Cohen & Steers Inc (CNS) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded Thursday, April 18, 2024.

女士們先生們，謝謝你們的支持。歡迎參加 Cohen & Steers 2024 年第一季財報電話會議。（操作員說明）謹此提醒，本次會議將於 2024 年 4 月 18 日星期四錄製。

And I would now like to turn the conference over to Brian Heller, Senior Vice President and Corporate Counsel of Cohen & Steers. Please go ahead.

現在我想將會議交給 Cohen & Steers 高級副總裁兼公司法律顧問 Brian Heller。請繼續。

Thank you, and welcome to the Cohen & Steers First Quarter 2024 Earnings Conference Call. Joining me are our Chief Executive Officer, Joe Harvey; our Chief Financial Officer, Matt Stadler; and our Chief Investment Officer, John Cheigh.

謝謝，歡迎參加 Cohen & Steers 2024 年第一季財報電話會議。與我一起的還有我們的執行長喬·哈維 (Joe Harvey)；我們的財務長 Matt Stadler；以及我們的首席投資長 John Cheigh。

I want to remind you that some of our comments and answers to your questions may include forward-looking statements. We believe these statements are reasonable based on information currently available to us, but actual outcomes could differ materially due to a number of factors, including those described in our accompanying first quarter earnings release and presentation, our most recent annual report on Form 10-K and our other SEC filings. We assume no duty to update any forward-looking statement. Further, none of our statements constitute an offer to sell or the solicitation of an offer to buy the securities of any fund or other investment vehicle.

我想提醒您，我們對您問題的一些評論和回答可能包含前瞻性陳述。我們認為，根據我們目前掌握的信息，這些陳述是合理的，但實際結果可能會因多種因素而產生重大差異，包括我們隨附的第一季收益發布和演示文稿、我們最新的10-K表格年度報告中所述的因素以及我們向 SEC 提交的其他文件。我們不承擔更新任何前瞻性聲明的責任。此外，我們的任何聲明均不構成任何基金或其他投資工具證券的出售要約或購買要約邀請。

Our presentation also contains non-GAAP financial measures, referred to as-adjusted financial measures, that we believe are meaningful in evaluating our performance. These non-GAAP financial measures should be read in conjunction with our GAAP results. A reconciliation of these non-GAAP financial measures is included in the earnings release and presentation to the extent reasonably available.

我們的簡報也包含非公認會計準則財務指標，稱為調整後財務指標，我們認為這些指標對於評估我們的績效有意義。這些非公認會計原則財務指標應與我們的公認會計原則結果結合起來閱讀。這些非公認會計準則財務指標的調節將在合理範圍內包含在收益發布和演示中。

The earnings release and presentation, as well as links to our SEC filings are available in the Investor Relations section of our website at www.cohenandsteers.com.

收益發布和演示以及我們向 SEC 提交的文件的連結可在我們網站 www.cohenandsteers.com 的投資者關係部分取得。

With that, I'll turn the call over to Matt.

這樣，我會將電話轉給馬特。

Thank you, Brian. Good morning, everyone. As in previous quarters, my remarks will focus on our as-adjusted results. A reconciliation of GAAP to as-adjusted results can be found on Pages 13 and 14 of the earnings release and on Slides 16 through 20 of the earnings presentation.

謝謝你，布萊恩。大家，早安。與前幾季一樣，我的演講將重點放在我們調整後的業績。GAAP 與調整後業績的調整可以在收益發布的第 13 頁和第 14 頁以及收益演示的幻燈片 16 到 20 上找到。

Yesterday, we reported earnings of $0.70 per share compared with $0.76 in the prior year's quarter and $0.67 sequentially. Revenue was $122.9 million in the quarter compared with $126.3 million in the prior year's quarter and $119 million sequentially. The increase in revenue from the fourth quarter was primarily due to higher average assets under management across all 3 types of investment vehicles, and an increase in the effective fee rate, partially offset by 1 fewer day in the quarter. The fourth quarter included $1.3 million of performance fees.

昨天，我們報告每股收益為 0.70 美元，而去年同期為 0.76 美元，上一季為 0.67 美元。本季營收為 1.229 億美元，去年同期營收為 1.263 億美元，上一季營收為 1.19 億美元。第四季營收的成長主要是由於所有 3 類投資工具的平均管理資產增加以及有效費用率的增加，但部分被本季減少 1 天的費用所抵銷。第四季包括 130 萬美元的績效費用。

Our effective fee rate was 58 basis points in the first quarter compared with 57.7 basis points in the fourth quarter. Excluding the $1.3 million of performance fees, the fourth quarter effective fee rate would have been 57 basis points. The increase in the first quarter fee rate was due in part to the termination of 2 institutional accounts with assets under management of $2.3 billion that eliminated their strategic allocation to real estate. These 2 accounts had lower-than-average fee rates.

第一季我們的有效費用率為 58 個基點，而第四季為 57.7 個基點。不包括 130 萬美元的績效費用，第四季的有效費用率為 57 個基點。第一季費率上漲的部分原因是終止了 2 個管理資產達 23 億美元的機構帳戶，從而取消了它們對房地產的策略配置。這兩個帳戶的費率低於平均值。

Operating income was $43.7 million in the quarter compared with $48 million in the prior year's quarter and $41.3 million sequentially, and our operating margin increased to 35.5% from 34.7% last quarter.

本季營業收入為 4,370 萬美元，去年同期為 4,800 萬美元，上一季為 4,130 萬美元，營業利潤率從上個季度的 34.7% 增至 35.5%。

Expenses increased 2% from the fourth quarter, primarily due to higher compensation and benefits, an increase in depreciation and amortization and higher distribution and service fees, partially offset by a decrease in G&A. The compensation to revenue ratio for the first quarter was 40.5%, consistent with the guidance provided on our last call.

費用較第四季度增加 2%，主要是由於薪資和福利增加、折舊和攤提增加以及分銷和服務費用增加，但部分被一般管理費用的減少所抵消。第一季的薪酬與收入比率為 40.5%，與我們上次電話會議中提供的指導一致。

The first quarter included the full quarter effect of depreciating and amortizing fixed assets and leasehold improvements associated with our new corporate headquarters. The fourth quarter included only 1 month of depreciation and amortization expense. The increase in distribution and service fees was primarily due to higher average assets under management in U.S. open-end funds and the decrease in G&A was primarily due to lower recruitment fees.

第一季包括與我們新公司總部相關的固定資產折舊和攤銷以及租賃改良的整個季度影響。第四季僅包括1個月的折舊和攤提費用。分銷和服務費用的增加主要是由於美國開放式基金管理的平均資產較高，而一般管理費用的減少主要是由於招聘費用較低。

Our effective tax rate was 25.4% for the quarter, in line with the guidance provided on our last call.

