Federated Hermes Inc (FHI) 2024 Q1 法說會逐字稿

Greetings. Welcome to the Federated Hermes, Inc., Q1 2024 analyst call and webcast. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Ray Hanley, President of Federated Investors Management Company. You may begin.

問候。歡迎參加 Federated Hermes, Inc. 2024 年第一季分析師電話會議和網路廣播。（操作員說明）請注意，本次會議正在錄製中。現在我將會議交給東道主聯邦投資者管理公司總裁雷漢利 (Ray Hanley)。你可以開始了。

Good morning and welcome to our call. Leading today's call will be Chris Donahue, CEO and President of Federated Hermes, and Tom Donahue, Chief Financial Officer. And joining us for the Q&A is Debbie Cunningham, Chief Investment Officer for the Money Markets.

早安，歡迎您的來電。Federated Hermes 執行長兼總裁 Chris Donahue 和財務長 Tom Donahue 將主持今天的電話會議。貨幣市場首席投資長黛比·坎寧安 (Debbie Cunningham) 也參與了我們的問答。

During today's call, we may make forward-looking statements and we want to note that Federated Hermes actual results may be materially different than the results implied by such statements. Please review the risk disclosures in our SEC filings. No assurance can be given as to future results and Federated Hermes assumes no duty to update any of these forward-looking statements. Chris?

在今天的電話會議中，我們可能會做出前瞻性陳述，我們希望指出，Federated Hermes 的實際結果可能與此類陳述所暗示的結果有重大差異。請查看我們向 SEC 提交的文件中的風險揭露。無法保證未來的結果，Federated Hermes 不承擔更新任何這些前瞻性陳述的責任。克里斯？

Thank you, Ray. Good morning, all. I will review Federated Hermes' business performance. Tom will comment on our financial results. We ended the first quarter with record assets under management of $779 billion, driven by record money market assets of $579 billion.

謝謝你，雷。大家早安。我來回顧一下聯合愛馬仕的經營績效。湯姆將對我們的財務表現發表評論。在創紀錄的貨幣市場資產 5,790 億美元的推動下，我們第一季末管理的資產達到創紀錄的 7,790 億美元。

Looking at equities, assets increased by $866 million from year end, reaching $80.2 billion due to market gains of $4.9 billion, partially offset by net redemptions of $3.4 billion and FX impact of about negative $567 million. The strategic value dividend domestic strategy had Q1 net redemptions of $1.3 billion when you combine it with the fund and the SMA, and the comparable number in the fourth quarter was $2.2 billion.

就股票而言，由於市場收益 49 億美元，資產較年底增加 8.66 億美元，達到 802 億美元，部分被 34 億美元的淨贖回和約 5.67 億美元的外匯影響所抵銷。如果將其與基金和 SMA 結合起來，戰略價值股息國內策略的第一季淨贖回額為 13 億美元，而第四季的可比數字為 22 億美元。

We did see Q1 positive net sales in 12 equity fund strategies, including MDT Mid Cap Growth, MDT Large Cap Growth, and US SMID Equity Fund. The MDT strategies have shown accelerated sales and net sales in the first quarter and here the first part of the second quarter, particularly in the growth space.

我們確實看到 12 種股票基金策略在第一季實現了正淨銷售額，包括 MDT 中型成長型股票基金、MDT 大盤成長型股票基金和美國 SMID 股票基金。MDT 策略顯示第一季和第二季前半段的銷售額和淨銷售額加速成長，特別是在成長空間方面。

Looking at our equity performance at the end of the first quarter and using Morningstar data for trailing three years, 56% of the equity funds were beating peers and 36% were in the top quartile of their category. Now for the first three weeks of Q2, combined equity funds and SMAs had net redemptions of $428 million.

看看我們第一季末的股票表現並使用晨星過去三年的數據，56% 的股票基金表現優於同行，36% 處於同類基金的前四分之一。現在，在第二季的前三週，股票基金和 SMA 的淨贖回總額為 4.28 億美元。

Turning now to fixed income, assets increased by about $1.4 billion in the first quarter to $96.3 billion with fixed income separate accounts reaching a record high of $51.8 billion. The growth was driven by net sales of $1.2 billion. Fixed income funds had first quarter net sales of $565 million. The fourth quarter was basically negative minus $988 million.

現在轉向固定收益，第一季資產增加約14億美元，達到963億美元，其中固定收益獨立帳戶達到創紀錄的518億美元。這一成長是由 12 億美元的淨銷售額推動的。固定收益基金第一季淨銷售額為 5.65 億美元。第四季基本上為負值，減去9.88億美元。

Fixed income SMA for Q1 net sales had $441 million and fixed income institutional separate accounts had net positive sales of $182 million. We had 21 fixed income funds with positive net sales in the first quarter, including Total Return Bond Fund, Ultrashort Bond, Government Ultrashort Bond, and Total Return Bond ETF, our new offering.

第一季固定收益 SMA 淨銷售額為 4.41 億美元，固定收益機構獨立帳戶的淨正銷售額為 1.82 億美元。一季度我們有21隻固定收益基金淨銷售額為正，其中包括總回報債券基金、超短期債券、政府超短期債券以及我們新推出的總回報債券ETF。

Regarding performance, at the end of the first quarter, and using again Morningstar data for trailing three years, 40% of our fixed income funds were beating peers, 17% were in the top quartile of their category. For the first three weeks of Q2, combined fixed income and SMAs had net redemptions of $218 million.

就業成績而言，在第一季末，再次使用晨星過去三年的數據，我們的固定收益基金中有 40% 的表現優於同行，17% 處於同類基金的前四分之一。在第二季的前三週，固定收益和 SMA 的淨贖回總額為 2.18 億美元。

In the alternative private market category, assets decreased by $86 million in the first quarter from year end to $20.5 billion, due mainly through negative FX impact of over $200 million, partially offset by market value increases of over $100 million and net sales of $21 million.

