富蘭克林資源 (BEN) 2026 Q4 法說會逐字稿

Welcome to the Franklin Templeton's earnings conference call for the year ended September 30, 2026. Hello, my name is Shamali and I will be your call operator today. As a reminder, this conference is being recorded. (Operator Instructions)

歡迎參加富蘭克林坦伯頓截至2026年9月30日止年度的盈餘電話會議。您好，我叫Shamali，今天將擔任本次電話會議的接線員。提醒各位，本次會議將被錄音。(接線員指示)

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

現在我想將會議交給本次主持人——富蘭克林坦伯頓投資人關係主管Selene Oh。您可以開始。

Good morning, and thank you for joining us today to discuss our quarterly and fiscal year results. Statements made on this conference call regarding Franklin Templeton Inc., which are not historical facts, are 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 can cause actual results to differ materially from any future results expressed or implied by such forward-looking statements.

各位早安，感謝各位今天加入我們，一同討論本公司季度及會計年度業績。本次電話會議中關於Franklin Templeton Inc.且非歷史事實的陳述，均屬於1995年《私人證券訴訟改革法》所界定的前瞻性陳述。這些前瞻性陳述涉及多項已知與未知的風險、不確定性及其他重要因素，可能導致實際結果與該等前瞻性陳述所明示或暗示的任何未來結果存在重大差異。

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-K filings.

上述及其他風險、不確定性與其他重要因素，已在富蘭克林近期向美國證券交易委員會（SEC）提交的文件中更為詳盡地說明，包括富蘭克林最新的Form 10-K中的風險因素與管理層討論與分析（MD&A）章節及10-K申報文件。

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

現在，我想將電話交給我們的執行長Jenny Johnson。

Thank you, Selene. Welcome, everyone, and thank you for joining us to discuss Franklin Templeton's fourth quarter and fiscal year 2026 results. I'm joined today by Matt Nicholls, our Co-President and CFO; and Daniel Gamba, our Co-President and Chief Commercial Officer.

謝謝你，Selene。各位好，感謝各位加入我們，一同討論富蘭克林坦伯頓2026會計年度第四季及全年業績。今天與我一同出席的還有：共同總裁兼財務長Matt Nicholls，以及共同總裁兼首席商務長Daniel Gamba。

Today, as outlined in our investor presentation, I'll discuss our fourth quarter and full year results and then give an update on the progress we've made in the second year of our five-year plan, highlighting key drivers of growth across our business. Matt will then review our financial performance and guidance, and we'll take your questions.

今天，如同我們投資人簡報所概述，我將先討論第四季與全年業績，接著更新我們在五年計畫第二年所取得的進展，並強調推動我們各項業務成長的關鍵動能。之後Matt將回顧我們的財務表現與展望指引，接著我們將回答各位的提問。

Fiscal 2026 was a year of significant progress for Franklin Templeton. The investments we've made to diversify our business, strengthen our capabilities and better serve clients are translating into measurable results. We ended the fiscal year with $1.8 trillion in assets under management and generated $84.1 billion in long-term net inflows, representing an improvement of more than $181 billion from fiscal 2025 and an annual long-term organic growth rate of 5.3%.

2026會計年度對富蘭克林坦伯頓而言是進展顯著的一年。我們為了使業務多元化、強化能力並更好地服務客戶所做的投資，正轉化為可衡量的成果。我們以1.8兆美元的資產管理規模（AUM）結束本會計年度，並創造841億美元的長期淨流入，較2025會計年度改善超過1,810億美元，長期年度有機成長率為5.3%。

Importantly, we generated positive long-term net flows in every quarter across every region and in both retail and institutional channels. We also delivered meaningful improvement in profitability with adjusted operating income increasing 23% and our adjusted operating margin expanding 350 basis points to 28%. These results demonstrate the progress we're making in the second year of our five-year strategic plan.

重要的是，我們在每一季、每一個地區，以及零售與機構兩大通路均實現正向的長期淨流量。我們的獲利能力亦顯著改善，調整後營業利益成長23%，調整後營業利益率擴大350個基點至28%。這些成果展現我們在五年策略計畫第二年所取得的進展。

We're generating broader organic growth, deepening client relationships and building a more diversified, efficient and scalable global business. Our diversification is an important competitive advantage with investment capabilities spanning public and private markets, a balanced mix of retail and institutional clients and a global distribution platform, we have multiple sources of growth.

我們正在創造更廣泛的有機成長、深化客戶關係，並打造更為多元化、更有效率且可擴展的全球業務。我們的多元化是一項重要的競爭優勢：投資能力涵蓋公開與私募市場，零售與機構客戶組合均衡，並擁有全球配銷平台，因此具備多元的成長來源。

As clients increasingly seek integrated solutions rather than individual products. Our One Franklin Templeton approach allows us to bring together the expertise of our distinct investment groups across public and private markets, offer greater choice of investment vehicles and customized solutions, and leverage our global distribution network to serve clients across regions and channels.

隨著客戶日益尋求整合式解決方案，而非單一產品。我們的「One Franklin Templeton」方法，使我們能整合旗下各投資團隊在公開與私募市場的專業，提供更多元的投資工具與客製化解決方案，並運用全球配銷網絡服務跨地區、跨通路的客戶。

This more integrated approach strengthens client relationships, creates new opportunities for organic growth and improves operational efficiency, positioning us to build a more scalable and profitable business that delivers long-term value for clients and shareholders.

這種更整合的方式可強化客戶關係、創造新的有機成長機會並提升營運效率，使我們得以建立更具規模化與獲利能力的業務，為客戶與股東創造長期價值。

Turning to AUM and flows on slide 11, long-term inflows increased 38% to $474 billion for the fiscal year, reflecting strong client demand across public and private markets. We ended the year with continued momentum. Fourth quarter long-term net inflows were $20.8 billion with positive contributions from equity, alternatives and multi-assets. Our institutional pipeline of one but unfunded mandates remained strong at $22 billion at year-end, diversified across investment groups and asset classes.

接著看投影片11的AUM與資金流向，全年長期流入成長38%至4,740億美元，反映客戶對公開與私募市場的強勁需求。我們在年末仍維持動能。第四季長期淨流入為208億美元，股票、另類投資與多元資產均有正向貢獻。我們的機構業務「已獲授權但尚未撥款」委任案（mandates）管線在年末仍維持強勁，達220億美元，並分散於不同投資團隊與資產類別。

Turning to flows by asset class on slides 12 and 13. Starting with equity, AUM reached a record $764 billion with $21.1 billion in net inflows for the year. Demand spanned large-cap value, large-cap core, international equity, ETFs, infrastructure, and sector strategies.

接著看投影片12與13按資產類別的資金流向。先從股票開始，AUM達到創新高的7,640億美元，全年淨流入211億美元。需求涵蓋大型股價值、大型股核心、國際股票、ETF、基礎建設以及產業策略。

Fourth quarter equity net inflows doubled sequentially to $4 billion. Fixed income AUM reached $428 billion, while full year net outflows moderated to approximately $700 million. We continue to see demand for multi-sector, municipal and stable value strategies.

第四季股票淨流入較前一季倍增至40億美元。固定收益AUM達4,280億美元，而全年淨流出收斂至約7億美元。我們持續看到對多元債券、市政債與穩定價值策略的需求。

Turning to slide 13, alternatives and multi-asset led organic growth, generating a combined $63.7 billion in net inflows for the year and $17.4 billion in the fourth quarter. This reflects sustained demand for private markets, diversified income strategies and integrated investment solutions. Earlier this week, we reported preliminary October AUM of $1.81 trillion with long-term net inflows of $3 billion and the benefit of markets. That's our 11th straight month of positive long-term net flows and with a $22 billion pipeline of one but unfunded mandates. We enter fiscal 2027 with good momentum.

接著看投影片13，另類投資與多元資產領先有機成長，全年合計淨流入637億美元，第四季為174億美元。這反映市場對私募市場、多元收益策略與整合式投資解決方案的持續需求。本週稍早，我們公布10月初步AUM為1.81兆美元，長期淨流入30億美元，並受惠於市場表現。這是我們連續第11個月實現正向長期淨流量，且仍有220億美元的「已獲授權但尚未撥款」委任案管線。我們以良好動能進入2027會計年度。

Our global reach continues to be an important competitive advantage, allowing us to connect investment capabilities from across Franklin Templeton with client opportunities around the world.

我們的全球觸角仍是重要的競爭優勢，使我們能將富蘭克林坦伯頓各項投資能力與全球各地的客戶機會連結起來。

International AUM reached $523 billion, with $29 billion in long-term net inflows during fiscal 2026. Flows were positive across the US, EMEA, APAC, and the Americas, reflecting the strength of our global distribution and local relationships.

國際AUM達5,230億美元，2026會計年度長期淨流入290億美元。美國、歐洲中東非洲（EMEA）、亞太（APAC）以及美洲地區的資金流向皆為正，反映我們全球配銷能力與在地關係的優勢。

The successful dual listing of the National Investment Fund of the Republic of Uzbekistan on the London and Tashkent Stock Exchanges highlights our leadership in emerging markets and our ability to partner with governments to develop capital markets and manage strategic mandates. Taken together, these results reflect broader, more consistent sources of organic growth across asset classes, client segments and geographies.

烏茲別克共和國國家投資基金成功在倫敦證券交易所與塔什干證券交易所雙重上市，突顯我們在新興市場的領導地位，以及我們與政府合作發展資本市場並管理策略性委任案的能力。綜合而言，這些成果反映我們在各資產類別、客戶區隔與地理區域上，擁有更廣泛且更一致的有機成長來源。

Turning to page 10, investment performance remains fundamental to everything we do. In public markets, long-term performance remains competitive with 50% or more of our mutual funds and ETF AUM outperforming peer mediums across the 1-, 3-, 5- and 10-year periods.

接著看第10頁，投資績效仍是我們一切工作的根本。在公開市場方面，我們的長期績效仍具競爭力，在1年、3年、5年與10年期間，50%或以上的共同基金與ETF AUM表現優於同業中位數。

In our strategy composite, 55% or more of AUM outperformed benchmarks across the 3-, 5- and 10-year periods. These results reflect the strength of our investment capabilities and our continued focus on delivering strong outcomes for clients.

在我們的策略綜合績效（strategy composite）中，55%或以上的AUM在3年、5年與10年期間表現優於基準。這些成果反映我們投資能力的實力，以及我們持續專注於為客戶帶來良好成果。

An important part of our strategy is building platforms while preserving the distinct expertise of our investment groups. In public markets, we continued to simplify our investment management platform. This year, we combined Franklin Equity Group, Mutual Series, and Brandywine Global's equity capabilities under Franklin Equity, establishing a platform with approximately $200 billion in AUM.

我們策略的重要一環，是在保留各投資團隊獨特專業的同時，打造平台化能力。在公開市場方面，我們持續簡化投資管理平台。今年，我們將Franklin Equity Group、Mutual Series以及Brandywine Global的股票投資能力整合至Franklin Equity之下，建立一個AUM約2,000億美元的平台。

Similarly, the alignment of our fixed income and cash management capabilities under Franklin Templeton fixed income, including Western Asset, creates a global platform with over $500 billion in AUM. These changes deepen our research and portfolio risk management resources, strengthen collaboration, and broaden opportunities for talent development.

