貝萊德 (BLK) 2022 Q1 法說會逐字稿

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

早上好。我的名字是 Myra，今天我將成為您的會議主持人。在這個時候，我想歡迎大家參加貝萊德公司 2022 年第一季度收益電話會議。今天電話會議的主持人將是董事長兼首席執行官 Laurence D. Fink；首席財務官 Gary S. Shedlin；總裁羅伯特·S·卡皮托；和總法律顧問 Christopher J. Meade。 （操作員說明）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. So with that, I'll turn it over to Gary.

大家，早安。我是貝萊德的總法律顧問克里斯·米德。在開始之前，我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述。我們提請您注意，貝萊德的實際結果當然可能與這些陳述不同。如您所知，貝萊德已向美國證券交易委員會提交報告，其中列出了可能導致貝萊德結果與我們今天所說的大不相同的一些因素。貝萊德不承擔任何責任，也不承諾更新任何前瞻性陳述。因此，我將把它交給加里。

Thanks, Chris, and good morning, everyone. It's my pleasure to present results for the first quarter of 2022. Before I turn it over to Larry, I'll review our financial performance and business results. While our earnings release discloses both GAAP and as adjusted financial results, I'll be focusing primarily on our as-adjusted results. As many of you know, beginning in the first quarter of 2022, we updated our definitions of as-adjusted operating income, operating margin and net income to exclude the impact of intangible asset amortization, other acquisition-related costs and contingent consideration fair value adjustments.

謝謝，克里斯，大家早上好。我很高興公佈 2022 年第一季度的業績。在我把它交給拉里之前，我將回顧一下我們的財務業績和業務業績。雖然我們的收益發布披露了 GAAP 和調整後的財務業績，但我將主要關注我們的調整後業績。眾所周知，從 2022 年第一季度開始，我們更新了調整後營業收入、營業利潤率和淨利潤的定義，以排除無形資產攤銷、其他收購相關成本和或有對價公允價值調整的影響.

We believe that excluding the impact of these expenses provides investors and management with a more useful understanding of our financial performance over time while also increasing comparability with other asset management companies. BlackRock regularly reviews our disclosures with the goal of providing helpful information to our investors, and we may consider additional non-GAAP adjustments in the future.

我們認為，排除這些費用的影響可以讓投資者和管理層更有效地了解我們隨著時間的推移的財務業績，同時也提高了與其他資產管理公司的可比性。貝萊德定期審查我們的披露，目的是為我們的投資者提供有用的信息，我們可能會考慮在未來進行額外的非公認會計原則調整。

To provide consistent comparisons to historical results, we recast quarterly as adjusted metrics to account for these changes for 2020 and 2021. This recast was posted on BlackRock's Investor Relations website in late March and also has been included on Pages 12 and 13 of our earnings release. While year-over-year and sequential financial comparisons referenced on this call will relate current quarter results to these recast financials.

為了提供與歷史結果的一致比較，我們每季度將其重鑄為調整後的指標，以反映 2020 年和 2021 年的這些變化。這一重鑄已於 3 月下旬發佈在貝萊德的投資者關係網站上，也已包含在我們收益發布的第 12 和 13 頁.雖然本次電話會議中引用的同比和連續財務比較將當前季度結果與這些重鑄財務數據相關聯。

BlackRock's performance in the first quarter once again underscores the strength of our platform and our ability to serve clients in a variety of market conditions. We've invested for years to diversify our platform and to develop industry-leading franchises in ETFs, private markets, technology, active management and sustainable investing. These successful multiyear investments have enabled us to deepen our solutions-oriented relationships with clients and have strengthened and diversified our organic revenue growth profile.

貝萊德第一季度的表現再次凸顯了我們平台的實力以及我們在各種市場條件下為客戶提供服務的能力。多年來，我們一直在投資以使我們的平台多樣化，並在 ETF、私人市場、技術、主動管理和可持續投資方面開發行業領先的特許經營權。這些成功的多年投資使我們能夠加深與客戶的以解決方案為導向的關係，並加強和多樣化我們的有機收入增長概況。

BlackRock generated total net flows of $86 billion in the first quarter, representing 3% annualized organic asset growth with $114 billion of long-term net inflows partially offset by $27 billion of generally seasonal cash management outflows. Quarterly long-term net inflows were positive across all asset classes, investment styles and regions. Annualized organic base fee growth of 2% reflected the impact of 2 sizable institutional index mandates and strong flows into core equity ETFs during the quarter.

貝萊德第一季度的總淨流量為 860 億美元，年化有機資產增長 3%，其中 1140 億美元的長期淨流入部分被 270 億美元的季節性現金流出所抵消。所有資產類別、投資風格和地區的季度長期淨流入均為正數。年化有機基礎費用增長 2%，反映了本季度 2 項大型機構指數授權和強勁流入核心股票 ETF 的影響。

First quarter revenue of $4.7 billion increased 7% year-over-year, while operating income of $1.8 billion rose 14%, reflecting the impact of approximately $185 million of closed-end fund launch costs in the first quarter of 2021. Earnings per share of $9.52 was up 18% compared to a year ago, also reflecting a lower effective tax rate and a lower diluted share count, partially offset by lower nonoperating income in the current quarter. Nonoperating results for the quarter included $29 million of net investment losses, driven primarily by mark-to-market declines in the value of unhedged seed capital investments.

第一季度收入 47 億美元，同比增長 7%，而營業收入 18 億美元，增長 14%，反映了 2021 年第一季度約 1.85 億美元封閉式基金啟動成本的影響。每股收益為與一年前相比，9.52 美元上漲了 18%，這也反映了較低的有效稅率和較低的稀釋股數，部分被本季度較低的非營業收入所抵消。本季度的非經營性業績包括 2900 萬美元的淨投資損失，這主要是由於未對沖的種子資本投資價值按市值計價下跌所致。

Our as adjusted tax rate for the quarter was approximately 17% and included $133 million of discrete tax benefits, including benefits related to stock-based compensation awards that [vested] in the first quarter of each year. We continue to estimate that 24% is a reasonable projected tax run rate for the remainder of 2022, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.

我們本季度調整後的稅率約為 17%，其中包括 1.33 億美元的離散稅收優惠，包括與每年第一季度 [歸屬] 的基於股票的薪酬獎勵相關的福利。我們繼續估計 24% 是 2022 年剩餘時間的合理預計稅率，但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。

First quarter base fee and securities lending revenue of $3.8 billion was up 7% year-over-year primarily driven by 8% organic base fee growth over the last 12 months. Sequentially, base fee and securities lending revenue was down 3%, reflecting in part the impact of a lower day count in the first quarter. On an equivalent day count basis, our effective fee rate was essentially flat compared to the fourth quarter as the negative impact of divergent equity beta was offset by lower discretionary money market fee waivers. We incurred approximately $75 million of gross discretionary yield support waivers in the first quarter. However, waivers for our flagship funds were essentially removed, following rate hikes by the Bank of England and Federal Reserve in March. Recall that approximately 50% of gross fee waivers are generally shared with distributors, so the benefit to base fees is partially offset by higher distribution expense.

第一季度基本費用和證券借貸收入為 38 億美元，同比增長 7%，主要受過去 12 個月基本費用有機增長 8% 的推動。隨後，基本費用和證券借貸收入下降了 3%，部分反映了第一季度天數減少的影響。在同等天數的基礎上，我們的有效費用率與第四季度相比基本持平，因為不同股票貝塔的負面影響被較低的可自由支配貨幣市場費用豁免所抵消。我們在第一季度獲得了約 7500 萬美元的總可自由支配收益支持豁免。然而，在英格蘭銀行和美聯儲 3 月份加息之後，我們的旗艦基金的豁免基本上被取消了。回想一下，大約 50% 的總費用減免通常與分銷商共享，因此基本費用的好處被較高的分銷費用部分抵消。

Performance fees of $98 million decreased from a year ago, primarily reflected lower revenue from liquid alternative and long-only products, partially offset by higher fees from illiquid alternatives. Recent market volatility could result in a reduced ability to earn performance fees from certain liquid alternative and long-only products during the remainder of 2022.

9800 萬美元的業績費用比一年前減少，主要反映了流動性替代品和只做多頭產品的收入減少，部分被非流動性替代品的更高費用所抵消。最近的市場波動可能導致在 2022 年剩餘時間內從某些流動性替代產品和只做多頭產品中賺取業績費的能力降低。

Quarterly technology services revenue increased 11% from a year ago. Annual contract value, or ACV, increased 13% year-over-year, and we remain confident in our ability to continue delivering low to mid-teens ACV growth as we see strong demand for Aladdin's end-to-end cloud-based SaaS capabilities.

季度技術服務收入同比增長 11%。年度合同價值或 ACV 同比增長 13%，由於我們看到對阿拉丁端到端基於雲的 SaaS 功能的強勁需求，我們仍然有信心繼續實現中低端 ACV 增長.

Total expense increased 3% year-over-year, driven primarily by higher compensation expense. Recall that expense in the first quarter of 2021 included $185 million of closed-end fund launch costs, which are excluded when reporting our as-adjusted operating margin.

總費用同比增長 3%，主要是由於薪酬費用增加。回想一下，2021 年第一季度的費用包括 1.85 億美元的封閉式基金啟動成本，在報告我們調整後的營業利潤率時不包括在內。

Employee compensation and benefit expense was up 7% year-over-year, reflecting higher base compensation, partially offset by lower incentive compensation, driven in part by the lower mark-to-market impact of certain deferred cash compensation programs. G&A expense was down 17% year-over-year, reflecting the previously mentioned closed-end fund launch costs in the first quarter of 2021. Excluding these costs, G&A expense increased 19% from a year ago due to ongoing strategic investments in technology, including the migration of Aladdin to the cloud, along with increases in marketing and promotional expense, including higher T&E expense associated with our return-to-office strategy. Sequentially, G&A expense decreased 12% primarily reflecting seasonally lower marketing and promotional expense and lower professional services and occupancy expense, partially offset by higher technology expense.

