Cohen & Steers Inc (CNS) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers second-quarter 2024 earnings conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference call is being recorded Thursday, July 18, 2024.

女士們先生們，謝謝你們的支持。歡迎參加 Cohen & Steers 2024 年第二季財報電話會議。在演示期間，所有參與者將處於僅聽模式。隨後，我們將進行問答環節。（操作員說明）謹此提醒，本次電話會議於 2024 年 7 月 18 日星期四錄製。

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

我現在將會議交給 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 Second Quarter 2024 Earnings Conference Call. Joining me are Joe Harvey, our Chief Executive Officer; Matt Stadler, our Executive Vice President; and until late June, Chief Financial Officer; Raja Dakkuri, our new Chief Financial Officer; and Jon Cheigh, our Chief Investment Officer.

謝謝，歡迎參加 Cohen & Steers 2024 年第二季財報電話會議。與我一起的還有我們的執行長喬·哈維 (Joe Harvey)； Matt Stadler，我們的執行副總裁；直至六月下旬，擔任財務長； Raja Dakkuri，我們的新任財務長；和我們的首席投資長 Jon 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 second quarter earnings release and presentation, our most recent annual report on Form 10-K and our other SEC filings.

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，包括我們隨附的第二季度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。

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 vehicles.

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 includes 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.

我們的簡報還包括非公認會計原則財務指標，稱為調整後財務指標，我們認為這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。

A reconciliation of these non-GAAP financial measures is included in the earnings release and presentation to the extent reasonably available. 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.

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。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. Thanks for joining today. Before we begin the call, I'd like to welcome Raja Dakkuri, our new CFO, who joined us on June 24. Raja will be reviewing the financial results on our earnings calls going forward.

謝謝你，布萊恩。大家早安。感謝您今天加入。在我們開始電話會議之前，我要歡迎我們的新財務長 Raja Dakkuri，他於 6 月 24 日加入我們。Raja 將在我們未來的財報電話會議上審查財務業績。

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 17 and 18 of the earnings release and on slides 16 through 20 of the earnings presentation. Yesterday, we reported earnings of $0.68 per share compared with $0.70 in the prior year's quarter and $0.70 sequentially.

與前幾季一樣，我的演講將重點放在我們調整後的業績。GAAP 與調整後結果的調整可以在收益發布的第 17 頁和第 18 頁以及收益簡報的投影片 16 到 20 上找到。昨天，我們報告每股收益為 0.68 美元，而去年同期為 0.70 美元，上一季為 0.70 美元。

Revenue was $122 million in the quarter compared with $120.3 million in the prior year's quarter and $122.9 million sequentially. The decrease in revenue from the first quarter was primarily due to lower average assets under management. Our effective fee rate was 58 basis points in the second quarter, consistent with our rate in the first quarter.

本季營收為 1.22 億美元，去年同期營收為 1.203 億美元，上一季營收為 1.229 億美元。收入較第一季下降主要是由於平均管理資產下降。第二季我們的有效費率為 58 個基點，與第一季的費率一致。

Operating income was $42.5 million in the quarter compared with $43.8 million in the prior year's quarter and $43.7 million sequentially. And our operating margin decreased slightly to 34.9% from 35.5% last quarter.

本季營業收入為 4,250 萬美元，去年同期營業收入為 4,380 萬美元，上一季營業收入為 4,370 萬美元。我們的營業利潤率從上季的 35.5% 略有下降至 34.9%。

Total expenses were essentially flat when compared with the first quarter as an increase in G&A was partially offset by a decrease in compensation and benefits. The increase in G&A was primarily due to higher recruitment costs as well as an increase in professional fees.

與第一季相比，總費用基本上持平，因為薪資和福利的減少部分抵消了一般管理費用的增加。一般行政費用的增加主要是因為招募成本增加以及專業費用的增加。

And the decrease in compensation and benefits was in line with the sequential decline in revenue as the compensation to revenue ratio for the second quarter remained at 40.5%. Our effective tax rate was 25.4% for the second quarter, consistent with our prior guidance.

薪資和福利的減少與收入的環比下降一致，第二季度薪酬與收入的比率保持在 40.5%。我們第二季的有效稅率為 25.4%，與我們先前的指引一致。

Page 15 of the earnings presentation sets forth our cash and cash equivalents, corporate investments in US treasuries and liquid seed investments for the current and trailing four quarters.

收益報告第 15 頁列出了我們目前和過去四個季度的現金和現金等價物、美國國債的企業投資以及流動種子投資。

Our firm liquidity totaled $325.1 million at quarter end compared with $233.1 million last quarter. The second quarter amount included net proceeds of $68.5 million from our recently completed registered stock offering, which closed in April. And we have not drawn on our $100 million revolving credit facility.

截至季末，我們公司的流動資金總額為 3.251 億美元，而上季為 2.331 億美元。第二季金額包括我們最近完成的註冊股票發行（於 4 月結束）的 6,850 萬美元淨收益。我們還沒有動用 1 億美元的循環信貸額度。

Assets under management were $80.7 billion at June 30, a decrease of $526 million or about 1% from March 31. The decrease was due to net outflows of $345 million and distributions of $673 million, partially offset by market appreciation of $492 million. Joe Harvey will provide an update on our flows and institutional pipeline of awarded unfunded mandates.

截至6月30日，管理資產為807億美元，較3月31日減少5.26億美元，降幅約1%。減少的原因是 3.45 億美元的淨流出和 6.73 億美元的分配，部分被 4.92 億美元的市場升值所抵銷。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 second half of the year. With respect to compensation and benefits, we maintain a disciplined and measured approach to both the acquisition of new talent for strategic initiatives and replacement hires so that all things being equal, we would expect the compensation to revenue ratio to remain at 40.5%.

讓我簡單討論一下下半年需要考慮的一些事項。在薪資和福利方面，我們對策略性舉措的新人才收購和替代招聘都保持嚴格和謹慎的態度，因此在所有條件相同的情況下，我們預計薪酬與收入的比率將保持在 40.5%。

We still 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.

我們仍預計今年的一般管理費用將比 2023 年的 5,500 萬美元成長 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。

Excluding that adjustment, we would expect G&A to increase 3% to 5% year over year. 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. And finally, we expect our effective tax rate will remain at 25.4%.

排除此調整，我們預計一般行政費用將年增 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。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, Jon Cheigh, who will discuss our investment performance.

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

Thank you, Matt, and good morning. Today, I'd like to first cover our performance scorecard and then discuss the investment environment for the quarter, including recent market shifts, which we believe favor our asset classes.

謝謝你，馬特，早安。今天，我想先介紹我們的業績記分卡，然後討論本季的投資環境，包括最近的市場變化，我們認為這有利於我們的資產類別。

Last, I'd like to discuss rising global energy demand and how we are taking advantage of this trend within our investment portfolios and how this should drive investor interest into our strategies. Turning to our performance scorecard, for the second quarter, 96% of our total AUM outperformed its benchmark, maintaining our exceptional performance from the previous quarter.

