貝萊德 (BLK) 2023 Q1 法說會逐字稿

Good morning. My name is Jess, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the BlackRock, Inc., First Quarter 2023 Earnings Teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions) Thank you. Mr. Meade, you may begin your conference.

早上好。我叫 Jess，今天我將擔任你們的會議主持人。此時，我想歡迎大家參加貝萊德公司 2023 年第一季度收益電話會議。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 Martin S. Small；總裁 Robert S. Kapito；總法律顧問 Christopher J. Meade。 （操作員說明）謝謝。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. 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 the statements.

大家，早安。我是克里斯米德，貝萊德的總法律顧問。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聲明有所不同。

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 say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements. So with that, I'll turn it over to Martin.

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。因此，我將把它交給馬丁。

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the first quarter of 2023. Before I turn it over to Larry, I'll review our financial performance and business results. Our earnings release discloses both GAAP and as-adjusted financial results. I'll be focusing primarily on our as-adjusted results.

謝謝，克里斯，大家早上好。我很高興介紹 2023 年第一季度的業績。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。我們的收益發布披露了 GAAP 和調整後的財務業績。我將主要關注我們調整後的結果。

Beginning in the first quarter of 2023, we updated our definitions of as adjusted operating income, operating margin, nonoperating income and net income -- they now exclude the compensation expense impact of mark-to-market volatility associated with certain deferred cash compensation plans and the nonoperating impact of an economic hedge, which the company began in 2023. We believe this change provides investors and management with a more useful understanding of our core financial performance over time and increases comparability with other asset management companies.

從 2023 年第一季度開始，我們更新了調整後營業收入、營業利潤率、營業外收入和淨收入的定義——它們現在不包括與某些遞延現金補償計劃相關的按市值計價波動的補償費用影響，以及公司於 2023 年開始的經濟對沖的非運營影響。我們認為，這一變化使投資者和管理層對我們的核心財務業績隨著時間的推移有了更有益的了解，並提高了與其他資產管理公司的可比性。

BlackRock regularly reviews our disclosures with the goal of providing helpful information to our investors and streamlining where appropriate. To this end, we also simplified our disclosure of distribution revenue and expense beginning in the first quarter. I'm excited to be presenting for the first time as CFO. As many of you know, most of my first 17 years at BlackRock were spent in client-facing roles. And I can tell you firsthand, BlackRock was built for clients.

貝萊德定期審查我們的披露，目的是為我們的投資者提供有用的信息並在適當的時候進行精簡。為此，我們還從第一季度開始簡化了分銷收入和支出的披露。我很高興第一次以首席財務官的身份出席。正如你們許多人所知，我在貝萊德的頭 17 年中的大部分時間都是在面向客戶的角色中度過的。我可以直接告訴你，貝萊德是為客戶而建的。

Financial cracks and economic damage from this rapid rate hiking cycle burst into view over the last few weeks, 20 years of easy money is definitely behind us. The world is adjusting to higher rates and tightening credit conditions. BlackRock's platform has been built over time to help clients in all market environments. Market dislocations present significant opportunities for BlackRock and most importantly, for our clients. Asset management firms connect investors to capital markets, and we see these recent dislocations driving more economic activity and growth to markets.

過去幾週，這種快速加息週期帶來的金融裂縫和經濟損害突顯出來，20 年的輕鬆賺錢肯定已經過去了。世界正在適應更高的利率和收緊的信貸條件。貝萊德的平台隨著時間的推移而建立，以幫助所有市場環境中的客戶。市場錯位為貝萊德，最重要的是，為我們的客戶帶來了重大機遇。資產管理公司將投資者與資本市場聯繫起來，我們看到這些最近的混亂推動了更多的經濟活動和市場增長。

We've spent 35 years creating more access, creating more connections among long-term investors, capital markets and the real economy. We've unlocked new markets through iShares and personalized SMAs. We pioneered unconstrained bond strategies, and we put Aladdin on the desktops of thousands of investors and advisers, leading the industry, leading our clients on this journey with world-class investment capabilities, market insights, advice and technology, that's the center of BlackRock's growth strategy. We're a partner. We have long-term perspective. We have the ability to move quickly in times of stress. We're a whole portfolio adviser, providing end-to-end technology and investment portfolio servicing.

我們花了 35 年時間創造更多機會，在長期投資者、資本市場和實體經濟之間建立更多聯繫。我們通過 iShares 和個性化 SMA 開拓了新市場。我們開創了無約束債券策略，我們將阿拉丁放在成千上萬的投資者和顧問的桌面上，引領行業，以世界一流的投資能力、市場洞察力、建議和技術引領我們的客戶踏上這一旅程，這是貝萊德成長的核心戰略。我們是合作夥伴。我們有長遠的眼光。我們有能力在壓力大的時候迅速行動。我們是一個完整的投資組合顧問，提供端到端的技術和投資組合服務。

Clients use BlackRock as a scale enabler. They use our platform as a service. They use it to streamline and support the growth and commercial nimbleness of their own business. Our unique platform combination of ETFs, advisory, outsourcing technology alongside with active and private markets capabilities, that's what's driving BlackRock's differentiated organic growth.

客戶使用貝萊德作為規模推動者。他們使用我們的平台作為服務。他們使用它來簡化和支持自己業務的增長和商業靈活性。我們獨特的平台結合了 ETF、諮詢、外包技術以及活躍和私人市場的能力，這就是推動貝萊德差異化有機增長的原因。

Whether adding or reducing risk, our continued industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. And in the first quarter, BlackRock generated total net inflows of $110 billion, representing 5% annualized organic asset growth and 1% organic base fee growth.

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都表明客戶正在將更多的投資組合與貝萊德整合。而在第一季度，貝萊德產生了 1100 億美元的總淨流入，相當於 5% 的年化有機資產增長和 1% 的有機基本費用增長。

First quarter revenue of $4.2 billion was 10% lower year-on-year, primarily driven by the impact of significantly lower markets and dollar appreciation over the last 12 months on average AUM as well as lower performance fees.

第一季度收入為 42 億美元，同比下降 10%，這主要是由於過去 12 個月市場大幅走低和美元升值對平均 AUM 以及較低的績效費用的影響。

Operating income of $1.5 billion was down 17%, while earnings per share of $7.93 was lower 17% versus a year ago, also reflecting a higher effective tax rate partially offset by higher nonoperating income.

營業收入為 15 億美元，下降了 17%，而每股收益為 7.93 美元，比一年前下降了 17%，這也反映出較高的有效稅率部分被較高的非營業收入所抵消。

Nonoperating results for the quarter included $60 million of net investment gains driven primarily by mark-to-market gains and the value of our private equity co-investment portfolio and unhedged seed capital investments. Our as-adjusted tax rate for the quarter was approximately 25%. This reflects lower discrete tax benefits related to stock-based compensation awards that vest in the first quarter of each year compared to the first quarter of 2022.

本季度的非經營業績包括 6000 萬美元的淨投資收益，主要由按市值計算的收益以及我們的私募股權共同投資組合和未對沖種子資本投資的價值推動。我們本季度調整後的稅率約為 25%。這反映出與 2022 年第一季度相比，每年第一季度授予的與基於股票的薪酬獎勵相關的離散稅收優惠較低。

We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2023. The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation. First quarter base fees and securities lending revenue of $3.5 billion was down 9% year-over-year. This reflected the negative revenue impact of approximately $800 billion of market beta and foreign exchange movements on our AUM over the last 12 months and was partially offset by the elimination of discretionary money market fund fee waivers and higher securities lending revenue.

我們繼續估計 25% 是 2023 年剩餘時間的合理預計稅率。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。第一季度基本費用和證券借貸收入為 35 億美元，同比下降 9%。這反映了過去 12 個月約 8000 億美元的市場貝塔和外匯變動對我們的 AUM 造成的負面收入影響，並被取消酌情貨幣市場基金費用豁免和更高的證券借貸收入部分抵消。

Sequentially, base fee and securities lending revenue increased 3%, reflecting higher average AUM and securities lending spreads, partially offset by the impact of a lower day count in the first quarter. On an equivalent day count basis, our annualized effective fee rate was modestly lower compared to the fourth quarter, mainly due to changing client risk preferences.

基本費用和證券借貸收入環比增長 3%，反映出較高的平均 AUM 和證券借貸利差，部分被第一季度天數減少的影響所抵消。在同等天數的基礎上，我們的年化有效費率與第四季度相比略有下降，這主要是由於客戶風險偏好的變化。

Performance fees of $55 million decreased from a year ago, primarily reflecting lower revenue from alternatives.

績效費用比一年前減少了 5500 萬美元，主要反映了替代品收入的減少。

In 2022, our Aladdin platform delivered record net sales and we continue to see strong client interest for our technology solutions. Quarterly technology services revenue was approximately flat compared to a year ago, reflecting this continuing strong demand but also significant headwinds associated with the foreign exchange impact on Aladdin's non-dollar revenue and market declines on Aladdin's fixed income platform assets over the last 12 months.

2022 年，我們的 Aladdin 平台實現了創紀錄的淨銷售額，我們繼續看到客戶對我們的技術解決方案的濃厚興趣。與一年前相比，季度技術服務收入大致持平，反映了這種持續強勁的需求，但也反映了過去 12 個月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帶來的重大不利因素。

Sequential Technology Services revenue was impacted by onetime fees in the prior quarter and the timing of implementations. Annual contract value, or ACV, increased 6% year-over-year. We remain committed to low to mid-teens ACV growth over the long term, especially as periods of market volatility have historically underscored the importance of Aladdin and generated increased demand.

