貝萊德 (BLK) 2022 Q4 法說會逐字稿

Good morning. My name is Karen, and I will be your conference facilitator today. Today's call is being recorded. At this time, I would like to welcome everyone to the BlackRock, Inc. Fourth Quarter 2022 Earnings Teleconference.

早上好。我叫凱倫，今天我將擔任你們的會議主持人。今天的通話正在錄音中。此時，我想歡迎大家參加貝萊德公司 2022 年第四季度收益電話會議。

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)

今天電話會議的主持人是董事長兼首席執行官 Laurence D. Fink；首席財務官 Gary S. Shedlin；總裁 Robert S. Kapito；總法律顧問 Christopher J. Meade。 （操作員說明）

Mr. Meade, you may begin your conference.

米德先生，您可以開始您的會議了。

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock.

大家，早安。我是克里斯米德，貝萊德的總法律顧問。

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. 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 say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

在我們開始之前，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。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所說的產生重大差異的因素。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. Good morning, and Happy New Year to everyone. It's my pleasure to present results for the fourth quarter and full year 2022.

謝謝，克里斯。早上好，祝大家新年快樂。我很高興介紹第四季度和 2022 年全年的業績。

Before I turn it over to Larry, 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. 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.

在我將其交給拉里之前，我將回顧一下我們的財務業績和業務成果。雖然我們的收益發布同時披露了 GAAP 和調整後的財務業績，但我將主要關注我們調整後的業績。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。本次電話會議引用的同比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。

Throughout BlackRock's history, we have consistently invested in our business with a long-term focus and commitment to serving clients across market environments. We have established leadership positions in high-growth areas, such as ETFs, private markets, outsourced solutions and technology. And we have integrated these industry-leading capabilities into our One BlackRock business model and culture to create a distinct and differentiated value proposition for clients.

縱觀貝萊德的歷史，我們一直以長期關注和承諾為跨市場環境的客戶服務為己任，對我們的業務進行投資。我們在 ETF、私募市場、外包解決方案和技術等高增長領域確立了領先地位。我們已將這些行業領先的能力整合到我們的 One BlackRock 商業模式和文化中，為客戶創造獨特且差異化的價值主張。

As a result of these investments, we grew organically at our fastest rate ever in 2021. And while 2022 was one of the most challenging market environments in over 50 years, clients around the world once again turned to BlackRock for advice and assistance to construct more resilient portfolios. In good times and bad times, whether adding or reducing risk, our continued industry-leading organic growth demonstrate that clients are increasingly consolidating more of their portfolios with BlackRock for long-term solutions that solve their most challenging investment needs and address their unique risk preferences and priorities.

由於這些投資，我們在 2021 年以有史以來最快的速度有機增長。雖然 2022 年是 50 多年來最具挑戰性的市場環境之一，但世界各地的客戶再次向貝萊德尋求建議和幫助，以建設更多有彈性的投資組合。在順境和逆境中，無論是增加還是降低風險，我們持續保持行業領先的有機增長表明，客戶越來越多地將更多投資組合與貝萊德整合，以獲得長期解決方案，解決他們最具挑戰性的投資需求並解決他們獨特的風險偏好和優先事項。

During 2022, BlackRock generated industry-leading total net inflows of over $300 billion and delivered positive organic base fee growth. Importantly, we ended the year with strong momentum, generating approximately $114 billion of total net inflows in the fourth quarter, representing 3% annualized organic base fee growth, and reflecting continued momentum in iShares and significant outsourcing mandates.

2022 年，貝萊德創造了超過 3000 億美元的行業領先總淨流入，並實現了積極的基本費用有機增長。重要的是，我們以強勁的勢頭結束了這一年，第四季度產生了約 1140 億美元的總淨流入，代表 3% 的年化有機基本費用增長，並反映了 iShares 的持續勢頭和重要的外包任務。

Full year revenue of $17.9 billion was down 8%. Operating income of $6.7 billion and earnings per share of $35.36 both declined 13% compared to 2021. For the fourth quarter, revenue of $4.3 billion was 15% lower year-over-year, primarily driven by the impact of lower markets and dollar appreciation on average AUM and lower performance fees.

全年收入 179 億美元，下降 8%。與 2021 年相比，營業收入為 67 億美元，每股收益為 35.36 美元，均下降 13%。第四季度，收入為 43 億美元，同比下降 15%，這主要是受市場走低和美元升值的影響平均資產管理規模和較低的績效費用。

Quarterly operating income of $1.6 billion was down 25%, while earnings per share of $8.93 was 16% lower versus a year ago, also reflecting higher nonoperating income and a lower effective tax rate in the current quarter. Nonoperating results for the quarter included $159 million of net investment income, driven primarily by mark-to-market gains in our private equity co-investment and seed investment portfolios and our strategic minority investment in Envestnet.

季度營業收入為 16 億美元，下降 25%，而每股收益為 8.93 美元，同比下降 16%，這也反映出本季度營業外收入增加和有效稅率降低。本季度的非經營業績包括 1.59 億美元的淨投資收益，這主要是由我們的私募股權共同投資和種子投資組合的按市值計算的收益以及我們對 Envestnet 的戰略性少數股權投資所推動的。

Our as-adjusted tax rate for the fourth quarter was approximately 23%, driven in part by discrete items. We currently estimate that 25% is a reasonable projected tax run rate for 2023, primarily due to an increase in U.K. tax rates, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

我們第四季度的調整後稅率約為 23%，部分原因是離散項目。我們目前估計 25% 是 2023 年合理的預計稅率，這主要是由於英國稅率的提高，但實際有效稅率可能會因非經常性或離散項目或稅法的潛在變化而有所不同。

Fourth quarter base fee and securities lending revenue of $3.4 billion was down 14% year-over-year, in line with the corresponding decline in average AUM, primarily reflecting the negative revenue impact of approximately $1.7 trillion of market beta and foreign exchange movements on AUM over the last 12 months. Sequentially, fourth quarter base fee and securities lending revenue was down 4% despite positive organic base fee growth in the quarter. Our fourth quarter annualized effective fee rate decreased by approximately 0.5 basis points from the third quarter, reflecting the previously discussed impact on our fourth quarter entry rate, continued mix change favoring lower fee mandates and lower securities lending revenue.

第四季度基本費用和證券借貸收入為 34 億美元，同比下降 14%，與平均 AUM 的相應下降一致，主要反映了約 1.7 萬億美元的市場貝塔和外匯變動對 AUM 的負面收入影響在過去的 12 個月裡。儘管本季度基本費用有機增長，但第四季度基本費用和證券借貸收入環比下降 4%。我們第四季度的年化有效費用率比第三季度下降了約 0.5 個基點，反映了之前討論的對我們第四季度進入率的影響，持續的組合變化有利於降低費用授權和降低證券借貸收入。

Fourth quarter and full year performance fees of $228 million and $514 million, respectively, decreased from a year ago. The decline primarily reflected lower revenue from liquid alternative and long-only mandates, partially offset by higher fees from illiquid alternatives. Notably, as our private markets business continues to scale, full year performance fees from illiquid alternatives increased 42% year-over-year. And our unrecognized deferred carry balance, which represents a portion of our potential future carry fee revenue, exceeds $1.4 billion.

第四季度和全年績效費用分別為 2.28 億美元和 5.14 億美元，較上年同期有所下降。這一下降主要反映了來自流動性替代品和長期授權的收入減少，部分被非流動性替代品的更高費用所抵消。值得注意的是，隨著我們的私募市場業務不斷擴大，非流動性替代品的全年績效費用同比增長 42%。我們未確認的遞延結轉餘額超過 14 億美元，它代表了我們未來潛在結轉費用收入的一部分。

Our Aladdin business delivered record net new sales in 2022, and demand for our technology solutions has never been stronger. Quarterly technology services revenue increased 4% year-over-year, and full year revenue of $1.4 billion, increased 7%. Both periods reflected significant revenue headwinds associated with the FX impact on Aladdin's non-dollar revenue and market declines on Aladdin's fixed income platform assets. Annual contract value, or ACV, increased 8% year-over-year. On a constant currency basis, we estimate ACV would have increased 10% from a year ago.

我們的 Aladdin 業務在 2022 年實現了創紀錄的淨新銷售額，對我們技術解決方案的需求從未如此強勁。季度技術服務收入同比增長 4%，全年收入 14 億美元，增長 7%。這兩個時期都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收入逆風。年度合同價值 (ACV) 同比增長 8%。在固定匯率的基礎上，我們估計 ACV 將比一年前增長 10%。

Total expense decreased 4% in 2022, reflecting lower compensation, direct fund expense and G&A expense. For the full year, employee compensation and benefit expense was down 5%, primarily reflecting lower incentive compensation due to lower operating income and performance fees and lower mark-to-market impact of certain deferred compensation programs partially offset by higher base compensation. Recall that year-over-year comparisons of fourth quarter compensation expense are less relevant because we finalized full year compensation in the fourth quarter.

2022 年總費用下降 4%，反映出較低的薪酬、直接基金費用和 G&A 費用。全年，員工薪酬和福利支出下降了 5%，主要反映了由於較低的營業收入和績效費用導致的較低激勵薪酬以及某些遞延薪酬計劃的較低市值影響被較高的基本薪酬部分抵消。回想一下，第四季度薪酬支出的同比比較不太相關，因為我們在第四季度完成了全年薪酬。

2022 direct fund expense decreased 7% year-over-year, primarily reflecting lower average index AUM. The sequential decline in quarterly direct fund expense also includes the impact of higher rebates that seasonally occur in the fourth quarter.