同樣地，將我們的固定收益與現金管理能力（包括Western Asset）整合至Franklin Templeton固定收益之下，打造一個AUM超過5,000億美元的全球平台。這些變革深化了我們的研究與投資組合風險管理資源、強化協作，並拓展人才發展機會。

Since fiscal 2024, we have also refined our product lineup to focus on scalable, high-demand strategies, thoughtfully retiring certain brands and integrated investment capabilities where it made sense.

自2024會計年度以來，我們也已精煉產品線，聚焦於可規模化且需求旺盛的策略，並在適當情況下審慎地退場部分品牌，並整合投資能力。

Turning to our five-year strategic plan, we completed year two on track or ahead of our original targets. With several key growth areas ahead of plan, we are raising our fiscal 2029 goals for private markets fundraising, ETFs, canvas and adjusted operating margin.

談到我們的五年策略計畫，我們已完成第二年，進度符合或超越原先目標。由於多個關鍵成長領域超前計畫，我們上調了 2029 會計年度在私募市場募資、ETF、Canvas 以及調整後營業利益率方面的目標。

Turning to slide 20, Franklin Templeton has established a leading position in alternatives, one of our most important long-term growth opportunities. Alternatives are projected to represent approximately 54% of global asset management industry revenues by 2030, driven by growing institutional demand and the expansion of private markets into wealth management and retirement. Franklin Templeton is well positioned to capture this opportunity.

請看第 20 頁投影片，Franklin Templeton 已在另類投資領域建立領先地位，這是我們最重要的長期成長機會之一。在機構需求增加，以及私募市場擴展至財富管理與退休領域的推動下，預估到 2030 年，另類投資將約占全球資產管理產業收入的 54%。Franklin Templeton 已具備良好條件把握此一機會。

Alternative AUM reached a record $305 billion at year-end inclusive of $17 billion in realizations and distributions during the year. We fundraised $48.7 billion across alternatives in fiscal 2026, including $43.2 billion in private markets, diversified across secondary private equity, alternative credit, real estate and venture strategies.

另類投資資產管理規模（AUM）於年末達到創紀錄的 3,050 億美元，其中包含年度內 170 億美元的變現與分配。我們在 2026 會計年度於另類投資領域募得 487 億美元，其中私募市場募資 432 億美元，並分散於私募股權次級市場、另類信貸、不動產與創投策略。

Since fiscal 2024, we have raised approximately $66 billion, achieving roughly two-thirds of our original five-year goal in just two years. Given this momentum, we're increasing our fiscal 2029 private markets fundraising target to $150 billion from our original target of $100 billion established two years ago.

自 2024 會計年度以來，我們已募得約 660 億美元，僅用兩年便達成原先五年目標約三分之二。基於此一動能，我們將 2029 會計年度私募市場募資目標自兩年前訂定的 1,000 億美元上調至 1,500 億美元。

Beyond the growth opportunity, private markets further diversifies our business, expands our capabilities, and provides longer-duration capital and recurring revenue streams that complement our public markets franchise and strengthen our earnings profile.

除成長機會外，私募市場亦可進一步分散我們的業務、擴展我們的能力，並提供更長久期的資本與經常性收入來源，以補強我們的公開市場業務並強化獲利結構。

This year, we have also continued to expand and globalize our alternatives businesses through targeted acquisitions and strategic investments, strengthening our capabilities in alternative credit and real estate.

今年，我們也透過精準併購與策略性投資，持續擴張並全球化我們的另類投資業務，強化在另類信貸與不動產方面的能力。

In alternative credit, we completed the acquisition of Apera Asset Management, expanding our European direct lending capabilities. Alternative credit AUM has now surpassed $100 billion.

在另類信貸方面，我們完成收購 Apera Asset Management，擴大我們在歐洲的直接放款能力。另類信貸 AUM 現已突破 1,000 億美元。

In October, we also broadened Benefit Street Partners' asset-backed finance platform through our transaction with Encina Lender Finance and added its investment team and an initial seed portfolio of approximately 480 million in commitments.

此外在 10 月，我們透過與 Encina Lender Finance 的交易，擴大 Benefit Street Partners 的資產擔保融資平台，並納入其投資團隊及約 4.8 億美元承諾額度的初始種子投資組合。

In real estate, through Clarion Partners, we announced the acquisition of a majority stake in Stoneshield Capital, a European real assets manager, which is expected to triple Clarion's European AUM to approximately $13 billion and bring pro forma real estate AUM to $90 billion.

在不動產方面，透過 Clarion Partners，我們宣布收購歐洲實體資產管理公司 Stoneshield Capital 的控股權，預期將使 Clarion 的歐洲 AUM 增至約 130 億美元、成長至三倍，並使備考不動產 AUM 達到 900 億美元。

A further notable opportunity is democratizing private markets through the wealth management channel. Private wealth is projected to account for approximately 25% of alternative asset expansion over the next decade.

另一個值得關注的機會，是透過財富管理通路推動私募市場的普及化。預估未來十年，私人財富將約占另類資產擴張的 25%。

Franklin Templeton is well positioned to capture our share of this growth by leveraging our scale, global distribution partnerships and product innovation to help lead the next era of alternative investing. Wealth clients contributed 22% of our private market fundraising in fiscal 2026, and our Franklin Templeton private markets evergreen range reached $9.7 billion in AUM.

Franklin Templeton 可藉由我們的規模、全球通路合作夥伴關係與產品創新，協助引領另類投資的下一個時代，並有利於掌握此一成長中的份額。在 2026 會計年度，財富客戶貢獻了我們私募市場募資的 22%，而我們 Franklin Templeton 私募市場常青（evergreen）系列的 AUM 已達 97 億美元。

We are also introducing new ways for clients to access our capabilities, including private markets, model portfolios with Corastone, and the launch of our inaugural $1.5 billion collateralized fund obligation.

我們也推出讓客戶接觸我們能力的新方式，包括私募市場、與 Corastone 合作的模型投資組合，以及推出我們首檔 15 億美元的擔保基金債務（CFO）。

Retirement represents another significant long-term opportunity for private markets. Franklin Templeton enters this evolving market from a position of strength, managing approximately $460 billion in retirement assets, including $139 billion in defined contribution. Building on this foundation, we are expanding blended public and private market solutions across target date, multi-asset credit, and infrastructure strategies.

退休市場是私募市場的另一項重要長期機會。Franklin Templeton 以優勢地位進入這個持續演進的市場，目前管理約 4,600 億美元的退休資產，其中包含 1,390 億美元的確定提撥（DC）。在此基礎上，我們正擴大結合公開與私募市場的混合型解決方案，涵蓋目標日期、多元資產信貸與基礎建設策略。

Turning to distribution on slide 21, our global reach and breadth of investment capabilities are important competitive advantages. With clients in over 150 countries, we deliver the expertise of our distinct investment teams through the investment vehicles and solutions of their choice.

接著看第 21 頁投影片的通路面，我們的全球觸及範圍與廣泛投資能力是重要的競爭優勢。我們在超過 150 個國家擁有客戶，並透過客戶所選擇的投資工具與解決方案，提供各具特色的投資團隊之專業能力。

Vehicle diversification continues to be a key driver of organic growth. With record net inflows across retail SMAs, canvas and ETFs, growing AUM from the prior year by 19%, 100% and 73%, respectively. These results reflect growing client demand for greater choice, customization and tax-efficient investment solutions.

投資載體多元化持續是帶動有機成長的關鍵驅動因素。零售 SMA、Canvas 與 ETF 均創下淨流入新高，AUM 較前一年分別成長 19%、100% 與 73%。這些成果反映客戶對更多選擇、客製化與具稅務效率投資解決方案的需求日益增加。

Franklin Templeton is a leader in retail SMAs. Our retail SMA business offers more than 200 investment strategies and has grown at a 20% compound annual rate since fiscal 2023. AUM reached a record $196 billion with $15.8 billion in net inflows this year.

Franklin Templeton 是零售 SMA 的領導者。我們的零售 SMA 業務提供超過 200 項投資策略，自 2023 會計年度以來以 20% 的年複合成長率成長。AUM 達到創紀錄的 1,960 億美元，今年淨流入 158 億美元。

The demand for personalized, tax-efficient investment solutions continues to grow. Industry SMA assets have reached $5.4 trillion with unified managed accounts projected to grow 89% by 2030.

對個人化、具稅務效率投資解決方案的需求持續成長。產業 SMA 資產已達 5.4 兆美元，且統一管理帳戶（UMA）預估到 2030 年將成長 89%。

Within this market, Canvas continues to exceed our growth expectations. Canvas AUM has grown nearly sevenfold since fiscal 2023 and doubled over the past year to $32.6 billion, generating $13.2 billion in net inflows. We have expanded Canvas across broker-dealers, RIAs and family offices to more than 235 distribution partners, up from 67 in fiscal 2023.

在此市場中，Canvas 持續超越我們的成長預期。Canvas AUM 自 2023 會計年度以來成長近七倍，並在過去一年翻倍至 326 億美元，帶來 132 億美元的淨流入。我們已將 Canvas 擴展至券商通路、RIA 與家族辦公室，通路合作夥伴超過 235 家，高於 2023 會計年度的 67 家。

Financial advisors using Canvas grew by over 1,800 to more than 2,900 in the year. Our preferred partner program is also extending Canvas tax overlay capabilities to other asset managers, creating additional opportunities to scale the platform. Two years into our plan, Canvas AUM reached nearly $33 billion, or about two-thirds of our original $50 billion fiscal 2029 target. Given this momentum, we are doubling our fiscal 2029 target to $100 billion in AUM.

使用 Canvas 的財務顧問在一年內增加超過 1,800 名，總數超過 2,900 名。我們的優選合作夥伴計畫也正將 Canvas 的稅務覆蓋（tax overlay）能力延伸至其他資產管理公司，創造更多平台規模化的機會。在計畫推動兩年後，Canvas AUM 已接近 330 億美元，約為我們原先 2029 會計年度 500 億美元目標的三分之二。基於此一動能，我們將 2029 會計年度 AUM 目標加倍至 1,000 億美元。

Turning to slide 22, our ETF franchise continues to scale rapidly and is ahead of plan, driven by strong demand across fundamental active, systematic active and thematic country strategies. ETF AUM reached a record $84.6 billion with $27.5 billion in net inflows during fiscal 2026.

接著看第 22 頁投影片，我們的 ETF 業務持續快速擴張且超前計畫，主要受基本面主動式、系統化主動式與主題式國家策略的強勁需求帶動。ETF AUM 達到創紀錄的 846 億美元，2026 會計年度淨流入 275 億美元。

For the first time in 2025, active ETF launches matched passive launches, and industry forecasts expect active ETF AUM to more than double to approximately $4 trillion over the next five years. As an active investment manager, Franklin Templeton is particularly well positioned to capture our share of this growth.

2025 年首次出現主動式 ETF 發行數量與被動式相當的情況，而產業預測主動式 ETF AUM 將在未來五年內增加一倍以上，達到約 4 兆美元。作為主動式投資管理機構，Franklin Templeton 特別具備條件掌握此一成長中的份額。

Our active ETF AUM reached $37.2 billion and was more than half of our ETF net inflows. Investment performance is strong with 78% or more of active ETF AUM outperforming peer mediums over the one-, three-, and five-year periods. Combined with our breadth of investment capabilities and global distribution, this provides a strong foundation to continue expanding our active ETF franchise.