最後，我想討論不斷增長的全球能源需求，以及我們如何在投資組合中利用這一趨勢，以及這應該如何激發投資者對我們策略的興趣。轉向我們的績效記分卡，第二季度，我們總 AUM 的 96% 超過了基準，保持了上一季的出色表現。

On a one-year basis, 98% of our AUM outperformed its benchmark, while our three, five and 10-year outperformance now stands at 96%, 97% and 99% respectively. From a competitive perspective, 94% of our open-end fund AUM is rated four or five star by Morningstar, which is up modestly from 93% last quarter.

從一年來看，我們 98% 的資產管理規模優於基準，而三年、五年和十年的表現分別為 96%、97% 和 99%。從競爭角度來看，我們的開放式基金資產管理規模中有 94% 被晨星評為四星或五星，較上季的 93% 略有上升。

Our AUM weighted alpha over the last year has been 270 plus basis points, an acceleration versus our longer-term numbers. Put simply, our short and long-term performance are compelling and we keep getting better.

去年我們的 AUM 加權阿爾法已超過 270 個基點，與我們的長期數字相比有所加速。簡而言之，我們的短期和長期表現都很引人注目，而且我們不斷變得更好。

Transitioning to investment market conditions. On one hand, the second quarter was more of the same. Global Equity saw a gain of 2.6% and the market fretted daily over the precise timing and amount of interest rate cuts for 2024 and 2025.

過渡到投資市場條件。一方面，第二季的情況基本上相同。全球股市上漲 2.6%，市場每天擔心 2024 年和 2025 年降息的準確時間和幅度。

Equity momentum during the quarter remained highly concentrated in select large-cap growth stocks, leaving behind the majority of the market, including value, small and mid-cap stocks. Our equity-oriented asset classes all continued to lag cap-weighted indices with US and global REITs and global listed infrastructure all modestly negative for the quarter.

本季的股市動能仍高度集中於精選的大型成長型股票，落後於包括價值型、小型和中型股票在內的大多數市場。我們的股票導向資產類別均持續落後於市值加權指數，美國和全球房地產投資信託基金以及全球上市基礎設施在本季度均出現小幅負值。

Taking a step back, over the last five years, while listed REITs and infrastructure have had periods of outperformance, overall, performance differences versus equities are stark. For example, over the last five years, US REITs have underperformed US equities by 1,160 basis points annualized and global listed infrastructure has underperformed global equities by 820 basis points annualized.

退一步來說，在過去的五年裡，雖然上市房地產投資信託基金和基礎設施的表現有一段時間表現出色，但總體而言，與股票的表現差異非常明顯。例如，在過去五年中，美國房地產投資信託基金的年化表現落後於美國股市 1,160 個基點，全球上市基礎設施的年化表現落後於全球股票 820 個基點。

The trailing absolute returns of our asset classes have been disappointing. But there are three key factors that make us very positive about the forward prospects for these asset classes in our business.

我們資產類別的絕對報酬率一直令人失望。但三個關鍵因素使我們對這些資產類別在我們業務中的前景感到非常樂觀。

First, the majority of the underperformance has resulted in the valuation or multiple expansion of equities versus the multiple contraction seen in our asset classes. Earnings growth differences have been a small part of the performance difference relative to just changes in valuation.

首先，大部分錶現不佳導致股票估值或倍數擴張，而我們的資產類別則出現倍數收縮。相對於估值的變化，獲利成長差異只是業績差異的一小部分。

Today, by some measures, equity valuations are somewhere in the bottom quintile or decile versus history, while valuations of our asset classes look historically normal or in some cases, more attractive relative to history.

如今，從某些指標來看，股票估值與歷史相比處於底部五分之一或十分之一，而我們資產類別的估值看起來在歷史上是正常的，或者在某些情況下相對於歷史更具吸引力。

Second, while valuation is a wonderful long-term signal, we know that value may not matter in the short run. Fortunately, in our view, the inflation report of last Thursday will likely go down as a so-called all clear sign that growth in inflation have slowed and that we are entering a rate-cutting cycle.

其次，雖然估值是一個很好的長期訊號，但我們知道價值在短期內可能並不重要。幸運的是，我們認為，上週四的通膨報告可能會作為所謂的「明確跡象」出現，表明通膨增長已經放緩，我們正在進入降息週期。

This shift will alter market leadership and we already see this with our asset classes outperforming. US REITs, as one example, have outperformed the S&P 500 by 680 basis points over the last five trading days.

這種轉變將改變市場領導地位，我們已經在表現出色的資產類別中看到了這一點。例如，美國房地產投資信託基金在過去五個交易日的表現優於標準普爾 500 指數 680 個基點。

Third, while we believe attractive valuations, coupled with a market shift or sufficient preconditions for return outperformance. In our view, the under ownership and money sitting on the sidelines represent a significant available opportunity for our asset classes.

第三，雖然我們相信估值具有吸引力，但加上市場轉變或回報優異的充分先決條件。我們認為，所有權不足和觀望資金對我們的資產類別來說是一個重要的機會。

According to one major sell-side survey, investors are the most underweight real estate they have been since January of 2009, which was the middle of the global financial crisis. We further believe cuts in Fed funds will drive the trillions of dollars currently in money markets to seek higher returns.

根據一項主要賣方調查，投資者對房地產的減持程度是自 2009 年 1 月（全球金融危機中期）以來最嚴重的。我們進一步認為，聯準會資金的削減將推動目前貨幣市場上的數兆美元尋求更高的回報。

Given the attractive valuation of our asset classes and their lagged trailing performance, we believe our strategies are a natural opportunity for fresh capital to take advantage of a market rotation into relative value and yield.

鑑於我們資產類別具有吸引力的估值及其滯後的業績表現，我們相信我們的策略是新資本利用市場輪動轉化為相對價值和收益率的天然機會。

Not to be ignored, private real estate as measured by the preliminary results for the NCREIF ODCE index had modest declines for the quarter of negative 0.5%. This is the seventh quarter in a row of declines which is consistent with the lead lag relationship with listed real estate, which bottomed in Q3 2023. We continue to believe that other funds and investment teams are focused on playing defense on their last cycle private portfolios and redemptions.

不可忽視的是，根據 NCREIF ODCE 指數初步結果衡量，私人房地產本季小幅下跌，為負 0.5%。這是連續第七個季度下降，這與上市房地產的領先滯後關係一致，上市房地產於 2023 年第三季觸底。我們仍然認為，其他基金和投資團隊正專注於對其上一周期的私人投資組合和贖回進行防守。

However, we are focused on taking advantage of repriced real estate and improving debt cost of capital versus 9 to 12 months ago. Creating attractive cash yields to equity investors relative to long-term history.