員工薪酬和福利費用同比增長 7%，反映了較高的基本薪酬，部分被較低的激勵薪酬所抵消，部分原因是某些遞延現金薪酬計劃的按市值計價的影響較低。 G&A 費用同比下降 17%，反映了前面提到的 2021 年第一季度封閉式基金的啟動成本。不計這些成本，由於對技術的持續戰略投資，G&A 費用同比增長 19%，包括將阿拉丁遷移到雲端，以及營銷和促銷費用的增加，包括與我們的重返辦公室戰略相關的更高的 T&E 費用。隨後，G&A 費用下降了 12%，主要反映了季節性較低的營銷和促銷費用以及較低的專業服務和占用費用，部分被較高的技術費用所抵消。

Disclosure enhancements introduced this quarter include the addition of a separate G&A expense line item for subadvisory expense, which historically was included within portfolio services expense. We hope this will provide more transparency into costs associated with the successful growth of our OCIO business, which are more than offset by associated base fees. As Larry will discuss in more detail, momentum in our OCIO business is accelerating as we trend towards outsourcing increases, and BlackRock is well positioned to capture this opportunity.

本季度引入的信息披露增強措施包括為子諮詢費用增加一個單獨的 G&A 費用項目，該項目歷史上包含在投資組合服務費用中。我們希望這將為與我們的 OCIO 業務成功增長相關的成本提供更多透明度，這些成本被相關的基本費用所抵消。正如 Larry 將更詳細地討論的那樣，我們的 OCIO 業務的發展勢頭正在加速，因為我們傾向於外包增加，而貝萊德已經準備好抓住這個機會。

Direct fund expense increased 3% year-over-year primarily reflecting higher average index AUM. Sequentially, quarterly direct fund expense increased despite lower average index AUM due to higher rebates that seasonally occur in the fourth quarter. Our first quarter as-adjusted operating margin of 44.2% was down 160 basis points from a year ago primarily reflecting the ongoing strategic investments we are making in technology and our people.

直接基金費用同比增長 3%，主要反映了較高的平均指數 AUM。隨後，儘管由於第四季度季節性出現的較高回扣導致平均指數 AUM 較低，但季度直接基金費用增加。我們第一季度調整後的營業利潤率為 44.2%，比一年前下降了 160 個基點，這主要反映了我們在技術和員工方面正在進行的戰略投資。

As we stated in January, our business has never been better positioned to take advantage of the opportunities before us. We are increasingly seeing clients looking for ways to optimize portfolio returns at a lower cost by forging deeper relationships with fewer managers, including fully outsourced relationships. These trends favor global, comprehensive and scaled platforms like BlackRock's as evidenced by several such wins over the recent quarters, and we see more opportunities ahead.

正如我們在一月份所說，我們的業務從未像現在這樣更好地利用我們面前的機會。我們越來越多地看到客戶通過與更少的經理建立更深入的關係（包括完全外包的關係）來尋找以更低的成本優化投資組合回報的方法。這些趨勢有利於像貝萊德這樣的全球性、綜合性和規模化平台，最近幾個季度的幾次此類勝利證明了這一點，我們看到了更多的機會。

As always, we remain committed to optimizing organic growth in the most efficient way possible. We have deep conviction in the stability of our diverse business model, which has demonstrated strong resilience in a variety of markets and our ability to proactively manage our cost structure. In the near term, we remain focused on the opportunity set ahead of us and are continuing to invest responsibly to support our growth and to drive our strategic initiatives. We continually focus on managing our entire discretionary expense base, and we will continue to be prudent in reevaluating our overall level of spend if market conditions necessitate us doing so.

與往常一樣，我們仍然致力於以最有效的方式優化有機增長。我們對多元化業務模式的穩定性深信不疑，這在各種市場中表現出強大的彈性，以及我們主動管理成本結構的能力。在短期內，我們將繼續關注擺在我們面前的機遇，並繼續負責任地投資以支持我們的增長並推動我們的戰略計劃。我們將繼續專注於管理我們的整個可自由支配的費用基礎，如果市場條件需要我們這樣做，我們將繼續謹慎地重新評估我們的整體支出水平。

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 through prudent use of our balance sheet to best position BlackRock for continued success through seed and co-investments to support organic growth and through strategic investments to further accelerate our efforts.

我們的資本管理策略仍然是，首先投資於我們的業務，然後通過股息和股票回購相結合的方式將多餘的現金返還給股東。我們繼續通過審慎使用資產負債表進行投資，通過種子投資和聯合投資支持有機增長，並通過戰略投資進一步加快我們的努力，從而使貝萊德處於最佳位置，以實現持續成功。

As Larry will discuss in more detail, earlier this week, we announced a minority investment in Circle, the operator of the market infrastructure for USDC, a dollar-based fully reserved stable coin and one of the fastest-growing digital assets with more than $52 billion in circulation. Circle's technology currently enables the frictionless and real-time transfer of payments and is being explored for other applications across the financial ecosystem.

正如 Larry 將更詳細地討論的那樣，本週早些時候，我們宣布對 Circle 進行少數股權投資，該公司是 USDC 市場基礎設施的運營商，這是一種基於美元的完全保留的穩定幣，並且是增長最快的數字資產之一，價值超過 52 美元億流通量。 Circle 的技術目前能夠實現無摩擦和實時的支付轉移，並且正在探索用於整個金融生態系統的其他應用程序。

We previously announced an 18% increase in our quarterly dividend to $4.88 per share of common stock and repurchased $500 million worth of common shares in the first quarter. At present, based on our capital spending plans for the year and subject to market conditions, including the relative valuation of our stock price, 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.

我們之前宣布將季度股息提高 18% 至每股普通股 4.88 美元，並在第一季度回購了價值 5 億美元的普通股。目前，根據我們今年的資本支出計劃，並視市場情況，包括我們股價的相對估值，我們仍預計在本年度的餘額中每季度至少回購 3.75 億美元的股票，與我們之前的一致一月份的指導。

As you'll also hear from Larry, BlackRock relationships with our clients have never been stronger, and they continue to turn to BlackRock to help them meet their long-term investment needs. BlackRock's first quarter and total net inflows of $86 billion were positive across client channels and regions highlighting the breadth of our platform. ETFs generated net inflows of $56 billion, representing 7% annualized organic asset and 4% annualized organic base fee growth. Results once again highlight the unique diversity of our ETF product segments supported by particularly strong flows in core equity, sustainable and commodity ETFs.

您還將從 Larry 那裡聽到，貝萊德與我們客戶的關係從未如此牢固，他們繼續求助於貝萊德來幫助他們滿足長期投資需求。貝萊德第一季度和 860 億美元的總淨流入在客戶渠道和地區都是正數，突顯了我們平台的廣度。 ETF 產生了 560 億美元的淨流入，代表 7% 的年化有機資產和 4% 的年化有機基礎費用增長。結果再次突顯了我們 ETF 產品領域的獨特多樣性，這得益於核心股票、可持續和商品 ETF 的特別強勁流動。

The diversity of our ETF franchise enables us to generate durable, industry-leading organic revenue growth in varying macroeconomic environments. For example, as inflation expectations persisted, investors turn to our commodity ETFs, where we are now the clear category leader. And as Larry will highlight, our bond ETFs gathered net inflows in one of the most challenging quarters for fixed income in recent history.

我們 ETF 特許經營權的多樣性使我們能夠在不同的宏觀經濟環境中產生持久的、行業領先的有機收入增長。例如，隨著通脹預期持續存在，投資者轉向我們的大宗商品 ETF，我們現在是該類別的領頭羊。正如 Larry 將強調的那樣，我們的債券 ETF 在近期歷史上固定收益最具挑戰性的季度之一聚集了淨流入。

Retail net inflows of $10 billion were positive in both the U.S. and internationally and reflected strength in equities, liquid alternatives and active multi-asset funds. BlackRock's institutional franchise generated $47 billion of net inflows as our global scale, investment expertise and world-class technology and risk management enable us to increasingly serve as the partner of choice for institutional clients.

100 億美元的零售淨流入在美國和國際上都是正數，反映了股票、流動性另類和活躍的多資產基金的實力。貝萊德的機構特許經營權產生了 470 億美元的淨流入，因為我們的全球規模、投資專長以及世界一流的技術和風險管理使我們能夠越來越多地成為機構客戶的首選合作夥伴。

BlackRock's institutional active franchise generated $16 billion of net inflows, led by continued growth into our LifePath target date, alternatives and systematic active equity offerings. Institutional index net inflows of $31 billion included approximately $70 billion from 2 large institutional clients with whom we have deep relationships, spanning multiple investment strategies.

貝萊德的機構活躍特許經營權產生了 160 億美元的淨流入，這得益於我們 LifePath 目標日期的持續增長、替代方案和系統的主動股票發行。 310 億美元的機構指數淨流入包括約 700 億美元來自與我們有深厚關係的 2 家大型機構客戶，涵蓋多種投資策略。

Demand for alternatives also continued with $6 billion of net inflows into illiquid and liquid alternative strategies during the quarter driven by private credit, infrastructure and liquid alternative offerings. Fundraising momentum remains strong, and we have approximately $36 billion of committed capital to deploy for clients in a variety of alternative strategies, representing a significant source of future base and performance fees.