我們的主動式 ETF AUM 達到 372 億美元，且占我們 ETF 淨流入的一半以上。投資績效強勁，在一年、三年與五年期間，78% 或以上的主動式 ETF AUM 表現優於同業中位數。結合我們廣泛的投資能力與全球通路布局，這為持續擴大我們的主動式 ETF 業務奠定堅實基礎。

In year two of our plan, ETF AUM has reached more than 90% of our original $93 billion fiscal 2029 target. Given this momentum, we are more than doubling our fiscal 2029 target to $200 billion. Beyond individual investment vehicles, clients are seeking integrated solutions that address broader portfolio needs, particularly across public and private capabilities.

在計畫第二年，ETF AUM 已達到我們原先 2029 會計年度 930 億美元目標的 90% 以上。基於此一動能，我們將 2029 會計年度目標提高至 2,000 億美元，超過加倍。除單一投資載體外，客戶也在尋求能滿足更廣泛投資組合需求的整合式解決方案，尤其是結合公開與私募能力的方案。

Our solutions business has grown at a 29% compound annual rate since fiscal 2023, reaching approximately $120 billion in AUM compared with projected industry growth of approximately 12% annually from 2026 to 2030, and we remain on track against our five-year plan.

自 2023 會計年度以來，我們的解決方案業務以 29% 的年複合成長率成長，AUM 達到約 1,200 億美元；相較之下，產業預估 2026 至 2030 年的年成長率約為 12%，而我們仍按五年計畫穩步推進。

We have a strong pipeline of opportunities and our priorities include expanding OCIO, customized multi-asset portfolios, and outcome-oriented strategies that bring together investment expertise from across Franklin Templeton.

我們擁有強勁的機會管線，重點包括擴大 OCIO、客製化多元資產投資組合，以及整合 Franklin Templeton 各方投資專業的成果導向策略。

Turning to slide 23, Fiduciary Trust International, our private wealth management business, remains an important long-term growth opportunity supported by favorable demographic trends, including the estimated $84 trillion intergenerational wealth transfer through 2045 with a fully integrated platform spanning investment, advisory, trust, estate, tax, and custody services. Fiduciary trust is well-positioned to serve the increasingly complex needs of high-net-worth clients and families.

接著看第 23 頁投影片，Fiduciary Trust International（我們的私人財富管理業務）在有利的人口結構趨勢支持下，仍是重要的長期成長機會；其中包括預估至 2045 年將發生 84 兆美元的跨世代財富移轉，並且我們擁有涵蓋投資、諮詢、信託、遺產規劃、稅務與保管服務的全整合平台。Fiduciary Trust 已具備良好條件，服務高淨值客戶與家族日益複雜的需求。

AUM reached $45 billion, up 15% since fiscal 2024. The business serves more than 2,000 client relationships with an average tenure of 19 years and a 5-year asset retention rate of approximately 98%. We remain focused on expanding this business through organic investments and targeted acquisitions.

管理資產規模（AUM）達到450億美元，較2024會計年度以來成長15%。該業務服務超過2,000個客戶關係，平均合作年限為19年，且5年資產留存率約為98%。我們仍專注於透過內生成長投資與具針對性的併購來擴展此業務。

Having invested in blockchain technology for nearly a decade, innovation remains an important part of our long-term strategy. Digital assets AUM more than doubled during the fiscal 2026 to $3.6 billion, including approximately $2.5 billion in tokenized money market funds.

我們在區塊鏈技術上投入近十年，創新仍是我們長期策略的重要一環。在2026會計年度期間，數位資產AUM增加逾一倍至36億美元，其中包含約25億美元的代幣化貨幣市場基金。

Our Benji platform enables capabilities such as intraday yield calculations and more efficient asset transfers. With the acquisition of 250 Digital, we launched Franklin Crypto to expand our institutional digital asset capabilities. We've also established partnerships across tokenized products, global distribution, collateral, and liquidity solutions to create new ways for clients to access and use our investment capabilities.

我們的Benji平台提供日內收益計算與更高效率的資產移轉等功能。隨著收購250 Digital，我們推出Franklin Crypto，以擴展我們的機構級數位資產能力。我們也在代幣化產品、全球通路、擔保品與流動性解決方案等領域建立合作夥伴關係，為客戶創造新的方式來取得並運用我們的投資能力。

In artificial intelligence, we are expanding adoption across sales, marketing, operations, and investment management to improve productivity, strengthen decision-making, and enhance the client experience. Beyond efficiency, we see significant potential to transform investment research and deliver more personalized solutions and insights at scale.

在人工智慧方面，我們正擴大其在銷售、行銷、營運與投資管理等領域的採用，以提升生產力、強化決策並改善客戶體驗。除效率提升之外，我們也看到其在轉型投資研究、並以規模化方式提供更個人化的解決方案與洞見方面具有顯著潛力。

We're building the technology and operating model to capture that opportunity responsibly with disciplined investment oversight, risk management and human judgment at the center. Our focus on productivity and expense discipline will allow us to fund strategic investments in AI, our investment management platform and distribution while supporting further margin expansion.

我們正在建立相關技術與營運模式，以在嚴謹的投資監督、風險管理與以人為判斷為核心的前提下，負責任地掌握此一機會。我們對生產力與費用紀律的重視，將使我們得以在支持進一步利潤率擴張的同時，為AI、投資管理平台與通路等策略性投資提供資金。

As we close fiscal 2026, I'm pleased with the progress we've made in executing our five-year strategic plan, we return to broad-based organic growth, our strengthened our investment capabilities and improved the efficiency and profitability of our business.

在結束2026會計年度之際，我對我們在執行五年策略計畫上所取得的進展感到欣慰；我們重回廣泛的內生成長，強化了投資能力，並提升了業務的效率與獲利能力。

As asset owners increasingly look to work with fewer, more strategic partners, Franklin Templeton is well positioned to meet their evolving needs. Our leadership across public and private markets, combined with our global reach and ability to deliver integrated investment solutions, allows us to deliver client relationships and capture new opportunities for growth.

隨著資產所有人愈來愈傾向與更少、但更具策略性的合作夥伴合作，Franklin Templeton已具備良好條件以滿足其不斷演變的需求。我們在公開與私募市場的領導地位，結合全球布局與提供整合式投資解決方案的能力，使我們能深化客戶關係並掌握新的成長機會。

With several key growth areas ahead of plan, we're confident in our ability to build on this momentum. I also want to thank our employees around the world their expertise, collaboration and commitments to our clients has been essential to our progress.

由於多個關鍵成長領域的進度超前於計畫，我們對延續這股動能的能力充滿信心。我也要感謝全球員工；他們的專業、協作以及對客戶的承諾，對我們的進展至關重要。

With that, I'll turn the call over to Matt Nicholls to review our financial results and guidance.

接下來，我將把電話會議交給Matt Nicholls，請他回顧我們的財務結果與指引。

Matt.

Matt。

Thank you, Jenny. I'll briefly review our fiscal fourth quarter and full year 2026 results on pages 6 and 7 of the investor presentation, then I'll walk through guidance for the first quarter of fiscal 2027. I'll then provide remarks on our full year 2027 expenses and updated five-year plan targets.

謝謝你，Jenny。我將簡要回顧投資人簡報第6與第7頁的2026會計年度第四季與全年業績，接著說明2027會計年度第一季的指引。之後我也會就2027會計年度全年的費用，以及更新後的五年計畫目標提出說明。

Starting with the fourth quarter on page 6, ending AUM reached $1.8 trillion, essentially flat from the prior quarter, while average AUM increased to $1.8 trillion, a 3% increase from the prior quarter. Adjusted operating revenues increased 3.7% to $1.88 billion from the prior quarter due to higher average AUM, an additional calendar day and performance fees of $94 million compared with $74 million last quarter.

先看第6頁的第四季，期末AUM達到1.8兆美元，較前一季基本持平；平均AUM增至1.8兆美元，較前一季成長3%。由於平均AUM較高、日曆天數多一天，以及績效費為9,400萬美元（相較上季為7,400萬美元），調整後營運收入較前一季增加3.7%至18.8億美元。

This quarter's adjusted effective fee rate, which excludes performance fees, was 37.5 basis points compared to 37.9 basis points in the prior quarter and flat or 37.5 basis points in the prior year quarter.

本季調整後有效費率（不含績效費）為37.5個基點，前一季為37.9個基點；與去年同期相比持平（同為37.5個基點）。

Adjusted operating expenses were $1.29 billion, a decrease of 1.7% from the prior quarter, primarily due to lower variable compensation and benefits and other expenses, including seasonal benefits. Lower professional fees and realization of cost savings, partially offset by spend on strategic investments.

調整後營運費用為12.9億美元，較前一季下降1.7%，主要因變動薪酬與福利及其他費用降低（包含季節性福利）。專業服務費下降與成本節省的實現，部分被策略性投資支出所抵銷。

As a result, adjusted operating income increased 17.6% from the prior quarter to $598.6 million and adjusted operating margin expanded 380 basis points to 31.8%. Compared with the prior year quarter, adjusted operating income increased 26.7%, reflecting higher revenues and cost savings, partially offset by strategic investments and expenses related to higher sales and fundraising. Our adjusted operating margin increased 580 basis points from the prior year quarter.

因此，調整後營運利益較前一季增加17.6%至5.986億美元，調整後營運利潤率擴張380個基點至31.8%。與去年同期相比，調整後營運利益增加26.7%，反映收入增加與成本節省，部分被策略性投資以及較高銷售與募資相關費用所抵銷。我們的調整後營運利潤率較去年同期提高580個基點。

Fourth quarter adjusted net income and adjusted diluted earnings per share increased 27.7% and 30.6% from the prior quarter to $493 million and $0.94, respectively, primarily due to higher adjusted operating income, a lower tax rate, and a lower share count.

第四季調整後淨利與調整後稀釋每股盈餘分別較前一季增加27.7%與30.6%，至4.93億美元與0.94美元，主要因調整後營運利益較高、稅率較低以及流通股數較少。

Turning to fiscal year 2026 on page 7. Ending and average AUM each increased by 8% to $1.8 trillion and $1.74 trillion, respectively, compared with the prior year. Adjusted operating revenues increased 7.5% to $7.2 billion, primarily due to higher average AUM from market appreciation and net inflows.

接著看投資人簡報第7頁的2026會計年度。期末與平均AUM分別較去年成長8%，達到1.8兆美元與1.74兆美元。調整後營運收入增加7.5%至72億美元，主要因市場升值與淨流入帶動平均AUM提高。

The adjusted effective fee rate, which excludes performance fees, was 37.6 basis points compared to 37.5 basis points in the prior year. Growth in lower fee investment capabilities, including ETFs, canvas, multi-asset solutions was offset by lower fee Western outflows and increasing flows into higher fee alternative assets.

調整後有效費率（不含績效費）為37.6個基點，去年為37.5個基點。較低費率的投資能力（包括ETF、canvas、多元資產解決方案）的成長，被Western較低費率資金流出以及流入較高費率另類資產的增加所抵銷。

Our adjusted operating expenses were $5.18 billion, an increase of 2.4% from the prior year, primarily due to higher sales and fundraising, as well as higher formulaic incentive compensation, driven by higher AUM revenues and investment performance, partially offset by cost savings.

調整後營運費用為51.8億美元，較去年增加2.4%，主要因銷售與募資增加，以及在AUM收入與投資績效提升帶動下，公式化激勵薪酬增加；部分被成本節省所抵銷。

On to page 17 of the investor deck. Excluding performance fee compensation, adjusted operating expenses increased 2.9% from the prior year, reflecting continued expense discipline while investing for growth in our strategic initiatives. Our fiscal 2026 expenses included $210 million of cost savings.