在另類私募市場類別中，第一季資產較年末減少8,600 萬美元，至205 億美元，主要是由於匯率超過2 億美元的負面影響，部分被超過1 億美元的市值增長和2,100 萬美元的淨銷售額所抵銷。

We are in the market with Horizon 3, the third vintage of our Horizon series of Global Private Equity Funds. Horizon 3 closed on commitments of $1.05 billion through the first quarter. The Hermes Innovation II Fund, the second vintage of our pan-European Growth Equity Innovation Fund, is also in the market, and we're in the market with the first vintage of our UK Nature Impact Fund.

我們的 Horizo​​​​n 3 是我們的 Horizo​​n 系列全球私募股權基金的第三個版本。Horizo​​n 3 第一季完成了 10.5 億美元的承諾。愛馬仕創新 II 基金（我們的泛歐成長股票創新基金的第二期）也在市場上，我們的英國自然影響力基金的第一期也在市場上。

We began the second quarter with about $1.9 billion in net institutional mandates yet to fund into both funds and separate accounts. These wins are diversified across fixed income, equity, and private markets. Approximately $1.5 billion of net total wins is expected to come into private market strategies. The wins include private equity, direct lending, trade finance, outflows include some areas in absolute return credit.

第二季開始，我們仍有約 19 億美元的淨機構授權尚未存入基金和單獨帳戶。這些勝利涵蓋固定收益、股票和私募市場。約 15 億美元的淨收益預計將進入私募市場策略。勝利包括私募股權、直接貸款、貿易融資，資金流出包括絕對回報信貸的一些領域。

On the fixed income side, we expect net additions of about $866 million with wins in ultrashort, short duration, high yield, sustainable investment grade, and multi-sector. We do have some offsetting losses in high yield. For equities, we have $233 million in wins to fund, offset by about $700 million of known redemptions.

在固定收益方面，我們預計淨增額約為 8.66 億美元，其中超短期、短期、高收益、永續投資等級和多行業領域將獲勝。我們確實有一些高收益損失可以抵消。對於股票，我們有 2.33 億美元的利潤可供資助，並被約 7 億美元的已知贖回所抵消。

Moving to money markets. In Q1, we reached another record high for money market fund assets, money market separate account assets, and total money market assets as mentioned at the beginning of my remarks. Total money market assets increased by $19 billion during the first quarter from year end. Money market strategies continue to benefit from favorable market conditions for cash as an asset class, elevated liquidity levels in the financial system and attractive yields compared to cash management alternatives like bank deposits and direct investments in money market instruments like T-bills and commercial paper.

轉向貨幣市場。一季度，貨幣市場基金資產、貨幣市場專戶資產、貨幣市場總資產再創歷史新高。第一季貨幣市場總資產較去年底增加190億美元。貨幣市場策略繼續受益於現金作為資產類別的有利市場條件、金融體系流動性水平的提高以及與銀行存款等現金管理替代方案以及國庫券和商業票據等貨幣市場工具的直接投資相比具有吸引力的收益率。

In the long-expected upcoming period of declining short-term interest rates, we believe that market conditions for money market strategies will continue to be favorable compared to direct market rates and bank deposit rates. Our estimate of money market mutual fund market share, including sub-advised funds, was about 7.35% at the end of the first quarter, down slightly from about 7.40% at the end of 2023.

在人們期待已久的短期利率下降時期，我們認為，與直接市場利率和銀行存款利率相比，貨幣市場策略的市場條件將繼續有利。我們預計第一季末貨幣市場共同基金（包括次級顧問基金）的市佔率約為 7.35%，略低於 2023 年底的約 7.40%。

Looking now at recent asset totals as of a few days ago, managed assets were approximately $775 billion, including $579 billion in money markets, $77 billion in equities, $96 billion in fixed income, $20 billion in alternative private markets, and $3 billion in money -- in multi-asset. Money market mutual fund assets stood at $414 billion. Tom?

現在來看看截至幾天前的近期資產總額，管理資產約 7,750 億美元，其中貨幣市場 5,790 億美元，股票 770 億美元，固定收益 960 億美元，另類私募市場 200 億美元，貨幣市場 30 億美元——多資產。貨幣市場共同基金資產為 4,140 億美元。湯姆？

Thanks, Chris. Total revenue for Q1 increased $4.9 million from the prior quarter, due mainly to higher average money market assets, increasing revenue by $13.7 million and higher average equity and fixed income assets, increasing revenue by $7.2 million, partially offset by fewer days, reducing revenue by $5.8 million and lower carried interest and performance fees, reducing revenue by $9.3 million.

謝謝，克里斯。第一季總收入較上一季增加490 萬美元，主要是由於平均貨幣市場資產增加，收入增加1,370 萬美元，以及平均股權和固定收益資產增加，收入增加720 萬美元，部分被天數減少所抵消，收入減少580 萬美元以及較低的附帶利息和績效費用，導致收入減少 930 萬美元。

Total Q1 carried interest and performance fees were $400,000 compared to $9.7 million in Q4. Q1 operating expenses increased by $8.9 million from the prior quarter due mainly to higher compensation expense, primarily from incentive compensation and payroll taxes, increasing expenses by $13.7 million, partially offset by lower compensation from carried interest in consolidated vehicles of $4.6 million. Distribution expense increased due mainly to higher average assets, partially offset by fewer days.

第一季的附帶利息和績效費用總額為 40 萬美元，而第四季為 970 萬美元。第一季營運費用較上一季增加890 萬美元，主要是因為薪資費用增加（主要來自激勵薪資和薪資稅），費用增加1,370 萬美元，但部分被合併車輛附帶權益補償減少460 萬美元所抵消。分銷費用增加主要是由於平均資產增加，但部分被天數減少所抵消。

Advertising expense decreased in Q1 due to the timing of our advertising campaigns. The effective tax rate was 27.9% in Q1, up slightly from 26.6% in Q4. We expect the tax rate to be in the 26% to 28% range throughout 2024. The tax rate incorporates a valuation allowance on certain foreign deferred tax assets. At the end of Q1, cash and investments were $559 million. Cash and investments, excluding the portion attributed to non-controlling interest was $487 million.