在私人信貸、基礎設施和流動性替代產品的推動下，本季度有 60 億美元淨流入非流動性和流動性替代策略，對替代品的需求也繼續存在。籌資勢頭依然強勁，我們有大約 360 億美元的承諾資本可以為客戶部署各種替代策略，這是未來基礎和績效費用的重要來源。

Our $330 billion alternatives and liquid credit platform has gained significant momentum over recent years. And to provide increased visibility, starting this quarter, we're including additional detail in our earnings supplement on AUM and committed capital managed by our alternatives team.

近年來，我們 3300 億美元的替代品和流動信貸平台獲得了顯著的發展勢頭。為了提供更高的知名度，從本季度開始，我們將在我們的 AUM 收益補充中包含更多細節，以及由我們的替代團隊管理的承諾資本。

Overall, BlackRock generated approximately $20 billion of active net inflows during the quarter and has now generated positive active flows in all but 1 quarter since the beginning of 2019. Finally, BlackRock's cash management platform saw net outflows of $27 billion driven by redemptions from offshore prime and U.S. government money market funds, in line with the broader money market fund industry.

總體而言，貝萊德在本季度產生了約 200 億美元的活躍淨流入，自 2019 年初以來，除 1 個季度外，其他所有季度均產生了積極的活躍資金流。最後，貝萊德的現金管理平台出現 270 億美元的淨流出，這是由離岸優質債券的贖回推動的和美國政府貨幣市場基金，與更廣泛的貨幣市場基金行業一致。

BlackRock has steadily grown our share of the cash management industry by leveraging our scale and delivering innovative distribution and risk management solutions for clients. We are an existing manager of the cash reserves that underpin USDC, and we look forward to partnering with Circle to expand that relationship and become their primary manager in the future.

貝萊德通過利用我們的規模並為客戶提供創新的分銷和風險管理解決方案，穩步擴大了我們在現金管理行業的份額。我們是支持 USDC 的現金儲備的現有經理，我們期待與 Circle 合作擴大這種關係並成為他們未來的主要經理。

In summary, our first quarter results once again highlight the benefits of the investments we've made in high-growth areas to diversify and strengthen our platform. Many of the areas in which we are generating strong growth today, such as alternatives and ESG, were not significant contributors just a few years ago. As a result, we are better able to deliver resilient organic growth and develop deeper client relationships today than at any point in BlackRock's history. Our commitment remains to optimize organic growth in the most efficient way possible, and we will do so responsibly to meet the needs of all stakeholders.

總而言之，我們的第一季度業績再次突出了我們在高增長領域進行的投資的好處，以使我們的平台多樣化和加強。我們今天實現強勁增長的許多領域，例如替代品和 ESG，在幾年前還不是重要的貢獻者。因此，與貝萊德歷史上的任何時候相比，我們今天能夠更好地實現彈性有機增長並發展更深入的客戶關係。我們仍然致力於以最有效的方式優化有機增長，我們將負責任地這樣做以滿足所有利益相關者的需求。

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

有了這個，我會把它交給拉里。

Thank you, Gary, and good morning to everyone, and thank you for joining the call. As I wrote to shareholders last month, Russia's invasion of Ukraine has created a humanitarian tragedy and is impacting not only geopolitics but also the global economies.

謝謝你，加里，大家早上好，感謝你加入電話會議。正如我上個月給股東們寫的那樣，俄羅斯入侵烏克蘭造成了一場人道主義悲劇，不僅影響了地緣政治，還影響了全球經濟。

It's going to fundamentally alter the path of globalization that we've seen over the past 30 years. The flow of goods and people across borders will still be a critical to economic growth and new technologies will continue to shrink geographic distances, but countries and companies are reevaluating their interdependencies in a way that we have not seen since the end of the Cold War.

它將從根本上改變我們在過去 30 年中看到的全球化路徑。跨境貨物和人員流動仍將是經濟增長的關鍵，新技術將繼續縮小地理距離，但國家和公司正在以冷戰結束以來我們從未見過的方式重新評估它們的相互依存關係。

As a fiduciary, BlackRock is working to understand how these structural changes will impact our client portfolios, and we will help them pursue their long-term financial goals. The breadth and scale of BlackRock's platform enables us to serve clients in all market environments. We invested over many years to build a comprehensive investment platform, industry-leading technology and a global footprint with local expertise. By evolving ahead of our needs of our clients, we have grown as a trusted partner to all our clients.

作為受託人，貝萊德正在努力了解這些結構性變化將如何影響我們的客戶投資組合，我們將幫助他們實現長期財務目標。貝萊德平台的廣度和規模使我們能夠在所有市場環境中為客戶提供服務。我們投資多年，以建立一個全面的投資平台、行業領先的技術和具有當地專業知識的全球足跡。通過超越客戶的需求，我們已經成長為所有客戶值得信賴的合作夥伴。

We constantly work to provide our clients with that type of insight, but close connectivity becomes even more important during periods of market volatility and uncertainty. Over the last 2 months, following Russia's invasion of Ukraine, BlackRock held over 200 client engagements and hosted market update calls attended by more than 4,600 clients.

我們不斷努力為我們的客戶提供這種洞察力，但在市場波動和不確定時期，緊密的聯繫變得更加重要。在過去 2 個月裡，在俄羅斯入侵烏克蘭之後，貝萊德舉辦了 200 多次客戶活動，並主持了 4,600 多名客戶參加的市場更新電話會議。

I also recently visited clients in Japan and the Middle East and here in the United States, many of whom are trying to understand how geopolitical and macroeconomic shifts might impact their investment outcomes. I remember the same heightened level of connectivity with our clients during the initial weeks of the pandemic in spring 2020. I believe our relationships with clients have never been stronger. Our clients appreciate our voice and our consistent advocacy for long-term investing on their behalf.

我最近還拜訪了日本、中東和美國的客戶，他們中的許多人正試圖了解地緣政治和宏觀經濟變化如何影響他們的投資結果。我記得在 2020 年春季大流行的最初幾週，我們與客戶的聯繫水平同樣提高。我相信我們與客戶的關係從未如此牢固。我們的客戶讚賞我們的聲音和我們一貫倡導的代表他們進行長期投資的主張。

Our first quarter's result demonstrates these strengths. BlackRock generated $114 billion in net long-term inflows in the first quarter, demonstrating the breadth of our asset management platform and positive flows across all product types, all investment styles and all regions.

我們第一季度的業績證明了這些優勢。貝萊德第一季度產生了 1,140 億美元的長期淨流入，展示了我們資產管理平台的廣度以及在所有產品類型、所有投資風格和所有地區的積極流動。

Organic growth in the quarter included 2 significant client mandates, reflecting our ability to deepen partnerships and build a comprehensive relationship with clients globally. We also saw a 13% ACV growth in technology services as more clients recognize the benefits of Aladdin.

本季度的有機增長包括兩項重要的客戶授權，反映了我們深化合作夥伴關係並與全球客戶建立全面關係的能力。隨著越來越多的客戶認識到阿拉丁的好處，我們還看到技術服務的 ACV 增長了 13%。

I'm incredibly excited about the opportunities ahead of us, and we will continue to invest for the future. Throughout our 23-year history as a public company, we have demonstrated that we are intentional about our investment spend and focused on our margins. I have found that in often, in times of market uncertainty, that is the greatest opportunity that we could find. BlackRock's breadth and resilience enables us to play offense when others may be pulling back. Our agility in responding to opportunities and continued investments across market cycles have driven our industry-leading growth, our consistent growth and generated value for our shareholders.

我對我們面前的機會感到無比興奮，我們將繼續為未來投資。在我們作為一家上市公司的 23 年曆史中，我們已經證明我們對投資支出是有意識的，並且專注於我們的利潤。我發現，在市場不確定的時候，這是我們能找到的最大機會。貝萊德的廣度和韌性使我們能夠在其他人可能會退縮時進行進攻。我們對機會的敏捷反應和跨市場週期的持續投資推動了我們行業領先的增長、我們的持續增長並為我們的股東創造了價值。

Our investments are closely aligned with our strategy to keep Alpha at the heart of BlackRock, accelerated growth in iShares, in private markets and Aladdin to deliver a whole portfolio advice and solutions to our clients and be the global leader in sustainable investing.

我們的投資與我們保持 Alpha 處於貝萊德核心地位的戰略緊密結合，加速 iShares、私人市場和阿拉丁的增長，為我們的客戶提供完整的投資組合建議和解決方案，並成為可持續投資的全球領導者。

Our clients are trying to understand the implications of the rapidly changing investment environment. The Russian invasion of Ukraine marks a profound geopoliticalship that is accelerating a reassessment of global supply chains. It also creates a supply shock in commodities that is further increasing inflation. Even before the war, inflation was already top of mind for many investors as the effect of the pandemic, including the shift in consumer demand from services to capital goods, labor shortages and supply chain bottlenecks, brought inflation in the United States, in Canada and the United Kingdom, across European Union, to the highest level in decades.

我們的客戶正試圖了解快速變化的投資環境的影響。俄羅斯入侵烏克蘭標誌著一場深刻的地緣政治局勢正在加速重新評估全球供應鏈。它還對商品造成供應衝擊，進一步加劇通貨膨脹。甚至在戰前，通脹就已經成為許多投資者的頭等大事，因為大流行的影響，包括消費者需求從服務轉向資本品、勞動力短缺和供應鏈瓶頸，導緻美國、加拿大和英國，跨越歐盟，達到幾十年來的最高水平。

Central Banks are in a difficult position as we look to carefully raise rates to contain inflation without harming economic activity and employment. They may eventually have to live with a supply-driven inflation rather than take policy rates above neutral levels. However, they may be forced to be more aggressive policy stance of inflation expectation become unchartered.