順序技術服務收入受到上一季度一次性費用和實施時間的影響。年度合同價值 (ACV) 同比增長 6%。從長期來看，我們仍然致力於實現低至中等的 ACV 增長，尤其是在市場波動時期歷來強調阿拉丁的重要性並產生需求增長的情況下。

Total expense decreased 5% year-over-year, reflecting lower compensation and direct fund expense partially offset by higher G&A expense. Employee compensation and benefit expense was down 6% and primarily reflecting lower incentive compensation due to lower operating income and performance fees.

總費用同比下降 5%，反映出較低的薪酬和直接基金費用被較高的 G&A 費用部分抵消。員工薪酬和福利支出下降了 6%，主要反映了由於營業收入和績效費用減少而導致的激勵薪酬減少。

G&A expense increased 6% due to higher marketing and promotional expense, including the impact of higher T&E expense and higher occupancy expense as a result of our moving to our new headquarters right here in Hudson Yards, New York. Sequentially, G&A expense decreased 10%, primarily reflecting seasonally lower marketing and promotional expense.

由於營銷和促銷費用增加，一般和行政費用增加了 6%，包括由於我們搬到紐約哈德遜城市廣場的新總部而導致的 T&E 費用增加和入住費用增加的影響。 G&A 費用環比下降 10%，主要反映出季節性較低的營銷和促銷費用。

Direct fund expense was down 4% year-over-year, primarily reflecting lower average index AUM. Sequentially, quarterly direct fund expense increased due to higher average index AUM in the current quarter and higher rebates that seasonally occur in the fourth quarter. Our first quarter as-adjusted operating margin of 40.4% was down 380 basis points from a year ago. This primarily reflects the negative impact of markets and foreign exchange movements on quarterly revenue. Although markets have improved since the end of 2022, we will continue to be disciplined in prioritizing our hiring and overall investments with the aim of delivering organic growth and a differentiated operating margin.

直接基金支出同比下降 4%，主要反映了較低的平均指數 AUM。由於本季度平均指數 AUM 較高以及第四季度季節性發生的回扣較高，因此季度直接基金費用有所增加。我們第一季度調整後的營業利潤率為 40.4%，比一年前下降了 380 個基點。這主要反映了市場和外匯變動對季度收入的負面影響。儘管自 2022 年底以來市場有所改善，但我們將繼續保持紀律，優先考慮我們的招聘和整體投資，以實現有機增長和差異化的營業利潤率。

The diversification and the resilience of our platform allow us to pursue critical investments while maintaining focus on expenses in our margin. BlackRock's industry-leading organic growth is a direct result of the disciplined investments we've consistently made through market cycles. Our business is well positioned to take advantage of the opportunities before us, and we remain committed to optimizing organic growth in the most efficient way possible.

我們平台的多元化和彈性使我們能夠進行關鍵投資，同時保持對利潤支出的關注。貝萊德行業領先的有機增長是我們在市場週期中一貫進行的嚴格投資的直接結果。我們的業務已做好充分準備，可以利用擺在我們面前的機遇，並且我們將繼續致力於以盡可能最有效的方式優化有機增長。

In line with our guidance in January, at present, we'd expect our headcount to be broadly flat in 2023, and we'd also expect a mid- to high single-digit percentage increase in 2023 core G&A expense. Our capital management strategy remains, first, to invest in our business and then to return excess cash to shareholders through a combination of dividends and share repurchases.

根據我們 1 月份的指導，目前，我們預計 2023 年我們的員工人數將基本持平，我們還預計 2023 年核心 G&A 費用將出現中高個位數百分比增長。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將多餘的現金返還給股東。

We continue to invest through a prudent use of our balance sheet to best position BlackRock for continued success. This is primarily through seed and co-investments to support organic growth. We will make inorganic investments where we see an opportunity to accelerate growth and support our strategic initiatives.

我們繼續通過審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。這主要是通過種子投資和共同投資來支持有機增長。我們將在我們認為有機會加速增長和支持我們的戰略計劃的地方進行無機投資。

BlackRock's stable and differentiated business model enables us to invest and remain opportunistic. Our acquisition philosophy focuses on extending our product capabilities and our distribution reach. Prior examples of this strategy are the acquisitions of eFront to extend Aladdin's whole portfolio coverage, Aperio to scale direct indexing and First Reserve to enrich energy and infrastructure investing at BlackRock for our clients.

貝萊德穩定和差異化的商業模式使我們能夠投資並保持機會主義。我們的收購理念側重於擴展我們的產品能力和分銷範圍。該戰略的先前示例包括收購 eFront 以擴展 Aladdin 的整個投資組合覆蓋範圍、收購 Aperio 以擴大直接指數化以及收購 First Reserve 以豐富 BlackRock 為我們的客戶進行的能源和基礎設施投資。

As previously announced in January, we increased our quarterly dividend by 2.5% to $5 per share of common stock. We also repurchased $375 million worth of common shares in the first quarter. At present, based on our capital spending plans for the year and subject to market conditions, we still anticipate repurchasing at least 375 million of shares per quarter for the balance of the year, consistent with our previous guidance in January.

正如之前在 1 月份宣布的那樣，我們將季度股息提高 2.5% 至普通股每股 5 美元。我們還在第一季度回購了價值 3.75 億美元的普通股。目前，根據我們全年的資本支出計劃並視市場情況而定，我們仍預計今年餘下時間每季度至少回購 3.75 億股股票，這與我們之前在 1 月份的指引一致。

BlackRock's $110 billion of total net inflows, evidence our strong ongoing connectivity with clients, which only grew as market and liquidity stress events unfolded in the quarter. First quarter ETF net inflows of $22 billion were led by demand for our bond ETFs. This was partially offset by seasonal tax trading and sentiment-driven outflows from U.S. equity style box exposures in precision ETFs.

貝萊德 1,100 億美元的總淨流入證明了我們與客戶的持續緊密聯繫，這種聯繫只會隨著本季度市場和流動性壓力事件的發生而增長。第一季度 ETF 淨流入 220 億美元，主要是由於對我們的債券 ETF 的需求。這部分被季節性稅收交易和市場情緒驅動的美國股票型精確 ETF 敞口的資金流出所抵消。

As we've seen repeatedly in periods of market volatility, investors use iShares to implement tactical asset allocation preferences in their portfolios. Our bond ETFs again delivered for clients and generated $34 billion of net inflows. We've invested for years to support the growth of bond ETFs, both to create a diversified bond ETF platform and to deliver the liquidity and price transparency our clients expect, especially during periods of market volatility.

正如我們在市場波動時期反复看到的那樣，投資者使用 iShares 在其投資組合中實施戰術資產配置偏好。我們的債券 ETF 再次為客戶交割，產生了 340 億美元的淨流入。多年來，我們一直在投資支持債券 ETF 的發展，既是為了創建多元化的債券 ETF 平台，也是為了提供客戶期望的流動性和價格透明度，尤其是在市場波動期間。

Retail net inflows reflected strength in index SMAs through Aperio and broad-based net inflows into active fixed income.

零售淨流入反映了通過 Aperio 指數 SMA 的強勢以及基礎廣泛的淨流入主動固定收益。

BlackRock's institutional franchise generated $81 billion of net inflows as we continue to partner as a scale enabler, a platform for institutional clients seeking turnkey access to investment expertise, greater customization, industry-leading risk management, technology and investment servicing. Institutional active net inflows of $72 billion were led by multi-asset and fixed income net inflows, which included fundings from several significant outsourcing mandates.

貝萊德的機構特許經營權產生了 810 億美元的淨流入，因為我們繼續作為規模推動者進行合作，這是一個為機構客戶尋求投資專業知識、更好的定制化、行業領先的風險管理、技術和投資服務的平台。機構主動淨流入 720 億美元，主要是多資產和固定收益淨流入，其中包括來自幾項重要外包任務的資金。

Demand for private markets also continued with $4 billion of net inflows, representing 16% annualized organic base fee growth led by private credit and infrastructure.

對私人市場的需求也繼續保持 40 億美元的淨流入，在私人信貸和基礎設施的帶動下，年化基本費用增長 16%。

We continue to source unique deals for our clients through our global network of relationships. They're underpinned by data, analytics and technology. Examples include our agreement to form GigaPower a joint venture with one of our diversified infrastructure funds and AT&T.

我們繼續通過我們的全球關係網絡為我們的客戶尋找獨特的交易。它們以數據、分析和技術為基礎。例子包括我們同意與我們的多元化基礎設施基金之一和 AT&T 組建合資企業 GigaPower。

We have approximately $33 billion of committed capital to deploy for clients in a variety of alternative strategies, and this represents a significant source of future base and performance fees. In aggregate, BlackRock generated approximately $68 billion of active net inflows during the quarter, and we've now generated positive active flows in all but 2 quarters since the beginning of 2019.

我們有大約 330 億美元的承諾資本可以為客戶部署各種替代策略，這是未來基本費用和業績費用的重要來源。總的來說，貝萊德在本季度產生了約 680 億美元的活躍淨流入，自 2019 年初以來，我們現在在除兩個季度外的所有季度都產生了積極的活躍資金流入。

Finally, BlackRock's cash management platform saw $8 billion of net inflows in the first quarter. Flows were driven by surging demand for our cash management solutions in March as clients looked to diversify away from deposits and enhance cash yields. March net inflows offset net redemptions in the first 2 months of the quarter that were primarily due to client-specific activity such as SPAC unwinds.