然而，與 9 至 12 個月前相比，我們專注於利用重新定價的房地產並改善債務資本成本。相對於長期歷史，為股票投資者創造有吸引力的現金收益率。

The last topic I want to discuss is global power, the impact on energy markets and how we have been capitalizing on our forward view on this trend. Most of you have likely seen the many recent headlines on this topic. But simply, the world needs more energy.

我想討論的最後一個主題是全球力量、對能源市場的影響以及我們如何利用我們對這一趨勢的前瞻性看法。你們中的大多數人可能已經看到過許多關於此主題的最新頭條新聞。但簡單地說，世界需要更多能源。

Power demand in the United States has been flat for nearly two decades, but that is beginning to change, and energy efficiency can no longer offset rising power needs. Perhaps the most topical driver of higher electricity demand is data centers with particular focus on AI, which requires substantial computing power, storage capacity and cooling technologies.

美國的電力需求近二十年來一直持平，但這種情況正在開始改變，能源效率不再能夠抵消不斷增長的電力需求。也許電力需求增加的最熱門驅動因素是特別關注人工智慧的資料中心，這需要大量的運算能力、儲存容量和冷卻技術。

But it's not just data centers driving higher demand, onshoring of energy-intensive activities like precision manufacturing as well as shifts related to the energy transition will play a significant role in power demand growth over time.

但推動更高需求的不僅是資料中心，精密製造等能源密集活動的外包以及與能源轉型相關的轉變也將在電力需求成長中發揮重要作用。

Increasing adoption of electric appliances coupled with the growing number of electric vehicles on the road will further expand electricity needs. The title of our recent white paper says it best. This is about changing the narrative from energy transition, energy addition. We see significant investment opportunities for existing and new investors here.

越來越多的電器採用加上道路上電動車數量的增加將進一步擴大電力需求。我們最近的白皮書的標題說明了這一點。這是關於改變能源轉型、能源添加的敘述。我們在這裡看到了現有和新投資者的重大投資機會。

First, we launched the Future of Energy Fund in March of this year. Thesis behind this strategy is that there will be a rise in global energy consumption through at least 2040.

首先，我們在今年三月推出了能源未來基金。這項策略背後的論點是，至少到 2040 年，全球能源消耗將會增加。

Last year, we diverge from consensus in proposing that even though the global economy is becoming more energy efficient, these gains will not be enough to offset rising energy demands resulting from global population and economic growth. Rising electricity demand from data centers have only since made this a more mainstream conversation.

去年，我們與共識不同，我們提出，儘管全球經濟的能源效率正在提高，但這些成果仍不足以抵消全球人口和經濟成長所帶來的不斷增長的能源需求。資料中心不斷增長的電力需求才使這一話題成為更主流的話題。

We believe that traditional and alternative energy will both play meaningful roles in responding to the world's power demands. The Future of Energy Fund is well positioned as we believe that both traditional and alternative energy creates the ability to generate superior investment outcomes in an area requiring active management.

我們相信，傳統能源和替代能源都將在滿足世界電力需求方面發揮有意義的作用。能源未來基金處於有利地位，因為我們相信傳統能源和替代能源都有能力在需要積極管理的領域中產生卓越的投資成果。

Our client-facing teams have been excited to deliver this strategy to potential investors and the feedback has been quite positive in both wealth and institutional markets. The second opportunity we see is that nearly half of our infrastructure portfolios will benefit or seek incremental investment opportunities from this acceleration in power demand growth.

我們面向客戶的團隊很高興能夠向潛在投資者提供此策略，並且在財富和機構市場上得到了非常正面的回饋。我們看到的第二個機會是，我們近一半的基礎設施投資組合將從電力需求成長的加速中受益或尋求增量投資機會。

This will include companies that own and operate power generation, those that build, operate and maintain our electric grid and midstream energy for the pipeline companies that supply power generators.

這將包括擁有和營運發電的公司、建造、營運和維護電網的公司以及為供應發電機的管道公司提供中游能源的公司。

At the same time, the power demand story is part of a wider backdrop that we think is favorable for listed infrastructure. The need to invest tens of trillions of dollars in the world's infrastructure, where power demand is just one driver can provide a tailwind for years to come. Meanwhile, listed infrastructure trades at a rare discount to global equities and at a steep markdown to its historical enterprise multiple.

同時，電力需求故事是我們認為有利於上市基礎設施的更廣泛背景的一部分。全球基礎設施投資數十億美元的需求（電力需求只是其中一個驅動因素）可以在未來幾年提供推動力。同時，上市基礎設施的交易價格相對於全球股票而言罕見地折價，其歷史企業本益比也大幅下降。

The third area where we see power demand as a tailwind is within natural resource equities, which, as a reminder, focuses on three major sectors agribusiness, metals and mining and energy.

我們將電力需求視為順風車的第三個領域是自然資源股票，提醒一下，該領域主要關注農業綜合企業、金屬、採礦和能源三大領域。

We believe that the world has underinvested in natural resources discovery over the last 10 years and that this will create an era of scarcity over the next decade with a track record since inception more than 10 years ago, about performing by more than 200 basis points and 400 plus basis points over the last five years.

我們認為，過去 10 年世界對自然資源發現的投資不足，這將在未來 10 年創造一個稀缺時代，自 10 多年前成立以來，我們的業績記錄約為 200 個基點以上，過去五年上漲了400多個基點。

We believe natural resources will be an exciting area for absolute returns and will remain right for very active management.

我們相信自然資源將是一個令人興奮的絕對回報領域，並且仍然適合非常積極的管理。

With that final comment, let me turn the call over to Joe. Thank you.

最後，讓我把電話轉給喬。謝謝。

Thank you, Jon, and good morning. Today, I will review our second quarter key business metrics and trends, then discuss our current positioning and growth initiatives for the future. Our asset classes lagged the stock market in the second quarter. In terms of flows, some of our clients continue to react to broader challenges they are facing related to funding obligations and portfolio reallocation as the regime change in markets continues to play out.

謝謝你，喬恩，早安。今天，我將回顧我們第二季的關鍵業務指標和趨勢，然後討論我們目前的定位和未來的成長計劃。第二季我們的資產類別落後於股市。就資金流而言，隨著市場體制變革的持續進行，我們的一些客戶繼續應對他們面臨的與融資義務和投資組合重新分配有關的更廣泛挑戰。

As to factors we can control such as investment performance, client education on our asset classes and resource allocation, we are performing well and continue to innovate and invest for the future. I remain optimistic about our positioning.

至於我們可以控制的因素，例如投資績效、客戶對我們資產類別的教育以及資源配置，我們表現良好，並將繼續創新和投資未來。我對我們的定位保持樂觀。

For most of the second quarter, the macroeconomic environment was dominated by the higher for longer expectation for interest rates. The 10-year treasury yield averaged 4.44%. However, after quarter end, we finally saw inflation continuing to ease.

