貝萊德 (BLK) 2025 Q1 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, Incorporated first-quarter 2025 earnings teleconference.

早安.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 2025 年第一季財報電話會議。

Our host for today's call will be the Chairman and Chief Executive Officer, Laurence D. Steve Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions)

今天電話會議的主持人是董事長兼首席執行官勞倫斯·史蒂夫·芬克 (Laurence D. Steve Fink)；首席財務官 Martin S. Small；總裁 Robert S. Kapito；和總法律顧問 Christopher J. Meade。（操作員指示）

Mr. Meade, you may begin your conference.

米德先生，您可以開始您的會議了。

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

大家早安。我是貝萊德總法律顧問克里斯‧米德。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的陳述。我們提請您注意，貝萊德的實際結果可能與這些聲明不同。如您所知，貝萊德已向美國證券交易委員會提交了報告，其中列出了一些可能導致貝萊德的業績與我們今天所說的大不相同的因素。貝萊德不承擔任何義務，也不承諾更新任何前瞻性聲明。

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

因此，我將把發言權交給馬丁。

Thanks, Chris. Good morning, everyone. It's my pleasure to present results for the first quarter of 2025. 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。大家早安。我很高興地公佈 2025 年第一季的業績。在將其移交給拉里之前，我將回顧我們的財務表現和業務成果。我們的收益報告揭露了 GAAP 和調整後的財務結果，我將主要關注調整後的結果。

We've built BlackRock's platform to help clients in all market environments. Even against a sharp change in markets and uncertainty in fiscal and monetary policy, our strategy to anchor our business and structural growth engines like private markets, ETFs, digital assets, whole portfolio solutions, systematic and tax-managed strategies and technology. That strategy helped again deliver above target 6% organic base fee growth. That's alongside double-digit growth across the board in revenue, operating income and earnings per share and with 100 basis points of margin expansion in the first quarter of 2025.

我們建立了貝萊德平台來幫助所有市場環境下的客戶。即使市場發生急劇變化，財政和貨幣政策也存在不確定性，我們的策略仍將鞏固我們的業務和結構性成長引擎，如私人市場、ETF、數位資產、整體投資組合解決方案、系統和稅收管理策略以及技術。該策略再次幫助實現了高於目標的 6% 有機基本費用成長。同時，公司營收、營業收入和每股盈餘均實現了兩位數成長，2025 年第一季的利潤率也將擴大 100 個基點。

The first quarter demonstrates the benefits of our investments to make the BlackRock platform more all weather across asset management and technology, integrating public and private for clients and shareholders. Our platform is showing its ability to be more resilient and deliver higher and more consistent organic growth through market cycles.

第一季展示了我們投資的效益，使貝萊德平台在資產管理和技術領域更加全天候，為客戶和股東整合公共和私人資產。我們的平台展現出更強的彈性，並在市場週期中實現更高、更持續的有機成長。

We're a partner with both long-term perspective and ability to move quickly in times of stress. We've been through times of economic and market disruption before during the financial crisis, COVID, and in 2022. So more than ever, it's important that we continue our successful track record of being strongly connected to our clients, policymakers, and employees locally in all the markets in which we operate.

我們是一個具有長遠眼光且能夠在壓力下迅速採取行動的合作夥伴。我們之前經歷過經濟和市場混亂的時期，例如金融危機、新冠疫情以及 2022 年。因此，我們比以往任何時候都更需要繼續保持成功的業績，與我們經營的所有市場中的客戶、政策制定者和本地員工保持緊密聯繫。

We don't think of ourselves as a US firm with international offices. We're a European firm. We're a Canadian firm. We're a Middle Eastern firm. We aspire to be the best partner to our clients. We work to help governments and clients understand markets and complex questions at the intersection of investor portfolios and geopolitics. We lead with empathy and trusted advice. These periods of uncertainty with major market resets, they're often catalysts for client changes to asset allocation and portfolio construction.

我們並不認為自己是一家擁有國際辦事處的美國公司。我們是一家歐洲公司。我們是一家加拿大公司。我們是一家中東公司。我們渴望成為客戶的最佳合作夥伴。我們致力於幫助政府和客戶了解市場以及投資者投資組合和地緣政治交叉點上的複雜問題。我們以同理心和值得信賴的建議來引領。這些伴隨著重大市場重置的不確定時期，往往成為客戶改變資產配置和投資組合建構的催化劑。

Benefiting from our breadth, BlackRock has the track record of share gains when there's money in motion. We historically did that as a public markets focused firm. Now with money in motion again, BlackRock is better positioned to serve our clients and grow with leading capabilities that integrate public and private markets.

由於我們的廣度，貝萊德在資金流動時擁有良好的股票收益記錄。作為一家專注於公開市場的公司，我們歷來都是這麼做的。現在，隨著資金再次流動，貝萊德能夠更好地服務我們的客戶，並透過整合公共和私人市場的領先能力實現成長。

We finished the record quarter with record AUM, record units of trust of $11.6 trillion. Over the last 12 months, clients trusted BlackRock with $670 billion of new assets making more than 60% of our year-over-year AUM growth organic. First quarter net inflows continued our growth with $84 billion. As a management team, we look at core flow trends away from episodic large low-fee institutional index redemptions of which we had $55 billion in the quarter. Excluding that activity, BlackRock delivered approximately $140 billion of net inflows in the quarter. Organic asset and base fee growth were driven by client demand for private markets, strategic and precision categories within ETFs as well as top-performing systematic strategies. These are all capabilities we've invested in over recent years and demonstrate the success of our structural growth strategy.

我們以創紀錄的 AUM 和創紀錄的 11.6 兆美元的信託單位結束了創紀錄的季度。在過去的 12 個月中，客戶為貝萊德注入了 6,700 億美元的新資產，使我們的資產管理規模年增 60% 以上。第一季淨流入資金持續成長，達到 840 億美元。作為管理團隊，我們關注的是核心流動趨勢，而不是偶發性的大規模低費用機構指數贖回，本季我們有 550 億美元贖回。除該活動外，貝萊德本季的淨流入約為 1,400 億美元。有機資產和基本費用的成長是由客戶對私人市場、ETF 內的策略和精準類別以及表現最佳的系統策略的需求所推動的。這些都是我們近年來投資的能力，證明了我們的結構性成長策略的成功。

Turning to our financial results. First quarter revenue of $5.3 billion increased 12% year over year, driven by the impact of organic growth and higher markets on average AUM. Base fees consolidated in the GIP transaction and higher technology services and subscription revenue. Operating income of $2 billion was up 14% and earnings per share of $11.30 was 15% higher versus a year ago. EPS also reflected lower nonoperating income, a lower tax rate and higher share count in the current quarter. The higher year-over-year share count included shares issued and delivered at the closing of the GIP transaction on October 1, 2024.

談到我們的財務結果。第一季營收為 53 億美元，年增 12%，這得益於有機成長和市場平均 AUM 規模上升的影響。基本費用合併在 GIP 交易和更高級的技術服務和訂閱收入。營業收入為 20 億美元，年增 14%，每股收益為 11.30 美元，年增 15%。EPS 也反映了本季較低的非營業收入、較低的稅率和較高的股票數量。年比成長的股份數量包括 2024 年 10 月 1 日 GIP 交易結束時發行和交付的股份。

Nonoperating results for the quarter included $68 million of net investment gains, driven primarily by mark-to-market noncash gains on our co-investment portfolio and a gain on a minority investment. Our as-adjusted tax rate for the first quarter was approximately 16% and reflected $195 million of discrete tax benefits, a portion was related to stock-based compensation awards that vest in the first quarter of each year. We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2025. The actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

本季的非營業結果包括 6,800 萬美元的淨投資收益，主要得益於我們共同投資組合的以市價計價的非現金收益以及少數股權投資的收益。我們第一季的調整後稅率約為 16%，反映了 1.95 億美元的單獨稅收優惠，其中一部分與每年第一季歸屬的股票薪酬獎勵有關。我們繼續估計，25% 是 2025 年剩餘時間的合理預期稅率。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。

First quarter base fee and securities lending revenue of $4.4 billion was up 16% year over year, driven by positive impact of market beta on average AUM, organic base fee growth and approximately $285 million in base fees from GIP. On an equivalent day count basis, our annualized effective fee rate was tenth of a basis point higher compared to the fourth quarter. This was mainly due to the impact of approximately $60 million higher catch-up base fees associated with private markets fundraising. Excluding first quarter catch-up fees and including the impact of market and foreign exchange movements towards the second half of the first quarter, we entered the second quarter with base fees approximately 1% lower than the first quarter.

第一季基本費用和證券借貸收入為 44 億美元，同比增長 16%，這得益於市場貝塔對平均 AUM 的積極影響、有機基本費用增長以及來自 GIP 的約 2.85 億美元基本費用。以等效日數計算，我們的年化有效費率比第四季高出十分之一個基點。這主要是由於與私人市場籌款相關的約 6000 萬美元更高的補繳基礎費用的影響。不包括第一季的補繳費用，並包括第一季下半月市場和外匯變動的影響，我們進入第二季時的基本費用比第一季低約 1%。

Performance fees of $60 million decreased from a year ago, primarily reflecting lower performance revenue from private markets and liquid alternatives. Quarterly technology services and subscription revenue was up 16% compared to a year ago. Growth reflects sustained demand for our full range of Aladdin technology offerings and the closing of the Preqin transaction on March 3. Preqin added approximately $20 million to first quarter revenue.

績效費用較上年同期減少了 6,000 萬美元，主要反映了來自私人市場和流動性替代品的績效收入減少。季度技術服務和訂閱收入比去年同期成長了 16%。成長反映了對我們全系列阿拉丁技術產品的持續需求以及 3 月 3 日 Preqin 交易的完成。Preqin 第一季營收增加約 2,000 萬美元。

Annual contract value, or ACV, increased 30% year over year, including the Preqin acquisition and increased 14% organically. We remain committed to low to mid-teens ACV growth over the long term. Total expense increased 10% year over year, reflecting higher sales, asset and account, G&A, and compensation expense. Employee compensation and benefit expense was up 7%, reflecting higher headcount associated with the onboarding of the GIP and Preqin employees and higher incentive compensation linked to higher operating income. G&A expense increased 12%, primarily driven by the GIP and Preqin acquisitions and continued technology investments. Excluding the impact of the GIP and Preqin acquisitions, G&A would have increased 6% from a year ago.

