貝萊德 (BLK) 2023 Q2 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock, Inc. Second Quarter 2023 Earnings Teleconference. Our host for today 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。我叫凱蒂，今天我將擔任你們的會議主持人。現在，我歡迎大家參加貝萊德公司 2023 年第二季度收益電話會議。今天的主持人是董事長兼首席執行官 Laurence D. Fink；首席財務官;馬丁·斯莫爾；羅伯特·S·卡皮托 (Robert S. Kapito) 主席；和總法律顧問克里斯托弗·J·米德 (Christopher J. Meade)。 （操作員說明）謝謝。米德先生，您可以開始會議了。

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 these statements.

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

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 SEC 提交了報告，其中列出了一些可能導致貝萊德業績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，我會將其交給馬丁。

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the second 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。我很高興公佈 2023 年第二季度的業績。在將其交給 Larry 之前，我將回顧一下我們的財務業績和業務成果。我們的收益報告披露了公認會計準則和調整後的財務業績。我將主要關注我們調整後的結果。

As a reminder, beginning in the first quarter of 2023, we updated our definitions of as adjusted operating income, operating margin, nonoperating income and net income. The adjustments 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. Clients entrusted BlackRock with an industry-leading $190 billion of net inflows in the first half of 2023. Our 9.4 trillion in assets, 9.4 trillion units of trust are up over $830 billion since year-end. This increase reflects continued strong organic growth and ongoing client confidence in the work that BlackRock is doing on their behalf as markets evolve.

提醒一下，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、非營業收入和淨利潤的定義。這些調整不包括與某些遞延現金薪酬計劃相關的按市價波動的薪酬費用影響，以及該公司於 2023 年開始的經濟對沖的非經營性影響。客戶委託貝萊德在 2023 年上半年獲得了行業領先的 1,900 億美元淨流入。自年底以來，我們的 9.4 萬億資產、9.4 萬億信託單位增加了超過 8,300 億美元。這一增長反映出持續強勁的有機增長以及客戶對貝萊德隨著市場發展而代表他們所做的工作的持續信心。

Clients choose BlackRock for performance. We deliver durable long-term investment performance by executing on health opportunities, sourcing unique deals and managing risk. The foundation of a market-leading asset management platform is comprehensive, high-quality investment products with strong long-term investment performance. Investors and asset owners achieve portfolio goals and BlackRock enables them through our investment products and solutions. This is BlackRock's platform-as-a-service in action. We bring together the entire firm to combine investment technology and portfolio servicing capabilities to meet clients' specific business needs. Our diversified platform strategy, backed by strong performance is powering our differentiated industry-leading organic growth. It's widening our growth premium as clients choose to do more with BlackRock, while much of the asset management sector faces continued outflows.

客戶選擇貝萊德是因為其業績。我們通過抓住健康機會、尋找獨特的交易和管理風險來提供持久的長期投資業績。市場領先的資產管理平台的基礎是全面、優質、長期投資業績強勁的投資產品。投資者和資產所有者實現投資組合目標，貝萊德通過我們的投資產品和解決方案實現這些目標。這是貝萊德的平台即服務的實際應用。我們將整個公司聚集在一起，將投資技術和投資組合服務能力結合起來，以滿足客戶的特定業務需求。我們的多元化平台戰略以強勁業績為後盾，正在推動我們行業領先的差異化有機增長。隨著客戶選擇通過貝萊德進行更多投資，而大部分資產管理行業面臨持續的資金外流，我們的增長溢價不斷擴大。

Clients are coming to BlackRock for performance and scale using our Platform-as-a-Service to streamline and support the growth and commercial agility of their own businesses. This is leading to client's consolidating more of their portfolios with BlackRock in both first half and second quarter net inflows were positive across regions, client types and active in index.

客戶來到貝萊德尋求性能和規模，使用我們的平台即服務來簡化和支持其自身業務的增長和商業敏捷性。這導致客戶將更多的投資組合與貝萊德整合，上半年和第二季度的淨流入在各個地區、客戶類型和活躍指數中均呈正值。

In the second quarter, BlackRock generated total net inflows of $80 billion representing 4% annualized organic asset growth and 2% annualized organic base fee growth. Second quarter revenue of $4.5 billion was 1% lower year-over-year, primarily driven by the impact of market movements over the last 12 months on average AUM mix. Operating income of $1.7 billion was down 3% year-over-year, while earnings per share of $9.28 was up 26%, reflecting meaningfully higher nonoperating income compared to a year ago.

第二季度，貝萊德淨流入總額為 800 億美元，年化有機資產增長 4%，年化基本費用增長 2%。第二季度收入為 45 億美元，同比下降 1%，這主要是由於過去 12 個月的市場變動對平均 AUM 組合的影響所致。營業收入為 17 億美元，同比下降 3%，而每股收益為 9.28 美元，增長 26%，反映出非營業收入較去年同期大幅增加。

Nonoperating results for the quarter included $158 million of net investment gains, driven primarily by noncash mark-to-market gains and the value of our private equity co-investment portfolio. Our as-adjusted tax rate for the second quarter was approximately 25%. 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.

本季度的非經營業績包括 1.58 億美元的淨投資收益，這主要是由非現金按市值計價的收益和我們的私募股權共同投資組合的價值推動的。我們第二季度調整後的稅率約為 25%。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收立法的潛在變化而有所不同。

Second quarter base fee and securities lending revenue of $3.6 billion was down 2% year-over-year and reflected the impact of underperformance on non-U.S. equity markets and fixed income market movements on our average AUM partially offset by higher securities lending revenue. Sequentially, base fee and securities lending revenue was up 3%, reflecting higher average AUM and securities lending revenue and the impact of one additional day in the second quarter. On an equivalent day count basis, our annualized effective fee rate was 0.2 basis points lower compared to the first quarter, mainly due to divergent equity beta and changing client risk preferences. Performance fees of $118 million increased from a year ago, primarily reflecting higher revenue from Illiquid alternatives. Business momentum remains strong across our technology platform, with clients turning to Aladdin for business transformation and scale enablement.

第二季度基本費用和證券借貸收入為 36 億美元，同比下降 2%，反映出非美國股票市場表現不佳以及固定收益市場波動對平均資產管理規模的影響，但部分被證券借貸收入增加所抵消。隨後，基本費用和證券借貸收入增長了 3%，反映了平均資產管理規模和證券借貸收入的增加以及第二季度增加一天的影響。按同等天數計算，我們的年化有效費用率比第一季度下降了 0.2 個基點，主要是由於股權貝塔值不同和客戶風險偏好的變化。績效費用比一年前增加了 1.18 億美元，主要反映了非流動性替代品的收入增加。我們的技術平台的業務勢頭依然強勁，客戶轉向阿拉丁進行業務轉型和規模化支持。

Clients are increasingly partnering with BlackRock for integrated technology solutions and approximately half of our year-to-date mandates have been across multiple technology offerings such as combining eFront with core Aladdin. Quarterly technology services revenue was up 8% compared to a year ago, reflecting this demand, but also the impact of negative fixed income market movements over the last 12 months on client positions on Aladdin.

客戶越來越多地與貝萊德合作開發集成技術解決方案，今年迄今為止，我們約一半的任務涉及多種技術產品，例如將 eFront 與核心 Aladdin 相結合。季度技術服務收入較去年同期增長 8%，反映了這一需求，同時也反映了過去 12 個月固定收益市場負波動對 Aladdin 客戶頭寸的影響。

Sequential technology revenue reflected the successful completion of integrations for several large clients that went live on Aladdin in the second quarter. Annual contract value, or ACV, increased 8% year-over-year. We remain committed to low to mid-teens ACV growth over the long term, driven by demand for Aladdin's broadening technology capabilities and the growing value proposition it represents for clients.

連續的技術收入反映了第二季度在阿拉丁上上線的幾個大客戶的集成的成功完成。年度合同價值 (ACV) 同比增長 8%。在對阿拉丁不斷擴大的技術能力的需求及其為客戶帶來的不斷增長的價值主張的推動下，我們仍然致力於長期保持 ACV 的中低至中青少年增長。

Total expense was modestly lower year-over-year. Lower incentive compensation and distribution and servicing costs were partially offset by higher direct fund expense. Employee compensation and benefit expense was flat year-over-year, primarily reflecting lower incentive compensation due to lower operating income, offset by higher base compensation.

