Cohen & Steers Inc (CNS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded, Thursday, April 17, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 Cohen & Steers 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 4 月 17 日星期四進行錄製。

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

現在，我想將會議交給 Cohen & Steers 高級副總裁兼副總法律顧問 Brian Heller。請繼續。

Thank you, and welcome to the Cohen & Steers first quarter 2025 earnings conference call. Joining me are Joe Harvey, our Chief Executive Officer; Raja Dakkuri, our Chief Financial Officer; and John Cheigh, our President and Chief Investment Officer.

謝謝，歡迎參加 Cohen & Steers 2025 年第一季財報電話會議。與我一起出席的還有我們的執行長喬·哈維 (Joe Harvey)、我們的財務長拉賈·達庫裡 (Raja Dakkuri) 以及我們的總裁兼首席投資官約翰·切伊 (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.

我想提醒您，我們的一些評論和您的問題的回答可能包含前瞻性陳述。根據我們目前掌握的信息，我們認為這些聲明是合理的，但實際結果可能因多種因素而存在重大差異，包括我們隨附的第一季度收益報告和演示文稿、我們最近的 10-K 表年度報告以及我們向美國證券交易委員會提交的其他文件中所述的因素。我們不承擔更新任何前瞻性聲明的義務。

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. Our presentation also contains non-GAAP financial measures referred to as as adjusted financial measures that we believe are meaningful in evaluating our performance.

此外，我們的任何聲明均不構成出售任何基金或其他投資工具的證券的要約或購買要約的邀請。我們的報告還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很有意義。

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. 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 GAAP 財務指標應與我們的 GAAP 結果一起閱讀。這些非公認會計準則財務指標的對帳已在合理範圍內納入收益發布和陳述中。收益報告和簡報以及我們向美國證券交易委員會 (SEC) 提交的文件連結可在我們網站 www.cohenandsteers.com 的投資者關係部分找到。

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

說完這些，我將把電話轉給 Raja。

Thank you, Brian, and good morning, everyone. My remarks today will focus on our as adjusted results. A reconciliation of GAAP to as adjusted results can be found in the earnings release and presentation. Yesterday, we reported earnings of $0.75 per share compared to $0.78 sequentially. Revenue for Q1 decreased from the prior quarter to $133.8 million.

謝謝你，布萊恩，大家早安。我今天的發言將集中討論我們的調整後結果。在收益報告和介紹中可以找到 GAAP 與調整後結果的對帳表。昨天，我們報告每股收益為 0.75 美元，而上一季為 0.78 美元。第一季營收較上一季下降至 1.338 億美元。

The change in revenue from the prior quarter was driven by several items. The primary driver was lower average AUM during the quarter. Also impacting revenue was lower day count compared to the prior quarter. As a reminder, we had also recognized performance fees in Q4 related to certain institutional accounts. These items were partially offset by improvement in our effective fee rate.

與上一季相比，收入的變化是由幾個因素造成的。主要驅動因素是本季平均 AUM 較低。與上一季相比，天數減少也影響了收入。提醒一下，我們也確認了第四季度與某些機構帳戶相關的績效費。這些項目被我們有效費率的提高部分抵消。

Our effective fee rate was 59 basis points, which was slightly higher than the prior quarter. The primary driver of this was mix change in our average AUM. Our operating margin was 34.7% compared to 35.5% in the prior quarter. As noted, we experienced lower average AUM as compared to the prior quarter. However, ending AUM increased compared to Q4.

我們的有效費率為 59 個基點，略高於上一季。造成這現象的主要驅動因素是我們的平均 AUM 組合變化。我們的營業利益率為 34.7%，而上一季為 35.5%。如上所述，與上一季相比，我們的平均 AUM 有所下降。然而，與第四季度相比，期末 AUM 有所增加。

AUM was $87.6 billion as of Q1 compared to $85.8 billion at prior quarter end. The change in ending AUM was driven by a number of factors. We generated overall net inflows during Q1, primarily due to open-end funds. These open-end fund flows were partially offset by institutional outflows that were anticipated. This is the third consecutive quarter of net inflows.

截至第一季度，AUM 為 876 億美元，而上一季末為 858 億美元。最終 AUM 的變化是由多種因素造成的。我們在第一季實現了整體淨流入，主要得益於開放式基金。這些開放式基金的流入被預期的機構流出部分抵銷。這是連續第三季出現淨流入。

In terms of our strategies, global listed infrastructure experienced strong flows during the quarter. Lastly, end-of-period AUM was positively impacted by market appreciation during the quarter. Joe Harvey will provide additional insights regarding flows and pipeline.

就我們的策略而言，本季全球上市基礎設施經歷了強勁的流動。最後，本季末的 AUM 受到市場升值的正面影響。喬·哈維 (Joe Harvey) 將提供有關流程和管道的更多見解。

Total expenses were lower than the prior quarter, primarily due to a decrease in compensation and benefits. During the quarter, the change in comp and benefits was in line with the sequential decrease in revenue.

總支出低於上一季度，主要由於薪資和福利減少。本季度，薪資和福利的變化與收入的連續下降一致。

As a result, the compensation ratio for the quarter was 40.5%, consistent with our planning. To a lesser extent, expenses were also impacted by decreases in distribution and service fees, while G&A expense levels remained consistent with the prior quarter.

因此，本季的薪酬比率為40.5%，與我們的計劃一致。在較小程度上，費用也受到分銷和服務費下降的影響，而一般及行政費用水準與上一季保持一致。

Regarding taxes, our effective rate was 25.3% for the quarter. Our earnings material presents liquidity at the end of Q1 and prior quarters. Our liquidity totaled $295 million at quarter end, which represents a decrease versus the prior period.

關於稅收，本季我們的有效稅率為 25.3%。我們的收益資料顯示了第一季末和前幾季的流動性。截至本季末，我們的流動資金總額為 2.95 億美元，較上一季下降。

This quarterly change is in line with prior years and driven by our annual incentive compensation cycle. Let me now touch on a few items regarding rest of year guidance.

這一季度變化與往年一致，並由我們的年度激勵薪酬週期推動。現在讓我談談有關今年剩餘時間指導的幾個事項。

With respect to comp and benefits, we would expect our compensation ratio to remain at 40.5%, in line with Q1. We expect G&A to increase in the range of 6% to 7% as compared to the prior year. This is driven by continued infrastructure investments, including completion of our foreign office upgrades.

關於薪資和福利，我們預期薪資比率將維持在 40.5%，與第一季一致。我們預計，與前一年相比，一般及行政開支將增加 6% 至 7%。這是由持續的基礎設施投資推動的，包括完成我們的外國辦事處的升級。

Also impacting G&A are expenses related to our recent ETF rollout as well as business development activities. Lastly, regarding 2025 guidance, we expect our effective tax rate to remain at 25.3% on an as adjusted basis.

