貝萊德 (BLK) 2022 Q3 法說會逐字稿

Good morning. My name is Jake, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock, Inc. Third Quarter 2022 Earnings Teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Gary S. Shedlin; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions) Thank you. Mr. Meade, you may begin your conference.

早上好。我的名字是傑克，今天我將成為您的會議主持人。在這個時候，我想歡迎大家參加貝萊德公司 2022 年第三季度收益電話會議。今天電話會議的主持人將是董事長兼首席執行官 Laurence D. Fink；首席財務官 Gary S. Shedlin；總裁羅伯特·S·卡皮托；和總法律顧問 Christopher J. Meade。 （操作員說明）謝謝。米德先生，你可以開始你的會議了。

Thank you. Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements.

謝謝你。大家，早安。我是貝萊德的總法律顧問克里斯·米德。在開始之前，我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述。我們提請您注意，貝萊德的實際結果當然可能與這些陳述不同。

As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we see today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

如您所知，貝萊德已向美國證券交易委員會提交報告，其中列出了一些可能導致貝萊德的結果與我們今天看到的結果大不相同的因素。貝萊德不承擔任何責任，也不承諾更新任何前瞻性陳述。

So with that, I'll turn it over to Gary.

因此，我將把它交給加里。

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the third quarter of 2022. Before I turn it over to Larry to offer his comments, I'll review our financial performance and business results. While our earnings release discloses both GAAP and as-adjusted financial results, I will be focusing primarily on our as-adjusted results.

謝謝，克里斯，大家早上好。我很高興介紹 2022 年第三季度的業績。在我將其交給拉里發表評論之前，我將回顧一下我們的財務業績和業務業績。雖然我們的收益報告披露了 GAAP 和調整後的財務業績，但我將主要關注我們的調整後業績。

As a reminder, beginning in the first quarter of 2022, we updated our definitions of as-adjusted operating income, operating margin and net income. Year-over-year financial comparisons referenced on this call will relate current quarter results to these recast financials.

提醒一下，從 2022 年第一季度開始，我們更新了調整後營業收入、營業利潤率和淨收入的定義。本次電話會議中引用的年度財務比較將把當前季度的結果與這些重鑄的財務數據聯繫起來。

Market conditions remained very challenged in the third quarter, with global equity and debt markets ending down 25% and 14%, respectively, for the first 9 months of 2022. In total, these market declines, along with significant dollar appreciation against major currencies, reduced the value of BlackRock's assets under management by over $2 trillion since December 31. Inflation, rising rates, liquidity, market volatility, and geopolitical uncertainty remain significant concerns for clients, but more of them are turning to BlackRock for comprehensive solutions to help build more resilient portfolios. They increasingly value our unparalleled breadth of investment products, styles and exposures, which allows them to customize portfolios to address the investment policies, return targets, and unique needs of their stakeholders.

第三季度市場狀況仍然充滿挑戰，2022 年前 9 個月，全球股票和債務市場分別下跌 25% 和 14%。總體而言，這些市場下跌，同時美元兌主要貨幣大幅升值，自 12 月 31 日以來，貝萊德管理的資產價值減少了超過 2 萬億美元。通貨膨脹、利率上升、流動性、市場波動和地緣政治不確定性仍然是客戶的重大擔憂，但他們中的更多人轉向貝萊德尋求全面的解決方案，以幫助建立更多有彈性的投資組合。他們越來越重視我們無與倫比的投資產品、風格和風險敞口，這使他們能夠定制投資組合，以滿足其利益相關者的投資政策、回報目標和獨特需求。

Our ability to deliver this customization at scale is a unique advantage, and it is during times of market uncertainty that the power of our platform becomes most evident. Despite the most challenging market backdrop in decades, BlackRock generated industry-leading long-term net inflows of $248 billion during the first 9 months of 2022, demonstrating the strength and stability of our globally-integrated multi-asset solutions-oriented platform.

我們大規模提供這種定制的能力是一個獨特的優勢，在市場不確定的時期，我們平台的力量變得最明顯。儘管市場背景是幾十年來最具挑戰性的，貝萊德在 2022 年前 9 個月創造了行業領先的長期淨流入 2,480 億美元，展示了我們以全球一體化的多資產解決方案為導向的平台的實力和穩定性。

We've invested for years to develop leading franchises in high-growth areas such as ETFs, private markets, outsourced solutions and technology. And importantly, we've worked tirelessly to fully integrate these capabilities into our One BlackRock business model and culture. This connectivity and collaboration is more important than ever before, as we bring together the entire firm to deliver better outcomes for our clients and differentiated growth for our shareholders.

多年來，我們一直在投資開發高增長領域的領先特許經營權，例如 ETF、私人市場、外包解決方案和技術。重要的是，我們孜孜不倦地努力將這些能力完全整合到我們的 One BlackRock 商業模式和文化中。這種聯繫和協作比以往任何時候都更加重要，因為我們將整個公司聚集在一起，為我們的客戶提供更好的結果，為我們的股東帶來差異化的增長。

And while we can't control near-term volatility or the specific client risk preferences that may result, BlackRock's platform has been purposely built over time to help clients meet their objectives regardless of the market environment. Over the last 12 months, BlackRock's broad-based platform has generated approximately $400 billion of total net inflows, representing positive organic base fee growth of 2%. During a tumultuous market environment, BlackRock generated third quarter long-term net inflows of $65 billion, representing approximately 3% annualized organic asset growth. Quarterly long-term net inflows were partially offset by net outflows from cash and advisory AUM. However, total quarterly annualized organic base fee decay of 4% reflected outflows from higher fee precision ETFs, the continued impact of elevated redemptions in active equity and fixed income mutual funds, and outflows in institutional money market funds.

雖然我們無法控制近期波動或可能導致的特定客戶風險偏好，但貝萊德的平台經過精心打造，旨在幫助客戶在任何市場環境下實現其目標。在過去 12 個月中，貝萊德基礎廣泛的平台產生了大約 4000 億美元的總淨流入，代表著 2% 的正有機基礎費用增長。在動蕩的市場環境中，貝萊德第三季度產生了 650 億美元的長期淨流入，相當於年化有機資產增長約 3%。季度長期淨流入部分被現金和諮詢資產管理規模的淨流出所抵消。然而，季度年化有機基礎費用總額下降 4% 反映了更高費用精確 ETF 的資金外流、主動股票和固定收益共同基金贖回增加的持續影響，以及機構貨幣市場基金的資金外流。

Third quarter revenue of $4.3 billion was 15% lower year-over-year, primarily driven by the impact of significant lower markets and dollar appreciation on average AUM and lower performance fees.

第三季度收入為 43 億美元，同比下降 15%，主要是受市場大幅下滑和美元平均資產管理規模升值以及業績費用降低的影響。

Operating income of $1.6 billion was down 22% and reflected the impact of approximately $96 million of closed-end fund launch costs in the third quarter of 2021. Earnings per share of $9.55 declined 16% versus a year ago, also reflecting a lower effective tax rate, partially offset by lower nonoperating income compared to a year ago.

營業收入為 16 億美元，下降 22%，反映了 2021 年第三季度約 9,600 萬美元封閉式基金啟動成本的影響。每股收益 9.55 美元，較去年同期下降 16%，也反映了較低的有效稅收率，部分被與一年前相比較低的非營業收入所抵消。

Our as-adjusted tax rate for the third quarter was approximately 19%, reflecting $93 million of discrete tax benefits. We continue to estimate that 24% is a reasonable projected tax run rate for the remainder of 2022, but the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

我們第三季度調整後的稅率約為 19%，反映了 9300 萬美元的離散稅收優惠。我們繼續估計 24% 是 2022 年剩餘時間的合理預計稅率，但由於非經常性或離散項目或稅收立法的潛在變化，實際有效稅率可能會有所不同。

Nonoperating results for the quarter included $219 million of net investment income and reflected a $267 million noncash gain related to our strategic minority investment in iCapital.

本季度的非經營業績包括 2.19 億美元的淨投資收入，並反映了與我們對 iCapital 的戰略少數股權投資相關的 2.67 億美元非現金收益。

Third quarter base fees and securities lending revenue of $3.5 billion was down 10% year-over-year, broadly in line with the decline in our average AUM. The negative revenue impact of approximately $1.9 trillion of market beta and foreign exchange movements on AUM over the last 12 months was partially offset by positive organic base fee growth over the same period and the elimination of discretionary yield support, money market fund, fee waivers versus a year ago.

第三季度基本費用和證券借貸收入為 35 億美元，同比下降 10%，與我們平均 AUM 的下降基本一致。過去 12 個月大約 1.9 萬億美元的市場 beta 和外匯變動對 AUM 的負面收入影響被同期的正有機基本費用增長以及消除可自由支配的收益率支持、貨幣市場基金、費用減免與一年前。

On a constant currency basis, we estimate second quarter base fee and securities lending revenue would have been down 8% year-over-year. Sequentially, while base fee and securities lending revenue was down 4% on an equivalent day count basis, our effective fee rate was approximately flat. As a result of continued global equity and bond market declines toward the end of the quarter, including the impact of FX-related dollar appreciation, we entered the fourth quarter with an estimated base fee run rate approximately 7% lower than our total base fees for the third quarter.

按固定匯率計算，我們估計第二季度基本費用和證券借貸收入將同比下降 8%。因此，雖然基本費用和證券借貸收入在同等天數基礎上下降了 4%，但我們的有效費用率大致持平。由於全球股票和債券市場在本季度末持續下跌，包括與外匯相關的美元升值的影響，我們進入第四季度的估計基本費用運行率比我們的總基本費用低約 7%第三季度。

Performance fees of $82 million decreased from a year ago, primarily reflecting lower revenue from liquid alternative products, including lower fees from a single hedge fund with an annual performance measurement period that ends in the third quarter.