在第二季的大部分時間裡，宏觀經濟環境主要是利率長期預期較高。10年期公債平均殖利率為4.44%。然而，季度末後，我們終於看到通膨繼續緩解。

The focus has now turned back to the potential for rate cuts later this year with yields on the 10-year treasury declining. If our flow patterns since 2017 are any indication, the onset of this easing cycle, combined with our strong investment performance, could portend a shift in our flows. That is from outflows to the longer-term trend of organic growth.

隨著十年期公債殖利率下降，焦點現在又回到了今年稍後降息的可能性。如果我們自 2017 年以來的資金流模式有任何跡象的話，那麼這一寬鬆週期的開始，加上我們強勁的投資表現，可能預示著我們的資金流的轉變。這是從資金外流到有機成長的長期趨勢。

This perspective is supported by our flows over this current interest rate cycle, up until the first Fed rate hike in the second quarter of 2022, which took Fed funds from 25 basis points to 50 basis points. We had experienced 11 straight quarters of net inflows, averaging $2.15 billion per quarter.

這一觀點得到了當前利率週期的資金流的支持，直到 2022 年第二季聯準會首次升息，聯邦基金利率從 25 個基點升至 50 個基點。我們已經連續 11 個季度出現淨流入，平均每季 21.5 億美元。

Since then, as rates increased to 5.5%, we had nine straight quarters of outflows, averaging $745 million per quarter. If the yield curve normalizes at a higher level with less monetary policy extremes, it is possible that our flows and the relative attractiveness of our asset classes could be less influenced by rates and more by our performance.

此後，隨著利率升至 5.5%，我們連續九季出現資金流出，平均每季 7.45 億美元。如果殖利率曲線在較高水準正常化，貨幣政策極端性減少，那麼我們的資金流動和資產類別的相對吸引力可能會更少地受到利率的影響，而更多地受到我們的業績的影響。

Our relative investment performance has been strong for a long time and continued in the second quarter. As a result, we have had good success at taking share from our competitors as well as competing for new mandates.

我們的相對投資表現長期以來一直表現強勁，並在第二季度繼續保持強勁。因此，我們在從競爭對手手中奪取市場份額以及爭奪新的授權方面取得了巨大成功。

Our weighted average excess return over the past year was 273 basis points compared with 309 basis points last quarter. The three-year excess return was 195 basis points. So recent performance has trended higher.

去年我們的加權平均超額報酬為 273 個基點，而上季為 309 個基點。三年超額報酬為195個基點。所以最近的表現呈現上升趨勢。

This performance helps us maintain our fee rates, which overall are 58 basis points compared with 57 basis points the same quarter last year. Over the past several years, many of our traditional asset manager peers have experienced fee rate compression.

這項業績有助於我們維持收費率，整體收費率為 58 個基點，而去年同期為 57 個基點。在過去的幾年裡，我們的許多傳統資產管理公司同業都經歷了費率壓縮。

Asset owners continue to face challenges balancing portfolios amidst a changing and dynamic market environment. These challenges range from inflationary pressures on funding obligations to building more efficient return risk profiles, considering the more attractive menu of fixed income opportunities and the liquidity constraints from private allocations and associated capital commitments.

在不斷變化和動態的市場環境中，資產所有者繼續面臨平衡投資組合的挑戰。這些挑戰包括從融資義務的通膨壓力到建立更有效的回報風險狀況，考慮到更具吸引力的固定收益機會清單以及私人配置和相關資本承諾的流動性限制。

Looking at firm-wide flows. We had net outflows of $345 million in the second quarter compared with $2 billion in the first quarter. By strategy, preferred securities had outflows of $366 million and Global Real Estate had outflows of $127 million, which were offset by inflows of $152 million into US real estate.

著眼於公司範圍內的流動。第二季淨流出 3.45 億美元，而第一季淨流出 20 億美元。按策略劃分，優先證券流出 3.66 億美元，全球房地產流出 1.27 億美元，但被流入美國房地產的 1.52 億美元所抵銷。

The majority of the outflows were from subadvisory and Japan subadvisory segments. Institutional advisory had $73 million of net inflows. Subadvisory ex-Japan had $134 million in outflows. Both segments were active with fundings and redemptions. Now that the macro regime is normalizing, there have been a lot of adjustments to client portfolios.

大部分資金流出來自輔助諮詢和日本輔助諮詢部門。機構諮詢淨流入 7,300 萬美元。日本以外的輔助諮詢業務流出額為 1.34 億美元。這兩個部門的融資和贖回都很活躍。現在宏觀調控正在正常化，客戶投資組合也出現了許多調整。

Categorizing our client redemptions in advisory the past several years. 33% was from rebalancing and raising cash, 35% was from eliminating our strategy from the strategic allocation, 17% was profit taking and 15% was to fund a private allocation. Many of these portfolio shifts are cyclical or aimed at capturing perceived opportunities that have emerged during the regime change.

將過去幾年我們的客戶贖回諮詢進行分類。 33％來自重新平衡和籌集現金，35％來自從戰略配置中消除我們的策略，17％來自獲利了結，15％用於為私人配置提供資金。許多投資組合的轉變都是週期性的，或旨在抓住政權更迭期間出現的機會。

We still believe that many investor types are underallocated to our asset classes based on the fundamental merits of risk and return. Japan subadvisory had outflows of $185 million compared with $312 million of outflows in the first quarter.

我們仍然認為，根據風險和回報的基本優點，許多投資者類型對我們的資產類別的配置不足。日本顧問顧問的資金流出為 1.85 億美元，而第一季的資金流出為 3.12 億美元。

Last quarter, I characterized the environment in Japan as an investing Renaissance. Yet so far, equities have dominated the flows versus interest rate-sensitive asset classes, while Japanese investors are also showing a wariness about the strength of the US dollar and an aversion to yield oriented funds.

上個季度，我將日本的環境描述為投資復興。然而到目前為止，與利率敏感的資產類別相比，股票在資金流中佔據主導地位，而日本投資者也對美元走強表現出謹慎態度，並對收益導向基金表現出厭惡。

Reforms to the country's retirement program called NISA are resulting in modest, but steady inflows, yet passive has seen in greater inflows than active strategies to date. Our one unfunded pipeline was $1 billion compared with $1 billion last quarter and a three-year average of $1.17 billion. Tracking the change from last quarter, $181 million funded from five accounts, and there were newly awarded mandates from six clients totaling $300 million.

該國名為 NISA 的退休計畫改革帶來了適度但穩定的資金流入，但迄今為止，被動策略的資金流入量多於主動策略。我們的一個未融資管道為 10 億美元，而上季為 10 億美元，三年平均為 11.7 億美元。與上季相比，五個帳戶提供了 1.81 億美元的資金，六個客戶新授予了總計 3 億美元的委託。

The majority of the pipeline is in global and US real estate. Offsetting the pipeline will be $558 million of expected redemptions, mostly in global real estate strategies across three accounts, two of which are eliminations from the clients' strategic allocation and one of which is with an OCIO provider who lost a client relationship.

