of the large -- larger institutional mandates that have lower fees that's where we've been growing to offset the pressure on those lower fees we've had inflows into alternative assets, but then on the alternative asset side we've had higher distributions and realizations that have offset some of that, but gradually, we're seeing some more momentum across all the areas that Jenny referenced in her remarks that are certainly seeing a tick-up in AUM on the alternative asset side.

例如，按季度來看，在我們現在報告的這個季度，產品組合的費用差異只有約 20% 或 25% 歸因於產品組合。但我們會說同樣的事情，我們在 Canvas、ETF 以及一些大型機構授權領域都有較高的增長，這些機構授權的費用較低，我們一直在增長以抵消這些較低費用帶來的壓力，我們有資金流入另類資產，但在另類資產方面，我們有更高的分配和實現，抵消了其中的一些壓力，但逐漸增長的 AUM

But when we look at the overall picture, we see a situation where we just have relative stability in EFR versus any big increases or any certainly any pressure on the downside and we do our best obviously to give you the breakdown and be as transparent as we can as we go through quarter over quarter. This quarter, by the way, another point to mention is that, something like 0.2% of the difference was just the weakening dollar, so it was an FX related matter. It's not even anything to do with the fundamental product shift or fee pressures or anything like that. It's just FX.

但是，當我們縱觀整體情況時，我們看到 EFR 相對穩定，沒有任何大幅增長或下行壓力，我們會盡最大努力為您提供細分數據，並在逐季度進行統計時盡可能保持透明。順便說一下，本季還有一點需要提及，即大約 0.2% 的差異只是美元走弱造成的，因此這是與外匯有關的問題。這甚至與根本的產品轉變或費用壓力或諸如此類的事情沒有任何關係。這只是 FX。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Jenny, I wanted to dig deeper, maybe follow up on Bill's question earlier on digital blockchain technology, really permeating the traditional asset management business. So you were early, you're innovative, you're a leader, but it doesn't always seem to translate into obvious economic success and I recognize it's early, but if we step back and look forward, where do you see the likely opportunities for Franklin to translate your early insights and investments in digital blockchain technology into economic success that maybe we as outsiders can see.

珍妮，我想深入探討一下，也許可以跟進比爾先前關於數位區塊鏈技術的問題，看看它是否真正滲透到了傳統的資產管理業務中。所以，您起步較早，富有創新精神，是領導者，但這似乎並不總是能轉化為明顯的經濟成功，我承認現在還為時過早，但如果我們退後一步，展望未來，您認為富蘭克林有哪些可能的機會將您早期對數位區塊鏈技術的見解和投資轉化為我們作為局外人可以看到的經濟成功。

Yeah. So we built an ecosystem in there, as I mentioned on the Benji platform. We actually got a patent on our wallet. Right now, you download it from the Apple Store, but we really have designed it because we think it could be white labeled by others. And right now, that wallet can as -- and the Benji app or the Benji token can operate actually cross chain on eight different blockchains. So as the traditional distributors start to think about how they have to deal with the crypto world, the tokenization world, they're going to look for partners we think that will help them to navigate it and we've built this infrastructure to do it so that's how we're thinking about translating.

是的。因此，我們在那裡建立了一個生態系統，正如我在 Benji 平台上提到的那樣。我們的錢包實際上已獲得專利。現在，您可以從 Apple Store 下載它，但我們確實設計了它，因為我們認為它可以被其他人貼上白標。現在，該錢包可以作為——Benji 應用程式或 Benji 代幣，實際上可以在八個不同的區塊鏈上跨鏈運行。因此，當傳統經銷商開始思考如何應對加密世界、代幣化世界時，他們會尋找我們認為可以幫助他們駕馭它的合作夥伴，我們已經建立了這個基礎設施來實現這一點，這就是我們對翻譯的思考方式。

Now today, we actually manage reserves for four stablecoin providers. Everybody's aware of Circle and USDC because it's the big elephant in the room, but there's actually other ones, we were just selected by the first state who is issuing their own stablecoin to manage that stablecoin. So today, there's been kind of a parallel world between the crypto world and the traditional finance world.