同樣影響 G&A 的還有與我們最近推出的 ETF 以及業務發展活動相關的費用。最後，關於 2025 年的指導，我們預計我們的有效稅率將保持在調整後的 25.3%。

I'll now turn over to John Cheigh, who will discuss investment performance.

現在我將邀請 John Cheigh 來討論投資績效。

Thanks, Raja I'll cover three topics. First, our performance scorecard, second, the market environment in the first quarter, and last, our investment outlook and how we see our asset classes and strategies playing a bigger role in client portfolios.

謝謝，Raja，我將討論三個主題。首先是我們的業績記分卡，其次是第一季的市場環境，最後是我們的投資展望以及我們如何看待我們的資產類別和策略在客戶投資組合中發揮更大的作用。

Beginning with our performance scorecard, the first quarter saw 81% of our AUM outperform its benchmark. On a one year basis, 89% of our AUM has outperformed, while our 3, 5 and 10 year rates are all above 95%.

從我們的績效記分卡開始，第一季我們的 81% 的 AUM 表現優於基準。以一年計算，我們 89% 的 AUM 表現優異，而我們的 3 年、5 年和 10 年利率均超過 95%。

Our one, three and five year excess returns of 257 basis points, 189 basis points and 254 basis points, respectively, are near or above our expectations. 92% of our open-end fund AUM is rated for 5 star by Morningstar.

我們的一年、三年和五年超額報酬分別為 257 個基點、189 個基點和 254 個基點，接近或高於我們的預期。我們的 92% 開放式基金 AUM 被晨星評為五星。

In short, we continue to provide meaningful long-term alpha for our investors. Turning to market conditions. In the first quarter, US equities declined 4.3%, while developed market ex US equities rose 5.4% in dollar terms. US REITs gained 2.8% and global listed infrastructure rose 4.8%, in both cases, outperforming the corresponding broad equity index.

簡而言之，我們將繼續為投資者提供有意義的長期阿爾法收益。轉向市場狀況。第一季度，美國股市下跌 4.3%，而美國以外的已開發市場股市以美元計算上漲 5.4%。美國房地產投資信託基金 (REIT) 上漲 2.8%，全球上市基礎設施上漲 4.8%，均跑贏對應的大盤指數。

Additionally, listed real assets performed well as investors rotated into more defensive or attractively valued hard assets, ranging from utilities to gold as anticipation of tariffs and sticky inflation raised macro concerns. This rotation in our view, is not an anomaly. In November of last year, we published a paper called FOMO, reversals of fortune and the opportunity in real assets.

此外，由於關稅和頑固通膨預期引發宏觀擔憂，投資者轉向更具防禦性或估值有吸引力的硬資產，從公用事業到黃金，上市實體資產表現良好。我們認為，這種輪換並不異常。去年 11 月，我們發表了一篇名為《FOMO：財富逆轉與實體資產機會》的論文。

The punch line being that decade-long market leadership tends to mean revert. To us, this one quarter rotation is a harbinger of what the new market leadership might look like, spearheaded by real assets and potentially non-US equities. A shift built on a mix of attractive valuations and macro forces.

關鍵在於，長達十年的市場領導地位往往會逆轉。對我們來說，這一季度的輪換預示著新的市場領導地位可能會是什麼樣子，由實體資產和潛在的非美國股票引領。這種轉變建立在有吸引力的估值和宏觀力量的共同作用之上。

Either way, we believe that diversification and a balanced strategic asset allocation is a requirement in a world of macro and geopolitical change. Of course, Q1 performance has taken a backseat to what has transpired in the first few weeks of the second quarter.

無論如何，我們相信，在宏觀和地緣政治變化的世界中，多樣化和平衡的戰略資產配置是必要的。當然，與第二季前幾週發生的情況相比，第一季的表現已經遜色不少。

So what's our interpretation of what has happened and where do we go from here? Coming into the year, we expected a slowdown due to a combination of a tiring consumer, fiscal tightening, immigration reversals and trade impacts, offset by economic benefits from deregulation.

那麼，我們對所發生的事情有何解讀？我們下一步該怎麼做？進入今年，我們預計經濟成長將放緩，原因是消費者疲軟、財政緊縮、移民逆轉和貿易影響等因素共同作用，但放鬆管制帶來的經濟效益將抵消這些影響。

When combined with US equities at all-time highs, tight credit spreads and expensive price to earnings multiples, financial markets were vulnerable to a negative surprise. Global investors had become complacent.

當美國股市處於歷史高點、信貸利差收窄以及市盈率昂貴時，金融市場很容易受到負面意外的影響。全球投資者已經變得自滿。

The April 2 tariff announcements represented just such a surprise and in our view, will lead to a meaningful stagflationary impact on the US, at least in the short run. As we've seen over the last few weeks, it's a fluid situation. But the impact of tariffs and business uncertainty has meaningfully boosted the odds of a US recession, although our base case is that we narrowly avoid a recession.

4 月 2 日的關稅公告就代表了這樣的意外，我們認為，至少在短期內，這將對美國產生嚴重的滯脹影響。正如我們過去幾週所見，情況瞬息萬變。但關稅和商業不確定性的影響顯著增加了美國經濟衰退的可能性，儘管我們的基本預測是，我們勉強避免了經濟衰退。

We continue to expect core US inflation to remain above the Fed's long-term target. Tariffs and potential trade wars only add to this pressure, certainly in the short and likely in the medium term. US equities have recently stabilized, but were down approximately 17% on the year at one point.

我們繼續預期美國核心通膨率將維持在聯準會的長期目標之上。關稅和潛在的貿易戰只會增加這種壓力，短期內肯定如此，中期也可能如此。美國股市近期有所穩定，但今年以來一度下跌約 17%。

Despite the correction, US equities still look relatively expensive and appear to have gone from trading at roughly 22 times earnings to about 20 times today. Although after some expected negative earnings revision, that 20 times may still be closer to 22 times.

儘管出現回調，但美國股市看起來仍然相對昂貴，市盈率似乎已從約 22 倍升至如今的 20 倍左右。儘管經過一些預期的負面獲利修正，20倍可能仍接近22倍。

We would expect some combination of both earnings and multiple contraction over time to drive disappointing US listed equity performance. In contrast, we believe listed real assets combine three highly important attributes, less sensitivity to tariffs and slowing growth, attractive relative valuations and liquidity at a time when both the explicit and opportunity cost of illiquidity are high.

我們預計，隨著時間的推移，收益和本益比收縮的某種組合將導緻美國上市股票表現令人失望。相較之下，我們認為上市實體資產兼具三個非常重要的屬性：對關稅和成長放緩的敏感度較低、相對估值具有吸引力，以及在流動性不足的顯性成本和機會成本都很高的時候具有流動性。

To the first point, listed real assets are likely to feel less of the brunt of the negative impact of tariffs. To illustrate this point, estimates of the impact of tariffs on S&P 500 earnings are around 10%. Based on our current estimates by comparison, US REIT earnings are likely to be down only 0% to 1% and infrastructure down 2% to 3% because of the direct impact of tariffs.