最後，貝萊德的現金管理平台在第一季度實現了 80 億美元的淨流入。流量是由 3 月份對我們現金管理解決方案的需求激增推動的，因為客戶希望分散存款並提高現金收益率。 3 月份的淨流入抵消了本季度前 2 個月的淨贖回，這主要是由於特定於客戶的活動，例如 SPAC 平倉。

We're actively working with clients on their liquidity management strategies, providing technology, market and operational insights and, of course, delivering a full range of cash management capabilities. BlackRock's first quarter results highlight the benefits of the investments we've made to build a diversified and resilient investment technology platform.

我們積極與客戶合作制定流動性管理策略，提供技術、市場和運營見解，當然，還提供全方位的現金管理能力。貝萊德第一季度的業績凸顯了我們為建立多元化和有彈性的投資技術平台而進行的投資所帶來的好處。

Throughout our history and in its most recent crisis, BlackRock's led by listening to clients. I'm excited about our future and the growing opportunities for BlackRock for our clients, for our employees and our shareholders. And with that, I'll turn it over to Larry.

縱觀我們的歷史和最近的危機，貝萊德一直以傾聽客戶的意見為主導。我對我們的未來以及貝萊德為我們的客戶、員工和股東帶來的越來越多的機會感到興奮。有了這個，我會把它交給拉里。

Thank you, Martin. And congratulations on your first earnings call as CFO. And good morning to everybody. Thank you for joining the call. BlackRock is a source of both stability and optimism for our clients. We are helping them navigate volatility and embed resiliency in their portfolios while also providing insights on the long-term investment opportunities to be had in today's markets.

謝謝你，馬丁。並祝賀你作為首席財務官的第一次財報電話會議。大家早上好。感謝您加入電話會議。貝萊德是我們客戶穩定和樂觀的源泉。我們正在幫助他們駕馭波動並在他們的投資組合中嵌入彈性，同時還提供有關當今市場中長期投資機會的見解。

In 2022, BlackRock generated $307 billion in net new assets and captured over 1/3 of long-term industry flows. Strong momentum continued into 2023, and we once again led the industry with $110 billion of net inflows in the first quarter. The consistency of our results across both good and bad markets across from our clients' confidence in BlackRock's performance, BlackRock's guidance and our fiduciary standards.

2022 年，貝萊德創造了 3070 億美元的淨新資產，並佔據了超過 1/3 的長期行業流量。強勁勢頭持續到 2023 年，我們在第一季度以 1100 億美元的淨流入再次領跑行業。我們的結果在好市場和壞市場上的一致性取決於我們客戶對貝萊德業績的信心、貝萊德的指導和我們的信託標準。

As I wrote in my Chairman's letter last month, recent market volatility and stress in the regional banking sector are the consequences of prolonged periods of aggressive fiscal and monetary policy coming to an end. These policies contribute to a sharp rise in inflation with the Federal Reserve responding with the fastest pace of rate hikes since 2000 -- excuse me, since 1980s.

正如我在上個月主席的信中所寫，最近的市場波動和地區銀行業的壓力是長期激進的財政和貨幣政策即將結束的結果。這些政策導致通貨膨脹急劇上升，美聯儲以自 2000 年以來最快的加息速度做出回應——對不起，自 1980 年代以來。

The cost of these hikes is now materializing, including through shocked to regional banks. Fears of impairment and held-to-maturity portfolios and bank balance sheet and a crisis of confidence in regional banks set off a wave of shutdowns, seizures and regulatory interventions that we haven't seen at this scale in a long time. As these historic events were unfolding, we marked the 35th anniversary of the founding of BlackRock.

這些加息的成本現在正在具體化，包括對區域銀行的衝擊。對減值和持有至到期投資組合和銀行資產負債表的擔憂以及對區域銀行的信心危機引發了一波關閉、沒收和監管干預的浪潮，這是我們很長時間以來從未見過的規模。隨著這些歷史性事件的展開，我們迎來了貝萊德成立 35 週年。

Throughout our history, moments of dislocation and disruption have been inflection points for BlackRock. This is where opportunity arises for both BlackRock and for our clients. From times like this, we have always emerged stronger more differentiated in the industry and much more deeply connected to each and every client.

縱觀我們的歷史，錯位和混亂的時刻一直是貝萊德的轉折點。這就是貝萊德和我們客戶的機會所在。從這樣的時代開始，我們在行業中變得更加強大、更加與眾不同，並且與每一位客戶的聯繫更加緊密。

We founded BlackRock based on our belief in the long-term growth of the capital markets and the importance of being invested in them BlackRock has grown as the role of the capital markets has grown over the past 35 years. I believe the current crisis of confidence in the regional banking sector will ultimately fuel another round of growth in the capital markets.

我們創立貝萊德是基於我們對資本市場長期增長的信念，以及在過去 35 年中隨著資本市場的作用不斷增強，貝萊德對投資於這些市場的重要性也越來越高。我相信當前對區域銀行業的信心危機最終將推動資本市場的新一輪增長。

BlackRock will be an important player, and there are going to be more opportunities for clients as people, companies and countries increasingly turn to markets to finance their retirement, their businesses and the entire economies. BlackRock operates from a position of strength. While others may be consumed by near-term pressures, we are at the forefront of trends and opportunities that will shape our growth as a firm and deliver the best outcomes for our clients.

貝萊德將是一個重要的參與者，隨著個人、公司和國家越來越多地轉向市場為他們的退休、他們的企業和整個經濟提供資金，客戶將會有更多的機會。貝萊德的運營處於強勢地位。雖然其他人可能會被近期壓力所消耗，但我們處於趨勢和機遇的最前沿，這些趨勢和機遇將塑造我們作為一家公司的增長並為我們的客戶提供最佳結果。

The powerful simplicity of our business model is that when we deliver value for our clients. We also create more value for all our shareholders. We have stayed hyper connected with our clients, offering them the first -- the firm's best thinking on what's happening in the markets, anticipating their questions and concerns and acting as their trusted partner and adviser in times of need. Leading with empathy, being at the front foot, putting our collective experience at our clients' disposable moving fast, linking globally, that's BlackRock at our best.

當我們為客戶提供價值時，我們的商業模式非常簡單。我們還為所有股東創造更多價值。我們與客戶保持高度聯繫，首先向他們提供公司對市場上正在發生的事情的最佳思考，預測他們的問題和疑慮，並在需要時充當他們值得信賴的合作夥伴和顧問。以同理心領導，走在前列，將我們的集體經驗用於客戶的一次性快速移動，連接全球，這就是我們最好的貝萊德。

Investors are looking to BlackRock for insights and thought leadership on the economy on markets, on geopolitics and asset allocation. Within the first week following the SVB collapse, we reached thousands of clients, providing them with real-time information and our views on the unfolding events.

投資者正在尋求貝萊德在市場經濟、地緣政治和資產配置方面的見解和思想領導力。在 SVB 倒閉後的第一周內，我們聯繫了數千名客戶，向他們提供實時信息和我們對正在發生的事件的看法。

Our BlackRock Investment Institute has hosted dozens of calls for institutional investors and financial advisers. Senior business leaders and investors at BlackRock have met over 100 CEOs, CIOs, executives and public officials. BlackRock's Financial Markets Advisory group advises financial and official institutions as well as other public and private capital markets participants.

我們的 BlackRock Investment Institute 已為機構投資者和財務顧問舉辦了數十次電話會議。貝萊德的高級商業領袖和投資者會見了 100 多位首席執行官、首席信息官、高管和公職人員。 BlackRock 的金融市場諮詢小組為金融和官方機構以及其他公共和私人資本市場參與者提供建議。

FMA recently was awarded a mandate by the FDIC to advise and support asset dispositions related to SCB and Signature Bank resolutions. We are honored to have been selected and approached this with all of our FMA assignments with a great sense of discretion and a deep, deep sense of responsibility.

FMA 最近獲得 FDIC 的授權，為與 SCB 和 Signature Bank 決議相關的資產處置提供建議和支持。我們很榮幸被選中並以高度的謹慎和深刻的責任感處理我們所有的 FMA 任務。

BlackRock is partnering with clients to navigate immediate concerns around market volatility and liquidity while also staying focused on their long-term goals. Through this connectivity, we're having richer conversations with clients than ever before, about their whole portfolios, in many cases, deepening their relationships with them.

貝萊德正在與客戶合作，解決圍繞市場波動和流動性的直接擔憂，同時專注於他們的長期目標。通過這種連接，我們與客戶就他們的整個投資組合進行了比以往任何時候都更豐富的對話，在許多情況下，加深了他們與他們的關係。

Our Aladdin technology and integrated asset management platform enables us to help clients quickly understand their portfolio exposures to help them manage liquidity and express changing risk preferences and capture opportunities in response to market events. The horizontal connectivity and responsibility and constant open line of communication requires at this most recent crisis continue to be exemplified across the firm.