中央銀行處於困境，因為我們希望在不損害經濟活動和就業的情況下謹慎地提高利率以控制通貨膨脹。他們最終可能不得不忍受供應驅動的通脹，而不是將政策利率提高到中性水平之上。然而，他們可能會被迫採取更加激進的政策立場，通脹預期變得未知。

Bond markets have been quick to price in the Fed's rate projections and saw one of the worst quarters on record for the U.S. bond market. The market was down or the U.S. aggregate index was down more than 5%. Equity markets, on the other hand, has shown some resilience. Following significant market volatility in the first quarter, U.S. and European broad market indexes regained some of their losses and ended down the quarter around 5% and 6%, respectively.

債券市場迅速消化了美聯儲的利率預測，並見證了美國債券市場有史以來最糟糕的季度之一。市場下跌或美國綜合指數下跌超過 5%。另一方面，股票市場表現出一定的彈性。繼第一季度市場大幅波動後，美國和歐洲大盤指數收復部分失地，並在本季度末分別下跌約 5% 和 6%。

As always, BlackRock remains guided by our clients' needs, and we constantly evolve so we could be better serving them. Clients increasingly want to work with fewer partners who could provide more, and BlackRock is uniquely positioned to capture opportunities as clients consolidate their investment providers. We have the investment expertise. We have the operational excellence and the technology capabilities work with clients of all types and sizes. And we are well-positioned to help them meet their objectives and to serve all of their own stakeholders.

與往常一樣，貝萊德始終以客戶需求為導向，我們不斷發展，以便更好地為他們服務。客戶越來越希望與能夠提供更多服務的合作夥伴數量減少，而貝萊德具有獨特的優勢，可以在客戶整合其投資提供商時抓住機會。我們擁有投資專業知識。我們擁有卓越的運營能力和技術能力，可與各種類型和規模的客戶合作。我們有能力幫助他們實現目標並為他們所有的利益相關者服務。

The global insurance industry, for example, is undergoing significant transformation as insurers optimize their operating model and leverage outsourced investment management solutions. We have built a leading insurance platform compromising fixed income investment specialists, insurance advisory expertise and Aladdin analytical capabilities to deliver the best of BlackRock to our insurance clients.

例如，隨著保險公司優化其運營模式並利用外包投資管理解決方案，全球保險業正在經歷重大轉型。我們建立了一個領先的保險平台，融合了固定收益投資專家、保險諮詢專業知識和阿拉丁分析能力，為我們的保險客戶提供最好的貝萊德。

We are also seeing the results of these investments through deeper relationships with all our clients, and significant opportunities are in front of us today. Last month, we announced the significant assignment with AIG, spanning asset management and Aladdin. BlackRock will manage up to $150 billion of AIG and its life and retirement company's investment portfolio.

通過與所有客戶建立更深的關係，我們也看到了這些投資的成果，今天擺在我們面前的是重大機遇。上個月，我們宣布了與 AIG 的重大任務，涉及資產管理和阿拉丁。貝萊德將管理高達 1500 億美元的 AIG 及其人壽和退休公司的投資組合。

This is another great example of one BlackRock effort, to bring together our platform, to serve our clients in a way that no other asset manager can do. All of us here at BlackRock take a deep responsibility in managing every dollar for every client who awards us money. From institutions entrusting us with their whole portfolios to that individual investor using one of our ETFs in their first investment account. In the first quarter, we once again saw investors using ETFs to quickly allocate capital and the managed risk during periods of volatility. In the U.S., iShares' secondary trading volumes were up nearly 40% compared to 2021 levels, providing clients worldwide with the liquidity they needed in volatile markets.

這是貝萊德努力的另一個很好的例子，它整合了我們的平台，以其他資產管理公司無法做到的方式為我們的客戶提供服務。貝萊德的所有人都肩負著為每一位獎勵我們的客戶管理每一美元的重大責任。從將整個投資組合委託給我們的機構，到在其第一個投資賬戶中使用我們的 ETF 的個人投資者。在第一季度，我們再次看到投資者在波動期間使用 ETF 快速分配資本和管理風險。在美國，iShares 的二級交易量與 2021 年的水平相比增長了近 40%，為全球客戶提供了在動盪市場中所需的流動性。

We generated $56 billion of ETF net inflows in the first quarter with growth coming from each of our major product categories, including core strategic and precision ETFs. In fixed income ETFs, we generated $8 billion in net inflows for the quarter. Similar to equity ETFs, we are seeing more investors adopt and use fixed income ETFs to gain market exposure and for tactical positioning within their fixed income exposures. We saw demand for treasury, short duration, inflation-linked, sustainable munis and broad-based market exposures would more than offset risk-off sentiments in areas like high yield and emerging markets.

我們在第一季度產生了 560 億美元的 ETF 淨流入，增長來自我們每個主要產品類別，包括核心戰略和精準 ETF。在固定收益 ETF 中，我們本季度產生了 80 億美元的淨流入。與股票 ETF 類似，我們看到越來越多的投資者採用和使用固定收益 ETF 來獲得市場敞口並在其固定收益敞口中進行戰術定位。我們看到，對國債、短期、與通脹掛鉤、可持續市政債券和基礎廣泛的市場敞口的需求將足以抵消高收益和新興市場等領域的避險情緒。

Our growth in fixed income ETFs highlight the diversity of our fixed income ETF product range and our ability to deliver the market qualities clients expect in stressed markets. The liquidity, the transparency and lower transaction costs of fixed income ETFs present a more efficient way for investors to access the entire bond market. We believe that our fixed income ETFs will benefit from more long-term secular tailwinds that play a significant role in the modernization of the $100 trillion bond market.

我們固定收益 ETF 的增長突顯了我們固定收益 ETF 產品範圍的多樣性以及我們在壓力市場中提供客戶期望的市場質量的能力。固定收益 ETF 的流動性、透明度和較低的交易成本為投資者進入整個債券市場提供了一種更有效的方式。我們相信，我們的固定收益 ETF 將受益於更長期的長期順風，這些順風在 100 萬億美元債券市場的現代化進程中發揮著重要作用。

BlackRock generated $20 billion of active net inflows across our active equities, multi-asset and alternative strategies. Investment performance remains strong over the long term, positioning us well for future growth with 86% and 81% of our taxable fixed [AUM] and fundamental active equities above benchmarks or peer medium for the 3-year, respectively, and for the 5-year period. 90% of our taxable fixed income, 83% are fundamental active equity AUM is above benchmark or peer medium. In the U.S., 75% of our active mutual funds are in a Morningstar 4- or 5-rated fund, and we continue to generate growth and capture market share across the U.S. active mutual fund franchise in the first quarter.

貝萊德通過我們的活躍股票、多資產和另類策略產生了 200 億美元的活躍淨流入。從長遠來看，投資表現依然強勁，為我們的未來增長做好了準備，我們的應稅固定資產 [AUM] 和基本活躍股票在 3 年和 5-年期間。我們 90% 的應稅固定收益，83% 是基本的主動股票資產管理規模高於基准或同行中等。在美國，我們 75% 的主動型共同基金屬於晨星 4 級或 5 級基金，我們在第一季度繼續在美國主動型共同基金系列中實現增長並佔領市場份額。

In alternatives, we generated $6 billion of net inflows across liquid and illiquid strategies led by private, credit and infrastructure. And we're continuing to steadily deploy assets on behalf of our clients, including another $5 billion in the first quarter. Deployment activity was led by our climate finance partnership strategy that we announced last year, which seeks to accelerate the flow of capital into climate-related investments in the emerging markets. One of the biggest opportunities in alternatives in the years ahead will be the intersection of infrastructure and sustainability.

在替代方案中，我們通過以私人、信貸和基礎設施為主導的流動性和非流動性策略產生了 60 億美元的淨流入。我們將繼續代表我們的客戶穩步部署資產，包括第一季度的另外 50 億美元。部署活動由我們去年宣布的氣候融資夥伴關係戰略牽頭，該戰略旨在加速資本流入新興市場的氣候相關投資。未來幾年替代方案的最大機遇之一將是基礎設施和可持續性的交叉點。

In response to the energy shocks caused by the war in Ukraine, many countries around the world are reevaluating their energy dependencies and are looking for new sources of energy. This may mean increasing production of traditional energy sources in the near term. But I believe recent events will accelerate the shift towards greener sources of energy in many parts of the world over the long term, and we will see a tremendous technological changes in the energy transition. This presents a significant long-term opportunity for investments in infrastructure, renewable, clean tech on behalf of our clients.

為應對烏克蘭戰爭造成的能源衝擊，世界上許多國家都在重新評估其能源依賴度，並正在尋找新的能源來源。這可能意味著在短期內增加傳統能源的產量。但我相信，從長遠來看，最近發生的事件將加速世界許多地區向綠色能源的轉變，我們將看到能源轉型中的巨大技術變革。這為代表我們的客戶投資基礎設施、可再生能源和清潔技術提供了重要的長期機會。

BlackRock has one of the largest renewable power platforms in the industry, managing over $8 billion of assets and client commitments. And we are expanding our transition-focused investment strategies. BlackRock is committed to be helping clients navigate this energy transition. We are working with energy companies throughout the world who are essential in meeting society's energy needs. It will play a critical role in any successful transition. To ensure the continuity of affordable energy prices during the transition, fossil fuels like natural gas will be important as a transition fuel.