對於第一點，上市實體資產可能較少受到關稅負面影響。為了說明這一點，關稅對標準普爾 500 指數收益的影響估計約為 10%。根據我們目前的估計，由於關稅的直接影響，美國房地產投資信託基金的收益可能僅下降 0% 至 1%，基礎設施收益可能僅下降 2% 至 3%。

Real estate and infrastructure companies largely are not importers or exporters. Within real assets, natural resource equities face the biggest headwinds with direct pressure to EPS of around 10% to 15%, but with wide divergences between winners and losers, though higher commodity prices could provide some offset.

房地產和基礎設施公司大多不是進口商或出口商。在實體資產中，自然資源類股票面臨的阻力最大，其每股盈餘將直接受到約 10% 至 15% 的壓力，但贏家和輸家之間的差距很大，不過大宗商品價格上漲可能會帶來一些抵銷。

As it relates to slowing growth, real asset companies also tend to generate more predictable revenues due to longer-term leases or contracts or less economically sensitive demand. On valuation, in contrast to US equities, all core real asset categories are either neutrally or attractively valued versus history.

由於成長放緩，實體資產公司也往往會因租賃或合約期限較長或經濟敏感性較低而產生更可預測的收入。在估值方面，與美國股票相比，所有核心實體資產類別相對於歷史而言都是中性或有吸引力的估值。

We see companies in the space as positioned for higher profitability levels, driven by factors such as commodity undersupply and a move away from globalization or onshoring and reindustrialization. Persistent inflationary pressures as well as geopolitical uncertainty also support real assets.

我們認為，受大宗商品供應不足以及遠離全球化或在岸和再工業化等因素的推動，該領域的公司將實現更高的盈利水平。持續的通膨壓力以及地緣政治不確定性也支持實體資產。

As the FOMO piece I referenced earlier highlights, the primary reason why decade-long mean reversion occurs is because investors get too complacent over a period of years and valuations move too far in one direction or the other.

正如我之前提到的 FOMO 文章所強調的那樣，出現長達十年的均值回歸的主要原因是投資者在幾年的時間裡變得過於自滿，估值向一個方向或另一個方向波動過大。

In our conversations with our clients, we see growing evidence that investors are beginning to embrace this idea of new market leaders and a potential market rotation and fund flows towards the valuation laggards of the last 10 years, like real assets. My last comment relates to the importance of liquidity and how investors value it.

在與客戶的對話中，我們看到越來越多的證據表明，投資者開始接受這種新市場領導者的想法，以及潛在的市場輪調和資金流向過去 10 年估值落後者的想法，就像實體資產一樣。我的最後一條評論涉及流動性的重要性以及投資者如何評價它。

First, we believe the cost of illiquidity have not been analyzed or discussed sufficiently. So we will publish our in-depth research on it in the second half of the year.

首先，我們認為流動性不足的成本尚未得到充分的分析與討論。因此我們將在下半年發布對此的深入研究。

At a high level, we believe the presence of the illiquidity return premium is taken as a given, but the data indicates it has been more inconsistent than reported across different asset classes. Specifically, the historical data indicates a negative illiquidity return premium in private real estate and a more neutral premium in infrastructure.

從高層次來看，我們認為非流動性報酬溢價的存在是理所當然的，但數據表明，它比不同資產類別報告的更不一致。具體而言，歷史數據顯示私人房地產的非流動性報酬溢價為負，而基礎設施的非流動性報酬溢價更為中性。

But the explicit cost of illiquidity is only one element. The opportunity cost of illiquidity happens in three ways. First, investors not being able to rebalance when their illiquid assets don't provide realizations as planned. Second, needing to sell their liquid assets when needed in a major market downturn as opposed to un-optimal, and last, the frictional costs of the J-curve that occurs in most private closed-end funds.

但流動性不足的顯性成本只是其中一個因素。流動性不足的機會成本以三種方式產生。首先，當非流動性資產未能按計畫實現時，投資者無法重新平衡。其次，在市場大幅低迷時需要出售其流動資產（而非最優），最後，大多數私人封閉式基金中都會出現 J 曲線的摩擦成本。

Only recently, we see university endowments having to contend with questions about significant uncertainty around both the revenue side and potential endowment taxation. In a regime of high uncertainty, the opportunity cost of liquidity is high.

直到最近，我們才發現大學捐贈基金必須應對收入方面和潛在捐贈稅的巨大不確定性問題。在高度不確定的環境中，流動性的機會成本很高。

To summarize, as always, economic uncertainty and financial market dislocations create opportunities to identify winners and losers. Across all of our markets, we believe active management can capitalize on these divergences and is important to boost returns, combined with a more favorable backdrop for asset allocation, we remain positive about the environment for real assets.

總而言之，一如既往，經濟不確定性和金融市場混亂創造了識別贏家和輸家的機會。在我們所有的市場中，我們相信主動管理可以利用這些差異，並且對於提高回報非常重要，再加上更有利的資產配置背景，我們對實體資產的環境仍然持樂觀態度。

With that, let me turn the call over to Joe.

說完這些，讓我把電話轉給喬。

Thank you, John, and good morning. I will start by addressing the current state of our business, then review our key business trends in the quarter and close with a discussion of our strategic priorities. Four weeks ago, we published our 2024 annual report to shareholders entitled Positioned for Growth.

謝謝你，約翰，早安。我將首先介紹我們目前的業務狀況，然後回顧本季的主要業務趨勢，最後討論我們的策略重點。四周前，我們向股東發布了題為《定位成長》的 2024 年年度報告。

On April 2, so called Liberation Day, the administration announced a tariff policy that was more severe than expected and turned the global economic and geopolitical regimes on their heads with the financial markets following suit with powerful volatility. Everyone quickly recognized that business decision making would slow or cease entirely, raising the spectrum of recession.

4月2日，即所謂的“解放日”，美國政府宣布了一項超出預期的更為嚴厲的關稅政策，顛覆了全球經濟和地緣政治格局，金融市場也隨之劇烈波動。每個人很快就意識到，商業決策將會放緩或完全停止，加劇經濟衰退的程度。

As a firm, we're still positioned for growth, notwithstanding the post-quarter setbacks in markets and asset levels. Our relative investment performance, as John reviewed, is still strong and is the leading edge of our optimism.

作為一家公司，儘管市場和資產水準在本季後遭遇挫折，但我們仍保持成長的勢頭。正如約翰所評論的，我們的相對投資表現依然強勁，並且是我們樂觀的前沿。

As I will discuss further, our institutional advisory unfunded pipeline declined in the quarter, but our business activity remains healthy. Our wealth channel has led the way to firm-wide net inflows for the past three quarters.

正如我將進一步討論的那樣，我們的機構諮詢未註資金管道在本季度有所下降，但我們的業務活動仍然健康。過去三個季度，我們的財富管道引領了全公司的淨流入。

In addition, the case for real assets is gaining momentum as the reality of a nagging inflation backdrop gains wider acceptance. Meantime, portfolio liquidity has become a priority for clients as the cost of illiquidity and private allocations have become increasingly evident.