大部分管道位於全球和美國房地產領域。抵銷管道中的資金將是5.58 億美元的預期贖回，主要用於三個帳戶的全球房地產策略，其中兩個是從客戶的策略分配中扣除的，另一個是與失去客戶關係的OCIO 供應商相關的。

I thought it would be helpful to share a recent new real estate mandate we've been funding for an Asian institution. The plan is $200 billion in size, and they have $10 billion allocated to real estate. Of that, we have allocated $300 million to REITs which represents just 15 basis points of their overall plan.

我認為分享我們最近為亞洲機構提供資金的新房地產授權將會有所幫助。該計劃規模為2000億美元，其中100億美元分配給房地產。其中，我們已向房地產投資信託基金撥款 3 億美元，這僅佔其整體計畫的 15 個基點。

We believe that this is representative of many investors under allocations to listed REITs and the growth potential for this asset class. We believe we are well positioned to capitalize on the opportunity in our listed real asset classes while we continue to invest in new opportunities and innovate for the future.

我們認為，這代表了許多投資者對上市房地產投資信託基金的配置以及該資產類別的成長潛力。我們相信，我們處於有利位置，可以充分利用上市實體資產類別的機會，同時繼續投資新機會並為未來進行創新。

While the macro headwinds have been difficult since mid-2022, when the Fed began normalizing interest rates, we believe we are close to a turn toward easing. In fact, markets are pricing in six rate cuts starting this fall and into next year. Our number one priority is to continue our excellent investment performance and advise clients how to allocate to our asset classes over the next phase of this cycle.

儘管自 2022 年中期聯準會開始利率正常化以來，宏觀阻力一直很困難，但我們相信我們已經接近轉向寬鬆。事實上，市場預計從今年秋季到明年將有六次降息。我們的首要任務是繼續保持出色的投資業績，並建議客戶在本週期的下一階段如何分配到我們的資產類別。

Our core strategies, REITs and preferreds should be aided by the rate cycle. Also, our multi-strategy real asset portfolio, in my view, is very underallocated to as investors are underweight inflation-sensitive instruments in a world where inflation will be more persistent.

我們的核心策略、房地產投資信託基金和優先股應該得到利率週期的幫助。此外，在我看來，我們的多策略實體資產投資組合的配置非常不足，因為在通膨將更加持續的世界中，投資人正在減持對通膨敏感的工具。

As Jon discussed, listed infrastructure should get more attention as a lower beta real asset with secular themes due to underinvestment and plays on artificial intelligence through power and data centers.

正如喬恩所討論的那樣，由於投資不足，上市基礎設施作為具有長期主題的貝塔值較低的實體資產應該受到更多關注，並透過電力和數據中心發揮人工智慧的作用。

We have also planned for greater adoption of listed real estate and infrastructure allocations in Asia. Other growth initiatives include the Future of Energy open-end fund, scaling our offshore CCAP funds now that we've hit $1 billion in size, launching active ETFs and capitalizing on the Japan Renaissance considering our 20-year presence in that market.

我們也計劃在亞洲更多地採用上市房地產和基礎設施配置。其他成長措施包括「能源未來」開放式基金、擴大我們的離岸CCAP 基金規模（目前我們的規模已達到10 億美元）、推出主動型ETF 以及考慮到我們在該市場已有20 年的經驗，利用日本復興基金。

Our nontraded REIT -- CNS REIT is gaining momentum. Recall that we have seed capital to deploy and CNS REIT made its first real property acquisition this past January. We have been opportunistic waiting for prices to adjust downward to reflect the change in the cost of capital.

我們的非交易房地產投資信託基金—CNS REIT 正在蓄勢待發。回想一下，我們有種子資本可供部署，CNS REIT 今年 1 月進行了首次房地產收購。我們一直在等待價格向下調整以反映資本成本的變化。

We have several other properties under contract and have gained momentum assembling the portfolio. As a vehicle with fresh capital to invest, CNS REIT is not contending with performance headwinds tied to NAV market downs of legacy real estate assets.

我們還有其他幾處房產已簽訂合同，並且已經獲得了組合投資組合的動力。作為一個擁有新資本的投資工具，CNS REIT 並未面臨與傳統房地產資產淨值市場下跌相關的績效阻力。

While it has been a relatively short time period, our initial performance has been positive, driven primarily by two factors. First is our focus on open-air shopping centers, which have very strong fundamentals and are mispriced in our view. Second is our focus on using listed REITs as an alpha driver to complement the private portfolio.

雖然時間相對較短，但我們最初的表現還是正面的，主要由兩個因素推動。首先是我們對露天購物中心的關注，我們認為這些購物中心的基本面非常強勁，但定價錯誤。其次，我們專注於使用上市房地產投資信託基金作為阿爾法驅動因素來補充私人投資組合。

As Jon discussed earlier, our listed real estate performance has been outstanding this year, further contributing to CNS REIT's momentum. Other milestones include going live on the Schwab alternative investment platform, which is the most used platform for registered investment advisers who are our initial target allocators for CNS REITs.

正如 Jon 之前所討論的，我們的上市房地產今年表現出色，進一步推動了 CNS REIT 的發展勢頭。其他里程碑包括 Schwab 另類投資平台的上線，這是註冊投資顧問最常用的平台，他們是我們 CNS REIT 的初始目標分配者。

As Matt mentioned, Cohen & Steers raised $68.5 million in a registered offering that was conducted in conjunction with our company being added to the S&P 600 Small Cap Index. This new capital has made our balance sheet even stronger.

正如 Matt 所提到的，Cohen & Steers 在註冊發行中籌集了 6,850 萬美元，該發行是在我們公司被納入 S&P 600 小盤指數的同時進行的。這筆新資本使我們的資產負債表更加強勁。

We would envision using a portion of the capital to seed new investment vehicles potentially active ETFs. Meantime, with attractive yields on short-term treasuries, we are able to invest this additional capital on a neutral basis to current earnings.

我們設想使用一部分資金來培育可能活躍的 ETF 的新投資工具。同時，由於短期國債收益率頗具吸引力，我們能夠在中性的基礎上將這些額外資本投資於當前收益。

We had two key leadership additions in the quarter. First is Raja Dakkuri as CFO, succeeding Matt Stadler, who is retiring. Raja was a named Executive Officer and Chief Risk Officer at Valley National Bank where he joined through Valley's acquisition of Bank Leumi, where Raja was CFO. He is tasked with taking a strong finance department and lifting it to the next level. Further integrating with the heads of our teams to strategically measure and manage the business.

本季我們增加了兩個重要的領導層。首先是 Raja Dakkuri，接替即將退休的 Matt Stadler，擔任財務長。Raja 是 Valley National Bank 的指定執行官兼首席風險官，他是透過 Valley 收購 Bank Leumi 加入該銀行的，Raja 擔任該銀行的首席財務官。他的任務是建立一個強大的財務部門並將其提升到一個新的水平。進一步與我們團隊的負責人整合，以策略性地衡量和管理業務。

Second, Dan Noonan has joined as Head of Wealth Distribution. Dan had been Head of Enterprise Wealth and the Private Capital Group at Nuveen. And before that, he was with PIMCO.