本季我們的有效稅率為 25.4%，與我們上次電話會議中提供的指導一致。

Page 15 of the earnings presentation sets forth our cash and cash equivalents, corporate investments in U.S. treasury securities and liquid seed investments for the current and trailing 4 quarters. Our firm liquidity totaled $233.1 million at quarter-end compared with $318.8 million last quarter. Firm liquidity as of March 31 reflected the payment of employee bonuses in January, as well as the firm's customary repurchase of common stock to satisfy withholding tax obligations arising from the vesting and delivery of restricted stock units to participating employees.

收益報告第 15 頁列出了我們目前和過去 4 個季度的現金和現金等價物、對美國國債的企業投資以及流動種子投資。截至季末，我們公司的流動資金總額為 2.331 億美元，而上季為 3.188 億美元。截至 3 月 31 日的公司流動性反映了 1 月份員工獎金的支付，以及公司為履行向參與員工歸屬和交付限制性股票單位而產生的預扣稅義務而常規回購普通股的情況。

It also reflected the funding of a portion of our capital commitment to Cohen & Steers Income Opportunities REIT or recently launched nontraded REIT, which made its first real property investment in January, and we have not drawn on our $100 million revolving credit facility.

它還反映了我們對 Cohen & Steers Income Opportunities REIT 或最近推出的非交易 REIT 的部分資本承諾的資金，該 REIT 於 1 月份進行了首次房地產投資，而且我們尚未動用我們的 1 億美元循環信貸額度。

Assets under management were $81.2 billion at March 31, a decrease of $1.9 billion or 2.3% from December 31. The decrease was due to net outflows of $2 billion, $2.3 billion of which was attributable to the 2 terminated accounts I mentioned earlier, and distributions of $610 million partially offset by market appreciation of $679 million. Joe Harvey will provide an update on our flows and institutional pipeline of awarded unfunded mandates.

截至3月31日，管理資產為812億美元，較12月31日減少19億美元，下降2.3%。減少的原因是 20 億美元的淨流出，其中 23 億美元歸因於我之前提到的 2 個終止帳戶，以及 6.1 億美元的分配，部分被 6.79 億美元的市場升值所抵消。喬·哈維將提供有關我們已授予的未資助任務的流程和機構管道的最新資訊。

Let me briefly discuss a few items to consider for the remainder of the year. With respect to compensation and benefits, we continue to take a disciplined and measured approach to both new and replacement hires so that all things being equal, we would expect to maintain a compensation to revenue ratio of 40.5%.

讓我簡要討論今年剩餘時間內需要考慮的一些事項。在薪資和福利方面，我們繼續對新員工和替換員工採取嚴格和審慎的方法，以便在所有條件相同的情況下，我們預期薪資與收入的比率將保持在 40.5%。

We expect G&A to increase 5% to 7% for the year from the $55 million we recorded in 2023. As a reminder, 2023 G&A included an adjustment to reduce accrued costs associated with the implementation of our trade order management system. Excluding that adjustment, we would expect G&A to increase 3% to 5%. The majority of the increase is related to investments in technology as well as costs associated with the relocation of our London and Tokyo offices. We continue to review all of our nonclient-related expenses.

我們預計今年的一般管理費用將從 2023 年的 5,500 萬美元增加 5% 至 7%。謹此提醒，2023 年一般管理費用包括一項調整，以減少與實施我們的貿易訂單管理系統相關的應計成本。排除這項調整，我們預計 G&A 將成長 3% 至 5%。成長的大部分與技術投資以及倫敦和東京辦事處搬遷相關的成本有關。我們將繼續審查所有與客戶無關的費用。

As I noted earlier, the first quarter included the full effect of depreciating and amortizing fixed assets and leasehold improvements for our new corporate headquarters. We expect depreciation and amortization expense to approximate $9.5 million for 2024. And finally, we expect that our effective tax rate will remain at 25.4%.

正如我之前指出的，第一季包括固定資產折舊和攤提以及我們新公司總部租賃改良的全部影響。我們預計 2024 年折舊和攤提費用約為 950 萬美元。最後，我們預計有效稅率將維持在 25.4%。

Now I'd like to turn it over to our Chief Investment Officer, John Cheigh, who will discuss our investment performance.

現在我想將其交給我們的首席投資長 John Cheigh，他將討論我們的投資績效。

Thank you, Matt, and good morning. Today, I'd like first to cover our performance scorecard, second, summarize the first quarter market environment for our asset classes, and last, I'd like to provide our latest investing viewpoint on why asset allocators should increase their exposure to real assets in a higher inflation regime.

謝謝你，馬特，早安。今天，我想先介紹一下我們的業績記分卡，其次總結一下我們資產類別的第一季市場環境，最後，我想提供我們最新的投資觀點，即為什麼資產配置者應該增加對實物資產的投資在較高的通貨膨脹率下。

Turning to our performance scorecard. For the first quarter, 96% of our total AUM outperformed its benchmark, a marked improvement from last quarter's 35%. When looking at our AUM on a 1-year basis, 99% of our AUM outperformed its benchmark, which is up on our 2023 outperformance figure of 85%. This uptick in 1-year performance can be attributed to our core preferred strategy, turning from a relative underperformer to outperformer. The preferred strategy has now outperformed for 4 straight quarters, following its pullback in the first quarter of last year. As a result, 96% of our total AUM is now outperforming its benchmark on a 3-year basis and 97% on a 5-year basis.

轉向我們的績效記分卡。第一季度，我們總資產管理規模中有 96% 的表現優於基準，較上季的 35% 顯著改善。從我們的 1 年期 AUM 來看，我們 99% 的 AUM 表現優於基準，高於 2023 年 85% 的表現。一年業績的上升可歸因於我們的核心首選策略，從表現相對不佳轉向表現優異。繼去年第一季回落後，該首選策略現已連續 4 個季度跑贏大盤。因此，我們總資產管理規模中 96% 的 3 年表現優於基準，97% 的 5 年表現優於基準。

From a competitive perspective, 93% of our open-end fund AUM is rated 4 or 5-star by Morningstar, relative to 94% last quarter. All 8 of our core strategies outperformed in the quarter with natural resource equities and low-duration preferred strategies exhibiting the strongest relative performance. More specifically, low-duration preferred outperformed by roughly 200 basis points during the quarter, bringing its 1-year outperformance to 640 basis points.

從競爭角度來看，我們的開放式基金 AUM 中有 93% 被晨星評為 4 顆星或 5 顆星，上季為 94%。我們所有 8 個核心策略在本季的表現均優於大盤，其中自然資源股票和低久期首選策略表現出最強的相對錶現。更具體地說，本季低久期優先股的表現優於大盤約 200 個基點，使其 1 年期表現優於大盤 640 個基點。

Natural resources for its part also outperformed by 200 basis points, bringing its 1 and 3-year outperformance figures to 400 and 427 basis points, respectively. I want to congratulate Portfolio Manager, Tyler Rosenlicht and his team for putting up this extremely compelling performance in this dynamic area requiring active management.