現在，我們實際上為四家穩定幣提供者管理儲備。每個人都知道 Circle 和 USDC，因為它們是房間裡的大象，但實際上還有其他的，我們只是被第一個發行自己的穩定幣的州選中來管理該穩定幣。所以今天，加密世界和傳統金融世界之間存在著一種平行的世界。

And now, as you get clarity around regulation, like the GENIUS Act, you're starting to see firms be more comfortable being able to dip their toe into it. And that's where we think we can be a really important partner because again, this -- the infrastructure that we've built -- we've been building since I think 2018. It's not going to be an easy one for people to catch up quickly. And so our ability to really private label that and have it integrated in others -- in their client platforms.

現在，隨著《GENIUS 法案》等監管法規的逐漸明朗，你會發現企業越來越願意涉足其中。我們認為我們可以成為一個真正重要的合作夥伴，因為這是我們自 2018 年以來一直在建造的基礎設施。人們想要迅速趕上來並不是一件容易的事。因此，我們能夠真正地將其貼上私人標籤，並將其整合到其他客戶平台中。

Just imagine if you're a distributor, you've got your clients who are holding their crypto assets, some portion of them, probably the younger ones are holding their assets over at Coinbase. Wouldn't you like to be able to move that over into a wallet that's integrated on your system so you can provide an entire view of the client's investment opportunities and that's the kind of infrastructure that we've built.

試想一下，如果你是一個經銷商，你的客戶持有他們的加密資產，其中一部分人，可能是年輕人，將他們的資產存放在 Coinbase。您是否希望將其轉移到整合在系統中的錢包中，以便您可以全面了解客戶的投資機會，而這正是我們建立的基礎設施。

Great, and maybe just to follow up there because it's pretty interesting. Any conversations with these other companies to white label your technology and what you're doing or is it just basically the GENIUS Act and some of the other regulation is so real time that we haven't gotten there yet.

太好了，也許只是為了跟進一下，因為它非常有趣。是否與這些其他公司進行過任何對話，以將您的技術和您正在做的事情貼上白標，或者這基本上只是《GENIUS 法案》和其他一些法規，這些法規是如此實時，以至於我們還沒有到達那裡。

We are having conversations -- a lot of the early conversations actually were on the international side and have been on the international side, partly because they had more clarity on regulation, but now with the GENIUS Act, we're actually having conversations with distributors in the US as well.

我們正在進行對話——許多早期的對話實際上都是在國際方面，並且一直是在國際方面，部分原因是他們對監管更加清晰，但現在有了 GENIUS 法案，我們實際上也在與美國的分銷商進行對話。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Most have been asked and answered, and thanks for all the commentary on the tokenization Jenny, it was really good color.

大部分問題都已經問過並得到解答，感謝 Jenny 對標記化的所有評論，顏色真的很好。

Maybe switching topics to the 401(k) theme and the private markets and 401(k) theme, obviously you guys have a really well rounded private line up. What is your desire or your plans to potentially integrate private and public products you could most likely do this yourself and then go after the 401(k) mark and if you could just remind us again your presence in defined contribution and in target date products and how do you see that or do you think you need to partner?

也許可以將話題轉到 401（k）主題以及私人市場和 401（k）主題，顯然你們有一個非常全面的私人陣容。您希望或規劃如何整合私人和公共產品？您最有可能自己做這件事，然後再考慮 401（k）目標，如果您可以再次提醒我們您在固定繳款和目標日期產品中的存在，您如何看待這一點，或者您認為您需要合作嗎？

Yeah, so today we have about $428 billion in retirement, about $120 billion of that is in defined contribution. If, as a reminder, just when the acquisition of Putnam gave us much more scale and target date and stable value, so that's enabling us to be a bigger player there. We have -- we launched a partnership. So to answer your question about partnership versus doing it our own, we're open to both. Like we want to do both. And so, we actually last year did a partnership with Apollo and launched a -- we were handling the real estate portion. I think they're doing the private credit on a platform.