總費用同比略有下降。較低的激勵薪酬以及分配和服務成本被較高的直接基金支出部分抵消。員工薪酬和福利支出同比持平，主要反映出營業收入較低導致激勵性薪酬較低，但基本薪酬較高所抵消。

Direct fund expense increased 13% year-over-year and 9% sequentially as a result of higher rebates in the prior year quarter and higher average index AUM. G&A expense was flat year-over-year, partially due to timing of planned investment spend. Our second quarter as-adjusted operating margin of 42.5% was down 120 basis points from a year ago, reflecting the negative impact of market movements on quarterly revenue. Our platform strategy has delivered scale and operating leverage through time with 240 basis points of margin expansion in the last 10 years.

由於上一季度回扣增加以及平均指數 AUM 上升，直接基金費用同比增長 13%，環比增長 9%。一般行政費用同比持平，部分原因是計劃投資支出的時間安排。我們第二季度調整後營業利潤率為 42.5%，比去年同期下降 120 個基點，反映出市場變動對季度收入的負面影響。我們的平台戰略隨著時間的推移實現了規模和運營槓桿，在過去 10 年裡利潤率擴大了 240 個基點。

Markets have improved since the end of 2022, and we aim to be disciplined in driving profitable growth by prioritizing investments to propel our differentiated organic growth and operating leverage. In line with our guidance in January at present, we would expect our head count to be broadly flat in 2023. We would 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. We continue to invest to the prudent use of our balance sheet to best position BlackRock for sustained success, primarily through seed and co-investments to support organic growth.

自 2022 年底以來，市場有所改善，我們的目標是通過優先投資來推動我們差異化的有機增長和運營槓桿，從而嚴格推動盈利增長。根據我們目前 1 月份的指引，我們預計 2023 年的員工人數將基本持平。我們還預計 2023 年核心一般及行政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現金返還給股東。我們繼續謹慎使用資產負債表進行投資，以確保貝萊德取得持續成功，主要是通過種子投資和共同投資來支持有機增長。

At times, we may make inorganic investments where we see an opportunity to accelerate growth and support our strategic initiatives. Consistent with this inorganic strategy, last month, we announced that private markets acquisition and a minority investment as part of a technology partnership. We expect our acquisition of Kreos Capital to close in the third quarter of this year, adding venture debt capabilities and further bolstering BlackRock's global credit franchise. Through out technology partnership with Avaloq we aim to link Aladdin Wealth in Avaloq's core banking system, which will ultimately scale both businesses and better serve joint clients.

有時，我們可能會在看到加速增長和支持我們的戰略舉措的機會時進行無機投資。與這一無機戰略相一致，上個月，我們宣布進行私人市場收購和少數股權投資，作為技術合作夥伴關係的一部分。我們預計對 Kreos Capital 的收購將於今年第三季度完成，從而增加風險債務能力並進一步增強貝萊德的全球信貸業務。通過與 Avaloq 的技術合作，我們的目標是將 Aladdin Wealth 連接到 Avaloq 的核心銀行系統中，這最終將擴大雙方的業務規模並更好地服務聯合客戶。

We repurchased $375 million worth of common shares in the second 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. In May, we capitalized on the improved conditions for debt issuance, issuing $1.25 billion of 10-year debt at a coupon of 4.75%. We expect to invest the proceeds of the offering at substantially the same rate as the cost of borrowing, effectively eliminating incremental cost of carrying additional debt in 2023.

我們在第二季度回購了價值 3.75 億美元的普通股。目前，根據我們今年的資本支出計劃並根據市場情況，我們仍預計今年剩餘時間內每季度回購至少 3.75 億美元的股票，這與我們 1 月份的指引一致。 5月份，我們利用債務發行條件改善的機會，發行了12.5億美元的10年期債券，票面利率為4.75%。我們預計將以與借貸成本基本相同的利率投資本次發行的收益，從而有效消除 2023 年承擔額外債務的增量成本。

Our ambition is to be the cloud of investment management and technology. We organize around 3 key principles, access, expertise and service to deliver value to our clients. Our platform strategy backed by these 3 principles drove $80 billion of total net inflows in the second quarter, broadening adoption of iShares ETFs by asset managers, insurance companies and wealth managers fueled net inflows of $48 billion in the second quarter, led by fixed income ETF net inflows of $35 billion. Our iShares ranged unlocking client demand by providing efficient and expanded access to broad [swaths] and finer slices of the bond market.

我們的目標是成為投資管理和技術的雲。我們圍繞 3 個關鍵原則：渠道、專業知識和服務來為客戶創造價值。我們以這 3 項原則為支撐的平台戰略推動第二季度淨流入總額達到 800 億美元，資產管理公司、保險公司和財富管理公司擴大對 iShares ETF 的採用，推動第二季度淨流入 480 億美元，其中固定收益 ETF 淨流入 350 億美元。我們的 iShares 通過提供高效和擴大的債券市場廣泛[範圍]和更精細的部分來釋放客戶需求。

Retail net inflows of $4 billion were led by strength in index SMAs through Aperio and broad-based net inflows into active fixed income. BlackRock's institutional franchise generated $5 billion of net inflows in the second quarter. We're partnering with clients across their whole portfolio, and our clients are leveraging our scaled advisory, asset allocation, OCIO and technology services.

零售淨流入 40 億美元，主要得益於 Aperio 指數 SMA 的強勁以及主動固定收益的廣泛淨流入。貝萊德的機構特許經營權在第二季度創造了 50 億美元的淨流入。我們正在與客戶的整個投資組合進行合作，我們的客戶正在利用我們的規模化諮詢、資產配置、OCIO 和技術服務。

Institutional active net inflows of $9 billion included demand for customized LifePath target date mandates and illiquid alternatives. Private markets continued to scale in the quarter. Net inflows of $3 billion represented 10% annualized organic asset growth and were led by private credit and infrastructure. We have approximately $30 billion of non-fee paying committed capital to deploy in a variety of alternative strategies, representing a significant source of future base and performance fees.

90 億美元的機構活躍淨流入包括對定制 LifePath 目標日期指令和非流動性替代品的需求。本季度私募市場繼續擴大規模。淨流入 30 億美元，代表年化有機資產增長 10%，主要由私人信貸和基礎設施流入。我們擁有約 300 億美元的非付費承諾資本，可部署在各種替代策略中，這是未來基本費和績效費的重要來源。

Finally, cash management net inflows of $23 billion in the second quarter were led by U.S. government money market funds. We're actively working with clients on their liquidity management strategy, providing technology, market and operational insights and, of course, a full range of cash management capabilities.

最後，第二季度現金管理淨流入達 230 億美元，其中美國政府貨幣市場基金領先。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，當然還有全方位的現金管理能力。

Looking ahead, we see significant opportunity to grow our market share and consolidate our position with clients as they choose to do more with BlackRock. We're the only asset manager delivering Platform-as-a-Service. We believe our platform strategy will continue to deliver for both our clients and shareholders, resulting in sustained market-leading organic growth and differentiated operating leverage over time.

展望未來，隨著客戶選擇與貝萊德合作，我們看到了擴大市場份額並鞏固我們在客戶中的地位的重大機會。我們是唯一提供平台即服務的資產管理公司。我們相信，我們的平台戰略將繼續為我們的客戶和股東提供服務，從而隨著時間的推移實現持續的市場領先的有機增長和差異化的運營槓桿。

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

有了這個，我會把它交給拉里。

Thank you, Martin, and good morning to everyone, and thanks for joining the call. Throughout our history, BlackRock has been serving clients. We listened to them. We delivered to them as a fiduciary, and we evolve our capabilities to help them achieve their long-term outcomes across market regimes. We bring together the entire firm as a platform to deliver client outcomes. That's a defining factor of BlackRock's differentiated and industry-leading leadership.

謝謝馬丁，大家早上好，感謝您加入電話會議。縱觀我們的歷史，貝萊德一直在為客戶提供服務。我們聽取了他們的意見。我們作為受託人為他們提供服務，並發展我們的能力來幫助他們在整個市場體系中實現長期成果。我們將整個公司作為一個平台來為客戶提供成果。這是貝萊德差異化和行業領先領導地位的決定性因素。

As many of you have heard at our Investor Day last month, we are building the sole platform strategy in asset management that brings together products, services and technology to solve our clients' investment and technology needs. We envisioned BlackRock to be the investment manager cloud, for asset managers and for asset owners. BlackRock's industry-leading results reflect our clients' continued confidence in our long-term performance. We are delivering sustained organic growth and base fee growth even as the traditional asset management industry logs persistent outflows.