年度合約價值（ACV）較去年同期成長 30%，其中包括收購 Preqin，且有機成長 14%。我們仍致力於長期維持低至中等水準的 ACV 成長。總支出較去年同期成長 10%，反映出銷售額、資產和帳戶、一般及行政費用以及薪資支出的增加。員工薪資和福利支出上漲了 7%，反映了 GIP 和 Preqin 員工入職帶來的員工數量增加，以及與營業收入增加相關的激勵薪資增加。行政及總務費用增加了 12%，主要原因是 GIP 和 Preqin 收購以及持續的技術投資。不計入 GIP 和 Preqin 收購的影響，G&A 費用將比一年前增加 6%。

Sales asset and account expense increased 14% compared to a year ago, primarily driven by higher direct fund expense and distribution costs. Direct fund expense was up 16% year over year, mainly due to higher average index AUM. Our first quarter as-adjusted operating margin of 43.2% was up 100 basis points from a year ago, reflecting the positive impact of markets on revenue and organic base fee growth. We continue to execute on our financial rubric. This approach has yielded profitable growth and operating leverage in good markets, and we believe will add more resilience to our operating margin when markets are less supportive. In line with our January guidance, which excludes the impact of HPS and related transaction costs, at present, we continue to expect a mid- to high single-digit percentage increase in 2025 core G&A expense.

銷售資產和帳戶費用較去年同期增加 14%，主要原因是直接基金費用和分銷成本增加。直接基金支出較去年同期成長 16%，主要原因是平均指數 AUM 較高。我們第一季調整後的營業利潤率為 43.2%，比去年同期成長了 100 個基點，反映了市場對收入和有機基本費用成長的正面影響。我們將繼續執行我們的財務準則。這種方法在良好的市場中產生了獲利成長和經營槓桿，我們相信，當市場支持減弱時，這種方法將增強我們的營業利潤率的彈性。與我們 1 月的指導意見一致（不包括 HPS 和相關交易成本的影響），目前，我們仍預期 2025 年核心 G&A 費用將出現中高個位數百分比成長。

Our capital management strategy remains consistent. We invest first in our business either to scale strategic growth initiatives or drive operational efficiency and then return cash to our shareholders through a combination of dividends and share repurchases. We 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 and other conditions, we still anticipate repurchasing at least $375 million of shares per quarter for the balance of the year, consistent with our January guidance. We continue to target mid-2025 at the closing of the HPS transaction, which remains subject to regulatory approvals and other customary closing conditions.

我們的資本管理策略保持一致。我們首先投資於我們的業務，以擴大策略性成長計畫或提高營運效率，然後透過股利和股票回購的組合向股東返還現金。我們在第一季回購了價值 3.75 億美元的普通股。目前，根據我們今年的資本支出計劃，並受市場和其他條件的影響，我們仍預計在今年剩餘時間內每季回購至少 3.75 億美元的股票，與我們 1 月份的指導一致。我們仍將 HPS 交易的完成時間定為 2025 年中期，但該交易仍需獲得監管部門的批准並滿足其他慣例成交條件。

Last month, an investor consortium, including BlackRock announced the acquisition of Viridium Group. Viridium is Germany's leading closed block life insurance consolidator and fourth largest life insurance company. Upon the close of the transaction, BlackRock will have a noncontrolling, nonconsolidated minority equity investment in Viridium, and help the company access a broader range of private markets investment opportunities in support of policyholders and the company. We expect that growth to be in private credit strategies, including infrastructure and corporate debt as well as asset-based finance. The transaction is expected to close in the second half of 2025, subject to regulatory approvals and other customary closing conditions.

上個月，包括貝萊德在內的投資者財團宣布收購 Viridium Group。Viridium 是德國領先的封閉式人壽保險整合商和第四大壽險公司。交易完成後，貝萊德將對 Viridium 擁有非控股、非合併的少數股權投資，並幫助該公司獲得更廣泛的私人市場投資機會，以支持保單持有人和公司。我們預計成長將來自私人信貸策略，包括基礎設施和企業債務以及資產融資。該交易預計將於 2025 年下半年完成，但需獲得監管部門的批准並滿足其他慣例成交條件。

Also in March, we issued $1 billion of euro-denominated 10-year debt at a coupon of 3.75% to refinance our euro-denominated notes maturing in May 2025. The euro debt aligns our capital structure with our global business. Beginning in the first quarter, we refined our AUM presentation to further highlight growth areas within BlackRock. The updates primarily focus on our private markets and ETF platforms. We believe these changes provide investors with further transparency into channels powering BlackRock's organic growth strategy.

此外，在 3 月份，我們發行了 10 億美元以歐元計價的 10 年期債券，票面利率為 3.75%，以再融資 2025 年 5 月到期的以歐元計價的票據。歐元債務使我們的資本結構與全球業務保持一致。從第一季開始，我們改進了 AUM 展示，以進一步突出貝萊德內部的成長領域。更新主要集中在我們的私人市場和 ETF 平台。我們相信這些變化將為投資者提供進一步透明的管道，以推動貝萊德有機成長策略。

In the first quarter, BlackRock generated total net inflows of $84 billion. Excluding low-fee institutional index outflows driven by rebalancing, BlackRock's net inflows were $140 billion. ETF net inflows of $107 billion were positive across all channels led by core equity and fixed income ETFs with net inflows of $46 billion and $34 billion, respectively. Our innovative product launches across ETFs continue to see widespread adoption as clients use our latest offerings to access a range of investment exposures. Our active ETFs contributed $9 billion of net inflows, and our digital asset ETPs generated another $3 billion. Inflows into these higher fee ETF categories contributed to 7% annualized organic base fee growth for ETFs in the first quarter.

第一季度，貝萊德總淨流入資金840億美元。不包括因再平衡而導致的低費用機構指數流出，貝萊德的淨流入為 1,400 億美元。 ETF所有通路的淨流入均為 1,070 億美元，其中核心股票和固定收益 ETF 淨流入最多，分別為 460 億美元和 340 億美元。隨著客戶使用我們的最新產品來獲得一系列投資機會，我們推出的 ETF 創新產品繼續廣泛採用。我們的主動 ETF 貢獻了 90 億美元的淨流入，我們的數位資產 ETP 又產生了 30 億美元的淨流入。這些費用較高的 ETF 類別的資金流入推動了第一季 ETF 7% 的年化有機基礎費用成長。

Retail net inflows of $13 billion were led by record quarterly flows in Aperio, sustained demand for fixed income offerings, and our systematic liquid alternatives funds. Institutional active net inflows were $8 billion, driven by demand for infrastructure private markets, our LifePath target date franchise and systematic active equity offerings. These inflows were partially offset by a handful of client-specific redemptions from active fixed income, primarily due to reinsurance activity. Institutional index net outflows of $46 billion were concentrated in low fee index equities, partially offset by inflows into index fixed income. Our institutional channel delivered 7% long-term organic base fee growth in the quarter, benefiting from client demand for private markets and systematic strategies.

零售淨流入達到 130 億美元，主要得益於 Aperio 創紀錄的季度流入、對固定收益產品的持續需求以及我們的系統性流動性替代基金。機構主動淨流入量為 80 億美元，主要受基礎設施私人市場需求、我們的 LifePath 目標日期特許經營權和系統性主動股票發行的推動。這些流入資金被少數特定客戶從主動固定收益中贖回的部分所抵消，這主要歸因於再保險活動。機構指數淨流出資金為 460 億美元，集中在低費用指數股票，但被指數固定收益的流入部分抵銷。受益於客戶對私人市場和系統化策略的需求，我們的機構通路在本季實現了 7% 的長期有機基本費用成長。

In private markets, we saw an aggregate $7 billion of net inflows led by infrastructure and private credit. Liquid alternatives added $2 billion of net inflows, primarily into global equity market neutral and multi-strategy funds run by our systematic teams. Finally, BlackRock's cash management platform saw $1 billion of net inflows in the first quarter. Cash management results reflected growth in the Circle Reserve Fund, partially offset by seasonal redemptions from US government funds.

在私人市場，我們看到由基礎設施和私人信貸主導的淨流入總額達到 70 億美元。流動性替代品增加了 20 億美元的淨流入，主要流入由我們的系統團隊管理的全球股票市場中性和多策略基金。最後，貝萊德的現金管理平台在第一季實現了10億美元的淨流入。現金管理結果反映了 Circle Reserve Fund 的成長，但被美國政府基金的季節性贖回部分抵銷。

We've built our business around structural growers, ETFs, private markets, tax managed and systematic, data-driven investing and whole portfolio solutions. It's not just that they're less market sensitive, is that there are secular shifts in the way clients are doing business. That's what gives those categories tailwinds. When markets are strong, they'll grow faster. When markets are weaker, they may grow slower, but they still grow. Our first quarter results show our strategy in action. We surpassed our 5% organic base fee growth target even with more stressed and uncertain markets.

我們的業務圍繞著結構性成長基金、ETF、私人市場、稅收管理和系統化、數據驅動投資和整體投資組合解決方案。這不僅是因為他們對市場的敏感度較低，還因為顧客的經營方式正在發生長期轉變。這就是為這些類別帶來順風的因素。當市場強勁時，它們會成長得更快。當市場疲軟時，它們的成長可能會放緩，但它們仍然會成長。我們第一季的業績證明了我們的策略正在發揮作用。儘管市場壓力更大、不確定性更大，但我們仍超越了 5% 的有機基本費用成長目標。

Markets may take some time to sort out saber-rattling around trade and tariffs, but BlackRock and our clients see growth and opportunity. Clients may look to preserve capital in the near term, but ultimately, we'll continue investing. It will be a market where clients are looking for advice and where BlackRock shines as an integrated whole portfolio provider. Looking ahead, we believe our strategy will continue to deliver for both our clients and shareholders, resulting in market-leading organic growth, differentiated operating leverage and earnings and multiple expansion over time.