自然資源板塊的表現也優於 200 個基點，使其 1 年期和 3 年期表現分別達到 400 和 427 個基點。我要祝賀投資組合經理 Tyler Rosenlicht 和他的團隊在這個需要積極管理的動態領域取得了極其引人注目的業績。

Our global listed infrastructure portfolio also experienced strong alpha, outperforming its benchmark by 140 basis points, while global real estate and U.S. real estate outperformed by 120 and 100 basis points, respectively. We believe active management works in our asset classes and the numbers clearly demonstrate that we are delivering value for our clients.

我們的全球上市基礎設施投資組合也經歷了強勁的阿爾法，比基準高出 140 個基點，而全球房地產和美國房地產的表現分別比基準高出 120 和 100 個基點。我們相信主動管理在我們的資產類別中發揮作用，並且數字清楚地表明我們正在為客戶創造價值。

Transitioning to market conditions, the prevailing risk on sentiment persisted into the first quarter, mirroring what we observed in the final quarter of last year. This dynamic unfolded even as expectations shifted regarding the Fed's rate policy, reflecting resilient economic data, particularly in the U.S.

從市場狀況來看，普遍存在的情緒風險持續到第一季度，這與我們在去年最後一個季度觀察到的情況相符。儘管人們對聯準會利率政策的預期發生了變化，但這種動態仍在繼續，反映出經濟數據的彈性，尤其是美國的經濟數據。

In the first quarter, global equities saw a robust gain of nearly 9%, while global bonds experienced a decline of 2.1%, driven by a rise in the 10-year U.S. treasury yield of around 30 basis points. U.S. listed REITs, our largest asset class, were down 1.3% in the quarter. In light of the significant rally to end 2023, some pullback in REIT shares was to be expected. Strategically, we remain positive on listed REITs as we continue to see attractive entry points and return prospects, even as the market digests sticky inflation and higher rates than the last decade.

第一季度，全球股市強勁上漲近9%，而全球公債則因10年期美國公債殖利率上漲約30個基點而下跌2.1%。我們最大的資產類別美國上市房地產投資信託基金本季下跌 1.3%。鑑於截至 2023 年底的大幅上漲，REIT 股票的一些回調是可以預料的。從策略上講，我們對上市房地產投資信託基金保持樂觀，因為我們繼續看到有吸引力的切入點和回報前景，即使市場消化了黏性通膨和高於過去十年的利率。

Private real estate as measured by the preliminary results of the NCREIF ODCE Index had total returns for the quarter of negative 2.4%. This is the sixth consecutive quarter of declines, which is consistent with the catching up process between private and listed returns. Since the end of the third quarter of 2022, listed REITs have now outperformed the ODCE Index by 33%.

根據 NCREIF ODCE 指數初步結果衡量，私人房地產該季度的總回報率為負 2.4%。這是連續第六個季度下降，這與私募和上市回報之間的追趕過程是一致的。自 2022 年第三季末以來，上市 REITs 的表現現已優於 ODCE 指數 33%。

We believe investing at this stage in the cycle will capture the bottoming of prices in private real estate and deliver strong vintage returns over time. Already our team is beginning to see more compelling opportunities in both of our private real estate strategies.

我們相信，在週期的這個階段進行投資將抓住私人房地產價格觸底的機會，並隨著時間的推移帶來強勁的復古回報。我們的團隊已經開始在我們的私人房地產策略中看到更多引人注目的機會。

Real assets moved higher during the quarter, led by commodities and natural resource equities. Energy was the main contributor given stronger-than-expected demand growth, which was driven by improving global PMI data and sustained OPEC+ cuts. This kept crude oil comfortably trading above $80 per barrel, even before the escalation of geopolitical risk in the Middle East.

在大宗商品和自然資源股票的帶動下，本季實體資產走高。由於全球 PMI 數據改善和 OPEC+ 持續減產推動需求成長強於預期，能源成為主要貢獻者。即使在中東地緣政治風險升級之前，這也使原油價格穩定在每桶 80 美元以上。

Listed infrastructure had modestly positive returns in the quarter, but also trailed broader equity market performance with certain rate sensitive sectors facing headwinds. While segments such as marine ports and midstream energy had significant gains, the communications sector was challenged with tower company valuations impacted by elevated interest rates and modest near-term growth outlook.

上市基礎設施在本季度取得了適度的正回報，但也落後於更廣泛的股市表現，某些對利率敏感的行業面臨阻力。雖然海港和中游能源等細分市場取得了顯著收益，但通訊業卻面臨著鐵塔公司估值受到利率上升和近期成長前景溫和影響的挑戰。

Lastly, our core preferred security strategy delivered a return of 4.2% during the quarter, outperforming other segments of fixed income as credit spreads significantly narrowed. Exchange listed $25 par securities notably generated substantial total returns, buoyed by a scarcity of new supply early in the year and robust inflows into preferred securities exchange traded funds. Moreover, heightened activity in new preferred issuance and call activity signals a favorable environment, particularly within the institution OTC and CoCos markets.

最後，我們的核心首選安全策略在本季度實現了 4.2% 的回報率，隨著信貸利差大幅收窄，其表現優於固定收益的其他部分。受年初新供應稀缺和優先證券交易所交易基金大量資金流入的推動，交易所上市的面值 25 美元的證券顯著產生了可觀的總回報。此外，新優先股發行和贖回活動的增加預示著有利的環境，特別是在機構場外交易和 CoCos 市場內。

I'd like to turn our attention to multi-strategy real assets, a topic that has been in the headlines for quite some time, sticky inflation. Overall, markets now appear to be pricing in what our firm's economist, John Muth, refers to as a no-landing scenario, where sticky inflation leads to interest rate cuts this year, aligning closely with our own base case. That's significantly less easing than compared to the 6 cuts the market had fully priced just a few months ago.

我想將我們的注意力轉向多策略實體資產，這個主題已經成為頭條新聞相當長一段時間了，那就是黏性通膨。總體而言，市場現在似乎正在定價我們公司經濟學家約翰·穆斯(John Muth)所說的「無法著陸」情景，即黏性通膨導致今年降息，這與我們自己的基本情況密切相關。與幾個月前市場充分定價的 6 次降息相比，這一寬鬆幅度明顯較小。

We continue to see a strong case for real assets amid this regime of sticky inflation, higher for longer interest rates, elevated equity market valuations and on the other hand, a more attractive starting point for valuations and real assets. When combined with other factors, including commodity under investments, tight labor markets, geopolitics and deglobalization, the regime shift makes real assets a vital component of a strategic asset allocation, especially with most investors still underweight inflation-sensitive allocations in their portfolios.

我們繼續認為，在這種黏性通膨、長期利率較高、股市估值上升以及估值和實物資產更具吸引力的起點的情況下，實物資產有充足的理由。與投資大宗商品、緊張的勞動力市場、地緣政治和去全球化等其他因素相結合，政權更迭使實物資產成為戰略資產配置的重要組成部分，尤其是在大多數投資者仍然在投資組合中低估通膨敏感配置的情況下。

Take target date funds as one example. The average dedicated allocation to real assets in a target date fund is less than 5%. REITs and TIPS are just 1.7% and 2.8%, respectively, while commodity allocations averaged just 0.1% and multi-strategy real assets averaged less than 1%.