由於我們的廣告活動的時機，第一季的廣告費用有所下降。第一季的有效稅率為 27.9%，略高於第四季的 26.6%。我們預計 2024 年稅率將在 26% 至 28% 範圍內。稅率包含某些外國遞延稅資產的估價津貼。第一季末，現金和投資為 5.59 億美元。現金和投資（不包括非控制權益部分）為 4.87 億美元。

As announced in the press release, Federated Hermes Board declared a dividend of $1.31 per share to be paid on May 15, 2024. The dividend includes a $1 per share special dividend and a $0.31 quarterly dividend. This marks our sixth special dividend since 2008. The quarterly dividend increased by 10.7% and the dividend is considered an ordinary dividend for tax purposes.

正如新聞稿中宣布的那樣，Hermes 聯邦董事會宣布將於 2024 年 5 月 15 日支付每股 1.31 美元的股息。股息包括每股 1 美元的特別股息和 0.31 美元的季度股息。這是我們自 2008 年以來第六次特別股息。季度股息增加10.7%，出於稅務目的，該股息被視為普通股息。

The dividend and the repurchase of 1.1 million shares in Q1 represent important additional measures intended to increase shareholder value. The special dividend is expected to reduce Q2 EPS by about $0.015 per share, due largely to the exclusion of dividends paid on unvested restricted shares from net income under the two-class method of computing earnings per share. Holly, that completes our prepared remarks and would like to open the call up now for questions.

第一季的股利和 110 萬股回購是旨在增加股東價值的重要額外措施。特別股息預計將使第二季每股收益減少約0.015美元，主要是因為根據計算每股收益的兩級法，淨利潤中排除了未歸屬限制性股票支付的股息。霍莉，我們準備好的發言完畢，現在開始提問。

(Operator Instructions) Bill Katz, TD Cowen.

（操作員說明）Bill Katz，TD Cowen。

Good morning, all. Maybe just a big picture question on capital return. Certainly, appreciate your balance sheet is in very good shape and you generate a tremendous amount of cash flow. How are you thinking about just buyback in a broader sense, just given where the stock is trading versus the efficacy of the special dividend? And then how does that signal in terms of M&A and independence? Thank you.

大家早安。也許只是一個關於資本回報的大問題。當然，你的資產負債表狀況良好，並且產生了大量的現金流。考慮到股票的交易位置與特別股息的功效，您如何考慮更廣泛意義上的回購？那麼這對併購和獨立性有何影響？謝謝。

Yeah, Bill, it's Tom. So we've looked at all three M&A, special dividends and buybacks, and we think that, as we said for a long time, our first choice is to do M&A where we find it, and because we like the returns, and we like our track record on M&A. So that's the first thing that we would like to do.

是的，比爾，是湯姆。因此，我們研究了所有三項併購、特別股息和回購，我們認為，正如我們長期以來所說，我們的首選是在我們發現的地方進行併購，因為我們喜歡回報，我們喜歡我們在併購方面的記錄。這是我們想做的第一件事。

As we looked at our balance sheet and looked at the stock price, we determined to obviously pay a special dividend and don't think that paying that dividend, given our capital position and our availability under a revolver, does anything to diminish our financial flexibility. And yet we're earning the money in our business, and we don't think that the earnings are reflected in the share price.

當我們查看資產負債表和股價時，我們決定顯然支付特別股息，並且考慮到我們的資本狀況和左輪手槍的可用性，我們不認為支付該股息會削弱我們的財務靈活性。然而，我們正在透過我們的業務賺錢，而且我們認為收益並沒有反映在股價中。

So getting -- adding value by paying a dividend to the shareholders, we think is appropriate. And we also believe in continuing to purchase the shares given where the price is and where we think the company is going to go -- grow to.

因此，我們認為透過向股東支付股利來增加價值是合適的。我們也相信，考慮到目前的價格以及我們認為公司將走向何方——成長的方向，我們應該繼續購買這些股票。

And Bill, if I could add, we are very proud of the circle or the three things that Tom mentioned, acquisitions, dividends and share repurchases. And since you were along with going public back in '98, that's been over $6 billion that's been returned to shareholders. So we have a long-term look at that.

比爾，如果我可以補充的話，我們對湯姆提到的收購、股息和股票回購這三件事感到非常自豪。自從 98 年你們上市以來，已經向股東返還了超過 60 億美元。所以我們對此有長期的看法。

To get more current, as we mentioned on the call last time, we would love to be able to expand some of those businesses that we have at Hermes, like the real estate business in the United States. And that would attract our attention in terms of an acquisition if we could, you know, find something that was worthy. So we are convinced when we look at the cash flow that we have the continual flexibility to do whatever we want, whenever we want.

為了了解更多最新情況，正如我們上次在電話中提到的那樣，我們希望能夠擴大愛馬仕的一些業務，例如美國的房地產業務。如果我們能夠找到有價值的東西，那麼這將吸引我們在收購方面的注意。因此，當我們審視現金流時，我們確信我們擁有持續的靈活性，可以隨時隨地做任何我們想做的事情。

Okay, that's helpful. And then just a couple of housekeeping items. Can you remind me of what the comp payout rate is against both the carry-related performance revenues as well as just performance revenues? And then the clarification on your pipeline at the $1.9 billion, is that gross or net of the known outflows? Thank you.

好的，這很有幫助。然後只是一些家務用品。您能否提醒我，相對於套利相關的績效收入以及績效收入，補償支付率是多少？然後澄清您的 19 億美元管道，這是已知流出的總額還是淨額？謝謝。

So Bill, there's not a defined payout ratio. But if you look at what the portion is attributed to the carried interest vehicle that is offset directly in comp has been somewhere around two-thirds of our total carry amount, and there's no comparable number on performance fees. And then in terms of the pipeline, your question was?

比爾，沒有明確的支付比率。但如果你看看歸屬於附帶權益工具的部分，直接在補償中抵銷的部分，大約占我們總附帶金額的三分之二，並且績效費方面沒有可比較的數字。然後就管道而言，您的問題是？

$1.9 billion is net.