市場可能需要一些時間來理清貿易和關稅方面的緊張局勢，但貝萊德和我們的客戶看到了成長和機會。客戶可能希望在短期內保留資本，但最終，我們將繼續投資。這將是一個客戶尋求建議的市場，也是貝萊德作為綜合整體投資組合供應商大放異彩的市場。展望未來，我們相信我們的策略將繼續為我們的客戶和股東帶來收益，從而實現市場領先的有機成長、差異化的經營槓桿和收益以及倍數擴張。

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

說完這些，我就把麥克風交給拉里。

Thank you, Martin. Good morning, everyone, and thank you for joining the call. BlackRock's positioning and connectivity with clients are stronger than ever, and it's clear in our results. Our structural growth strategy resonated in the first quarter with secular growth across our businesses, even with a volatile market backdrop.

謝謝你，馬丁。大家早安，感謝大家參加電話會議。貝萊德的定位和與客戶的聯繫比以往任何時候都更加緊密，這一點從我們的業績中可以看出來。在第一季度，儘管市場背景動盪，但我們的結構性成長策略仍與我們各項業務的長期成長產生了共鳴。

We delivered above target 6% organic base fee growth, which represented our best start of the year since 2021. That's in a quarter where the S&P 500 ended 9% off its February peak. It's proof of BlackRock's enhanced structural strength, where we can power organic revenue growth that's undeterred by market movement.

我們實現了高於目標的 6% 有機基本費用成長，這是我們自 2021 年以來最好的開局。本季度，標普 500 指數較 2 月的高點下跌 9%。這證明了貝萊德的結構實力增強，我們可以推動不受市場波動影響的有機收入成長。

Revenues grew double digit and are as-adjusted operating margin expanded by over 100 basis points. First quarter total net inflows were approximately $140 billion, excluding the episodic institutional index equity activity that Martin mentioned. Importantly, net inflows and organic base fee growth were well diversified across the entire BlackRock platform.

營收達到兩位數成長，調整後營業利潤率擴大超過 100 個基點。第一季總淨流入約 1,400 億美元，不包括馬丁提到的偶發性機構指數股票活動。重要的是，整個貝萊德平台的淨流入和有機基礎費用成長實現了良好的多樣化。

We invested ahead of our secular growth opportunities and ahead of where our clients are going. This quarter represents the largest organic base drivers, where strategies where we developed in just the last few years, including GIP, our digital asset offerings, Aperio, active ETFs as well as our tech and data-driven systematic equity franchise. Strength in our foundational businesses also underpinned results with a record start of the year for iShares, ETF, and a 14% technology ACV growth.

我們的投資領先於我們的長期成長機會，也領先於我們的客戶的未來。本季代表了最大的有機基礎驅動因素，這些策略是我們在過去幾年中製定的，包括 GIP、我們的數位資產產品、Aperio、主動型 ETF 以及我們的技術和數據驅動的系統性股票特許經營權。我們基礎業務的強勁表現也為業績奠定了基礎，iShares、ETF 年初創下了紀錄，技術 ACV 成長率達到 14%。

Uncertainty and anxiety about the future of the markets and the economy are dominating each and every client conversation. I was traveling in Europe last week when the sweeping US tariffs announcements went beyond anything I could have imagined in my 49 years in finance. I wrote in my Chairman's letter last week that no system has done more to generate wealth for more people than the capital markets. As the capital markets have grown, more people than ever before our investing in the stock market.

對市場和經濟未來的不確定性和焦慮主導著與每位客戶的對話。上週，當我在歐洲旅行時，美國宣布的全面關稅超出了我 49 年金融生涯中所能想像的範圍。我在上周致董事長的信中寫道，沒有任何一個體係比資本市場更能為更多的人創造財富。隨著資本市場的成長，投資股票市場的人比以往任何時候都多。

A little more than 60% of Americans own stock in one way or another, in mutual funds and ETFs and in individual shares and especially in their own retirement accounts like 401(k)s and IRAs. So this isn't Wall Street versus Main Street. The market downturn impacts millions of ordinary people's retirement savings. Their investments for their child college education and tuition or steps they're taking to have more financial stability.

略多於 60% 的美國人以某種方式持有股票，包括共同基金、ETF 和個人股票，尤其是 401(k) 和 IRA 等自己的退休帳戶。所以這不是華爾街與普通街之間的對抗。市場低迷影響了數百萬一般民眾的退休儲蓄。他們為孩子的大學教育和學費所進行的投資或為實現更穩定的財務狀況而採取的措施。

We're in a period of geopolitical and economic activity, but we have seen this before. When there are big pivots in the world, big structural changes in the market, like the financial crisis, like the European debt crisis or COVID or the surging inflation in 2022, BlackRock stayed in front of our clients and made some of our greatest leaps forward. At BlackRock, we are -- we really challenge ourselves not to get mirrored down in all the negativity, but to navigate, to mitigate the move forward, to work with each and every client to help it each and every client. In recent weeks, we've connected with thousands of clients, providing them with real-time information and our views on unfolding events.

我們正處於地緣政治和經濟活動時期，但我們以前也見過這種情況。當世界發生重大轉變、市場發生重大結構性變化時，例如金融危機、歐洲債務危機或新冠疫情，或 2022 年通膨飆升，貝萊德始終走在客戶前面，取得了一些最偉大的飛躍。在貝萊德，我們真正挑戰的是自己，不要被所有的負面情緒所打倒，而是要引導自己，努力前進，與每一位客戶合作，幫助每一位客戶。最近幾週，我們與數千名客戶建立了聯繫，為他們提供即時資訊以及我們對正在發生的事件的看法。

BlackRock's expertise is built and delivered through our nearly 23,000 employees located in 30-plus countries. Together, they serve clients in more than 100 countries. The majority of our workforce is actually based outside the United States. Our international workforce includes people in our global platform centers in Europe, in India, and our international commercial offices all across the world. This enables us to bring the global insight and investment strategies locally and to bring local insights globally.

貝萊德的專業知識由遍布 30 多個國家的近 23,000 名員工建立和提供。他們共同為 100 多個國家的客戶提供服務。事實上，我們的大多數員工都在美國境外。我們的國際員工隊伍包括位於歐洲、印度的全球平台中心以及遍布世界各地的國際商業辦事處的員工。這使我們能夠將全球洞察力和投資策略帶到本地，並將本地洞察力帶到全球。

We need to be an American in the United States or German in Germany or Japanese in Japan or Canadian in Canada and Mexicans in Mexico. It's also to bring opportunities we see in each and every country to our global client base. It's contributing loyalty to build a country's capital market and retirement system and working for each and every client in each and every country.

我們需要在美國當美國人，在德國當德國人，在日本當日本人，在加拿大當加拿大人，在墨西哥當墨西哥人。這也為我們在每個國家看到的機會帶來了全球客戶群。它為建立一個國家的資本市場和退休制度貢獻忠誠，並為每個國家的每個客戶服務。

Probably 80% of what we bring to our clients, our clients are looking for a global strength, global expertise, they're looking for scale and operating efficiencies and investment talent. But it's the last 20% of the magic where it occurs. It's where you show the best of BlackRock in a local setting anywhere in the world. It doesn't matter whether the client is large or small or where they are, but to know that BlackRock is working for them, and we are -- and we show that we are working for each and every one of them.

我們為客戶提供的服務大概有 80% 是客戶所尋求的全球實力、全球專業知識、規模、營運效率和投資人才。但它發生在魔法的最後 20%。在這裡，您可以在世界任何地方的當地環境中展示貝萊德的最佳形象。無論客戶規模大小或身處何方，重要的是要知道貝萊德正在為他們服務，我們也在為他們服務——而且我們表明我們正在為他們每一位服務。

We're intentionally shaping our platform around the needs of our clients. And we talk about this in every quarter result. It's about the clients, building a premier global public-private market investment and technology firm. We've assembled a leading franchise across active strategies, ETFs, private markets, technology to serve the complete range of our clients' needs and to help them in each and every one of their own ambitions.

我們有意根據客戶的需求來打造我們的平台。我們在每季的業績中都會討論這個問題。它致力於為客戶打造一家全球領先的公私市場投資和科技公司。我們已組建了涵蓋主動策略、ETF、私人市場和技術的領先特許經營團隊，以滿足客戶的各種需求，並幫助他們實現自己的每一個願望。

Whether seeking capital preservation and cash and short duration or capitalizing on opportunities in equities or looking for income and uncorrelated returns in private markets, BlackRock's comprehensive offering is leading to clients consolidating more of their portfolio with them. I look at our cash business is one example of how we help clients manage asset allocation and liquidity. Our cash AUM is up at an all-time high as of April, now it's at $950 billion.

無論是尋求資本保全、現金和短期投資，或是利用股票機會，也或是尋求私人市場的收入和不相關的回報，貝萊德的綜合產品/服務都促使客戶整合更多的投資組合。我認為我們的現金業務就是我們如何幫助客戶管理資產配置和流動性的一個例子。截至 4 月份，我們的現金管理規模達到歷史最高水平，目前為 9,500 億美元。

At BlackRock, we're always listening and deeply listening to each and every client and looking ahead to what their future needs will be. We're working with them on long-term issues, not the ups and downs of the market or the next tweet or the next issue. We're constantly testing ourselves to see where we need to do more, to be more different, to be faster, to be working on behalf of our clients. I said last quarter that it's just the beginning. The successful arcs of BlackRock of GIP and Preqin and soon HPS are all coming together in a shared story. GIP and Preqin employees moved into our BlackRock headquarters earlier this year, and we expect HPS to join shortly after the closing. It's one BlackRock physically and definitely one BlackRock spiritually.

在貝萊德，我們始終認真傾聽每一位客戶的意見，並展望他們未來的需求。我們與他們合作解決的是長期問題，而不是市場的起伏、下一則推文或下一個問題。我們不斷地考驗自己，看看哪些方面我們需要做得更多、更與眾不同、速度更快，以便更好地為我們的客戶服務。我上個季度就說過，這只是一個開始。BlackRock 的 GIP、Preqin 以及即將推出的 HPS 的成功軌跡都匯聚在一個共同的故事中。GIP 和 Preqin 的員工已於今年稍早遷入貝萊德總部，我們預計 HPS 將在交易完成後不久加入。從物質上講它是一個貝萊德，從精神上講它也絕對是同一個貝萊德。

We're seeing how sensitive public markets hard to uncertainty and how quickly they can move in reaction to policy proposals. These dynamics could drive even more capital those into private markets as investors look to insulate portfolios from tariff impacts and seek attractive income and growth. Last year, we invested in enriching our private markets information, investments, data platform to serve our clients more. We are seeing the results today and are positioned for this type of secular growth as economic uncertainty plays out.