以目標日期基金為例。目標日期基金中實際資產的平均專用分配不到 5%。REIT 和 TIPS 分別僅為 1.7% 和 2.8%，而商品配置平均僅 0.1%，多策略實體資產平均不到 1%。

Not only is this a low absolute allocation to inflation sensitivity, it also includes a near 0 dedicated allocation to natural resource equities and infrastructure. Why is this important? Diversified real assets have a demonstrated history of defending well against inflation surprises, whereas core stocks and bonds have tended to suffer simultaneously.

這不僅是對通貨膨脹敏感度的絕對配置較低，而且還包括對自然資源股票和基礎設施的專用配置接近零。為什麼這很重要？事實證明，多元化的實體資產能夠很好地抵禦通膨意外，而核心股票和債券往往會同時遭受損失。

Starting in 1991, our real assets blend, comprising listed real estate, infrastructure, natural resource equities and commodities, have outperformed global equities by 3.9 percentage points on an annualized basis and U.S. Treasuries by 10.2 percentage points during inflationary periods.

從1991 年開始，我們的實體資產組合（包括上市房地產、基礎設施、自然資源股票和大宗商品）的年化表現比全球股票高出3.9 個百分點，在通貨膨脹時期比美國國債高出10.2 個百分點。

That gap becomes even more pronounced when the inflation rate is not just rising, but when the acceleration in inflation exceeds consensus estimates. In other words, when we experience inflation surprises, commodities, natural resource equities and infrastructure, in that order drove that outperformance. Moreover, as I mentioned earlier, these are the real asset classes most significantly underrepresented in portfolios like target dates.

當通膨率不僅上升，通膨加速超過共識預期時，這種差距就會變得更加明顯。換句話說，當我們經歷通膨意外時，大宗商品、自然資源股和基礎設施依次推動了表現優異。此外，正如我之前提到的，這些是目標日期等投資組合中代表性最嚴重不足的實際資產類別。

In that same period, our real assets blend had a beta or sensitivity to global equities of 0.65, indicating that allocations to blended real assets helped to reduce equity sensitivity in a portfolio. This could be important given today's relatively high equity valuations, especially relative to higher interest rates. Allocations to real assets have dampened volatility and improved risk-adjusted returns while also helping to protect against inflation pressures.

在同一時期，我們的實體資產混合對全球股票的貝塔係數或敏感度為 0.65，這表明混合實體資產的配置有助於降低投資組合中的股票敏感度。考慮到目前股票估值相對較高，尤其是相對於較高的利率而言，這一點可能很重要。對實體資產的配置抑制了波動性並提高了風險調整後的回報，同時也有助於抵禦通膨壓力。

Using the last 3 years, which is when inflation started rearing its head, as an example, a 60/40 equity bond portfolio had annualized returns of 4.2% . If you added a 20% allocation to real asset to the same portfolio, reducing each of the stock and bond allocations by 10% each, the annual return would have been higher at 4.7% with lower volatility and reduced drawdowns.

以過去 3 年（通膨開始抬頭時）為例，60/40 的股票債券投資組合的年化報酬率為 4.2%。如果您將 20% 的實體資產配置添加到同一投資組合中，將股票和債券配置各減少 10%，則年回報率將更高，達到 4.7%，同時波動性更低，回撤也更少。

When industry observers are saying we face a retirement crisis, and especially as we enter a more challenging return environment, these differences matter. We know that markets go in cycles and can focus on certain themes. A few years ago, there was crypto. Today people wonder if they have enough AI exposure. We believe that in 5 to 10 years' time, investors will ask our advisors or CIOs, why didn't we do a better job protecting our portfolios from inflation. We believe a well-constructed allocation of real assets aimed at generating strong returns, protecting against inflation and reducing drawdowns will help to deliver better investor outcomes. We believe inflation and the need for real assets will emerge as a conventional wisdom over the next 5 years.

當產業觀察家說我們面臨退休危機時，特別是當我們進入更具挑戰性的回報環境時，這些差異就很重要。我們知道市場是有週期的，並且可以關注某些主題。幾年前，出現了加密貨幣。如今，人們想知道他們是否有足夠的人工智慧接觸機會。我們相信，5到10年後，投資人會問我們的顧問或資訊官，為什麼我們沒有更好地保護我們的投資組合免受通貨膨脹的影響。我們相信，旨在產生強勁回報、抵禦通膨和減少回撤的精心構建的實體資產配置將有助於實現更好的投資者成果。我們相信，通貨膨脹和對實體資產的需求將在未來五年內成為一種傳統觀點。

With that, let me turn it over to Joe.

有了這個，讓我把它交給喬。

Thank you, John, and good morning. Today, I'll describe how our fundamentals started off the year, and then discuss the opportunities we see in front of us.

謝謝你，約翰，早安。今天，我將描述我們今年的基本面如何開始，然後討論我們看到的機會。

Our first quarter financial results were solid, in line with our expectations for improving returns in our asset classes based on a positive inflection in the interest rate cycle and continued repositioning and asset allocations. Some investors are legging into the new return cycle, while others are reassessing their strategic allocations in response to higher yield fixed income options. Most importantly, our relative investment performance is outstanding.

我們第一季的財務表現穩健，符合我們基於利率週期的積極拐點以及持續的重新定位和資產配置而提高資產類別回報的預期。一些投資者正在進入新的回報週期，而另一些投資者則正在重新評估其策略配置，以應對更高收益的固定收益選擇權。最重要的是，我們的相對投資表現非常出色。

In addition to the stats that John cited, I am proud of our 1-year weighted average excess return of 309 basis points across all strategies. Said simply, we are delivering for our clients. That said, our asset classes that did not keep up with the torrid pace of the S&P 500, which returned 10.6% in the quarter with our highest absolute return for our strategy at 4.2% for core preferreds. Listed real estate returns were modestly negative in all regions in the quarter after leading markets in the fourth quarter.

除了約翰引用的統計數據之外，我對所有策略的 1 年加權平均超額回報率為 309 個基點感到自豪。簡而言之，我們正在為客戶提供服務。也就是說，我們的資產類別未能跟上標準普爾 500 指數的快速步伐，該指數本季回報率為 10.6%，而我們策略的最高絕對回報率為核心優先股 4.2%。繼第四季領先市場之後，本季所有地區的上市房地產回報率均出現小幅負值。

Looking at firm-wide flows, we had net outflows of $2 billion in the first quarter. The major drivers were 2 large account terminations in advisory, both in global real estate. We announced last quarter the termination of a $1.5 billion account and the other during the quarter was $744 million. Both clients eliminated listed REITs from their strategic portfolio allocations. This was partially offset by net inflows of $569 million into open-end mutual funds.