此外，隨著通膨持續上升的現實越來越被人們接受，持有實體資產的勢頭也越來越強勁。同時，隨著流動性不足和私人配置的成本變得越來越明顯，投資組合流動性已成為客戶的優先考慮事項。

Depending on how long the tariff roulette wheel spins and considering its knock-on effects, our eyes are on potential for recession. While this could slow the ramp-up of some of our recent vehicle launches, we are committed to these initiatives, which we view as must-dos to enhance our market position.

根據關稅輪盤旋轉的時間長短以及考慮其連鎖反應，我們關注的是經濟衰退的可能性。雖然這可能會減緩我們近期推出的一些車型的上市速度，但我們致力於這些舉措，我們認為這是提升我們市場地位的必須措施。

And as our habit, we would expect to further innovate to capitalize on any dislocations and opportunities that emerge. Behind this executive summary is a well-organized and highly motivated leadership team that is backed by a very strong balance sheet.

按照我們的習慣，我們希望進一步創新，以利用出現的任何混亂和機會。這份執行摘要背後有一個組織良好、積極的領導團隊，並且有非常強大的資產負債表作為後盾。

Looking at key fundamentals. In the first quarter, we had our third consecutive quarter of net inflows firm-wide at $222 million, which followed $860 million in the preceding quarter and $1.3 billion in the third quarter of last year when the Federal Reserve commenced its rate cutting cycle. Leading flows in the quarter were open-end funds with $585 million of net inflows, offset by outflows in both advisory at $108 million and all sub-advisory at $258 million.

查看關鍵基本面。第一季度，我們連續第三個季度實現全公司淨流入，達到 2.22 億美元，而上一季為 8.6 億美元，去年第三季聯準會開始降息週期時為 13 億美元。本季的主要資金流入是開放式基金，淨流入 5.85 億美元，而諮詢類基金的流出為 1.08 億美元，所有子諮詢類基金的流出為 2.58 億美元。

Our inflows stand out considering that most of our strategy categories have been in outflows according to Morningstar open-end fund data. Our positive differential to me, comes down to a combination of our outstanding investment performance, brand recognition and strong client relationships.

根據晨星開放式基金數據，我們的大多數策略類別都處於流出狀態，而我們的流入量則顯得尤為突出。對我來說，我們的正面差異歸結於我們出色的投資績效、品牌知名度和牢固的客戶關係的結合。

Accordingly, our market share of active open-end fund AUM continued to increase in US real estate, global real estate, preferreds and global listed infrastructure. Leading flows in the quarter was global listed infrastructure, which had $586 million of net inflows, offset by net outflows in US real estate of $217 million, global real estate at $166 million and preferreds at $76 million.

因此，我們在美國房地產、全球房地產、優先股和全球上市基礎設施領域的主動開放式基金 AUM 市場份額持續增加。本季的主要資金流為全球上市基礎設施，淨流入 5.86 億美元，而美國房地產淨流出 2.17 億美元、全球房地產淨流出 1.66 億美元以及優先股淨流出 0.76 億美元。

Highlights for open-end funds include the breadth and flows across most key segments such as wirehouses, RIAs, independent and regional broker-dealers, bank trust and defined contribution. Our gross sales for open-end funds annualized at $12.8 billion, in line with our average over the past several years.

開放式基金的亮點包括大多數關鍵領域的廣度和流量，例如大型證券公司、註冊投資顧問、獨立和區域經紀交易商、銀行信託和固定繳款。我們的開放式基金年總銷售額為 128 億美元，與過去幾年的平均值一致。

SMAs and models had outflows of $44 million and offshore CCAVs had inflows of $71 million. And we had modest inflows into our newly launched active ETFs, which I will discuss in a moment.

SMA 和模型的流出量為 4,400 萬美元，而離岸 CCAV 的流入量為 7,100 萬美元。我們新推出的主動式 ETF 也獲得了適度的資金流入，我稍後會討論這一點。

Institutional advisory net outflows of $108 million were comprised of five new mandates totaling $347 million, offset by two account terminations totaling $231 million and negative re-balancing's of $223 million by existing clients. The weak spot in the quarter is our unfunded pipeline, which ended the quarter at $61 million compared with $531 million last quarter.

機構諮詢淨流出 1.08 億美元，包括五項新授權，總額為 3.47 億美元，抵銷了兩項帳戶終止，總額為 2.31 億美元，以及現有客戶的 2.23 億美元負重新平衡。本季的弱點是我們的未獲資金支持的管道，本季末的管道資金為 6,100 萬美元，而上一季為 5.31 億美元。

Obviously, that is a low number for us and reflects a lot of completed fundings and the timing of a number of finance competitions we are anticipating plus some customized mandates we continue to work on. While it is tempting to attribute the low pipeline to the market environment, the regime change in interest rates has already occurred and thus, we need to translate the solid level of activity in institutional advisory to wins.

顯然，對我們來說，這個數字很低，反映了大量已完成的融資和我們預期的一系列金融競賽的時間安排，以及我們繼續致力於的一些客製化任務。儘管人們很容易將低管道歸咎於市場環境，但利率制度的變化已經發生，因此，我們需要將機構諮詢的穩健活動水準轉化為勝利。

Last quarter, we indicated that we had approximately $800 million in pending redemptions. The majority of those have occurred and the known redemptions now stand at $290 million after the addition of one pending rebalancing outflow of $64 million. Turning to strategic initiatives.

上個季度，我們表示有大約 8 億美元的待贖回款項。其中大部分已經發生，在加上一筆 6,400 萬美元的待定再平衡流出後，已知的贖回金額目前為 2.9 億美元。轉向策略舉措。

In February, we launched our first three active ETFs in real estate, preferreds and natural resource equities. The strategies are compelling, differentiated and by design, not thematic, but core strategies for asset allocators. They were seeded with firm capital, and we have begun to see inflows.

2 月份，我們推出了首批三隻房地產、優先股和自然資源股票主動型 ETF。這些策略引人注目、獨特特色，而且是經過精心設計的，雖然不是主題性的，但卻是資產配置者的核心策略。他們注入了堅定的資本，我們已經開始看到資金流入。

We're pleased with the pace of flows, particularly through the natural resource equities ETF. We believe these vehicles will open access to investors who use them exclusively and thus expand our addressable market considerably, given that AUM and active ETFs has surpassed $1 trillion industry-wide.

我們對資金流動速度感到滿意，特別是透過自然資源股票 ETF。我們相信，這些工具將向專門使用它們的投資者開放，從而大大擴展我們的潛在市場，因為整個行業的 AUM 和主動 ETF 已經超過 1 兆美元。

At the same time, there are advisers who are converting their business away from open-end funds to ETFs. These vehicles will help us retain those assets, particularly with RIAs who have growing asset bases.