2022 年直接基金支出同比下降 7%，主要反映了較低的平均指數 AUM。季度直接基金費用的環比下降還包括第四季度季節性出現的更高回扣的影響。

Excluding product launch costs, fourth quarter G&A expense increased 2% year-over-year, reflecting ongoing strategic investments in technology and the impact of higher foreign exchange remeasurement expense partially offset by lower occupancy and sub-advisory expense. For the full year, we estimate that core G&A expense was up 11% compared to 2021, primarily driven by higher technology spend associated with our Aladdin cloud migration and a return to more normalized levels of T&E expense.

不包括產品發布成本，第四季度 G&A 費用同比增長 2%，反映了對技術的持續戰略投資以及更高的外匯重新計量費用的影響，部分被較低的入住率和次級諮詢費用所抵消。對於全年，我們估計核心 G&A 費用與 2021 年相比增長了 11%，這主要是由於與我們的 Aladdin 雲遷移相關的技術支出增加以及 T&E 費用恢復到更正常的水平。

Our full year as-adjusted operating margin of 42.8% was down 400 basis points from a year ago, primarily reflecting the negative impact of markets and foreign exchange movements on revenue and the ongoing longer-term strategic investments we have been making in technology and our people.

我們全年調整後的營業利潤率為 42.8%，比一年前下降了 400 個基點，這主要反映了市場和外匯變動對收入的負面影響以及我們在技術和我們的業務方面正在進行的長期戰略投資人們。

BlackRock's industry-leading organic growth is a direct result of the disciplined investments we have consistently made through market cycles. As we've shown throughout our history, it's often in times of greatest uncertainty where BlackRock's differentiated model enables us to continue playing offense, and we emerged even stronger. Since July, we have been aggressively managing the pace of our discretionary spend, so we would be better prepared for 2023, a year in which we will need to increasingly focus our resources on areas of greatest opportunity.

貝萊德行業領先的有機增長是我們在市場週期中始終如一地進行嚴格投資的直接結果。正如我們在整個歷史中所展示的那樣，往往是在最不確定的時期，貝萊德的差異化模式使我們能夠繼續進攻，而且我們變得更加強大。自 7 月以來，我們一直在積極控制可自由支配支出的步伐，因此我們將為 2023 年做好更好的準備，這一年我們需要越來越多地將資源集中在機會最大的領域。

In order to continue investing in our people and critical strategic priorities during the year, we recently restructured the size and shape of our workforce to free up investment capacity for our most important growth initiatives. By taking a targeted and disciplined approach to how we shape our teams, we not only increase investment capacity for these initiatives, but also create opportunities for our incredible talent.

為了在這一年繼續投資於我們的人員和關鍵戰略重點，我們最近重組了員工隊伍的規模和結構，以騰出投資能力用於我們最重要的增長計劃。通過採取有針對性和有紀律的方法來塑造我們的團隊，我們不僅增加了對這些計劃的投資能力，而且還為我們優秀的人才創造了機會。

This resulted in a fourth quarter restructuring charge of $91 million, primarily comprised of severance and accelerated amortization of previously granted deferred compensation awards for approximately 500 impacted employees or 2.5% of our global workforce. This charge appears as a single line expense item on our 2022 GAAP income statement and has been excluded from our as-adjusted results to enhance comparison to prior periods.

這導致第四季度的重組費用為 9,100 萬美元，主要包括遣散費和之前授予的遞延補償獎勵的加速攤銷，這些獎勵適用於大約 500 名受影響的員工，占我們全球員工隊伍的 2.5%。該費用在我們的 2022 年 GAAP 損益表中顯示為單行費用項目，並已從我們調整後的結果中排除，以加強與前期的比較。

Our business is incredibly well positioned to take advantage of the opportunities before us, and we remain deeply committed to optimizing organic growth in the most efficient way possible. At present, we would expect our head count to be broadly flat in 2023. Optimizing the shape of our talent pyramid and growing our footprint in iHub innovation centers will continue to be central to our talent strategy, allowing us to continue to support growth at scale.

我們的業務處於非常有利的地位，可以利用擺在我們面前的機會，我們仍然堅定地致力於以盡可能最有效的方式優化有機增長。目前，我們預計到 2023 年我們的員工人數將基本持平。優化我們的人才金字塔形狀和擴大我們在 iHub 創新中心的足跡將繼續成為我們人才戰略的核心，使我們能夠繼續支持規模增長.

In addition, we would also expect a mid- to high single-digit increase in 2023 core G&A expense driven by the upcoming move to our new Hudson Yards headquarters, continued investment in technology to scale our operations and support future growth, and the annualized impact of migrating Aladdin clients to the cloud, which is now substantially complete.

此外，我們還預計 2023 年核心 G&A 費用將出現中高個位數增長，原因是即將搬遷到我們新的哈德遜城市廣場總部、繼續投資於技術以擴大我們的業務和支持未來的增長，以及年化影響將 Aladdin 客戶端遷移到雲端，現在已經基本完成。

We are also investing through prudent use of our balance sheet to best position BlackRock for continued success. During 2022, we allocated $1.2 billion of new seed and co-investment capital to support our growth, and our year-end portfolio now approximates $3.9 billion.

我們還通過謹慎使用我們的資產負債表進行投資，以使貝萊德處於最佳位置，以取得持續的成功。 2022 年期間，我們分配了 12 億美元的新種子和共同投資資本來支持我們的增長，我們的年終投資組合現在約為 39 億美元。

Our strategic minority investments are reinforcing various elements of our strategy and simultaneously generating very attractive returns for our shareholders. During the year, we invested in Circle and became the primary manager of the USDC cash reserves. And we recently made a minority investment in Human Interest, a tech-enabled end-to-end retirement plan solutions provider, which is helping Americans employed by smaller businesses access easier ways to save for their retirement.

我們的戰略性少數股權投資正在強化我們戰略的各個要素，同時為我們的股東帶來極具吸引力的回報。年內，我們投資了 Circle，成為了 USDC 現金儲備的主要管理者。我們最近對 Human Interest 進行了少數投資，這是一家技術支持的端到端退休計劃解決方案提供商，它正在幫助受僱於小型企業的美國人獲得更簡單的退休儲蓄方式。

We also remain committed to systematically returning excess cash to shareholders through a combination of dividends and share repurchases and returned a record $4.9 billion to shareholders in 2022, including $1.9 billion of share repurchases, an increase of over 30% from 2021. Since inception of our current capital management strategy in 2013, we have now repurchased over $13 billion of BlackRock's stock, reducing our total outstanding total shares by 13% and generating an unlevered compound annual return of approximately 15% for our shareholders. At present, based on capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, we are targeting the repurchase of at least $1.5 billion of shares during 2023.

我們還繼續致力於通過股息和股票回購相結合的方式系統地向股東返還多餘現金，並在 2022 年向股東返還了創紀錄的 49 億美元，其中包括 19 億美元的股票回購，比 2021 年增長了 30% 以上。自我們成立以來根據 2013 年當前的資本管理戰略，我們現在已經回購了超過 130 億美元的貝萊德股票，將我們的流通股總數減少了 13%，並為我們的股東創造了大約 15% 的無槓桿複合年回報率。目前，根據全年的資本支出計劃，並根據市場情況，包括我們股價的相對估值，我們的目標是在 2023 年回購至少 15 億美元的股票。

As you will hear more from Larry, BlackRock's strategy has always been guided by our clients' needs. We are relentlessly focused on providing choice, delivering strong investment performance and executing our fiduciary duties with excellence. This enables us to build deeper and broader relationships with more clients and drive differentiated growth across our platform.

正如您將從拉里那裡聽到的更多信息，貝萊德的戰略始終以客戶的需求為指導。我們堅持不懈地專注於提供選擇、實現強勁的投資業績並以卓越的方式履行我們的受託責任。這使我們能夠與更多客戶建立更深入、更廣泛的關係，並推動我們平台的差異化增長。

Fourth quarter long-term net inflows of $146 billion, representing 8% annualized organic asset growth, were led by flows into strategic growth areas, including ETFs, outsourced solutions and illiquid alternatives. Full year long-term net inflows of $393 billion were positive across all regions, led by net inflows of $230 billion from clients in the United States.

第四季度長期淨流入 1,460 億美元，年化有機資產增長率為 8%，主要是流入戰略增長領域，包括 ETF、外包解決方案和非流動性替代品。在美國客戶淨流入 2300 億美元的帶動下，所有地區全年長期淨流入 3930 億美元均為正數。

BlackRock generated industry-leading ETF net inflows of $220 billion in 2022, representing 7% organic asset growth and 3% organic base fee growth, including a record $123 billion into bond ETFs. Fourth quarter ETF net inflows of $90 billion reflected some seasonality but also reflected the diversity of our product and client segments. Surging demand for our bond ETFs, which saw $47 billion of net inflows, represented the second-best quarter in our history. We also saw continued strength in core equity ETFs as well as precision exposures as clients reassessed tactical asset allocation changes during the quarter.

貝萊德在 2022 年產生了行業領先的 ETF 淨流入 2200 億美元，資產有機增長 7%，基本費用有機增長 3%，其中債券 ETF 達到創紀錄的 1230 億美元。第四季度 900 億美元的 ETF 淨流入反映了一些季節性，但也反映了我們產品和客戶群的多樣性。對我們債券 ETF 的需求激增，淨流入 470 億美元，是我們歷史上第二好的季度。隨著客戶在本季度重新評估戰術資產配置變化，我們還看到核心股票 ETF 的持續走強以及精確敞口。

Full year retail net outflows of $20 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 alternative funds. Fourth quarter retail net outflows of $15 billion reflected similar trends.

全年 200 億美元的零售淨流出反映了主動固定收益和世界配置策略的持續行業壓力，部分被指數 SMA 和我們的系統股票收益和多策略另類基金的實力所抵消。第四季度 150 億美元的零售淨流出反映了類似的趨勢。

BlackRock's institutional business generated record net inflows of $192 billion in 2022, representing 4% organic asset and 3% organic base fee growth, paced by approximately $170 billion of active net inflows, reflecting broad-based strength across all product types and the funding of several significant outsourcing mandates. Fourth quarter Institutional active net inflows of $76 billion were also positive across all product types and included the funding of the substantial remainder of the AIG Corebridge fixed income mandate.