我們的 Aladdin 技術和綜合資產管理平台使我們能夠幫助客戶快速了解他們的投資組合敞口，以幫助他們管理流動性並表達不斷變化的風險偏好並捕捉機會以應對市場事件。在最近的這場危機中，橫向連接和責任以及持續開放的溝通渠道繼續在整個公司得到體現。

In the first quarter of 2023, clients entrusted BlackRock with $110 billion of total net inflows, driving positive annualized organic base fee growth. Organic growth this quarter was led by ongoing momentum in our long-term strategic priorities, including bond ETFs and outsourced CIO mandates. Clients also came to BlackRock for immediate liquidity and tactical allocation needs. Whether it was through our diversified cash management offerings, our short-duration fixed income products, precision ETFs or exposures in valuational tools in Aladdin. We were there for our clients providing advice options and swift execution.

2023 年第一季度，客戶委託貝萊德帶來 1,100 億美元的總淨流入，推動了年化基本費用的正增長。本季度的有機增長得益於我們長期戰略優先事項的持續勢頭，包括債券 ETF 和外包 CIO 任務。客戶還因為即時流動性和戰術分配需求而來到貝萊德。無論是通過我們多元化的現金管理產品、我們的短期固定收益產品、精確的 ETF 還是在阿拉丁的估值工具中的風險敞口。我們在那里為我們的客戶提供建議選項和快速執行。

BlackRock ETFs once again prove their value as critically important tools for active management and in providing liquidity, transparency and price discovery declines during stressed markets. Across our ETF platform, BlackRock generated net inflows of $22 billion in the first quarter. Industry-leading flows into bond ETFs were particularly offset by outflows from our precision ETFs. These tactical asset allocation tools are unique to BlackRock and are used to express risk on or risk off us as they were in this past quarter. In periods of weaker equity markets, we see investors leverage this ETF segment to actively reduce their exposures and for tax loss harvesting trades. As a result, in markets like the first quarter, you'll see outflows from our Precision segment and the opposite in risk on markets. We have seen this pattern play out following the equity sell-off in 2018. And in December and in the first quarter of 2020 and most recently in the third quarter of 2022.

貝萊德 ETF 再次證明了它們作為主動管理以及在壓力市場中提供流動性、透明度和價格發現下降方面至關重要的工具的價值。在我們的 ETF 平台上，貝萊德在第一季度產生了 220 億美元的淨流入。流入債券 ETF 的行業領先資金尤其被我們精準 ETF 的資金流出所抵消。這些戰術資產配置工具是貝萊德獨有的，用於表達我們在上個季度的風險或風險。在股市疲軟時期，我們看到投資者利用該 ETF 部分積極減少風險敞口並進行稅收損失收割交易。因此，在像第一季度這樣的市場中，您會看到我們的 Precision 部門出現資金流出，而市場風險則相反。我們已經看到這種模式在 2018 年的股票拋售之後上演。在 12 月和 2020 年第一季度，最近一次是在 2022 年第三季度。

In each of these prior periods, inflows follows when risk on sentiments return. The high utilization of Precision ETF reinforce the value proposition associated with iShares' strong secondary market liquidity and unique options and lending market ecosystems. BlackRock led the industry with $34 billion of bad ETF net inflows and we're representing over 60% of total fixed income ETF trading volumes during the quarter.

在這些前期的每個時期中，當情緒風險回歸時，資金就會隨之而來。 Precision ETF 的高利用率強化了與 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相關的價值主張。貝萊德以 340 億美元的不良 ETF 淨流入引領行業，我們佔本季度固定收益 ETF 總交易量的 60% 以上。

Especially as the U.S. treasury market experienced large and historic moves, investors turn to bond ETF access treasury markets and manage interest rate risk. BlackRock's U.S. Treasury ETF range has over $180 billion of assets, providing exposures across the entire yield curve. Investors use BlackRock's leading platform to manage their risk to quickly shift to safe haven assets and to manage their cash.

尤其是在美國國債市場經歷了歷史性的大幅波動時，投資者轉向債券 ETF 進入國債市場並管理利率風險。貝萊德的美國國債 ETF 系列擁有超過 1800 億美元的資產，提供整個收益率曲線的敞口。投資者使用貝萊德領先的平台來管理風險，以快速轉向避險資產並管理現金。

I've often talked about how ETFs have been modernizing the bond market by contributing real-time information about pricing and market conditions. Notably, ETF liquidity remains strong even as the underlying market liquidity became more challenged. Trading costs in iShares U.S. treasury ETFs remained low despite moving higher in the underlying bonds.

我經常談到 ETF 如何通過提供有關定價和市場狀況的實時信息來實現債券市場的現代化。值得注意的是，即使基礎市場流動性面臨更大挑戰，ETF 流動性依然強勁。儘管基礎債券走高，但 iShares 美國國債 ETF 的交易成本仍然很低。

For example, iShares 20-year-plus year treasury bond ETF, bid-ask spread held at 1 basis point, while the underlying bonds at many times traded far wider. BlackRock Fixed income ETFs are increasingly being used for active management. BlackRock's own active managers pioneered the use of fixing ETFs for many years ago, for liquidity management for hedging and for efficient tactical allocation.

例如，iShares 20 年以上國債 ETF，買賣價差保持在 1 個基點，而標的債券在許多時候的交易範圍要大得多。貝萊德固定收益 ETF 越來越多地用於主動管理。多年前，貝萊德自己的主動管理人率先使用固定 ETF，用於對沖的流動性管理和有效的戰術配置。

Today, we see most of the world's leading asset owners, wealth managers and active asset managers as clients of BlackRock fixed income ETFs. We are evolving these client relationships from single-use cases to broader adoption, including active applications for a more holistic view of fixed income portfolio allocations across fixed income ETFs, actively managing strategies and for individual bonds.

今天，我們看到大多數世界領先的資產所有者、財富管理機構和主動資產管理機構都是貝萊德固定收益 ETF 的客戶。我們正在將這些客戶關係從單一用例發展為更廣泛的採用，包括積極應用以更全面地了解固定收益 ETF 的固定收益投資組合分配、積極管理策略和個別債券。

IShares performance under extreme conditions continue to unlock sources of client demand and expand our opportunity set. Investors of all types are turning to iShares bond ETFs, both in normal market environments and particularly during times of market stocks. Liquidity has also become paramount for our clients. Cash is the lifeblood of individuals and organizations, especially in times of stress.

IShares 在極端條件下的表現繼續釋放客戶需求來源並擴大我們的機會集。所有類型的投資者都在轉向 iShares 債券 ETF，無論是在正常市場環境中，還是在市場股票時期。流動性對我們的客戶來說也變得至關重要。現金是個人和組織的命脈，尤其是在壓力大的時候。

And our teams have been partnering with clients as they reevaluate where they put their cash and how to balance holdings assets and traditional bank deposits alongside other options like money market funds or ultra-short bond strategies. In the month of March, BlackRock saw over $40 billion of net inflows into our cash management strategies. We expect to shift from deposits to money market funds to be a longer-term trend and are actively working with clients to help them diversify and enhance the yields they're earning on their cash.

我們的團隊一直在與客戶合作，因為他們正在重新評估將現金放在哪裡，以及如何平衡持有資產和傳統銀行存款以及貨幣市場基金或超短期債券策略等其他選擇。 3 月份，貝萊德看到超過 400 億美元的淨流入我們的現金管理策略。我們預計從存款轉向貨幣市場基金將成為一個長期趨勢，並積極與客戶合作，幫助他們實現多元化並提高他們的現金收益。

Cash often gets overlooked. Now that yields are back after -- back after a decade of a lost decade of near zero rates, we're excited to help clients put their cash to work at BlackRock. Through our cash matrix in Aladdin technology, our risk management and product innovation and collaboration across the $3.3 trillion fixed income and cash platforms. So we are positioning BlackRock to be a partner of choice for our clients' liquidity and cash management needs.

現金經常被忽視。現在收益率又回來了——在失去了近零利率的十年之後又回來了，我們很高興能幫助客戶將他們的現金用於貝萊德的工作。通過我們在 Aladdin 技術中的現金矩陣、我們的風險管理和產品創新以及跨 3.3 萬億美元固定收益和現金平台的協作。因此，我們將貝萊德定位為滿足客戶流動性和現金管理需求的首選合作夥伴。

Asset owners and investment in wealth managers are increasingly looking to focus on core competencies and outsource more of their investment process. As they do this, they want a partner that can provide seamless integration solutions better, faster and more efficiently. Our notable success is on onboarding and executing outsourcing mandates over the past several years have catalyzed dialogues with more and more clients.

資產所有者和對財富管理機構的投資越來越關注核心競爭力，並將更多的投資流程外包出去。在這樣做時，他們希望合作夥伴能夠更好、更快、更高效地提供無縫集成解決方案。在過去幾年中，我們在入職和執行外包任務方面取得了顯著成功，這促進了與越來越多客戶的對話。

Early in 2023, 2 large pension funds chose BlackRock for significant OCIO engagements. In the United Kingdom, Royal Mail announced it selected BlackRock to manage its over $10 billion of defined benefit scheme, trusting BlackRock to look over the pensions of its 118,000 members.

2023 年初，兩家大型養老基金選擇貝萊德進行重要的 OCIO 合作。在英國，皇家郵政宣布選擇貝萊德管理其超過 100 億美元的固定收益計劃，委託貝萊德監督其 118,000 名成員的養老金。

In the United States, we are honored to have been selected by a named fiduciary for a pension covering more than 350,000 union workers and retirees. These mandates and other outsourcing assignments underpinned $81 billion of institutional net inflows in the first quarter and are yet more examples of how BlackRock's range of resources our experiences and our deep connectivity in local markets are resonating with more and more clients and supporting more and more clients.