與此同時，一些顧問正在將業務從開放式基金轉向 ETF。這些工具將幫助我們保留這些資產，特別是那些資產基礎不斷成長的 RIA。

Our long-term strategy includes the development of ETFs for all of our core strategies, and we're working on round 2, understanding that implementation from here could vary based on how the market adopts different structures such as ETFs as a share class of open-end funds.

我們的長期策略包括為我們所有的核心策略開發 ETF，我們正在進行第二輪開發，我們了解到從現在開始的實施可能會根據市場如何採用不同的結構（例如 ETF 作為開放式基金的份額類別）而有所不同。

One small but percolating market for us is the offshore wealth market. We now have six CCAV vehicles with $1.2 billion in AUM and which have had inflows in 19 of the past 21 quarters.

對我們來說，規模雖小但滲透力很強的市場是離岸財富市場。我們目前擁有 6 個 CCAV 投資工具，資產管理規模達 12 億美元，在過去 21 個季度中，有 19 個季度都有資金流入。

We launched our sixth ETF -- or excuse me, CCAV sub-fund in the quarter, a short duration preferred stock strategy. This strategy's investment universe has attractive attributes with $1.3 trillion in size and yields of 7.7%, duration less than three years and an average credit rating of BBB.

我們在本季推出了第六個 ETF（對不起，應該是 CCAV 子基金），這是一種短期優先股策略。該策略的投資範圍具有吸引力，規模達 1.3 兆美元，收益率為 7.7%，期限少於三年，平均信用評級為 BBB。

We've had a lot of positive feedback in pre-marketing and look forward to being in the market. We are making good progress on our private real estate initiative. Cohen & Steers Income Opportunities REIT, or CNS REIT is the top-performing non-traded REIT for the 12 months ended February.

我們在預行銷中收到了很多正面的回饋，並期待進入市場。我們的私人房地產計劃正在取得良好進展。Cohen & Steers Income Opportunities REIT（簡稱 CNS REIT）是截至 2 月的 12 個月內表現最好的非交易房地產投資信託基金 (REIT)。

CNS REIT returned 13.4% compared with 4.4% for the average non-traded REIT over that period. Among private wealth alternative choices, private credit has been the most popular, certainly compared with real estate recently, but we're seeing early signs of caution in credit and emerging interest in the bottoming of the commercial real estate cycle.

CNS REIT 的回報率為 13.4%，而同期非交易 REIT 的平均回報率為 4.4%。在私人財富替代選擇中，私人信貸一直是最受歡迎的，當然最近與房地產相比，但我們看到了信貸方面謹慎的早期跡象，以及對商業房地產週期觸底的興趣。

We continue to work on additional anchor investors while ramping up our engagement with RIAs. We are live on the Schwab, Pershing and Fidelity platforms, which provide access to the majority of RIAs. CNS REIT's portfolio now comprises five shopping centers with a mix of power centers and grocery-anchored centers.

我們將繼續尋找更多基石投資者，同時加強與 RIA 的合作。我們在 Schwab、Pershing 和 Fidelity 平台上線，這些平台可以存取大多數 RIA。CNS REIT 的投資組合目前包括五個購物中心，其中包括電力中心和以雜貨店為中心的中心。

Shopping centers should be better equipped to defend against a more challenging economy, and we still believe they are mispriced considering their fundamentals. In the category of expanding our real estate franchise, we expect to launch late in the second quarter a strategy to provide a better way for institutions to invest in core real estate using both listed and core private real estate.

購物中心應該更好地應對更具挑戰性的經濟形勢，而且我們仍然認為，考慮到它們的基本面，它們的定價是錯誤的。在擴大我們的房地產特許經營權方面，我們預計將在第二季末推出一項策略，為機構提供更好的方式，利用上市和核心私人房地產投資核心房地產。

We expect to announce a partnership with a sub-adviser to collaborate on a vehicle designed for institutional real estate allocations, which tend to be a larger share of the real estate portfolio. Our aim is to provide better risk-adjusted returns than core private real estate, along with better liquidity and broader property sector allocations.

我們預計將宣布與次級顧問建立合作夥伴關係，共同開發專為機構房地產配置而設計的工具，而機構房地產配置往往佔房地產投資組合的較大份額。我們的目標是提供比核心私人房地產更好的風險調整回報，以及更好的流動性和更廣泛的房地產行業配置。

John and I have been highlighting global listed infrastructure as a strategy that is generating a lot of interest, and that began to show in our flows this quarter. We see more behind it with demand from new allocations and takeaways from underperforming managers.

約翰和我一直在強調全球上市基礎設施是一種引起廣泛興趣的策略，而這在本季的流量中開始顯現。我們看到，背後有更多來自新配置的需求以及表現不佳的經理人的收穫。

Private infrastructure still dominates the allocation landscape, but we believe, just as in real estate, that listed infrastructure complements private allocations, resulting in better portfolio construction and performance. Fundamentally, secular trends, including digitalization of the world's economies, rebuilding core infrastructure, higher power demand, decarbonization and deglobalization combined are accelerating infrastructure spending, an estimated $94 trillion of infrastructure investment is needed globally by 2040.

私人基礎設施仍然在配置領域佔據主導地位，但我們相信，就像房地產一樣，上市基礎設施可以補充私人配置，從而實現更好的投資組合建構和績效。從根本上來說，包括世界經濟數位化、重建核心基礎設施、更高的電力需求、脫碳和去全球化在內的長期趨勢正在加速基礎設施支出，預計到 2040 年全球將需要 94 兆美元的基礎設施投資。

With more angst about the stickiness of inflation and now tariffs, we're seeing more interest in real assets from the retirement segments, model builders and target date managers. This is welcome and overdue in my opinion, considering the preponderance of financial assets in 401(k) plans.

隨著人們對通膨黏性和現在的關稅的擔憂加劇，我們看到退休部門、模型建構者和目標日期管理者對實體資產的興趣日益濃厚。考慮到 401（k）計劃中金融資產的佔比，我認為這是值得歡迎的，而且早就應該這樣做了。

Notably, the private equity firms are pushing for private allocations in these plans. Aside from the plumbing in these plans, which cannot even accommodate ETFs at this point, our view is that private allocations are difficult in 401(k)s and listed real assets are a smart solution.

值得注意的是，私募股權公司正在推動這些計畫中的私人分配。除了這些計劃中的管道目前甚至無法容納 ETF 之外，我們認為 401（k）中的私人分配很困難，而上市實體資產是一個明智的解決方案。

With our multi-strategy real asset portfolio, for example, 401(k)s can have a single line item, turnkey allocation to real assets and have efficient pricing and daily liquidity. The only potential negative is the perceived volatility compared with private. But given the long-term investment horizon for most retirement savers, volatility should not be a major concern.