貝萊德的機構業務在 2022 年產生了創紀錄的 1,920 億美元淨流入，有機資產增長 4%，基本費用增長 3%，活躍淨流入約 1,700 億美元，反映了所有產品類型的廣泛實力以及多個公司的融資重要的外包任務。第四季度機構主動淨流入 760 億美元，在所有產品類型中也都是積極的，其中包括 AIG Corebridge 固定收益授權的大部分剩餘資金。

We remain well positioned to meet investor demand for risk-adjusted alpha and yield, and our diversified active fixed income platform, with strong 3- and 5-year performance records across total return, unconstrained, high yield and credit, is especially well positioned for growth as interest rates stabilize in the latter part of the year. Demand for private markets also continued with $16 billion of net inflows into illiquid strategies during the year, driven by private credit and infrastructure.

我們仍然能夠很好地滿足投資者對風險調整後的阿爾法和收益率的需求，我們多元化的主動固定收益平台在總回報、無約束、高收益和信用方面擁有強勁的 3 年和 5 年業績記錄，特別適合隨著利率在今年下半年趨於穩定而增長。在私人信貸和基礎設施的推動下，對私人市場的需求也持續增長，年內有 160 億美元淨流入非流動性策略。

In addition, as our private markets business continues to grow, we also raised significant new client commitments in 2022. We now have approximately $34 billion of committed capital to deploy for institutional clients in a variety of strategies, representing approximately $260 million of future annual base fees and significant potential performance fees. Finally, BlackRock's cash management platform experienced $32 billion of net outflows in the fourth quarter and $77 billion of net outflows for the year.

此外，隨著我們的私募市場業務持續增長，我們還在 2022 年籌集了重要的新客戶承諾。我們現在有大約 340 億美元的承諾資本可用於各種策略的機構客戶，代表未來年度基數約為 2.6 億美元費和重要的潛在績效費用。最後，貝萊德的現金管理平台第四季度淨流出 320 億美元，全年淨流出 770 億美元。

Despite a particularly challenging year for the broader institutional liquidity industry, BlackRock became the #1 international money market provider. And as rates stabilize, we are well positioned to grow market share by leveraging our scale, product breadth, technology and risk management capabilities.

儘管對於更廣泛的機構流動性行業而言，這是特別具有挑戰性的一年，但貝萊德仍成為了排名第一的國際貨幣市場提供商。隨著利率趨於穩定，我們已準備好利用我們的規模、產品廣度、技術和風險管理能力來擴大市場份額。

Before I hand it over to Larry one last time, I'd like to take this moment to thank him for giving me the opportunity to be CFO of this amazing organization for the last 10 years. It's truly been the highlight of my career, and I'm deeply grateful for the feedback, advice and wisdom I have garnered from our shareholders; our sell-side analysts; our Board; my BlackRock colleagues; and most of all, the amazing finance team I've had the privilege to work alongside.

在我最後一次把它交給拉里之前，我想藉此機會感謝他在過去 10 年裡給我機會擔任這個了不起的組織的首席財務官。這確實是我職業生涯的亮點，我非常感謝我從股東那裡獲得的反饋、建議和智慧；我們的賣方分析師；我們的董事會；我的貝萊德同事；最重要的是，我有幸與出色的財務團隊一起工作。

BlackRock is incredibly well positioned to continue generating differentiated growth and delivering for clients, employees and shareholders, and I look forward to continuing the journey in my new role. I'm even more excited for what lies ahead with Martin Small as our next CFO. I know we will be in great hands.

貝萊德處於非常有利的地位，可以繼續為客戶、員工和股東創造差異化增長並交付成果，我期待著在我的新角色中繼續前進。對於 Martin Small 作為我們下一任首席財務官的未來，我感到更加興奮。我知道我們會得到很好的幫助。

With that, over to you, Larry.

有了這個，就交給你了，拉里。

Gary, big hug. Thank you. Excellent job.

加里，大大的擁抱。謝謝你。極好的工作。

Good morning, everyone, and Happy New Year. Thanks, everyone, for joining this call. Today and throughout BlackRock's history, we have focused on delivering the best financial returns for each and every client. In line with our objectives and goals, we remain relentless about staying ahead of their needs, of all our clients' needs, providing them with more choice, innovating to help them achieve financial well-being. We serve clients of all types: Large, small, individuals and institutions, in all parts of the world. So providing them choice is critical in helping each of them achieve their unique financial goals.

大家早上好，新年快樂。謝謝大家加入這個電話會議。今天以及在貝萊德的整個歷史中，我們一直專注於為每一位客戶提供最佳的財務回報。根據我們的宗旨和目標，我們始終堅持領先於他們的需求和我們所有客戶的需求，為他們提供更多選擇，通過創新幫助他們實現財務福祉。我們為世界各地的各種類型的客戶提供服務：大型、小型、個人和機構。因此，為他們提供選擇對於幫助他們每個人實現其獨特的財務目標至關重要。

We have built the industry's most comprehensive and integrated investment and technology platform to provide them with solutions that fit their unique objectives. Our job is then to deliver the best financial returns based on their individual preferences. It is this differentiating platform that drives our differentiating results.

我們已經建立了業界最全面和集成的投資和技術平台，為他們提供適合他們獨特目標的解決方案。我們的工作就是根據他們的個人喜好提供最佳的財務回報。正是這個與眾不同的平台推動了我們與眾不同的結果。

BlackRock generated $307 billion in net new assets and positive organic base fees in 2022. These industry-leading results reflect by -- the decision by thousands of organizations and investors that continually place their trust in BlackRock. The consistency of our results across both good and bad markets, markets up and down, comes for our clients' confidence in BlackRock's performance, our guidance and our fiduciary standard.

貝萊德在 2022 年產生了 3070 億美元的淨新資產和正的有機基本費用。這些行業領先的結果反映了——成千上萬的組織和投資者不斷信任貝萊德的決定。我們在好市場和壞市場、市場上漲和下跌中的結果的一致性來自於我們的客戶對貝萊德的業績、我們的指導和我們的信託標準的信心。

In the United States, we generated $230 billion of long-term net inflows, and flows were positive across all regions throughout the world. We generated organic growth across index and active and across all long-term asset classes, from fixed income to equities to multi-asset to alternatives, as clients turned BlackRock for more solutions across their entire, whole portfolio. We ended the year with very strong momentum with $114 billion of fourth quarter net inflows, representing 3% annualized organic growth base fees. We estimate that BlackRock captured over 1/3 of the long-term industry flows in 2022, leading the industry and delivering positive organic base fees for the year.

在美國，我們產生了 2300 億美元的長期淨流入，而且在全球所有地區的流入都是正的。隨著客戶轉向貝萊德尋求其整個投資組合中的更多解決方案，我們在指數和活躍資產以及所有長期資產類別（從固定收益到股票，再到多元資產再到另類投資）中實現了有機增長。我們以非常強勁的勢頭結束了這一年，第四季度淨流入 1140 億美元，佔年化有機增長基本費用的 3%。我們估計貝萊德在 2022 年佔據了超過 1/3 的長期行業流量，領先行業並實現了當年的正有機基本費用。

Over the past 5 years alone, BlackRock has delivered an aggregate $1.8 trillion in net inflows or 5% average organic asset growth compared to flat or negative industry flows. Over this 5-year period of time have been both rallies and contractions, but BlackRock has always delivered growth, reflecting the power of our connectivity to our clients, our fiduciary standards and our diversified platform.

僅在過去 5 年裡，貝萊德就實現了總計 1.8 萬億美元的淨流入或 5% 的平均有機資產增長，而行業流量持平或為負。在這 5 年的時間裡，既有上漲也有收縮，但貝萊德始終實現增長，這反映了我們與客戶聯繫的力量、我們的信託標準和我們多元化的平台。

2022 was a year of transition and a complex market environment for every one of our clients. We witnessed transformation in the geopolitical world order that rewired globalization and supply chains, upending assumptions about inflation and drove the normalization and eventually tightening of monetary policy.

2022 年是轉型的一年，對我們的每一位客戶來說都是複雜的市場環境。我們目睹了重新連接全球化和供應鏈的地緣政治世界秩序的轉變，顛覆了對通脹的假設，並推動了貨幣政策的正常化和最終收緊。

Production constraints, labor shortages and energy and food price disruptions and price increases followed the Russian invasion of Ukraine, causing inflation to hit a 40-year high, sparking a cycle of rate hikes by central banks. Inflation continues to be a top concern despite recent cooling we saw at the end of this year -- in the beginning of this year. Global growth continues to slow.

俄羅斯入侵烏克蘭後，生產受限、勞動力短缺以及能源和食品價格中斷和價格上漲，導致通脹創下 40 年來的新高，引發了央行加息週期。儘管我們在今年年底和今年年初看到近期降溫，但通貨膨脹仍然是最令人擔憂的問題。全球增長繼續放緩。

The challenges society has experienced, not just in the past year, but since the pandemic, has eroded hope and reinforced pessimism in many parts of the world. We've seen a decline in birth rates, an increase in aging populations, a rise in nationalism and populism. And I fear that we are entering a period of economic malaise. To correct this, the role of business becomes even more critical than ever. Leaders must continue to invest in technology and research and development to improve long-term prospects and to provide a vision that offers hope about the future.