業績費用比一年前減少了 8200 萬美元，主要反映了流動性替代產品的收入下降，包括來自單一對沖基金的較低費用，年度業績評估期在第三季度結束。

Our Aladdin business delivered record sales in the first 9 months of 2022, and demand for our technology solutions has never been stronger. Quarterly technology services revenue increased 6% from a year ago, reflecting this increased demand, but also reflecting significant headwinds associated with the FX impact on Aladdin's nondollar revenue and market declines on Aladdin's fixed income platform assets.

我們的阿拉丁業務在 2022 年前 9 個月實現了創紀錄的銷售額，對我們的技術解決方案的需求從未如此強烈。季度技術服務收入同比增長 6%，反映了需求的增加，但也反映了與外匯對阿拉丁非美元收入的影響以及阿拉丁固定收益平台資產的市場下滑相關的重大不利因素。

Annual contract value, or ACV, increased 7% year-over-year. On a constant currency basis, we estimate ACV would have increased 10% from a year ago. Total expense decreased 10% year-over-year, reflecting lower compensation, G&A and direct fund expense. Employee compensation and benefit expense was down 12%, primarily reflecting lower incentive compensation due to lower operating income and performance fees, partially offset by higher base fee compensation.

年度合同價值或 ACV 同比增長 7%。在固定貨幣基礎上，我們估計 ACV 將比一年前增加 10%。總費用同比下降 10%，反映了薪酬、G&A 和直接基金費用的下降。員工薪酬和福利支出下降了 12%，主要反映了由於較低的營業收入和績效費導致的激勵薪酬下降，部分被較高的基本費用補償所抵消。

Quarterly G&A expense declined 6% versus a year ago and reflected the impact of $96 million of closed-end fund launch costs in the third quarter of 2021, which are excluded when reporting our as-adjusted operating margin. Excluding these costs, G&A expense increased 13% due to higher marketing and promotional expense, including the impact of higher T&E expense and ongoing strategic investments in technology, including cloud computing costs. Sequentially, G&A expense was up 5%, primarily reflecting higher marketing and promotional expense.

季度 G&A 費用與一年前相比下降了 6%，反映了 2021 年第三季度 9600 萬美元封閉式基金啟動成本的影響，在報告我們調整後的營業利潤率時不包括在內。不計這些成本，G&A 費用增加了 13%，原因是營銷和促銷費用增加，包括更高的 T&E 費用和持續的技術戰略投資（包括雲計算成本）的影響。隨後，G&A 費用增長了 5%，主要反映了較高的營銷和促銷費用。

Direct fund expense was down 10% year-over-year, driven by lower average index AUM.

由於平均指數 AUM 較低，直接基金費用同比下降 10%。

Our third quarter as-adjusted operating margin of 42% was down 560 basis points from a year ago, reflecting the immediate negative impact of markets and foreign exchange movements on quarterly revenue and the ongoing longer-term strategic investments we have been making in technology and our people.

我們第三季度調整後的營業利潤率為 42%，比一年前下降了 560 個基點，這反映了市場和外匯走勢對季度收入的直接負面影響，以及我們在技術和我們的人。

BlackRock's industry-leading organic growth is a direct result of the purposeful investments we have consistently made through market cycles. The diversification and stability of our platform has allowed us to pursue critical investment when others have been forced to pull back. But we also recognize that this market environment may require a different playbook. While we continue to have deep conviction in our strategy and the long-term growth of the global capital markets, we have begun to more aggressively manage the pace of certain discretionary spend. We are continuing to pursue critical hires that support our near-term growth, but are pausing the balance of our hiring plans for the remainder of 2022.

貝萊德行業領先的有機增長是我們在市場週期中持續進行的有目的的投資的直接結果。我們平台的多元化和穩定性使我們能夠在其他人被迫退出時進行關鍵投資。但我們也認識到，這種市場環境可能需要不同的劇本。雖然我們繼續對我們的戰略和全球資本市場的長期增長深信不疑，但我們已經開始更積極地管理某些可自由支配支出的步伐。我們將繼續招聘支持我們近期增長的關鍵員工，但暫停我們在 2022 年剩餘時間的招聘計劃。

In addition, we now expect our full year increase in 2022 core G&A to be in the range of 13% to 15%, lower than our previous guidance of 15% to 20% that we communicated in January. While these steps will not materially impact our 2022 results, they will better position us going into 2023, should market headwinds persist.

此外，我們現在預計 2022 年核心 G&A 的全年增幅將在 13% 至 15% 的範圍內，低於我們在 1 月份傳達的 15% 至 20% 的先前指導。雖然這些步驟不會對我們 2022 年的業績產生重大影響，但如果市場逆風持續存在，它們將使我們更好地進入 2023 年。

Throughout our history, we've demonstrated that we are pragmatic and agile in managing our expenses. As always, we remain committed to optimizing organic growth in the most efficient way possible and will be prudent in continuing to assess our overall level of spend in the current environment. Our capital management strategy remains to first invest in our business and then to consistently return excess cash to shareholders through a combination of dividends and share repurchases. We repurchased nearly $1.4 billion worth of shares in the first 9 months of this year, including $375 million in the third quarter. At present, based on our capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we still anticipate repurchasing at least $375 million of shares in the fourth quarter, consistent with our previous guidance.

縱觀我們的歷史，我們已經證明我們在管理開支方面是務實和敏捷的。與往常一樣，我們仍然致力於以最有效的方式優化有機增長，並將謹慎地繼續評估我們在當前環境下的整體支出水平。我們的資本管理策略仍然是首先投資於我們的業務，然後通過股息和股票回購相結合的方式持續向股東返還多餘的現金。今年前 9 個月，我們回購了價值近 14 億美元的股票，其中包括第三季度的 3.75 億美元。目前，根據我們今年的資本支出計劃並視市場情況，包括我們股價的相對估值，我們仍預計在第四季度至少回購 3.75 億美元的股票，與我們之前的指導一致。

BlackRock's third quarter long-term net inflows of $65 billion once again demonstrate the stability of our diversified platform and the strategic alignment with clients. We're increasingly looking for partners who can provide them with global insights and whole portfolio solutions tailored to their future goals.

貝萊德第三季度 650 億美元的長期淨流入再次證明了我們多元化平台的穩定性以及與客戶的戰略一致性。我們越來越多地尋找能夠為他們提供全球洞察力和針對他們未來目標量身定制的整體投資組合解決方案的合作夥伴。

Third quarter ETF net inflows of $22 billion were led by surging demand for our bond ETFs, partially offset by sentiment-driven outflows from commodities, broad emerging markets exposures and small-cap equity precision ETFs. As we have seen repeatedly in periods of market volatility, investors turn to iShares precision exposure ETFs to express risk and tactical asset allocation preferences.

第三季度 ETF 淨流入 220 億美元，主要是由於對我們的債券 ETF 的需求激增，部分被商品、廣泛的新興市場敞口和小盤股精準 ETF 的情緒驅動流出所抵消。正如我們在市場波動時期反复看到的那樣，投資者轉向 iShares 精準敞口 ETF 來表達風險和戰術性資產配置偏好。

Bond ETFs generated $37 billion of net inflows, the second best quarter in our history. We're not only leading the bond ETF industry in terms of AUM and net new business market share, but we're working with all stakeholders to grow the bond ETF industry itself. It took 17 years for the industry to reach $1 trillion in 2019. It is now closing in on $2 trillion, and we believe that the industry will be at $5 trillion before the end of the decade, with BlackRock leading that significant growth.

債券 ETF 產生了 370 億美元的淨流入，是我們歷史上第二好的季度。我們不僅在資產管理規模和淨新業務市場份額方面領先於債券 ETF 行業，而且我們正在與所有利益相關者合作以發展債券 ETF 行業本身。該行業花了 17 年時間才在 2019 年達到 1 萬億美元。現在接近 2 萬億美元，我們相信該行業將在本十年結束前達到 5 萬億美元，而貝萊德將引領這一顯著增長。

Retail net outflows of $5 billion reflected ongoing industry pressures in active fixed income and world allocation strategies, partially offset by strength in index SMAs and our systematic equity income and multi-strategy alternatives funds.

50 億美元的零售淨流出反映了積極的固定收益和全球配置策略的持續行業壓力，部分被指數 SMA 和我們的系統性股票收益和多策略替代基金的實力所抵消。

Institutional active net inflows of $71 billion were led by fixed income and multi-asset net inflows and included the impact of several previously announced significant outsourced CIO mandates, including the funding of approximately 45% of the AIG Core Bridge fixed income assignment.

710 億美元的機構活躍淨流入主要來自固定收益和多資產淨流入，其中包括先前宣布的幾項重大外包 CIO 授權的影響，包括為 AIG Core Bridge 固定收益分配約 45% 的資金。

Institutional index net inflows of $23 billion -- net outflows of $23 billion primarily reflected equity net outflows as clients sought to derisk or rebalance in the current environment.

機構指數淨流入 230 億美元——淨流出 230 億美元主要反映了股票淨流出，因為客戶在當前環境下尋求降低風險或重新平衡。

Demand for alternatives also continued, with $2 billion of net inflows and $4 billion of new commitments raised across our liquid and illiquid platform during the quarter. New illiquid commitments were driven by private credit and infrastructure. We now have approximately $37 billion of committed capital to deploy for institutional clients in a variety of alternative strategies, representing a significant source of future base and performance fees.

對替代品的需求也在繼續，本季度我們的流動性和非流動性平台淨流入 20 億美元，新承諾增加了 40 億美元。私人信貸和基礎設施推動了新的非流動性承諾。我們現在擁有約 370 億美元的承諾資本，可通過各種替代策略為機構客戶部署，這是未來基本費用和業績費用的重要來源。

Our cash management platform experienced net outflows of $40 billion, primarily driven by redemptions from U.S. government money market funds, as reduced debt issuance in a higher rate environment, coupled with ongoing capital management and a general reduction in corporate cash levels, contributed to industry-wide institutional outflows. As rates stabilize, BlackRock is well positioned to grow market share by leveraging our scale, product breadth, technology and risk management on behalf of liquidity clients.