從公司範圍內的資金流動來看，第一季我們的淨流出量為 20 億美元。主要驅動因素是全球房地產諮詢領域的 2 個大型客戶終止。我們上季宣布終止一個 15 億美元的帳戶，本季另一個帳戶是 7.44 億美元。兩家客戶均將上市房地產投資信託基金從其策略投資組合配置中剔除。這被開放式共同基金 5.69 億美元的淨流入部分抵銷。

By month, firm-wide flows in January and February were negative, then March turned positive with $183 million in net inflows. Although we are disappointed to see some clients eliminate strategic allocations to REITs, even as we are on the cusp of a new return cycle, we are pleased to see wealth flows turn positive in each month to date in 2024 and for total firm-wide flows to turn positive in March.

按月來看，1 月和 2 月公司範圍內的資金流入為負值，隨後 3 月轉為正值，淨流入 1.83 億美元。儘管我們對一些客戶取消對房地產投資信託基金的戰略配置感到失望，但即使我們正處於新的回報週期的風口浪尖，我們仍然很高興看到2024 年迄今為止每個月的財富流動以及整個公司的總流動量都轉為正數3月轉正。

Digging deeper into client segments. The $569 million in open-end net inflows was the first positive quarter after 7 consecutive quarters of outflows, and reflects the transition in the macroenvironment with inflation declining and Fed interest rate policy transitioning to pausing. Inflows were led by U.S. REITs and preferreds with about $250 million a piece flowing into both our institutional U.S. REIT fund and our core preferred securities fund. The registered investment adviser segment drove REIT flows and the wirehouse and independent broker-dealer channels led the preferred flows.

更深入地挖掘客戶群。5.69億美元的開放式淨流入是連續7個季度流出後的第一個正季度，反映了通膨下降和聯準會利率政策暫停的宏觀環境的轉變。資金流入以美國 REITs 和優先股為主，每支約 2.5 億美元流入我們的機構美國 REIT 基金和我們的核心優先證券基金。註冊投資顧問部門推動了房地產投資信託基金的流動，而經紀公司和獨立經紀自營商管道則引領了首選流動。

Our offshore SICAV funds had modest inflows, continuing their positive trend, and we see momentum building as we continue to gain scale and sign up more platforms and advance adviser education for our offshore vehicles. Advisory had $2.2 billion in net outflows. In addition to the just mentioned global real estate terminations, we had 2 client mandates eliminate their strategic allocations to preferreds totaling $236 million. We've seen some preferred clients replace preferreds with private credit. These outflows were offset by 2 account fundings totaling $269 million in global and U.S. real estate.

我們的離岸 SICAV 基金有適度的流入，延續了積極的趨勢，隨著我們繼續擴大規模、為我們的離岸工具簽署更多平台和高級顧問教育，我們看到勢頭正在增強。諮詢業務淨流出 22 億美元。除了剛才提到的全球房地產終止之外，我們還有 2 個客戶要求取消對優先股的策略分配，總額達 2.36 億美元。我們已經看到一些優先客戶用私人信貸取代了優先客戶。這些資金外流被全球和美國房地產領域總計 2.69 億美元的 2 個帳戶資金所抵銷。

Sub-advisory had net outflows of $35 million with relatively modest flows both ways. Japan sub-advisory had outflows of $312 million. The outflows in Japan were off-trend and are primarily attributable to a sponsor diversifying their global real estate managers for a mutual fund wrap program. We previously had 98% of this allocation and the sponsor believes manager diversification will make the vehicle more attractive as these fund wrap programs are becoming more popular in Japan wealth.

次級諮詢淨流出 3500 萬美元，雙向流量相對較小。日本分諮詢流出 3.12 億美元。日本的資金外流反常，主要是由於贊助商透過共同基金包裝計劃將其全球房地產管理公司多元化。我們之前擁有該分配的 98%，贊助商認為，隨著這些資金包裝計劃在日本財富中越來越受歡迎，管理人的多元化將使該工具更具吸引力。

We remain optimistic about the opportunities in Japan and will allocate additional sales support to help our partners gather assets in what we believe could be a broad-based investment resurgence, following the reflation occurring in the country, along with improved corporate governance, flows out of China and new market highs on Nikkei, while cash on the sidelines remains high.

我們對日本的機會保持樂觀態度，並將分配額外的銷售支持，幫助我們的合作夥伴收集資產，我們認為，在該國發生通貨再膨脹以及公司治理改善後，我們認為這可能會引發廣泛的投資復甦。

Our one unfunded pipeline was $1 billion compared with $1.2 billion last quarter and a 3-year average of $1.2 billion. Tracking the changes from last quarter, $349 million funded from 6 accounts, $185 million was added to the pipeline from 2 mandates and $80 million was removed or accounts funded at lesser amounts than expected. The 2 new mandates were in global listed infrastructure and U.S. real estate. We continue to see adoption of listed real estate, listed infrastructure and multi-strategy real assets by many investor types worldwide.

我們的一個未融資管道為 10 億美元，而上季為 12 億美元，三年平均為 12 億美元。追蹤上一季的變化，6 個帳戶提供了 3.49 億美元資金，2 項授權增加了 1.85 億美元資金，減少了 8000 萬美元或帳戶資金金額低於預期。這兩項新指令涉及全球上市基礎設施和美國房地產。我們繼續看到全球許多類型的投資者採用上市房地產、上市基礎設施和多策略實體資產。

Turning to opportunities. The real estate fundamental financing and return cycle is in full swing. As we have discussed before, we believe that overall REIT share prices have bottomed and their next return cycle has commenced. Meantime, private real estate prices continue to adjust lower, primarily in response to the increase in the cost of debt capital.

轉向機會。房地產基礎融資和回報週期正如火如荼地進行。正如我們之前討論的，我們認為房地產投資信託基金的整體股價已經觸底，下一個回報週期已經開始。同時，私人房地產價格持續下跌，主要是為了因應債務資本成本的增加。

Last week's announcement by Blackstone taking private for $10 billion, the apartment income REIT at a 22% premium is a mile marker signifying that there's attractive value in the listed market. This transaction may indicate that capital will begin to be deployed in the private market as well.

上週 Blackstone 宣布以 100 億美元私有化，公寓收入 REIT 溢價 22%，這是一個里程碑，表明上市市場存在有吸引力的價值。此次交易可能表明資本也將開始配置到私募市場。

We expect several private real estate companies will test the IPO market this year, showing up balance sheets and gaining access to capital to take advantage of the private opportunities. We believe our listed and private real estate teams complemented by our real estate strategy group are at the intersection of this activity and taken together, our real estate franchise has never been stronger.

我們預計，一些私人房地產公司將在今年測試 IPO 市場，展示資產負債表並獲得資本，以利用私募機會。我們相信，我們的上市和私人房地產團隊與我們的房地產策略團隊相輔相成，處於這項活動的交叉點，綜合起來，我們的房地產特許經營權從未如此強大。

Our listed real estate team is very active, focused on the dynamism of the listed market at turning points and focusing on secular winners, cyclical mis-pricings and companies that need capital. We also continue to expand our investment capabilities, recently laying groundwork for investing in certain CMBS segments, private companies and the application of derivative strategies for clients that need different return profiles.