例如，透過我們的多策略實體資產投資組合，401（k）可以擁有單一項目，交鑰匙分配給實體資產，並具有有效的定價和每日流動性。唯一的潛在負面影響是與私人相比感知到的波動性。但考慮到大多數退休儲蓄者的長期投資期限，波動性不應該成為主要擔憂。

I will close with a reminder that this year and next, we are focusing on investment in our distribution capabilities with the wealth channel being a high priority and more resources planned for the RIA and multifamily office segments specifically.

最後，我要提醒大家，今年和明年，我們將專注於投資於我們的分銷能力，財富管道是我們的首要任務，我們計劃為 RIA 和多家族辦公室部門投入更多資源。

Our new vehicles and strategies have been designed for these advisers and allocators, which represent the leading investment models in the wealth channel and where AUM is growing the fastest. We look forward to reporting our second quarter results in July. Meantime, please call us with any questions.

我們為這些顧問和配置者設計了新的工具和策略，它們代表了財富管道中領先的投資模式，也是 AUM 成長最快的領域。我們期待在七月報告第二季的業績。同時，如有任何疑問，請致電我們。

And now I'll turn the call back to Abby to facilitate Q&A.

現在我將把電話轉回給艾比，以便進行問答。

(Operator Instructions)

（操作員指示）

John Dunn, Evercore ISI.

約翰‧鄧恩 (John Dunn)，Evercore ISI。

Hi guys, wanted to get maybe a little more color on the wealth management channel and kind of like the temperature there so far in April? And maybe what areas your areas maybe are seeing, like a flow bid or maybe not? And where do you think the redemption trends could go if the status quo sticks around for a while?

大家好，想了解更多關於財富管理管道的信息，以及四月份到目前為止的氣溫情況嗎？也許您所在的區域可能會看到哪些區域，例如流量出價，或者可能沒有？如果現狀持續一段時間，您認為贖回趨勢將走向何方？

Well, obviously, as John we all know, post quarter end, the markets have been very volatile, and that creates uncertainty and starts to stem decision-making. So it's not been a robust flow environment. But what we've been seeing more broadly is interest in US REITs in particular, because as we have been talking about the past several quarters that Investors have been anticipating the bottoming of the commercial real estate cycle, which is happening.

嗯，顯然，正如約翰我們都知道的那樣，在季度末之後，市場一直非常不穩定，這造成了不確定性並開始阻礙決策。所以這不是一個強勁的流動環境。但我們更廣泛地看到的是對美國房地產投資信託基金的興趣，因為正如我們在過去幾個季度中討論的那樣，投資者一直在預期商業房地產週期的觸底，而這種情況正在發生。

And at the same time, continued easing by the Federal Reserve. And those historically have been positive conditions for real estate securities performance. And we've seen some of that play out, but we would expect investors to continue to be most focused on that.

與此同時，聯準會繼續放鬆政策。從歷史上看，這些對房地產證券的表現都是有利的條件。我們已經看到了一些這樣的情況，但我們預計投資者將繼續最關注這一點。

Secondly, we've been talking about, and as I mentioned, more interest in listed infrastructure and for the wealth channel, listed the way to invest in it. There are some private solutions, too, but that's not been as developed as some of the choices in real estate or in private credit. But the other attraction of infrastructure is that the portfolios tend to be less economically sensitive than other things.

其次，正如我所提到的，我們一直在談論對上市基礎設施以及財富管道的更多興趣，以及對其中進行投資的方式。也有一些私人解決方案，但不如房地產或私人信貸領域的一些選擇那麼發達。但基礎設施的另一個吸引力在於，其投資組合的經濟敏感度往往低於其他資產。

And so we've seen some of that dynamic in the institutional market, and it could also flow through to the wealth channel. What we have not been seeing are strong flows into our preferred stock strategies. And that's been a little bit of a surprise. We've actually had some outflows in the preferred stock vehicles. There's been a resurgence in fixed income allocations in investor portfolios.

因此，我們在機構市場中看到了一些這樣的動態，它也可能流入財富管道。我們尚未看到強勁資金流入我們的優先股策略。這確實有點令人驚訝。我們的優先股投資工具實際上已經出現了一些資金流出。投資者投資組合中的固定收益配置再次出現成長。

But I think there's still a little bit of a hangover with the mini regional banking crisis a couple of years ago and how that affected some preferred securities. And there's just more choices in fixed income as well. But our preferred portfolios have performed very well for the past 1.5 years on an absolute basis and on a relative basis.

但我認為幾年前的小型區域銀行業危機及其對一些優先證券的影響仍有一些後遺症。固定收益方面也有更多的選擇。但過去 1.5 年，我們的優先投資組合無論從絕對值或相對值來看都表現非常出色。

And if there's one of our strategies that's not so affected by tariffs, it's certainly the preferred market, which are mostly issued by banks, which are in terrific capital positions and insurance companies. So those are some of my thoughts on ask anybody else in the room if they can add to it.

如果我們的某個策略不太受關稅的影響，那肯定是優先市場，這類債券主要由資本狀況良好的銀行和保險公司發行。以上就是我的一些想法，請問房間裡的其他人是否可以補充。

Okay. Great. And then you guys took us through the impacts of tariffs on your different strategy areas, and that listed real infrastructure doesn't have most of it doesn't have much direct tariff exposure. I wonder if you could talk about kind of the second order impacts from tariffs that you might see coming down the pike.

好的。偉大的。然後你們向我們介紹了關稅對不同戰略領域的影響，列出的實際基礎設施大部分沒有太多直接的關稅影響。我想知道您是否可以談談關稅可能帶來的第二級影響。

Well, from an investment standpoint, as you say, it's much more second order effects or indirect effects. So that will be economic growth, interest rates and inflation. Generally speaking, we think economic growth was already going to be a little bit slow and now it will be slower and inflation will be a bit higher.

嗯，從投資的角度來看，正如你所說，它更多的是二階效應或間接效應。這就是經濟成長、利率和通貨膨脹。整體而言，我們認為經濟成長本來就已經有點慢了，現在還會更慢，通膨也會稍微高一些。

Infrastructure really stands out, frankly, as being the stagflationary strategy, if you will. And that's why despite everything that's going on so far this year, infrastructure as a category is still positive on the year.

坦白說，如果你願意的話，基礎設施作為滯脹策略確實脫穎而出。這就是為什麼儘管今年到目前為止發生了各種事情，但基礎設施作為一個類別在今年仍然表現積極。

It's up roughly 5% on the year. So yes, we think the economy is going to slow, so that will have a negative impact most on natural resource equities being relatively more cyclical. Second, most insulated would be on real estate and then areas like preferreds and -- sorry, infrastructure, as Joe talked about, we don't really see any kind of major impact. So it's all very indirect impacts as opposed to direct impacts.

今年上漲了約 5%。所以是的，我們認為經濟將會放緩，這將對相對更具週期性的自然資源股產生最大的負面影響。其次，受到最大影響的是房地產，然後是優先股和基礎設施等領域，正如喬所說的那樣，我們並沒有看到任何重大影響。因此，與直接影響相比，這都是非常間接的影響。

And John, if your question was getting at what are we doing as a firm, it's the first order of business is always to interact with our clients to help share our best thinking on what's going on with them. But we're not going to make any rash short-term changes in how we're operating.