其次，丹·努南 (Dan Noonan) 加入，擔任財富分配主管。Dan 曾擔任 Nuveen 企業財富和私人資本集團的負責人。在此之前，他曾在太平洋投資管理公司 (PIMCO) 工作。

Dan, in addition to running our core wealth business in the US will be focusing on shifting and adding resources to the registered investment adviser market and multifamily office segments, contributing or distributing our nontraded REITs and launching active ETFs.

Dan 除了在美國經營我們的核心財富業務外，還將專注於向註冊投資顧問市場和聯合家族辦公室領域轉移和增加資源，貢獻或分銷我們的非交易房地產投資信託基金並推出主動型 ETF。

With the transition to Raja as CFO nearly complete, we are turning to celebrating Matt Stadler's retirement and contributions to Cohen & Steers. This was Matt's 77th and final earnings call.

隨著 Raja 擔任財務長的過渡即將完成，我們正在慶祝 Matt Stadler 的退休和對 Cohen & Steers 的貢獻。這是馬特第 77 次也是最後一次財報電話會議。

For over 19 years, Matt made contributions to numerous account as CFO and as an Executive Committee member. His greatest leadership was felt in running a tight financial ship, focusing on critical business factors, asking the hard, but necessary questions and believing passionately in our business.

19 年來，Matt 作為財務長和執行委員會成員為許多客戶做出了貢獻。他最偉大的領導能力體現在管理嚴格的財務狀況、專注於關鍵的業務因素、提出困難但必要的問題以及對我們的業務充滿熱情的信念。

Please join me in saying farewell to Matt. I know he'll be cheering for us. Thank you, Matt. We wish you well in retirement.

請和我一起向馬特道別。我知道他會為我們加油。謝謝你，馬特。我們祝福您退休後一切順利。

At this point, I'll turn the call back to the operator, Julianne, to facilitate Q&A.

此時，我會將電話轉回給接線生 Julianne，以便進行問答。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

John Dunn, Evercore ISI.

約翰‧鄧恩，Evercore ISI。

Hi and congratulations, Matt. Maybe just a little more on the wealth management channel for US REITs and preferreds. Are you starting to see those conversations shift? And then also the 15% of redemptions from private markets? Thanks for delineating that. Can you update us on the push and pull of demand for public versus private in the wealth management channel.

你好，恭喜你，馬特。也許只是在美國房地產投資信託基金和優先股的財富管理管道上多做一點。您是否開始看到這些對話發生了變化？還有私募市場的 15% 贖回嗎？感謝您的描述。您能否向我們介紹一下財富管理管道中公共需求與私人需求的推動與拉動的最新情況？

Sure. Let me start and maybe Jon can add some things here. Just in terms of the wealth flows this year, if you recall in the first quarter when there was anticipation about rate cuts, we had some very strong months early in the quarter and that included both inflows into REITs as well as preferreds.

當然。讓我開始吧，也許喬恩可以在這裡添加一些東西。就今年的財富流動而言，如果你還記得第一季人們對降息的預期，那麼我們在本季度初經歷了一些非常強勁的月份，其中包括流入房地產投資信託基金和優先股的資金。

In the second quarter as the expectations got pushed out, we then saw some redemptions in preferreds. However, we've continued to see inflows into our open-end refunds. Now most of the flows have come from our what we call our institutional version of our core real estate strategy. And so driving those flows have been some important large RIAs, which is a market that we've been targeting and they've been averaging into this process of REIT starting to signal a new return cycle.

在第二季度，隨著預期的落空，我們看到了一些優先股的贖回。然而，我們繼續看到資金​​流入我們的開放式退款。現在，大部分的資金流都來自我們所謂核心房地產策略的機構版本。因此，推動這些資金流動的是一些重要的大型 RIA，這是我們一直瞄準的市場，它們一直在 REIT 的這一過程中進行平均，開始發出新的回報週期的信號。

So I would expect that, again to the extent that you can have an expectation for flows, they are impossible to predict. But if you go back to my comments about what we've seen over the long-term, if we're entering an easing cycle, I think, that's positive for both of those strategies in the wealth channel.

所以我預計，在你可以對流量有預期的情況下，它們是不可能預測的。但如果你回到我對長期觀察的評論，如果我們進入寬鬆週期，我認為這對財富管道中的這兩種策略都是正面的。

As it relates to the our institutional advisory clients redeeming to fund private investments, taking a step back, the bigger picture is private allocations have been going up in portfolios for some time and that's being turbocharged recently with the love fest with private credit.

由於這與我們的機構諮詢客戶贖回為私人投資提供資金有關，退一步來說，更大的前景是投資組合中的私人配置已經上升了一段時間，並且最近隨著對私人信貸的熱愛而加速。

So as we -- as these asset owners navigate the regime change, they've made commitments to private investments. And so it's -- the money's got to come from somewhere. And they can't get it from private because realizations aren't happening.

因此，當我們這些資產所有者應對政權更迭時，他們已經對私人投資做出了承諾。所以，錢必須來自某個地方。他們無法從私人那裡獲得它，因為實現還沒有發生。

Fixed income is gaining more share in portfolios. So it's got to come from listed allocation and that's been equities and in some cases are listed asset classes. As it relates to the real estate return cycle, we think that the price correction that we've been looking for in the private markets is about two-thirds of the way complete.

固定收益在投資組合中所佔份額越來越大。因此，它必須來自上市配置，其中包括股票，在某些情況下是上市資產類別。由於它與房地產回報週期相關，我們認為我們一直在私人市場中尋找的價格調整已完成約三分之二。

And -- but it's highly variable depending on the property sector. As I mentioned, we've been putting some money to work in the shopping center sector, which hadn't had the cyclical top off that other sectors like apartments or industrial had as interest rates went to new lows and cap rates went to new lows.

而且——但根據房地產行業的不同，情況變化很大。正如我所提到的，我們一直在購物中心行業投入一些資金，該行業沒有像公寓或工業等其他行業那樣出現週期性頂峰，因為利率創出新低，上限利率創出新低。

But we've started to put money to work and we feel that with the signaling that's happened from the REIT market, that's a good indicator of those bottoming process.

但我們已經開始投入資金，我們認為，從房地產投資信託市場發出的信號來看，這是觸底過程的一個很好的指標。

And if -- as both Jon and I talked about, we're into a rate cutting cycle that will start to help on the cost of capital for real estate, but there still needs to be adjustments in seller expectations and the marks that they have in their portfolios.

如果——正如喬恩和我談到的那樣，我們進入降息週期，這將開始幫助降低房地產的資本成本，但仍然需要調整賣家的期望和他們的標記在他們的投資組合中。

Got it. And then on Japan, could you talk about how NISA actually could be end up being a significant tailwind down the road? And then maybe a little more on this idea of Japan going into renaissance and how you plan to take advantage of that across maybe multiple channel -- distribution channels?