我們的上市房地產團隊非常活躍，專注於拐點時上市市場的活力，專注於長期贏家、週期性錯誤定價和需要資金的公司。我們也持續擴大投資能力，最近為投資某些 CMBS 細分市場、私人公司以及為需要不同回報的客戶應用衍生性商品策略奠定了基礎。

Our private team is beginning to see improved pricing in some sectors such as shopping centers. Our strategy group helps us chart the course with a data-driven foundation while working with clients to help them with their strategic and tactical decision-making. We are pleased that preferreds are back on track after the regional bank scare in the first quarter of last year. Over the past year, our core preferred strategy has returned 15.4% with 200 basis points of excess return over the benchmark. Our core preferred fund has returned to inflows.

我們的私人團隊開始看到購物中心等某些領域的定價有所改善。我們的策略團隊幫助我們在數據驅動的基礎上製定路線，同時與客戶合作，幫助他們制定戰略和戰術決策。我們很高興看到，繼去年第一季地區銀行恐慌後，優先股已重回正軌。過去一年，我們的核心優先策略報酬率為15.4%，較基準超額報酬200個基點。我們的核心優先基金已恢復流入。

By contrast, our short duration fund, LPX, continue to have outflows as its yield still sees competition from short-term treasuries. That said, LPX has returned 11.5% over the past year. While we've seen some investors take preferreds out of their strategic allocations for now, the business seems to be normalizing as preferred performance has improved over the past year. We continue to invest in this effort, having funded a global preferred (inaudible) account in December 2022 that has demonstrated a strong return of 12.5% over the past year, and we are considering vehicle options for this broader opportunity set preferred strategy.

相較之下，我們的短期基金 LPX 繼續出現資金外流，因為其收益率仍面臨來自短期國債的競爭。也就是說，LPX 在過去一年的報酬率為 11.5%。雖然我們看到一些投資者目前從策略配置中剔除優先股，但隨著過去一年優先股業績的改善，該業務似乎正在正常化。我們繼續投資於這項工作，並於2022 年12 月資助了一個全球優先（聽不清楚）帳戶，該帳戶在過去一年中實現了12.5% 的強勁回報，並且我們正在考慮為這一更廣泛的機會集優先策略提供工具選擇。

At the end of the first quarter, we launched our Future of Energy investment strategy by converting our midstream energy open-end mutual fund. The investment thesis behind this strategy, in order to meet the world's growing demand for energy, we need growth in both conventional as well as renewable energy and the conventional side will present extraordinary opportunities due to restraints in investment and supply.

第一季末，我們透過轉換中游能源開放式共同基金推出了能源未來投資策略。這項策略背後的投資理念是，為了滿足世界不斷增長的能源需求，我們需要傳統能源和再生能源的成長，而由於投資和供應的限制，傳統能源將提供非凡的機會。

The strategic allocation will be benchmarked to the composition of energy usage between conventional and renewables, allowing investors to participate broadly in the energy transition. We believe the strategy is unique and presents alpha opportunities through strategic allocation, sector selection and stock selection. This strategy is an extension of our infrastructure and resource equity team's core capabilities.

戰略配置將以傳統能源和再生能源之間的能源使用構成為基準，使投資者能夠廣泛參與能源轉型。我們相信該策略是獨一無二的，並透過策略配置、產業選擇和個股選擇提供了阿爾法機會。此策略是我們基礎設施和資源股權團隊核心能力的延伸。

Turning to distribution priorities. We have many initiatives for the wealth channel, including allocating more resources to the RIA and multifamily office segments as this is where we see the greatest rate of growth in assets. In addition, distribution of our nontraded REIT in the wealth channel is a top priority. The market's adoption of active ETFs is gathering steam, and we are formulating potential plans for that type of vehicle.

轉向分配優先權。我們針對財富管道採取了許多舉措，包括向 RIA 和聯合家族辦公室部門分配更多資源，因為這是我們看到資產成長率最高的領域。另外，我們的非交易REIT在財富管道的佈局也是重中之重。市場對主動型 ETF 的採用正在加速，我們正在為此類工具制定潛在計劃。

As mentioned earlier, we are gaining traction with our SICAV distribution plan and have added an intermediary based sales professional in Singapore, complementing our institutional sales professional hired last year. Underpinning the rationale for these new roles is our belief that based on the merit, investor portfolios are under-allocated to our asset classes, most notably in listed real estate, infrastructure and multi-strategy real assets, as John described very well.

如前所述，我們的 SICAV 分銷計劃越來越受歡迎，並在新加坡增加了一名中介銷售專業人員，以補充我們去年聘用的機構銷售專業人員。支持這些新角色的理由是我們相信，根據優點，投資者投資組合在我們的資產類別中的分配不足，尤其是在上市房地產、基礎設施和多策略實體資產方面，正如約翰所描述的那樣。

We recently published our annual report to shareholders under the theme, Endurance. Please visit our website to read the letter to shareholders. We are proud that our team has navigated with the longest and most dramatic regime changes in a long time. We believe Endurance aptly describes the tenacity of our team, the important sustained focus for our clients and the need to continually innovate. We are well organized and positioned to come out the other side stronger, and are mobilized to help our clients allocate and take advantage of the return cycles to come.

我們最近向股東發布了主題為「耐力」的年度報告。請造訪我們的網站閱讀致股東的信。我們感到自豪的是，我們的團隊經歷了長期以來最長、最戲劇性的政權更迭。我們相信，「耐力」恰如其分地描述了我們團隊的堅韌、對客戶的持續關注以及不斷創新的需要。我們組織得很好，有能力讓對方變得更強大，並動員起來幫助我們的客戶分配和利用即將到來的回報週期。

Thank you for listening. Abby, if you could please open the lines for questions.

感謝您的聆聽。艾比，如果可以的話，請打開提問線。

(Operator Instructions) And your first question comes from the line of John Dunn with Evercore ISI.

（操作員說明）您的第一個問題來自 Evercore ISI 的 John Dunn。

Maybe could you talk about if you have any line of sight into any other like chunky institutional mandates that might be exiting over the next stretch? And then also maybe take us through the puts and takes regionally of the institutional advisory business?

也許您可以談談您對下一步可能退出的任何其他類似的厚重的機構指示有什麼看法嗎？然後也許還可以帶我們了解機構諮詢業務的區域性買權？

Sure, John. Right now we have one client that has about $90 million that they want to trim from their account. That's a small number. But apart from that, we don't have any accounts that we know will be terminated. In terms of the business globally on advisory, last quarter we talked about how our pipeline was represented in 8 different countries, and that has not changed much. So, when you go around the world, I would say the largest market for advisory is in the U.S. But we've -- as we've talked about in the past couple of calls, we've seen more interest in Asia, which is a new trend relative to the past. And again, it's mostly focused in listed real estate and listed infrastructure.