我們看到公開市場對不確定性的敏感度以及它們對政策提議的反應速度。由於投資者希望投資組合免受關稅影響並尋求有吸引力的收入和成長，這些動態可能會推動更多資本進入私人市場。去年，我們投資豐富我們的私人市場資訊、投資和數據平台，以便為客戶提供更多服務。我們今天看到了結果，隨著經濟不確定性的顯現，我們已經為這種長期成長做好了準備。

In infrastructure, our combination with GIP just six months ago has already unlocked differentiated opportunities for our clients. Last month, we announced the largest infrastructure investment in our history. We have an agreement in principle to acquire a significant portfolio of 43 ports in more than 20 countries. We had a strong existing relationship with the seller of these assets and as a long-term shareholder. Our partners in this consortium includes Mediterranean Shipping Company, one of the world's leading -- leaders in shipping and logistics. And Terminal Investment Limited, which is one of the world's largest global container terminal operators. Upon closing on this deal, our consortium, our investors will have a portfolio of approximately 100 ports around the world. Together, we know how to invest in, own them, improve on them, and operate them.

在基礎設施方面，我們六個月前與 GIP 的合併已經為我們的客戶釋放了差異化的機會。上個月，我們宣布了史上最大的基礎設施投資。我們已原則上同意收購 20 多個國家的 43 個港口的大量投資組合。作為長期股東，我們與這些資產的賣家保持著牢固的關係。我們在這個財團中的合作夥伴包括地中海航運公司，它是世界領先的航運和物流公司之一。以及全球最大的貨櫃碼頭營運商之一 Terminal Investment Limited。完成這筆交易後，我們的財團和投資者將擁有全球約 100 個港口的投資組合。我們共同了解如何投資、擁有、改進和經營它們。

We have recently expanded our AI infrastructure partnership, and we're excited to welcome xAI and NVIDIA as partners alongside Microsoft and MGX. Since this announcement, AIP has attracted significant capital interest and advanced key discussions on AI infrastructure projects. The partnership will meet the expected target of $30 billion in capital from investors, asset owners and corporations. And over time, we believe this can unlock over $100 billion and investment potential, including debt financing of these infrastructure projects.

我們最近擴大了我們的 AI 基礎設施合作夥伴關係，我們很高興歡迎 xAI 和 NVIDIA 成為與微軟和 MGX 一起的合作夥伴。自宣布這一消息以來，AIP 吸引了大量資本興趣，並推動了有關人工智慧基礎設施項目的關鍵討論。此次合作將實現來自投資者、資產所有者和企業的 300 億美元資本預期目標。隨著時間的推移，我們相信這可以釋放超過1000億美元的投資潛力，包括這些基礎設施項目的債務融資。

Both AIP and the landmark ports announcement are early confirmations of the power and value of GIP pairing with BlackRock. It's unlikely either of us on our own would have been part of these transactions. At the heart of the GIP acquisition was our conviction and how our combined relationships, our combined expertise would come together and deliver fantastic investment opportunities for each and every client worldwide.

AIP 和具有里程碑意義的港口公告都是 GIP 與貝萊德配對的力量和價值的早期確認。我們任何一個人都不太可能獨自參與這些交易。GIP 收購的核心是我們的信念，以及我們如何結合彼此的關係和專業知識，為全球每位客戶提供絕佳的投資機會。

We expect to scale our private credit AUM to approximately $220 billion following our planned acquisition of HPS. The opportunity set for private credit is expanding as a variety of borrowers from start-ups to large corporate partners seek more flexible execution as they evaluate their financing needs, and the longer duration lower-risk returns of investment-grade private debt are driving increased allocations from insurance companies. BlackRock already manages approximately $700 billion for the insurance industry, primarily in index public credit strategies and our Aladdin technology powers over 100 different insurance companies.

我們預計，在計劃收購 HPS 之後，我們的私人信貸 AUM 將擴大至約 2,200 億美元。私人信貸的機會正在擴大，因為從新創公司到大型企業合作夥伴的各種借款人在評估其融資需求時尋求更靈活的執行方式，而投資級私人債務的較長期限和較低風險回報正在推動保險公司增加配置。貝萊德已經為保險業管理著約 7,000 億美元的資產，主要以指數公共信貸策略為主，我們的阿拉丁技術為 100 多家不同的保險公司提供支援。

As Mark mentioned, our investment in Viridium is the latest example of our commitment to supporting partners through broad solution sets, including investments, capital, and insurance expertise. BlackRock has a meaningful role in helping manage Viridium private market investments going forward, including in infrastructure investments and private credit. The upcoming addition of HPS represents even more opportunities to extend our insurance relationships across all private credit markets.

正如馬克所提到的，我們對 Viridium 的投資是我們致力於透過廣泛的解決方案（包括投資、資本和保險專業知識）來支持合作夥伴的最新例證。貝萊德在幫助管理 Viridium 未來的私人市場投資（包括基礎設施投資和私人信貸）方面發揮著重要作用。HPS 的加入為我們在所有私人信貸市場拓展保險關係提供了更多機會。

We also expect HPS to advance our positioning in the quickly growing alts to wealth space, including through their approximately $20 billion of wealth-focused BDC offerings. We've had recent success with our own non-traded BDCs, including placements with RIAs and with a large traditional distribution platforms. And we're looking forward to leveraging our shared expertise and expanded network to grow our combined franchises even further after closing.

我們也預期 HPS 將在快速成長的財富替代領域提升我們的定位，包括透過其約 200 億美元的以財富為重點的 BDC 產品。我們最近在自己的非交易 BDC 方面取得了成功，包括與 RIA 和大型傳統分銷平台的合作。我們期待在交易完成後利用我們共享的專業知識和擴大的網絡來進一步擴大我們的聯合特許經營權。

Our acquisition of Preqin brings leading capabilities in private market data to our technology platform and now triples our desktop reach to more than 300,000 users. We believe this acquisition enriches growth potential, not only for BlackRock private markets and technology franchises, but for the entire private market industry as a whole.

我們對 Preqin 的收購為我們的技術平台帶來了私人市場數據的領先能力，現在我們的桌面覆蓋範圍增加了兩倍，達到 30 萬多名用戶。我們相信，此次收購不僅為貝萊德私募市場和技術特許經營權，也為整個私募市場產業帶來了成長潛力。

Growth is diversified across our Aladdin franchise as clients are increasingly choosing to leverage the integrated capabilities of our public private market workflow and data offerings. It's more important than ever for our clients to have a clear unified view of their portfolio from the building blocks of asset allocation to the minutia of trade execution and accounting. Aladdin recently went live with our first client in Korea, adding to our scaled relationships with leading institutions around the world. And looking ahead, we see more opportunity to expand our relationships with Preqin's more than 4,400 clients.

隨著客戶越來越多地選擇利用我們公私市場工作流程和數據產品的整合功能，我們的阿拉丁特許經營業務實現了多樣化成長。對於我們的客戶來說，從資產配置的構成要素到交易執行和會計的細節，對其投資組合有一個清晰統一的了解比以往任何時候都更加重要。Aladdin 最近與我們在韓國的第一位客戶上線，進一步增強了我們與世界各地領先機構的規模關係。展望未來，我們看到了更多機會來擴大與 Preqin 4,400 多名客戶的關係。

BlackRock is a global firm, but one that operates hyper locally. We connect our clients across regions to both local and global to capital markets. The US investment opportunity set is still going to be very relevant. We see our role outside the United States to both help our clients understand dynamics of the United States markets and enabling them to channel investments into their own capital markets.

貝萊德是一家全球性公司，但其營運模式高度在地化。我們將跨地區的客戶與本地和全球資本市場連結起來。美國的投資機會仍然非常重要。我們認為我們在美國以外的角色是幫助我們的客戶了解美國市場的動態，並使他們能夠將投資引入自己的資本市場。

Strong local capital markets underpin the development of each and every country's robust retirement system. BlackRock is partnering with governments and sovereign wealth funds in these efforts. In India, we expect our joint venture with Jio BlackRock to launch later this year, subject to regulatory approvals. We believe we can transform access to investing for Indians, ultimately contributing to the development of our retirement system and a better financial future for each and every of our clients in India.

強大的本土資本市場是每個國家健全的退休制度發展的基礎。貝萊德正在與各國政府和主權財富基金合作這些工作。在印度，我們預計與 Jio BlackRock 的合資企業將於今年稍後成立，但需獲得監管部門的批准。我們相信，我們可以改變印度人的投資管道，最終促進我們的退休制度的發展，並為印度的每位客戶創造更美好的財務未來。

In Saudi Arabia, we launched an investment management platform to partner with the public investment fund to drive capital into the local markets. It's managed by a dedicated BlackRock team in Riyadh. We're also working in the Kingdom to help develop a mortgage-backed securities market, an establishment of a secondary market for mortgage loans, which should help banks lower the cost of mortgages and home mortgages becoming more accessible for citizens in the Kingdom.

在沙烏地阿拉伯，我們推出了一個投資管理平台，與公共投資基金合作，將資金引入當地市場。它由利雅德的專門貝萊德團隊管理。我們也在沙烏地阿拉伯開展工作，幫助發展抵押貸款支持證券市場，建立抵押貸款二級市場，這將有助於銀行降低抵押貸款成本，並使沙烏地阿拉伯公民更容易獲得房屋抵押貸款。

In Europe, we are making it easier for more and more people to shift from savings to investing through ETFs and digital-first offerings. Our European ETF platform crossed over $1 trillion for the first time this quarter and is well positioned for the future with approximately 40% market share by AUM. And the European ETF market has opened in 2025 with record demand. iShares European net inflows have more than doubled compared to the flows at this time last year.

在歐洲，我們正在透過 ETF 和數位優先產品讓越來越多的人更容易從儲蓄轉向投資。我們的歐洲 ETF 平臺本季首次突破 1 兆美元，並以約 40% 的 AUM 市佔率為未來做好了準備。歐洲ETF市場已於2025年開放，需求創歷史新高。與去年同期相比，iShares 歐洲淨流入資金增加了一倍以上。

BlackRock iShares is well positioned to capture significant upside in the coming years with our leading platform and diversified offering. We continue to innovate new products and new uses and recently brought our Bitcoin ETF to Europe. This builds on the success of our Bitcoin ETF launch in the United States last year and Canada in January. They continue to gain adoption with another $3 billion of net inflows in the first quarter.