接著看投資人簡報第17頁。若排除績效費相關薪酬，調整後營運費用較去年增加2.9%，反映我們在投入策略性計畫以促進成長的同時，仍持續維持費用紀律。我們2026會計年度費用中包含2.10億美元的成本節省。

Fiscal 2026 demonstrated the operating leverage in our model. Adjusted operating revenues grew 7.5%, while adjusted operating expenses grew 2.4%, so revenue grew at roughly three times the rate of expenses. As a result, adjusted operating income increased 23% to $2.02 billion and adjusted operating margin expanded 350 basis points to 28%, inclusive of our support of Western Asset.

2026會計年度展現了我們模式中的營運槓桿。調整後營運收入成長7.5%，而調整後營運費用成長2.4%，因此收入成長速度約為費用的三倍。因此，調整後營運利益增加23%至20.2億美元，調整後營運利潤率擴張350個基點至28%，其中包含我們對Western Asset的支持。

Compared to the prior year, fiscal adjusted net income increased by 37.4% to $1.64 billion and adjusted diluted earnings per share rose 38.3% to $3.07. The increases were due to higher adjusted operating income, higher adjusted other income, a lower tax rate and lower share count.

與去年相比，會計年度調整後淨利增加37.4%至16.4億美元，調整後稀釋每股盈餘上升38.3%至3.07美元。增幅主要來自調整後營運利益較高、調整後其他收入較高、稅率較低以及流通股數較少。

On other topics, we continue to focus on capital management and operational integration to drive efficiency and long-term value. As stated on slide 18 in the investor presentation, from a capital management perspective, we returned approximately $1.2 billion to shareholders in fiscal year 2026 through share repurchases and dividends, which have increased every year since 1981.

在其他議題方面，我們持續聚焦資本管理與營運整合，以提升效率並創造長期價值。如投資人簡報第18頁所述，從資本管理角度來看，我們在2026會計年度透過庫藏股回購與股利，向股東返還約12億美元；而我們的股利自1981年以來每年皆有增加。

This year, as mentioned by Jenny, we also closed our acquisition of Apera, and in October, we announced our acquisitions of Stoneshield, further globalizing our real estate capabilities and Encina Lender Finance to expand our asset-backed financing capabilities.

今年，如Jenny所提，我們也完成對Apera的收購；並於10月宣布收購Stoneshield，以進一步全球化我們的不動產能力，以及收購Encina Lender Finance，以擴展我們的資產擔保融資能力。

Beside from maintaining the trajectory of our dividend, as always, our plan is to repurchase at least the shares that we issue for employee compensation. We will also opportunistically repurchase shares from time to time as we consider the balance of other priorities to grow the business.

除了維持股利成長軌跡之外，一如既往，我們的計畫是至少回購我們因員工薪酬而發行的股份。同時，在權衡其他業務成長優先事項的平衡下，我們也會不時把握機會進行股份回購。

In terms of M&A, acquisitions have already transformed our company over the past several years and achieved important strategic objectives. We will continue to consider acquisitions in areas where we cannot grow fast enough organically to be relevant in capabilities that are important to our clients.

在併購方面，過去數年收購案已改變了我們的公司，並達成重要的策略目標。我們將持續考量在某些領域進行收購；在這些領域中，若僅靠內生成長無法以足夠速度擴張以維持相關性，而相關能力又對客戶至關重要。

Our balance sheet provides flexibility to invest in the business organically and inorganically to support future growth and develop and scale new investment strategies, we have [seed capital] and strategic investments of $3.4 billion as of fiscal 2026 year-end, an increase from $2.8 billion from the prior year-end.

我們的資產負債表提供彈性，使我們能以有機與無機方式投資於業務，以支持未來成長並開發與擴展新的投資策略；截至2026財政年度年末，我們的[種子資本]與策略性投資為34億美元，較前一年度年末的28億美元增加。

Our debt to EBITDA is approximately 1.3 times and our balance sheet cash and investments covers our long-term senior debt by more than 2 times.

我們的債務對EBITDA約為1.3倍，而我們資產負債表上的現金與投資對長期優先債務的覆蓋倍數超過2倍。

Turning to fiscal year 2027 first quarter guidance. As a reminder, guidance assumes flat markets and is based on our best estimates as of today. For the fiscal first quarter 2027, we anticipate the EFR to be stable from this quarter in the mid-37 basis points as growth in lower fee key growth areas are partially offset by higher fee alternative fundraising.

接著談2027財政年度第一季指引。提醒一下，指引假設市場持平，並以我們截至今日的最佳估計為基礎。就2027財政年度第一季而言，我們預期EFR將較本季維持穩定，約在37個基點的中段水準；較低費率的關鍵成長領域之成長，將部分被較高費率的另類募資所抵銷。

Importantly, our areas of growth in lower fee EFR are now adding to our corporate operating margin. We expect compensation and benefits to be approximately $975 million. This includes approximately $50 million of annual accelerated deferred compensation awards and assumes $125 million in performance fees at a 55% payout.

重要的是，我們在較低費率EFR的成長領域，現在也正在為公司營業利益率帶來貢獻。我們預期薪酬與福利約為9.75億美元。其中包含約5,000萬美元的年度加速遞延薪酬獎勵，並假設績效費為1.25億美元、支付率為55%。

For IS&T, which includes investments in AI data and security, we're guiding to $165 million consistent with the prior quarter. We also expect occupancy to be flat to the prior quarter at approximately $70 million. And G&A expense is also expected to be flat at approximately $185 million.

就IS&T（包含對AI資料與資安的投資）而言，我們給出的指引為1.65億美元，與前一季一致。我們也預期辦公場地成本與前一季持平，約為7,000萬美元。而G&A費用亦預期持平，約為1.85億美元。

In terms of our tax rate, we expect fiscal 2027 to be in the range of 24% to 26 with the first fiscal quarter at the lower end of the range due to favorable discrete items.

就稅率而言，我們預期2027財政年度稅率將落在24%至26%的區間，第一財季因有利的一次性項目而位於區間低端。

Referring to page 17 of the investor presentation, while we're only one month into fiscal 2027, all else being equal, at the current level of AUM, which is 4% higher than the average AUM of fiscal year 2026, we expect adjusted operating expenses excluding performance fee compensation to be in line or slightly above fiscal 2026 levels at approximately $5.1 billion.

參考投資人簡報第17頁，雖然我們才進入2027財政年度一個月，但在其他條件不變下，以目前AUM水準（較2026財政年度平均AUM高4%）來看，我們預期剔除績效費薪酬後的調整後營業費用，將與2026財政年度大致一致或略高，約為51億美元。

We anticipate reaching an adjusted operating margin of approximately 30% in fiscal 2027. This would achieve our original five-year margin goal two years ahead of plan.

我們預期在2027財政年度達到約30%的調整後營業利益率。這將使我們比原先計畫提前兩年達成原定的五年利益率目標。

Moving on from guidance to goals. As outlined on page 24, our multi-year investments have resulted in higher growth rates versus our original five-year plan as set in October 2024. As such, as outlined by Jenny, we are raising our fiscal year-end 2029 targets for private markets fundraising to $150 billion, ETFs to $200 billion and Canvas to $100 billion, and we expect further margin expansion from these areas.

從指引轉到目標。如第24頁所述，我們的多年期投資使成長率高於我們在2024年10月所設定的原始五年計畫。因此，如Jenny所說，我們將2029財政年度年末目標上調：私募市場募資至1,500億美元、ETF至2,000億美元、Canvas至1,000億美元，並預期這些領域將帶來進一步的利益率擴張。

We also see opportunities to improve efficiency and effectiveness in terms of both revenue and expenses by further simplifying the business. The unification of our public markets investment operations remains on track from a timing and funding perspective, and these efforts, amongst others, will help fund reinvestment in the business while improving profitability.

我們也看到透過進一步簡化業務，在收入與費用兩端提升效率與效能的機會。我們公募市場投資營運的整合在時程與資金面仍按計畫推進；這些努力（以及其他措施）將在提升獲利能力的同時，協助為業務再投資提供資金。

Together, the scaling of our growth business and continued operational efficiencies, support increasing our adjusted operating margin goal to 35% for the fourth fiscal quarter of 2029.

綜合而言，我們成長型業務的規模化與持續的營運效率提升，支持我們將2029財政年度第四季的調整後營業利益率目標提高至35%。

And now we would like to open the call for questions. Operator.

現在我們想開放提問。接線員。

(Operator Instructions)

(接線員指示)

Brennan Hawken, BMO Capital Markets.

BMO資本市場，Brennan Hawken。

Thanks for the update. Really encouraging to see all the targets moved higher, particularly on the increased pre-tax margin for the ex-rate for fiscal year 2029 up 500 basis points. So you're adding 150 to 200 bps a year ex markets, is that a fair way to think about it? And obviously, your private market revenue CAGR will favorably shift your revenue mix, how big a driver is that versus efficiency efforts?

感謝更新。看到所有目標都上調非常令人鼓舞，特別是2029財政年度的稅前利益率（不含匯率影響）上調了500個基點。所以你們是在不考慮市場因素下，每年增加150到200個基點，這樣理解合理嗎？另外，很明顯你們私募市場收入的CAGR將有利地改變收入組合；相較於效率提升措施，這會是多大的驅動因素？

So a couple of things, I mean, and I'll let Matt add on. If you look at 2026, our base fee growth rate was about 3%. We expect that to continue and frankly that we've got a lot of initiatives going on, for example, this kind of initiative around One Franklin Templeton, which is to bring in a more solutions and consolidated approach to institutional business.

有幾點，我先說，然後讓Matt補充。如果你看2026年，我們的基本費用（base fee）成長率約為3%。我們預期這會延續；坦白說，我們正在推動許多計畫，例如「One Franklin Templeton」這類倡議，目的是為機構業務帶來更偏解決方案、且更整合的服務方式。

Today, less than 10% of our institutional clients have more than one investment team serving them, so huge opportunity there. So we think those things can be the upside of on the revenue side, but we expect the continuation of the -- and remember, we don't include market in our margin, so we expect that 3% base fee growth rate to continue.

目前，我們不到10%的機構客戶由多於一個投資團隊服務，因此這裡有很大的機會。所以我們認為這些會成為收入端的上行因素；但我們預期—也請記得，我們的利益率不包含市場因素—因此我們預期3%的基本費用成長率會持續。

As far as on the expense side, we've done 18 acquisitions in the last six years, and it takes years at Citrus. We don't talk enough about it, but it takes years to really do the integration of the back office. The obvious one that's the most public is Aladdin, but there's a ton around like CRM, integration of office systems, consolidating vendor contracts.

至於費用端，我們在過去六年做了18起收購，而在Citrus需要好幾年。我們談得不夠多，但後台整合確實需要多年時間。最公開、大家最熟悉的例子是Aladdin，但還有很多像是CRM、辦公系統整合、整併供應商合約等。

And so all of that has been ongoing and that will continue to go and that will continue to improve our margin and enable us to have good expense control.

因此，這些工作一直在進行，未來也會持續推進，並將持續改善我們的利益率，讓我們能更好地控管費用。

And then we have a bunch of AI initiatives where really from an expense standpoint, you should think about those as more in the operating side as opposed to just expense savings and things like the investment side. It's all about improving investment and performance.

另外我們也有一系列AI計畫；就費用角度而言，你應該把它們視為更偏營運面的投入，而不只是單純的節費，或僅限於投資端的事情。核心在於提升投資與績效表現。

So I think that this is a path we've been on. We see it accelerating. We see some of the on the revenue side, some of the initiatives that we've had on really coordinating across our distribution to we think will pay dividends. Matt, you want to add anything to that.