淨額 19 億美元。

It is a net number, yes. We always report net-known wins offset by any known redemptions coming up.

是的，這是一個淨值。我們總是報告淨已知的勝利被即將到來的任何已知的贖回所抵消。

Okay. So just to clarify, there's no comp payout against performance fees?

好的。澄清一下，績效費中沒有補償金嗎？

Not in any formulaic way like there is with certain of the carried interest is passed directly through.

不像某些附帶權益那樣以任何公式化的方式直接傳遞。

And that's 65%. So make sure I track that correctly. Okay. Thank you.

那是 65%。所以請確保我正確地跟踪它。好的。謝謝。

It's roughly been 65%. That can vary as well.

大約是65%。這也可能有所不同。

Thank you.

謝謝。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

First question. For the last few quarters, you've talked about the money fund opportunities shifting from retail to institutional as Fed pauses and then cuts. So with $17 trillion still sitting in deposits, could you dig in on how those more institutional money fund pipelines and discussions are looking? And in that vein, what is your confidence that we should still expect the usual second half seasonal pop in those flows despite what's already been an unusually strong start to the year? Thank you.

第一個問題。在過去的幾個季度中，您談到了隨著聯準會暫停然後降息，貨幣基金機會從零售轉向機構。那麼，由於存款仍達 17 兆美元，您能否深入了解更多機構貨幣基金的管道和討論情況？在這種情況下，儘管今年開局已經異常強勁，但您對我們仍應預期下半年這些資金流將出現通常的季節性流行有何信心？謝謝。

I'm going to let Debbie comment in a minute. But a delay in the reduction of interest rates still keeps the money fund trade alive on the retail basis, very strong. And when you look at the -- as I mentioned in my remarks, when you look at the marketplace in terms of what rates are even on commercial paper and T-bills and things like that, it's still a decent trade. It's not the big trade that we talked about, but that was always dependent upon when as and if the Fed actually starts to lower interest rates. And everybody guess is as good as mine. Everybody can read everything they want. In fact, I rely on Debbie's estimate of that. Debbie?

我稍後會讓黛比發表評論。但利率降低的延遲仍然使零售基礎上的貨幣基金交易保持活躍，非常強勁。當你看看——正如我在演講中提到的那樣，當你看看市場上的商業票據和國庫券之類的利率時，這仍然是一項不錯的交易。這不是我們談論的大交易，但這始終取決於聯準會何時以及是否真正開始降低利率。每個人的猜測都跟我的一樣好。每個人都可以閱讀他們想要的任何內容。事實上，我相信黛比對此的估計。黛比？

Thanks, Chris. And similarly speaking, the longer rates are where they are today at 5.25% to 5.5% target rate. The better off we are from both a flow standpoint and expectation standpoint and honestly, an overall return standpoint compared to other factors in the marketplace. So it's not a bad thing to delay it. What it does delay, however, is the broader participation in the flows from the institutional side. And again, going back to what Chris mentioned, at one point it started when the curve was fairly inverted.

謝謝，克里斯。同樣地，長期利率目前處於 5.25% 至 5.5% 的目標利率。從流量的角度和期望的角度來看，老實說，與市場上的其他因素相比，從整體回報的角度來看，我們的境況越好。所以延期也不是壞事。然而，它確實延遲了機構方面更廣泛地參與資金流動。再次回到克里斯提到的，在曲線相當倒轉的時候，它就開始了。

And even in the liquidity and the money market side of the curve, you saw, especially on the treasury side, inversions of 100 basis points in expectation that over the next year, the Fed would be cutting that amount. That's no longer the case. And ultimately, that means that institutional customers who have the capability of not only being in direct treasuries, but direct commercial paper, which is a positively sloped curve at this point and has never really been much negative, continue to be in those direct securities.

即使在曲線的流動性和貨幣市場方面，你也看到，特別是在財政部方面，出現了 100 個基點的倒掛，預計聯準會將在明年削減這筆金額。現在情況已不再是這樣了。最終，這意味著機構客戶不僅有能力購買直接國債，而且有能力購買直接商業票據（此時曲線呈正斜率，而且從未真正出現過大的負值），他們將繼續購買這些直接證券。

Now that will change unless something -- unless history doesn't repeat itself. And there's always a possibility of that, but the likelihood in our estimation is very small. We think this is just a very big positive in the context of continuing the strength in the retail flow. And when you mentioned the $17 trillion that are still there from a deposit perspective, I think about 40% of that is in noninterest-bearing deposits. So that's just fertile ground for additional converters into what we believe is the better cash management product.

現在，除非發生什麼事情，否則這種情況將會改變——除非歷史不會重演。這種可能性總是存在的，但我們估計這種可能性很小。我們認為，在零售流量持續強勁的背景下，這只是一個非常大的正面因素。當你提到從存款角度來看仍然存在 17 兆美元時，我認為其中約 40% 是無息存款。因此，這為更多轉換器提供了肥沃的土壤，讓我們相信這是更好的現金管理產品。

Helpful. Thanks. A quick follow-up on the capital return question. Should we think about the kind of decline from 4Q to 1Q as partially driven by the special dividend and through that lens, maybe a return to the more elevated levels once that passes in terms of the repurchase? Thank you.

有幫助。謝謝。關於資本回報問題的快速後續。我們是否應該考慮從第四季度到第一季的下降部分是由特別股息推動的，並且從這個角度來看，一旦回購通過，也許會回到更高的水平？謝謝。

Well, Patrick, we look at it every day, run our models and determine what we're going to buy and of course, factor in, as we talked before, the M&A and buying 1 million shares looked like a pretty decent purchase in the quarter, and we thought it made sense, where is the price going and -- is it too low from our perspective, which kind of tells us and where we think the growth is going, kind of tells us to uptick from there or downtick from there. But that's not really giving you exactly what you asked for. That's how we look at it.