貝萊德擁有業內最大的可再生能源平台之一，管理著超過 80 億美元的資產和客戶承諾。我們正在擴大以轉型為重點的投資策略。貝萊德致力於幫助客戶駕馭這一能源轉型。我們正在與世界各地的能源公司合作，這些公司對滿足社會的能源需求至關重要。它將在任何成功的過渡中發揮關鍵作用。為確保過渡期間可負擔能源價格的連續性，天然氣等化石燃料將成為重要的過渡燃料。

BlackRock is also investing on behalf of our clients in natural gas pipelines. For example, in the Middle East, we invested in one of the largest pipelines for natural gas, which will help the region utilize less oil for power production. These investments are a great example of helping countries go from dark brown to lighter brown as a substitute oil with a cleaner base fuel like natural gas. Client demand for sustainable investments, more broadly, also continue to be strong. We saw a $19 billion of long-term net inflows into both our active and index sustainable strategies in the first quarter.

貝萊德還代表我們的客戶投資天然氣管道。例如，在中東，我們投資了最大的天然氣管道之一，這將有助於該地區減少用於發電的石油。這些投資是幫助國家從深棕色變為淺棕色的一個很好的例子，可以用天然氣等更清潔的基礎燃料替代石油。更廣泛地說，客戶對可持續投資的需求也繼續強勁。我們在第一季度看到了 190 億美元的長期淨流入我們的主動策略和指數可持續策略。

Our ability to partner with clients across the whole portfolio and quickly adapt to rapidly shifting market environments continues to drive demand for Aladdin's integrated end-to-end technology platform. BlackRock remains focused on investing in Aladdin to support its areas, such as its chapters of growth, and extending its capabilities into areas like whole portfolio, private markets, wealth and sustainable investment solutions.

我們與整個產品組合的客戶合作并快速適應快速變化的市場環境的能力繼續推動對阿拉丁集成端到端技術平台的需求。貝萊德仍專注於投資阿拉丁以支持其領域，例如其增長章節，並將其能力擴展到整個投資組合、私人市場、財富和可持續投資解決方案等領域。

We see the value proposition of Aladdin deeply resonating with clients, and we generated a 13% technological service ACV growth over -- year-over-year. Clients are increasingly combining Aladdin with our newer offerings such as eFront or Aladdin accounting, highlighting the benefits of our continuous innovations and investments to stay ahead of our clients' needs. Our Aladdin client relationships are long term in nature, and we will have historically seen industry-leading contract renewable rates.

我們看到阿拉丁的價值主張與客戶產生了深刻的共鳴，我們的技術服務 ACV 同比增長了 13%。越來越多的客戶將 Aladdin 與我們的 eFront 或 Aladdin 會計等新產品結合起來，突出了我們不斷創新和投資的好處，以保持領先於客戶的需求。我們的阿拉丁客戶關係本質上是長期的，我們將在歷史上看到行業領先的合同可續訂費率。

The recent market environment has also reinforced the need for offerings like Aladdin Wealth. Usage of Aladdin Wealth by financial advisers at our clients has increased by more than 40% during the first quarter as financial advisers look to assess portfolio risk, to assess market exposures across every one of their clients across their entire business.

最近的市場環境也加強了對阿拉丁財富等產品的需求。由於財務顧問希望評估投資組合風險，評估其整個業務中每個客戶的市場風險，我們客戶的財務顧問對 Aladdin Wealth 的使用在第一季度增加了 40% 以上。

We have over 2 dozen global client -- Aladdin Wealth clients and expect further growth to come from expansion into different wealth segments and in markets around the world. We are increasingly interest -- seeing interest from our clients that BlackRock is also studying digital assets and their associated ecosystem, including crypto assets, stable coin, tokenization and permission blockchains, where we see a potential to benefit our clients and capital markets more broadly. Earlier this week, we announced that BlackRock made a minority investment in Circle, a global Internet payment firm and the sole issuer of USD coin, a dollar-based fully reserved stablecoin, which is one of the fastest-growing digital assets in the world. BlackRock is already the manager of USDC cash reserves, and we look forward to be expanding our relationship to become the primary manager of the cash reserves.

我們擁有超過 2 打的全球客戶——Aladdin Wealth 客戶，並期望進一步的增長來自於擴展到不同的財富領域和世界各地的市場。我們越來越感興趣——看到我們的客戶對貝萊德也在研究數字資產及其相關生態系統的興趣，包括加密資產、穩定幣、代幣化和許可區塊鏈，我們認為這有可能使我們的客戶和資本市場更廣泛地受益。本週早些時候，我們宣布貝萊德對全球互聯網支付公司 Circle 進行了少數股權投資，該公司是美元硬幣的唯一發行人，這是一種基於美元的完全保留的穩定幣，它是世界上增長最快的數字資產之一。貝萊德已經是 USDC 現金儲備的管理者，我們期待擴大我們的關係，成為現金儲備的主要管理者。

Over the past year that we have worked with Circle, we have been so impressed with their mission, their management team, their technology and their thoughtful approach to growth. BlackRock has always led by listening to our clients, by anticipating and embracing change and investing in ahead of their future needs.

在與 Circle 合作的過去一年中，我們對他們的使命、管理團隊、技術和深思熟慮的增長方式印象深刻。貝萊德始終以傾聽客戶的心聲、預測和擁抱變化並提前投資於他們的未來需求為主導。

Let me say again, we are very honored by the deep trust our clients place in us. My recent meetings with our clients around the world have only strengthened my conviction in the opportunities that BlackRock has in front of us. I believe we have never been better positioned for our future.

讓我再說一遍，我們對客戶對我們的深深信任感到非常榮幸。我最近與世界各地客戶的會面更加堅定了我對貝萊德在我們面前的機會的信念。我相信我們從未像現在這樣為我們的未來做好準備。

As always, I'm incredibly proud of our employees who live our principles, who are staying true to our purpose and are focusing on the long-term needs of our shareholders, the long-term needs of our clients, the needs of our colleagues and the needs and long-term issues that are impacting the communities where we work every day. With that, let's open it up for questions.

與往常一樣，我為我們的員工感到無比自豪以及影響我們每天工作的社區的需求和長期問題。有了這個，讓我們打開它來提問。

(Operator Instructions) Your first question comes from Craig Siegenthaler from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Craig Siegenthaler。

Larry, my first question is on fixed income demand and the inflationary backdrop. And we know there is some reaction of lower bond prices in the quarter, but iShares' bond ETF flows are still positive. But given your wide product breadth in fixed income, and I'm thinking about unconstrained SIO, I wanted your perspective on future client demand trends in fixed income just given the likely fast ramp in Fed funds over the next 12 months. Although we're probably like you're likely going to see a flatter year growth, too.

拉里，我的第一個問題是關於固定收益需求和通脹背景。我們知道本季度債券價格下跌有一些反應，但 iShares 的債券 ETF 流動仍然是積極的。但鑑於您在固定收益領域的廣泛產品廣度，而且我正在考慮不受約束的 SIO，我希望您對未來 12 個月聯邦基金可能快速增長的固定收益客戶需求趨勢的看法。儘管我們可能會認為您也可能會看到更平坦的年度增長。

As I've been saying, I think we're going to have an inverted yield curve for some time, but let me get into the specifics of your question. Obviously, fixed income is a broad universe of different products, different maturities or durations. During market volatility, like we've witnessed, you would see outflows from retail as they move into different products, maybe in the cash, maybe in the equities. But if anything, in fixed income institutionally, you see it very stable. And if we have a rising 10-year and 30-year range, you're going to see a huge movement in defeasing of pension fund liabilities, which is going to create a huge demand. That is why I believe we're going to have an inverted yield curve, which I've been talking about for quarters.

正如我一直在說的，我認為我們將在一段時間內出現收益率曲線倒掛，但讓我來談談你問題的細節。顯然，固定收益是一個包含不同產品、不同期限或期限的廣闊領域。在市場波動期間，就像我們所見證的那樣，您會看到零售資金流出，因為它們轉移到不同的產品中，可能是現金，也可能是股票。但如果有的話，在製度上的固定收益中，你會看到它非常穩定。如果我們有一個上升的 10 年和 30 年的範圍，你會看到養老基金負債減少的巨大運動，這將產生巨大的需求。這就是為什麼我相信我們將會有一個倒掛的收益率曲線，我已經談論了幾個季度。

But tactically, investors can move out of longer durations to lower duration or shorter duration. Obviously, if cash and money market funds begin yielding 2%, 2.5%, you'll see movement away from maybe longer-dated funds into shorter-dated funds. So let's be clear, movement within fixed income is quite large. As I talked about, 40%, greater turnover in our fixed income ETFs, some of that is repositioning across a portfolio, and that's what we're witnessing. And I think that just highlights the resiliency of fixed income ETFs that is able to really help investors worldwide with that type of liquidity.

但從戰術上講，投資者可以從較長的久期轉向較低的久期或較短的久期。顯然，如果現金和貨幣市場基金開始收益率為 2%、2.5%，您將看到可能從較長期的基金轉向較短期的基金。所以讓我們明確一點，固定收益內部的變動是相當大的。正如我所說，我們的固定收益 ETF 的營業額增加了 40%，其中一些正在整個投資組合中重新定位，這就是我們所見證的。我認為這只是突顯了固定收益 ETF 的彈性，它能夠真正幫助全球投資者提供這種類型的流動性。

But I think clients around the world are going to be navigating this. You mentioned SIO. SIO, obviously, with an unconstrained duration, depending on the investors' wishes and how they think they should be positioned, is a great example of innovation within fixed income that investors can now give our investment team, under Rick Reeder in this case, the ability to navigate around that duration. They're not stuck to the duration of the aggregate index. And I believe that's -- we did see flows there. We're going to continue to see real opportunities in unconstrained. This is why we've developed SIO.