所以我認為這是一條我們一直在走的路。我們看到它正在加速。我們也看到在收入端，我們在協調各通路的若干措施，我們認為將帶來回報。Matt，你要補充嗎？

No, I think Jenny covered it, and I think, Brennan, the way you described the sort of path to the 35 that we've outlined in the presentation to be the right way of looking at it. I'll just add, I mentioned this in my prepared remarks, but the other thing we're seeing is as the areas of investment that we talked about, Canvas, multi-asset solutions, ETF private markets as each of those areas gain scale.

沒有，我覺得Jenny已經涵蓋了；而且Brennan，你描述的、我們在簡報中所勾勒的達到35%的路徑，我認為是正確的理解方式。我只補充一點：我在事先準備的發言中提到，我們也看到，隨著我們談到的投資領域—Canvas、多元資產解決方案、ETF、私募市場—各領域逐步取得規模。

In particular, the lower fee areas, for example, even the lower fee areas, every dollar we're adding now is adding to the corporate margin. So margin uplift is occurring as a consequence of all of those things, even the lower effective fee rate.

特別是在較低費率的領域，即使是較低費率的領域，我們現在新增的每一美元都在增加公司整體利益率。因此，利益率的提升是上述所有因素共同作用的結果，即便有效費率較低也是如此。

Alex Blostein, Goldman Sachs.

高盛，Alex Blostein。

So as you guys think through the 2029 plan and you budget where you're growing, so there's a lot of emphasis on the alts, there's a lot of emphasis on canvas, SMAs and ETFs. These are obviously kind of pulling your fee rate in two different directions, but curious how stable you think the fee rate could ultimately be. Obviously, you articulated the margin story really well, but curious whether that can still be achieved with relatively stable fee rates amid this kind of barbelling or how we should think about, I guess, the fee rate broadly over the next couple of years?

當你們思考2029年計畫並編列成長預算時，市場非常強調另類投資，也很強調Canvas、SMA與ETF。這些顯然會把你們的費率往兩個不同方向拉動，所以我想了解你們認為費率最終能有多穩定。你們把利益率的故事講得很清楚，但我想知道在這種「兩端拉鋸」的情況下，是否仍能在費率相對穩定的前提下達成？或者我們應該如何看待未來幾年整體費率的走勢？

Yeah, I mean, you definitely -- you hit it exactly right, which is obviously alternatives on the higher end and canvas and ETFs are lower, although active ETFs are a bit higher than some of the big areas of flows. And as long as we maintain, I think with everything that's happened the last couple of days, we should not forget that this is great for active management. Volatility is great for active management.

是的，你說得非常到位：另類投資在較高端，而Canvas與ETF較低，雖然主動式ETF的費率會比一些主要資金流入的領域高一些。而且在過去幾天發生的事情之後，我們不應忘記，這對主動式管理是很有利的。波動性對主動式管理是有利的。

And our big equity sales, it's demonstrated with the success of Putnam large-cap value and their US research and even the growth but is that if you outperform on the equity side, you're going to get flows despite the headwinds there and so some of it will depend on assuming that we continue to maintain that and we think it's a good sign for active management.

而我們大型的股票銷售，已透過 Putnam 大型股價值策略的成功、他們的美國研究能力，甚至成長面向而得到驗證；但重點在於，如果你在股票端能夠跑贏，你就會在逆風之下仍然獲得資金流入，因此其中一部分將取決於我們是否能持續維持這樣的表現，而我們認為這對主動式管理是一個很好的訊號。

I would also say that we think there is opportunity on the fixed income side that probably a bit of the headwind on Western maybe carried over a little bit even on the Franklin Templeton fixed income because we have outstanding performance across the board on our fixed income team. And we expect to see that increase as far as part of our distribution.

我也想說，我們認為固定收益端存在機會；西方（Western）那邊的一些逆風，可能也多少延續到 Franklin Templeton 的固定收益業務上，儘管我們固定收益團隊在各項策略上的績效都非常出色。而我們也預期，作為我們通路布局的一部分，這方面將會有所提升。

I'd just say two other things to that. Number one, is if you look at the fundraising, as Jenny mentioned, possibilities that we have across both Lexington, remember we've got another at least half of their Fund 11 coming up in fiscal '27, and then other funds after that, plus Stoneshield, Clarion, Benefit Street Park, there's actually a lot of growth engines within that group that have the higher fee rate end of our business.

我再補充兩點。第一，如果你看募資，如 Jenny 所提到的，我們在 Lexington 這邊有各種可能性；請記得，他們的第 11 號基金至少還有一半會在 2027 財政年度募起來，之後還有其他基金，再加上 Stoneshield、Clarion、Benefit Street Partners，這個群組裡其實有很多成長引擎，且都屬於我們業務中費率較高的那一端。

So as Jenny mentioned, that's certainly a very important offset. If you exclude catch-up fees, for example, from both '26 and '25. The effective fee rate was 37.4 basis points in both years, so very stable. And when we look forward to 2027, it's almost the exact same story. As I mentioned in my remarks, we expect it to be 37.5, 37.6, something like that.

因此如 Jenny 所說，這確實是一個非常重要的抵銷因素。例如，如果把 '26 與 '25 兩年的追補費（catch-up fees）排除在外，兩年的有效費率（effective fee rate）都是 37.4 個基點，非常穩定。而當我們展望 2027 年時，幾乎也是完全相同的情況。如我在發言中提到的，我們預期會是 37.5、37.6，差不多這樣。

And then when we look a little bit more bravely forward to that, we don't really see anything that changes too much around that just because of the strength of the private market raise combined with a relatively stable mutual fund business at the fee rates you're familiar with there, plus the higher growth effective fee rates at the very high growth areas we talked about like Canvas, ETFs, and multi-asset solutions and so on. So that's how we look at it. So yeah, we do look at it as an effective fee rate that should all else remaining equal remain stable over the next several years.

接著當我們更大膽地往前看，我們其實不太看到有什麼會讓這個數字出現太大變化，主要是因為私募市場募資的強勁，加上共同基金業務在你們熟悉的費率水準下相對穩定，再加上我們所談到的高成長領域（例如 Canvas、ETF、多元資產解決方案等）其有效費率也更高、成長更快。所以我們是這樣看的。因此，是的，我們把它視為一個有效費率：在其他條件不變的情況下，未來幾年應可維持穩定。

One thing I will add, Alex, is that the alternatives, with the alternatives in wealth, which is also a higher fee. This year, we've had about 22% of private fundraising coming from the West Channel, but importantly, 34% of that is coming from non-US parts of the world which really adds to a lot of that.

Alex，我再補充一點：另類投資，尤其是在財富管理通路中的另類投資，費率也較高。今年我們約有 22% 的私募募資來自 West 通路；但更重要的是，其中有 34% 來自美國以外的地區，這確實為整體帶來很大的助益。

We added 62 new distribution outlets in fiscal year '26 only for alternatives in wealth and more than half came from EMEA, APAC, Latin America. So clearly, that's going to be another big area of growth that will help us balance the EFR.

在 2026 財政年度，我們僅針對財富管理通路的另類投資就新增了 62 個新的銷售/通路據點，其中超過一半來自 EMEA、APAC、拉丁美洲。所以很明顯，這將是另一個重要的成長領域，有助於我們平衡有效費率（EFR）。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

Okay, great. Thank you. Just a clarification, then I'll ask my question. On your '29 margin target, your footnote says flat markets. What is your assumption for performance fees? And if we were to assume markets were to rise, should we assume the same kind of three to one leverage ratio between revenues and expenses?

好的，很好。謝謝。我先釐清一下，然後再問我的問題。關於你們 '29 年的利潤率目標，你們的註腳寫的是市場持平（flat markets）。你們對績效費（performance fees）的假設是什麼？如果我們假設市場上漲，我們是否也應假設收入與費用之間同樣維持約三比一的槓桿比率？

And the broader question I have for you, as you think about the business model over the next four or five years or sort of align further to where you sort of see the growth of the business. It seems like organic growth is the focal point here, but how should we be thinking about how your capital management strategy may be evolving? And if you were to look at something, it still sounds like more targeted deals from your prepared commentary, but how would M&A fit in there as well? Thank you.

而我更廣泛的問題是：當你們思考未來四到五年的商業模式，或進一步對齊你們所看到的業務成長方向時，看起來有機成長是這裡的重點，但我們應該如何看待你們的資本管理策略可能如何演進？如果你們要看一些交易，從你們事先準備的講稿聽起來仍偏向更具針對性的交易，那麼併購（M&A）在其中會如何定位？謝謝。

So in the margin question, could you just read that one more time? I want to make sure I fully understood your question, Bill, the first part.

關於利潤率那個問題，你可以再念一次嗎？我想確保我完全理解你問題的第一部分，Bill。

Sure. Your 35% margin assumes flat markets, it looks like from your disclosure. So I was just wondering, what are you assuming for performance fees? And then if markets were to rise, if appreciate day-to-day here, we don't know, but if things would arise, you mentioned in your comment that your revenues are running about three times the pace of expenses. Could we assume a similar 60%, 70% incremental margin on market action as we look out over the next several years?

當然。從你們的揭露來看，你們 35% 的利潤率是假設市場持平。所以我想問的是，你們對績效費的假設是什麼？另外，如果市場上漲——我們每天都在看、也不知道會怎樣——但如果真的上漲，你們在評論中提到收入的增速大約是費用的三倍。那麼，當我們展望未來幾年市場帶來的變動時，是否可以假設類似的 60%、70% 的增量利潤率（incremental margin）？

Yeah, I think that's fair. I also think on the performance fees, we estimate we've discounted it by about 25% or 30% based on the last couple of years of performance fees that we've achieved, so something around the high 200s, 300, something like that for the year.

是的，我覺得這樣的假設合理。至於績效費，我們估計是依據過去幾年我們實現的績效費水準，先折減了大約 25% 到 30%，所以全年大概落在 2 億多到 3 億左右之間，差不多是那個量級。

But even if we didn't have those, that obviously helps our margin a little bit, but there wouldn't be a dramatic difference if we had lower performance fees based on how we're modeling the rest of the business.

但即便沒有那些績效費，當然會對我們的利潤率有一些幫助；不過如果績效費較低，依照我們對其餘業務的建模方式，整體也不會出現劇烈差異。

In terms of M&A, as I mentioned in prepared remarks, we're very focused on any area where we may have a gap. We don't have that many gaps now relative to where we were several years ago. So the bar is high in terms of where our current valuation is and buying back shares relative to M&A.

就併購而言，如我在事先準備的發言中提到的，我們非常聚焦在任何我們可能存在缺口的領域。相較於幾年前，我們現在的缺口已經不多了。因此，考量到我們目前的估值，以及相對於併購而言回購股票的吸引力，併購的門檻是很高的。

But on the other side of that, M&A has been a big transformational moment for this company over the last several years, and it's worked for us for the most part. So if there's an area where we think, we can't grow fast enough organically and our clients demand it from us, we're going to be very focused on other ways of getting there faster and M&A is one of those things we've managed to make work.