約翰，如果你的問題是作為一家公司我們在做什麼，那麼我們的首要任務始終是與客戶互動，幫助他們分享我們對他們所發生的事情的最佳想法。但我們不會對我們的營運方式做出任何草率的短期改變。

But as I said in my comments, clearly have our eye on the potential for recession. And so one of the reactions to that would be to raise the bar on hiring until we see how all of this plays out. We're not stopping on the strategic hires that we need to make.

但正如我在評論中所說，我們顯然已經注意到了經濟衰退的可能性。因此，對此的反應之一就是提高招募門檻，直到我們看到這一切如何發展。我們不會停止我們需要進行的策略性招募。

But if we have things that are more nice to haves or investments for a couple of years down the road, we'll put the brakes on that. As you know, our balance sheet is extremely strong. So we're prepared for whatever comes down the pike, but we'll continue to focus on portfolios and really bear down on the new launches that we have because it's a critical time. And we'll see what happens.

但如果我們在幾年後會擁有更美好的東西或投資，我們就會停止這種做法。如您所知，我們的資產負債表非常強勁。因此，我們已經為可能發生的任何事情做好了準備，但我們將繼續專注於投資組合，並真正致力於我們已推出的新產品，因為這是一個關鍵時刻。我們將拭目以待。

I don't know for the ETF launch, for example, our Head of Wealth is seen and other examples how volatility can create some activity for ETFs because investors are more apt to switch if they can take a tax loss or move in a down market to a better vehicle. So those are some of the things that we're thinking about.

例如，我不知道 ETF 的推出，我們的財富主管和其他例子表明波動性如何為 ETF 創造一些活動，因為如果投資者能夠承擔稅收損失或在低迷的市場中轉向更好的投資工具，他們就更傾向於轉換。這些就是我們正在考慮的一些事情。

Right. Yes. Maybe on active ETFs. Is there a difference in selling those products versus the open-end funds? And you mentioned that some of it is about keeping assets in-house.

正確的。是的。或許在主動式 ETF 上。銷售這些產品與銷售開放式基金有什麼不同嗎？您提到其中一部分內容是關於將資產保留在內部。

Are there also new people coming into that kind of vehicle? And maybe it's early days, but like do you have any idea of what kind of steady-state level of flows you'd like to get to?

是否還有新人加入這種交通工具？也許現在還為時過早，但您是否知道您想要達到什麼樣的穩定狀態流量水平？

Well, in terms of selling, I mean it starts with the process of helping our advisers make allocations to the things that we do. So it's education about our asset classes, how they fit into a portfolio, how they enhance the return and risk profile of a portfolio.

嗯，就銷售而言，我的意思是它始於幫助我們的顧問對我們所做的事情進行分配的過程。因此，它是關於我們資產類別的教育，它們如何融入投資組合，如何提高投資組合的回報和風險狀況。

What is different is that the initial investors will come from the RIA market. They won't come from the wirehouses, which have criteria to gain size and scale in the vehicles and in some cases, go through a research process, although for all the strategies we have, we're pretty much got that box checked with the wirehouses.

不同的是，最初的投資者將來自 RIA 市場。它們不會來自大型投資公司，大型投資公司有獲取投資工具規模的標準，並且在某些情況下需要經過研究過程，儘管對於我們所有的策略，我們基本上都已經與大型投資公司達成了一致。

But what's different is the initial investors in the ETFs are RIAs that we maybe don't have relationships with. So it's building relationships with model builders and RIA allocator specialists to active ETFs. But in terms of the so-called sales process, it's no different than what we do everywhere in wealth.

但不同的是，ETF 的初始投資者是與我們可能沒有關係的 RIA。因此，它正在與模型建構者和 RIA 分配專家建立關係以積極管理 ETF。但就所謂的銷售過程而言，它與我們在財富領域所做的沒有什麼不同。

And as I said in my comments, our strategy revolves around not thematic approaches to strategies in ETFs, which some firms do. It's rather core allocations that we're known for that could be a substitute for one of our open-end mutual funds. So as it relates to kind of some of the initial activity, it's still early days.

正如我在評論中所說，我們的策略不是圍繞 ETF 策略的主題方法，而有些公司則採用這種方法。這是我們熟知的核心配置，可以取代我們的開放式共同基金之一。因此，就某些初始活動而言，現在還處於早期階段。

I wouldn't say we have a statistically significant sample set yet to really bear down on. But we've seen situations where there are RIA allocators who only use ETFs. And that is money that we would never have ever seen before.

我不會說我們已經擁有一個具有統計意義的樣本集，可以真正發揮作用。但我們也看到一些 RIA 配置者只使用 ETF 的情況。這是我們以前從未見過的錢。

So it's a great validation of our launch and gives us confidence because we're kind of seeing this type of thing more and more in the industry. There will be examples where we have existing open-end fund investors who have been converting their business to using only ETFs.

因此，這是對我們發布的極大認可，並給予我們信心，因為我們在行業中越來越多地看到這種事情。有一些例子表明，現有的開放式基金投資者已經將其業務轉變為僅使用 ETF。

And we've seen an example of two where they're swapping out of our open-end funds into ETFs because that's what they've chosen for their business models. So in that case, we say, okay, great. So we've retained assets. But more importantly, these advisers are growing. And had we not provided these vehicles, we would have ultimately lost a client and lost another growth engine.

我們已經看到了兩個例子，他們將我們的開放式基金換成了 ETF，因為這是他們選擇的商業模式。所以在這種情況下，我們會說，好的，太好了。所以我們保留了資產。但更重要的是，這些顧問的數量正在增加。如果我們不提供這些車輛，我們最終將失去一個客戶並失去另一個成長引擎。

So in our underwriting, we've factored in some swapping of open-end fund assets for ETFs, but it's too early to start to try to quantify all of that. As it relates to what pace we would like, that's I would like it to be a lot, but the market is what's going to tell us what the right pace is. But we've been pleasantly surprised with the activity we've seen so far in some volatile conditions.

因此，在我們的承保中，我們已經將一些開放式基金資產與 ETF 的交換考慮在內，但現在開始嘗試量化所有這些還為時過早。至於我們想要的速度，我希望它能很快，但市場會告訴我們正確的速度是多少。但到目前為止，在一些動盪的條件下所看到的活動令我們感到驚喜。

Got you. And in your prepared remarks, you talked about looking to further innovate to take advantage of dislocation. Was that a reference to like working on round two of ETFs? Or were there other things you kind of had in mind?

明白了。在您準備好的發言中，您談到了尋求進一步創新以利用錯位的機會。這是指進行第二輪 ETF 工作嗎？或者您有其他想法嗎？

It could be round two of ETFs. It could be potentially inorganic growth, we've been going through a process to identify strategies for what's next several years down the road. And one of the things that's happening in the industry with the interest in the wealth channel is that there are more small asset managers who want to get access to wealth, and they're realizing in light of the competition and race to gain share from the private equity funds that that's going to be increasingly difficult.