是的，今天我們的退休金約為 4,280 億美元，其中約 1,200 億美元是固定繳款。提醒一下，收購 Putnam 為我們帶來了更大的規模、目標日期和穩定的價值，這使我們能夠在那裡成為更大的參與者。我們已經建立了合作夥伴關係。因此，對於您關於合作還是自行進行的問題，我們的答案是：我們對兩種方式都持開放態度。就像我們想同時做這兩件事一樣。因此，我們實際上去年與 Apollo 建立了合作夥伴關係並推出了 - 我們負責房地產部分。我認為他們正在平台上進行私人信貸。

Look, it's gotten traction with some of the smaller plans, but the reality, the DC space is an incredibly litigious space, and in the absence of clarity around legislation. You're probably going to be -- it's going to be a slower uptake. Having said that, we announced -- Empower is very focused on this. They're doing a adviser managed account solutions through Morningstar, and we're a participant in that program, so they know that there's opportunity.

你看，它在一些較小的計劃中獲得了關注，但現實是，華盛頓特區是一個極其容易發生訴訟的地區，而且缺乏明確的立法。您可能會—它的吸收速度會比較慢。話雖如此，我們宣布——Empower 非常關注這一點。他們正在透過晨星實施顧問管理帳戶解決方案，我們是該計劃的參與者，因此他們知道有機會。

And just to put this in scale, like DB plans half of the assets that we have about $160 billion in defined benefits, half of that's an alternatives. So it's a real missed opportunity, but unfortunately, the DC space of probably all areas of asset management is the most litigious when it comes to fees. And so it makes the fiduciaries really hesitate until they get like a DOL, safe harbor or something.

為了更直觀地說明這一點，DB 計劃將我們擁有的約 1,600 億美元的資產的一半用於固定收益，其中一半用於替代投資。所以這確實是一個錯失的機會，但不幸的是，在費用方面，DC 領域可能是所有資產管理領域中訴訟最多的。因此，受託人會非常猶豫，直到他們獲得像勞工部、安全港或類似的東西。

So good opportunity, but there is just the kind of the realities of it. I think it's going to be slower uptake, but we're really well positioned. They're actually already there. And we will have -- our target dates will have private markets. We're building those models now probably by the first half of 2026, we will launch those and it's just a matter of what's the uptake.

這是一個好機會，但現實卻是如此。我認為它的接受速度會比較慢，但我們確實處於有利地位。事實上他們已經在那裡了。我們的目標日期將是私人市場。我們現在正在建立這些模型，大概在 2026 年上半年，我們將推出這些模型，唯一的問題是採用率如何。

I don't know, Adam, is there anything else? Sorry.

我不知道，亞當，還有其他事嗎？對不起。

Yeah, I mean just to put a little context on that, the target date fund is now about $19 billion, so it's pretty substantial. A lot of that came through the Putnam acquisition, and we think that's really important because, a third of DC AUM is going into the QDIA space or QDIA, and having that target date has really helped us there. We've got about $2 billion now in the sales pipeline that we think will close shortly in that space.

是的，我的意思是，稍微介紹一下背景，目標日期基金現在約為 190 億美元，所以相當可觀。其中許多是透過收購 Putnam 來實現的，我們認為這非常重要，因為三分之一的 DC AUM 將進入 QDIA 領域或 QDIA，而這個目標日期確實對我們有很大幫助。目前，我們的銷售管道中有大約 20 億美元，我們認為很快就會完成這項交易。

I'm talking there about the sales pipeline, not our institutional won-but-unfunded pipeline, but that's up quite substantially as well to about $24 billion which is a $4-billion increase quarter over quarter so strong growth on that institutional side, but core sales is also accelerating quite nicely, up about 22% over the average of the last eight quarters and up 10% over the same period year to date last year. So strong growth both in the core market, of course, where the DC retirement would fall as well as in the institutional markets.