但我認為世界各地的客戶都將在此導航。你提到了 SIO。顯然，SIO 的持續時間不受限制，具體取決於投資者的意願以及他們認為自己應該如何定位，是固定收益創新的一個很好的例子，投資者現在可以給我們的投資團隊，在這種情況下，在 Rick Reeder 的領導下，導航該持續時間的能力。他們不拘泥於綜合指數的持續時間。我相信那是 - 我們確實看到了那裡的流動。我們將繼續在不受約束的情況下看到真正的機會。這就是我們開發 SIO 的原因。

So I think across the board, you're seeing portfolios are being navigated around fixed income. But we basically broadly saw clients are reevaluating where they should be across the yield curve. We continue to see broad-based demand from municipals in this country. And so across the board, we're not seeing any real panic at all in the fixed income market despite the worst performance in fixed income in 30-plus years in 1 quarter.

因此，我認為全面而言，您會看到投資組合圍繞固定收益進行導航。但我們基本上廣泛地看到客戶正在重新評估他們應該在收益率曲線上的位置。我們繼續看到該國市政當局的廣泛需求。因此，儘管第一季度的固定收益表現是 30 多年來最差的，但我們在固定收益市場上根本沒有看到任何真正的恐慌。

So I would say rising rates is an opportunity, not a problem. I would tell you clearly that this is where the conversation and deep partnership is really helping us with our clients and helping them navigate how should they think about duration, and how should they think about inflation. How can they -- can they create a return that's above long-term inflation rates. So these are all the issues that we are in dialogue with. But I think we're very well-positioned for working with our clients on a rising rate environment. And let me open it up to Rob to give you a little more tactical information.

所以我想說加息是一個機會，而不是一個問題。我會清楚地告訴你，這正是對話和深度合作真正幫助我們與客戶溝通的地方，並幫助他們了解他們應該如何考慮持續時間，以及他們應該如何考慮通貨膨脹。他們如何——他們能否創造高於長期通貨膨脹率的回報。所以這些都是我們正在對話的問題。但我認為，在利率上升的環境中，我們已經做好了與客戶合作的準備。讓我向羅布敞開心扉，給你更多的戰術信息。

Yes. So just to follow up on Larry's comments, we typically are helping clients assess their duration and maturity risk especially in their core bond portfolios. And we help them rotate within fixed income, depending upon what they're seeking protection from, which could be rising rates in different parts of the curve. And that is why we saw $1.5 billion of net inflows into SIO and FIGO as Larry described, that are less constrained.

是的。因此，為了跟進拉里的評論，我們通常會幫助客戶評估他們的久期和到期風險，尤其是在他們的核心債券投資組合中。我們幫助他們在固定收益範圍內輪換，具體取決於他們尋求保護的對象，這可能是曲線不同部分的利率上升。這就是為什麼我們看到 15 億美元淨流入 SIO 和FIGO，正如拉里所描述的那樣，這些資金受到的限制較少。

But more importantly, we see this in the ETF market because it's the ability for people to gain market exposure and tactical positioning very quickly within fixed income. A lot of times, you have to accumulate the positions over a period of time. It's much faster, quicker, diversified, if you do that through ETF fixed income. So we're seeing flows across the board. The performance has been good, but certainly, clients are concerned how do we position in a rising rate environment.

但更重要的是，我們在 ETF 市場上看到了這一點，因為它是人們在固定收益中快速獲得市場曝光和戰術定位的能力。很多時候，你必須在一段時間內積累頭寸。如果你通過 ETF 固定收益來做到這一點，它會更快、更快、更多樣化。所以我們看到了全面的流動。業績一直不錯，但客戶當然擔心我們在利率上升的環境中如何定位。

Your next question comes from the line of Dan Fannon from Jefferies.

您的下一個問題來自 Jefferies 的 Dan Fannon。

I was hoping you could talk about the outsourced CIO opportunity. You guys have had several large wins. Maybe discuss the dialogue that you're having with prospective clients and how you see, I don't know, the size or opportunity of that over time.

我希望你能談談外包 CIO 的機會。你們已經取得了幾次大勝利。也許討論你與潛在客戶的對話，以及你如何看待，我不知道隨著時間的推移，對話的規模或機會。

So we are having dialogue with pension funds worldwide on this, with insurance companies worldwide. Because of our comprehensiveness of our investment platform, because of Aladdin, we provide a unique position with all these companies in terms of outsourcing, whether it's part of a general kind of an insurance company or the entire pension fund. We announced last year what our big win with British share in the U.K. We're having many conversations right now with other pension funds. We're looking to see what -- how BlackRock can help them achieve their long-term goals and aspirations.

因此，我們正在與世界各地的養老基金以及世界各地的保險公司進行對話。由於我們投資平台的全面性，由於阿拉丁，我們在外包方面為所有這些公司提供了獨特的地位，無論是一般類型的保險公司還是整個養老基金。去年，我們宣布了我們在英國份額中取得的重大勝利。我們現在正在與其他養老基金進行許多對話。我們正在尋找什麼——貝萊德如何幫助他們實現長期目標和抱負。

We're working with many insurance companies and see, can we provide them with better support, better investment opportunities than if they -- and they can leverage our team with maybe their existing team and manage a part of their portfolios together. So the conversations are probably more robust. There's probably more opportunities across pension funds, and insurance comes at any time in our history. And we look at we're as well positioned as any firm in the world on it. Rob, do you want to have anything more to say on that?

我們正在與許多保險公司合作，看看我們能否為他們提供比他們更好的支持、更好的投資機會——他們可以利用我們的團隊和他們現有的團隊一起管理他們的部分投資組合。所以對話可能更強大。養老基金可能有更多機會，而保險在我們歷史上的任何時候都會出現。我們認為我們在這方面的定位與世界上任何一家公司一樣好。 Rob，你還想對此說些什麼嗎？

Yes. I think the business of managing money has gotten very complicated, very expensive. Firms have not invested in the technology that they need, and the scale and size of what we can do can help them get better investment performance at a better price, and certainly sourcing with the scale and size that BlackRock has can help them. So we actually can go in, have a dialogue, work together with the company and the people that they have there, and do it faster, better, cheaper and handle the operations and technology as well.

是的。我認為管理資金的業務變得非常複雜，非常昂貴。公司沒有投資於他們需要的技術，而我們可以做的規模和規模可以幫助他們以更優惠的價格獲得更好的投資業績，當然，以貝萊德的規模和規模進行採購可以幫助他們。所以我們實際上可以進去，進行對話，與公司和他們在那裡的人一起工作，做得更快、更好、更便宜，並處理運營和技術。

Your next question comes from the line of Bill Katz from Citigroup.

您的下一個問題來自花旗集團的 Bill Katz。

I appreciate the disclosure this quarter as well. Maybe a question for Gary. On one hand, I sort of heard you talk a little bit about we were willing to reevaluate the expense growth guide given the market backdrop, but I also heard sort of a high level of commitment to spending. So in that light, can you triangulate between prior guidance in terms of year-on-year expense growth, particularly for G&A and the run rate pacing for first quarter? And then was there anything unusual in the comp this quarter that would suggest some upward bias into the second quarter?

我也很欣賞本季度的披露。也許是加里的一個問題。一方面，我聽到你談到我們願意在市場背景下重新評估費用增長指南，但我也聽到了對支出的高度承諾。因此，有鑑於此，您能否在先前的年度支出增長（尤其是 G&A）和第一季度的運行速度節奏之間進行三角測量？那麼本季度的比較中是否有任何異常情況表明第二季度存在一些向上的偏見？

Thanks, Bill. So I think your question is about spend for the year, and then I'll come back to your more detailed questions on G&A and comp. I think just echoing on what both Larry and Rob said, we've obviously invested for years to focus on developing industry-leading franchises in many high-growth areas that we're doing incredibly well in. And I think as we talked about back in January, last year, we grew organically at our fastest rate ever. And we continue to expand that growth premium relative to the industry, and we were able to increase our margin.

謝謝，比爾。所以我認為你的問題是關於今年的支出，然後我會回到你關於 G&A 和薪酬的更詳細的問題。我認為只是呼應拉里和羅布所說的話，我們顯然已經投資多年，專注於在許多高增長領域開發行業領先的特許經營權，我們在這些領域做得非常好。而且我認為當我們談到回去年 1 月，我們以有史以來最快的速度實現了有機增長。我們繼續擴大相對於行業的增長溢價，我們能夠增加我們的利潤率。

And I think, importantly, as I mentioned in my remarks, many of the areas in which we're generating strong organic growth today, whether it's alternatives, traditional active, ESG, we're simply not significant contributors to our business just a few years ago, and we continue to see very significant opportunity. Again, as Larry and Rob just talked about, particularly as clients are optimizing their operating models, or looking for these deeper relationships with fewer managers, and we've talked about a number of those wins.

而且我認為，重要的是，正如我在講話中提到的那樣，我們今天在許多實現強勁有機增長的領域，無論是替代品、傳統活躍、ESG，我們根本不是我們業務的重要貢獻者。幾年前，我們繼續看到非常重要的機會。同樣，正如拉里和羅伯剛剛談到的那樣，特別是當客戶正在優化他們的運營模式，或者正在尋找與更少經理的更深層次的關係時，我們已經談到了其中的一些勝利。

So our overall goal here has not changed. We remain committed to optimizing that organic growth in the most efficient way we can. And I think as we've done in the past, we've shown in the past, we have deep conviction in the stability of our model and our ability to manage our cost structure. And we've done that throughout our history, whether it was in 2016 or 2018, both years where we increased our margin. We've been agile, but we've also continued to invest. And I think we are very focused for the near term on continuing to support that growth at both historically and future. And in that regard, we have made no major change to our discretionary spending plans that we laid out to you in January. But as we said, we will be prudent in reevaluating that level of spend if market conditions suggest that we do so.