憑藉我們領先的平台和多元化的產品，貝萊德 iShares 已做好準備，在未來幾年內獲得巨大的成長空間。我們不斷創新新產品和新用途，最近將我們的比特幣 ETF 帶到了歐洲。這是在我們去年在美國和今年一月在加拿大成功推出比特幣 ETF 的基礎上進行的。它們繼續獲得採用，第一季又有 30 億美元的淨流入。

We see large opportunities for growth in digital assets and more broadly for blockchain and tokenization technology. Digital assets drove cash management net inflows this quarter as we continue to manage cash-based reserves through our relationship with Circle. And BlackRock tokenized digital liquidity fund available on a public blockchain became the first Wall Street issued fund to cross over $1 billion in AUM and just recently surpassed $2 billion. BlackRock will continue to look for ways to push on-chain finance forward as part of our leadership in financial technology and innovation and in data.

我們看到數位資產以及更廣泛的區塊鏈和代幣化技術的巨大成長機會。由於我們繼續透過與 Circle 的關係管理現金儲備，數位資產推動了本季現金管理淨流入。貝萊德在公共區塊鏈上推出的代幣化數位流動性基金成為華爾街發行的首個資產管理規模超過 10 億美元的基金，最近剛突破 20 億美元。作為我們在金融科技、創新和數據領域領導地位的一部分，貝萊德將繼續尋找推動鏈上金融發展的方法。

BlackRock's global scale, our relationships worldwide and locally and our industry-leading technology has made us the first call for more clients and more partnerships than any other time. They are seeking BlackRock to have conversations, it's not about the TikTok at any one single day of the market. They're looking to us to talk to them on long-term trends, working with them to help them design a portfolio that can be leading them for better futures.

貝萊德的全球規模、我們在世界範圍內和本地的關係以及我們行業領先的技術使我們比以往任何時候都更能獲得更多的客戶和合作夥伴。他們正在尋求與貝萊德進行對話，而不是談論市場上某一天的 TikTok。他們希望我們與他們討論長期趨勢，並與他們合作，幫助他們設計一個可以引領他們走向更美好未來的投資組合。

We're not a transactional organization. BlackRock has always remained to be focused on the long term with consistency, always there with capital. With corporations, we often have relationships at going back decades as long-term investors in their debt and their equity. And through our financial markets advisory practice, we're the adviser of choice that governments, central banks and other public and private capital market participants turn to when they need frameworks to support their economy and their capital liquidity.

我們不是一個交易型組織。貝萊德始終堅持長期關注，始終保持資本充足。我們與企業的關係通常可以追溯到幾十年前，作為其債務和股權的長期投資者。透過我們的金融市場諮詢實踐，當政府、中央銀行和其他公共和私人資本市場參與者需要框架來支持其經濟和資本流動性時，我們成為他們的首選顧問。

Since the financial crisis, FMA has been more trusted to counsel the Fed, governments of Greece in Ireland and Bank of Canada and so many others. We have a long history of providing guidance on practical targeted monetary and fiscal solutions in support of the global economy. We will continue to work with clients -- we will continue to work with governments around the world to help them navigate develops in the economies and help them build out the global capital markets.

自金融危機以來，FMA 已獲得聯準會、希臘、愛爾蘭政府、加拿大銀行等許多機構的信賴，為其提供諮詢服務。我們長期以來一直為支持全球經濟提供實際的貨幣和財政解決方案指引。我們將繼續與客戶合作－我們將繼續與世界各國政府合作，協助他們引領經濟發展，並協助他們建立全球資本市場。

I'd note that the market downturn this year is different from what we've seen in other shocks since the financial crisis. We do not see systemic risks. That there is not a pandemic. The financial system has shown it's safe and sound and the resiliency of the market of trading more volume with the liquidity than any other time. With all this volatility, the markets have proven to be quite successful and worked quite well.

我想指出的是，今年的市場低迷與金融危機以來我們所經歷的其他衝擊不同。我們沒有看到系統性風險。沒有發生大流行病。金融體系已顯示出其安全穩健，市場交易量和流動性比以往任何時候都要大，市場彈性十足。儘管存在如此大的波動，但事實證明市場相當成功且運作良好。

Obviously, there's near-term uncertainty, but the big macro trends that were in place 80 days ago, actually are still around. I know it's hard to believe only 80 days ago, but the mega forces like artificial intelligence, surging demand for global infrastructure, and an ongoing evolution of debt financing presents transformative investment opportunities. Build-outs of data centers and energy, the need for power grids in semiconductor plants, and other infrastructure are beginning and are going to be growing dramatically over the coming years. Obviously, more policy clarity will help this uncertainty, but I remain very optimistic about the capital coming into the markets over the long term.

顯然，短期內存在不確定性，但 80 天前的宏觀趨勢實際上仍然存在。我知道這在 80 天前還很難相信，但人工智慧、全球基礎設施需求激增以及債務融資的不斷發展等巨大力量帶來了變革性的投資機會。資料中心和能源的建設、半導體工廠的電網需求以及其他基礎設施都已開始，並將在未來幾年急劇增長。顯然，更清晰的政策將有助於緩解這種不確定性，但我仍然對長期流入市場的資本非常樂觀。

I want to end by saying that I believe that we are in a better position -- better prepared today to meet our client demand at BlackRock than ever before. This is reflective of our depth, the quality of our dialogue and the deepness of our relationships, and the length of our relationships with our clients worldwide. We are having the most -- the highest quality of conversations with our clients worldwide here in the United States than ever before.

最後我想說，我相信我們今天處於一個更好的位置——比以往任何時候都更有準備滿足貝萊德客戶的需求。這反映了我們的深度、對話的品質、關係的深度以及與全球客戶關係的長度。我們在美國與世界各地的客戶進行了比以往任何時候都最多、最高品質的對話。

Actually, in markets like today, clients are putting even a greater premium on BlackRock and the differentiating value proposition that BlackRock can offer them. We have remained in good times and bad times, their trusted partner. I'd like to thank our employees for their steadfast focus on delivering for our clients and driving value for our shareholders. Once again, we're very proud that BlackRock generated 6% organic base fee growth against this very complex market backdrop, driven by categories that we've only invested in recent years like -- and the structural long-term growers like infrastructure, like ETFs, and like systematic equities.

事實上，在當今市場，客戶對貝萊德及其所能提供的差異化價值主張的重視程度更高。無論在順境或逆境，我們始終是客戶值得信賴的合作夥伴。我要感謝我們的員工堅定不移地致力於為客戶提供服務和為股東創造價值。再次，我們感到非常自豪，在如此複雜的市場背景下，貝萊德實現了 6% 的有機基礎費用增長，這得益於我們近年來投資的類別——以及基礎設施、ETF 和系統性股票等結構性長期增長類資產。

We lead with a growth mindset. We lead with optimism. Long-term winners don't get bogged down in the pessimism. They break down barriers to find solutions to help build that optimism with each and every client over the long run. We try to see through the pessimism of the short run, and that is exactly what we are doing, and we're excited for the opportunity to do great work beyond today and tomorrow, throughout 2025 and going forward in the coming years ahead. I want to thank everybody.

我們以成長心態引領。我們以樂觀的態度引領。長期的贏家不會陷入悲觀情緒。他們打破障礙，尋找解決方案，幫助每位客戶長期建立樂觀情緒。我們試著看透短期的悲觀情緒，而這正是我們正在做的，我們很高興有機會在今天和明天、在 2025 年以及未來的幾年裡做出偉大的工作。我要感謝大家。

So operator, let's open it up for questions.

接線員，讓我們開始提問吧。

(Operator Instructions) Michael Cyprys, Morgan Stanley.

（操作員指示） 摩根士丹利的 Michael Cyprys。

Maybe just given so much going on around the world, maybe just starting off with the current backdrop. Curious in your conversations with clients, are you getting any sort of sense of how retail and institutional allocations may shift as we look forward from here? And how are clients approaching their decision-making in this current backdrop? Thank you.

也許只是考慮到世界各地發生的這麼​​多事情，也許只是從當前的背景開始。您在與客戶交談時是否感到好奇，展望未來，零售和機構配置將會發生怎樣的變化？在當前背景下，客戶如何做出決策？謝謝。

So Michael, we have not seen any capitulation with any clients at all. Obviously, we're spending a lot of time with our retail investors. We're seeing -- we've seen an elevated increase in April, which is an unusual time to see elevated increases in cash. We had $20 billion in inflows this month alone in cash. But let's be clear, there's over $12 trillion in money market funds. So there is a huge reserve of money that will be put to work in the future.

所以邁克爾，我們根本沒有看到任何客戶做出任何讓步。顯然，我們花了很多時間與散戶在一起。我們看到－四月現金​​增幅較大，這是現金增幅較大的不尋常時期。光是本月，我們就有 200 億美元的現金流入。但我們要明確一點，貨幣市場基金的規模超過 12 兆美元。因此，有大量的資金儲備將在未來投入使用。

We're having a lot of conversations related to fixed income. And you think about as a yield curve steepens and we are a big believer of the yield curve is going to continue to steepen, in the coming months, as the yield curve continues to steepen, we're probably going to see more people extend out. And it represents more opportunities. And if you now go out the yield curve and then look at where private credit is trading that you're going to be able to earn 8%-ish or even more today. And so with all this market uncertainty, A, these are not bad places to put for an intermediate period of time where you would be putting your money.

我們正在進行大量有關固定收益的討論。想像一下殖利率曲線變得陡峭，我們堅信殖利率曲線會繼續變得陡峭，在未來幾個月，隨著殖利率曲線繼續變得陡峭，我們可能會看到更多的人伸出援手。這也代表著更多的機會。如果你現在看一下殖利率曲線，然後看看私人信貸的交易情況，你今天就能賺到 8% 左右甚至更多的錢。因此，儘管市場存在許多不確定性，A，在中期，這些都是不錯的投資地點。

That being said, we have not seen one true capitulation with one client in equities. Actually, in most cases, more and more our clients are saying, hey, should we be -- when do we come in and buy more equities? Obviously, a lot of people think at this time, you don't buy the dip.