知道了。那麼關於日本，您能否談談 NISA 實際上如何最終成為未來的重要推動力？然後可能會更多關於日本進入復興的想法，以及您計劃如何透過多個管道（分銷管道）利用這一點？

Well, the renaissance stems from the very positive investing related trends that have been happening in Japan, including reflation starting in Japan and getting out of a deflationary environment, improved corporate governance, Warren Buffett blessing the market and global allocators wanting to find a different home rather than China and so money has been going into Japan.

嗯，復興源於日本正在發生的非常積極的投資相關趨勢，包括日本開始的通貨再膨脹並擺脫通貨緊縮環境、改善公司治理、沃倫·巴菲特祝福市場以及希望找到不同家園的全球配置者而不是中國，所以資金一直流向日本。

As I mentioned so far, it's been going into equities, which is not inconsistent with what we've seen here with the leadership of some of the growth related technology companies. So but I think more importantly, if it, if this -- and the regulators have been putting a focus on the investing markets and trying to improve the quality of the investment vehicles that are there and educating investors.

正如我到目前為止所提到的，它一直在投資股票，這與我們在這裡看到的一些成長相關科技公司的領導地位並不矛盾。所以，但我認為更重要的是，如果是這樣的話，監管機構一直在關注投資市場，並努力提高投資工具的品質並教育投資者。

So if that as a whole is favorable for investing, we think we'll get our share of portfolio allocations. And our partners, Daiwa, are optimistic about this and they wanted to market our strategies more and we've committed to giving them more sales resources. So it's early days, but we're -- I think a transition in this renaissance context will take some time and we're -- we've been there for 20 years and we think we should get our fair share of that activity.

因此，如果整體上有利於投資，我們認為我們將獲得投資組合配置的份額。我們的合作夥伴大和對此持樂觀態度，他們希望更多地推銷我們的策略，我們致力於為他們提供更多的銷售資源。所以現在還處於早期階段，但我們——我認為這種文藝復興背景下的過渡需要一些時間，而且我們——我們已經在那裡呆了20 年了，我們認為我們應該在這項活動中得到公平的份額。

Thank you.

謝謝。

Adam Beatty, UBS.

瑞銀集團的亞當比提。

Hi. Good morning, and congrats to Matt. Fittingly perhaps, I'd like to kick it off with a question about sources and uses of capital. You did have the recent offering. Joe mentioned maybe seeding some funds. So just wondering how else you might deploy that capital and maybe whether or not M&A might be on the table just given some of the valuations around?

你好。早上好，祝賀馬特。或許，我想以一個關於資本來源和用途的問題作為開場白。您確實有最近的產品。喬提到可能會注入一些資金。因此，只是想知道您還可以如何部署這些資本，以及考慮到周圍的一些估值，是否可以考慮併購？

Also, your stock has done very well. So I was wondering how you might think about maybe issuing some more shares to take advantage of that and then having maybe some dry powder for future initiatives? Thank you.

另外，你的股票表現也很好。所以我想知道你會如何考慮發行更多股票以利用這一點，然後為未來的舉措提供一些乾粉？謝謝。

Yes. Let me start and maybe Matt can add. So, yeah, our stock has done very well and that can be linked to this inflection point on interest rates and a shift as Jon talked about and market leadership for the small cap and value and so we've seen a nice rally in the stock.

是的。讓我開始吧，也許馬特可以補充。所以，是的，我們的股票表現非常好，這可以與利率的轉折點和喬恩談到的轉變以及小型股和價值的市場領導地位聯繫起來，所以我們看到股票的良好反彈。

As it relates to raising capital, our balance sheet is very strong. We've got plenty of capital. What we did earlier in the year was opportunistic. And with the context being -- our business has become a little bit more capital intensive with the private real estate business, which requires more co-investment than a listed security vehicle would require.

由於涉及籌集資金，我們的資產負債表非常強勁。我們有充足的資本。我們今年早些時候所做的事情是機會主義的。在這種背景下，我們的私人房地產業務的資本密集度更高，這需要比上市證券工具更多的共同投資。

And those commitments include $125 million for our non-traded REIT and $50 million for our opportunistic traditional private equity vehicle. So with that as a context and then thinking about launching active ETFs in light of the markets bouncing around, we just thought it would be a good insurance policy to be opportunistic and take advantage of the inclusion trade, which where the stock went up 10% overnight and show up the balance sheet.

這些承諾包括為我們的非交易房地產投資信託基金提供 1.25 億美元，為我們的機會主義傳統私募股權工具提供 5,000 萬美元。因此，以此為背景，然後考慮根據市場的波動推出主動 ETF，我們只是認為機會主義並利用包容性交易將是一個很好的保險政策，其中股票上漲了 10%隔夜並顯示資產負債表。

And right now it's as strong as it's ever been and -- but as it relates to uses of capital, they're going to be primarily organic. And at this time, we don't have any acquisitions in mind as you know. We've been more of an organic growth oriented firm. And right now we have plenty of that opportunity with our private real estate business and with active ETFs.

現在它和以往一樣強大——但由於它與資本的使用有關，它們將主要是有機的。如您所知，目前我們沒有任何收購計劃。我們更像是一家以有機成長為導向的公司。現在，我們的私人房地產業務和活躍的 ETF 有很多這樣的機會。

Got it. Thank you. Yes and point taken on the private coinvest. Just shifting over a little bit to maybe real estate subsectors, Jon talked a lot about energy, obviously, and then Joe mentioned open air shopping centers. On the -- and data centers as well. I'm just wondering about, in the context of a potential regime change here, any concern about growth areas like data centers, maybe being a little bit less robust? And then broadly, how you're thinking about allocating to different real estate subsectors? Thanks.

知道了。謝謝。是的，對私人共同投資也有看法。喬恩顯然談到了很多關於能源的話題，然後喬提到了露天購物中心。以及資料中心。我只是想知道，在潛在的政權更迭的背景下，對資料中心等成長領域的任何擔憂，可能會有點不太穩健？然後從廣義上講，您如何考慮分配給不同的房地產子行業？謝謝。

Sure. I mean, obviously, there's been big performance dispersions in the listed market over the last 12 months for a lot of different reasons. I think to your point, really it's just going to be the fundamental drivers in the data center business, which has driven wholesale rents up meaningfully.

當然。我的意思是，顯然，由於多種不同的原因，過去 12 個月上市市場的表現出現了巨大的差異。我認為就你的觀點而言，這確實將成為資料中心業務的基本驅動力，從而推動批發租金大幅上漲。

It's going to continue to drive wholesale rents up meaningfully over the next few years, mainly because there's a lot of demand and there's an absence of supply because frankly there's just difficulty in sourcing power, which is the necessary ingredient, of course, for data center.