好吧，帕特里克，我們每天都會查看它，運行我們的模型並確定我們要購買什麼，當然，正如我們之前所說，併購和購買 100 萬股看起來是一筆相當不錯的購買。有道理的，價格走向何方，從我們的角度來看是否太低，這告訴我們以及我們認為增長的方向，告訴我們從那裡上漲或從那裡下跌那裡。但這並不能真正滿足您的要求。我們就是這樣看的。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi, good morning. Thanks for taking the questions. Maybe first, Tradeweb announced the acquisition of ICD, which follows BlackRock's acquisition of Cachematrix. How prominent are these platforms or portals in money market fund distribution? And how fast is the use of these platforms growing? And then as we tie it into you, what portion of your money market fund sales come through these portals?

早安.感謝您提出問題。也許首先，Tradeweb 宣布收購 ICD，此前貝萊德收購了 Cachematrix。這些平台或入口網站在貨幣市場基金分銷中的地位如何？這些平台的使用成長速度有多快？然後，當我們將其與您聯繫起來時，您的貨幣市場基金銷售中有多少部分是透過這些入口網站進行的？

So the portals have been a long-term growing use. And I don't know what our percentage of assets coming through portals is. But just about every one of the clients on the institutional side that are corporate are using various portals. And I don't have more information on how we break down. As you know, we break our information done by institutional and quote, retail, which is basically a broker-dealer. But I don't know the numbers by what comes through what platform.

因此，門戶網站的使用一直在長期增長。我不知道我們透過入口網站獲得的資產百分比是多少。但幾乎​​每個機構客戶都在使用各種入口網站。我沒有更多關於我們如何分手的資訊。如您所知，我們打破了機構和報價、零售（基本上是經紀交易商）完成的訊息。但我不知道這些數字是透過什麼平台產生的。

Okay.

好的。

Maybe to add to that for just a second. On the platform side, from a trading perspective, for instance, with Tradeweb, which I think was maybe the beginning part of your question. We have very little, less than 5% in what we do on those types of platforms. We are much more of a voice-to-voice type of trading firm. We feel like we get better execution. We feel like we're better received from a content and expectation standpoint, and this kind of endures us a little bit more when there are special things that come to the market.

也許再補充一下。在平台方面，從交易的角度來看，例如 Tradeweb，我認為這可能是您問題的開始部分。我們在這些類型的平台上所做的事情非常少，不到 5%。我們更像是一家語音對語音類型的貿易公司。我們感覺我們得到了更好的執行力。我們覺得從內容和期望的角度來看，我們得到了更好的接受，當有特殊的東西進入市場時，這種感覺會讓我們更忍受。

We feel like that helps us from a positioning perspective to be able to be part of those more esoteric types of products that come to the market. That is not the market norm. I'd say the market norm is probably over 50%, but it's mostly indicative of smaller players, not the larger players. I think most larger players like to have the relationship and the voice-to-voice contact that is the way that we operate our trading business from an FHI standpoint.

我們覺得，從定位的角度來看，這有助於我們成為市場上那些更深奧的產品的一部分。這不是市場常態。我想說，市場常態可能超過 50%，但這主要代表的是規模較小的參與者，而不是規模較大的參與者。我認為大多數較大的參與者都喜歡建立關係和語音聯繫，這是我們從 FHI 角度經營貿易業務的方式。

As far as the portal distribution for our money market funds, we are on basically all the portals that are out there. So to the extent that the portals continue and maybe they consolidate to some degree from an ownership perspective, we're not looking at that as problematic. And again, I agree, I don't know the percentage that Chris was mentioning as well, but it is not a very large portion of the business compared to other channels.

就我們貨幣市場基金的入口網站分佈而言，我們基本上位於所有入口網站上。因此，只要門戶網站繼續存在，並且從所有權的角度來看，它們可能在某種程度上進行了整合，我們並不認為這是有問題的。再說一次，我同意，我也不知道克里斯提到的百分比，但與其他管道相比，這並不是業務的很大一部分。

And just to add to that, the open architecture is a key part of those portals, I guess, obviously, but we don't expect any change in our business, for example, as a result of the ICD transaction.

除此之外，我認為開放式架構顯然是這些入口網站的關鍵部分，但我們預計我們的業務不會發生任何變化，例如 ICD 交易的結果。

Great. Thank you. Then maybe on strategic value dividend, that product has been in outflow, maybe even elevated outflows for a couple of quarters. I think the pitch on that fund is income paid monthly and maybe some defensiveness. Has the value proposition for strategic value changed in the higher rate environment? And maybe if not, what's driving the elevated redemptions that we've seen there?

偉大的。謝謝。然後，也許在戰略價值股息方面，該產品一直在流出，甚至可能在幾個季度中流出量增加。我認為該基金的重點是每月支付收入，也許還有一些防禦性。在高利率環境下，戰略價值的價值主張是否改變了？如果不是，也許是什麼推動了我們在那裡看到的贖回增加？

Well, unfortunately, one of the things driving the elevated redemptions is it's artificial inclusion in the wrong Morningstar -- in any category in Morningstar. That fund simply does what it does. And it's going to return a 4%-plus return and have 4%-plus increase in dividends by the companies that it buy. So when we go through that fund -- when you look at that fund on the names basis, you've got to evaluate whether that work value should really be in there under those rules. So that's going to be looked at.

不幸的是，推動贖回增加的原因之一是它被人為地納入了錯誤的晨星——晨星的任何類別中。該基金只是做它該做的事。它將帶來 4% 以上的回報，並且其收購的公司的股息將增加 4% 以上。因此，當我們審查該基金時——當您根據名稱查看該基金時，您必須評估該工作價值是否真的應該根據這些規則存在。因此，我們將對此進行研究。

So that is a very, very, very unique fund. One of the challenges with that fund is when it is at the very, very top of the Morningstar category, which doesn't really tell you what it does, then it gets assets in. And people think that's the kind of fund it is, but it's not exactly like that. It is the way I described it, a dividend and dividend growth fund. Now in higher rates like you're saying consisting, that is a factor.