話雖如此，我們還沒有看到任何一個股票客戶真正投降。實際上，在大多數情況下，越來越多的客戶會問，嘿，我們什麼時候應該買更多股票？顯然，很多人此時會想，不要逢低買進。

But I would say the one thing of caution is, over the last 15 years, we've seen a broadening of interest in the US capital markets. We saw the US capital markets represent 75% of the total value of the world capital markets. As Europe is now finally focused on growing instead of controlling, could Europe become a new -- a better destination for capital? Are there other areas where you could see reallocations? We, as a country, benefited by the huge reallocation and overallocation in US markets.

但我要說的是，需要注意的一點是，在過去的 15 年裡，我們看到人們對美國資本市場的興趣日益濃厚。我們看到美國資本市場佔世界資本市場總價值的75%。由於歐洲現在終於將重點放在成長而不是控制上，歐洲能否成為一個新的、更好的資本目的地？還有其他領域可以看到重新分配嗎？作為一個國家，我們從美國市場的大規模重新分配和過度分配中受益。

Are we going to see a systematic reallocation into other parts of the world? We have not seen that yet, but that's a good question to be raising as people are starting to believe that Europe might -- is might, for the first time in many years, focusing on growth, not containment. And so more questions are being asked, but I think the dominant area where we're seeing conversations are, should -- is this a time to go out the curve and fix income this is the time? When is this time to add more equity exposure?

我們是否會看到系統性地重新分配到世界其他地區？我們還沒有看到這種情況，但這是一個很好的問題，因為人們開始相信歐洲可能——多年來第一次將重點放在成長而不是遏制。因此，人們提出了更多問題，但我認為我們看到的對話的主要領域是，現在是否應該走出曲線並修復收入？什麼時候是增加股票投資的時機？

And then I would also say very clearly, there has been no change in client demand for infrastructure. If anything, the demand for infrastructure strategies that can throw off mid-teen returns over -- that can be a great protector of inflationary pressures over the long run. The opportunity in infrastructure probably is as great as any other time that we've seen. The one thing that we are seeing that I think is differentiated with most other asset managers, our systematic equity team that has had great performance even now. We continue to see large interest and consistent inflows.

然後我還要非常明確地說，客戶對基礎設施的需求並沒有改變。如果有什麼不同的話，那就是對基礎設施策略的需求可以擺脫中等程度的回報——從長遠來看，這可以成為通膨壓力的偉大保護者。基礎設施領域的機會可能和我們見過的任何時候一樣好。我認為，我們看到的與大多數其他資產管理公司不同的一點是，我們的系統性股票團隊至今仍表現優異。我們繼續看到巨大的興趣和持續的資金流入。

We saw inflows in systematic equities in the first quarter and our conversations that, in some cases, moving out of fundamental equities into systematic equity is certainly the conversation to be had. But I would say it's too early to see any major wholesale changes by any major client base.

我們在第一季看到了系統性股票的流入，而且我們的討論是，在某些情況下，從基本面股票轉向系統性股票肯定是值得討論的。但我想說，現在看到任何主要客戶群發生重大的批發變化還為時過早。

Craig Siegenthaler, Bank of America

克雷格·西根塔勒，美國銀行

So there's a lot to talk about these days, but I wanted to come back to some comments that you made in your annual letter around private markets entering the retail channel. So given that BlackRock is one of the largest 401(k) managers and is the largest DCIO manager, where are you in the build-out of adding private into either existing target date funds or launching new target date funds that have a significant allocation of private And are you really just waiting on guidance or actual rulemaking from the Department of Labor before you move forward?

所以最近有很多事情要談，但我想回到您在年度信函中關於私人市場進入零售管道所發表的一些評論。因此，鑑於貝萊德是最大的 401（k）管理公司之一，也是最大的 DCIO 管理公司，那麼您在將私人資產添加到現有目標日期基金或推出具有大量私人資產配置的新目標日期基金方面處於什麼位置？您是否真的只是在等待勞工部的指導或實際規則制定，然後再採取行動？

Let me just talk on one thing. This is one of the main reasons why we bought Preqin, and why I believe Preqin will become a major component for the whole ecosystem, I said that in my prepared remarks. To properly add, especially in retirement products, more private investment, I believe better data analytics that will create better transparency, better price discovery is going to be necessary.

我僅談一件事。這是我們收購 Preqin 的主要原因之一，也是我相信 Preqin 將成為整個生態系統主要組成部分的原因，我在準備好的演講中說過。為了正確地增加私人投資，特別是在退休產品中，我相信更好的數據分析將創造更好的透明度和更好的價格發現，這是必要的。

And this is why we believe in what we are doing in the Aladdin space with eFront, Preqin is going to be a major component of the changing ecosystem in retirement, and I'll let Martin get into the specifics of what we're doing at BlackRock related to those type of products.

這就是為什麼我們相信我們在阿拉丁領域與 eFront 合作所做的事情，Preqin 將成為退休生態系統變化的重要組成部分，我將讓馬丁詳細介紹我們在貝萊德與這些類型的產品相關的具體工作。

So Craig, you've got it. BlackRock is the number one investment-only firm, the number one DCIO firm, and we're a top five private markets and alts manager, following our recent acquisitions. So we have the investment content. We have the franchise. We have a $500 billion AUM target date business.

那麼克雷格，你明白了。貝萊德是排名第一的純投資公司、排名第一的 DCIO 公司，而且，在我們最近的收購之後，我們是排名前五的私人市場和另類投資管理公司之一。所以我們有投資內容。我們有特許經營權。我們的目標日期業務資產管理規模為 5,000 億美元。

And Larry talked about it in his letter, but we see real potential benefits to retirees in greater diversification and better retirement outcomes through the blending of public and private markets. We have a real strong presence in both retirement channels and private markets, relationships, distribution, investment opportunities.

拉里在信中談到了這一點，但我們看到，透過公共和私人市場的融合，退休人員可以獲得更多樣化的退休生活和更好的退休結果，從而獲得真正的潛在利益。我們在退休通路和私人市場、關係、分銷、投資機會方面都擁有強大的影響力。

So a couple of things. One, we have developed the glide path technology to create a target-date style product in terms of allocations and moving allocations across public and private markets to think about growth potential and liquidity in target date style. So we have the glide path technology in order to implement those portfolios.

有幾件事。首先，我們開發了滑行路徑技術，以創建目標日期風格的產品，在分配方面以及在公共和私人市場之間轉移分配，以考慮目標日期風格的成長潛力和流動性。因此，我們擁有滑行路徑技術來實現這些投資組合。

We are launching and have plans to launch in the middle of the year, a target date style offering with private markets, on a retirement platform, one of the larger trust companies in the United States. So we look forward to being able to update you about that later in the year.

我們正在推出並計劃在年中推出一種在私人市場上的目標日期式產品，在退休平台上，這是美國最大的信託公司之一。因此，我們期待在今年稍後向您通報這一情況。

So we see a target date, really, Craig, as the most efficient way to deliver private markets into retirement counts, particularly defined contribution, because this approach would embed these exposures in allocations already made by target funds. So it's got to be target funds, balanced funds or managed accounts. We see that as the most efficient way of doing it.

因此，克雷格，我們認為目標日期實際上是將私人市場引入退休人數的最有效方式，特別是固定繳款，因為這種方法會將這些風險嵌入目標基金已經做出的分配中。所以它必須是目標基金、平衡基金或管理帳戶。我們認為這是最有效的方法。

Those are the types of vehicles that serve as the qualified default investment alternative for the QDIA, and they capture the bulk of 401(k) flows and participant-directed individual accounts. We do think for the opportunity to be really broad, really scalable and the most tangible. We'd likely need to see litigation reform or at least some advice reform in the US to add private markets disclosure into DC plans.

這些類型的工具是作為 QDIA 的合格預設投資替代品，它們佔據了 401（k）資金流和參與者指導個人帳戶的大部分。我們確實認為這個機會非常廣闊、非常可擴展且最切實可行。我們可能需要看到美國的訴訟改革或至少一些建議改革，以將私人市場揭露添加到 DC 計劃中。

We have innovated, we've advocated on behalf of workers for improved retirement solutions and national initiatives to modernize retirement. Just this past quarter, we hosted a large group of policymakers and members of Congress to discuss retirement at a BlackRock Retirement Summit in Washington, DC that was very successful. This was one of the topics that we discussed.

我們不斷創新，代表工人倡導改善退休解決方案和實現退休制度現代化的國家措施。就在上個季度，我們在華盛頓特區舉辦了貝萊德退休峰會，邀請了一大批政策制定者和國會議員來討論退休問題，這次峰會取得了成功。這是我們討論的主題之一。

So if there's an opportunity to make private markets more accessible in the retirement channel, our plan is to be at the forefront.

因此，如果有機會讓私人市場在退休管道中更容易進入，我們的計畫就是走在前面。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Question for you guys a little bit more strategically in -- when I sort of think about periods of prior major market dislocations, BlackRock made some real kind of monumental changes to the business. GFC obviously comes to mind with iShares acquisition. And while I know you made a big bet on private markets today, as I sort of think about ahead and any other major changes that are yet to come from markets and it sounds like US decoupling from the rest of the world in terms of cap markets is top of mind for you guys. Does that mean BlackRock might need to get even larger outside the US? Does that mean that BlackRock might need to pursue larger acquisitions outside the US? Or how are you thinking about the sort of period disruption relative to your longer-term strategy versus other periods?

我想從策略角度向你們提一個問題——當我回想之前重大市場混亂的時期時，貝萊德對業務做出了一些真正的重大改變。顯然，全球金融危機 (GFC) 和 iShares 的收購都讓人想起了這一點。雖然我知道您今天在私人市場上下了很大的賭注，但當我考慮未來以及市場尚未發生的任何其他重大變化時，聽起來美國在資本市場方面與世界其他國家脫鉤是您最關心的問題。這是否意味著貝萊德可能需要在美國以外擴張？這是否意味著貝萊德可能需要在美國以外進行更大規模的收購？或者，您如何看待相對於您的長期策略與其他時期相比的時期中斷？

Great question, Alex. So let me just say, A, the answer is no, if related to any acquisitions, that's not the end of the world. Our relationship with the governments across the world is giving us a real opportunity. I talked about what we're doing in India and building out that market. We're very excited about that opportunity in India.