當然，約翰。目前，我們有一位客戶希望從帳戶中扣除約 9,000 萬美元。這是一個很小的數字。但除此之外，我們沒有任何已知將被終止的帳戶。就全球諮詢業務而言，上個季度我們討論了我們的管道在 8 個不同國家的代表情況，這一點並沒有太大變化。因此，當你環遊世界時，我會說最大的諮詢市場在美國。 ，這是一個新的趨勢。同樣，它主要集中在上市房地產和上市基礎設施。

While in Australia, there's -- investors have invested in real assets, real estate and infrastructure, in particular. We've seen some opportunities to take business away from competitors as well as align with some intermediaries who are executing independent adviser growth strategies. So, Asia, I'd say, would follow U.S. in the level of interest. The Middle East has been relatively dormant for listed allocations. But with the growth in AUM there, we could see some activity in the future.

在澳大利亞，投資者尤其投資了不動產、房地產和基礎設施。我們看到了一些從競爭對手手中奪走業務以及與一些正在執行獨立顧問成長策略的中介機構結盟的機會。因此，我想說，亞洲的興趣水平將追隨美國。中東地區的上市分配相對處於休眠狀態。但隨著 AUM 的成長，我們未來可能會看到一些活動。

And then I'll just wrap up by saying, in Japan, there's something interesting going on with the investing markets there in addition to adding some sales support to help our intermediary clients gain sales support. We just brought on a new institutional salesperson, and so we see opportunity in Japan.

最後我想說，在日本，除了增加一些銷售支援來幫助我們的中介客戶獲得銷售支援之外，那裡的投資市場還發生了一些有趣的事情。我們剛剛聘請了一位新的機構銷售人員，因此我們在日本看到了機會。

And then maybe could you give us a little more of a flavor of the change in the wealth management channel, which has been positive now for a little bit? More flavor on the demand and gross sales potential and is it sustainable for U.S. REIT and preferred?

那麼您能否讓我們更了解財富管理管道的變化，目前這種變化已經取得了一些正面的進展？需求和銷售潛力更具吸引力，美國房地產投資信託基金是否可持續並受到青睞？

Well, this started at the end of last year, and I'd say the catalyst is the inflection in interest rates, Fed going from tightening to pausing. Of course, that had a run early this year, but it has now reversed somewhat. So we could see a little bit of a pause in that. But as I said, we continue to see flows into wealth. And I'd say there's part of the market that is anticipatory and working alongside our sales support to -- that lays out the investment case for how our asset classes will perform in this part of the cycle.

嗯，這從去年年底開始，我想說催化劑是利率的變化，而聯準會從緊縮轉向暫停。當然，這種情況在今年早些時候曾出現過，但現在已經有所逆轉。所以我們可以看到其中有一點停頓。但正如我所說，我們繼續看到財富流入。我想說的是，市場的一部分是具有預期性的，並與我們的銷售支援一起工作，為我們的資產類別在周期的這一部分中的表現制定了投資案例。

There's another part of the market that's a little bit more coincident. So we might see a little bit of a pause in that. But based on our comments, we think that these new return cycles have begun. It doesn't happen overnight. It unfolds over a period of time. So we're confident to be engaging in the wealth market at this point.

市場的另一部分則更為巧合。所以我們可能會看到一些暫停。但根據我們的評論，我們認為這些新的回報週期已經開始。這不會在一夜之間發生。它在一段時間內展開。因此，我們現在有信心參與財富市場。

(Operator Instructions) Your next question comes from the line of Adam Beatty with UBS.

（操作員說明）您的下一個問題來自 UBS 的 Adam Beatty。

Just wanted to broaden out the discussion around preferreds a little bit and just maybe draw upon your historical experience. Obviously, trailing returns are good, relative performance is probably better than good. So just given your experience, when would you expect flows there to kind of get a little bit more traction? You mentioned competition from other short duration instruments. Do you need a spread over that to get preferred flows? And you also mentioned some competition from private credit. I'm just wondering how you see that playing out?

只是想擴大圍繞偏好的討論，也許可以藉鏡您的歷史經驗。顯然，追蹤回報不錯，相對錶現可能比好還要好。因此，根據您的經驗，您預計什麼時候那裡的流量會獲得更多牽引力？您提到了其他短期工具的競爭。您是否需要在此基礎上進行點差才能獲得首選流量？您還提到了來自私人信貸的一些競爭。我只是想知道你如何看待這種情況？

Sure. Good question, Adam. So, when any investor is obviously evaluating how and when to allocate, so obviously, they're thinking about valuation, fundamentals and whether we like it or not, timing. I think whether we're talking about REITs or preferreds, I think most of the investors we talk to, they see the valuation case. I think there are -- parts of last year there are concerns about some of the fundamentals with banks, credit, et cetera.

當然。好問題，亞當。因此，當任何投資者明顯評估如何以及何時進行分配時，很明顯，他們正在考慮估值、基本面以及我們是否喜歡、時機。我認為無論我們談論的是房地產投資信託基金還是優先股，我認為與我們交談的大多數投資者都看到了估值案例。我認為去年的部分時間人們對銀行、信貸等的一些基本面感到擔憂。

But I think people are now comfortable with both valuation and the fundamentals. Now we're just on to the timing part. And we saw some of the flows start to pick up because there was optimism that we're at peak short-term rates. We think that, that should still be the case. But what we see from most investors is they're so-called legging into it in a few different steps. And my guess is that when we actually see more clarity on terminal rates that we'll see even more flows come in. That would be my best guess.

但我認為人們現在對估值和基本面都感到滿意。現在我們剛剛進入計時部分。我們看到一些資金流開始回升，因為人們樂觀地認為我們正處於短期利率高峰。我們認為，情況應該仍然如此。但我們從大多數的投資者身上看到的是，他們所謂的投資是透過幾個不同的步驟進行。我的猜測是，當我們真正看到終端費率更加清晰時，我們會看到更多的流量湧入。這是我最好的猜測。

In terms of -- so in terms of competition with short duration competitive yield, right now, the investor view is, I'm getting a 5 or 5.5. That's similar to where we are in low-duration preferreds, and their view is duration is a risk as opposed to an asset. To the extent interest rates go down, you're going to want duration, right? And -- so that gets back to the extent we get to a peaking in long-term rates, all of that money on the sidelines, which is in the front end of the curve, we'll want to go further out and own longer duration fixed income assets, equity assets, whatever the case may be. So I think that getting movement out of the short end to further along the curve is still back to when there's conviction that we are at peak Fed funds.