正如你們許多人在上個月的投資者日上聽到的那樣，我們正在構建資產管理領域的唯一平台戰略，將產品、服務和技術結合在一起，以滿足客戶的投資和技術需求。我們設想貝萊德成為資產管理者和資產所有者的投資管理雲。貝萊德行業領先的業績反映了客戶對我們長期業績的持續信心。儘管傳統資產管理行業持續出現資金外流，但我們仍在實現持續的有機增長和基本費用增長。

BlackRock generated $190 billion of total net inflows in the first half of 2023, including $80 billion in the second quarter, reflecting positive flows from wealth and institutional clients across regions. We grew technology services revenues and ACV as clients' leverage Aladdin to support their investment processes. And we again delivered strong margins for our shareholders. Our scaled platform and technology allows us to invest for future growth while maintaining a differentiating margin, which we expanded in 7 of the last 10 years. Organic growth, combined with positive markets and foreign exchange movements has led to an over $830 billion increase and BlackRock's AUM in the first 6 months of 2023.

貝萊德在 2023 年上半年創造了 1,900 億美元的淨流入總額，其中第二季度為 800 億美元，反映出來自各地區財富和機構客戶的積極資金流入。隨著客戶利用阿拉丁支持他們的投資流程，我們的技術服務收入和 ACV 均有所增長。我們再次為股東帶來了豐厚的利潤。我們規模化的平台和技術使我們能夠為未來的增長進行投資，同時保持差異化利潤率，在過去 10 年中有 7 年我們擴大了利潤率。有機增長，加上積極的市場和外匯走勢，導致 2023 年前 6 個月貝萊德的資產管理規模增加了超過 8,300 億美元。

And as I speak with clients, I hear how their expectations of asset managers are expanding. It's why clients are doing more business with fewer managers. Clients are seeking a broad range of integrated services alongside a strong performance track record to help them achieve their desired outcomes. Clients value BlackRock's unparalleled breadth and investment strategies, which span regions, index and actives in both public and private markets. And they're confident in our ability to deliver the investment performance they need through durable alpha and active proprietary deal flow in private markets or prior index tracking of ETFs.

當我與客戶交談時，我聽到他們對資產管理公司的期望正在不斷擴大。這就是為什麼客戶可以用更少的經理來完成更多的業務。客戶正在尋求廣泛的綜合服務以及良好的業績記錄，以幫助他們實現預期的結果。客戶非常看重貝萊德無與倫比的廣度和投資策略，這些策略涵蓋公共和私人市場的地區、指數和活躍品種。他們對我們通過私募市場中持久的阿爾法和活躍的自營交易流或 ETF 的先前指數跟踪來提供他們所需的投資業績的能力充滿信心。

Through our diversification and strong performance, we can help clients better match their long-dated liabilities, achieve their operational objectives and streamline their processes. This better enables them to address the needs of their own stakeholders. Today, client conversations more often move beyond products, they're about portfolios, about business transformation and how they could benefit from BlackRock's platform scale. That evolution from product to portfolio to platform creates enormous growth potential for BlackRock. And we are intentionally organizing ourselves around our clients, which helps ensure the one BlackRock rock we deliver is greater than any one part of the organization.

通過我們的多元化和強勁的業績，我們可以幫助客戶更好地匹配其長期負債，實現其運營目標並簡化其流程。這使他們能夠更好地滿足自己利益相關者的需求。如今，客戶的對話更多地超出了產品範圍，涉及投資組合、業務轉型以及他們如何從貝萊德的平台規模中受益。從產品到投資組合再到平台的演變為貝萊德創造了巨大的增長潛力。我們有意識地圍繞客戶進行組織，這有助於確保我們提供的貝萊德岩石比組織的任何一個部分都更偉大。

Investors are facing a complex landscape of competing fiscal and monetary policies with a number of structural forces shaping returns now and over the long term. These forces include a fragmented geopolitical landscape causing a rewiring supply chains, a transition to a lower carbon economy and the aging population in the developed world, all of which are likely to be inflationary over time. This year, U.S. equity markets rally has been fueled by just a few technology firms and hope that artificial intelligence will gain widespread adoption. I believe AI has a huge potential to enhance productivity and transforms margins across sectors. It may be a technology that can bring down inflation. But in the meantime, [Central] banks continue to face a sharp trade-off between living with some inflation and/or damaging economic activity.

投資者面臨著相互競爭的財政和貨幣政策的複雜格局，以及許多影響當前和長期回報的結構性力量。這些力量包括導致供應鏈重新佈線的分散的地緣政治格局、向低碳經濟的轉型以及發達國家的人口老齡化，所有這些隨著時間的推移都可能導致通貨膨脹。今年，美國股市的上漲僅受到少數科技公司的推動，並希望人工智能能夠得到廣泛採用。我相信人工智能在提高生產力和改變各個行業的利潤方面具有巨大的潛力。這可能是一項可以降低通貨膨脹的技術。但與此同時，[央行]銀行繼續面臨著承受一定通脹和/或破壞性經濟活動之間的尖銳權衡。

Against this backdrop, clients are turning to BlackRock to provide insights to help them manage risk. We capture new opportunities and to implement enterprise technologies. Clients are choosing BlackRock for our platform combination of technology and advisory alongside ETFs, active investing and private market capabilities. Our ETF platform and franchise cuts horizontally across clients, products and the market ecosystem to provide access to an expanding world of investments.

在此背景下，客戶開始尋求貝萊德提供見解來幫助他們管理風險。我們抓住新機遇並實施企業技術。客戶選擇貝萊德是因為我們的平台結合了技術和諮詢以及 ETF、主動投資和私募市場能力。我們的 ETF 平台和特許經營權橫向跨越客戶、產品和市場生態系統，為不斷擴大的投資世界提供機會。

BlackRock captured the #1 share of ETF industry flows in the second quarter of 2023 generating $48 billion of net inflows. These industry-leading net inflows was led by a continued demand for iShares bond ETFs, and we aim for our bond ETF AUM to more than triple to $2.5 trillion by 2030. This is not just because of the generational opportunities in [VIX] income, but because bond ETFs are also delivering benefits such as access, transparency and liquidity to both institutional and wealth clients at an accelerating pace.

貝萊德 (BlackRock) 在 2023 年第二季度佔據 ETF 行業流量第一的份額，產生 480 億美元的淨流入。這些行業領先的淨流入是由對 iShares 債券 ETF 的持續需求帶動的，我們的目標是到 2030 年，我們的債券 ETF 資產管理規模將增加兩倍以上，達到 2.5 萬億美元。這不僅是因為 [VIX] 收入的代際機會，還因為債券 ETF 也正在加速為機構和財富客戶帶來准入、透明度和流動性等好處。

BlackRock will continue to drive bond ETF innovation and growth as the bond market modernizes and investors moved to capture significant opportunities in fixed income. Our ETFs business is evolving to increase access to all kinds of markets more efficiently with more transparency and more conveniently than ever before. We recently completed the largest global ETF launch in history with 2 transition focused ETFs. The launch is another example of our commitment to provide choice and access to our clients through the breadth of our leading transition and ETF capabilities. The ETF launched nearly $3 billion in seed capital as we connected with BlackRock to execute on an innovative client solution.

隨著債券市場的現代化以及投資者開始捕捉固定收益領域的重大機遇，貝萊德將繼續推動債券 ETF 的創新和增長。我們的 ETF 業務正在不斷發展，以比以往更有效、更透明、更方便地增加進入各種市場的機會。我們最近完成了歷史上最大規模的全球 ETF 發行，其中包括 2 只專注於轉型的 ETF。這次推出是我們承諾通過我們領先的轉型和 ETF 能力為客戶提供選擇和機會的另一個例子。當我們與貝萊德聯繫以執行創新的客戶解決方案時，該 ETF 籌集了近 30 億美元的種子資金。

Our clients are also focused on outcomes, and this manifests in a portfolio of blending active index, private markets and cash. We often talk about how index ETFs are being used actively by all types of investors and active managers are increasingly leveraging the many benefits of the ETF wrapper. In May, we launched 2 active ETFs led by Rick Rieder and Tony DeSpirito, these ETFs will be great tools for client advisers to gain access to our active insights within our ETF structure.