很好的問題，亞歷克斯。所以我只想說，答，答案是否定的，如果與任何收購有關，那不是世界末日。我們與世界各國政府的關係為我們提供了真正的機會。我談到了我們在印度所做的工作以及該市場的建設。我們對在印度的這個機會感到非常興奮。

We have a couple of announcements of partnerships with other organizations in LatAm that we're working on. So it's strategically partnering with our long-term clients. In addition, if you just look at our position in Europe with ETFs, with 40% market share in iShares. And then our -- as I said in my prepared remarks, I was in Europe last week. The conversations we're having, let's say, in Netherlands, as they move away from defined benefits to defined contribution, the opportunities we have there in working with all these different plans, sponsors, and the major pension plans there.

我們已宣布與拉丁美洲其他組織建立合作關係，目前正在進行中。因此，這是與我們的長期客戶建立的策略合作夥伴關係。此外，如果您只看我們在歐洲的 ETF 地位，您會發現 iShares 擁有 40% 的市佔率。然後我們的——正如我在準備好的演講中所說，我上週去了歐洲。例如，我們在荷蘭進行的對話，隨著他們從固定收益轉向固定繳款，我們在那裡有機會與那裡的所有這些不同的計劃、贊助商和主要退休金計劃合作。

But across the board, our acquisition would be part of the consortium of Viridium really gives us a unique opportunity in the insurance space and managing insurance assets in Germany and other parts of Europe. Working in Australia, where I was earlier this year, the opportunity we have with GIP and the opportunities we have in infrastructure across the board. I think, as you know, GIP acquired all the airports in Malaysia. And so if anything, our footprint continues to grow. We are now in 30 different countries with offices. And I would say by year-end, we maybe be as large as 34, 35 different countries. We will be shortly announcing three new countries where we're opening our offices.

但總體而言，我們的收購將成為 Viridium 財團的一部分，這確實為我們在保險領域以及管理德國和歐洲其他地區的保險資產提供了獨特的機會。今年早些時候，我在澳洲工作，我們在 GIP 方面擁有很多機會，我們在基礎設施方面也擁有很多機會。我認為，正如你所知，GIP 收購了馬來西亞的所有機場。因此，我們的足跡將繼續擴大。我們目前在30個不同的國家設有辦事處。我想說，到今年年底，我們的業務範圍可能會擴大到 34 到 35 個不同的國家。我們很快就會宣佈在三個新國家開設辦事處。

We actually manage money for -- in 100 different countries for our clients worldwide. So if anything, by helping countries navigate changes in their retirement system like DB to DC, by helping countries begin retirement system like India or beginning a mortgage-backed security system like in Saudi Arabia, and then continue to have a footprint. No firm is in the position to have these business -- this footprint in so many different parts of the world. If anything, this has been one of our great features, which I think in many cases, has been totally underappreciated, how deeply engaged we are and how deeply local we are within so many countries.

實際上，我們為全球 100 個不同國家的客戶管理資金。因此，如果有的話，透過幫助各國應對退休制度的變化，如從 DB 到 DC，透過幫助各國開始像印度那樣的退休制度或開始像沙烏地阿拉伯那樣的抵押貸款支持證券制度，然後繼續產生影響。沒有任何一家公司能夠在世界如此多的不同地區擁有如此大的業務規模和影響力。如果有什麼不同的話，那就是我們的一大特色，我認為在很多情況下，這一點完全被低估了，我們與這麼多國家的深度互動以及我們與這麼多國家的深度本地化。

And the one thing that we talk about across the board as one of the largest shareholders of companies worldwide, our relationships are not transactional. We are working with the pension fund communities. We're working with all the major corporations in all the different countries. And it gives us a differentiated position with -- one of the big reasons I said in the prepared remarks, related to the port transaction, our long-term relationship with CK Hutchison is it just gives us the ability to understand the client better.

作為全球最大的公司股東之一，我們廣泛討論的一件事是，我們的關係不是交易性的。我們正在與退休基金社區合作。我們與各個不同國家的所有大公司都有合作。它為我們提供了差異化的地位——我在準備好的發言中提到，與港口交易相關的一個主要原因是，我們與長江和記建立的長期關係使我們能夠更好地了解客戶。

And so I actually believe that with this type of uncertainty, with this type of volatility, with this type of sometimes chaos that we're seeing, if anything, the degree of BlackRock's consistency that we could bring to each and every client has allowed us to have a broadening conversation.

因此，我實際上相信，面對這種不確定性、這種波動性以及我們所看到的這種有時混亂的情況，貝萊德能夠為每位客戶提供的一致性程度使我們能夠進行更廣泛的對話。

Martin, do you want to add to anything?

馬丁，你還有什麼要補充嗎？

No. I guess that was it.

不。我想就是這樣了。

Mike Brown, Wells Fargo Securities.

富國證券的麥克布朗。

Lots of good color here on the international footprint and key strengths of the franchise there. But I just wanted to ask about the growing frictions between the US and other countries. Are you worried about the risk of some assets potentially moving away from the US in general? And is there any risk you think of any backlash to BlackRock, specifically as a US headquartered manager?

這裡有很多關於國際影響力和特許經營權主要優勢的精彩內容。但我只是想問一下美國與其他國家之間日益加劇的摩擦。您是否擔心某些資產可能從美國整體流出的風險？您認為貝萊德是否會面臨任何不利影響，特別是作為一家總部位於美國的管理公司？

Great question. As I said in my prepared remarks, we are Mexican in Mexico, Canadian in Canada, Dutch in Netherlands, British in the UK, Irish in Ireland, Japanese in Japan. This is not something new. This is something that we started this type of emphasis 37 years ago. The whole foundation of BlackRock.

好問題。正如我在準備好的演講中所說，在墨西哥我們是墨西哥人，在加拿大我們是加拿大人，在荷蘭我們是荷蘭人，在英國我們是英國人，在愛爾蘭我們是愛爾蘭人，在日本我們是日本人。這並不是什麼新鮮事。這是我們 37 年前就開始強調的事情。貝萊德的整個基礎。

Our first client worldwide was a Japanese client. It was not a US client. And we have systematically made sure that we remain local, vibrant, and a part of each and every economy. And that's what we're trying to do.

我們在全球的第一位客戶是一位日本客戶。這不是美國客戶。我們有系統地確保我們保持在地化、充滿活力並成為每個經濟體的一部分。這正是我們正在努力做的事情。

And that's why we're going to be opening a few more offices that we're going to announce shortly to be even more local in these different areas where we have large client relationships. And so -- there is no question, as I also said in my prepared remarks that when you think about the growth of the US capital markets representing 75% of the totality of the global capital markets, and it used to be around 50%, 55%.

這就是為什麼我們將在不久後宣布開設更多辦事處，以便在我們擁有大量客戶關係的不同地區更加在地化。所以——毫無疑問，正如我在準備好的演講中所說的那樣，當你想到美國資本市場的成長時，它佔全球資本市場的 75%，而過去的比例約為 50% 或 55%。

Could we see -- could what the European leaders are doing that are now unlocking growth instead of containing growth, could this be a time where people should be reallocating back or at least be in a market -- most clients underinvested in Europe. Is this a time to at least have a market waiting in Europe? Or is this a time to have a market overweight?

我們是否可以看到——歐洲領導人現在所做的是釋放成長而不是抑製成長，這是否是人們應該重新分配資金或至少進入市場的時候——大多數客戶在歐洲投資不足。現在是否至少應該等待歐洲市場？或者說，現在是市場超重的時候了？

And you could say this about many other areas. So we're not -- our job is to be working with each and every client. A lot of it is going to be on relative evaluation. But as I said in my prepared remarks, 80 days ago, everyone talked about US supremacy, the vitality of the United States. That was a major conversations even in Davos 80 days ago about the strength of the US.

你也可以在許多其他領域中這麼說。所以我們不是——我們的工作是與每一位客戶合作。其中很多都是相對評價。但正如我在準備好的演講中所說，80天前，每個人都在談論美國的至高無上、美國的活力。80天前，在達沃斯論壇上，關於美國實力的討論也十分激烈。

That is not a conversation that has been having now, but as I said in my prepared remarks, the macro forces of AI of infrastructure is just as strong today as it was 80 days ago and all the other macro trends. I do believe when the Trump administration works on their growth initiatives that they've talked about, the deregulation, the simplification of permits. And I hope the same thing happens in Europe. That is going to unlock an amazing amount of private capital.

這不是現在正在進行的對話，但正如我在準備好的演講中所說，基礎設施人工智慧的宏觀力量今天與 80 天前和所有其他宏觀趨勢一樣強大。我確實相信，當川普政府實施他們所談論的成長計劃時，會放鬆管制，簡化許可證。我希望歐洲也能發生同樣的事情。這將釋放出大量的私人資本。

And this is why we put such an emphasis in infrastructure and private credit. We will be prepared when there is an unlocking of more private capital to invest in infrastructure and data centers and airports, in grids, and in power. And so all of this remains. I know it's been obscured by the conversations with tariffs, been obscure about all the other issues going around but the macro mega trends have not changed. And as I said, if Europe is focused on growth, that is a great added opportunity that we didn't see 80 days ago.

這就是我們如此重視基礎設施和私人信貸的原因。當更多的私人資本釋放出來投資基礎設施、資料中心、機場、電網和電力時，我們將做好準備。所以這一切都保留了下來。我知道，關稅問題以及其他所有問題都掩蓋了這一點，但宏觀趨勢並沒有改變。正如我所說，如果歐洲專注於成長，這將是一個 80 天前我們從未見過的巨大額外機會。

If other parts of the world are focusing on their own growth in addition to the growth that we see in the United States, this will be fine. In the short run, yes, we do have inflationary pressures. Yes, in the short run we have an economy that is at risk. But my long-term views have not changed at all despite all the short-term fears.