我們的現金管理平台經歷了 400 億美元的淨流出，主要是由於美國政府貨幣市場基金的贖回，因為在較高利率環境下減少了債務發行，加上持續的資本管理和企業現金水平的普遍減少，促成了行業-廣泛的機構外流。隨著利率趨於穩定，貝萊德已準備好通過代表流動性客戶利用我們的規模、產品廣度、技術和風險管理來擴大市場份額。

Finally, third quarter advisory net outflows of $9 billion were primarily linked to the successful transition of the last remaining assets managed in connection with our assignment with the New York Federal Reserve Bank.

最後，第三季度 90 億美元的諮詢淨流出主要與我們與紐約聯邦儲備銀行的任務有關的最後剩餘資產的成功過渡有關。

Throughout our history, BlackRock is led by listening to clients. This connectivity has been foundational to our growth over the last 34 years, and our relationships with clients have never been deeper. We have always capitalized on market disruption to emerge stronger by continuing to innovate, to work collaboratively, and to deliver the full power of our platform. While challenging, this market environment is no exception.

縱觀我們的歷史，貝萊德始終以傾聽客戶的心聲為主導。這種聯繫是我們過去 34 年發展的基礎，我們與客戶的關係從未如此深入。我們一直在利用市場顛覆，通過不斷創新、協作並提供我們平台的全部功能來變得更強大。儘管具有挑戰性，但這種市場環境也不例外。

With that, I'll turn it over to Larry.

有了這個，我會把它交給拉里。

Thank you, Gary, and good morning to everyone, and thank you for joining the call. Today and throughout our history, we have focused on providing our clients with choice in how they pursue their long-term investment goals. Over the last 34 years, we have built the industry's most comprehensive and integrated investments in technology platform. Our diverse solutions provide clients with more choice to address their unique priorities. It is our job to deliver them the best financial returns based on our clients' own preferences.

謝謝你，加里，大家早上好，感謝你加入電話會議。今天以及在我們的整個歷史中，我們一直專注於為我們的客戶提供他們追求長期投資目標的選擇。在過去的 34 年裡，我們建立了業界最全面、最綜合的技術投資平台。我們多樣化的解決方案為客戶提供更多選擇來解決他們獨特的優先事項。我們的工作是根據客戶自己的喜好為他們提供最佳的財務回報。

Our comprehensive platform allows us to serve clients around the world of all types and sizes, whether you are looking for a broad-based index exposure, private markets or fully outsourced solutions. For many clients, market-weighted portfolios will suit their needs. Others may want access to precise exposures in certain regions or sectors, whether that's Latin America or Southeast Asia or health care or agriculture. Some others will want their investments to reflect their values or contribute to environmental priorities or pursue opportunities in the energy transition.

我們的綜合平台使我們能夠為世界各地各種類型和規模的客戶提供服務，無論您是在尋找基礎廣泛的指數敞口、私人市場還是完全外包的解決方案。對於許多客戶而言，市場加權投資組合將滿足他們的需求。其他人可能希望獲得某些地區或部門的精確風險敞口，無論是拉丁美洲、東南亞還是醫療保健或農業。其他一些人希望他們的投資能夠反映他們的價值觀或為環境優先事項做出貢獻或在能源轉型中尋求機會。

BlackRock provides investment choice to our clients, and our clients decide how they invest their money. Because of this, clients are turning to BlackRock more than ever. Our broad investment product capability, our leading technology platform, our whole portfolio approach, and global insights are strongly resonating worldwide with our clients. I cannot think of a time when we are having more comprehensive conversations with more clients than we are today.

貝萊德為我們的客戶提供投資選擇，而我們的客戶決定他們如何投資。正因為如此，客戶比以往任何時候都更多地轉向貝萊德。我們廣泛的投資產品能力、領先的技術平台、我們的整體投資組合方法和全球洞察力在全球範圍內與我們的客戶產生強烈共鳴。我想不出有什麼時候我們能比今天與更多的客戶進行更全面的對話。

First 9 months of 2022 have brought on a complex economic environment. Consumers, companies and portfolios remain impacted by the continued strengthening of the U.S. dollar, which reached a record high against the pound in the quarter, following a holistic plunge in the U.S. Gilt markets. Central banks continue to prioritize bringing down inflation, as they should. At the same time, increased government stimulus is creating a disconnect between fiscal policy and monetary policy. While central banks are tasked with bringing down inflation, governments are injecting stimulus into the economy, making the central bank's jobs even harder.

2022 年前 9 個月帶來了複雜的經濟環境。消費者、公司和投資組合仍然受到美元持續走強的影響，在美國金邊債券市場全面暴跌之後，美元兌英鎊在本季度創下歷史新高。各國央行繼續優先考慮降低通脹，這是他們應該做的。與此同時，政府刺激措施的增加正在造成財政政策和貨幣政策之間的脫節。雖然中央銀行的任務是降低通脹，但政府正在向經濟注入刺激措施，使中央銀行的工作更加困難。

The speed at which central banks are raising rates to rein in inflation alongside slowing economic growth is creating extraordinary uncertainty, increased volatility, and lower levels of market liquidity. After an early summer rally in equities, markets again came under pressure in the third quarter, with equity markets ending down 25% for the first 9 months, and the aggregate bond index is down over 14%. While, of course, BlackRock is not immune to the impact of markets and currency moves, we remain focused on what we can control.

隨著經濟增長放緩，各國央行提高利率以控制通脹的速度正在造成異常的不確定性、波動性增加和市場流動性水平降低。在經歷了初夏的股市反彈之後，市場在第三季度再次承壓，前 9 個月股市下跌 25%，總債券指數下跌超過 14%。當然，貝萊德也不能免受市場和貨幣走勢的影響，但我們仍然專注於我們可以控制的事情。

We are bringing our capabilities and insights to clients to help them navigate the opportunities and challenges presented by this environment. Even when much of the industry has experienced outflows, clients entrusted us with more than $248 billion in net new business in the first 9 months of 2022, including $65 billion in the third quarter. And our voice continues to resonate in every region where we operate.

我們將我們的能力和洞察力帶給客戶，幫助他們駕馭這種環境帶來的機遇和挑戰。即使該行業的大部分業務出現資金外流，客戶在 2022 年前 9 個月為我們帶來了超過 2480 億美元的淨新業務，其中包括第三季度的 650 億美元。我們的聲音繼續在我們經營的每個地區引起共鳴。

In the U.S. alone, during the third quarter, clients awarded us $84 billion of long-term net inflows. BlackRock is uniquely positioned in this environment because of our integrated investment management, integrated technology and our advisory expertise, something no other asset manager can provide. Even with these historical difficult market conditions, BlackRock's AUM is still up $2 trillion since the beginning of 2019. And during that period, we also added over $1.6 trillion in assets under management from organic growth alone. No one else in the industry has done this. And let me be clear, this is not by an accident. For years, we strategically invested in our platform, both organically and inorganically, in anticipation of our clients' evolving needs and preferences.

僅在美國，第三季度，客戶就獲得了 840 億美元的長期淨流入。貝萊德憑藉我們的綜合投資管理、綜合技術和諮詢專業知識，在這種環境中處於獨特的地位，這是其他資產管理公司無法提供的。即使在這些歷史困難的市場條件下，貝萊德的資產管理規模自 2019 年初以來仍增加了 2 萬億美元。在此期間，僅有機增長就增加了超過 1.6 萬億美元的管理資產。業內沒有其他人這樣做過。讓我明確一點，這不是偶然的。多年來，我們以有機和無機方式對我們的平台進行戰略投資，以期滿足客戶不斷變化的需求和偏好。

What made our investment so successful was our steadfast commitment to integrate our capabilities onto one platform, onto one culture, onto one technology platform. That is what One BlackRock is about, and this is why we connect to our clients worldwide. They have one organization to come to. That culture and approach is just as relevant today, maybe even more so, while others are talking about change and challenges in the asset management industry that we have long anticipated, long prepared for, and we are spending our time delivering solutions to our clients.

我們的投資之所以如此成功，是因為我們堅定地致力於將我們的能力整合到一個平台、一種文化和一個技術平台上。這就是 One BlackRock 的意義所在，這也是我們與全球客戶建立聯繫的原因。他們有一個組織要來。這種文化和方法在今天同樣重要，甚至可能更重要，而其他人則在談論資產管理行業的變化和挑戰，這是我們長期期待、長期準備的，我們正在花時間為客戶提供解決方案。

Our long-standing commitment to reimagining our business to innovate ahead of the needs of our clients is translating into industry-leading organic growth we're generating today. BlackRock's whole portfolio approach is resonating more than ever against this market backdrop, as clients look for partners with comprehensive capabilities and a global outlook to help them rethink their portfolio allocations. It is especially essential to the momentum we are seeing in these major outsourcing mandates.

我們長期以來致力於重新構想我們的業務以超越客戶的需求進行創新，這正在轉化為我們今天正在產生的行業領先的有機增長。在這種市場背景下，貝萊德的整體投資組合方法比以往任何時候都更能引起共鳴，因為客戶正在尋找具有全面能力和全球視野的合作夥伴，以幫助他們重新考慮其投資組合配置。這對於我們在這些主要外包任務中看到的勢頭尤為重要。

BlackRock anticipates a growing need from insurance companies, pension and wealth distribution partners for more comprehensive outsourced solutions, as they are increasingly looking to focus on their core business. We invested to align our investment expertise, operational expertise, and technology to address these clients' needs.