所以這是一個非常非常獨特的基金。該基金面臨的挑戰之一是，當它處於晨星類別的非常非常頂端時，它並沒有真正告訴你它的用途，然後它就會獲得資產。人們認為這就是基金的樣子，但事實並非如此。這就是我所描述的，股息和股息成長基金。現在，像你所說的那樣，利率更高，這是一個因素。

But don't forget that this fund specifically allows some FAs to step out the yield curve a little bit or step into the market a little bit and not leave -- not go all in. And so we still see gross sales in that fund. But as I mentioned, the nets are still negative, although they are, as the kids like to say, less worse this quarter than the prior quarter.

但不要忘記，這檔基金特別允許一些 FA 稍微走出殖利率曲線，或稍微進入市場，而不是離開——而不是全力以赴。因此，我們仍然看到該基金的銷售總額。但正如我所提到的，籃網仍然是負數，儘管正如孩子們喜歡說的那樣，本季籃網的表現比上一季籃網的表現比上一季好一些。

Okay. Thank you very much.

好的。非常感謝。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Thanks. Good morning. Thanks for taking my questions. Maybe just going back to the money fund and the environment, and thanks for your comments, both Chris and Debbie on that, if you had to choose an environment that you think would be best for just the money market business from an inflow perspective, say, over the next one to two years, do you think a gradual easing cycle, even if it's delayed, would be better or a more stagflationary environment, not to say that that's the environment we're going to be in, but a stagflationay environment, say, closer to the 1970s, 1980s, where the Fed cannot cut, the growth is limited, equity multiples might be lower, just in that type of environment, how would you compare that with the gradual easing cycle for the money --?

謝謝。早安.感謝您回答我的問題。也許只是回到貨幣基金和環境，感謝克里斯和黛比的評論，如果你必須選擇一個你認為從流入角度來看最適合貨幣市場業務的環境，比如說，在未來一到兩年裡，你認為漸進的寬鬆週期，即使是推遲，會更好還是更加滯脹的環境，不是說這就是我們將要所處的環境，而是滯脹環境比如說，接近1970 年代、1980 年代，美聯儲無法降息，增長有限，股票市盈率可能較低，就在這種環境下，您如何將其與貨幣逐步寬鬆週期進行比較——？

Brian, thank you. I'll answer that first, then I'll let you give -- let Debbie give a more technical and marketplace answer. My answer is that since money market funds are the eighth wonder of the world, they're always a wonderful product. And we've gone through 50-some-years of these cycles and people always need their cash taken care of. And we always gain more clients and don't lose clients.

布萊恩，謝謝你。我會先回答這個問題，然後讓你給出——讓黛比給出一個更具技術性和市場性的答案。我的回答是，由於貨幣市場基金是世界第八大奇蹟，因此它們始終是一個很棒的產品。我們已經經歷了 50 多年的這樣的週期，人們總是需要照顧好他們的現金。我們總是能贏得更多客戶，不會失去客戶。

Specifically, though, the main thing to me in terms of environment for the money fund is the word measured. So if it's measured up, that means slow and deliberate. If it's measured down, that means slow and deliberate. Measured is always better as an environment for the money fund.

但具體來說，對我來說，貨幣基金環境中最重要的是「衡量」這個詞。因此，如果它是經過衡量的，那就意味著緩慢而深思熟慮。如果它被測量下來，那就意味著緩慢而深思熟慮。作為貨幣基金的環境，衡量總是更好。

Right now, because we have an open retail trade and can look forward to a stronger institutional trade, it's almost nirvana for money funds. Debbie?

現在，因為我們有開放的零售交易，並且可以期待更強大的機構交易，所以這對貨幣基金來說幾乎是涅槃。黛比？

I like that word, Chris. Nirvana is one that I use quite often, and I agree wholeheartedly from a future expectations environment standpoint, measured is good, which is effectively your first scenario, Brian, where interest rates go down in a measured and orderly fashion expected, the curve is predictive of such declines. The key, I think, to that scenario is, it's, again, a perfect type of scenario for gathering cash and keeping the cash very diversified amongst different players, different investor bases.

我喜歡這個詞，克里斯。涅槃是我經常使用的一個，從未來預期環境的角度來看，我完全同意，衡量是好的，這實際上是你的第一個場景，布萊恩，利率以預期的衡量和有序方式下降，曲線是預測性的此類下降。我認為，這種情況的關鍵在於，這又是一種收集現金並在不同參與者、不同投資者群體之間保持現金高度多樣化的完美場景。

But the key is that it goes to what I'm going to call maybe the 3% level, so 100 basis points above where the target inflation rate is. Not to the 0% level, which is where it stood for a very long period of time and just caused more angst. Now the angst in the market then did not, as Chris mentioned, result in money funds losing everything. It is the eighth wonder of the world. However, that's the worst environment you can come up with.

但關鍵是它可能會達到我所說的 3% 水平，即比目標通膨率高出 100 個基點。還沒有達到 0% 的水平，這個水平已經持續了很長一段時間，只會引起更多的焦慮。正如克里斯所說，市場的焦慮並未導致貨幣基金血本無歸。它是世界第八大奇蹟。然而，這是你能想到的最糟糕的環境。

In the stagflationary environment, your second sort of scenario. That's not -- it's a slow growth environment with inflation creeping up to some degree. That's not something that's really too problematic for us either. It's maybe not nirvana, but either one of those scenarios works with the first one being the preferred and what we think at this point is the expected now with that start date being moved out.

在滯脹環境中，這是第二種情況。這不是——這是一個緩慢增長的環境，通貨膨脹在一定程度上攀升。這對我們來說也不是太大的問題。這可能不是涅槃，但其中任何一種情況都適用，第一種情況是首選，我們目前認為，隨著開始日期被移出，現在的預期是這樣的。

When Chris started asking me that question, we were in the first half of the year. Now we're in the second half of the year, and I hate to get specific or more specific, but I'm forced to, my most recent has taken us from June to July to September for a start date. And could there be a scenario where it doesn't start where the declining rate environment doesn't start at all in 2024? I think, the answer is potentially, yes.