如果世界其他地區除了關注美國的成長之外，也關注自身的成長，那就很好了。從短期來看，我們確實有通膨壓力。是的，短期內我們的經濟確實面臨風險。儘管有種種短期擔憂，但我的長期觀點卻絲毫沒有改變。

I want to expand on just one point that Larry has made that I think Mike goes to your question, but also maybe a little bit to Alex's prior question, which is if you were to take the page 5 of our supplement and look at the revenue weighted composite indexes for BlackRock AUM, you'd see BlackRock has a lot of positive leverage to growing stock markets outside of the United States. That generally tends to be good for our business. It tends to be fee rate accretive to our business. And so, we believe in helping countries grow their capital markets, and we see those opportunities of improved capital markets performance outside of the United States as being very much aligned with our financial growth.

我想就拉里提出的一點進行擴展，我認為麥克回答了你的問題，但也可能對亞歷克斯之前的問題有一點回答，那就是如果你翻開我們增刊的第 5 頁，看看貝萊德資產管理規模的收入加權綜合指數，你會發現貝萊德對美國以外不斷增長的股票市場具有很大的積極影響力。這通常對我們的業務有利。這往往會增加我們業務的費用率。因此，我們相信幫助各國發展其資本市場，我們認為美國以外資本市場表現改善的機會與我們的金融成長非常一致。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

Just a follow-up on the alts and 401(k) discussion on the demand side of things. Could you expand on what you're actually hearing from the plans in terms of demand for these products? So if we do get that legal Safe Harbor, could there be a quick uptake? Or do you think it will be a slower build once you get that green light?

這只是對 alts 和 401（k）需求的討論的後續。您能否詳細說明您從計劃中了解到的有關這些產品需求的情況？那麼，如果我們確實獲得了合法的安全港，那麼是否可以快速採取行動？或者您認為一旦獲得綠燈，建造速度會變慢嗎？

Thanks, Patrick, for the question. So I would segment the market basically into, I'll say, three main categories. The first of which would be large plan sponsors. Large plan sponsors move very slowly. They have consultants. They're very prudent and take time. That's not where we're seeing rapid growth or rapid interest at this point. I would say mid-tier plan sponsors are more interested and the smaller plan sponsors are most interested in building these types of portfolios.

謝謝帕特里克提出的問題。因此，我會將市場基本劃分為三大類。首先是大型計劃發起人。大型計劃發起人的行動非常緩慢。他們有顧問。他們非常謹慎並且花時間。目前，我們還沒有看到這一領域的快速成長或快速興趣。我想說中型計劃發起人更感興趣，而小型計劃發起人最有興趣建立這些類型的投資組合。

In addition, what I'd say is platforms, right? The platforms that are trust companies, retirement platforms, registered investment advisers that do advisers sold 401(k) business, they all have high degrees of interest in being able to offer these types of products to their clients.

另外我想說的是平台，對吧？這些平台包括信託公司、退休平台、從事顧問銷售 401（k）業務的註冊投資顧問，他們都對向客戶提供此類產品有著濃厚的興趣。

So I would expect, among the largest 401(k) plan sponsors that our consultant intermediated that carry heavy amounts of fiduciary scrutiny. They're going to be the slowest to move. And as you move down into adviser sold, they'll be the fastest to move. So we're seeing a great amount of velocity down in that bottom part, and I mentioned earlier that the trust company that we'd be working with, this would be one of the places we'd see as a first mover. Of course, you'll still need to see how pricing comes through, how operations come through.

因此，我預計，我們的顧問所中介的最大的 401（k）計劃發起人將受到嚴格的受託人審查。他們的行動將會是最慢的。當你轉向顧問銷售時，他們的行動將會最快。因此，我們看到底部的速度非常快，我之前提到過，我們將與之合作的信託公司將是我們視為先行者的地方之一。當然，您仍然需要了解定價如何進行、運作如何進行。

But I think those things can be done in a shorter period than we did LifePath Paycheck, which took multiple years. This, I think, can be done faster than that because it can be done largely through allocations to funds inside of target date funds that are already themselves asset allocation vehicles.

但我認為這些事情可以在比 LifePath Paycheck 更短的時間內完成，後者花了數年時間。我認為，這可以更快完成，因為這主要可以透過分配給目標日期基金內的基金來完成，而這些基金本身已經是資產配置工具。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

So Martin, several moving parts on the exit fee rates. I was hoping you could discuss the outlook for your fee rate based on client demand trends and some of the growth. And also this quarter, Vanguard made some splashy news with cutting of fees. Can you talk about the competitive backdrop within the ETF market today and how you may or may not respond to those changes?

馬丁，退出費率有幾個變動因素。我希望您能根據客戶需求趨勢和一些成長情況來討論費率的前景。本季度，先鋒集團也發布了一些引人注目的削減費用的新聞。您能談談當今 ETF 市場內的競爭背景以及您對這些變化可能會或可能不會做出的反應嗎？

Thanks, Dan. On the fee rate, I'd start by saying we generated 6% annualized base fee growth in the quarter, and organic base fee growth is above target over the last 12 months. This is our third consecutive quarter at or above our through-the-cycle organic base fee target of 6%. So we are continuing a very solid trend of growing revenues and operating income and expanding margin.

謝謝，丹。關於費率，首先我想說的是，我們在本季度實現了 6% 的年化基本費用增長，並且過去 12 個月的有機基本費用增長高於目標。這是我們連續第三個季度達到或超過 6% 的周期內有機基本費用目標。因此，我們的收入、營業收入和利潤率持續保持穩定成長的趨勢。

As I mentioned in my remarks, on a day count equivalent basis, the annualized effective fee rate was approximately 1/10 of a basis points higher sequentially. That's due to continued growth in fundraising within private markets. We had about $84 million in catch-up fees in Q1, which increased $60 million kind of quarter on quarter. We've now seen two successive quarters with sequential fee rate increases and our fee rate is 5% higher than it was six months ago, and that's even against market and FX headwinds. And later in 2025, we expect to add the fee rate accretive assets of HPS. So I expect you'll see much of the same effect you saw post the GIP transaction.

正如我在發言中提到的那樣，按日計數等值計算，年化有效費率比上一季高出約 1/10 個基點。這是由於私人市場籌資持續成長。我們第一季的補繳費用約為 8,400 萬美元，比上一季增加了 6,000 萬美元。現在，我們已經連續兩個季度看到費率上調，我們的費率比六個月前高出 5%，而且這還是在市場和外匯逆風的背景下實現的。並且預計在 2025 年晚些時候，將增加 HPS 的費率增值資產。因此我預計您將會看到與 GIP 交易後相同的效果。

Excluding the catch-up fees and including the impact of markets and FX towards the second half of the year, you'll note we ended with spot assets lower than average assets. We entered the second quarter with base fees approximately 1% lower other than the first quarter. As I've always said, BlackRock's AUM base, the fee rate, it's a backward-looking output of the mix of the stock of assets on the platform, and the net new flows. It's primarily affected by beta and FX but also by organic growth.

不包括補繳費用，但包括下半年市場和外匯的影響，您會注意到我們的現貨資產最終低於平均資產。進入第二季度，基本費用比第一季低約 1%。正如我一直所說，貝萊德的資產管理規模基數、費率是平台上資產存量和淨新流量組合的回顧性輸出。它主要受到 beta 和 FX 的影響，但也受到有機成長的影響。

As I mentioned, we'd expect to see positive leverage to base fee revenue, average fee rates on organic growth over time as we grow our private markets business. And we see really excellent velocity in private markets fundraising. And again, we expect to add HPS in the latter half of the year.

正如我所提到的，隨著我們私人市場業務的成長，我們預計隨著時間的推移，基本費用收入、平均費率將對有機成長產生積極影響。我們看到私募市場融資的速度確實非常快。再次強調，我們預計在今年下半年增加 HPS。

Just on iShares pricing. Our pricing strategy is the same and hasn't changed. We made targeted price investments in high-growth categories where clients are price sensitive, and we can expect to earn back foregone revenue through volumes.

僅關於 iShares 定價。我們的定價策略是一樣的，沒有改變。我們對客戶對價格敏感的高成長類別進行了有針對性的價格投資，並且我們期望透過銷售收回放棄的收入。

Our historical levels of pricing investment have been about 1.5% to 2.5% of global iShares revenue. We've definitely been well below that in recent years. We made no ETF price changes in the first quarter. We've always discussed the ETF business having multiple different segments where clients evaluate price relative to many different objectives and see a different value proposition in superior indexes or liquidity, capital markets expertise. And again, in the first quarter, we had $107 billion of ETF flows that's running -- that's following a $390 billion flow year, which was a record in '24.

我們的歷史定價投資水準約為全球 iShares 營收的 1.5% 至 2.5%。近年來，我們的水平確實遠低於這個水平。我們在第一季沒有對 ETF 價格做出任何調整。我們一直在討論 ETF 業務的多個不同部分，客戶根據許多不同的目標評估價格，並在優質指數或流動性、資本市場專業知識中看到不同的價值主張。再一次，在第一季度，我們有 1,070 億美元的 ETF 資金流入，這是繼 2024 年創下的 3,900 億美元流入記錄之後的又一紀錄。

So we're annualizing at a 10% higher rate already on ETFs. So we feel very comfortable with our positioning there.

因此，我們的 ETF 年化報酬率已經高出 10%。因此，我們對自己在那裡的定位感到非常滿意。

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

謝謝。女士們、先生們，我們的提問時間已經到了。芬克先生，您還有什麼結束語嗎？

Yes. Thank you, operator. I want to thank everybody for joining us this morning and your continued interest in BlackRock. Our first quarter results are possible, thanks to the growth of our strategic investments that we made over the coming last years, powered through our integrated asset management and technology platform. We welcome our new colleagues from Preqin this quarter, and we look forward to our planned closing HPS later this year.

是的。謝謝您，接線生。我要感謝大家今天早上的參加以及你們對貝萊德的持續關注。我們第一季的業績之所以能夠實現，要歸功於我們過去幾年透過綜合資產管理和技術平台進行的策略投資的成長。本季度，我們歡迎來自 Preqin 的新同事，並期待今年稍後完成計劃中的 HPS 的結束。

More than ever, we're seeing closer to our clients than ever before at each and every client and wherever they are located. And we believe BlackRock today has a strong upside for our shareholders in any other time. I want to just thank everybody and have a calm second quarter. Thanks.

我們比以往任何時候都更貼近客戶，並關注每位客戶，無論他們身在何處。我們相信，與以往任何時候相比，貝萊德今天都為我們的股東帶來了強勁的成長潛力。我只想感謝大家，祝福第二季一切順利。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。