我們的客戶也注重結果，這體現在混合活躍指數、私人市場和現金的投資組合中。我們經常談論指數 ETF 如何被各類投資者積極使用，以及主動型基金經理如何越來越多地利用 ETF 包裝器的諸多優勢。 5 月份，我們推出了由 Rick Rieder 和 Tony DeSpirito 領導的 2 只主動 ETF，這些 ETF 將成為客戶顧問獲得我們對 ETF 結構的主動見解的絕佳工具。

Clients choose BlackRock for performance. This is across multiple dimensions, including investment performance, client service and operational excellence. Across our active franchise, BlackRock has delivered durable investment performance with 81% and 90% of our fundamental equities and taxable fixed income AUM above benchmark or peer medium for the last 5 years. Our global connectivity, our scale, our technology, our market access position positions us to deliver the alpha our clients' need. Our expertise in portfolio construction and asset allocation combined with strong investment performance has differentiated BlackRock in the market. We saw $73 billion of active net inflows in the first half of 2023 compared to active industry outflows.

客戶選擇貝萊德是因為其業績。這涉及多個維度，包括投資績效、客戶服務和卓越運營。在我們的活躍特許經營權中，貝萊德在過去 5 年中實現了持久的投資業績，我們 81% 和 90% 的基本股票和應稅固定收益資產管理規模高於基准或同行中等水平。我們的全球連通性、規模、技術和市場准入地位使我們能夠滿足客戶的需求。我們在投資組合構建和資產配置方面的專業知識加上強勁的投資業績使貝萊德在市場上脫穎而出。與活躍的行業流出相比，我們在 2023 年上半年看到了 730 億美元的活躍淨流入。

We're also unlocking opportunities for clients in private markets, where we have a $30 billion of committed capital, and we're growing in private markets organically through new launches, scaling of our successor funds, and at times, we will execute on inorganic transactions to further expand our capabilities and global reach. To this end, we recently announced our planned acquisition of Kreos Capital, a leading provider of venture debt financing in Europe. When we talk to clients about their private market allocation, the number one thing you're looking for as a selective manager's proprietary, differentiated deal flow. BlackRock's global network of relationships, our data, our analytics and flexible, adaptable capital needs we could source unique deals for our clients.

我們還在私募市場為客戶釋放機會，我們在私募市場擁有 300 億美元的承諾資本，並且通過新產品的推出、後續基金的規模擴大，我們在私募市場有機增長，有時，我們將執行無機交易，以進一步擴大我們的能力和全球影響力。為此，我們最近宣布計劃收購歐洲領先的風險債務融資提供商 Kreos Capital。當我們與客戶談論他們的私募市場配置時，您首先要尋找的是作為精選經理的專有的、差異化的交易流程。貝萊德的全球關係網絡、我們的數據、我們的分析以及靈活、適應性強的資本需求，我們可以為我們的客戶尋找獨特的交易。

In doing so, we deliver value for our clients and our fund portfolio of companies. Our long-term private capital team acquisition of Creed in May 2020 is an excellent example of the outcomes that can be achieved through the strength of our proprietary sourcing, our proprietary underwriting and value creation capabilities. LTPC acquired Creed during the depths of the COVID lockdown and last month that we announced that they had entered an agreement to sell the company to a strategic buyer [Karin beauty]. The LTPC team had the conviction that Creed was an extraordinary business with multiple levers for value creation that would help accelerate growth even during the pandemic. And with last month's agreement, the fund is expected to realize significant alpha for our clients.

通過這樣做，我們為我們的客戶和我們的公司基金投資組合創造價值。我們的長期私人資本團隊於 2020 年 5 月對 Creed 的收購是一個很好的例子，說明了通過我們的自營採購、自營承銷和價值創造能力的優勢可以實現的成果。 LTPC 在新冠疫情封鎖期間收購了 Creed，上個月我們宣布他們已達成協議，將該公司出售給戰略買家 [Karin Beauty]。 LTPC 團隊堅信 Creed 是一家非凡的企業，擁有多種價值創造槓桿，即使在疫情期間也將有助於加速增長。根據上個月的協議，該基金預計將為我們的客戶實現顯著的阿爾法收益。

I find more often now that companies want BlackRock as a trusted investor and a trusted partner. BlackRock is a long-term friendly capital with global client relationships. We invest early and we can stay invested through cycles, whether it's debt or equity or a pre-IPO through post IPO. Companies recognize the uniqueness of our global reach, our brand and our expertise across markets and industries. We are a valued partner to these clients, and companies want to work with BlackRock and this enables our proprietary origination.

我現在發現更多的公司希望貝萊德成為值得信賴的投資者和值得信賴的合作夥伴。貝萊德是一家擁有全球客戶關係的長期友好資本。我們儘早投資，並且可以在整個週期中保持投資，無論是債務還是股權，還是從首次公開募股前到首次公開募股後。公司認識到我們的全球影響力、我們的品牌以及我們在市場和行業中的專業知識的獨特性。我們是這些客戶的重要合作夥伴，公司希望與貝萊德合作，這使得我們的專有原創成為可能。

We are tapping into our deal flow across our private markets asset classes, and especially focusing on credit and infrastructure. Our connectivity across the real economy is bringing benefits to both clients and the communities in which our underlying investment projects operate. As I meet with clients around the world, I hear how our profile is strengthening in local markets as a result of our leadership in infrastructure investing.

我們正在利用私募市場資產類別的交易流，特別關注信貸和基礎設施。我們與實體經濟的聯繫正在為客戶和我們的基礎投資項目所在的社區帶來利益。當我與世界各地的客戶會面時，我了解到，由於我們在基礎設施投資方面的領導地位，我們在當地市場的形象正在不斷增強。

In the United States, we partnered with AT&T and GigaPower JV and invested in Jupiter Power, which operates one of the largest battery storage fleets in Texas. And our relationships around the world continue to expand our reach in new ways. This is evident from our most recent investments, whether it's first air in South Korea, or Acacia Energy, which is building the world's largest grid scale battery storage facility, the Varta battery in Australia. These are just a few examples. Our growing profile from these investments is leading to more and larger deal opportunities, which will deliver growth for BlackRock's clients and to you, our shareholders. The portfolio of the future is outcome-oriented, customized and seamlessly combined public and private markets.

在美國，我們與 AT&T 和 GigaPower JV 合作，投資了 Jupiter Power，該公司運營著德克薩斯州最大的電池存儲車隊之一。我們在世界各地的關係繼續以新的方式擴大我們的影響力。這從我們最近的投資中可以明顯看出，無論是韓國的第一家空氣公司，還是 Acacia Energy，該公司正在澳大利亞建設世界上最大的電網規模電池存儲設施——Varta 電池。這些只是幾個例子。我們通過這些投資不斷提高的形象將帶來更多、更大的交易機會，這將為貝萊德的客戶和您（我們的股東）帶來增長。未來的投資組合是以結果為導向的、定制的、無縫結合的公共和私人市場。

BlackRock is the only company that can offer both the portfolio investments in technology through eFront and Aladdin. Aladdin is bringing the portfolio of the future to life by providing technology in a digital-enabled and customized way. Combining risk management, the investment book of record performance, accounting and data all in one place. Market volatility and growing cost pressures and complexities and optimizing whole portfolios underscore the need of enterprise operating and risk management technology.

貝萊德是唯一一家能夠通過 eFront 和 Aladdin 提供技術組合投資的公司。阿拉丁通過以數字化和定制的方式提供技術，將未來的產品組合變為現實。將風險管理、投資業績記錄簿、會計和數據全部集中於一處。市場波動、不斷增長的成本壓力和復雜性以及優化整個投資組合強調了企業運營和風險管理技術的需求。

The value of Aladdin's integrated end-to-end technology platform is resonating. In the same way that clients are consolidating their portfolios with fewer asset managers, clients are looking to do much more with Aladdin. And over the last 12 months, 40% of our new annual contract value came from the expansion of existing relationships. And I'm pleased to say that our retention rates remain very high at 98%. We're not only expanding Aladdin's capabilities, we're also tackling bigger addressable markets by extending into adjacent offerings. We're enabling a whole portfolio ecosystem empowering clients through data and opening Aladdin to drive even more innovation. We are creating deep integration with ecosystem providers and third-party technology solutions. Our recently announced partnership with Avaloq is the latest example. We are engineering Aladdin for the future, and as clients look to do more with fewer partners, our SaaS technology business will enable greater agility for clients in delivering higher recurring revenues for our shareholders.