在美國，我們很榮幸被指定的受託人選中為超過 350,000 名工會工人和退休人員提供養老金。這些授權和其他外包任務支撐了第一季度 810 億美元的機構淨流入，並且更多地證明了貝萊德的資源範圍、我們的經驗以及我們在當地市場的深度聯繫如何與越來越多的客戶產生共鳴並為越來越多的客戶提供支持.

In the last 3 years, BlackRock has been entrusted to lead outsourcing mandates totaling $400 billion in AUM, including $200 billion in the last 12 months alone. And just yesterday, it was announced that we have been appointed as a primary asset manager partner to LV, the U.K. mutual insurer.

在過去 3 年中，貝萊德受託領導總資產管理規模達 4000 億美元的外包任務，其中僅過去 12 個月就達 2000 億美元。就在昨天，我們宣布被任命為英國互助保險公司 LV 的主要資產管理合作夥伴。

During this time of historic market volatility, clients globally are increasingly interested in how we can help them with outsourcing. We are hearing with all types of clients, not only pension and insurers, but also now endowments and foundations, health care organizations and actually larger family offices.

在這個歷史性的市場動盪時期，全球客戶越來越關注我們如何幫助他們進行外包。我們正在聽取所有類型的客戶的意見，不僅是養老金和保險公司，現在還有捐贈基金和基金會、醫療保健組織以及更大的家族辦公室。

We expect the trend towards outsourcing to continue with BlackRock driving investment management and technology transformations for our clients. Technology outsourcing is similarly on the rise as companies look to replace multiple loosely connected systems with a single strategic partner who offer a complete solution.

我們預計貝萊德將繼續推動外包趨勢，為我們的客戶推動投資管理和技術轉型。技術外包同樣呈上升趨勢，因為公司希望通過提供完整解決方案的單一戰略合作夥伴取代多個鬆散連接的系統。

Aladdin enables clients to operate horizontally to share consistent data and to build and manage whole portfolios. While there's been tremendous ups and downs in the broader market and operating environment, the need for digitization and efficiency through technology remains a constant.

Aladdin 使客戶能夠橫向操作以共享一致的數據並構建和管理整個投資組合。儘管更廣泛的市場和運營環境發生了巨大的起伏，但通過技術實現數字化和提高效率的需求始終如一。

Market volatility and the growing demand for immediate precise information on direct and indirect exposures is only underscoring the need for robust technology, operating and risk management technology offered through Aladdin. In the week following the collapse of SVB, we saw significant increases in usage of Aladdin's exposure and interactive modeling tools as our clients sought to understand their exposure to specific securities, to sectors and to their yield curve. They leverage Aladdin capabilities to manage interest rate risk and portfolios and set enterprise-level broker and trade restrictions.

市場波動以及對有關直接和間接風險的即時準確信息的需求不斷增長，這些都凸顯了對 Aladdin 提供的強大技術、運營和風險管理技術的需求。在 SVB 倒閉後的一周內，我們看到阿拉丁風險敞口和交互式建模工具的使用顯著增加，因為我們的客戶試圖了解他們對特定證券、行業及其收益率曲線的敞口。他們利用 Aladdin 的功能來管理利率風險和投資組合，並設置企業級經紀人和交易限制。

Similarly, Aladdin Wealth clients turn to the platform to better understand their clients' exposures as they have in other significant market events like the start of COVID and the Russian invasion of Ukraine. Usage following failure in the U.S. regional banks more than doubled at many of our wealth client platforms.

同樣，Aladdin Wealth 的客戶轉向該平台以更好地了解他們的客戶在其他重大市場事件中的風險敞口，例如 COVID 的開始和俄羅斯入侵烏克蘭。在我們的許多財富客戶平台上，美國地區性銀行倒閉後的使用量增加了一倍多。

Aladdin was designed, Aladdin was built for these type of times, and we are proud that our technology is enabling all our clients to act quickly and with clarity and with much greater confidence during these market shocks. Our results this quarter and amid the most recent crisis are only the latest example of BlackRock doing what it does best.

Aladdin 是為這些類型的時代而設計的，Aladdin 是為這些類型的時代而建造的，我們感到自豪的是，我們的技術使我們所有的客戶能夠在這些市場衝擊中迅速、清晰地採取行動，並更有信心。我們在本季度和最近的危機中取得的業績只是貝萊德竭盡全力的最新例證。

Stay in front of the clients' needs, helping them to see challenges as opportunities and providing hope for what comes next.

時刻關注客戶的需求，幫助他們將挑戰視為機遇，並為接下來的發展帶來希望。

In 2023, is presenting an incredible opportunity for long-term investors. There's more yield to be earned in cash. Infrastructure and private credit are offering attractive returns. Bonds can be a major component in portfolios and equities are at much better valuations. BlackRock is connecting our clients to these opportunities and providing them with the confidence to continue investing for the long term.

2023 年，為長期投資者提供了難得的機會。現金可以賺取更多收益。基礎設施和私人信貸正在提供有吸引力的回報。債券可以成為投資組合的主要組成部分，而股票的估值要好得多。貝萊德正在將我們的客戶與這些機會聯繫起來，並為他們提供繼續長期投資的信心。

Especially in periods of dislocation, our willingness to reimagine our business and to be nimble and seizing emerging opportunities have bolstered our growth and generated differentiated value and returns for our shareholders. Our stable and differentiated business model enable us to remain opportunistic, and we will continue to be deliberate and systematic in our investments.

尤其是在混亂時期，我們願意重新構想我們的業務並保持敏捷並抓住新機遇，這促進了我們的增長，並為我們的股東創造了差異化的價值和回報。我們穩定和差異化的商業模式使我們能夠保持機會主義，我們將繼續審慎和系統地進行投資。

We are constantly looking at opportunities as we assess possible accelerators of growth support of strategic initiatives and test the boundaries of how we think about BlackRock's business. At our founding, 35 years ago, when BlackRock was as much of a concept as it was a company, there was 1 thing we knew we had to get right, and that was always start with the client.

在評估支持戰略計劃的增長支持的可能加速器並測試我們對貝萊德業務的看法時，我們一直在尋找機會。 35 年前，在我們成立之初，當貝萊德還只是一個概念和一家公司時，我們知道我們必須做對一件事，那就是始終從客戶開始。

We've listened to them. We learned a lot from them. We put their needs first. Since then, we have developed leading franchises in ETFs and advisory outsourcing, and in technology. And we worked tirelessly to integrate these capabilities into our One BlackRock business model and culture. It is this combination of capabilities that make BlackRock truly unique. And we're opening new channels for growth by scaling our alternative franchise by expanding the market for bond ETF, providing clients access to emerging opportunities in area like transition finance.

我們聽取了他們的意見。我們從他們身上學到了很多。我們把他們的需求放在第一位。從那時起，我們在 ETF 和諮詢外包以及技術領域開發了領先的特許經營權。我們孜孜不倦地將這些能力整合到我們的 One BlackRock 商業模式和文化中。正是這種能力的結合使貝萊德真正獨一無二。我們正在通過擴大債券 ETF 市場來擴大我們的另類特許經營權，從而開闢新的增長渠道，為客戶提供轉型融資等領域的新興機會。

Our momentum is a result of many years of thoughtful investments in the infrastructure needed to support complex global mandates at the whole portfolio level. The power of BlackRock's integrated platform enables us to deliver better outcomes for our clients and differentiating growth for you, our shareholders. Over the past 5 years, BlackRock has delivered an aggregate of $1.8 trillion of total net inflows or a 5% average organic asset growth compared to flat or negative industry flows.

我們的勢頭是多年來對支持整個投資組合層面的複雜全球任務所需的基礎設施進行深思熟慮投資的結果。貝萊德綜合平台的強大功能使我們能夠為我們的客戶提供更好的結果，並為您，我們的股東帶來差異化的增長。在過去的 5 年裡，與持平或負增長的行業流量相比，貝萊德總共實現了 1.8 萬億美元的總淨流入或 5% 的平均有機資產增長。

Over this 5-year time period, Black -- the markets have been both -- have both rallied and have had contractions. But BlackRock has consistently generated organic growth, reflecting the resiliency of our diversified platform and the investments we made towards that platform. Clients are entrusting more of their portfolios with BlackRock and an endorsement of the platform performance we offered, guidance we provide and the fiduciary status we uphold to each and every client.

在這 5 年的時間裡，布萊克——市場既有——既有上漲也有收縮。但貝萊德一直在實現有機增長，這反映了我們多元化平台的彈性以及我們對該平台的投資。客戶將更多的投資組合委託給貝萊德，並認可我們提供的平台性能、我們提供的指導以及我們對每一位客戶的信託地位。

As we look forward, our success in what we will achieve comes down to our people. Everything we have accomplished and will accomplish is because of how we have all worked together to put our clients first. I'm so incredibly proud of how our employees rallied together in a time of crisis to support our clients to support their fellow colleagues and then making sure we're supporting every one of our stakeholders.