但另一方面，併購在過去幾年一直是這家公司重要的轉型時刻，而且大致上對我們是有效的。所以如果有某個領域我們認為靠有機成長無法成長得夠快，而客戶又要求我們提供相關能力，我們就會非常專注於用其他方式更快達成，而併購就是我們已經證明能夠運作的一種方式。

International is a very interesting example, we're a lot smaller, even though we're sizable internationally with $540 billion or whatever is overseas. We're a lot bigger in the United States and we see lots of opportunities to grow internationally in major markets where there's interesting trends that require professional asset management. So there are a few of the areas and then some bolt-ons in --

國際市場是一個很有意思的例子：即便我們在海外有 5,400 億美元或類似規模的資產、在國際上也算相當可觀，但我們在美國仍然大得多。而我們看到在一些主要市場，存在許多國際成長機會；那裡有一些有趣的趨勢，會需要專業的資產管理。所以這是其中幾個領域，另外還有一些補強式收購（bolt-ons）在——

So I would summarize it that if you say what are the priorities, it would be the bolt-ons. The only gap we really have is infrastructure. We have it on the public infrastructure, we have small private infrastructure, but from a scaled infrastructure, that's the only really big gap.

所以我會總結說，如果你問優先順序是什麼，那會是補強式收購。我們唯一真正的缺口是基礎建設（infrastructure）。我們在公開市場的基礎建設有布局，也有小規模的私募基礎建設，但就具規模的基礎建設能力而言，這是唯一真正的大缺口。

And then as Matt said, if you look at what we did with Encina and Stoneshield, they're both bolt-ons of capabilities to the big category. So if you're looking in fixed income, when you took it -- when you talk about private credit, if you talk about fixed income, you would say, oh, I have high yield, I have investment grade, I have munis, I have asset-backed.

然後如 Matt 所說，如果你看我們在 Encina 和 Stoneshield 的作為，它們都是在大類別之下補強能力的交易。所以如果你看固定收益，當你把它——當你談到私募信貸（private credit）時，如果你談固定收益，你會說：喔，我有高收益、我有投資級、我有市政債、我有資產抵押。

But people talk about private credit like it's one big category, but the reality. It has as many categories as traditional fixed income, and so those types of capabilities, and fortunately, Benefit Street Partners is very broad in its fixed income capabilities, but we do look at bolt-ons like Encina, which gave us that asset back.

但人們談私募信貸時常把它當成一個大類別；但實際上，它的子類別數量和傳統固定收益一樣多。

And then in Stoneshield, so it's bolt-ons to those types of things particularly in private credit. High net worth, if we find these types of [Pentrust] or Athena deals, we were always interested in those, although there's a lot of private equity money there. And then that's really kind of local asset management.

至於 Stoneshield，也是對這類能力的補強，特別是在私募信貸方面。高淨值客群方面，如果我們找到像 [Pentrust] 或 Athena 這類交易，我們一向都有興趣，雖然那裡有很多私募股權資金在競爭。而那基本上就是偏在地化的資產管理。

80% of flows in markets tend to go to local products. We're the one big multinational that plays a lot in local markets, and so that's an area that can be interesting for us.

市場中的資金流向有 80% 往往會流向本地產品。我們是少數在本地市場投入很深的大型跨國機構之一，因此這對我們而言可能是一個很有意思的領域。

And to be clear on Stoneshield, it was a really interesting opportunity for us because on the face of that, it looks like it is just globalizing real estate, but it's actually a very interesting entree into more real assets and infrastructure in Europe, so it includes digital infrastructure, industrial storage, innovation. There's a few very key areas that we have no presence in today that Stoneshield is going to give us access to.

另外，為了更清楚地說明 Stoneshield，對我們而言這是一個非常有趣的機會，因為表面上看起來像只是把不動產全球化，但實際上它是我們切入歐洲更多實體資產與基礎建設的一個非常有意思的入口，因此其中包含數位基礎建設、工業倉儲、創新等。目前我們在幾個非常關鍵的領域還沒有布局，而 Stoneshield 將讓我們得以進入這些領域。

And I think it's increased Clarion's exposure in Europe by three times.

而且我認為這讓 Clarion 在歐洲的曝險提高了三倍。

So we're now 50% -- 13% or 40% or something in Europe.

所以我們現在在歐洲的比重是 50%——13% 或 40% 之類的。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

So I wanted to follow-up on your outlook for the alternatives growth. I mean, you've obviously had very strong growth recently, but can you maybe unpack what you expect to be the biggest contributors to growth going forward and also just clarify in those targets does not include any inorganic contributions that may come going forward?

我想追問一下你們對另類資產成長的展望。我的意思是，你們最近的成長顯然非常強勁，但你們能否拆解一下，往後你們預期最大的成長貢獻來源會是哪些？另外也請釐清一下，這些目標是否不包含未來可能出現的任何非有機（inorganic）貢獻？

Yeah, that's great. So a couple of things. So this year, the $43.2 billion is across real estate, secondaries, private credit, venture, and even some of the Franklin Templeton had done some CLOs and infrastructure themselves on the fixed income side. So everybody has contributed, of that about $11 billion is Lexington's flagship fund, which is flagship 11 that is right on track from where they would expect to be. It's a little over half, and they expect that fund to be about the size of Fund 10. And so they'll be continuing to fundraise into 2028.

好的，這個問題很好。我講幾點。今年的 432 億美元涵蓋不動產、次級市場（secondaries）、私募信貸、創投，甚至 Franklin Templeton 在固定收益端也做了一些 CLO 與基礎建設。所以每個業務都有貢獻；其中約 110 億美元來自 Lexington 的旗艦基金，也就是旗艦 11 號基金，募資進度完全符合他們的預期。這筆金額略高於一半，而他們預期該基金規模大致會與 10 號基金相當。因此他們會持續募資到 2028 年。

The 37 -- we expect year '27 to be -- 2027 to be about mid-30s. And the fluctuation there of going higher is really around what the CLO market looks like. This year, the CLO market had quite a few re-ups and resets that are sort of unique at times. It was a really good year for CLOs. There was a lot of demand. So it will just depend about whether the market will have demand there and that may swing a bit higher.

至於 37——我們預期 2027 年會在 30 多億美元的中段。而波動、也就是可能更高的部分，主要取決於 CLO 市場的狀況。今年 CLO 市場有相當多的續作（re-ups）與重設（resets），在某些時點算是比較特殊。今年對 CLO 來說是非常好的一年，需求很強。所以接下來就要看市場是否仍有需求，這可能會讓數字略為上修。

And then -- so we expect '27 to be around mid-30s, we expect, because obviously if you do the math, you'll see '28 and '29 are a bit lower, and that's really because you're not -- we're not assuming that we're in the market with any particular flagship fund like Lexington.

然後——所以我們預期 2027 年大約在 30 多億美元的中段；我們也預期，因為你們如果自己算一下會看到 2028 與 2029 會稍微低一些，主要原因是我們沒有假設屆時會像 Lexington 這樣有特定的旗艦基金在市場上募資。

Now, if real estate turns around and there becomes a great demand, there could be something interesting there. I will point out that the $100 billion we have in private credit, 95% of it is floating rate. So for institutions that are -- that want exposure to fixed income, are worried about rising rates, private credit with what benefits to partners. And again, they're focused on middle market, so they're not funding the hyperscalers. They're focused on middle market, that's a great place to be. So those are kind of the swings. So the answer is no organic, no inorganic, it's all organic in those numbers.

當然，如果不動產市場回溫、需求大增，可能也會出現一些有意思的機會。我也要指出，我們私募信貸規模 1,000 億美元，其中 95% 是浮動利率。因此對於想要配置固定收益、又擔心利率上升的機構而言，私募信貸能為合作夥伴帶來相應的好處。而且他們聚焦在中型市場（middle market），不是在資助那些超大規模的雲端服務商（hyperscalers）。他們專注於中型市場，這是一個很好的位置。所以這些就是主要的變動因素。所以答案是：沒有有機以外、也沒有非有機；這些數字全部都是有機成長。

If we ever have anything inorganic, we'll just update the presentation. Thank you.

如果我們未來真的有任何非有機的項目，我們會更新簡報。謝謝。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Thanks. Good morning. Can you guys hear me okay?

謝謝。早安。你們聽得到我說話嗎？

Yes, hi Craig.

是的，嗨 Craig。

Oh, great. Good morning. So hope you're doing well. Congrats on raising the fundraising targets. I had a question on the momentum at Canvas. I was curious which products have been the biggest drivers recently between direct indexing, longshore tax aware, tax overlays, and I know you launched that new preferred partner program too.

太好了。早安。希望你一切都好。恭喜上調募資目標。我想問一下 Canvas 的動能。我很好奇，最近在直接指數化（direct indexing）、Longshore 稅務敏感（tax aware）、稅務覆蓋（tax overlays）之間，哪些產品是最大的驅動因素？另外我也知道你們推出了新的首選合作夥伴計畫。

And then also in the last week, a member of the US Senate Finance Committee actually wrote a letter to the US Treasury urging them to take a look at longshore tax aware products. I'm wondering how you think about the risk of tax law changes to Canvas, especially the blue sweep this week.

另外，上週美國參議院財政委員會（Senate Finance Committee）的一位成員其實寫信給美國財政部，敦促他們檢視 Longshore 稅務敏感產品。我想了解你們如何看待稅法變動對 Canvas 的風險，尤其是本週可能出現的「藍色橫掃」（blue sweep）。

So I'm going to have Daniel answer on this. I would just say that we've avoided strategies that the treasury is scrutinizing, the 351 exchanges, the box spread, the ETFs, the dividends they're avoiding and so we don't see that as an issue. Actually, the blue sweep to the extent that taxes go up. There's going to be continuing more demand for tax loss harvesting and the efficiency that Canvas. But I’ll have Daniel talk about the strategies.

這題我會請 Daniel 來回答。我先說，我們已經避開財政部正在審視的策略，例如 351 交換、box spread、ETF、以及他們正在避免的股利相關做法，所以我們不認為這會是問題。事實上，如果出現「藍色橫掃」而導致稅率上升，對稅損收割（tax loss harvesting）以及 Canvas 所提供的效率，需求反而會持續增加。不過我請 Daniel 來談談策略面。

So I said two things. One is our Canvas solution is very differentiated in the marketplace for two reasons. One, we are among the few ones that can do much more frequent tax loss harvesting rebalancing. So most of the competitors actually do once a month or once a quarter, we do it intraday so that leads to better performance and that's a big differentiating factor of Canvas.

我講兩點。第一，我們的 Canvas 解決方案在市場上非常差異化，原因有二。其一，我們是少數能夠更高頻率進行稅損收割再平衡的業者。多數競品其實是一個月一次或一季一次；我們是盤中（intraday）執行，因此能帶來更好的績效，這是 Canvas 很大的差異化因素。

The other one that is very differentiating is we are creating Canvas as a platform for advisors. So we combine Canvas -- so that goes to your question, it has direct indexing. It also has income through options adjusted, our capabilities that we can give more income through options adjusted.

第二個很差異化的點是，我們把 Canvas 打造成顧問使用的平台。所以我們把 Canvas 結合——回到你的問題，它包含直接指數化。也透過選擇權調整（options adjusted）提供收益，我們的能力可以透過選擇權調整帶來更高的收益。

We also have municipal bonds in the platform, so we can offer also municipal bonds in the platform. We also offer, as you referred to the P3 model, which is basically third-party fundamental equities tax optimization as well as our own fundamental managed tax optimization within the same platform. So that's a very differentiating feature.

平台裡也有市政債（municipal bonds），因此我們也能在平台上提供市政債。此外，如你提到的 P3 模式，基本上是第三方基本面股票的稅務最佳化，以及我們自家基本面主動管理的稅務最佳化，都能在同一個平台內完成。這也是非常差異化的功能。

We have started to do a long-short as well, so long-short for us is really still very -- I will say, very early stage. So the majority has been direct indexing as well as a third-party and our own fundamental equities tax optimization. We expect that to continue to be a big driving force as well as, of course, our strength on distribution that we have which we added this year alone 118 new partners and RIA teams.