社會所經歷的挑戰，不僅在過去一年，而且自大流行病以來，已經侵蝕了世界許多地方的希望並加劇了悲觀情緒。我們看到出生率下降、人口老齡化加劇、民族主義和民粹主義抬頭。我擔心我們正在進入經濟萎靡不振的時期。為了糾正這一點，企業的作用變得比以往任何時候都更加重要。領導者必須繼續投資於技術和研發，以改善長期前景，並提供對未來充滿希望的願景。

Fundamentally, investing is also an act of hope, hope that the future will be better than the present. If people do not have hope, they will not take money out of a bank account and invest it in a 30-year retirement outcome. Today, the financial narrative is so often about the near-term market moves, the topic of the day, like the latest meme stock or media headlines about political polarization.

從根本上說，投資也是一種希望的行為，希望未來會比現在更好。如果人們沒有希望，他們就不會從銀行賬戶中取出錢來投資於 30 年的退休生活。今天，金融報導往往是關於近期市場走勢、當天的話題，比如最新的 meme 股票或關於政治兩極分化的媒體頭條。

Throughout our history, BlackRock has taken a long-term approach to investing. It is BlackRock's role to show people the benefits of investing for the long term. to give them hope that, over time, their returns with a balanced portfolio can deliver long-term financial security. Against the current backdrop, BlackRock has an even greater obligation to help our clients wade through the uncertainty and give them the confidence to invest in the long term.

縱觀我們的歷史，貝萊德一直採取長期投資方式。貝萊德的職責是向人們展示長期投資的好處。給他們希望，隨著時間的推移，他們的平衡投資組合的回報可以提供長期的財務安全。在當前的背景下，貝萊德有更大的義務幫助我們的客戶渡過不確定性，讓他們有信心進行長期投資。

We see many opportunities for our clients to capitalize on market disruption, to rethink portfolio construction, to consider the renewed income generation potential of bonds, or to reallocate to sectors that may be more resilient in the phase of elevated inflation. BlackRock is uniquely positioned to help clients navigate opportunities in this environment because of our diversified platform and integrated investment management, technology and advisory expertise.

我們看到客戶有很多機會利用市場動盪、重新思考投資組合構建、考慮債券的新創收潛力，或重新配置到在通脹上升階段可能更具彈性的行業。由於我們多元化的平台和綜合的投資管理、技術和諮詢專業知識，貝萊德在幫助客戶把握機遇方面具有獨特的優勢。

Our whole portfolio approach is resonating more than ever before and underpins the record $192 billion of long-term net inflows from institutional clients in 2022. Institutional clients are choosing BlackRock because of our scale, our resources and the expertise to take on the challenges of each and every market. Clients select us because we think and invest for them in the long term and in alignment with their beneficiaries, whose time horizon span decades.

我們的整個投資組合方法比以往任何時候都更能引起共鳴，並支撐了 2022 年機構客戶創紀錄的 1,920 億美元長期淨流入。機構客戶之所以選擇貝萊德，是因為我們的規模、我們的資源和應對每個挑戰的專業知識和每個市場。客戶之所以選擇我們，是因為我們從長遠角度考慮並為他們投資，並與他們的受益人保持一致，而他們的受益人的時間跨度長達數十年。

In an increasingly complex investment environment, we're seeing strong demand from clients looking to partner with BlackRock for outsourced solutions and expect this to continue in 2023. Just in the last 2 years, BlackRock has been entrusted to lead several significant outsource mandates totaling over $300 billion in AUM, spanning existing and new clients. And I'm proud to say our pipeline remains very strong.

在日益複雜的投資環境中，我們看到客戶對尋求與貝萊德合作的外包解決方案的強烈需求，並預計這種需求將在 2023 年繼續。僅在過去 2 年中，貝萊德就受託領導了多項重要的外包任務，總計超過3000 億美元的資產管理規模，涵蓋現有客戶和新客戶。我很自豪地說我們的管道仍然非常強大。

In 2022, BlackRock helped millions of investors plan for their financial futures as they continue to turn [to iShares] ETFs for long-term investments. iShares led the industry with $220 billion of net inflows. We are proud that iShares offers the most choice in our industry. In 2022 alone, we launched over 85 new ETFs globally. And as a testament to our scale, the demand from our clients and our diversification, we had over 70 different iShares ETFs with annual net inflow surpassing $1 billion.

2022 年，貝萊德幫助數百萬投資者規劃他們的金融期貨，因為他們繼續轉向 [to iShares] ETF 進行長期投資。 iShares 以 2200 億美元的淨流入領跑行業。我們很自豪 iShares 提供了我們行業中最多的選擇。僅在 2022 年，我們就在全球推出了超過 85 只新的 ETF。作為我們規模、客戶需求和多元化的證明，我們擁有超過 70 只不同的 iShares ETF，年淨流入超過 10 億美元。

Our growth was well diversified across our core equity, our fixed income, factors, sustainable and thematic ETF product categories and we have seen repeatedly, in periods of market uncertainty, investors turn to iShares' precision exposure ETFs to make those tactical asset allocation decisions into year-end.

我們的增長在我們的核心股票、我們的固定收益、因素、可持續和主題 ETF 產品類別中得到了很好的多元化，我們一再看到，在市場不確定的時期，投資者轉向 iShares 的精確敞口 ETF 來做出這些戰術資產配置決策年底。

iShares bond ETFs generated a record $123 billion of net inflows, we again led the industry. And 6 of the top 10 asset-gathering bond ETFs in 2022 were iShares. When I started my career a long time ago as a bond trader, it was much more difficult for individuals to access the bond market. Their options were high-cost mutual funds or paying large markups to brokers to buy bond directly. 20 years ago, iShares launched the first 4 U.S.-listed bond ETFs. And today, we provide over 450 ETF choices across our $760 billion iShares fixed income platform.

iShares 債券 ETF 產生了創紀錄的 1230 億美元淨流入，我們再次領跑行業。 2022年前10大資產收集債券ETF中有6只是iShares安碩。很久以前，當我作為一名債券交易員開始我的職業生涯時，個人進入債券市場要困難得多。他們的選擇是高成本的共同基金或向經紀人支付大筆加價以直接購買債券。 20 年前，iShares 安碩推出了首批 4 只在美國上市的債券 ETF。今天，我們在 7600 億美元的 iShares 固定收益平台上提供超過 450 種 ETF 選擇。

In an uncertain rate and credit environment this year, iShares bond ETFs benefited from having the most diverse product offerings in the industry, spanning governments, investment-grade, high-yield, emerging markets, municipals, innovations like BuyWrites and iBonds. The diversification means we can meet our clients' demands as it evolves. Earlier this year, investors used iShares bond ETF to express preference for short-duration treasuries. And more recently, our high yield, our corporates, long-duration ETFs, have been leading the flows.

在今年不確定的利率和信貸環境下，iShares 債券 ETF 受益於擁有業內最多樣化的產品，涵蓋政府、投資級、高收益、新興市場、市政、BuyWrites 和 iBonds 等創新產品。多元化意味著我們可以滿足客戶不斷發展的需求。今年早些時候，投資者使用 iShares 債券 ETF 來表達對短期國債的偏好。最近，我們的高收益、我們的企業、長期 ETF 一直在引領潮流。

The role of bonds in a portfolio is increasingly relevant. For the first time in years, investors can actually earn very attractive yields without taking much duration or credit risk. Just a year ago, the U.S. 2-year treasury note was yielding approximately 90 basis points, and today, they're earning over 4% with corporate bonds earning over 5% and high-yield earning 8%.

債券在投資組合中的作用越來越重要。多年來第一次，投資者實際上可以在不承擔太多期限或信用風險的情況下獲得非常有吸引力的收益率。就在一年前，美國 2 年期國庫券的收益率約為 90 個基點，而今天，它們的收益率超過 4%，公司債券收益率超過 5%，高收益債券收益率為 8%。

Clients are coming to BlackRock to help them pursue generational opportunities in the bond market, and our leading $3.2 trillion fixed income and cash platform is well positioned to capture accelerating demand. In addition to our industry-leading bond ETF flows, clients turned to BlackRock's high-performing active platform, where over 80% of taxable fixed income assets are performing above benchmarks or peer median for the 3- and 5-year period.

客戶來到貝萊德是為了幫助他們在債券市場尋求世代相傳的機會，而我們領先的 3.2 萬億美元固定收益和現金平台已做好充分準備，可以抓住不斷增長的需求。除了我們行業領先的債券 ETF 流量外，客戶還轉向了貝萊德的高性能活躍平台，其中超過 80% 的應稅固定收益資產在 3 年和 5 年期間的表現高於基准或同行中值。

There will be more money moving around. And as investors recalibrate, we believe we will benefit as clients build portfolio with high-performing active investments alongside ETFs and of course private market strategies.

會有更多的錢四處流動。隨著投資者重新調整，我們相信我們將受益於客戶通過高性能主動投資與 ETF，當然還有私人市場策略建立投資組合。

The need for income and uncorrelated returns against the backdrop of higher inflation and a more challenged market for public equities will continue to drive demand for private markets. We raised $35 billion in client capital in 2022 led by private credit in infrastructure.

在通貨膨脹率上升和公共股票市場面臨更大挑戰的背景下，對收入和不相關回報的需求將繼續推動對私人市場的需求。我們在 2022 年籌集了 350 億美元的客戶資金，其中以基礎設施領域的私人信貸為首。

We're successfully scaling successor funds, delivering larger funds through raises of subsequently fund vintages. In 2020, our third Global Energy & Power Fund raised a total of $5 billion, surpassing the total assets of vintage I and II combined. In 2022, the fourth fund raised $4.5 billion in investor -- in initial investor commitments at first close, achieving over half of our targeted $7.5 billion raise.