展望未來，我們取得的成功取決於我們的員工。我們已經完成和將要完成的一切都是因為我們共同努力，將客戶放在首位。我為我們的員工如何在危機時刻團結起來支持我們的客戶支持他們的同事，然後確保我們支持我們的每一位利益相關者而感到無比自豪。

Looking back at the last 35 years, it is our people who have enabled us to achieve all that we have had as an organization. And we are just getting started. BlackRock is still in the early chapters and I'm more excited than ever about the potential and the promise that we have lying ahead. Thank you. Operator, let's open it up for questions.

回顧過去的 35 年，是我們的員工讓我們能夠實現我們作為一個組織所擁有的一切。我們才剛剛開始。貝萊德仍處於起步階段，我比以往任何時候都對我們未來的潛力和承諾感到更加興奮。謝謝。接線員，讓我們打開它提問。

(Operator Instructions)Your first question comes from Michael Cyprys with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Michael Cyprys。

So a question on cash management. Since COVID, the banking system has seen a massive influx of deposits, I think, worth about $4 trillion of added deposits. Yet the banks today aren't offering much in terms of yield on those deposits. So the question is, how do you think about accelerating money fund flows and capturing a greater share of deposits? And might there be a structural shift if rates are going to remain higher for longer. So just curious how you're thinking about that.

所以關於現金管理的問題。自 COVID 以來，銀行系統出現了大量存款，我認為，新增存款價值約 4 萬億美元。然而，今天的銀行在這些存款的收益率方面並沒有提供太多。那麼問題來了，您如何看待加速貨幣資金流動和獲取更大份額的存款？如果利率在更長時間內保持較高水平，可能會出現結構性轉變。所以很好奇你是怎麼想的。

Thanks, Mike. Appreciate it. I hope you had a good holiday. It is an incredibly dynamic time for the cash and liquidity markets. This has historically been a stable value, low or no expected return asset class where people do lots of operational things. But we've obviously entered into this period that started with kind of rates and inflation and has been supercharged essentially by banking sector tremors. And as you correctly flagged, we've seen an extraordinary amount of inflow into money market funds.

謝謝，邁克。欣賞它。我希望你有一個愉快的假期。對於現金和流動性市場來說，這是一個充滿活力的時期。從歷史上看，這一直是一種價值穩定、預期回報低或沒有預期回報的資產類別，人們在其中做很多操作性的事情。但我們顯然已經進入了這個以某種利率和通貨膨脹開始的時期，並且基本上被銀行業的震顫所加速。正如您正確標記的那樣，我們已經看到大量資金流入貨幣市場基金。

And clients, I think, paying very close attention where they keep their operating cash and where they keep cash where they can earn a yield premium over deposits. And in every single cycle, deposits obviously tend to lag where money market rates are and deposit betas are just lower. So I think there is absolutely a structural shift in the marketplace that's driven by 2 things. One, just rates inflation, but also just clients paying a lot more attention about where they're going to keep their cash balances for purpose of what they do. We're really well positioned here. We had $40-plus billion of flows in March.

我認為，客戶會非常密切地關注他們將經營現金存放在哪裡，以及他們將現金存放在哪裡可以賺取比存款更高的收益率。在每個週期中，存款顯然往往滯後於貨幣市場利率，而存款貝塔係數較低。所以我認為市場絕對有一個由兩件事驅動的結構性轉變。第一，只是利率通貨膨脹率，但也只是客戶更加關注他們將在哪裡保留現金餘額以用於他們所做的事情。我們在這裡的位置非常好。 3 月份我們有超過 400 億美元的流量。

We had some outflows in January and February that were really resulting from SPAC unwinds. But we feel very good about our positioning. We have a $683 billion cash platform. We've grown at 50% over the last 5 years. And I think uniquely, as is with most things at BlackRock, we have a tech-first distribution strategy with assets like Cash Matrix and Aladdin. And we also have a very global business that has real diversity of offering across money funds, ETFs, separate accounts.

我們在 1 月和 2 月有一些資金流出，這實際上是 SPAC 平倉造成的。但我們對自己的定位感到非常滿意。我們有一個 6830 億美元的現金平台。在過去的 5 年裡，我們增長了 50%。而且我認為獨特的是，就像貝萊德的大多數事情一樣，我們有一個技術優先的分銷策略，擁有 Cash Matrix 和 Aladdin 等資產。我們還有一個非常全球化的業務，在貨幣基金、ETF 和獨立賬戶中提供真正多樣化的產品。

The last thing I'd just say about that is I would think about the structural shift that you proposed is not just being about money funds or seg accounts, but being about all of the cash and cash surrogates. I mean there are so many things you can go through a dart at that yield 5% now. And I would look at a lot of what's happening in the bond ETF world is also being about picking up a yield premium over cash. And so we expect to be really well positioned as clients do a lot of that work to use the ETF markets, to use money funds as well as a whole array of active fixed income solutions.

我要說的最後一件事是，我會考慮你提出的結構性轉變，不僅僅是關於貨幣基金或 seg 賬戶，而是關於所有現金和現金替代品。我的意思是，現在有很多事情你可以以 5% 的收益率通過飛鏢。而且我會看看債券 ETF 世界中發生的很多事情也是關於獲得相對於現金的收益率溢價。因此，我們希望在客戶做大量工作以使用 ETF 市場、使用貨幣基金以及一系列積極的固定收益解決方案時真正處於有利地位。

Our next question comes from Craig Siegenthaler with Bank of America.

我們的下一個問題來自美國銀行的 Craig Siegenthaler。

So we're still very focused on the potential for sizable fixed income reallocations. The rates are now looking at plateau. And it seems like the most -- the largest migrations may come from retirees in the U.S. in the pension plan channel. So I wanted your updated perspective on this topic, given your conversations with large institutions and wealth management platforms. And I'm also curious to see if you have any updated thoughts on the reallocation mix between passive and active because of the flow mix BlackRock could be a real big winner on this.

因此，我們仍然非常關注大規模固定收益重新分配的潛力。利率現在正處於穩定狀態。這似乎是最多 - 最大的移民可能來自養老金計劃渠道中的美國退休人員。因此，鑑於您與大型機構和財富管理平台的對話，我希望您對這個話題有最新的看法。而且我也很想知道您是否對被動和主動之間的重新分配組合有任何更新的想法，因為流量組合貝萊德可能是這方面的真正大贏家。

So Craig, it's Rob Kapito. I'll take that one. So you know that we're coming off of the highest inflation in 40 years. The fastest increase in rates in 40 years. The tail end of a pandemic, the war in Europe, a lot of geopolitical tensions. And last year, the S&P down 19%. And of course, we're in the midst of Fed tightening. And the result of all of this is yields are back. And for the first time in years, investors can actually earn very attractive yields without taking much duration or credit risk. And this is a pretty remarkable shift.

克雷格，我是羅布·卡皮托。我會拿那個。所以你知道我們正在擺脫 40 年來最高的通貨膨脹。 40年來最快的利率增長。大流行病的尾聲、歐洲的戰爭、地緣政治的緊張局勢。去年，標準普爾指數下跌了 19%。當然，我們正處於美聯儲緊縮政策之中。所有這一切的結果是收益率又回來了。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。這是一個非常顯著的轉變。

This is really a once in a generation opportunity in fixed income and clients have been over the last many years because of low rates, underweighted in fixed income. So at BlackRock, we are very well positioned with our $3.3 trillion fixed income and cash platform. But in order to capture these assets, we have to have performance and our 1 year in the fixed income is in the 70th percentile in 3-year and 5-year in the 90th percentile. And our active funds are 4- and 5-star Morningstar rated. So we have the performance.

這確實是固定收益領域千載難逢的機會，過去很多年，由於利率低，固定收益權重低，客戶一直在關注。因此，在貝萊德，我們擁有 3.3 萬億美元的固定收益和現金平台，處於非常有利的位置。但為了捕獲這些資產，我們必須有業績，我們的固定收益 1 年在 3 年和 5 年的第 90 個百分位中處於第 70 個百分位。我們的主動基金獲得晨星 4 星和 5 星評級。所以我們有性能。

We also offer over 450 bond ETF choices, which is more than 5x the next largest issuer across the entire yield curve. We also have the most diversified client base, and that is looking each quarter to have more and more allocations in ETFs and in active fixed income, especially in this environment. We have expanding capital markets group and obviously, a lot of expertise in the capital markets to be able to extract the most value for our clients in using fixed income instruments.

我們還提供 450 多種債券 ETF 選擇，是整個收益率曲線上第二大發行人的 5 倍多。我們還擁有最多元化的客戶群，每個季度都希望在 ETF 和主動固定收益中擁有越來越多的配置，尤其是在這種環境下。我們擁有不斷擴大的資本市場團隊，顯然，我們在資本市場方面擁有大量專業知識，能夠在使用固定收益工具時為我們的客戶獲取最大價值。

And now our cash and alternative platform are also attracting clients in this environment, seeking yield in alpha. So the bottom line is we expect the interest rate environment to continue until the Fed sees this signals, it's looking for an inflation and growth. And what this means is that money will be in motion as clients build portfolios with high-performing active investments alongside ETFs and private market strategies. And this is really important because we will be the beneficiary of the fact that clients are using both.