我們也開始做多空（long-short），不過對我們來說，多空策略目前仍然非常——我會說，還在非常早期的階段。所以目前主要的貢獻仍是直接指數化，以及第三方與我們自家的基本面股票稅務最佳化。我們預期這些仍會是主要驅動力，當然也包括我們在通路上的優勢；光是今年我們就新增了 118 個新合作夥伴與 RIA 團隊。

So now the total number of teams is 336. So the momentum is very high because as we build all these new teams, each of them have a lot of more tax loss harvesting that they want. And that's actually what gives us a lot of conviction that the platform will continue to grow on campus.

因此目前團隊總數是 336 個。動能非常強，因為隨著我們建立這些新團隊，每個團隊都有更多他們想要的稅損收割需求。而這也正是讓我們對平台在 Canvas 上持續成長非常有信心的原因。

Alex Bond, KBW.

Alex Bond，KBW。

Please proceed with your question. Just quickly wanted to ask around the magnitude of catch-up fees in the quarter and also if the margin guide for fiscal '27 incorporates any assumptions around further catch-up fees. And then also on the expense side, I think you mentioned $210 million of cost saves in the trailing year. Can you speak to the scale of the expected savings in fiscal '27 relative to that $210 million?

請開始提問。我想快速問一下本季追補費用（catch-up fees）的金額規模，以及 2027 財年的利潤率指引是否納入了對未來進一步追補費用的任何假設。另外在費用端，我記得你們提到過去 12 個月節省了 2.10 億美元成本。能否談談 2027 財年預期的節省規模，相對於這 2.10 億美元會是什麼程度？

Just trying think about how the savings and the ultimate level of reinvestments in the business might compare on a year-over-year basis. Thank you.

我主要是想了解，節省下來的成本與最終對業務再投資的水準，年對年相比可能會是什麼樣子。謝謝。

So the catch-up fees for the quarter were $18 million, approximately $18 million. For the year, it's $44 million. So on the EFR, the $18 million represents something like $0.3 million, something like that. But as I said, if you look at it over the year. If you take into account retro fees, take those out, EFR year-over-year was $37.4 million in both years and we expect that to be similar in 2027 as I've explained.

所以，本季的追補費用為1,800萬美元，約1,800萬美元。全年為4,400萬美元。因此在EFR上，這1,800萬美元大概代表約30萬美元之類的影響。但如我所說，如果你把它放到全年來看。如果把追溯費用（retro fees）納入考量並將其剔除，EFR的年對年在兩個年度都是3,740萬美元，我們預期2027年也會如我所解釋的那樣相近。

In terms of the savings for 2027, right now we're estimating that to be around $75 million, something like that. But it's a little bit of a target that goes up and down depending on the journey always says, what's the net amount? What's the net amount? It's not just about the gross savings, but right now, we've earmarked around that level.

就2027年的節省而言，目前我們估計大約是7,500萬美元，差不多這個水準。但這有點像一個會上下浮動的目標，因為在整個過程中大家總會問：淨額是多少？淨額是多少？不只是看總節省（gross savings），但就目前而言，我們已經在大約這個水準上做了預留（earmark）。

And the reinvestment is at least that significant, I would say. So, yes, we're very optimistic of areas, as we talked about at the beginning, where we can lever that saving amount where we need to in order to reinvest more and save more as needed. So we are confident in our target that we gave you for the year.

而再投資至少也同樣顯著，我會這麼說。所以，是的，我們對一些領域非常樂觀——就像我們一開始談到的——我們可以在需要的地方運用這筆節省金額，以便在需要時再投資更多、也節省更多。因此，我們對於我們給出的年度目標是有信心的。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Hey, good morning. Thanks for taking the question. I wanted to ask about private markets in the wealth channel. You've seen success with your platform of evergreen strategies, nearly $10 billion. I was hoping you could speak to the steps that you're taking to accelerate growth from there into fiscal '27. Where are you most optimistic on seeing meaningful growth from here? Maybe speak to some of the opportunities around models.

嗨，早安。謝謝讓我提問。我想問一下財富通路（wealth channel）中的私募市場（private markets）。你們的常青策略（evergreen strategies）平台已經取得成功，規模接近100億美元。我希望你們能談談，為了在2027財年之前加速成長，你們正在採取哪些步驟。從現在起，你們對哪些地方最有信心能看到有意義的成長？也許可以談談一些與模型（models）相關的機會。

And just more broadly, how are you thinking about evolving cost of distribution into the wealth channel for private market strategies?

另外更廣泛地說，對於私募市場策略，你們如何看待在財富通路中的配銷成本（cost of distribution）演變？

So, I mean, I think Daniel covered some of this in there, but today, I think we've added 62 in 2026, we added 62 distributors to being able to distribute our wealth products and a lot of interest in Asia. That has probably been a big surprise for us is how much interest in Asia.

所以，我的意思是，我想Daniel在前面已經涵蓋了一部分，但就今天而言，我們在2026年新增了62家配銷商（distributors），使其能夠配銷我們的財富產品，而且亞洲的興趣非常高。對我們來說，亞洲的興趣之大可能是個很大的驚喜。

I just came back from Hong Kong where in 2027 we will celebrate 40 years in Hong Kong. I was in the UAE. We're celebrating 30 years in the UAE. These are markets that the retail wealth channel knows our brand really well.

我剛從香港回來，我們將在2027年慶祝在香港40週年。我也去了阿聯，我們在阿聯慶祝30週年。這些市場的零售財富通路對我們的品牌非常熟悉。

And so we have built out a huge force already in our expense numbers with 100 people who are just there supporting distribution with expertise on the wealth channel.

因此，我們已經在費用數字中建立了一支龐大的團隊，有100位人員專門在那裡以財富通路的專業能力支援配銷。

In the wealth channel, sales is hand-in-hand combat. It's each advisor. It's not only getting on the platform, it's each advisor. So we've already experienced a lot of expense. Now it's about getting on those platforms and as I mentioned, we've added 62 of them and. We have great vehicles to be sold there. We have at least six plus evergreen products of which I think three or over $1 billion. Daniel, what else you want to add?

在財富通路，銷售是貼身肉搏戰。是逐一面對每位顧問（advisor）。不只是上架到平台，而是要觸及每一位顧問。所以我們已經承擔了不少費用。現在重點是上到那些平台上；如我提到的，我們新增了其中62個平台，而且。我們有很好的載具可以在那裡銷售。我們至少有六個以上的常青產品，其中我想有三個已超過10億美元。Daniel，你還想補充什麼？

I love that innovation is a big driver on this space, Michael. We have new evergreens also coming in infrastructure, multi-asset evergreens. So that's clearly an area that is growing, the other one is we just had the closing of our first CFO collateralized fund obligation this past quarter, $1.5 billion that actually covered retail, VA and insurance companies and also, as you mentioned, the partnership with Corastone.

Michael，我很喜歡創新在這個領域是一個很大的驅動力。我們也將推出新的常青產品，包括基礎建設、以及多資產常青產品。所以這顯然是一個正在成長的領域；另一個是，我們在上一季完成了第一檔CFO擔保債務憑證基金（collateralized fund obligation）的結案（closing），規模15億美元，實際上涵蓋了零售、VA（變額年金）與保險公司；另外也如你提到的，還有與Corastone的合作夥伴關係。

On model portfolios, we are in advance conversations to try to have it up and running and having these in model portfolios.

在模型投資組合（model portfolios）方面，我們正在進行更深入的對話，嘗試讓它上線運作，並把這些產品納入模型投資組合中。

And finally, I will say also on the target date, we added privacy to our target date between 3% and 8% across different evergreens and that's already having like early results in terms of momentum. So I think on the product side, a lot of momentum. I did mention also the success of 34% fundraising coming from outside the US. And I will also double down Europe was also good and Latin America had like great success for us. And a lot of these is just newly appointed or new distribution outlets that will start to pay off in 2017.

最後我也想說，在目標日期（target date）方面，我們在目標日期產品中加入了私募資產（privacy應為private/privates）配置，在不同常青產品之間約3%到8%不等，而這已經在動能上出現一些早期成果。所以我認為在產品端有很大的動能。我也提到，募資有34%來自美國以外地區的成功。我也要再強調，歐洲表現也不錯，而拉丁美洲對我們來說也非常成功。其中很多都是新任命或新的配銷通路，將在2017年開始帶來回報。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just in context of the five-year plan, but also more just futuristic thinking, you guys have been so forward thinking on tokenization and digital assets. Jenny, how does the sort of long-term or your long-term view on tokenization in asset classes outside of money market funds, how does that influence or I guess what part of the five-year growth plan would be considered attributable to that or would that be upside to the plan?

也許放在五年計畫的脈絡下，但更偏向未來思考：你們在代幣化（tokenization）與數位資產方面一直非常前瞻。Jenny，對於貨幣市場基金以外資產類別的代幣化，你們的長期觀點是什麼？這如何影響——或者說，在五年成長計畫中，有哪一部分可以被視為可歸因於此？還是說這會是計畫之外的上行空間（upside）？

And then just also your house views on equity tokenization with the SEC innovation exemption. How the fundamental teams are thinking about that. And if I get through one more product in there, that would be company KPI event contracts. That's obviously a new emerging asset class that has good potential within institutional investment. Maybe any early thoughts on if you would adopt those in the fundamental strategy?

另外，你們對於在SEC創新豁免（innovation exemption）下的股票代幣化（equity tokenization）有什麼內部觀點？基本面團隊（fundamental teams）如何看待這件事？如果我再加問一個產品，那就是公司KPI事件合約（KPI event contracts）。這顯然是一個新興資產類別，在機構投資中具有不錯的潛力。也許可以分享一些初步想法：你們是否會在基本面策略中採用這些？

So here's what I say, Brian, why is tokenization, why are we bullish on it? It is a really good programming language that does create huge efficiencies in our business and will enable innovation. And so again, and I've talked about this before, when we did the when the SEC approved our tokenized money market fund. We had to parallel process our old record-keeping transfer agency system with the blockchain system, and we were astonished by the difference in cost savings.

Brian，我會這麼說：為什麼是代幣化？為什麼我們看多它？它是一種非常好的程式語言，確實能在我們的業務中創造巨大的效率，並促成創新。所以再一次，我以前也談過，當SEC核准我們的代幣化貨幣市場基金時。我們必須讓舊的過戶代理（transfer agency）記錄保存系統與區塊鏈系統並行處理，而我們對成本節省的差異感到非常驚訝。

And so that's why we're really bullish that the rails of financial services will ultimately be on-chain. We don't differentiate it out in our five-year plan as far as tokenization as a category. So for example, today we have tokenized ETFs on the crypto exchanges.

因此，我們非常看多金融服務的軌道（rails）最終會上鏈（on-chain）。在我們的五年計畫中，我們並沒有把代幣化作為一個獨立類別去區分呈現。例如，今天我們在加密貨幣交易所上有代幣化ETF。

If you just take the top five crypto exchanges, they have a billion wallets. It's slow adoption there. Most people were there, they're buying crypto products, but we are getting some adoption there. As other mainstream players add wallets, then these types of products can go. I think it depends on how important the 24/7 trading is. I do think we'll get to a world where that will be more and more important.