阿拉丁集成的端到端技術平台的價值正在引起共鳴。正如客戶通過更少的資​​產管理公司整合投資組合一樣，客戶也希望通過阿拉丁實現更多的目標。在過去 12 個月中，我們新年度合同價值的 40% 來自現有關係的擴展。我很高興地說，我們的保留率仍然很高，高達 98%。我們不僅擴展了阿拉丁的功能，還通過擴展到相鄰的產品來應對更大的潛在市場。我們正在打造一個完整的投資組合生態系統，通過數據為客戶提供支持，並開放阿拉丁來推動更多創新。我們正在與生態系統提供商和第三方技術解決方案進行深度集成。我們最近宣布與 Avaloq 合作就是最新的例子。我們正在為未來設計阿拉丁，隨著客戶希望通過更少的合作夥伴做更多的事情，我們的 SaaS 技術業務將為客戶提供更大的敏捷性，為我們的股東帶來更高的經常性收入。

Aladdin and Aladdin Wealth are increasingly core components of outsourcing relationships. Our success across a number of significant outsourced solutions over the past several years are catalyzing a dialogue with more and more clients. I recognize the headline multibillion-dollar mandates get much of the attention. But we're bringing our expertise to clients in all segments, not just large pension funds or insurers but also wealth managers and charities and endowments and family offices.

阿拉丁和阿拉丁財富日益成為外包關係的核心組成部分。過去幾年，我們在許多重要的外包解決方案上取得的成功正在促進與越來越多客戶的對話。我認識到數十億美元的任務引起了很多關注。但我們正在將我們的專業知識帶給各個領域的客戶，不僅是大型養老基金或保險公司，還包括財富管理公司、慈善機構、捐贈基金和家族辦公室。

Second quarter results, including continued momentum in institutional and wealth outsourcing, particularly in family office models and SMAs. And last week, Quintet Private Bank announced they selected BlackRock to provide an expanded set of investment solutions, advisory solutions and risk management and technology. This is another example of how clients are turning to BlackRock as they scale and they grow their own business, and we help them do that. Whether its Asset Management or technology or the multitude of other industries, clients are consolidating their relationships and moving to platforms that provide strong performance in integrated services. BlackRock intentionally invested and built our business model to be in the forefront of this trend. And this is resonating in our results as clients increasingly turn to BlackRock for performance and for our platform services.

第二季度業績，包括機構和財富外包的持續勢頭，特別是在家族辦公室模式和 SMA 方面。上週，Quintet 私人銀行宣布他們選擇貝萊德提供一套擴展的投資解決方案、諮詢解決方案以及風險管理和技術。這是客戶在擴大規模和發展自己的業務時轉向貝萊德的另一個例子，我們幫助他們做到這一點。無論是資產管理、技術還是眾多其他行業，客戶都在鞏固他們的關係，並轉向在綜合服務方面提供強大性能的平台。貝萊德有意投資並建立了我們的業務模式，以走在這一趨勢的最前沿。隨著客戶越來越多地轉向貝萊德尋求性能和我們的平台服務，這在我們的業績中產生了共鳴。

Our Industry leading results and momentum are a direct result of our dedicated employees and leadership team. Our success over the last 35 years has been built on the steadfast commitment to operate as one BlackRock, fully connected to our clients, on one platform with one culture using one technology. It is our leadership team that is delivering the power of this hyper-connected platform to our clients. These leaders make us a hyper-connected team. The collaboration and their horizontal leadership are essential to our success and growth.

我們行業領先的成果和勢頭是我們敬業的員工和領導團隊的直接成果。我們過去 35 年的成功建立在堅定的承諾之上，即作為一個貝萊德公司運營，與我們的客戶完全聯繫，在一個平台上使用一種技術，一種文化。我們的領導團隊正在向我們的客戶提供這個超連接平台的力量。這些領導者使我們成為一個高度互聯的團隊。協作和他們的橫向領導對於我們的成功和成長至關重要。

As I said in our Investor Day, I'm not planning to leave BlackRock anytime soon, but my goal has always been to ensure that when Rob Kapito and I move on, the firm is even in better hands than it is today. And I'm confident we are going to achieve that. In building the company, we have always taken a long-term view and our approach in developing our leadership talent is no different. BlackRock's Board and I are highly focused on identifying and developing our next generation of leaders. We also seek to align their long-term interest with those of our shareholders, our clients and one another through shared incentives that reward long-term value creation.

正如我在投資者日所說，我不打算很快離開貝萊德，但我的目標始終是確保當羅布·卡皮托和我繼續前進時，該公司會得到比現在更好的管理。我相信我們將會實現這一目標。在建設公司的過程中，我們始終著眼長遠，我們培養領導人才的方法也不例外。我和貝萊德董事會高度重視識別和培養下一代領導者。我們還尋求通過獎勵長期價值創造的共同激勵措施，將他們的長期利益與我們的股東、客戶和彼此的長期利益結合起來。

A key part of this ongoing initiative is the recent issuance of a onetime long-term equity incentive grants for a small group of leaders, featuring extended vesting periods. These awards represent a key long-term strategic investment in the success and stability of BlackRock's leadership plans. And as we execute our platform as a service strategy, our goal is that these grants will help promote a continued, collaborative long-term performance culture between our leaders across our horizontal leadership capabilities and for many years to come. Because I want to underscore that we are in the very early days of a long-term shift in client consolidation of their investment managers, their technology requirements towards a more comprehensive platform.

這一正在進行的舉措的一個關鍵部分是最近為一小群領導者發放了一次性長期股權激勵贈款，其特點是延長了歸屬期。這些獎項代表了貝萊德領導計劃的成功和穩定性的關鍵長期戰略投資。當我們執行我們的平台即服務戰略時，我們的目標是，這些贈款將有助於在我們的橫向領導能力和未來的許多年裡促進我們的領導者之間持續、協作的長期績效文化。因為我想強調，我們正處於客戶投資經理的長期整合、技術需求向更全面的平台轉變的早期階段。

In the same way that organizations have traditioned from on-site data to hardware to cloud providers, many clients are now transitioning from in-house investment and technology models to BlackRock. For years, we have focused on delivering one BlackRock to our clients with horizontal connectivity, integrated services and a strong performance. I truly believe this is the future of investing, and BlackRock is a forefront. I believe we're at one of the most exciting times in BlackRock's history, I could say very clearly that both Rob and I are energized by these new examples that we see every day and how we are delivering value for all of our BlackRock stakeholders.

正如組織傳統上從現場數據到硬件再到雲提供商一樣，許多客戶現在也從內部投資和技術模式轉向貝萊德。多年來，我們一直致力於為客戶提供一個具有橫向連接、集成服務和強大性能的貝萊德。我堅信這就是投資的未來，而貝萊德處於前沿。我相信我們正處於貝萊德歷史上最激動人心的時刻之一，我可以非常明確地說，羅布和我都對我們每天看到的這些新例子以及我們如何為所有貝萊德利益相關者提供價值感到充滿活力。

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

謝謝，讓我們開放提問。

(Operator Instructions) We'll go first to Craig Siegenthaler with Bank of America.

（操作員指示）我們首先去找美國銀行的 Craig Siegenthaler。

So I have a 2-parter on the potential for large bond reallocations. We actually haven't seen any big reallocations yet outside the money market fund business and bond ETFs. So do you expect these 2 products to be the most dominant drivers of flow still? And then also from your recent conversations with large institutions and retail platforms, do you believe most investors are waiting just given that the Fed will likely still raise rates a couple of times?

因此，我對大規模債券重新分配的潛力有兩個看法。事實上，除了貨幣市場基金業務和債券ETF之外，我們還沒有看到任何大規模的重新分配。那麼您認為這兩種產品仍然是最主要的流量驅動因素嗎？然後，從您最近與大型機構和零售平台的對話來看，您是否認為大多數投資者都在等待，因為美聯儲可能仍會加息幾次？

Craig, let me have Rob answer that one.

克雷格，讓我讓羅布回答這個問題。

So Craig, the 2 answers are yes and yes. And that is because currently, yields are back but I think in general, most people think that yields are going to continue to rise. So they are preparing for what I would call a generational change in the fixed income market because you can actually earn attractive yields without taking much duration or credit risk. And if you go back clients shifted towards illiquid investments over the last decade to get those returns. But while there is still demand for the private markets to diversify and pursue out performance, investors, as you know, can get most of that yield in their liabilities and meet them through bonds.