我們成功地擴大了後續基金的規模，通過籌集後續基金年份來提供更大的資金。 2020 年，我們的第三隻全球能源與電力基金共籌集了 50 億美元，超過了第一期和第二期的總資產。 2022 年，第四隻基金在首次收盤時向投資者募集了 45 億美元的初始投資者承諾，實現了我們 75 億美元募集目標的一半以上。

Our diversified infrastructure funds are providing social and economic benefits to communities in the United States and around the world. We recently announced an agreement to form Gigapower, a joint venture with one of our diversified infrastructure funds and AT&T, which upon closing, will provide fiber networks to customers and communities outside AT&T's traditional service area. The network will advance efforts to bridge the digital divide and ultimately help spur local economies and the communities in which Gigapower operates.

我們多元化的基礎設施基金正在為美國和世界各地的社區提供社會和經濟利益。我們最近宣布了一項協議，成立 Gigapower，這是一家與我們多元化的基礎設施基金之一和 AT&T 的合資企業，在關閉後，它將為 AT&T 傳統服務區域以外的客戶和社區提供光纖網絡。該網絡將推動彌合數字鴻溝的努力，並最終幫助刺激當地經濟和 Gigapower 運營所在的社區。

One of the largest opportunities in infrastructure investing over the coming years will be the renewable infrastructure. In the United States, the Inflation Reduction Act contains a range of measures to spur greater investment in demand for renewable energy, infrastructure and technology. In Europe, the energy supply shocks in 2022 have only sharpened the focus on energy security and given rise to the European Commission's REPowerEU plan for renewable energy investment.

未來幾年基礎設施投資的最大機會之一將是可再生基礎設施。在美國，《降低通貨膨脹法案》包含一系列措施，以刺激對可再生能源、基礎設施和技術需求的更多投資。在歐洲，2022 年的能源供應衝擊只會加劇對能源安全的關注，並引發歐盟委員會針對可再生能源投資的 REPowerEU 計劃。

Client demand for income and uncorrelated returns also resonated in our multi-asset and fundamental active equity platforms, where we saw in our tactical asset allocation and equity dividend franchises, we see great opportunities for clients in our income and dividend growth equity offerings, which can be tools to help thread the needle between generation of income and growth that could potentially outrun inflation.

客戶對收入和不相關回報的需求也在我們的多資產和基本活躍股票平台中產生共鳴，我們在戰術資產配置和股票股息特許經營權中看到了客戶在我們的收入和股息增長股票發行中的巨大機會，這可以成為幫助在創造收入和可能超過通貨膨脹的增長之間穿針引線的工具。

Aladdin is foundational to how we serve clients across our platform. It helps us deliver precise tracking for our iShares ETFs; it allows us to onboard and service increasingly large, complex mandates; and it has consistently demonstrated its value in proceeding -- in processing high trading volumes and providing transparency into portfolios in volatile markets.

阿拉丁是我們如何在我們的平台上為客戶提供服務的基礎。它幫助我們對我們的 iShares ETF 進行精確跟踪；它使我們能夠參與和服務越來越大、越來越複雜的任務；它始終如一地展示了其在處理高交易量和在波動市場中為投資組合提供透明度方面的價值。

Our multi-decade investment in Aladdin continues to differentiate BlackRock and continues to differentiate Aladdin, both as an asset manager and as a leading fintech provider. Periods of market volatility have historically underscored the importance of Aladdin. And in 2022, we saw record net sales of Aladdin contributing to 10% growth in our annual contract value on constant currency basis. We see clients doubling down on technology and leveraging fewer providers to do more with less. This is evidenced by our mandates this year, about half spanning multiple Aladdin products.

我們對阿拉丁的數十年投資繼續使貝萊德脫穎而出，並繼續使阿拉丁脫穎而出，無論是作為資產管理公司還是領先的金融科技提供商。從歷史上看，市場波動時期強調了阿拉丁的重要性。到 2022 年，我們看到阿拉丁創紀錄的淨銷售額為我們按固定匯率計算的年度合同價值增長了 10%。我們看到客戶在技術上加倍投入，並利用更少的供應商來事半功倍。我們今年的任務證明了這一點，其中大約一半涉及多種阿拉丁產品。

We continue to evolve and enable clients to further simplify their operating infrastructure with Aladdin. Clients increasingly want to tailor how they use Aladdin to meet their own unique and specific needs, and we are providing them with choice and flexibility. We are creating deep integration with ecosystem providers and third-party technology solutions. Our partners include asset servicers, cloud providers, digital asset platforms, trading systems and others who can work with clients in their Aladdin environment to provide a more customized and seamless end-to-end experience.

我們不斷發展，使客戶能夠通過 Aladdin 進一步簡化他們的運營基礎設施。客戶越來越希望定制他們使用阿拉丁的方式來滿足他們自己獨特和特定的需求，而我們正在為他們提供選擇和靈活性。我們正在創建與生態系統提供商和第三方技術解決方案的深度集成。我們的合作夥伴包括資產服務商、雲提供商、數字資產平台、交易系統和其他可以在 Aladdin 環境中與客戶合作以提供更加定制和無縫的端到端體驗的人。

We continue to innovate in a variety of areas to expand the choice we offer clients. We're transforming on how clients can engage with companies they are invested in through our Voting Choice technology. BlackRock was the first organization to build and launch technology empowering institution clients, in BlackRock's separate accounts and nearly 650 pooled vehicles, to choose how to vote the shares of the companies they own through our own index capabilities.

我們不斷在各個領域進行創新，以擴大我們為客戶提供的選擇。我們正在改變客戶如何通過我們的投票選擇技術與他們投資的公司互動。貝萊德是第一個建立和推出技術的組織，該技術使機構客戶能夠在貝萊德的獨立賬戶和近 650 個集合工具中選擇如何通過我們自己的指數功能對他們擁有的公司的股票進行投票。

Nearly half of our clients' index equity assets under management are now eligible. This includes all public and private pension plans we manage in the United States as well as retirement plans serving more than 60 million people around the world. And in just the last 6 months, the number of index equity clients yearly committed to Voting Choice has more than doubled. We are also working to expand this capability to individual investors in markets like the United Kingdom and in funds where it's possible.

我們客戶管理的近一半指數股票資產現在符合條件。這包括我們在美國管理的所有公共和私人養老金計劃，以及為全球超過 6000 萬人提供服務的退休計劃。僅在過去 6 個月中，每年承諾參與 Voting Choice 的指數股票客戶數量就翻了一番多。我們還在努力將這種能力擴展到英國等市場的個人投資者以及可能的基金領域。

The majority of BlackRock's clients are investing to finance retirement, and BlackRock has been in the forefront of innovation and advocacy for retirement solutions throughout our entire history. We recently made a minority investment in Human Interest, which is helping small and medium-sized businesses provide affordable, accessible retirement plans to their employees so more Americans can serve and save for a secured financial future. We believe Human Interest's vision aligns closely with BlackRock's mission of helping more people experience financial well-being by making retirement plans accessible to more Americans.

貝萊德的大多數客戶都在投資退休金，在我們的整個歷史中，貝萊德一直處於退休解決方案創新和倡導的前沿。我們最近對 Human Interest 進行了少數投資，該項目正在幫助中小型企業為其員工提供負擔得起、易於獲得的退休計劃，以便更多的美國人能夠為有保障的財務未來服務和儲蓄。我們相信 Human Interest 的願景與貝萊德的使命密切相關，即通過讓更多美國人獲得退休計劃來幫助更多人體驗財務福祉。

We've always believed in being agile in how we manage BlackRock. That is how we built our industry-leading position and generated value for shareholders over the long run. The uncertainty and the opportunity around us makes it even more important that we stay in front of the changes in the market and focus on delivering for each and every client. To extend our market leadership, we must invest in our people, invest in our platform for the long term by allocating resources where they are needed most in ways that are cost-effective and support our ability to scale.

我們一直相信在我們管理貝萊德的方式上要靈活。這就是我們建立行業領先地位並為股東創造長期價值的方式。我們周圍的不確定性和機遇使我們站在市場變化的前沿並專注於為每一位客戶提供服務變得更加重要。為了擴大我們的市場領導地位，我們必須投資於我們的員工，通過以具有成本效益和支持我們擴展能力的方式將資源分配到最需要的地方來長期投資於我們的平台。

As Gary mentioned, our restructuring effort resulted in a number of valued colleagues and friends leaving the firm. We greatly appreciate the contributions they have made to BlackRock and wish them the best for them. BlackRock remains a growth company. Even with this restructuring, our head count will still be 6% higher than a year ago. Looking ahead, we have deep conviction in our strategy and ability to execute with scale and with expense discipline.

正如 Gary 提到的，我們的重組工作導致許多重要的同事和朋友離開了公司。我們非常感謝他們為貝萊德所做的貢獻，並祝愿他們一切順利。貝萊德仍然是一家成長型公司。即使進行了此次重組，我們的員工人數仍將比一年前增加 6%。展望未來，我們對我們的戰略和執行規模和費用紀律的能力深信不疑。

We are honored that our clients have entrusted us with over $300 billion of net assets in 2022. We see similar clients' needs reshaping and shaping the opportunity set for 2023, be it a large insurance company seeking outsourced partnership with scale and expertise, pension funds looking for attractive yields and less duration and credit risk, or financial advisers using our models and iShares to build better portfolios to meet the challenges -- the long-term challenges of our clients.

我們很榮幸我們的客戶在 2022 年委託給我們超過 3000 億美元的淨資產。我們看到類似客戶的需求正在重塑和塑造 2023 年的機遇，無論是尋求具有規模和專業知識的外包合作夥伴關係的大型保險公司、養老基金尋找有吸引力的收益率和更短的期限和信用風險，或者財務顧問使用我們的模型和 iShares 來建立更好的投資組合來應對挑戰——我們客戶的長期挑戰。

The investments we have made over the years have also positioned us to capture emerging opportunities and bond ETFs, huge opportunities in the re-buildout of infrastructure in the United States and the world and opportunities in transition finance, our momentum in Aladdin has never been stronger and our advisory capabilities continue to play a critical role in our dialogue with clients.