如果你只看前五大加密貨幣交易所，它們有10億個錢包（wallets）。那裡的採用速度很慢。大多數人在那裡是買加密產品，但我們確實也獲得了一些採用。當其他主流玩家加入錢包功能後，這類產品就能推進。我認為這取決於24/7交易的重要性有多高。我確實認為我們會走向一個世界：這會變得越來越重要。

Both of the exchanges are struggling because you have this reality of two different rails, the old rails which are based on batch systems people have to upload and reconciliation and the new rails.

兩邊的交易所都在掙扎，因為你面對的是兩套不同的軌道：舊軌道是以批次系統（batch systems）為基礎，人們必須上傳並進行對帳（reconciliation）；以及新軌道。

And then can you -- let me just ask clarity on the KPI company. Are you talking prediction markets? Is that where you're going? And if yes, then let me just say, look, we actually think the prediction markets information is interesting. And we have a partnership with CAIS IQ, we talked to CAIS IQ to get some of that data.

另外你能不能——我只是想釐清一下你說的KPI公司那個部分。你是在談預測市場（prediction markets）嗎？你是往那個方向嗎？如果是，那我想說，我們其實覺得預測市場的資訊很有意思。而且我們與CAIS IQ有合作夥伴關係，我們會和CAIS IQ溝通以取得部分資料。

We're not investors in the prediction markets, meaning we don't invest in whatever the bet is on that particular thing, but we leverage that data particularly into our systematic models just because it gives you a view of what the kind of individual consumer is thinking.

我們不是預測市場的投資人，也就是說，我們不會去投資在那個特定事件上的任何押注（bet），但我們會運用那些資料，特別是納入我們的系統化模型（systematic models），因為它能讓你看到個別消費者大概在想什麼。

And so tokenization probably will be, again, the technology is such with the smart contracts that it can be a really efficient way to use it. But it will evolve over time. So long answer to that, we don't have any particular numbers broken out in the five-year plan on digital assets.

因此，代幣化很可能會是——再說一次，這項技術結合智慧合約，確實可以成為一種非常高效率的運用方式。但它會隨時間演進。所以長話短說，我們在五年計畫中並沒有針對數位資產拆分出任何特定數字。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

There can be a lot of announced revenue sharing changes at the largest wealth platforms. Could you update us on to what extent you expect those changes to impact you, why or why not? Secondly, remind us how you report those revenue sharing expenses. Is it net of fee rate or in the expenses? And finally, to what extent are those changes baked into your fee rate and/or expense growth guidance? Thank you.

在最大的財富管理平台上，可能會有許多已宣布的收入分成變更。您能否更新一下，您預期這些變更在多大程度上會影響你們？為什麼會或不會？第二，請提醒我們你們如何呈報這些收入分成費用。它是以費率淨額呈現，還是列在費用項下？最後，這些變更在多大程度上已反映在你們的費率以及／或費用成長指引之中？謝謝。

I mean, look, rev share is the nature of our business. It's something we've negotiated and navigated for 50 years. So we will continue to do so and it's no surprise that as the world has been shifting from mutual funds to ETFs, the platforms are interested in having some sort of revenue share because they do a certain amount of servicing of those clients.

我的意思是，你看，收入分成就是我們業務的本質。這是我們談判並因應了50年的事情。所以我們會持續這麼做；而且也不意外，隨著世界從共同基金轉向ETF，平台方會希望有某種形式的收入分成，因為他們確實為這些客戶提供了一定程度的服務。

Matt, on the -- what I would say is, we've been in these discussions for several years now, so there's nothing -- I mean, maybe it's something that's become more aware with you guys, but it's baked into our numbers. So the way we are today is how you would see it. Thank you.

Matt，關於——我想說的是，我們已經就這些議題討論了好幾年，所以沒有什麼——我的意思是，也許你們現在更注意到了，但它已經反映在我們的數字裡。所以我們目前的狀況就是你們會看到的樣子。謝謝。

Ben Budish, Barclays.

Ben Budish，Barclays。

I wanted to just ask about the performance expectation for next quarter. I think typically you guide when you talk about your cost of $50 million per quarter sort of as a baseline, it sounds like you're expecting that to be a little better. Anything kind of different going on crystallization from any of your old products? Is there anything else we should read to for the rest of fiscal '27 or is that commentary really just specific to the next quarter?

我想問一下對下季業績的預期。我認為通常你們在談到每季5,000萬美元的成本作為基準時，你們會給出指引；聽起來你們預期會比這個基準好一些。是否有任何不同的情況，例如你們某些舊產品的結算／績效費結算（crystallization）？對於2027財年其餘期間，我們還需要解讀什麼嗎？還是這些評論真的只是針對下一季？

I'd just say there's more activity around our venture capital group that's invested in some of the --

我只能說，我們的創投團隊在一些——方面的活動更多了。

You may have noticed some high-profile.

你可能注意到一些高知名度的——

Some prominent investment that everyone is aware of. So we're invested in a number of those companies. So yes, you'll see some high performance fees in the next several quarters and we'll obviously call those out as we give our guidance.

一些大家都知道的知名投資。所以我們投資了其中不少公司。所以是的，接下來幾季你會看到一些較高的績效費，我們在提供指引時也會明確指出。

Mike Brown, UBS.

Mike Brown，UBS。

You guys have talked a little bit about the alternatives platform here, and the fundraising backdrop for the industry still remains a bit tight, but clearly you've been outpacing your growth, so your products are really resonating in the market here.

你們談到了一些另類投資平台的情況；整個產業的募資環境仍然有點緊，但顯然你們的成長速度超越同業，所以你們的產品在市場上確實很有共鳴。

But you did raise your target by 50%. And so I just wanted to maybe hear a little bit more about some of the building blocks beyond 2027 that kind of support the confidence to raise that target here and maybe just give a little bit of color of what you're seeing in that pipeline and some of the underlying demand there?

但你們把目標提高了50%。所以我想再多聽一些，2027年之後有哪些支撐信心、讓你們能提高目標的基礎要素？也請稍微分享一下你們在管線中看到的情況，以及背後的需求動能？

Yeah. So, I mean, again, we probably have the broadest breadth of capability in the private markets of any asset manager out there. When you just look at the fundraising that we've done so far, not only I already mentioned it's real estate, it's secondary, it's private credit, it's venture, but probably more interesting is it's 30 different strategies, right, so this is a very diverse capability that has distribution coming globally.

是的。所以，我的意思是，再說一次，我們可能擁有所有資產管理公司中，在私募市場最廣泛的能力版圖。就我們目前完成的募資來看，我先前提到的不只是房地產、次級市場、私募信貸、創投；更有意思的是，我們有30種不同策略，對吧？因此這是一個非常多元的能力組合，而且在全球都有通路分銷。

And so that's what's given us more confidence and stuff is resonating, and secondaries, I do think that probably rising rates are going to have an impact on the private equity market, but actually secondaries can go in and buy based on today's rates.

因此這讓我們更有信心，因為市場反應很好；而次級市場方面，我確實認為利率上升可能會影響私募股權市場，但其實次級市場可以依照今天的利率水準進場買入。

And so a lot of people who want exposure to private equity are actually preferring secondaries. You have no J-curves, you get a much more diverse portfolio. It's getting repriced right now, essentially, as they're buying books. And so that's been a really strong area in what has been a little bit more anemic fundraising on the private equity side.

因此，很多想要配置私募股權曝險的人，實際上更偏好次級市場。你不會有J曲線，你會得到更分散的投資組合。它現在基本上正在重新定價，因為他們在買入資產組合（books）。所以在私募股權端募資相對疲弱的情況下，這一直是非常強勁的一個領域。

As I mentioned, on private credit, 95% is floating rates. If you're worried about where rates are. It's a great place to be and the economy still remains very strong and so if you've got a fixed income allocation and you can withstand the illiquidity, you're getting a premium in the private credit market and you're getting protection against rising rates.

如我所提到的，在私募信貸方面，95%是浮動利率。如果你擔心利率走向，這是一個很好的配置位置；而且經濟仍然非常強勁，所以如果你有固定收益配置、也能承受流動性較差，你在私募信貸市場可以獲得溢價，同時也能對抗利率上升。

The one area -- and venture is venture. We've seen -- and so much time is spent on the AI infrastructure and not enough time is spent on all the other incredible innovation that is happening between material science, biologics, new drug pipelines, 3D printing. There's a ton of technology out there that makes it venture really interesting. And so. As an active manager looking in that space, you may say these things are overpriced, I like some of this other stuff. And so we think venture will continue to have good demand.

其中一個領域——而創投就是創投。我們看到——大家花了太多時間在AI基礎設施上，卻沒有把足夠時間放在其他正在發生的驚人創新上，包括材料科學、生物製劑、新藥研發管線、3D列印。外面有大量技術，讓創投變得非常有趣。所以。作為在該領域觀察的主動式管理人，你可能會說某些東西被高估了，而我更喜歡其他一些標的。因此我們認為創投將持續有良好需求。

And then real estate, it kind of depends on where you are. You can see it being slower if you're doing development because people worry about the higher rates. But if you are a landlord, which Clarion is in places, rates often rise with inflation. So it could be a really good income source as well as inflation hedge. So that's what's given us confidence that we'll hit those new numbers.

至於房地產，某種程度取決於你所在的位置。如果你做的是開發案，因為人們擔心利率較高，你可能會看到速度放緩。但如果你是房東——Clarion在某些地區就是——利率往往會隨通膨上升。因此它也可能是很好的收益來源，同時也是通膨避險工具。這就是讓我們有信心能達成那些新目標數字的原因。

I will add that the One Franklin Templeton approach to selling, especially institutionally, is also giving us much more white space. Jenny mentioned the 10% of institutions just having one capability from Franklin. So clearly, there's a lot of opportunity that teams are coming together. So they're offering that across the organization.

我再補充一點，「One Franklin Templeton」的銷售方式，尤其在機構端，也為我們帶來更多尚未開發的空白市場。Jenny提到，有10%的機構客戶只使用Franklin的一項能力。所以很明顯，團隊正在整合協作，機會非常大。因此他們正在把這種整合式方案在整個組織中推廣。

And we also started to show like our fundraising like quarter-over-quarter went doubled actually over the past two quarters on the institution space across, in this case across all products, but there's a lot of opportunity on the private side to continue to do that and we've added also resources in Asia Pacific, we've added resources in Asia Pacific, we've added resources in insurance and in other segments that we were not covering before as proactively. So clearly that will add more to the confidence on the fundraising that we put in front of you.

我們也開始看到募資表現，例如在機構端，過去兩個季度我們的季度募資其實翻倍了；在這個案例中涵蓋所有產品，但在私募端仍有很大機會持續推進。此外，我們也在亞太地區增加了資源、在亞太地區增加了資源，也在保險以及其他我們過去沒有那麼主動覆蓋的細分領域增加了資源。所以很明顯，這些都會進一步強化我們向各位提出的募資信心。

And we have reached the end. This concludes today's Q&A session. I would now like to hand the call back over to Jenny Johnson, Franklin CEO, for final comments.

我們已到達尾聲。今天的問答環節到此結束。接下來我想把電話交回給Franklin執行長Jenny Johnson，請她做最後結語。

Well, thank you, everybody, for joining the call today. And once again, I want to thank our employees around the world for their continued dedication and service to our clients. And we look forward to speaking to you next quarter. Thank you.

好的，感謝各位今天參與電話會議。再次，我要感謝我們全球員工持續的投入與奉獻，為客戶提供服務。我們期待在下個季度再與各位交流。謝謝。

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

謝謝。今天的電話會議到此結束。您現在可以掛線。