所以克雷格，兩個答案是肯定的和肯定的。這是因為目前收益率已經回升，但我認為總的來說，大多數人認為收益率將繼續上升。因此，他們正在為我所說的固定收益市場的代際變革做準備，因為你實際上可以在不承擔太多久期或信用風險的情況下獲得有吸引力的收益率。如果你回顧過去十年，客戶轉向非流動性投資以獲得這些回報。但是，儘管私募市場仍存在多元化和追求業績的需求，但正如您所知，投資者可以從其負債中獲得大部分收益，並通過債券來滿足這些收益。

And we are so well positioned for that, both with our $3.4 trillion fixed income and cash platform. So to give you some numbers, 80% of all fixed income is now yielding over 4%, this is a pretty remarkable shift in our history. We're calling this a once-in-a-generation opportunity. There is finally income to be earned in the fixed income market and we are expecting a resurgence in demand. Now you touched on something very important, the cash market. This is not the last stop for that cash and there are trillions now. I think the number is around $7 trillion in money market accounts, that is ready when people feel that rates have peaked to flood the fixed income market, and we need to position ourselves to capture that.

我們擁有 3.4 萬億美元的固定收益和現金平台，因此已做好充分準備。給你一些數字，現在 80% 的固定收益的收益率超過 4%，這是我們歷史上一個相當了不起的轉變。我們稱這是千載難逢的機會。固定收益市場終於可以賺取收入，我們預計需求將會復蘇。現在您談到了非常重要的事情，即現貨市場。這並不是這些現金的最後一站，現在已經有數万億美元了。我認為貨幣市場賬戶的數字約為 7 萬億美元，當人們認為利率已見頂並淹沒固定收益市場時，這個數字就已經準備好了，我們需要定位自己以抓住這一點。

How do you do that? One is by product and the other is by performance. And we saw positive fixed income mutual fund flows in the quarter, led by our high-yield total return and muni franchises. We have strong long-term investment performance with 90% of taxable fixed income AUM above the benchmark or peer median for the 5-year period. So with strong performance, a diversified product offering, we are just in the right spot to take active fixed income share as investors look to capitalize on these opportunities for Alpha in the bond market.

你是怎樣做的？一是按產品，二是按性能。在我們的高收益總回報和市政特許經營權的帶動下，我們在本季度看到了正的固定收益共同基金流量。我們擁有強勁的長期投資業績，5 年期間 90% 的應稅固定收益資產管理規模高於基准或同行中位數。因此，憑藉強勁的業績和多元化的產品供應，當投資者尋求利用阿爾法在債券市場的這些機會時，我們正處於積極的固定收益份額的正確位置。

I want to add one other point about fixed income. We anticipate that bond ETFs are going to be used alongside of our top-performing active offerings. And I know that because in the first half of the year, we saw $12 billion in active fixed income net inflows alongside of $68 billion from bond ETFs. So on the active side, we believe there's finally an opportunity for Alpha, and that hasn't been there as much as it is in many years. So keep in mind, bond ETFs are also increasingly being used by active managers for liquidity management, hedging and efficient tactical asset allocation.

關於固定收益，我想補充一點。我們預計債券 ETF 將與我們表現最佳的主動產品一起使用。我知道這一點，因為今年上半年，我們看到 120 億美元的主動固定收益淨流入以及來自債券 ETF 的 680 億美元。因此，從積極的角度來看，我們相信阿爾法終於有機會了，而且這種機會已經很多年沒有出現過了。因此請記住，主動型基金經理也越來越多地使用債券 ETF 進行流動性管理、對沖和高效的戰術資產配置。

And in fact, 9 of the top 10 global asset managers now use iShares. And then lastly, we have over 450 bond ETF choices which is more than 5x the next largest issuer, diversified across exposures and the yield curve. We also have the most diversified client base including wealth advisers, active managers, insurance companies, pensions and other institutions. And lastly, through the capital markets expertise here, we're advising clients on new use cases for bond ETFs, such as replacing more expensive futures or swaps as cash and liquidity instruments and as tools for large-scale portfolio transitions. So the answer is yes and yes and the iShares fixed income ETFs, we had leading industry flows now of $35 billion in the second quarter. So this is one of the biggest opportunities that we have in front of us and we believe we're going to be able to capture those opportunities.

事實上，全球前 10 名資產管理公司中有 9 家現在使用 iShares。最後，我們有超過 450 種債券 ETF 選擇，是第二大發行人的 5 倍以上，在風險敞口和收益率曲線上實現多元化。我們還擁有最多元化的客戶群，包括財富顧問、主動型基金經理、保險公司、養老金和其他機構。最後，通過這裡的資本市場專業知識，我們就債券 ETF 的新用例向客戶提供建議，例如取代更昂貴的期貨或掉期作為現金和流動性工具以及作為大規模投資組合轉型的工具。所以答案是肯定的，而且 iShares 固定收益 ETF，我們在第二季度擁有領先的行業流量 350 億美元。因此，這是我們面前最大的機會之一，我們相信我們將能夠抓住這些機會。

Thank you. Your next question comes from Michael Cyprys with Morgan Stanley.

謝謝。您的下一個問題來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

Question on private markets. If we go back to Investor Day, you guys spoke about doubling base fees in private markets over the next 5 years. So I was hoping you might be able to help unpack the drivers of that and where might there be scope for upside such as with new products at a more meaningful scaling of your existing strategies?

關於私人市場的問題。如果我們回到投資者日，你們談到在未來 5 年內將私募市場的基本費用加倍。因此，我希望您能夠幫助解開這一趨勢的驅動因素，以及在哪些方面可能存在上升空間，例如在現有戰略的基礎上更有意義地擴展新產品？

Why don't I give that to Martin?

我為什麼不把它給馬丁呢？

Thanks, Michael. I'd start with clients, which is the client need for income and uncorrelated returns in a higher inflation world with more volatile public equities, we think that will continue to drive demand for alternatives. And most definitely, we saw that in our BlackRock Global Private market survey that we recently completed. Over half the clients said that they expect to increase their allocations to private markets and alternatives, we think we're really well positioned there. We've built a comprehensive platform, as you heard from Edwin on Investor Day, provides exposures across all illiquid alternative asset classes, and we're really well positioned as a multi-alternatives provider.

謝謝，邁克爾。我將從客戶開始，即在通脹較高、公共股票波動較大的世界中，客戶對收入和不相關回報的需求，我們認為這將繼續推動對另類投資的需求。毫無疑問，我們在最近完成的貝萊德全球私募市場調查中看到了這一點。超過一半的客戶表示，他們希望增加對私人市場和替代品的配置，我們認為我們在這方面確實處於有利地位。正如您在投資者日從埃德溫那裡聽到的那樣，我們已經建立了一個全面的平台，提供所有非流動性另類資產類別的風險敞口，而且我們作為多元另類資產提供商確實處於有利地位。

Larry talked a bit about some of the differentiated sourcing and access to high-quality opportunities that we've had, our ability to integrate private markets investing with technology with eFront and Aladdin we really think that, that's a great opportunity for us as we move forward. Our platform is over $150 billion in private markets today. In the second quarter, we had 10% organic growth on illiquids, which we think is good, strong growth. We talked to you about adding nearly $2 billion of base and performance fees in 2022.

Larry 談到了我們所擁有的一些差異化採購和獲得高質量機會的機會，以及我們將私人市場投資與 eFront 和 Aladdin 技術相結合的能力，我們真的認為，這對我們前進來說是一個很好的機會。如今，我們的平台在私募市場上的價值超過 1500 億美元。第二季度，我們的非流動性資產實現了 10% 的有機增長，我們認為這是良好且強勁的增長。我們與您討論過在 2022 年增加近 20 億美元的基本費和績效費。

And our fundraising actually held up pretty well since 2021. We've raised over $85 billion of gross capital. And I think where some of the upside is, is really, I think; one, in private credit and infrastructure. We've built really strong leading franchises, and we see good growth there in the next 3 to 5 years and private credit as banks potentially become more constrained in lending. We think investors will turn more to private credit for financing. And if you like those yields in the low interest rate environment, I think investors will find them even more compelling in a more normalized rate environment.