我們多年來所做的投資也使我們能夠抓住新興機會和債券 ETF、美國和世界基礎設施重建的巨大機會以及轉型金融的機會，我們在阿拉丁的勢頭從未如此強勁我們的諮詢能力繼續在我們與客戶的對話中發揮關鍵作用。

I've spoken frequently over the years about the need for CEOs to effectively articulate the value their companies deliver to shareholders, clients, employees and other stakeholders. Similarly, as the CEO of BlackRock, I have a responsibility to articulate the BlackRock story, and it has never been more critical to do that than now.

多年來，我經常談到 CEO 需要有效地闡明他們的公司為股東、客戶、員工和其他利益相關者提供的價值。同樣，作為 BlackRock 的首席執行官，我有責任闡明 BlackRock 的故事，而這從來沒有像現在這樣重要。

Over the past year, BlackRock has been the subject of a great deal of political and media discourse. It is my duty to address the questions being asked of us, a responsibility that I take very seriously. Some of these people have suggested we are either too progressive, some of them suggested we're too conservative in how we manage our clients' money.

在過去的一年裡，貝萊德一直是大量政治和媒體討論的主題。我有責任回答向我們提出的問題，我非常認真地對待這一責任。其中一些人認為我們要么過於進步，另一些人則認為我們在管理客戶資金方面過於保守。

I'm going to just tell everybody, we're neither. We're a fiduciary. We put our clients' returns first. We offer every client investment choices and then pursue their objectives that they choose and the performance they seek. I want to make it clear to our clients, our shareholders and all our stakeholders that we will be determined in pursuing the outcomes that our clients desire.

我要告訴大家，我們都不是。我們是受託人。我們把客戶的回報放在首位。我們為每一位客戶提供投資選擇，然後追求他們選擇的目標和追求的績效。我想向我們的客戶、我們的股東和所有利益相關者表明，我們將決心追求客戶期望的結果。

This steadfast focus has not only enabled us to deliver for clients but also to drive growth for each and every one of our shareholders. Since our IPO in 1999, BlackRock has delivered a 7,700% total return to our shareholders. And this is the strongest return of a financial services company in the S&P 500 over that period.

這種堅定的專注不僅使我們能夠為客戶提供服務，而且還能推動我們每一位股東的成長。自 1999 年首次公開募股以來，貝萊德已為股東提供了 7,700% 的總回報率。這是同期標準普爾 500 指數中金融服務公司的最高回報。

I thank BlackRock employees for the commitment to upholding our culture and living every day our purpose. They're always striving to better serve each other and each of our clients and finding new and innovative ways to be helping our stakeholders achieve a financial well-being.

我感謝貝萊德員工致力於維護我們的文化並每天踐行我們的目標。他們一直努力更好地為彼此和我們的每一位客戶服務，並尋找新的和創新的方式來幫助我們的利益相關者實現財務福祉。

I really do want to call out and thank Gary once more for his last earnings call. He's been a friend way beyond his term at BlackRock. He's been an adviser. Sometimes, he's been tough. Sometimes, he's been lovely. And he -- but Gary has been an important part of driving our growth over these last 10 years and driving the success of our share price for our shareholders. I am thrilled personally and professionally he will continue to be with us at BlackRock as a Vice Chairman. And I look forward to having Martin Small join us as the CFO for our next call in April.

我真的很想再次感謝加里的最後一次財報電話會議。他在 BlackRock 任職期間一直是朋友。他當過顧問。有時，他很堅強。有時候，他很可愛。他 - 但加里在過去 10 年中一直是推動我們增長並為股東推動我們股價成功的重要組成部分。我個人和專業上都很高興他將繼續在貝萊德擔任副董事長。我期待著 Martin Small 作為首席財務官加入我們，參加我們 4 月份的下一次電話會議。

Thank you, everyone, and let's open it up for questions.

謝謝大家，讓我們打開它來提問。

(Operator Instructions) We'll take our first question from Daniel Fannon with Jefferies.

（操作員說明）我們將從 Daniel Fannon 和 Jefferies 那裡回答我們的第一個問題。

I wanted to follow up on your comments around asset allocation. And thinking about conversations you're having with clients here into 2023. Clearly, fixed income is an area that you've talked about. Can you talk about -- do you need to see rates peak before you start to see that demand? Are you seeing it now? And then also what other kind of assets outside of fixed income or products that you see really incremental demand as we think about this year?

我想跟進您對資產配置的評論。並考慮到 2023 年您與客戶的對話。顯然，固定收益是您談到的一個領域。你能談談——在你開始看到需求之前你需要看到利率峰值嗎？你現在看到了嗎？然後，除了固定收益或產品之外，還有哪些其他類型的資產是我們今年考慮的真正增加需求的資產？

Rob?

搶？

I think I'll take that one, Dan. Rob Kapito here. Clients have, as you know, experienced a very difficult market in 2022. There were joint double-digit declines across both global equities and bonds. I don't think we have to wait to actually call rates, where they're going to top or not, to know that the traditional 60-40 portfolio has been challenged.

我想我會接受那個，丹。羅伯·卡皮託在這裡。如您所知，客戶在 2022 年經歷了非常艱難的市場。全球股票和債券均出現兩位數的聯合跌幅。我認為我們不必等到實際調用利率時，無論它們是否達到頂峰，都知道傳統的 60-40 投資組合受到了挑戰。

And right now, they need a partner to help them rethink their allocations, which are going to have to be much more nimble because of the change in market structure and specifically how each asset class is going to be managed. We find that they are turning to BlackRock more and more for both insights and solutions.

而現在，他們需要一個合作夥伴來幫助他們重新考慮他們的分配，由於市場結構的變化，特別是每個資產類別的管理方式的變化，這些分配必須更加靈活。我們發現他們越來越多地轉向貝萊德尋求見解和解決方案。

And the 3 areas that are more common are inflation protection because of the uncertainty of where rates are going to go. They're looking for income both from the products they have and from cash, and they're looking at how to navigate the private markets, which continue to grow in size. We have built, over the years, a platform that is allowing us to address these client needs both in good markets and in bad ones. And I think the results that Larry described in 2022 demonstrate how we have been able to participate significantly for our clients.

更常見的 3 個領域是通脹保護，因為利率走向的不確定性。他們正在從他們擁有的產品和現金中尋找收入，他們正在研究如何駕馭規模不斷擴大的私人市場。多年來，我們已經建立了一個平台，使我們能夠在好的市場和壞的市場中滿足這些客戶的需求。我認為拉里在 2022 年描述的結果證明了我們如何能夠為我們的客戶顯著參與。

But now to answer your question even more directly, we see a lot of tailwinds that I think are going to support our growth trajectory into 2023.

但現在更直接地回答你的問題，我們看到了很多順風，我認為這些順風將支持我們到 2023 年的增長軌跡。

The first one is certainly fixed income because, for the first time in years, insurers and pension funds can actually earn very attractive yields without taking much duration or credit risk. And our $2.5 trillion fixed income platform is strong, the performance across our flagship franchises are excellent, and we are well positioned to help clients add back to their allocations as the rate environment stabilizes.

第一個當然是固定收益，因為保險公司和養老基金多年來第一次實際上可以在不承擔太多期限或信用風險的情況下獲得非常有吸引力的收益率。我們 2.5 萬億美元的固定收益平台很強大，我們旗艦特許經營權的表現非常出色，我們有能力幫助客戶在利率環境穩定時增加他們的配置。

So our fixed income teams, both in active and in passive, are ready. A lot of that will come through ETFs. And we expect that the industry is going to reach $15 trillion in the next few years with iShares leading the growth as it did in 2022. Whether it's through fixed income, core or precision, we have the most diversified lineup of ETFs. And as you know, in the U.S., ETFs only represent 2.3% of the bond market. So we have a lot of runway here.

所以我們的固定收益團隊，無論是主動的還是被動的，都準備好了。其中很多將通過 ETF 實現。我們預計該行業在未來幾年將達到 15 萬億美元，iShares 將像 2022 年一樣引領增長。無論是通過固定收益、核心還是精準，我們擁有最多元化的 ETF 陣容。如您所知，在美國，ETF 僅佔債券市場的 2.3%。所以我們這裡有很多跑道。

On the private market side, I would emphasize infrastructure and private credit. And one of the largest opportunities will be in renewable infrastructure, and that will benefit even more from the [Infrastructure] Reduction Act that has been passed in the U.S. And an example Larry gave in his remarks was the recently announced infrastructure JV with AT&T called Gigapower, which is an example of this momentum which we think there will be many other JVs available to us with other companies in renewable infrastructure. And private credit continues to expand as public financing retreats and more companies seek capital.

在私人市場方面，我會強調基礎設施和私人信貸。最大的機會之一將是可再生基礎設施，這將從美國通過的[基礎設施]削減法案中受益更多。拉里在他的講話中舉了一個例子，就是最近宣布與 AT&T 的基礎設施合資企業 Gigapower ，這是這種勢頭的一個例子，我們認為我們可以與可再生基礎設施中的其他公司建立許多其他合資企業。隨著公共融資撤退和更多公司尋求資金，私人信貸繼續擴張。

And there are a couple of others that I think should be highlighted especially as growth areas for BlackRock. One is outsourcing. And we have seen this trend over the last several years. And our recent successes with significant-sized mandates are going to position us well to execute on a strong 2023 pipeline.

我認為還有其他幾個領域應該特別強調，作為貝萊德的增長領域。一是外包。我們在過去幾年中看到了這種趨勢。我們最近在大規模授權方面取得的成功將使我們能夠很好地執行強大的 2023 年管道。

One that has been overlooked is models. There is a shift in wealth management from individual stock fund selection to a whole portfolio-based approach, and that is accelerating demand for models. More importantly, BlackRock managed models are only a fraction of the opportunity. The biggest growth potential comes from other model managers using iShares and other index products as building blocks in very large size in their asset allocation.