當克里斯開始問我這個問題時，我們正處於今年上半年。現在我們正處於下半年，我不想說得更具體或更具體，但我不得不這樣做，我最近的工作是從六月到七月再到九月作為開始日期。是否會出現這樣一種情況：2024 年根本不會出現利率下降的環境？我認為，答案可能是肯定的。

That's great perspective. Thank you. Can I move to expenses for Tom, just the expenses simply has been very good. Maybe if you can just give some commentary around how you see that playing out for the year, particularly seasonally, obviously, compensation typically seasonally high in 1Q. And then we did have a shift down in office and occupancy all year last year. So just wanted to understand if the current run rate is rebased and stay there? And then just maybe a commentary on advertising seeing throughout the year.

這是一個很棒的觀點。謝謝。我可以談談湯姆的開銷嗎，只是開銷已經很好了。也許您可以就您如何看待今年的情況發表一些評論，特別是季節性的，顯然，第一季的薪酬通常季節性較高。去年我們的辦公室和入住率確實有所下降。所以只是想了解當前的運行率是否會重新調整並保持在那裡？然後也許只是對全年廣告觀看情況的評論。

Okay, Brian. You're right, Q1, the -- well, for Q2 -- and I'm not really talking about the whole year, but lease for comp. The payroll taxes were higher and the bonus-restricted stocks were higher in Q1. So we would expect that to go down in Q2. But of course, benefits and base go up. But I would expect for Q2 with all else being equal i.e. not getting carried interest or the related comp that comes with that, that the comp line would be down a little bit.

好吧，布萊恩。你是對的，第一季度，嗯，第二季度，我並不是真正談論全年，而是補償租賃。第一季薪資稅較高，紅利限制股較高。因此，我們預計第二季這一數字將會下降。但當然，福利和基礎都會上升。但我預期第二季在其他條件相同的情況下，即沒有獲得附帶權益或隨之而來的相關補償，補償線會略有下降。

You mentioned the office and occupancy and that came down because we got out of an office space in London, and so now we're kind of at the going rate there. So I wouldn't expect much change there. The distribution line, of course, if AUM goes up, that's going to go up, and we're happy with that going up when AUM goes up. On the systems and communications side, we would expect that to tick up as our tech spending continues to tick up.

你提到了辦公室和入住率，因為我們離開了倫敦的一個辦公空間，所以現在我們處於那裡的現行水平。所以我不期望那裡有太大變化。當然，如果 AUM 上升，分配線就會上升，當 AUM 上升時，我們對分配線的上升感到高興。在系統和通訊方面，我們預計隨著我們的技術支出繼續增加，這一數字將會增加。

On the ads, that's the timing. What we said for a long time is look at the whole year and when are we going to do our advertising programs. Well, we're starting one right here in the second quarter now. So that would I expect tick up in the second quarter also. And a year comment on that would be that I would expect us to spend more in '24 than we did in '23 based on the timing and us committing more there. T&E was a little low in Q1, and we expect that to go up in Q2, and I don't see much else on the other line items worth pointing out.

在廣告上，這就是時機。我們說了很長一段時間，就是看看全年，我們什麼時候會做我們的廣告節目。嗯，我們現在就在第二季開始。因此，我預計第二季也會增加。對此的一年評論是，根據時間安排和我們在那裡的承諾，我預計我們在 24 年的支出將比 23 年的支出更多。第一季的 T&E 有點低，我們預計第二季會上升，而且我認為其他項目沒有太多值得指出的地方。

That's great color. Just on the comp line for the seasonal drop in 2Q. I think you maybe to look more -- to a more normal year on that would be in 2022? Or is that was down about $6 million? Is that in rough terms a decent benchmark for that?

那顏色真棒。就在第二季季節性下降的比較線上。我認為您可能會更關注 2022 年是一個更正常的年份？或者說減少了約 600 萬美元？粗略地說，這是一個不錯的基準嗎？

The way I'd look at it is, right now, with all else being equal, with at about -- where we take out about $3 million of expenses for Q2. That's about as far -- and kind of I'm going to put all the qualifiers on it with bonuses change and carried interest changes, but all else being equal, that's what I'd knock it down by.

我現在的看法是，在其他條件相同的情況下，我們為第二季支出了約 300 萬美元的費用。到目前為止，我將把所有的限定條件加上獎金和附帶利息的變化，但在其他條件相同的情況下，這就是我要擊倒它的原因。

Okay, great, great. Thank you very much.

好的，太好了，太好了。非常感謝。

Kenneth Lee, RBC Capital Markets.

肯尼斯李，加拿大皇家銀行資本市場。

Hey, good morning. Thanks for taking my question. Wondering if there's anything else to call out in terms of what was driving the equity net outflows in the quarter. And then perhaps, I wonder if you could just further expand with more details. You said that you were seeing accelerated sales in the MDT fund complex. Just want to see some sentiment or demand around specific products within that area. Thanks.

嗨，早安。感謝您提出我的問題。想知道在推動本季股票淨流出的因素方面是否還有其他值得指出的事情。然後也許，我想知道您是否可以進一步擴展更多細節。您說您看到 MDT 基金綜合體的銷售加速。只是想了解該區域內特定產品的一些情緒或需求。謝謝。

Okay. On the MDT, we had gross sales of over $1 billion net sales of over $500 million bringing that franchise, the MDT franchise, SMA and funds and institutional, all together to write about $10 billion. So that's a big franchise. Their performance has been outstanding. You can check it all out, one, three and five-year excellent performance.

好的。在 MDT 方面，我們的總銷售額超過 10 億美元，淨銷售額超過 5 億美元，使該特許經營權、MDT 特許經營權、SMA 以及基金和機構加起來總計約 100 億美元。所以這是一個大的特許經營權。他們的表現非常出色。你可以全部查看一下，一年、三年、五年的優秀表現。

And so that's what's behind that story. And that was an acquisition that we did back in '06. And so this has been a long-term investment on the Federated Hermes part. In terms of what's driving other redemptions, we've already talked about the strategic value dividend fund on this call. The other one, of course, is Kaufmann.