自 2021 年以來，我們的籌款實際上一直保持得很好。我們已籌集了超過 850 億美元的總資本。我認為，一些好處確實是存在的；第一，在私人信貸和基礎設施方面。我們已經建立了非常強大的領先特許經營權，並且我們看到未來 3 到 5 年的良好增長以及私人信貸，因為銀行可能會在貸款方面受到更多限制。我們認為投資者將更多地轉向私人信貸融資。如果你喜歡低利率環境下的這些收益率，我認為投資者會發現它們在更加正常化的利率環境中更具吸引力。

And then also some of these extraordinary government stimulus and tax incentives that I think are following the Inflation Reduction Act similar moves, I believe, coming in Europe are going to be, I think, strong secular tailwinds for infrastructure. Last thing I'd say is there's upside on product innovation, which is one, we've already done some really compelling innovating and decarbonization, both in sourcing deals and in raising assets in this space. We've launched a number of nontraded products across private credit, real estate debt and 40 Act Private Equity into retail and wealth channels.

我認為，在歐洲實施的一些非同尋常的政府刺激措施和稅收激勵措施，我認為是在《通貨膨脹削減法案》之後採取的類似舉措，我認為，這些措施將成為基礎設施建設的強大長期推動力。我要說的最後一件事是產品創新有好處，這一點是，我們已經做了一些真正引人注目的創新和脫碳，無論是在這個領域的採購交易還是籌集資產方面。我們已在零售和財富渠道推出了一系列涉及私人信貸、房地產債務和 40 法案私募股權的非交易產品。

And I think the next horizon for us is to think about how to integrate these things and positions of strength in BlackRock like model portfolios. How do you really build that portfolio of the future that Larry referenced that's public, private, digital, tax managed. Those are the places where we see real, real upside for BlackRock.

我認為我們的下一個目標是考慮如何將這些東西和優勢地位整合到貝萊德的模型投資組合中。你如何真正構建拉里提到的公共、私人、數字、稅收管理的未來投資組合。這些是我們看到貝萊德真正的、真正的優勢的地方。

We'll take our next question from Mike Brown with KBW.

我們將接受 KBW 的 Mike Brown 提出的下一個問題。

I just wanted to talk about the expectation for expenses this year. So obviously, equity markets have been up year-to-date, S&P is up over 17%. And that's provided a nice boost for AUM. How do you guys think about the earnings power today in the context of BlackRock's expense base and your investment priorities? Have you already plan to allocate more dollars towards investment in the platform and other people (inaudible) capabilities?

我只是想談談今年的開支預期。顯然，股市今年迄今一直在上漲，標準普爾指數上漲了 17% 以上。這為資產管理規模提供了良好的推動。在貝萊德的費用基礎和您的投資重點的背景下，你們如何看待今天的盈利能力？您是否已經計劃分配更多資金用於投資平台和其他人員（聽不清）能力？

Martin?

馬丁？

Thanks, Mike. Appreciate it. So I'd start with our industry-leading organic growth. It's been the result of exactly what you flag, I think really disciplined investments that we've consistently made through market cycles. And we try to obviously be financially flexible so that even in sort of the most uncertain markets, we continue playing offense and come out even stronger. We have a really strong track record, I think, of making good investments and delivering a differentiated operating margin. We obviously had a 42.5% operating margin. Over the longer term, we've expanded our as adjusted margin in the last 7 of 10 years. And even in 2022, as I talked about on Investor Day, Mike, we expanded our margin by 240 basis points over the last decade. Those results, I think, are really well above the large-cap peers. We've seen a good amount of margin contraction over the same period.

謝謝，邁克。欣賞它。因此，我將從我們行業領先的有機增長開始。這正是你所說的結果，我認為我們在整個市場週期中一直進行真正嚴格的投資。我們顯然試圖在財務上保持靈活性，這樣即使在最不確定的市場中，我們也能繼續進攻並變得更加強大。我認為，我們在進行良好的投資和提供差異化的營業利潤方面擁有非常出色的記錄。顯然我們的營業利潤率為 42.5%。從長遠來看，我們在過去 10 年中的 7 年中擴大了調整後的利潤率。即使在 2022 年，正如我在投資者日談到的那樣，邁克，我們的利潤率在過去十年中也擴大了 240 個基點。我認為這些結果確實遠遠高於大盤股同行。我們看到同期利潤率大幅收縮。

But as you're flagging in the first half of the year here, we've seen $830 billion increase in AUM. We're now at $9.4 trillion. And obviously, the move in markets has an impact or can have an impact on our operating margin in a meaningful way. And as markets recover, I think we expect to see our revenue growth, outpace growth and discretionary expense items and be accretive to operating margin. I think some of the real actions are investing for growth in the most efficient way possible, like we're going to continue to drive more fixed cost scale through technology. Rob Goldstein talked about at Investor Day, our opportunities for Aladdinizing Alts with eFront, which we think can drive more scale.

但正如您在今年上半年表現不佳的情況一樣，我們已經看到資產管理規模增加了 8,300 億美元。我們現在的資產規模為 9.4 萬億美元。顯然，市場的變動對我們的營業利潤率產生了影響或可能產生有意義的影響。隨著市場復甦，我認為我們預計我們的收入增長將超過增長和可自由支配費用項目，並增加營業利潤率。我認為一些真正的行動是以盡可能最有效的方式投資增長，比如我們將繼續通過技術推動更多的固定成本規模。 Rob Goldstein 在投資者日談到了我們通過 eFront 實現阿拉丁化 Alts 的機會，我們認為這可以推動更大的規模。

Larry talked a bit about sourcing. I think we can drive more systematized and efficient differentiated sourcing through our BlackRock Capital Markets team. And then when you think about some of these technology integrations that we've done, whether it's Avaloq, Envestnet those drive a lot of scale and their investments that really drive differentiated operating organic growth. So we see great opportunities. We have no change in our expense guidance. We expect to finish the year, as I said, broadly flat in head count and with G&A up mid- to high single digits.

拉里談到了一些關於採購的問題。我認為我們可以通過貝萊德資本市場團隊推動更加系統化和高效的差異化採購。然後，當你想到我們已經完成的一些技術集成時，無論是 Avaloq、Envestnet，它們都推動了很大的規模，而他們的投資確實推動了差異化的運營有機增長。所以我們看到了巨大的機會。我們的費用指導沒有變化。正如我所說，我們預計今年結束時，員工人數基本持平，一般行政管理費用將增長中到高個位數。

We'll take our next question from Ken Worthington with JPMorgan.

我們將接受摩根大通肯·沃辛頓 (Ken Worthington) 提出的下一個問題。

Cash management flows were strong this quarter, so maybe 2 questions here. First, the SEC launched, updated money market rules this week, any reaction to the new rules and the implications for the U.S. money fund business? And then second, how enthusiastic are you about the longer-term growth prospects for cash management? Your response to Craig's question earlier suggested that cash in some cases, is a placeholder for assets that are going to move to fixed income products when the shape of the yield curve changes. Can cash management grow as that transition is taking place?

本季度現金流管理強勁，所以這裡可能有兩個問題。首先，SEC本週推出、更新了貨幣市場規則，您對新規則有何反應以及對美國貨幣基金業務的影響？其次，您對現金管理的長期增長前景有多大熱情？您之前對克雷格問題的回答表明，在某些情況下，現金是當收益率曲線形狀發生變化時將轉向固定收益產品的資產的佔位符。隨著轉型的進行，現金管理能否增長？

Rob?

搶？

So we're supportive of any efforts to improve the resiliency and transparency of U.S. money market funds but nongovernment institutional money market funds, which were really the main focus of the rules are a very small part of our cash business, ours a U.S. government funds and separate accounts. That's really the bulk of our assets. And of course, we have a diverse set of cash offerings, including money market funds and separate accounts, CTFs, ETFs and other short-duration strategies. So we're going to work together with our clients as they consider the best tools for their liquidity management, and we will continue to review the regulatory rules to see what impact it could have on our business, which I think is quite limited.