一個被忽視的是模型。財富管理正在從個股基金選擇轉變為基於整個投資組合的方法，這正在加速對模型的需求。更重要的是，貝萊德管理的模型只是機會的一小部分。最大的增長潛力來自其他模型經理，他們在資產配置中使用 iShares 和其他指數產品作為構建塊，規模非常大。

And then of course lastly is Aladdin, because you know that, in periods of market volatility, it has historically increased the importance of Aladdin to our clients, as we saw in our record net sales in 2022. So all of these position us for continued growth in the years ahead.

最後當然是阿拉丁，因為你知道，在市場波動時期，從歷史上看，它增加了阿拉丁對我們客戶的重要性，正如我們在 2022 年創紀錄的淨銷售額中所看到的那樣。因此，所有這些都使我們能夠繼續未來幾年的增長。

Our next question comes from Alex Blostein with Goldman Sachs.

我們的下一個問題來自高盛的 Alex Blostein。

Gary, congrats again on your next move. And maybe in the spirit of this being your last CFO earnings call, we'll get an expense question in there.

加里，再次祝賀你的下一步行動。也許本著這是您最後一次 CFO 財報電話會議的精神，我們會在那裡提出費用問題。

So I heard you on the core G&A guide, mid- to high single digits for 2023. Maybe help us frame sort of the market conditions that this guide contemplates. And I guess, how are you thinking about the expense base more broadly, including compensation, compensation rate, things like that for the year?

因此，我在核心 G&A 指南中聽到了您的意見，即 2023 年的中高個位數。也許可以幫助我們構建本指南所考慮的市場條件。我想，你如何更廣泛地考慮費用基礎，包括薪酬、薪酬率，以及當年的費用？

Thanks, Alex. So maybe just some context, right? And I think we've spent the last couple of calls talking about our philosophy of really trying to drive organic growth because we know that, that is obviously a critical driver of our P/E multiple. And I think we are also mindful that we come through these periods of volatility generally better positioned than our competitors because of our diversified model that gives us the ability to continue to invest going forward when others simply can't do it.

謝謝，亞歷克斯。所以也許只是一些背景，對吧？而且我認為我們在過去的幾個電話中討論了我們真正努力推動有機增長的理念，因為我們知道，這顯然是我們市盈率倍數的關鍵驅動因素。而且我認為我們也注意到，我們經歷了這些波動時期，通常比我們的競爭對手處於更好的位置，因為我們的多元化模式使我們能夠在其他人根本無法做到的情況下繼續投資。

And I think as we've talked about this, that there's this conundrum, right? Which is, on the one hand, we know that our P/E multiple is driven by growth; and on the other hand, just understanding that, in the context of the overall market, our revenue run rate is down, and there is a little bit of a misalignment between our expense base and our revenue capture rate versus where it was a couple of years ago.

而且我認為，正如我們所討論的那樣，存在這個難題，對嗎？也就是說，一方面，我們知道我們的市盈率倍數是由增長驅動的；另一方面，只要了解，在整個市場的背景下，我們的收入運行率下降了，我們的費用基礎和我們的收入捕獲率與之前的幾個相比有一點不一致幾年前。

But I think as we saw coming out of the pandemic, we continued to invest in our business, and that resulted ultimately in the 2 best years in BlackRock's history in 2021. And in 2022, we've once again delivered by generating over $300 billion of net inflows while most of the industry has been in outflow. So our challenge today really remains to ensure that we can continue to invest in our highest-growth opportunities. And we're obviously committed to doing that by trying to relentlessly reallocate resources across the organization.

但我認為，隨著我們看到大流行病的結束，我們繼續投資於我們的業務，最終在 2021 年創造了貝萊德歷史上最好的兩年。到 2022 年，我們再次創造了超過 3000 億美元的收入淨流入，而大部分行業一直在流出。因此，我們今天的挑戰實際上仍然是確保我們能夠繼續投資於我們增長最快的機會。我們顯然致力於通過在整個組織內不懈地重新分配資源來做到這一點。

We obviously don't go into a year predicated on any beta assumptions. We try to take beta out of it. I think Rob Kapito did an amazing job of explaining where we think most of the growth potential are on the revenue side. And so it's with that in mind that, in July, we really began to more aggressively manage the pace of our hiring and our discretionary spend, and more recently, determined to effect a broader restructuring of the size and the shape of the workforce, to really free up that investment capacity to ensure that we can continue to basically drive our most important growth initiatives and obviously create opportunities for our talent to develop and prosper. So I think you've seen that and we talked about that.

我們顯然不會根據任何貝塔假設進入一年。我們試圖從中取出測試版。我認為 Rob Kapito 在解釋我們認為大部分增長潛力在收入方面的地方做得非常出色。因此，考慮到這一點，我們在 7 月份真正開始更積極地管理我們的招聘和可自由支配支出的步伐，最近，我們決定對勞動力的規模和結構進行更廣泛的重組，以真正釋放投資能力，以確保我們能夠從根本上繼續推動我們最重要的增長計劃，並顯然為我們的人才創造發展和繁榮的機會。所以我想你已經看到了，我們也討論過。

For next year, we expect our headcount will be broadly flat. We are going to continue to optimize our talent pyramid and grow our footprint in iHub innovation centers globally, in the U.S., EMEA and APAC. And as I mentioned, we would expect a mid- to high single-digit increase in our core G&A expense. That's coming off a lower base because, as you know, we initially had given you guys 13% to 15% increase. We actually came in closer to 11%, so we'll be growing off a lower base. And that will continue to be driven by the variety of things that I mentioned on the call: Hudson Yards; technology to scale ops; and obviously the annualization of a number of expenses, including our Aladdin cloud migration costs.

對於明年，我們預計我們的員工人數將基本持平。我們將繼續優化我們的人才金字塔，擴大我們在全球、美國、EMEA 和亞太地區的 iHub 創新中心的足跡。正如我所提到的，我們預計我們的核心 G&A 費用將出現中高個位數增長。這是基於較低的基數，因為如您所知，我們最初給你們增加了 13% 到 15%。我們實際上接近 11%，因此我們的增長基數較低。這將繼續受到我在電話會議上提到的各種事情的推動：哈德遜城市廣場；擴展操作的技術；顯然還有一些費用的年化，包括我們的 Aladdin 雲遷移成本。

But I really want to remind everyone that our highest-margin business is beta. And obviously, we've seen that both on the way up and we also see it on the way down. And as markets hopefully recover, we are very confident to see -- to say that our revenue growth over the long term should meaningfully outpace our growth in any of these discretionary expense items and ultimately be accretive to our operating margin.

但我真的要提醒大家，我們利潤率最高的業務是測試版。顯然，我們在上升的過程中看到了這一點，在下降的過程中也看到了這一點。隨著市場有望復蘇，我們非常有信心看到——我們的長期收入增長應該顯著超過我們在任何這些可自由支配費用項目中的增長，並最終增加我們的營業利潤率。

We'll take our next question from Michael Cyprys with Morgan Stanley.

我們將從摩根士丹利的 Michael Cyprys 那裡回答下一個問題。

And Gary, congratulations on an amazing 10-year run as CFO. I wish you all the best in your new role.

加里，恭喜你擔任首席財務官 10 年，表現出色。祝你在新角色中一切順利。

Just a question on Aladdin. Hoping you could unpack a bit of the strength that you're seeing in Aladdin with the record wins, and how are you thinking about extending the platform to other use cases and verticals, and how you're thinking about the drivers of growth over the next several years.

只是一個關於阿拉丁的問題。希望你能通過創紀錄的勝利來展現你在阿拉丁中看到的力量，你如何考慮將平台擴展到其他用例和垂直領域，以及你如何考慮增長的驅動因素接下來的幾年。

We have been incredibly focused in broadening the capabilities of Aladdin. As you know, over the last 10 years, whether it's Aladdin Provider or the work we are doing related to the trading platforms. So on top of that, Aladdin Accounting, using Aladdin for private markets through eFront. And then I would say probably a little more interesting directions is using Aladdin for whole portfolio reviews and views. All of this is just leading to more and more conversations.

我們一直非常專注於擴展阿拉丁的功能。如您所知，在過去的 10 年中，無論是 Aladdin Provider 還是我們所做的與交易平台相關的工作。因此，最重要的是，Aladdin Accounting 通過 eFront 將 Aladdin 用於私人市場。然後我想說可能更有趣的方向是使用 Aladdin 進行整個投資組合審查和觀點。所有這一切只會導致越來越多的對話。

On top of that, as we built up deeper and deeper expertise in different products, the clients who have historically hired us years ago, who are only, let's say in a fixed income platform, are now looking at Aladdin across privates, across equities, across other areas. So let's be clear. A lot of the growth is with existing clients, but also a lot of growth is now with the new clients.

最重要的是，隨著我們在不同產品上積累越來越深的專業知識，多年前僱用我們的客戶，比方說在固定收益平台上，現在正在關注阿拉丁的私人、股票、跨越其他領域。所以讓我們說清楚。很多增長來自現有客戶，但現在也有很多增長來自新客戶。

So we're not only just seeing clients in the old geographic footprint. We're seeing new clients expanding geographically. More and more clients flows now in Europe, much more in the Middle East. We won our first client in Africa. Over the years, we've become one of the leading technology platform for the pension fund community in South America and Mexico.

因此，我們不僅看到舊地理足跡中的客戶。我們看到新客戶在地域上不斷擴大。現在越來越多的客戶流向歐洲，更多的是流向中東。我們在非洲贏得了第一個客戶。多年來，我們已成為南美和墨西哥養老基金社區的領先技術平台之一。

So Aladdin is becoming one of the key enterprise components of the ecosystem in various parts of the world. And I do believe when you have market shocks, when you have dislocations and volatility, it truly underscores the need for a more fulsome connected enterprise operation.