我指的是銷售管道，而不是我們機構贏得但尚未獲得資金的管道，但這一管道也大幅增長至約 240 億美元，比上一季度增加了 40 億美元，因此機構方面的增長強勁，但核心銷售額也在加速增長，比過去八個季度的平均水平增長了約 22%，比去年同期增長了 10%。因此，核心市場（當然，DC 退休率會下降）和機構市場都呈現強勁成長。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Just a question on non-US allocations, just given the shifting trade policy, geopolitical uncertainty, and heightened volatility; just curious what you're seeing from your (technical difficulty) US clients and non-US clients in terms of potential and evolving interest for non-US strategies and scope for potentially shifting allocations away from the US. Curious what you're hearing, to what extent do you think this might play out, and maybe you could speak to some of your non-US strategies that might be best placed to capture what could be potentially money in motion.

這只是關於非美國配置的一個問題，考慮到不斷變化的貿易政策、地緣政治的不確定性和加劇的波動性；只是好奇您從（技術難度）美國客戶和非美國客戶那裡看到了什麼，即對非美國策略的潛在和不斷發展的興趣，以及可能將配置從美國轉移出去的範圍。我很好奇您聽到了什麼，您認為這可能會在多大程度上發揮作用，也許您可以談論一些非美國策略，這些策略可能最適合捕捉潛在的資金流動。

Sure, I'll (multiple speakers) take that.

當然，我（多位發言者）會接受。

Yeah, we have absolutely seen that over the last quarter, but I want to distinguish between what was driving those changes. From a client perspective, we don't see that as kind of a political statement, but rather an investment opportunity statement as there just seems to be growing interest and growing upside in markets outside of the US.

是的，我們在上個季度確實看到了這一點，但我想區分一下推動這些變化的因素。從客戶的角度來看，我們並不認為這是一種政治聲明，而是一種投資機會聲明，因為美國以外的市場似乎越來越感興趣並且上漲空間越來越大。

So particularly, we've seen growth in our emerging markets equity strategies, international and global equity as well as value as opposed to growth, as people tend to, in times like this, like to rebalance their portfolios and a lot of people are over allocated to large cap growth. On the fixed income side, what we've seen is movements into areas like short term, of course, but also global bond, EM, high yield, and some multi-sector products as well.

特別是，我們看到新興市場股票策略、國際和全球股票以及價值型股票都在成長，而不是成長型股票，因為在這種時候，人們傾向於重新平衡他們的投資組合，而且很多人對大盤股成長的配置過多。在固定收益方面，我們看到的是資金流向短期等領域，當然還有全球債券、新興市場、高收益產品以及一些多產業產品。

In the US, there was a general flow out of equities, for both us and the industry. But outside of the US, there's an attractiveness to equity, especially in domestic markets in Europe and Asia. They're seeing more upside in their markets domestically versus the US, especially if there's going to be a weaker dollar, which I think is a call many are making. So we're seeing a lot of growth in non-US equity and fixed income in both niche and kind of more broad global products.

在美國，無論是我們或整個產業，都出現了股票流出的現象。但在美國以外，股票也有吸引力，尤其是歐洲和亞洲的國內市場。他們認為，相對於美國市場，其國內市場有更大的上漲空間，特別是如果美元走弱的話，我認為很多人都會這麼認為。因此，我們看到非美國股票和固定收益在利基市場和更廣泛的全球產品中都出現了大幅成長。

This concludes today's question-and-answer session. I would now like to hand the call back over to Jenny Johnson, Franklin's President and CEO for final comment.

今天的問答環節到此結束。現在我想將電話交還給富蘭克林總裁兼執行長珍妮·約翰遜，請她發表最後的評論。

Okay, well, thank you everybody for joining us today. Once again, we're a people business, so I want to thank our employees for their continued hard work and dedication and we look forward to speaking with you again next quarter. Thanks, everybody. Enjoy the rest of your summer.

好的，謝謝大家今天的參加。再次強調，我們是一家以人為本的企業，因此我要感謝我們的員工一直以來的辛勤工作和奉獻精神，我們期待下個季度再次與您交談。謝謝大家。享受剩下的夏天吧。

Thank you. This concludes today's conference. You may now disconnect.

謝謝。今天的會議到此結束。您現在可以斷開連線。