貝萊德預計保險公司、養老金和財富分配合作夥伴對更全面的外包解決方案的需求將不斷增長，因為他們越來越希望專注於自己的核心業務。我們投資是為了調整我們的投資專長、運營專長和技術，以滿足這些客戶的需求。

The movement towards outsourcing accelerated even faster than we anticipated. And BlackRock has been in the forefront, working with clients of all sizes that help them meet their investment objectives and to better serve their own stakeholders. Just in the last 2 years, we are honored that BlackRock has been entrusted to lead several significant outsourced mandates totaling over $300 billion in AUM, spanning existing, but also entering new client relationships and new capabilities.

外包的發展速度比我們預期的還要快。貝萊德一直走在前列，與各種規模的客戶合作，幫助他們實現投資目標並更好地為自己的利益相關者服務。就在過去 2 年中，我們很榮幸貝萊德受託領導幾項重大的外包任務，其資產管理規模總計超過 3000 億美元，涵蓋現有的，但也進入新的客戶關係和新的能力。

Third quarter results included some of the flows that these outsourced relationships have, and we see strong momentum going forward. Aladdin is not only the operating system that unites all of BlackRock, it is a key component of many of our largest clients' relationships. Driven by our continued innovation and the power of our user provider model, demand for Aladdin has never been stronger.

第三季度的結果包括這些外包關係的一些流量，我們看到了強勁的發展勢頭。 Aladdin 不僅是聯合所有貝萊德的操作系統，它還是我們許多最大客戶關係的關鍵組成部分。在我們持續的創新和我們的用戶提供商模式的力量的推動下，對阿拉丁的需求從未如此強烈。

We've seen record new mandates in 2022, and see strong momentum going forward. We have invested to expand Aladdin's value proposition to addressing our clients' needs across investment life cycle. Aladdin's integrated offerings are resonating with clients, with about half of this year's mandate spanning multiple Aladdin products. This includes clients using the Aladdin whole portfolio view, which grew out of our own acquisition of eFront, to seamlessly manage portfolios across public and private asset classes on one single platform. It includes clients leveraging Enterprise Aladdin, alongside Aladdin Accounting or the Aladdin Data Cloud.

我們在 2022 年看到了創紀錄的新任務，並且看到了強勁的發展勢頭。我們已投資擴大阿拉丁的價值主張，以滿足客戶在整個投資生命週期的需求。阿拉丁的綜合產品引起了客戶的共鳴，今年約有一半的任務涉及多種阿拉丁產品。這包括使用 Aladdin 整體投資組合視圖的客戶，該視圖源於我們自己對 eFront 的收購，在一個平台上無縫管理公共和私人資產類別的投資組合。它包括利用企業阿拉丁的客戶，以及阿拉丁會計或阿拉丁數據云。

The success of our expanded Aladdin offerings demonstrates how clients value our innovation and our integrated capabilities. Just as Aladdin is transforming the operating system of the asset management industry, bond ETFs are revolutionizing fixed income investing with iShares leading industry growth and industry innovation. iShares bond ETFs generated $76 billion of net inflows in the first 9 months in 2022, even as a generational rise in inflation and tighter monetary policy resulted in sharp price declines in the bond markets.

我們擴展的阿拉丁產品的成功證明了客戶如何重視我們的創新和我們的綜合能力。正如阿拉丁正在改變資產管理行業的操作系統一樣，債券 ETF 正在通過 iShares 領先的行業增長和行業創新來徹底改變固定收益投資。 iShares 債券 ETF 在 2022 年的前 9 個月產生了 760 億美元的淨流入，儘管通脹的代際上升和貨幣政策收緊導致債券市場價格大幅下跌。

Flows in 2022 highlighted the unique diversity of BlackRock's Bond ETF platform. Flows were led by U.S. Treasury ETFs, but also saw strong growth in investment grade in municipals and international government bonds. Today, BlackRock's ETF platform stands at $700 billion in AUM across 300 ETFs, serving millions of investors globally.

2022 年的流動凸顯了貝萊德債券 ETF 平台的獨特多樣性。資金流由美國國債 ETF 引領，但市政債券和國際政府債券的投資級別也出現強勁增長。如今，貝萊德的 ETF 平台管理 300 只 ETF 的資產管理規模達到 7000 億美元，為全球數百萬投資者提供服務。

We also saw more opening of the bond ETF ecosystem, such as the CME's announcement that it would accept certain bond ETFs for collateral management and continued adoption from U.S. insurers, giving changes to the bond ETF capital treatment announced earlier this year.

我們還看到債券 ETF 生態系統更加開放，例如 CME 宣布將接受某些債券 ETF 進行抵押品管理，並繼續被美國保險公司採用，從而改變了今年早些時候宣布的債券 ETF 資本處理方式。

Beyond fixed income, we are partnering with clients to deliver benefits of ETFs to their portfolios across each of their major product categories. Investors continue to turn to iShares ETFs for long-term investments, active and for passive. And we also saw growth across core equity, sustainable ETFs in the third quarter and throughout the year.

除了固定收益，我們還與客戶合作，為他們的每個主要產品類別的投資組合提供 ETF 的好處。投資者繼續轉向 iShares ETF 進行長期投資，無論是主動投資還是被動投資。我們還看到第三季度和全年核心股票、可持續 ETF 的增長。

Across our ETF platform, BlackRock generated inflows of $22 billion in the third quarter and $131 billion year-to-date. ETF flows for BlackRock were particularly impacted by high utilization of iShares precision exposures ETFs by institutional clients for their own exposure management. The tactical asset allocation tools are unique to BlackRock, and high utilization of ETFs reinforce the value proposition across the iShares' strong secondary market liquidity and unique options and lending market ecosystem to allow our portfolios and investors to either go long or short using iShares as a vehicle to express their market views.

通過我們的 ETF 平台，貝萊德在第三季度創造了 220 億美元的資金流入，今年迄今為 1,310 億美元。貝萊德的 ETF 流量尤其受到機構客戶高度利用 iShares 精準風險 ETF 進行風險管理的影響。戰術資產配置工具是貝萊德獨有的，ETF 的高利用率強化了 iShares 強大的二級市場流動性以及獨特的期權和借貸市場生態系統的價值主張，使我們的投資組合和投資者可以使用 iShares 作為做多或做空車輛發表自己的市場觀點。

BlackRock's leading performance and innovation in the ETF industry is another testament to the integrated nature of our model and our platform. Aladdin enables us to handle complexity and precision with scale. iShares products diversification and innovation offers clients the widest choice in the industry.

貝萊德在 ETF 行業的領先表現和創新再次證明了我們模型和平台的集成性。阿拉丁使我們能夠處理規模的複雜性和精確性。 iShares 產品的多樣化和創新為客戶提供了業內最廣泛的選擇。

Globally, we have over 1,000 ETFs, nearly 6x the number of our next largest player. In 2022 alone, we launched 75 new ETFs, nearly double the number of launches by the next 3 largest providers combined. The breadth of this platform also enables us to capture changes in client demand and help our clients nimbly reposition as market conditions evolve. ETFs are increasingly the first place investors go to make tactical asset allocations and updates, manage liquidity or position for compelling long-term opportunities. And particularly, clients have been turning to us to help them navigate rapidly rising rates and capitalizing on generational opportunities in fixed income.

在全球範圍內，我們擁有超過 1,000 只 ETF，幾乎是我們第二大參與者數量的 6 倍。僅在 2022 年，我們就推出了 75 只新 ETF，幾乎是接下來 3 大供應商推出數量總和的兩倍。該平台的廣度還使我們能夠捕捉客戶需求的變化，並幫助我們的客戶隨著市場條件的變化靈活地重新定位。 ETF 越來越成為投資者進行戰術性資產配置和更新、管理流動性或頭寸以獲得引人注目的長期機會的首選場所。尤其是，客戶一直在求助於我們，以幫助他們駕馭快速上漲的利率並利用固定收益領域的代際機會。

BlackRock's top-performing diversified fixed income platform across ETFs, and active and across duration, across credit, and high yield is uniquely positioned to help clients in line with their specific needs and goals, whether it is to lock in risk-free yields or to generate more income or to hedge against inflation.

貝萊德跨 ETF、活躍和跨久期、跨信貸和高收益的表現最佳的多元化固定收益平台具有獨特的定位，可幫助客戶滿足其特定需求和目標，無論是鎖定無風險收益還是創造更多收入或對沖通脹。

In addition to significant funding from outsourcing relationships, BlackRock's active platform demonstrated continued momentum and systematic equities in LifePath target date funds and alternative strategies. We believe we will benefit from money in motion as clients recalibrate and build portfolios with high-performing active alongside ETF and private markets.

除了來自外包關係的大量資金外，貝萊德的活躍平台還展示了 LifePath 目標日期基金和替代策略的持續動力和系統性股票。我們相信，隨著客戶重新調整和建立與 ETF 和私人市場一起表現出色的投資組合，我們將受益於流動資金。

While market volatility impacted shorter-term performance in some funds, long-term performance remains strong, so approximately 89% of our active fixed income and 82% of our fundamental equity are above our peers and medium for the 5-year period. We continue to see demand for alternatives, especially in private credit and infrastructure. As investors seek additional sources of yield or uncorrelated returns amid this more challenging public market alpha, we raised $6 billion through commitments and net inflows in the third quarter and $23 million in the first 9 months of 2022.

雖然市場波動影響了一些基金的短期表現，但長期表現依然強勁，因此我們大約 89% 的主動固定收益和 82% 的基本權益在 5 年期間高於同行和中等水平。我們繼續看到對替代品的需求，特別是在私人信貸和基礎設施方面。隨著投資者在這個更具挑戰性的公開市場阿爾法中尋求額外的收益來源或不相關的回報，我們在第三季度通過承諾和淨流入籌集了 60 億美元，並在 2022 年前 9 個月籌集了 2300 萬美元。

BlackRock has built comprehensive private market capabilities that provide exposure across illiquid alternative asset classes and importantly are integrated as a part of the One BlackRock platform. This is unique in the industry and offers us a tremendous leverage, alternatives at BlackRock benefiting from the firm's global footprint, our network of clients and distribution relationships, access to differentiating high-quality deal flow, understanding our clients' whole portfolios and leading data analytics and technology.