現在我們的現金和替代平台也在這種環境中吸引客戶，尋求阿爾法收益。因此，底線是我們預計利率環境將持續，直到美聯儲看到這個信號，它正在尋找通貨膨脹和增長。這意味著隨著客戶通過高性能主動投資以及 ETF 和私募市場策略建立投資組合，資金將會流動起來。這非常重要，因為我們將受益於客戶同時使用這兩種服務。

And in fact, 9 of the 10 top global asset managers use iShares for liquidity management, hedging and efficient tactical allocation. So it's no longer active or index, it's active and index and ETFs. And even when the markets stabilize, fixed income is going to be back in demand in a significant way. And I think we're going to be one of the biggest beneficiaries of that active movement into the asset class.

事實上，全球 10 大資產管理公司中有 9 家使用 iShares 進行流動性管理、對沖和高效的戰術配置。所以它不再是活躍的或指數的，它是活躍的、指數的和 ETF。即使市場穩定下來，固定收益產品的需求也會大幅回升。而且我認為我們將成為積極進入資產類別的最大受益者之一。

Our next question comes from Glenn Schorr with Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

So I know we've talked many times in the past, but if you look at the last 12 months, you have 3% organic asset growth and flat base fee growth. I mean I think that's a function of where the flows are going, but I wonder if you could talk about index and ETF versus active equity out and more of what your outlook is on the core underlying pricing.

所以我知道我們過去談過很多次，但如果你看看過去 12 個月，你會發現有機資產增長了 3%，基本費用增長持平。我的意思是，我認為這是資金流向的函數，但我想知道你是否可以談談指數和 ETF 與主動股票的對比，以及你對核心基礎定價的看法。

Glenn, it's Martin. Thanks for the question. In 2022, we delivered positive organic base fee growth despite the most challenging market environment our industry has ever seen. As Rob mentioned, the S&P was down 19% on the year. The ad was down 13% on the year and we still drove industry-leading organic growth and positive base fee growth. And I'd say the first quarter here of 2023 was no different. You had a stressed market, you had a lot of volatility and BlackRock still delivered $110 billion of total net flows and 1% organic base fee growth.

格倫，是馬丁。謝謝你的問題。 2022 年，儘管我們行業面臨前所未有的最具挑戰性的市場環境，但我們實現了基本費用的有機增長。正如 Rob 所提到的，標準普爾指數今年下跌了 19%。該廣告同比下降了 13%，但我們仍然推動了行業領先的有機增長和基本費用的正增長。我想說 2023 年第一季度也不例外。你的市場壓力很大，波動很大，貝萊德仍然提供了 1100 億美元的總淨流量和 1% 的有機基本費用增長。

Our mission, our aim, our strategy is not to be the fastest grower in any quarter. Our aim is to deliver organic growth that's more differentiated, more consistent through market cycles over the long term. Glenn, we've done that. We've had 5% organic base fee growth on average over the last 5 years, '18 to '22. We had over 5% organic base fee growth in 7 of the last 10 years. And I think what's really important to look at is in these years that have been marked by exceptional market volatility, like '16, '18 and 2022, we still were able to deliver positive base fee growth.

我們的使命，我們的目標，我們的戰略不是成為任何季度增長最快的公司。我們的目標是在長期的市場週期中實現更加差異化、更加一致的有機增長。格倫，我們做到了。在過去 5 年（18 年到 22 年）中，我們的有機基本費用平均增長了 5%。在過去 10 年中有 7 年，我們的基本費用有機增長超過 5%。而且我認為真正重要的是，在這些以市場異常波動為標誌的年份，比如 16 年、18 年和 2022 年，我們仍然能夠實現基本費用的正增長。

And I think when you sort of look at the flows going forward, the first quarter always has the seasonal element to it that has ETF tax trading, where we have precision exposures that are really important growing asset bases over time. But we tend to see inflows into precision exposures in the fourth quarter related to ETF and mutual fund dynamics and then we tend to see some reversals of those flows in the first quarter from precision exposures. Those tend to come at higher fee rates and a lot of the flows that come from outsourcing on fixed income come at slightly lower fee rates. And I think that's some of the impact that you saw this quarter, which is really just about changing risk preferences. We don't manage to a fee rate and we don't manage to a particular set of products with the clients. It's about obviously winning mind share in portfolios. And so I think over time, you'll continue to see good solid growth there.

而且我認為，當你看一下未來的流量時，第一季度總是有季節性因素，即 ETF 稅收交易，我們有精確的風險敞口，隨著時間的推移，這對不斷增長的資產基礎來說非常重要。但我們傾向於在第四季度看到與 ETF 和共同基金動態相關的精確敞口資金流入，然後我們往往會在第一季度從精確敞口中看到這些流量的一些逆轉。這些往往以更高的費率出現，而來自固定收益外包的許多流量的費率略低。我認為這就是您在本季度看到的一些影響，這實際上只是關於改變風險偏好。我們沒有管理費率，也沒有管理與客戶的特定產品集。這顯然是為了贏得投資組合中的思想份額。所以我認為隨著時間的推移，你會繼續看到那裡良好的穩健增長。

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。

I was hoping we get a little bit deeper into how the events in the banking space over the last several weeks changed the opportunity set for BlackRock. There's a number of benefits. As you mentioned, there are some obvious things like cash management, but what does that mean for Aladdin? What does it mean for advisory? What does it mean for alt? Just I was hoping to get more perspective on what are the opportunities you look to lean into more on the back of this dislocation?

我希望我們能更深入地了解過去幾周銀行業發生的事件如何改變了貝萊德的機會。有很多好處。正如您提到的，有一些顯而易見的事情，例如現金管理，但這對阿拉丁意味著什麼？諮詢是什麼意思？ alt 是什麼意思？只是我希望獲得更多關於您希望在這種錯位背後更多地依靠的機會的觀點？

Well, let me start on a more holistic response to that. And that is our fundamental belief that more and more economic activities in a flow through the capital markets. And we certainly witness that in February, in March and continue in April. As more and more deposits are leaving and they're going into ETFs and into any form of cash and money market funds. And this type of dislocation is just going to create more and more opportunities for us. And in my talk, I spoke about what this means for Aladdin, the need during market uncertainty, the need for having a single base technology platform to help you navigate instantaneous with the market is more and more necessary.

好吧，讓我開始對此做出更全面的回應。這是我們的基本信念，即越來越多的經濟活動流經資本市場。我們當然會在 2 月、3 月和 4 月見證這一點。隨著越來越多的存款流出，它們進入 ETF 以及任何形式的現金和貨幣市場基金。而這種錯位只會為我們創造越來越多的機會。在我的演講中，我談到了這對 Aladdin 意味著什麼，在市場不確定的情況下，越來越需要有一個單一的基礎技術平台來幫助你在市場上即時導航。

I think, again, our FMA advice is another good example of us working with regulators, policymakers working with our clients and helping them in terms of advising them. So just more and more opportunities. But I would also say on a more holistic basis, over the first 35 years, we've used market dislocations as a mechanism to relook at our own footprint, to review how we should be positioned for the future. We will continue to be very opportunistic on that and look for opportunities in a very disciplined way. I've talked about repeatedly expanding our footprint expanding our product offerings, having better and deeper and more extensive technology utilization.

我認為，再一次，我們的 FMA 建議是我們與監管機構、政策制定者與我們的客戶合作並在向他們提供建議方面幫助他們的另一個很好的例子。所以機會越來越多。但我還要說，在更全面的基礎上，在頭 35 年裡，我們利用市場錯位作為一種機制來重新審視我們自己的足跡，來審視我們應該如何為未來定位。我們將繼續在這方面非常投機，並以非常有紀律的方式尋找機會。我已經談到反复擴大我們的足跡，擴大我們的產品供應，更好、更深入、更廣泛地利用技術。

So all of those things are something that we are looking at across the board. But I look at the issues that we are seeing today, the market dislocations has enormous opportunities for BlackRock. And yes, our relationship with our clients, the depth of the conversations we're having and the consistency of conversations and I think it's pretty imperative to talk about having $1.8 trillion over the last 5 years of asset growth. This is happening during good markets and bad markets. the consistency in which clients are looking for BlackRock to play a deeper and broader role because of our fiduciary standards, our advice or discipline.

所以所有這些都是我們正在全面關注的事情。但我看看我們今天看到的問題，市場混亂為貝萊德帶來了巨大的機會。是的，我們與客戶的關係、我們正在進行的對話的深度以及對話的一致性，我認為談論在過去 5 年的資產增長中擁有 1.8 萬億美元是非常必要的。這發生在好的市場和糟糕的市場中。由於我們的信託標準、我們的建議或紀律，客戶希望貝萊德發揮更深入和更廣泛的作用的一致性。

But I would just say that the uniqueness of our platform, Alex, resonates -- resonated so loud in the first quarter, having Aladdin, having FMA, having the iShares platform integrated with our active platform across the board that we can deliver a more holistic, a deeper, a broader response to our clients to our policymakers, to our regulators. No firm can provide that. And it's -- and the conversations that we had as a firm with our clients, with our regulators, with our policymakers worldwide was more frequent, more resilient than ever before.

但我只想說，我們平台 Alex 的獨特性引起了共鳴——在第一季度產生瞭如此響亮的共鳴，有了 Aladdin、FMA、iShares 平台與我們的活躍平台全面集成，我們可以提供更全面的，對我們的客戶、我們的政策制定者、我們的監管機構做出更深入、更廣泛的回應。沒有公司可以提供。它是——作為一家公司，我們與客戶、監管機構、全球政策制定者的對話比以往任何時候都更加頻繁、更有彈性。

All of this is an opportunity for us an opportunity to build those deeper relationships and opportunity for more and more clients to see how their business can become more resilient if they took on Aladdin. Opportunities for us to help them redesign their portfolios using FMA or helping out a regulator during times of stress. So I'm constantly reminded the depth of a range of products, the range of our abilities is so differentiated, which leads to these very unique and more fulsome conversations that we have with clients worldwide. Operator?