因此，我們支持任何提高美國貨幣市場基金彈性和透明度的努力，但非政府機構貨幣市場基金實際上是規則的主要焦點，它們只占我們現金業務的一小部分，我們的現金業務是美國政府基金和獨立賬戶。這確實是我們資產的大部分。當然，我們有多種現金產品，包括貨幣市場基金和獨立賬戶、CTF、ETF 和其他短期策略。因此，我們將與客戶合作，考慮流動性管理的最佳工具，我們將繼續審查監管規則，看看它可能對我們的業務產生什麼影響，我認為這種影響是相當有限的。

But remember, in asset allocation and when there's money in motion, it moves to cash. It moves to longer-term assets. It's something you must have as a liquidity tool to do all the things that clients need to do. And since we're going to be, I think, a beneficiary of the long-term assets going after corporations and treasury management and other institutions for their cash puts us in the game in a much better way than if they're just coming into our products from the outside.

但請記住，在資產配置中，當有資金流動時，它就會轉向現金。它轉向長期資產。這是您必須擁有的作為流動性工具來完成客戶需要做的所有事情的東西。我認為，由於我們將成為長期資產的受益者，我們會從企業、財務管理和其他機構那裡獲取現金，這讓我們以一種比他們從外部進入我們產品更好的方式參與遊戲。

So it's an important business for us. It also is a business which has to do with performance and it also has to do with quality. And as you've seen issues in the banking industry and other issues in the markets, people look for the high quality and they look for the brand and we have that. So we're very optimistic and we will continue to really build our sales force to continue to be a leader in the cash management business, knowing that it's also going to lead to other opportunities for us.

所以這對我們來說是一項重要的業務。這也是一項與績效和質量有關的業務。正如您所看到的銀行業問題和市場中的其他問題，人們尋求高質量，他們尋找品牌，而我們擁有這些。因此，我們非常樂觀，我們將繼續真正建立我們的銷售隊伍，繼續成為現金管理業務的領導者，因為我們知道這也將為我們帶來其他機會。

We'll take our next question from Brian Bedell with Deutsche Bank.

我們將回答德意志銀行布萊恩·比德爾 (Brian Bedell) 提出的下一個問題。

Maybe just to focus a little bit on transition management. You talked a lot about this at Investor Day. And I just wanted to sort of think about the timing and organic growth potential. You definitely have one of the most unique capabilities across multiproduct areas in this endeavor. And obviously, we're going to see the pace of global spending on this, it almost doubled to nearly $4 trillion per annum. Between the debt part of it, in particular, direct lending and venture debt and your Kreos acquisition. How quickly do you think you can put all of that together and significantly expand, I think the $17 billion that you have right now in transition private markets? Is it a bill that can happen as early as sort of in the next couple of quarters? Or is this more like '24, '25?

也許只是稍微關註一下過渡管理。您在投資者日談論了很多這個問題。我只是想考慮一下時機和有機增長潛力。在這項工作中，您絕對是跨多產品領域最獨特的能力之一。顯然，我們將看到全球在這方面的支出步伐，幾乎翻倍，達到每年近 4 萬億美元。在其中的債務部分（特別是直接貸款和風險債務）與您對 Kreos 的收購之間。您認為您需要多快的時間才能將所有這些整合在一起並顯著擴張（我認為您目前在轉型私人市場上擁有 170 億美元）？這項法案最早可能會在接下來的幾個季度內實施嗎？或者這更像是“24”、“25”？

Well, first of all, thanks for the question. I think the transition investing is probably one of the greatest opportunities in the world today. The dialogues that we're having with governments worldwide are very unique. There's not a government that is not focused on this, especially for countries that are dependent on importation of power. They're all looking for different ways across the board in terms of how do they successfully navigate their economy. And energy and power is becoming one of the dominant conversations.

嗯，首先，謝謝你的提問。我認為轉型投資可能是當今世界上最好的機會之一。我們與世界各國政府的對話非常獨特。沒有一個政府不關注這一點，特別是對於依賴電力進口的國家。他們都在尋找不同的全面方式來成功駕馭經濟。能源和電力正在成為主導話題之一。

And then through the United States IRA, we are seeing just huge interest with U.S. and non-U.S. companies coming into the United States and take advantage of the opportunities that present to us in terms of elevated returns because of the IRA. And so we look at this as a multi, multiyear growth opportunity. We are working -- we announced, as I said earlier in my talk about the Acacia Energy, the largest battery storage capability in the world. And that just has set us and the conversation we're having with other countries related to that type of activity is becoming a much conversational component of what we're doing.

然後，通過美國 IRA，我們看到美國和非美國公司對進入美國並利用 IRA 帶來的高回報機會產生了巨大興趣。因此，我們將此視為一個多年的增長機會。我們正在努力——正如我之前在談論 Acacia Energy 時所說，我們宣布了世界上最大的電池存儲能力。這讓我們和我們與其他國家就此類活動進行的對話正在成為我們正在做的事情的重要組成部分。

So we look at this as a significant. We're talking tens and tens of trillions of dollars of market opportunity. Now if you overlay more and more issues around debt to GDP in more and more countries, more and more countries are going to have to look to private capital. It cannot be funded by the public sector. And that is one of the great positioning opportunities for BlackRock in our relationships worldwide. We have that unique opportunity to present with us.

所以我們認為這是一個重要的事情。我們談論的是數十萬億美元的市場機會。現在，如果你將越來越多的國家的債務佔國內生產總值的問題疊加起來，越來越多的國家將不得不尋求私人資本。它不能由公共部門資助。這是貝萊德在全球關係中的絕佳定位機會之一。我們有這個獨特的機會與我們一起展示。

Two, as I talked about proprietary origination, we're having more and more conversations with more and more corporations and how do they think about their platform related to decarbonization. And that -- we have deep and broad conversations with traditional energy companies and how are they going to be focused on sequestration of carbon. They own the geology. BlackRock already has one of the largest sequestration projects in the United States in Navigator CO2. And that is another good example. And it's those type of reference investments that are giving us greater and greater opportunity. And I do believe our positioning of our global platform, working with more and more governments, talking about public-private types of investments.

第二，正如我談到專有起源時，我們正在與越來越多的公司進行越來越多的對話，以及他們如何看待與脫碳相關的平台。我們與傳統能源公司進行了深入而廣泛的對話，以及他們將如何專注於碳封存。他們擁有地質學。貝萊德已經擁有美國最大的 Navigator CO2 封存項目之一。這是另一個很好的例子。正是這些類型的參考投資給我們帶來了越來越多的機會。我確實相信我們對全球平台的定位，與越來越多的政府合作，討論公私類型的投資。

At the same time, working with corporations and how do they move forward really gives us a unique opportunity for many, many years ahead to be partnering with them. In terms of corporations, many shareholders are questioning how corporations should move forward. Some shareholders don't think they should move forward in that area. And in that case, some of the companies are asking us, can we co-invest with them. Some companies are looking to expand in various different ways, and they need -- they just don't have a generation of capital to doing that to the speed in which they are looking forward in doing that. And so between our relationships with companies, with our broad relationships with governments gives us a real opportunity to be one of the leaders in the transition. And I believe this is going to be a multiyear global opportunity for BlackRock.

與此同時，與企業合作以及他們如何前進確實為我們提供了在未來許多年裡與他們合作的獨特機會。就企業而言，許多股東都在質疑企業該如何前進。一些股東認為他們不應該在該領域取得進展。在這種情況下，一些公司會問我們，我們是否可以與他們共同投資。一些公司正在尋求以各種不同的方式進行擴張，他們需要——他們只是沒有一代資本來以他們期望的速度做到這一點。因此，我們與公司的關係以及與政府的廣泛關係使我們有真正的機會成為轉型中的領導者之一。我相信這對貝萊德來說將是一個多年的全球機遇。

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

謝謝。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？

Thank you, operator. And I want to thank all of you for joining us this morning and your continued interest in BlackRock. I'm proud of what we've done as a firm in delivering value for our clients and obviously delivering values for our shareholders. The power of our connected platform and the collaboration and creativity of our leadership team will enable us to continue to deliver differentiating growth into the future for you, our shareholders. I want to thank you again for being part of the call. And I wish everyone to have a very pleasant summer and a great quarter. Thank you.

謝謝你，接線員。我要感謝大家今天早上加入我們，以及你們對貝萊德的持續關注。我對我們作為一家公司在為客戶創造價值以及為股東創造價值方面所做的努力感到自豪。我們互聯平台的力量以及我們領導團隊的協作和創造力將使我們能夠繼續為您（我們的股東）帶來未來的差異化增長。我想再次感謝您參加這次電話會議。我祝愿大家度過一個愉快的夏天和美好的季度。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連接。