貝萊德建立了全面的私人市場能力，提供跨非流動性另類資產類別的敞口，重要的是被整合為 One BlackRock 平台的一部分。這在業內是獨一無二的，為我們提供了巨大的槓桿作用，貝萊德的替代方案受益於公司的全球足跡、我們的客戶網絡和分銷關係、獲得差異化的高質量交易流程、了解我們客戶的整個投資組合和領先的數據分析和技術。

In addition to our investment and technology capabilities, our Financial Markets Advisory group continues to play a critical role in advising financial and official institutions. In the third quarter, we announced that our FMA group will be working pro bono with the Government of Ukraine to provide advice on designing and investment framework, with a goal of creating opportunities for both public and private investors to participate in the future of reconstruction and recovery of the Ukrainian economy.

除了我們的投資和技術能力外，我們的金融市場諮詢小組繼續在為金融和官方機構提供建議方面發揮關鍵作用。在第三季度，我們宣布我們的 FMA 小組將與烏克蘭政府無償合作，為設計和投資框架提供建議，目標是為公共和私人投資者創造機會參與未來的重建和烏克蘭經濟復甦。

BlackRock continues to innovate in a variety of areas to expand the choices that we offer to our clients. Last fall, we announced BlackRock's Voting Choice Initiative, which leverages our technology to help eligible institutional clients participate in proxy voting decisions. Following years of work on technology and regulatory barriers, nearly half our clients' index equity assets, including pension funds representing more than 60 million people, have simple and efficient options about their preferences, if they choose. We're going to expand choice even further, and we're committed to a future where every individual investor can have the option to participate in the proxy voting process, if they choose.

貝萊德繼續在多個領域進行創新，以擴大我們為客戶提供的選擇。去年秋天，我們宣布了貝萊德的投票選擇倡議，該倡議利用我們的技術幫助符合條件的機構客戶參與代理投票決策。經過多年在技術和監管障礙方面的努力，我們客戶近一半的指數股票資產（包括代表超過 6000 萬人的養老基金）可以根據自己的喜好選擇簡單而有效的選項。我們將進一步擴大選擇範圍，我們致力於實現每個個人投資者都可以選擇參與代理投票過程的未來，如果他們願意的話。

Of the client assets currently available for voting choice, nearly 25% are held by clients who have so far elected to exercise their own voting choice and voting preferences. For other clients, BlackRock investment stewardship team serves as an important link between them and the companies they invest in.

在目前可供投票選擇的客戶資產中，近 25% 由迄今為止選擇行使自己的投票選擇和投票偏好的客戶持有。對於其他客戶，貝萊德投資管理團隊是他們與所投資公司之間的重要紐帶。

Over the past few months, I've been energized by the surge in people and activity in our offices around the world. Our people across all levels of our organization are more motivated, they're more engaged and more focused on the future than ever before. Just as we continually innovate and evolve our business to stay ahead of our clients' needs, we also evolve our organization and our leadership team, key to delivering the full power of One BlackRock to our clients and having our senior leadership team, having deep experience, knowledge and connectivity across the entire firm, with a desire of building deeper and broader horizontal leadership.

在過去的幾個月裡，我們世界各地辦事處的人員和活動激增，這讓我感到振奮。我們組織各個級別的員工比以往任何時候都更有動力，他們更投入，更專注於未來。正如我們不斷創新和發展我們的業務以保持領先於客戶的需求一樣，我們也在發展我們的組織和我們的領導團隊，這是向我們的客戶提供 One BlackRock 的全部力量和擁有擁有豐富經驗的高級領導團隊的關鍵、知識和整個公司的聯繫，並希望建立更深入和更廣泛的橫向領導力。

We make organizational leadership changes every few years because we believe these changes bring the best benefits to our clients, our shareholders, our firm, and to our leaders themselves. These changes not only keep us more tightly connected, they stimulate fresh thinking and helping us better anticipate all our clients' needs.

我們每隔幾年就會進行一次組織領導層的變動，因為我們相信這些變動會為我們的客戶、股東、公司和領導者本身帶來最大的利益。這些變化不僅使我們的聯繫更加緊密，還激發了新思維，幫助我們更好地預測所有客戶的需求。

Part of the changes to our leadership that we announced last week reflected Gary's desire to take on a new role, once again working directly with clients. He will be with us as CFO for the next quarter's earnings and through our year-end reporting. But I want to take a minute to recognize and thank you. Thanks, Gary. He's a great friend and has helped drive strong growth for BlackRock and our shareholders in the last 10 years as the CFO, and for many years before that as our true trusted adviser. I'm glad he'll continue with us at BlackRock as the Vice Chairman focusing on a number of our strategic client relationships. And I know that Martin, who has been named as our new CFO, will hit the ground running. With deep knowledge, deep experience from his 16 years at BlackRock across a varieties of different roles, Martin is a true example of stellar and pursued horizontal leadership with many different experiences within the firm. He will be working very closely with Gary and the entire finance team over the next few months to ensure a smooth transition.

我們上周宣布的領導層變動的一部分反映了加里希望擔任新角色，再次直接與客戶合作。他將擔任我們的首席財務官，負責下一季度的收益和年終報告。但我想花一點時間認識並感謝你。謝謝，加里。他是一位好朋友，在過去 10 年擔任首席財務官期間，以及在此之前的許多年裡，作為我們真正值得信賴的顧問，他幫助推動了貝萊德和我們的股東的強勁增長。我很高興他將繼續在貝萊德擔任副主席，專注於我們的一些戰略客戶關係。而且我知道，被任命為我們新任首席財務官的 Martin 將一舉成名。憑藉他在貝萊德 16 年的豐富知識和豐富經驗，他在各種不同的角色中工作，馬丁是一個真正的傑出典範，並在公司內擁有許多不同的經驗，並追求橫向領導。在接下來的幾個月裡，他將與 Gary 和整個財務團隊密切合作，以確保順利過渡。

BlackRock is fortunate to have a diverse and engaged Board of Directors who act as stewards on behalf of all our shareholders and stakeholders in overseeing BlackRock's management and our operations. It has always been important that our Board functions as a key strategic governing body that advises and challenges our management team that guides BlackRock into the future.

貝萊德很幸運擁有一個多元化且敬業的董事會，他們代表我們所有股東和利益相關者監督貝萊德的管理和運營。我們的董事會作為一個重要的戰略管理機構一直很重要，它為指導貝萊德走向未來的管理團隊提供建議和挑戰。

Beth Ford has been the kind of a Director we seek out, someone who brings new perspectives and new expertise to the Board. She has been an invaluable, valued member of our Board. But because of her spouse's new position as CIO of the Minnesota State Board of Investments, she decided that it would be appropriate for her to step down from our Board. And we're grateful for the many contributions that Beth has made as a member of the BlackRock Board.

貝絲福特一直是我們尋找的那種董事，他為董事會帶來了新的視角和新的專業知識。她一直是我們董事會的寶貴成員。但由於她的配偶擔任明尼蘇達州投資委員會首席信息官的新職位，她決定讓她從我們的董事會辭職是合適的。我們感謝 Beth 作為貝萊德董事會成員所做的許多貢獻。

We built BlackRock because we believe in the power of the capital markets, the power of what they have done in transforming economies for their long-term growth, and the importance of being invested in them. The money we manage belongs only to our clients. Over many years, we have built the most comprehensive platform to help them meet their investment objectives and deliver better outcomes for the portfolio. We provide them choice, so that their portfolios can be tailored to match their preferences and their goals unique to them.

我們之所以建立貝萊德，是因為我們相信資本市場的力量，相信它們為實現長期增長而改變經濟體所做的事情的力量，以及投資於它們的重要性。我們管理的資金只屬於我們的客戶。多年來，我們建立了最全面的平台，幫助他們實現投資目標並為投資組合帶來更好的成果。我們為他們提供選擇，以便他們的投資組合可以根據他們的偏好和他們獨特的目標進行定制。

Our clients hold many different views. They operate in vastly different regulatory and cultural environments. And in this politically polarizing world we're living in today, we think that the model of client choice that we built during the last 34 years is more important than ever. In the last few months, especially in the United States, our industry and BlackRock itself has been the subject of increased political dialogue. We've seen and heard a lot of misinformation about BlackRock.

我們的客戶持有許多不同的觀點。它們在截然不同的監管和文化環境中運作。在我們今天生活的這個政治兩極分化的世界中，我們認為我們在過去 34 年中建立的客戶選擇模式比以往任何時候都更加重要。在過去的幾個月裡，尤其是在美國，我們的行業和貝萊德本身一直是政治對話增加的主題。我們已經看到並聽到了很多關於貝萊德的錯誤信息。

We're engaging more with our stakeholders than ever before. We're telling our story so that people can make decisions based on facts, not on misinformation, not on politicization by others. I do believe that the vast majority of our clients, our voice is resonating as strong as ever. We hear it in our dialogue with them and we see it in our flows. Again, in the United States alone, we have had positive net term inflows of $133 billion in the first 3 quarters of the year. And as I noted earlier, in the third quarter alone, we had 40 -- excuse me, $84 billion in long-term net inflows awarded to BlackRock by U.S. clients.