因此，阿拉丁正在成為世界各地生態系統的關鍵企業組成部分之一。而且我確實相信，當你遇到市場衝擊、混亂和波動時，它確實強調了對更全面的互聯企業運營的需求。

Historically, people thought of Aladdin as risk management. Most people are not hiring Aladdin for risk management as much as its flow-through enterprise operating system. Having that connection with the custodial bank, having the ability to have accounting, having a whole portfolio analysis and helping them truly drive a whole-portfolio analytical understanding.

歷史上，人們將阿拉丁視為風險管理。大多數人聘請阿拉丁的目的不是為了風險管理，而是為了它的流通企業操作系統。與託管銀行建立聯繫，能夠進行會計核算，進行整體投資組合分析，並幫助他們真正推動對整體投資組合的分析理解。

And so all of this is just leading to more and more opportunities. Whether it's a focus on sustainability or a focus on operations or focusing on, again, risk management, Aladdin is just very well positioned to meet the needs of the clients, and we're more focused than ever on enhancing the Aladdin value proposition.

因此，所有這一切只會帶來越來越多的機會。無論是關注可持續性、關注運營還是關注風險管理，Aladdin 都能很好地滿足客戶的需求，我們比以往任何時候都更加專注於提升 Aladdin 的價值主張。

Let's be clear, in declining markets, clients are worried about their expenses. And yet, what we proved in '22 with declining expenses, Aladdin Enterprise system can actually lower expenses in a holistic way. And so what we're trying to do is show the true ability to clients worldwide about how can Aladdin be a component to drive greater and greater success in terms of operational success, investment success. But over time, Aladdin can drive down expenses, too, for any operation.

讓我們明確一點，在市場下滑的情況下，客戶擔心他們的開支。然而，我們在 22 年通過降低開支證明，Aladdin Enterprise 系統實際上可以全面降低開支。因此，我們正在努力做的是向全球客戶展示真正的能力，讓他們了解阿拉丁如何成為在運營成功、投資成功方面推動越來越大成功的一個組成部分。但隨著時間的推移，阿拉丁也可以降低任何手術的費用。

We'll move to our next question with Craig Siegenthaler with Bank of America.

我們將與美國銀行的 Craig Siegenthaler 一起討論下一個問題。

Gary, thanks for your help over the last 9 years. I'm sure you're going to really miss these quarterly earnings calls.

加里，感謝你在過去 9 年的幫助。我敢肯定你真的會錯過這些季度財報電話會議。

I could tell you, he's going to be sulking.

我可以告訴你，他會生悶氣的。

I'll miss you, Craig.

我會想念你的，克雷格。

So just a follow-up to Rob's comments on the first question for the potential for fixed income rebalancing. Do you think passive will win the majority of inflows, like we've seen in equities for the last decade? Or do you think active will grab a healthy split of share, as we've seen in fixed income really up until just this last year?

所以只是對 Rob 關於固定收益再平衡潛力的第一個問題的評論的後續行動。您是否認為被動會贏得大部分資金流入，就像我們在過去十年的股票中看到的那樣？還是您認為主動將獲得健康的份額分配，正如我們在固定收益中看到的那樣，直到去年才真正出現？

Great question. So the majority of investors in fixed income ETFs are not passive. They're active. We've been talking about this -- actually began talking about this in 2012, where we believe the simplicity, the liquidity, the operational abilities to use fixed income ETFs to get your factor exposures, the duration, the convexity, the credit exposures you're looking for, you could do that through investing in these index instruments. But you're certainly not passively navigating or managing them.

很好的問題。因此，固定收益 ETF 的大多數投資者並不是被動的。他們很活躍。我們一直在談論這個——實際上是在 2012 年開始談論這個，我們相信使用固定收益 ETF 的簡單性、流動性和操作能力來獲得你的因子敞口、持續時間、凸性、你的信用敞口正在尋找，您可以通過投資這些指數工具來做到這一點。但您肯定不會被動地導航或管理它們。

And I truly believe, what we saw in 2022, movements out of mutual fund into ETFs, provides much greater precision expertise to manage your fixed income exposures through ETFs. And I believe this is going to become one of the most important transformations in the entire capital markets, that more and more bond exposures are going to be utilized through ETF purchases.

我真的相信，我們在 2022 年看到的，從共同基金轉向 ETF，提供了更精確的專業知識，可以通過 ETF 管理您的固定收益敞口。我相信這將成為整個資本市場最重要的轉變之一，越來越多的債券敞口將通過購買 ETF 來利用。

And it is not passive, it is highly active, and that's where people get confused because they think about ETFs as a passive instrument, both bonds and stock. And what we have been trying to identify over the years, and now most certainly, we saw that in 2022 in bonds, that is far from a passive instrument. It is an index liquid investment to allow you to get your exposures that you're seeking, and you're able to navigate those exposures.

它不是被動的，而是高度主動的，這就是人們感到困惑的地方，因為他們認為 ETF 是一種被動的工具，包括債券和股票。多年來我們一直試圖確定的是，現在可以肯定的是，我們在 2022 年看到債券遠非被動工具。這是一種指數流動性投資，可讓您獲得您正在尋找的風險敞口，並且您能夠駕馭這些風險敞口。

Look, I believe in how investors are going to use it. They're going to use it side-by-side with their true active bond investing. So I'm not trying to suggest bond active investing, buying individual bonds is going away, it's not. But for the bulk of most fixed income portfolios, you do not need to have all individual bonds. You can express a large component of that through ETFs. And then if you have the great credit expertise, mortgage expertise, where you could really find true value in individual bonds, you're going to do that. But let's be clear, most organizations can't do that in totality in their entire fixed income universe.

看，我相信投資者將如何使用它。他們將把它與他們真正積極的債券投資並排使用。所以我並不是要建議債券主動投資，購買個人債券正在消失，事實並非如此。但對於大多數固定收益投資組合的大部分，您不需要擁有所有單獨的債券。您可以通過 ETF 表達其中的很大一部分。然後，如果你擁有出色的信貸專業知識、抵押貸款專業知識，在那裡你可以真正找到個人債券的真正價值，你就會這樣做。但我們要明確一點，大多數組織無法在其整個固定收益領域完全做到這一點。

And so I believe ETFs are going to continue to grow, especially in fixed income. Rob talked about how we believe this is the beginning of a major expansion of bond ETFs as a component of the entire bond market. And we believe this is going to simplify investing. It's going to make investing in bonds easier with more liquidity, and it's going to be cheaper. And I believe this is only the beginning. Using index-like instruments like bond ETFs to actively invest, to actively express your exposures that you're seeking, alongside, side-by-side, in individual bond selections. And we are seeing that with every, if not all -- but I'm going to say every active bond investor is now using ETF as a component of their active expression of exposures.

因此，我相信 ETF 將繼續增長，尤其是在固定收益方面。 Rob 談到我們如何相信這是債券 ETF 作為整個債券市場的一個組成部分的重大擴張的開始。我們相信這將簡化投資。隨著流動性的增加，債券投資將變得更加容易，而且會變得更便宜。我相信這僅僅是個開始。使用債券 ETF 等類似指數的工具進行積極投資，積極表達您在個別債券選擇中尋求的風險敞口。我們在每一個（如果不是全部）中都看到了這一點——但我要說的是，每個活躍的債券投資者現在都在使用 ETF 作為他們積極表達風險敞口的一個組成部分。

I would just add, Craig, one thing, is I believe we are going into a period of time in fixed income where you can add alpha in your individual bond selection or where you are on the curve. And you can do it through both active and passive, as Larry is saying, but it will all come down to the ability to add alpha.

我只想補充一點，克雷格，有一件事，我相信我們將進入固定收益的一段時間，您可以在您的個人債券選擇或曲線上的位置添加阿爾法。正如拉里所說，你可以通過主動和被動來做到這一點，但這一切都歸結為增加 alpha 的能力。

I can give you an example now in the short end of the curve, which a year ago was very low-yielding. Today, we can find opportunities to earn a 5.5% to 6% in a very short duration. So that is going to be active. So it is a combination of both, but it will depend on where our clients can find the most alpha to determine the split between both ETFs, index and active as you call active.

我現在可以給你一個曲線短端的例子，一年前它的收益率非常低。今天，我們可以找到機會在很短的時間內賺取 5.5% 到 6% 的收益。所以這將是活躍的。所以它是兩者的結合，但這將取決於我們的客戶在哪裡可以找到最大的 alpha 來確定 ETF、指數和活躍的 ETF 之間的分配，你稱之為活躍。

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, operator. I want to thank everybody for joining this morning and for your continued interest in BlackRock. Our fourth quarter and full year performance is a direct result of our commitment in serving our clients, each and every one individually, providing them choice and helping them through guidance with our fiduciary standards that help them evolve and build their needs for the long term.

我知道，接線員。我要感謝大家今天早上的加入以及你們對貝萊德的持續關注。我們第四季度和全年的業績是我們致力於為每一位客戶提供服務的直接結果，為他們提供選擇，並通過我們的信託標準指導幫助他們，幫助他們發展和建立他們的長期需求。

I'm incredibly excited about 2023 and the opportunities ahead of us. And I believe BlackRock is in a position unlike any other time in our history. I want to thank all of you. And everyone, please have a great start to our new year.

我對 2023 年和我們面前的機遇感到無比興奮。而且我相信貝萊德處於我們歷史上任何其他時期都不同的位置。我要感謝你們所有人。大家，祝我們新的一年有個美好的開始。

This concludes today's teleconference. You may now disconnect, and have a great day.

今天的電話會議到此結束。你現在可以斷開連接，祝你有美好的一天。