這可能是 ETF 的第二輪。這可能是潛在的無機成長，我們一直在經歷一個過程來確定未來幾年的發展策略。隨著人們對財富管道的興趣不斷增加，行業中正在發生的事情之一是，越來越多的小型資產管理公司希望獲得財富，他們意識到，鑑於競爭激烈以及爭奪私募股權基金份額的競爭，這將變得越來越困難。

We have a strong market position in wealth, and that's pretty well known in the industry. So there might be a firm with a strategy that we would meet our criteria. And so we would be open to looking at some acquisitions. So that could come by way of dislocations with the market environment right now.

我們在財富領域擁有強大的市場地位，這在業界是眾所周知的。因此，可能會有一家公司的策略符合我們的標準。因此我們願意考慮一些收購。因此，這可能是由於當前市場環境的混亂所造成的。

Got you. And then maybe one on the pipeline. Do you think we'll look back and look at this quarter as kind of an anomaly? Or could we hang out at a low level versus, because for quite a while, you've been kind of leveled up to the more than $1 billion level. Do you think it's just the timing or are we in this period for a little bit?

明白了。然後也許還有一個在管道上。您是否認為，當我們回顧本季時，會將其視為一種異常現象？或者我們可以停留在較低的水平，因為很長一段時間以來，你的水平已經上升到 10 億美元以上的水平。您認為這只是時機問題還是我們已經處於這個時期了？

As I've been talking about on these calls, we have good levels of activity, but we need to translate those into real won mandates. When you look at the history, it shows consistency and strength in the pipeline. So I'm not looking over this data point, and we're going to dig in and do all everything that we can to drive it.

正如我在這些電話中談到的那樣，我們的活動水平很好，但我們需要將其轉化為真正的勝利任務。回顧歷史，你會發現管道具有一致性和強度。所以我不會忽視這個數據點，我們會深入研究並盡一切努力推動它。

One of the things that I talked about a little bit is that, in the institutional market, there's been more stresses on portfolios with the high levels of private allocations. And of course, the regime change in interest rate, which caused plans to up their fixed income allocations and that had to come from somewhere.

我談到的一件事是，在機構市場中，私人配置水準較高給投資組合帶來了更大的壓力。當然，利率制度的改變也導致計畫增加固定收益配置，而這必須從某個地方實現。

So that's been a thing out in the market, but I feel like we're getting through that phase, the interest rate regime change and the restoration of fixed income allocations. And as John laid out, we believe that the future looks better for allocations to real assets. So we need to go make that happen.

這就是市場上發生的事情，但我覺得我們正在經歷這個階段，即利率制度的改變和固定收益配置的恢復。正如約翰所說，我們相信未來實體資產的配置前景會更好。所以我們需要去實現這一點。

Our activity is solid, and it's got nice dimensions to it, as I said, which means to me, there are new allocations. There are new allocations not just in US, but also outside of the US. There are underperforming managers, but also there are investors who want to work with us to collaborate to do something differentiated.

我們的活動很紮實，而且規模很大，正如我所說，這對我來說意味著有新的分配。不只美國國內有新的分配，美國境外也有新的分配。其中有表現不佳的經理，但也有投資人希望與我們合作，做一些差異化的事情。

I mentioned the real estate strategy that we've been working on to combine listed and private core real estate, and we'll be launching that and announcing it before the middle of the year. And so we look forward to talking more about that because it's pretty exciting, and that can be another way to get in front of more institutions and do something that's different with them.

我提到了我們一直在努力的房地產策略，即將上市和私人核心房地產結合起來，我們將在今年年中之前啟動並宣布這項策略。因此，我們期待對此進行更多討論，因為這非常令人興奮，而且這可以成為與更多機構接觸並與他們做一些不同的事情的另一種方式。

Got you. And maybe just one more on the, I think it's smart to see if you can take advantage of dislocation by adding, maybe getting a better price on a deal. But you haven't done a deal in a long time. So it's a bit of a change.

明白了。也許再多說一句，我認為明智的做法是看看你是否可以透過增加來利用錯位，也許在交易中獲得更好的價格。但你已經很久沒有做成交易了。所以這是一個小小的改變。

Maybe talk through like whole deals versus team lift-outs versus maybe some of the areas you might be interested in? Just any more color there would be great.

也許可以討論整個交易、球隊解約以及一些你可能感興趣的領域？再多一點顏色就更好了。

Well, it could be a spectrum of things, including working on a partnership with another firm where we would sponsor a vehicle and in the case of this real estate vehicle, combine listed and private. And it's been a vision of ours and we're pleased to see some of our peers announce some of these types of arrangements.

嗯，這可能是一系列的事情，包括與另一家公司合作，我們將贊助一輛車，就這輛房地產車而言，我們將上市和私人結合起來。這是我們的願景，我們很高興看到一些同行宣布了此類安排。

And so that would be one of the short term, easier, maybe longer-term harder ways to bring on new capabilities. You're right, we've not been an acquisitive firm historically. There have been many reasons for that, including the fact that we've had a great opportunity to build out our capabilities and broader real assets investing.

因此，這將是短期內較容易實現的、但長期來看可能較難實現的實現新能力的方法之一。你說得對，從歷史上看，我們不是一家有收購行為的公司。造成這種情況的原因有很多，其中包括我們擁有絕佳的機會來增強我們的能力並進行更廣泛的實體資產投資。

But also looking backward, the it's been an environment where firms weren't so interested in selling majority interest. There are a lot of players that would buy a minority interest and let them do their thing on their own. But the dynamics that I talked about in the wealth channel and firms wanting to get access to the wealth channel are changing the equation a bit.

但回顧過去，我們發現企業對於出售多數股權並不那麼感興趣。有很多參與者願意購買少數股權並讓他們自行經營。但我談到的財富管道的動態以及想要進入財富管道的公司正在稍微改變這個等式。

So we'll see. We're thinking about the things that we would be interested in. But we're, as you know, very conservative and disciplined and have a very strict set of criteria. And so we're spending some time on.

我們拭目以待。我們正在思考我們感興趣的事情。但如你所知，我們非常保守、嚴謹，並且有一套非常嚴格的標準。因此我們花了一些時間。

Great. Thank you very much.

偉大的。非常感謝。

And that concludes our question-and-answer session. I will now turn the conference back to Mr. Joe Harvey for closing remarks.

我們的問答環節到此結束。現在我將會議交還給喬·哈維先生，請他致閉幕詞。

Well, thank you, everyone, for listening. We look forward to touching base with you in July. And Abby, thank you for the call today.

好吧，謝謝大家的聆聽。我們期待七月與您聯繫。艾比，謝謝你今天的來電。

And ladies and gentlemen, that concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。