我們與利益相關者的互動比以往任何時候都多。我們正在講述我們的故事，以便人們可以根據事實做出決定，而不是根據錯誤信息，而不是其他人的政治化。我相信我們的絕大多數客戶，我們的聲音和以往一樣強烈。我們在與他們的對話中聽到它，在我們的流程中看到它。同樣，僅在美國，我們在今年前三個季度就有 1,330 億美元的正淨長期流入。正如我之前提到的，僅在第三季度，我們就有 40 筆——對不起，美國客戶授予貝萊德的長期淨流入為 840 億美元。

The majority of our clients are investing to fund the retirement of teachers, of nurses, of firefighters, of factory workers, who are saving for their future. They are entrusting BlackRock with more of their portfolios because they know we are here to serve them today and all tomorrows in the future and have a track record of helping them achieve their goals. They remain -- our clients remain our North Star.

我們的大多數客戶都在投資以資助教師、護士、消防員和工廠工人的退休，他們正在為自己的未來儲蓄。他們將更多的投資組合委託給貝萊德，因為他們知道我們今天和未來的所有明天都在這里為他們服務，並且在幫助他們實現目標方面有著良好的記錄。他們仍然存在——我們的客戶仍然是我們的北極星。

As markets change and as our clients need more of us, we will stay true to our fiduciary mindset, our innovation instinct, and our One BlackRock culture that has defined us and enabled differentiating growth and differentiating relationships with our clients. I believe the best of BlackRock is ahead of us. And we are all committed to delivering the power of our unified platform to benefit our clients, to benefit our employees, and most of all, to benefit our shareholders.

隨著市場的變化以及我們的客戶對我們的更多需求，我們將忠於我們的受託心態、我們的創新本能和我們的 One BlackRock 文化，這些文化定義了我們並實現了差異化的增長和與客戶的差異化關係。我相信最好的貝萊德就在我們前面。我們都致力於提供我們統一平台的力量，以造福我們的客戶，造福我們的員工，最重要的是造福我們的股東。

With that, let's open it up for questions.

有了這個，讓我們打開它來提問。

(Operator Instructions) And we will take our first question from Craig Siegenthaler with Bank of America.

（操作員說明）我們將回答美國銀行的 Craig Siegenthaler 提出的第一個問題。

Larry, I hope you and the team are doing well.

拉里，我希望你和團隊都做得很好。

Hi, Craig.

嗨，克雷格。

And Gary, also just wanted to congratulate you on the new role, but I think you got one more earnings call with us.

加里，也只是想祝賀你擔任新角色，但我認為你又接到了一次與我們的財報電話會議。

Thanks, Greg. Look forward to it.

謝謝，格雷格。對此期待。

So my question is on the potential for client rebalancing into fixed income just as rates and markets eventually stabilize. And arguably, nobody has better perspective on this topic than you guys just given the breadth of the BlackRock platform. But what is your outlook for fixed income given higher yields and also some of the sector themes like the benefits of demographics, including the retirement of the baby boomers?

所以我的問題是，隨著利率和市場最終穩定下來，客戶重新平衡到固定收益的可能性。可以說，鑑於貝萊德平台的廣度，沒有人比你們對這個話題有更好的看法。但是，鑑於較高的收益率以及一些行業主題（例如人口統計的好處，包括嬰兒潮一代的退休），您對固定收益的前景如何？

Craig, let me turn it over to Rob.

克雷格，讓我把它交給羅布。

Craig, thank you for the question. The markets in 2022 have certainly disrupted their traditional portfolio allocations from the past. Traditional 60-40 allocations are certainly at a balance, and portfolio liquidity profiles have also been impacted. And now for the first time in years, investors can actually earn very attractive yields without taking much duration or credit risk.

克雷格，謝謝你的問題。 2022 年的市場肯定顛覆了他們過去的傳統投資組合配置。傳統的 60-40 配置肯定處於平衡狀態，投資組合的流動性狀況也受到影響。現在，多年來第一次，投資者實際上可以在不承擔太多久期或信用風險的情況下獲得非常有吸引力的收益。

Just a year ago, the U.S. 2-year treasury notes were yielding 25 basis points. And today, they're earning 4%, corporate bonds are over 5% and high yield is above 9%. So let me give you a little helpful context.

就在一年前，美國兩年期國債收益率為 25 個基點。而今天，他們的收益為 4%，公司債券超過 5%，高收益超過 9%。所以讓我給你一些有用的背景。

If we go back in 1995, to get a 7.5% yield, which is what many institutions were looking for, a portfolio could be in 100% bonds. If you fast forward 10 years, in 2005, it had to be 50% bonds, 40% equities, and 10% alternatives. Then move another 10 years. And in 2016, you needed only 15% bonds, 60% equities and 25% alternatives. This describes the growth of several markets.

如果我們回到 1995 年，為了獲得 7.5% 的收益率，這是許多機構所尋求的，投資組合可能是 100% 的債券。如果你快進 10 年，在 2005 年，它必須是 50% 的債券、40% 的股票和 10% 的替代品。然後再移動10年。而在 2016 年，你只需要 15% 的債券、60% 的股票和 25% 的替代品。這描述了幾個市場的增長。

Now today, to get that same 7.5% yield, a portfolio could be in 85% bonds and then 15% equities and alternatives. And as you know, over the last several years, most of our clients, both institutional and retail, have been underweighted in fixed income. Today, infrastructure and sustainability stimulus in the U.S. is going to create significant opportunities for long-term investors and infrastructure to add returns to portfolios.

現在，為了獲得同樣 7.5% 的收益率，投資組合可能是 85% 的債券，然後是 15% 的股票和替代品。如您所知，在過去幾年中，我們的大多數客戶，包括機構客戶和零售客戶，都在固定收益方面被低估了。今天，美國的基礎設施和可持續發展刺激將為長期投資者和基礎設施創造重要機會，以增加投資組合的回報。

So the combination of bonds and infrastructure is going to present some great fixed income outcomes for our investors. And over the last several years, BlackRock has built some great teams that have great performance in these particular areas. So clients are coming to BlackRock to help them pursue what I would call generational opportunities in the bond market, both institutional and individual. And we're helping those clients to navigate recalibrations of their fixed income portfolios.

因此，債券和基礎設施的結合將為我們的投資者帶來一些出色的固定收益成果。在過去的幾年裡，貝萊德建立了一些在這些特定領域表現出色的優秀團隊。因此，客戶來到貝萊德是為了幫助他們在債券市場（機構和個人）中尋求我稱之為代際機會的機會。我們正在幫助這些客戶重新調整他們的固定收益投資組合。

And just to reiterate a couple of comments from Larry, we saw $37 billion of net inflows into bond ETFs, which is the second best quarter we've had in history, and then an additional $1.5 billion into private credit and active fixed income inflows of where we have significant good performance for the long term. So I think we're going to see dramatic and large inflows into fixed income over the next year as interest rates rise.

重申一下拉里的一些評論，我們看到 370 億美元淨流入債券 ETF，這是我們歷史上第二好的季度，然後又有 15 億美元流入私人信貸和活躍的固定收益從長遠來看，我們有顯著的良好表現。因此，我認為隨著利率上升，明年我們將看到大量資金流入固定收益。

The breadth, diversification, and performance of BlackRock's fixed income and alternative capabilities over time across unconstrained, high yield, total return, duration, private credit and infrastructure positions us to capture those fixed income client flows as they look to lock in yields, rebalance back to target allocations, or execute on opportunities for additional yield and certainly inflation protection in infrastructure. Back to you.

隨著時間的推移，貝萊德的固定收益和替代能力在不受約束、高收益、總回報、久期、私人信貸和基礎設施方面的廣度、多樣化和表現，使我們能夠捕捉那些希望鎖定收益、重新平衡的固定收益客戶流以分配目標，或抓住機會獲得額外收益，當然還有基礎設施的通脹保護。回到你身邊。

Our next question will come from Alex Blostein with Goldman Sachs.

我們的下一個問題將來自高盛的 Alex Blostein。

Congrats both to Gary and Martin as well. So maybe just to build on Craig's question, but zooming out a little bit and thinking about BlackRock's organic base fee growth holistically, clearly, the firm is not immune to the macro challenges that we see in this space today. But given Rob's comments around the attractiveness of fixed income markets and sort of other initiatives that you have at the firm, do you expect BlackRock to get back into sort of this mid-single-digit organic base fee growth over the near to medium term? And what are some of the other building blocks that will help you get there?

也祝賀加里和馬丁。因此，也許只是以克雷格的問題為基礎，但稍微縮小一點，從整體上考慮貝萊德的有機基本費用增長，顯然，該公司不能倖免於我們今天在這個領域看到的宏觀挑戰。但鑑於 Rob 關於固定收益市場的吸引力以及您在公司採取的其他舉措的評論，您是否預計貝萊德會在中短期內恢復這種中個位數的有機基本費用增長？還有哪些其他構建塊可以幫助您實現目標？

Gary?

加里？

So thanks, Alex, for the question. I think just looking back, when we set our 5% organic base fee growth target, it was never intended to be a quarter-to-quarter measure of our success, but really to think about what we can do to differentiate our growth and be more consistent over market cycles in the long term. And I think we've proven that.

所以謝謝亞歷克斯的問題。我想回首過去，當我們設定 5% 的有機基本費用增長目標時，它從來都不是衡量我們成功的季度到季度的標準，而是真正思考我們可以做些什麼來區分我們的增長並成為從長遠來看，在市場週期中更加一致。我認為我們已經證明了這一點。

Obviously, in the last 12 months, we've delivered 2% organic base fee growth. And I think that's really a reflection of 2 things. One is our broad-based platform and its relevance to clients across a variety of market conditions. But more importantly, if you really see where our growth is coming from today, it's coming from areas where we have invested to build newer franchises, in particular, places like alternatives or sustainability that are frankly new parts of our growth paradigm.