所有這一切都是我們建立更深層次關係的機會，也是讓越來越多的客戶了解如果他們接受阿拉丁，他們的業務如何變得更有彈性的機會。我們有機會幫助他們使用 FMA 重新設計他們的投資組合，或者在壓力時期幫助監管機構。因此，我經常被提醒一系列產品的深度，我們的能力範圍如此差異化，這導致我們與全球客戶進行這些非常獨特和更令人愉快的對話。操作員？

We'll go next to Bill Katz with Credit Suisse.

我們將與瑞士信貸的 Bill Katz 一起去。

Mark, congrats on the new role. Larry, could you talk maybe expand a little bit more in terms of the capital market opportunity with maybe greater specificity as it relates to the private markets. And then also, as you think about your money market platform or your cash management platform, my sense has always been more institutional skewed. Where are you in terms of the retail opportunity? And in both the private credit and the money market side, are you scaled enough organically? Or could this be an opportunity to sort of expand the inorganic opportunity as well?

馬克，恭喜你擔任新角色。拉里，你能否談談在資本市場機會方面可能會擴大一點，因為它與私人市場相關，可能會更加具體。然後，當你考慮你的貨幣市場平台或你的現金管理平台時，我的感覺總是更加製度化。就零售機會而言，您在哪裡？在私人信貸和貨幣市場方面，你們的有機規模是否足夠大？或者這也可能是擴大無機機會的機會嗎？

I'm going to let Rob talk about the organic and then I will talk about some of the inorganic.

我打算讓 Rob 談論有機物，然後我會談論一些無機物。

So we have, over the years, as you know, built up a huge credit effort with analysts and teams that are pursuing opportunities. Our large reach because of our ownership of many of stock of our clients and other entities gives us some pretty good insight and we need to follow these credits. We think that working closely together with them as they're expanding their businesses gives us insight and opportunities to work with them on the private credit side.

因此，多年來，如您所知，我們與尋求機會的分析師和團隊建立了巨大的信用努力。由於我們擁有客戶和其他實體的許多股票，我們的影響力很大，這給了我們一些很好的洞察力，我們需要遵循這些信用。我們認為，在他們擴展業務的過程中與他們密切合作，可以讓我們深入了解並有機會在私人信貸方面與他們合作。

And also, it gives us opportunities to work with them as they build out either the infrastructure that they have as they transition their businesses into new opportunities, we can be right there with them, helping them to finance that. So we think we're going to see and be able to source opportunities for our clients both retail and institutional, but other global asset managers are not going to see.

而且，它為我們提供了與他們合作的機會，因為他們在將業務轉變為新機會時建立了他們擁有的基礎設施，我們可以與他們在一起，幫助他們為其提供資金。因此，我們認為我們將會看到並能夠為我們的零售和機構客戶尋找機會，但其他全球資產管理公司不會看到。

So that spans not only the private credit universe, the investment-grade credit universe, but it also expands new asset classes that will be in infrastructure which are great long-duration assets that have a yield for our retail clients and then as well as other private investment opportunities. So we're really well positioned for this, and we're looking to take advantage of that and we have to clients. When it comes to inorganic, I'll turn it over to Larry to comment on that.

因此，這不僅涵蓋私人信貸領域、投資級信貸領域，而且還擴展了基礎設施中的新資產類別，這些資產是長期資產，對我們的零售客戶和其他客戶都有收益私人投資機會。因此，我們在這方面確實處於有利地位，我們正在尋求利用這一點，我們必須為客戶服務。說到無機，我會把它交給拉里來評論。

Inorganic, I look at the things that we've done in the past by expanding our products in a range, whether it was eFront transform Aladdin into a platform that is both unique and differentiated because it's both public and private markets. I look at what we did with Aperio in terms of wealth management and the opportunity we have in tax strategies and direct indexing. I look at cash matrix and how that played a role with our money market funds in the last few months.

無機的，我通過擴大我們的產品範圍來審視我們過去所做的事情，無論是 eFront 將 Aladdin 轉變為一個既獨特又差異化的平台，因為它既是公共市場也是私人市場。我看看我們在財富管理方面對 Aperio 做了什麼，以及我們在稅收策略和直接索引方面的機會。我研究了現金矩陣，以及它在過去幾個月中如何對我們的貨幣市場基金發揮作用。

And so it is through inorganic opportunities that we look at if we can expand our footprint. As I said in my prepared remarks, we are asking ourselves to reimagine BlackRock. What are the other big opportunities. should there be a big opportunity as more and more organizations use technology, how can we double down on what we're doing with Aladdin technology. How can we build out our footprint globally at this time. And so we're looking across the board as there are issues.

因此，如果我們可以擴大我們的足跡，我們就會通過無機機會來尋找。正如我在準備好的發言中所說，我們要求自己重新構想貝萊德。還有哪些大機會。隨著越來越多的組織使用技術，如果有很大的機會，我們如何才能加倍使用阿拉丁技術所做的事情。此時我們如何在全球範圍內擴大我們的足跡。因此，我們正在全面考慮是否存在問題。

We -- I believe BlackRock can play a role in some of these opportunities. And I think there was a quote sometime in the last few weeks about something I said to our team, I don't know where it came from. But indeed, I did say it, I said to be in the game, we must play the game. And so we're in the game. We're across the board working with our clients across the board. We're working with policymakers across the board. We are working with regulators worldwide. And we're here to help. We're here to advise. We're here to navigate. And through all that, there is an opportunity for something inorganic and transformational. We're going to be prepared to do something like that, but I'll just leave it at that.

我們——我相信貝萊德可以在其中一些機會中發揮作用。而且我認為在過去幾週的某個時候有一段關於我對我們團隊所說的話的引用，我不知道它是從哪裡來的。但確實，我確實說過，我說在比賽中，我們必須打比賽。所以我們在遊戲中。我們與我們的客戶全面合作。我們正在與決策者全面合作。我們正在與全球監管機構合作。我們是來幫忙的。我們在這裡提供建議。我們是來導航的。通過這一切，有機會進行一些無機的和變革性的事情。我們將準備好做那樣的事情，但我就此打住。

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

女士們，先生們，我們已經到了提問的時間。芬克先生，您有什麼結束語嗎？

Yes. Thank you, operator. I'm going to thank all of you for joining us this morning. I know today is a really busy day, especially with all the other banks and financial institutions reported today. So I'm very, very happy that you've taken this time and your interest in BlackRock. Hopefully, you heard from Martin and Rob and I, how proud we are, the way BlackRock came together and supporting our clients in the most recent quarter. But the consistency of BlackRock now over the last 35 years, clients have been central to everything we do. And I suggest a tremendous opportunity for us.

是的。謝謝你，運營商。我要感謝大家今天早上加入我們。我知道今天是非常忙碌的一天，尤其是今天報導的所有其他銀行和金融機構。所以我非常非常高興你能抽出時間對貝萊德感興趣。希望您能從馬丁、羅布和我那裡聽到，我們為貝萊德在最近一個季度團結一致並為我們的客戶提供支持的方式感到自豪。但在過去的 35 年裡，貝萊德始終如一，客戶一直是我們所做一切的核心。我建議給我們一個巨大的機會。

Probably I see more opportunities now for BlackRock than I have in the last few years. As Rob talked about, opportunities in fixed income. Our investments that we've made, the huge investments we made in technology, the huge investments we made in bond ETFs, the huge investments we are making in alternatives and private credit. All of this is allowing us to have a differentiating opportunity. And if you overlay that with what we have done with our technology in Aladdin overlaying what we have done with FMA and our unique position with ETFs, it just gives us a tremendous opportunity ahead of us. And I would double down on the idea that we're going to be focus on delivering the power of our platform to our clients.

與過去幾年相比，我現在看到貝萊德的機會可能更多。正如 Rob 所說，固定收益領域的機會。我們已經進行的投資，我們對技術的巨額投資，我們對債券 ETF 的巨額投資，我們對另類投資和私人信貸的巨額投資。所有這一切都讓我們有機會脫穎而出。如果你把它與我們在 Aladdin 中用我們的技術所做的事情疊加起來，疊加我們在 FMA 上所做的事情以及我們在 ETF 方面的獨特地位，它只會給我們一個巨大的機會。我會加倍強調我們將專注於為我們的客戶提供我們平台的力量的想法。

And that power of working with our clients will translate totally directly to you, our shareholders. And I want to thank everybody for all the support. Being at Hudson Yards is invigorating. I must tell you the 4,000 employees we have in New York are invigorated by our new space to light the energy, the opportunity. Hopefully, that's translating into how we do our business with our clients every day. Thank you, everyone. Have a good quarter.

與我們的客戶合作的力量將完全直接轉化為您，我們的股東。我要感謝大家的支持。在 Hudson Yards 令人精神振奮。我必須告訴你，我們在紐約的 4,000 名員工因我們點亮能量和機會的新空間而充滿活力。希望這能轉化為我們每天與客戶開展業務的方式。謝謝大家。有一個好季度。

Ladies and gentlemen, that will conclude today's call. We thank you for your participation. You may disconnect at this time.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開連接。