所以我們在這裡的總體目標沒有改變。我們仍然致力於以最有效的方式優化有機增長。而且我認為，正如我們過去所做的那樣，我們過去已經表明，我們對我們模型的穩定性和我們管理成本結構的能力深信不疑。我們在整個歷史上都做到了這一點，無論是在 2016 年還是 2018 年，我們都增加了利潤率。我們一直很敏捷，但我們也繼續投資。而且我認為我們在短期內非常專注於在歷史和未來繼續支持這種增長。在這方面，我們對 1 月份向您提出的可自由支配的支出計劃沒有做出重大改變。但正如我們所說，如果市場條件表明我們這樣做，我們將謹慎地重新評估該支出水平。

As it relates to comp, I don't think there's anything there. Obviously, there is, which is in the overall (inaudible) environment. There was some benefit attributed to mark-to-market on deferred cash comp. But if beta doesn't go down, and we don't get that benefit. In some respects, those are correlated. And in terms of G&A, I would just say that, as a copy out to what I just said, which is that we've made no major changes, we tend to spend a little slower in the first quarter than we do towards the rest of the year as it relates to our G&A spend.

因為它與補償有關，我認為那裡沒有任何東西。顯然，在整體（聽不清）環境中是有的。遞延現金補償的按市值計價帶來了一些好處。但是，如果 beta 沒有下降，我們就不會得到這種好處。在某些方面，這些是相關的。在 G&A 方面，我只想說，作為我剛才所說的副本，即我們沒有做出重大改變，我們在第一季度的花費往往比我們在其餘季度的花費要慢一些年度最佳，因為它與我們的 G&A 支出有關。

Your next question comes from the line of Michael Cyprys from Morgan Stanley.

您的下一個問題來自摩根士丹利的 Michael Cyprys。

Great. Larry, Gary, Rob, we've seen a lot of money flow into the private markets over the past couple of years and a very low interest rate backdrop. And now that interest rates are rising, a lot of concerns around inflation and where the end game may be in rates. I guess how do you think about that will impact client demand for private assets? Are there certain parts of the private markets that you think will hold up better and see better growth? And how is this evolving -- how are these evolving trends influencing your strategy within the private market space? And where do you see the biggest opportunity for BlackRock?

偉大的。拉里、加里、羅伯，過去幾年我們看到大量資金流入私人市場，而且利率非常低。現在利率正在上升，人們對通貨膨脹以及利率的最終結果可能存在很多擔憂。我想您如何看待這將影響客戶對私人資產的需求？您認為私人市場的某些部分會更好地支撐並看到更好的增長嗎？這是如何發展的——這些不斷發展的趨勢如何影響你在私人市場領域的戰略？您認為貝萊德最大的機會在哪裡？

Huge demand, Mike, from -- for private credit and loans. Those are the 2 areas. And as you know, a couple of years ago, we did an acquisition in the loan area because the performance of that product has been great during various cycles. And these are good mom-and-pop type companies that don't have access necessarily to the public markets, and it's very expensive. And due diligence is required, so you have to have the team to do that. But certainly, in the private markets, both in credit and in loans, we're seeing increased demands. And I think that's also a function of rates because they give you much more of a cushion for rising rates than the more obvious liquid credit products.

對私人信貸和貸款的巨大需求，邁克。這是2個領域。如您所知，幾年前，我們在貸款領域進行了收購，因為該產品在各個週期中的表現都非常出色。這些都是很好的夫妻型公司，不一定能進入公共市場，而且非常昂貴。並且需要盡職調查，所以你必須有團隊來做這件事。但可以肯定的是，在私人市場，無論是信貸還是貸款，我們都看到了需求的增加。我認為這也是利率的一個函數，因為與更明顯的流動信貸產品相比，它們為利率上升提供了更多的緩衝。

There's also a huge demand for real assets, and that has been an area of growth for us, as you know. And a lot of people are using that for an inflation hedge. So the textbook says when you see inflation, you sell growth, you buy value, you buy tips and you buy real estate. And all of those, including infrastructure, make for good investments.

如您所知，對實物資產的需求也很大，這對我們來說是一個增長領域。很多人都用它來對沖通脹。所以教科書說，當你看到通貨膨脹時，你會賣出增長，買價值，買小費，然后買房地產。所有這些，包括基礎設施，都可以進行良好的投資。

So we're pretty well-positioned. You know that we take a multi-asset approach to build portfolios that are going to be resilient. That's what people are expecting for us. And that is why you see the unconstrained bond funds get money. And as I mentioned before, $1.5 billion into SIO, on FIGO, equities, inflows into equities. And our dividend growth offerings can also be tools to help thread the needle between generating income and growth that could potentially outrun inflation. And traditionally, real assets like commodities, infrastructure, real estate will insulate a portfolio against higher inflation. So we've seen some clients tactically allocate to commodities. And in that area, we had about $7 billion of net inflows.

所以我們的定位非常好。您知道我們採用多資產方法來構建具有彈性的投資組合。這就是人們對我們的期望。這就是為什麼你會看到不受約束的債券基金賺錢。正如我之前提到的，15 億美元流入 SIO，FIGO，股票，流入股票。我們的股息增長產品也可以成為幫助在創造收入和可能超過通脹的增長之間穿梭的工具。傳統上，大宗商品、基礎設施、房地產等實物資產將使投資組合免受高通脹的影響。因此，我們已經看到一些客戶在戰術上分配給商品。在那個領域，我們有大約 70 億美元的淨流入。

Let me just add one more point. As I said in my prepared remarks, the interconnectivity between sustainable investing and infrastructure is going to be enormous, whether it is a pipeline in Saudi Arabia or a pipeline from Texas to Mexico or investing in the sequestration of hydrocarbons and H20 in the Midwest of the United States, the building out of new renewable platforms, of charging stations. Across the board, the conversations we're having with new innovative companies in technology and the robustness of our conversations with the largest energy companies in the world, our connectivity in this space has never been greater. And I would say with high confidence and high conviction, the opportunities to place a lot of money in very unique investment opportunities in this interconnectivity, sustainability and infrastructure is going to be large and it's going to be multiple years of investing.

讓我再補充一點。正如我在準備好的講話中所說，可持續投資與基礎設施之間的相互聯繫將是巨大的，無論是沙特阿拉伯的管道還是從德克薩斯到墨西哥的管道，或者投資於中西部的碳氫化合物和 H20 封存。美國，正在建設新的可再生能源平台，充電站。總體而言，我們與新的創新技術公司進行的對話以及我們與世界上最大的能源公司的對話的穩健性，我們在這個領域的聯繫從未如此強大。我會以高度的信心和堅定的信念說，在這種互連性、可持續性和基礎設施方面非常獨特的投資機會中投入大量資金的機會將會很大，而且需要多年的投資。

Your next question comes from Brian Bedell from Deutsche Bank.

您的下一個問題來自德意志銀行的 Brian Bedell。

Great. Maybe just to tag on to the last part of that question to expand that and sort of put that into another question. So the -- obviously, the increasing demand for energy transition that you've alluded to on several conference calls now. I guess, first of all, do you see the geopolitical situation accelerating that trend on a more permanent basis, even if things do ease up? And then looping that in with the products that you're able to come out with, which do tend to have higher fee rates in the alternatives area. If you can comment on just the confidence of continuing to generate faster organic base fee growth versus AUM, putting aside, of course, these lumpy mandates that can really influence that.

偉大的。也許只是標記該問題的最後一部分以擴展該問題並將其放入另一個問題中。所以——很明顯，你現在在幾次電話會議上都提到了對能源轉型的日益增長的需求。我想，首先，您是否認為地緣政治局勢會在更持久的基礎上加速這種趨勢，即使情況確實有所緩和？然後將其與您能夠推出的產品循環使用，這些產品在替代領域往往具有更高的費率。如果您可以評論繼續產生更快的有機基本費用增長與 AUM 相比的信心，當然，拋開這些可以真正影響這一點的粗暴的任務。

Yes, as I said, we're in large dialogues with the traditional hydrocarbon companies, energy companies. We've had numerous conversations with the leaders of every energy company in the world about how they're moving forward. I think the geopolitical issues as you framed the question, is going to spur a huge amount of investing. Huge amount of investing in the exploration and development of more oil, but at the same time, elevated energy prices is going to accelerate decarbonization technology.

是的，正如我所說，我們正在與傳統的碳氫化合物公司、能源公司進行大規模對話。我們與世界上每家能源公司的領導人就他們如何前進進行了多次對話。我認為你提出問題的地緣政治問題將刺激大量投資。大量投資於勘探和開發更多石油，但與此同時，能源價格上漲將加速脫碳技術。

And I think what you're seeing, whether it's the $1 trillion investment in infrastructure that the United States voted for last year and now the real commitment out of Europe to build LNG plants to have less dependency on one supply chain Russian gas. I believe in our conversations, even at country levels, are very large and how can they create multiple supply chains for energy. And that is a combination of decarbonization technology and a combination of insurances, of having energy to meet the needs of society. So all of this is going to be -- it's just a long-term project. It's not going to be a straight line as my lenders wrote about. Any energy transition has to be fair and just or it doesn't work. We are witnessing that now, the supply shocks and now excess demand.