顯然，在過去 12 個月中，我們實現了 2% 的有機基礎費用增長。我認為這實際上反映了兩件事。一是我們基礎廣泛的平台及其在各種市場條件下與客戶的相關性。但更重要的是，如果你真的看到我們今天的增長來自哪裡，它來自我們投資建立新特許經營權的領域，特別是像替代品或可持續性這樣坦率地說是我們增長范式的新部分的領域。

If you look over a longer period of time, 5% organic growth over 7 of the last 9 years. And I think, obviously, there's some pro cyclicality to that in terms of stronger markets, but I think we've shown our ability to generate positive organic base fee growth in years marked by market volatility. Obviously, we did it in '16, we did in '18. This is a little bit of a different environment, but we absolutely believe that over time we'll be able to continue to maintain that growth.

如果你放眼更長的時間，過去 9 年中有 7 年有機增長 5%。而且我認為，顯然，就更強勁的市場而言，這存在一定的周期性，但我認為我們已經展示了我們在以市場波動為標誌的年份產生積極的有機基本費用增長的能力。顯然，我們在 16 年做到了，我們在 18 年做到了。這是一個有點不同的環境，但我們絕對相信，隨著時間的推移，我們將能夠繼續保持這種增長。

And why do we feel so confident about that? A, because I think we bring to the table a number of things: one, global reach to a full range of investment strategies across active index, alternatives and cash; a strong perspective on integrated risk management, where we've talked about an integrated business model today; and obviously, unique performance, which in the long term is still very, very strong for us. But it's this ability to bring together all of these things to address client problems and their goals of objectives in the long term through whole portfolio solutions, which I think is really the difference for us.

為什麼我們對此如此自信？答，因為我認為我們帶來了許多東西：第一，全球範圍內涵蓋主動指數、另類和現金的全方位投資策略；對綜合風險管理有強烈的看法，我們今天討論了綜合商業模式；顯然，獨特的表現，從長遠來看，這對我們來說仍然非常非常強大。但正是這種能力將所有這些東西結合在一起，通過整個投資組合解決方案來解決客戶問題及其長期目標，我認為這對我們來說確實是不同的。

So I mean, Rob Kapito mentioned a number of items. But whether it's private markets; whether it's ETFs; whether it's fixed income or broadly, sustainability, technology, leading position in cash, and ability to bring it all together; whether using technology to generate revenue itself or using technology to generate increased flows; whether in wealth or an institutional world, I think we still feel really, really comfortable that there's room to grow. But obviously, we need some stable markets to be able to do that.

所以我的意思是，Rob Kapito 提到了一些項目。但無論是私人市場；是否是ETF；無論是固定收益還是廣義上的可持續性、技術、現金領先地位以及將它們整合在一起的能力；是使用技術本身產生收入還是使用技術來增加流量；無論是在財富領域還是在製度領域，我認為我們仍然對有增長空間感到非常非常舒服。但顯然，我們需要一些穩定的市場才能做到這一點。

I think we cautioned everybody in very, very bold markets like we saw in basically '20 and '21 that 7% and 11% was probably a little bit above our punching rate. But looking basically on an average over these cycles, I think we feel very comfortable with 5%. And I think once markets stabilize, clients are going to get right back to their focus on long-term needs and solutions, and we'll be right there with them to basically help them address those problems.

我認為我們在非常非常大膽的市場中警告過每個人，就像我們在 20 和 21 年看到的那樣，7% 和 11% 可能略高於我們的出擊率。但從這些週期的平均值來看，我認為我們對 5% 感到非常滿意。而且我認為，一旦市場穩定下來，客戶將立即回到他們對長期需求和解決方案的關注上，我們將與他們一起從根本上幫助他們解決這些問題。

Your next question will come from Ken Worthington with JPMorgan.

您的下一個問題將來自摩根大通的 Ken Worthington。

The financial press has reported that BlackRock is caught in the middle of the ESG debate by those who think you're doing too much and those who think you're doing too little. So maybe how would you characterize the cost here to BlackRock in terms of either reputation or lost business from the leadership position that you've taken on ESG issues? And have these costs been growing more recently as the financial press suggests? And then maybe looking forward, are you thinking about adjusting or repositioning the message on ESG, so you can better maximize the benefits and minimize the costs?

財經媒體報導稱，貝萊德在 ESG 辯論中被那些認為你做得太多和認為你做得太少的人夾在中間。那麼，也許您會如何描述貝萊德在聲譽方面或因您在 ESG 問題上擔任領導職位而失去的業務方面的成本？這些成本最近是否像財經媒體所暗示的那樣在增長？然後也許展望未來，您是否正在考慮調整或重新定位 ESG 上的信息，以便您能夠更好地最大化收益並最小化成本？

Great question, Ken. Thank you. Well, I think our flows for the year and our flows for the quarter here in the United States speak volumes about what's really happening. Once again, U.S. flows in the third quarter, around $85 billion; $133 billion for the year; $258 billion over the last 12 months. And importantly, I think what it's resonating is that we're providing clients, from any views, choice. So there are clients who have views on one side of the conversation related to sustainability. We allow them to have a choice, and we help them design their portfolios. And clients who have views, whatever those views may be, we provide them with product choice and product ideas. And I really do believe that's resonating in almost every circumstance.

好問題，肯。謝謝你。好吧，我認為我們今年的流量和美國本季度的流量充分說明了實際情況。美國第三季度再次流入，約為 850 億美元；全年1330億美元；過去 12 個月的 2580 億美元。重要的是，我認為引起共鳴的是，我們從任何角度為客戶提供選擇。因此，有些客戶在與可持續性相關的對話中持有觀點。我們允許他們選擇，我們幫助他們設計他們的投資組合。而有觀點的客戶，無論是什麼觀點，我們都會為他們提供產品選擇和產品創意。我真的相信這在幾乎所有情況下都會引起共鳴。

And I do believe that has been the foundation of BlackRock, providing choice. We're giving clients that choice and access. And there are many clients who still believe that investing in sustainable strategy is the right long-term strategy. And that is giving them the choice to invest, and other clients may have different views.

我相信這是貝萊德的基礎，提供選擇。我們正在為客戶提供選擇和訪問權限。許多客戶仍然認為投資可持續戰略是正確的長期戰略。這給了他們投資的選擇，其他客戶可能有不同的看法。

And so our message has been about choice. Our message has always been about whatever the client is looking to do and moving forward. And we've enlarged choice like no other asset management firm in the world by providing even voting choice now. And as I said, about a large component of our institutional clients have chosen now to bring back that vote. And we hope we have the ability to expand choice, as I said in my prepared remarks, across the entire universe of investors, from small investors to all investors. And I believe if this is where we are going, we are going to provide that.

所以我們的信息是關於選擇的。我們的信息一直是關於客戶想要做什麼和前進的。而且，我們現在通過提供甚至投票的選擇，擴大了世界上其他資產管理公司的選擇範圍。正如我所說，我們的機構客戶中有很大一部分現在選擇收回投票。正如我在準備好的講話中所說，我們希望我們有能力擴大選擇範圍，覆蓋整個投資者領域，從小投資者到所有投資者。我相信，如果這是我們要去的地方，我們將提供它。

I think this resonates very well because we're staying in front of the needs of the clients, and I think that is resonating in our flows this quarter. We designed voting choice. Actually, we announced it over a year ago. And it's now playing into a very good -- it's a major part of the dialogue today. So I'm aware, obviously, of the articles, and we are addressing that. We are trying to tell our story. We are telling our story with facts, and I'm here to tell our shareholders today that choice is resonating.

我認為這引起了很好的共鳴，因為我們一直在滿足客戶的需求，而且我認為這在本季度的流程中引起了共鳴。我們設計了投票選擇。實際上，我們在一年前就宣布了它。現在它正在發揮很好的作用——它是今天對話的主要部分。顯然，我知道這些文章，我們正在解決這個問題。我們正在努力講述我們的故事。我們用事實講述我們的故事，我今天在這裡告訴我們的股東，這個選擇引起了共鳴。

We'll now take our next question, which will come from Michael Cyprys with Morgan Stanley.

我們現在將回答下一個問題，該問題將來自摩根士丹利的 Michael Cyprys。

So I was hoping you could elaborate a bit around the pacing of your investment spend. I know in the past you've mentioned that you'd look to invest through the cycle. And clearly, you updated your core G&A guide here this morning on the call to more tightly manage that spend. So I was hoping you could talk about how you prioritize where to invest at this point in the cycle versus where to slow down versus where to really pull back. And what does this all mean as you think about overall expense growth into 2023 compared to the 13% to 15% guide on core G&A for this year?

所以我希望你能詳細說明一下你的投資支出的節奏。我知道您過去曾提到您希望在整個週期內進行投資。顯然，您今天早上在這裡更新了您的核心 G&A 指南，以更嚴格地管理該支出。所以我希望你能談談你如何優先考慮在這個週期的這一點上投資的地方、放慢速度的地方和真正回落的地方。當您考慮到 2023 年的總體支出增長與今年核心 G&A 的 13% 至 15% 指南相比時，這一切意味著什麼？

Good question, Mike. Gary, do you want to...

好問題，邁克。加里，你想...

Sure. Thanks, Mike. So look, we're obviously trying to be very mindful on our margin. On the one hand, we know that shareholder value is clearly driven by continuing to invest to optimize organic growth. And we also know that historically, in markets like these, we have very much expanded our competitive moat because we can invest and others can't.

當然。謝謝，邁克。所以看，我們顯然正試圖非常注意我們的利潤。一方面，我們知道股東價值顯然受到持續投資以優化有機增長的驅動。而且我們也知道，從歷史上看，在這樣的市場中，我們已經大大擴展了我們的競爭護城河，因為我們可以投資而其他人不能。

On the other hand, Mike, we're also mindful that while we continue to grow organically, our overall revenue run rate is down, again, primarily driven by factors outside of our control like FX and beta. And our level of discretionary spend is higher than it was a year ago.