就短期競爭收益率而言，目前投資者的觀點是，我得到 5 或 5.5。這與我們在低久期優先股中的情況類似，他們認為久期是一種風險，而不是一種資產。當利率下降時，你就會想要久期，對吧？而且——這樣就回到了長期利率達到頂峰的程度，所有這些資金都在場外，位於曲線的前端，我們將希望走得更遠，擁有更長的時間期限固定收益資產、權益資產，無論何種情況。因此，我認為，從短期端向進一步沿著曲線移動的運動仍然回到了人們確信我們正處於聯邦基金高峰的時候。

I guess in terms of private credit, there's -- a few years ago, we spent a lot of time educating, well, about the tax efficiency of preferreds and their yields. And some of the movement that Joe talked about on certain investors looking more towards private credit, of course, number one, those are investors that can handle illiquidity. So those were institutional investors. Number 2, preferreds are much more tax efficient than private credit. Those were institutions that I imagine didn't have the same after-tax view of comparing, say, 9% in private credit versus a 7% in preferred.

我想就私人信貸而言，幾年前，我們花了很多時間教育優先股的稅收效率及其收益率。喬談到的一些關於某些投資者更關注私人信貸的運動，當然，第一，這些投資者是能夠應對流動性不足的投資者。這些都是機構投資人。第二，優先股的稅收效率比私人信貸高很多。我認為這些機構在比較 9% 的私人信貸與 7% 的優先信貸時沒有相同的稅後觀點。

So as you know, the vast majority of our AUM within preferreds is in our wealth facing channel where, frankly, the tax-efficient yield has been a very powerful argument. So I suspect we will still have some comparison versus private credit and preferreds over time. But it will depend, as I said, on, is one, having pre-tax view and after-tax view, that kind of thing. I hope that helps.

如您所知，我們優先股中的絕大多數資產管理規模都在我們面向財富的管道中，坦白說，節稅收益率一直是一個非常有力的論點。因此，我懷疑隨著時間的推移，我們仍然會與私人信貸和偏好進行一些比較。但這將取決於，正如我所說，是一個，有稅前觀點和稅後觀點，諸如此類的事情。我希望這有幫助。

Yes. Absolutely. And then a little bit more maybe strategically, your commentary around target date funds and the 60/40 allocation and being broadly under-allocated to real assets was pretty compelling. So I just wanted to get a sense of how you're thinking about long-term? How Cohen & Steers can play into rectifying that, whether it's getting on retirement platforms, getting sleeves and target date funds or other elements of your strategy?

是的。絕對地。然後，也許從策略上講，您對目標日期基金和 60/40 分配以及實際資產分配普遍不足的評論非常引人注目。所以我只是想了解您如何看待長期發展？Cohen & Steers 如何糾正這個問題，無論是加入退休平台、獲得袖子和目標日期基金還是您策略的其他要素？

Well, obviously, we try to spend a lot of time educating, whether it's the record keepers, the target date managers or the end investor, on the importance of real assets. To be honest, for the end investor, I'm not sure they're always looking at their underlying exposure in their target date. So, I think we need to educate on all 3 of those levels. Again, the end investor, the 401(k) committee of a given company, the record keepers and the managers. So we're going through that education process, and we're going to keep doing that.

顯然，我們嘗試花費大量時間對記錄保存者、目標日期管理者或最終投資者進行有關實體資產重要性的教育。老實說，對於最終投資者來說，我不確定他們是否總是在目標日期關注其潛在風險敞口。所以，我認為我們需要在所有三個層面上進行教育。同樣，最終投資者、特定公司的 401(k) 委員會、記錄保存者和管理者。所以我們正在經歷這個教育過程，我們將繼續這樣做。

You know the way this goes that -- I said that 5 years from now or 10 years from now, one of those groups will say, why didn't we do a better job? I talked about how over the last 3 years, if you just had real assets, you would have done 50 basis points better with lower drawdowns and volatility. It may not seem like a lot. But again, target dates, when you're talking about 10, 20, 30, 40 years and you're compounding that, you're talking about 4.2 versus 4.7. You're basically -- it's like saying you're improving your return 12%, and you're compounding that. And so that's an education process that we continue to have. We have -- and we think over time there'll be more success, but frankly, there needs to be some -- there probably needs to be some -- I don't want to say pain, what I would say some remorse before there is more action taken on this.

你知道事情是這樣的——我說過從現在起 5 年後或從現在起 10 年後，其中一個團體會說，為什麼我們沒有做得更好？我談到在過去 3 年中，如果您只有實體資產，您的業績會好 50 個基點，且回檔​​和波動性較低。看起來可能不是很多。但同樣，目標日期，當你談論 10 年、20 年、30 年、40 年並且你將其複合時，你談論的是 4.2 與 4.7。基本上，這就像說您的回報率提高了 12%，並且您正在複利。所以這是我們繼續進行的教育過程。我們已經——而且我們認為隨著時間的推移，將會取得更多的成功，但坦白說，需要一些——可能需要一些——我不想說痛苦，我之前會說一些悔恨對此採取了更多行動。

I would say at the end of 2022 when the 60/40 is very [poorly], a lot of people said, "Well, talk to me about real assets." At the end of 2023, when the 60/40 had a much better year, people thought, you know what, maybe that inflation was just a blip, it was a moment in time. I think that towards the end of this year, there's going to be more people saying, "You know what, inflation goes in cycles as it goes higher, it goes lower, it goes higher. That's the lesson of the '70s and there's others. It needs to be part of my strategic allocation as opposed to I wish I had in 2022." So anyway, I think that's the acknowledgment process that we'll go through over the next 12 months.

我想說，到 2022 年底，當 60/40 非常[糟糕]時，很多人說，“好吧，跟我談談實際資產。”2023 年底，當 60/40 經濟狀況好得多時，人們想，你知道嗎，也許通膨只是曇花一現，只是一個及時的時刻。我認為到今年年底，將會有更多的人說：「你知道嗎，通貨膨脹是週期性的，它會走高、走低、走高。這是 70 年代的教訓，還有其他教訓。它需要成為我戰略分配的一部分，而不是我希望在 2022 年實現的。所以無論如何，我認為這就是我們將在未來 12 個月內經歷的確認過程。

I think broadly, just to add to that, just, it's education of asset consultants, plan sponsors at this point in time and ultimately, to a lesser extent the end users. But it's also having the right vehicles and having an ability to customize strategies at some point. So, with our mutual fund and with our -- we have a collective investment trust or CIT. Those are vehicles that are designed for that -- the end user. And over time, we could end up with some vehicles that will help us customize for different plan sponsor needs.

我認為從廣義上講，只是補充一點，只是對資產顧問、計劃發起人進行教育，最終在較小程度上對最終用戶進行教育。但它也擁有合適的車輛，並有能力在某個時候定制策略。因此，透過我們的共同基金和我們的——我們擁有集體投資信託或企業所得稅。這些車輛是專為最終用戶設計的。隨著時間的推移，我們最終可能會得到一些工具，幫助我們根據不同的計劃贊助商需求進行客製化。

And that concludes our Q&A session. I will now turn the conference back over to Mr. Joe Harvey for closing remarks.

我們的問答環節到此結束。我現在將會議轉回由喬·哈維先生致閉幕詞。

Well, thank you, Abby, and thanks, everyone, for listening, and we look forward to talking to you next quarter.

好吧，謝謝艾比，感謝大家的聆聽，我們期待下個季度與您交談。

And ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。