未來幾年，這將繼續大幅推高批發租金，主要是因為需求很大，但供應不足，因為坦白說，採購電力存在困難，而電力當然是資料中心的必要組成部分。

So I'm not sure there's going to be a big shift as it relates to some of the fundamental trends that we're seeing. But, of course, there's going to be differences as it relates to the listed market in terms of sector dispersion and things like that.

因此，我不確定是否會發生重大轉變，因為它與我們所看到的一些基本趨勢有關。但是，當然，由於與上市市場相關的行業分散度等方面會存在差異。

So we've moved our portfolios over time to capitalize on big dispersions and returns, for example, between the tower sector which was a darling, if you will, for many years, but frankly it's been a big laggard over the last few years.

因此，隨著時間的推移，我們已經調整了我們的投資組合，以利用巨大的分散和回報，例如，塔樓行業多年來一直是人們的寵兒，但坦率地說，它在過去幾年裡一直是一個很大的落後者。

So tower REITs for us, we see as a very big opportunity and data centers also continue to be a very big opportunity. So I think there's certainly shifts like that. But most of the dynamic changes that I was referring to more relate to some of the multiple compression and expansion that's happened within the different parts of the market.

因此，對我們來說，塔式房地產投資信託基金是一個非常大的機會，而資料中心也仍然是一個非常大的機會。所以我認為肯定有這樣的轉變。但我所指的大多數動態變化更與市場不同部分發生的一些多重壓縮和擴張有關。

Large cap has beaten small really across all GICS categories. And the REIT market, when you look at it, has basically had very comparable earnings growth. It's lagged a little bit versus the S&P over the last five years. And that's been surprising to people because I think the USA today view is real estate is bad. It must be an earnings story, but that's fundamentally not true.

在所有 GICS 類別中，大盤股確實擊敗了小型股。當你觀察房地產投資信託市場時，你會發現基本上具有非常可比較的獲利成長。過去五年，它與標準普爾指數相比略有落後。這讓人們感到驚訝，因為我認為當今美國的觀點是房地產不好。這肯定是一個盈利故事，但從根本上來說這不是真的。

And so a lot of our conversations have been about office is a very small part of our portfolios in areas like data centers, healthcare and towers are much bigger parts of the REIT market, much bigger parts of really what's driving earnings growth. And as you expect, there's a lot of tailwinds still in those areas.

因此，我們的許多對話都是關於辦公大樓在我們的投資組合中只佔很小的一部分，在數據中心、醫療保健和塔樓等領域是房地產投資信託市場的更大組成部分，是真正推動盈利增長的更大組成部分。正如您所期望的那樣，這些領域仍然有很多有利因素。

That's great. Appreciate the detail. That's all I had today. Thank you.

那太棒了。欣賞細節。這就是我今天的全部內容。謝謝。

Mac Sykes, Gabelli.

麥克賽克斯，加貝利。

I just want to reiterate, thank you to Matt and the team there. I mean, he's been a great support to me and as well as Industry Insight. And I would note that's been many years over the course of my coverage of the firm. So thank you, Matt, and best wishes. I had two questions, I just I'll ask them together.

我只想重申，感謝馬特和那裡的團隊。我的意思是，他給了我和業界洞察力很大的支持。我要指出的是，在我報道該公司的過程中已經有很多年了。謝謝你，馬特，並致以最美好的祝愿。我有兩個問題，我只是一起問。

On the active ETFs, are there any specific product areas that you're targeting REITs versus preferreds etcetera? And then on the closed end fund side, I know you're a pretty big provider there and we have this purging IPO coming up. I was wondering if that catalyst there is changing your opinion on opportunities in closed-end funds? Thank you.

在活躍的 ETF 中，您是否有針對 REIT 與優先股等特定產品領域？然後在封閉式基金方面，我知道你們是那裡相當大的供應商，我們即將進行清洗 IPO。我想知道這個催化劑是否會改變您對封閉式基金機會的看法？謝謝。

Sure. As we launch active ETFs, it will happen in several phases. And the product positioning question is a really complicated one in light of all the incumbent relationships that we and all of our peers have. But we will lead with our strength, with core strategies and it will include REITs and preferreds, and one other area that Jon talked about today, which we just feel very -- very strongly about investment wise.

當然。當我們推出主動型 ETF 時，將分幾個階段進行。考慮到我們和所有同行之間現有的關係，產品定位問題是一個非常複雜的問題。但我們將憑藉我們的實力、核心策略來引領，它將包括房地產投資信託基金和優先股，以及喬恩今天談到的另一個領域，我們對投資明智的感覺非常非常強烈。

So that's how we'll start. We'll start not slow, but medium. And then as the market evolves and it's evolving rapidly, we'll see how the different technology evolves. You know that many firms have filed a lawsuit with the SEC to try to get ETF share classes of open end funds. But so this is going to play out over a long period of time, but we will lead with our strength.

這就是我們開始的方式。我們開始的速度不會很慢，但要中等。然後隨著市場的發展並且快速發展，我們將看到不同的技術如何發展。您知道，許多公司已向 SEC 提起訴訟，試圖獲得開放式基金的 ETF 份額類別。但這將持續很長一段時間，但我們將用我們的力量來引領。

As it relates to closed end funds, there hasn't been a traditional closed end fund in a while and the reason is interest rates have been so high. One feature of the majority of new issue closed end funds is to have a leverage component to it. And with the cost of debt right now, it's hard to create a positive spread on your portfolio relative to the cost of your borrowing.

就封閉式基金而言，傳統的封閉式基金已經有一段時間沒有出現了，原因是利率太高了。大多數新發行的封閉式基金的一個特點是具有槓桿成分。鑑於目前的債務成本，相對於借貸成本，很難在你的投資組合上創造正利差。

So that is still a pretty big headwind. What Bill Ackman and Pershing are trying to do is very different -- they're very different and it's very different than the traditional closed end fund market, but it's going to play to his market position and investing style, which isn't an income oriented investment strategy that you'll typically find in closed end funds. And that has been a differentiating factor as it relates to how closed end funds trade in the aftermarket.

所以這仍然是一個相當大的阻力。比爾·阿克曼和潘興試圖做的事情非常不同——他們非常不同，而且與傳統的封閉式基金市場非常不同，但這將發揮他的市場地位和投資風格，這不是收入您通常會在封閉式基金中找到導向投資策略。這是一個差異化因素，因為它關係到封閉式基金在售後市場的交易方式。

Great. Thank you.

偉大的。謝謝。

So we would love for that market to open up, but I don't see it happening until we get some more relief on the interest rate front.

因此，我們希望該市場能夠開放，但在我們在利率方面得到更多緩解之前，我認為這種情況不會發生。

We have no further questions. I would like to turn the call back over to Joe Harvey for closing remarks for.

我們沒有其他問題了。我想將電話轉回給喬·哈維，讓他發表結束語。

Thank you, Julie, and thanks, everybody, for taking time to listen to us today. We look forward to reporting to you next quarter. Have a great day.

謝謝朱莉，也謝謝大家今天抽空聽我們講話。我們期待下個季度向您報告。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。