另一方面，邁克，我們也注意到，雖然我們繼續有機增長，但我們的整體收入運行率再次下降，這主要是由我們無法控制的因素驅動的，比如外彙和 beta。我們的可自由支配支出水平高於一年前。

We had these same discussions as a management team post the onset of the pandemic in early 2020, when equity markets were down about 30-plus percent. We faced that similar conundrum. And thankfully, we made the correct decision to kind of solder on -- tap brakes, but ultimately solder on. And as a result of that decision, we posted the 2 best years of organic growth in our history. But we're also mindful that these markets are not only a little different, but the time of recovery may similarly have a longer duration.

在 2020 年初大流行爆發後，我們與管理團隊進行了同樣的討論，當時股市下跌了約 30% 以上。我們面臨著類似的難題。值得慶幸的是，我們做出了正確的決定來焊接——輕敲剎車，但最終還是焊接上了。由於該決定，我們發布了歷史上有機增長最好的 2 年。但我們也注意到，這些市場不僅略有不同，而且複甦的時間可能同樣需要更長的時間。

And so while we do have that deep conviction in the strategy, we've talked about that on a number of the questions this morning, and not only that, but also the long-term growth of the capital markets, we do think it's appropriate at this time to more aggressively manage the pace of certain of those investments.

因此，雖然我們確實對戰略有堅定的信念，但我們今天早上已經在一些問題上談到了這一點，不僅如此，還有資本市場的長期增長，我們確實認為這是合適的在這個時候更積極地管理某些投資的步伐。

And as I mentioned in my remarks, we're going to really pause the balance of our discretionary hiring plans for the remainder of the year. We tightened up some of the discretionary spend in our G&A. And we'll be using those as key placeholders and observations as we begin our discussions for our spending plans next year.

正如我在講話中提到的那樣，我們將在今年餘下時間真正暫停我們的酌情招聘計劃的平衡。我們收緊了 G&A 中的一些可自由支配的支出。當我們開始討論明年的支出計劃時，我們將使用這些作為關鍵的佔位符和觀察結果。

I think that -- we've talked many times together about -- you guys asked about margins of our individual business. And I can tell you that our highest margin business is beta. The good news is that's both true on the way up, but also on the way down. And as markets hopefully recover, I am very confident that we're going to expect to see our revenue growth to meaningfully outpace growth in our discretionary spend and be accretive to our operating margin over time.

我認為——我們已經多次一起討論過——你們問到了我們個人業務的利潤率。我可以告訴你，我們最高利潤的業務是測試版。好消息是，這在上升的過程中都是正確的，在下降的過程中也是如此。隨著市場有望復蘇，我非常有信心，我們將期望看到我們的收入增長顯著超過我們的可自由支配支出的增長，並隨著時間的推移增加我們的營業利潤率。

But going into this year, our focus at a minimum will be on aggressive reallocation to a number of the areas that we've talked about, again, whether it be private markets, ETFs, technology supporting whole portfolio solutions and making some tough calls in terms of how to make sure that we're balancing that organic growth in a way that benefits not only our clients, but also our employees and our shareholders.

但進入今年，我們的重點至少會集中在我們已經討論過的一些領域的積極重新分配上，無論是私人市場、ETF、支持整個投資組合解決方案的技術，還是做出一些強硬的呼籲如何確保我們平衡有機增長的方式不僅有利於我們的客戶，也有利於我們的員工和股東。

And our last question will come from Dan Fannon with Jefferies.

我們的最後一個問題將來自 Jefferies 的 Dan Fannon。

Wanted to follow up on the headlines around LDI and what's been going on in that market. And if you could please size your AUM and even potential revenue associated with that strategy. And how you might think there could be or what you think about repercussions from either clients or regulators given what's going on.

想要跟進有關 LDI 的頭條新聞以及該市場正在發生的事情。如果您可以確定您的資產管理規模，甚至與該策略相關的潛在收入。考慮到正在發生的事情，您可能會如何看待客戶或監管機構的影響，或者您會如何看待這些影響。

Let me start with the context of LDI first. LDI has been a 20-year market. It's been transparent. Regulators have proved strategies. Consultants were the ones who really approve the strategies on behalf of the individual funds. It is our estimate the LDI market in the U.K. is about $1.7 trillion. We have about 20% of that, $250 billion. So let's describe what happened. These products were built with the idea that we'll -- create these strategies. You had risk corridors of 100 to 125 basis points. That corridor worked for over 20 years. Because of a fiscal policy announcement by the U.K. government, markets fell over 100 basis points in 1 day. And many of the corridors were penetrated.

讓我先從 LDI 的背景開始。 LDI已經有20年的市場了。它是透明的。監管機構已經證明了策略。顧問是代表個人基金真正批准策略的人。我們估計英國的 LDI 市場約為 1.7 萬億美元。我們擁有其中的 20%，即 2500 億美元。所以讓我們描述一下發生了什麼。這些產品是基於我們將創建這些策略的想法而構建的。你有 100 到 125 個基點的風險走廊。這條走廊工作了 20 多年。由於英國政府宣布財政政策，市場在 1 天內下跌超過 100 個基點。許多走廊都被穿透了。

Now what does that mean? It means the clients have to post margin in their total return swaps. Many clients did not have the ability to rapidly post margin in a single day. And that created the market setback. The Bank of England comes in and steps in and stabilizes it. And during the stabilization period, for those who needed to be stabilized, for many of the funds, they posted the margins. For many of the other funds that could not do it, we had to create, and other firms had to create different types of corridors, broadening the corridors, should the corridors be not 100 basis points, but a 200 basis point corridor.

這是什麼意思？這意味著客戶必須在其總收益掉期中提供保證金。許多客戶沒有能力在一天內快速發布保證金。這造成了市場挫折。英格蘭銀行介入並穩定它。而在穩定期間，對於那些需要穩定的人，對於許多基金，他們發布了保證金。對於許多其他無法做到的基金，我們必須創建，其他公司必須創建不同類型的通道，擴大通道，如果通道不是 100 個基點，而是 200 個基點的通道。

And that announcement by the Governor of Bank of England yesterday, it indicated to me that much of the reconstruction of these products have been done. They have the intelligence of every player in this. And as I said, some of the pension funds did not have a collateral. And in doing so, they may have to sell other assets to meet margin calls. Some clients were easy to provide the margin call and some clients needed to have some form of restructuring.

昨天英格蘭銀行行長的聲明向我表明，這些產品的大部分重建工作已經完成。他們在這方面擁有每個球員的智慧。正如我所說，一些養老基金沒有抵押品。在這樣做的過程中，他們可能不得不出售其他資產以滿足追加保證金的要求。一些客戶很容易提供追加保證金，而一些客戶需要進行某種形式的重組。

By the actions this morning, the Gilt markets have been -- I don't know the Gilt markets since we've been on this call, but as of this morning, Gilt markets were stable. And so it appears much of the reconstruction of these products may have been done, and the market maybe should be a little more normalized. I'm not here to tell you I know the intelligence of has everybody done it, will there be more volatility starting in Monday on this, I don't know that. What I do believe that we should do like BlackRock was a leader in terms of money market reform, we want to work with the regulators, be a part of this to try to say, if volatility is going to continue to be this large, maybe there has to be whole redesigning of some of the products, whether that is in a commingled fund or in separate accounts. But we are going to be part of the solution to move this forward, as we always are.

從今天早上的行動來看，Gilt 市場一直 - 自從我們接聽電話以來，我不知道 Gilt 市場，但截至今天早上，Gilt 市場穩定。所以看起來這些產品的大部分重建可能已經完成，市場可能應該更加正常化。我不是在這裡告訴你我知道每個人都這樣做的情報，從星期一開始會不會有更多的波動，我不知道。我確實認為我們應該像貝萊德那樣在貨幣市場改革方面處於領先地位，我們希望與監管機構合作，成為其中的一部分，嘗試說，如果波動性繼續如此大，也許必須對某些產品進行全面重新設計，無論是在混合基金中還是在單獨的賬戶中。但我們將像往常一樣成為推動這一進程的解決方案的一部分。

But I think this is a specific event to the U.K. pension market. And it was a major component of the U.K. pension market. And so it had very deliberate issues that impacted that market. But as of now, there has been adequate time, in most cases, not all, I'm not here to suggest it's over, of changing the corridors, widening that, obviously at a cost, and then importantly, putting up the necessary margins that were necessary in the severe market moves in the U.K. Gilt market.

但我認為這是英國養老金市場的特殊事件。它是英國養老金市場的主要組成部分。所以它有非常深思熟慮的問題影響了那個市場。但到目前為止，已經有足夠的時間，在大多數情況下，不是全部，我不是在這裡建議它結束，改變走廊，擴大走廊，顯然是有代價的，然後重要的是，增加必要的利潤這在英國金邊債券市場劇烈波動中是必要的。

Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks?

女士們，先生們，我們已經到了規定的提問時間。芬克先生，您有什麼結束語嗎？

I do. Thank you, everyone, for joining us this morning and for your continued interest in BlackRock. Our third quarter results are a direct result of our commitment towards serving our clients and providing choice to our clients in the backdrop of a very severe market downturns in both bonds and equities. But I believe the organic flows, the position we've had, the ability to provide choice to our clients resonated with the outcomes of the third quarter. And I believe they'll be resonating in the quarters to come. So I'm excited about the opportunities ahead of us, and I see real opportunities that BlackRock's position has never been stronger than ever. I want to thank everybody, and have a good quarter.

我願意。感謝大家今天早上加入我們，感謝您對貝萊德的持續關注。我們第三季度的業績是我們在債券和股票市場非常嚴重低迷的背景下致力於為客戶提供服務和為客戶提供選擇的直接結果。但我相信有機流動、我們所擁有的地位、為我們的客戶提供選擇的能力與第三季度的結果產生了共鳴。我相信他們會在未來幾個季度引起共鳴。因此，我對擺在我們面前的機會感到興奮，而且我看到了貝萊德的地位從未比以往任何時候都強大的真正機會。我要感謝大家，祝大家過得愉快。

This concludes today's teleconference. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。