我想你所看到的，無論是美國去年投票支持的 1 萬億美元基礎設施投資，還是現在歐洲真正承諾建造液化天然氣工廠以減少對俄羅斯天然氣供應鏈的依賴。我相信，即使在國家層面，我們的對話也非常廣泛，他們如何創建多個能源供應鏈。那是脫碳技術和保險的結合，具有滿足社會需求的能量。所以這一切都將是——這只是一個長期的項目。正如我的貸方所寫的那樣，這不會是一條直線。任何能源轉型都必須公平公正，否則就行不通。我們現在目睹了供應衝擊和需求過剩。

And so all of this is playing out that it's going to create an investment boom, the combination of fiscal spending on the U.S. part, the European part. We had -- as in every country, we have conversations about decarbonization or the utilization of hydrogen. I was in Japan last week, a lot of conversations on hydrogen and what role can that play in Japan. 2 trips to the Middle East, more conversations about -- as they move with a lot of sun and solar, moving more towards more renewables. The movement away from oil as a as they utilize a lot of oil for power production in Saudi Arabia to move to gas.

因此，所有這一切都將產生投資熱潮，美國和歐洲的財政支出相結合。我們有 - 就像在每個國家一樣，我們就脫碳或氫的利用進行了對話。上週我在日本，有很多關於氫的對話，以及它在日本可以發揮什麼作用。 2 次中東之行，更多關於——因為他們帶著大量的陽光和太陽能，更多地轉向更多的可再生能源。遠離石油的運動，因為他們在沙特阿拉伯利用大量石油進行發電，轉而使用天然氣。

So moving from dark brown light brown. All of this is just going to stimulate a lot of excess demand for product and supply of product. And I would have said, for the last few years, a bigger issue is supply of product, not demand. Then I do believe the supply quotient over the next few years is going to be larger which just means more and more opportunities. And we are -- in our forecast for new growth in these areas, we're forecasting the build-out of 3 large infrastructure funds to meet these needs.

所以從深棕色變成淺棕色。所有這些只會刺激對產品和產品供應的大量過剩需求。我會說，在過去的幾年裡，更大的問題是產品供應，而不是需求。然後我確實相信未來幾年的供應商會更大，這意味著越來越多的機會。而且我們 - 在我們對這些領域的新增長的預測中，我們預測將建立 3 個大型基礎設施基金來滿足這些需求。

Your next question comes from the line of Brennan Hawken from UBS.

您的下一個問題來自瑞銀的 Brennan Hawken。

I just had a question on ESG and maybe what you're hearing. There's been an emerging debate amongst investors around some of the lagging performance in ESG. We've seen commodities strengthen. A lot of your comments around commodity strength certainly would point to some support behind some of those commodities producers. Are you hearing any shift in dialogue early on around that component and that may be a consideration of making some shifts in defining energy as rigidly as they have in the past? And are you seeing any early signs of demand shifting in that product, albeit clearly a secular shift? But maybe we see some cyclical weakness in the near term here. Any color would be appreciated.

我剛問了一個關於 ESG 的問題，也許你聽到了什麼。投資者之間圍繞 ESG 的一些滯後表現展開了一場辯論。我們已經看到大宗商品走強。您對商品實力的許多評論肯定會指出其中一些商品生產商背後的一些支持。您是否在早期聽到圍繞該組件的對話有任何轉變，這可能是考慮在像過去一樣嚴格定義能量方面做出一些轉變？您是否看到該產品需求轉變的任何早期跡象，儘管顯然是長期轉變？但也許我們在短期內會看到一些週期性的疲軟。任何顏色都將不勝感激。

Well, first of all, good -- great question, very timely, especially with the rising energy prices and all the issues of supply shocks in hydrocarbons. In all my letters, I said an energy transition is not a straight line. It's a 30- to 50-year time frame for us to move that forward. It's not today. It's not tomorrow. And the key is making sure that we have an energy transition that fills the needs of all societies, and higher energy prices really crushes emerging markets and harms -- the poor in every country that is dependent, a higher percentage of their disposable income that goes to energy. And obviously, you couple that with food inflation, it has a severe impact.

嗯，首先，很好——很好的問題，非常及時，尤其是在能源價格上漲和碳氫化合物供應衝擊的所有問題的情況下。在我所有的信中，我都說過能量轉換不是一條直線。我們需要 30 到 50 年的時間來推動這一進程。不是今天。不是明天。關鍵是要確保我們的能源轉型能夠滿足所有社會的需求，而更高的能源價格確實會壓垮新興市場並危害——每個依賴國家的窮人，他們可支配收入的更高比例到能量。顯然，你將其與食品通脹結合起來，會產生嚴重影響。

Does that change the long-term nature of long-term nature of ESG or as I think you're framing it more or on the sustainability side? Not really because we're going to -- we always said we're going to have to invest in new technologies to bring down that at green premium. Well, the green premium obviously is reduced with higher energy cost today, but we still have that green premium in a lot of the technologies. A lot of this is just going to take quite a bit of flow at the time.

這是否會改變 ESG 長期性質的長期性質，或者我認為您更多地或在可持續性方面對其進行了界定？並不是真的因為我們要 - 我們總是說我們將不得不投資新技術以降低綠色溢價。嗯，綠色溢價顯然隨著今天更高的能源成本而降低，但我們在很多技術中仍然擁有綠色溢價。很多這在當時只是需要相當多的流量。

But if you just look at the evidence of our first quarter, we had about $19 billion of sustainable flows. Obviously, that's down from prior quarters but certainly up from 2 years ago. Much of it was an active strategy. So as I talked about, what we're trying to do in the alternatives space, $8 billion was in ETFs.

但如果你只看我們第一季度的證據，我們就有大約 190 億美元的可持續資金流。顯然，這比前幾個季度有所下降，但肯定比兩年前有所上升。其中大部分是一種積極的策略。所以正如我所說，我們在另類領域嘗試做的事情是 80 億美元是 ETF。

So I'm not going to respond to any one quarter valuation. Of course, in quarters where you have rising energy prices, energy companies, and we would -- they've done fantastically well as they should be. They were cheap, they were undervalued. They were trading below book in many cases and how the market has come to appreciate much of that. As you know, also, I've always said, I don't believe in divestiture. BlackRock has over $180 billion in investments in this. So we are working with all the companies about how to move forward.

所以我不會對任何一個季度的估值做出回應。當然，在能源價格上漲的地區，能源公司和我們會——他們做得非常好，他們應該做到的。它們很便宜，被低估了。在許多情況下，他們的交易價格低於賬面價值，而市場已經開始意識到其中的大部分。如你所知，我也一直說，我不相信資產剝離。貝萊德在這方面的投資超過 1800 億美元。因此，我們正在與所有公司合作，探討如何向前發展。

And so in terms of a 1-quarter return on one product versus another, let me be clear, most investors are not doing this for a quarter or even a year. These are long-term views on the movement towards more of a decarbonization future of the world, and that doesn't change anything now. We have rising energy prices from energy shocks. It's very harmful for society, and governments are responding. In Europe, you're seeing many governments putting caps on energy prices because it really harms their populate.

因此，就一種產品相對於另一種產品的 1 季度回報而言，讓我明確一點，大多數投資者在一個季度甚至一年內都不會這樣做。這些是關於世界走向更多脫碳未來的長期觀點，現在這不會改變任何事情。我們的能源價格因能源衝擊而上漲。這對社會非常有害，政府正在做出回應。在歐洲，您會看到許多政府對能源價格設置上限，因為這確實損害了他們的人口。

So this is a really complex difficult issue, but I don't think it changes anything in the long term. And let me be clear, BlackRock is the largest investor for pension funds and retirements than anyone. We have a long-term responsibility in making sure over the long run, that our beneficiaries to achieve their long-term aspirations and goals. And so there's no question this energy transition is real. But it's going to be not a straight line.

所以這是一個非常複雜的難題，但我認為從長遠來看它不會改變任何事情。讓我明確一點，貝萊德是養老基金和退休基金的最大投資者。從長遠來看，我們有長期責任確保我們的受益人實現他們的長期願望和目標。所以毫無疑問，這種能量轉變是真實的。但這不會是一條直線。

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

女士們，先生們，我們已經到了規定的提問時間。芬克先生，您有什麼結束語嗎？

Thank you, operator. Once again, I want to thank everybody for your continued interest in BlackRock. I strongly believe our first quarter performance is a direct result of our commitment and our deep commitment to our clients as I said just a minute ago, and our desire investing for them over the long term ahead of their needs. We see tremendous opportunities ahead of us, and BlackRock has focused to be remaining and working with all our people, working with all the communities where we operate and working in a comprehensive way as we try to stay in front of the clients' needs.

謝謝你，接線員。再次感謝大家對貝萊德的持續關注。我堅信我們第一季度的業績是我們的承諾和我們對客戶的堅定承諾的直接結果，正如我剛才所說的那樣，以及我們希望在他們的需求之前為他們進行長期投資的願望。我們看到巨大的機遇擺在我們面前，貝萊德一直專注於留下並與我們所有的員工合作，與我們經營所在的所有社區合作，並以全面的方式努力滿足客戶的需求。

If we continue to stay in front of the clients' needs, if we continue to be a voice of long-term investors, I believe we will continue to deliver those durable returns that all of you, our shareholders, expect from us, and that is our commitment to you. Everyone, have a good quarter.

如果我們繼續滿足客戶的需求，如果我們繼續成為長期投資者的代言人，我相信我們將繼續提供你們所有人，我們的股東期望從我們這裡獲得的持久回報，並且是我們對您的承諾。大家，有一個良好的季度。

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。