這就是這個故事背後的原因。這是我們在 06 年進行的一項收購。因此，這是 Hermes 聯邦的長期投資。就推動其他贖回的因素而言，我們已經在本次電話會議上討論了策略性價值股利基金。另一位當然是考夫曼。

And what's happened there has been some changes inside the portfolios, especially the big fund to reduce the cash positions, change the percentage on biotech stocks. And if you look at the rankings of the three funds in that area over the last year. They're all right middle of the pack, 53, 44, 48 percentile on Morningstar over the last year. So that's an improvement over where they have been.

投資組合內部發生了一些變化，特別是大基金減少了現金頭寸，改變了生物科技股的比例。如果你看看去年該領域有三隻基金的排名。去年，他們在晨星指數上的排名分別為 53、44、48 個百分點。所以這比他們以前的情況有所改進。

And if you go one step further and take a look at the three-month numbers or first quarter for the big Kaufmann fund, they're now right at 50%. And if you look at the Small Cap Fund, they're at 38% for the three months and that combines with Small Cap's top 10% over 10 years. The reason I mentioned those is that this is what builds the case for diminishing redemptions and, in fact, increasing sales. Interestingly enough, you still have meaningful gross sales in all of those products that even have net redemptions.

如果你更進一步，看看考夫曼大型基金的三個月數據或第一季數據，你會發現它們現在正好是 50%。如果你看小型基金，它們三個月的收益率為 38%，再加上小型基金 10 年來的前 10% 的收益率。我提到這些的原因是，這就是減少贖回並實際增加銷售額的理由。有趣的是，所有這些甚至有淨贖回的產品仍然有有意義的總銷售額。

Another story to call out would be the SMID product run out of London with $150 million worth of positive flows in the first quarter as well. And as I mentioned, there are a dozen funds with positives, but it's very hard to work against those large negatives of Kaufmann and Strategic Value Dividend.

另一個值得一提的故事是在倫敦運行的 SMID 產品，第一季也產生了價值 1.5 億美元的正流量。正如我所提到的，有十幾隻基金具有積極的一面，但很難克服考夫曼和戰略價值股息的巨大負面影響。

And I would add that when you look at the last couple of quarters in growth, we've had -- as a category, we've had meaningful but diminishing net redemptions. We still had them in Q1. But in the early part of Q2, driven by the strength of MDT, we actually have positive net flows in growth as a category.

我想補充一點，當你觀察過去幾季的成長時，我們發現，作為一個類別，我們的淨贖回量有意義，但卻在不斷減少。我們在第一季仍然有它們。但在第二季初期，在 MDT 實力的推動下，我們實際上作為一個類別實現了正的淨成長。

Got you. Very, very helpful color there. That's all I had. Thanks, again.

明白你了。那裡的顏色非常非常有用。這就是我所擁有的一切。再次感謝。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

You mentioned several alternative products that you have in the market. I was just curious what the previous fund sizes were for the ones that are kind of in second or third generation? And how you would think about the potential targets for these funds versus what you did previously?

您提到了市場上的幾種替代產品。我只是好奇第二代或第三代的基金以前的規模是多少？與您之前所做的相比，您如何看待這些基金的潛在目標？

Well, we -- just to comment on the one we already closed was the PEC V, and that was an increase from prior. It was in the $600 million range. And now we're starting to get organized on PEC VI. The Horizon Fund is larger at $1 billion plus, though I don't have the number in front of me for the prior one. This was the third iteration of that. So in general, they've gone up.

好吧，我們只是想評論一下我們已經關閉的 PEC V，它比之前有所增加。金額約 6 億美元。現在我們開始組織 PEC VI。Horizo​​n 基金規模更大，超過 10 億美元，不過我沒有前一個基金的數字。這是第三次迭代。所以總的來說，它們已經上漲了。

And it's been a tough year, even 18 months of raising money in private markets, private equity, in particular. So that's just an additional comment. I don't have the numbers either.

今年是艱難的一年，甚至在私募市場（尤其是私募股權）籌集資金長達 18 個月。這只是一個附加評論。我也沒有號碼。

Understood. And just a follow-up on the modeling question. So the tax rate, I think you're guiding to 26% to 28%. And you haven't been there in several years. I guess, what's driving that higher as we think about the rest of this year?

明白了。這只是建模問題的後續。所以稅率，我認為你的指導是 26% 到 28%。而你已經好幾年沒有去那裡了。我想，當我們思考今年剩下的時間時，是什麼推動了價格的上漲？

Yeah. We don't get to deduct, or we have a valuation allowance in foreign subsidiary. So that's where we used to be able to deduct losses and we can't do that anymore before we get a higher tax rate.

是的。我們不能扣除，或我們在外國子公司有估價津貼。因此，這就是我們過去可以扣除損失的地方，但在稅率提高之前，我們不能再這樣做了。

Understood. Okay, thank you.

明白了。好的謝謝。

John Dunn, Evercore.

約翰鄧恩，Evercore。

Thank you. You guys -- you touched on strategic value dividend and quant. But could you contextualize l\ike the equity flow outlook?

謝謝。你們——你們談到了戰略價值股利和量化。但您能否像股權流動前景一樣進行背景分析？

So equity always goes in ups and downs. And we are looking for, as I mentioned, a lot bigger, better things coming out of the MDT franchise. And as I tried to plant the seeds a rebound in the Kaufmann enterprise. And if you look historically at Kaufmann, when it has had some tough going, its spring back is really a beautiful thing to behold.

所以股票總是有漲有跌。正如我所提到的，我們正在尋找 MDT 特許經營中出現的更大、更好的東西。當我試著播下考夫曼企業反彈的種子。如果你回顧一下考夫曼的歷史，當它經歷過一些艱難的時期時，它的反彈確實是一件美麗的事。

And Strat Val is going to continue to do what it does in terms of its investment activities. So those are the principal ones. Now that's why we mentioned about having a dozen others that keep that are positive that give us other opportunities for growth on the equity side as well. In terms of the FAs, when you ask about context, the FAs by and large, and this is obviously the business where we're calling on RIAs, broker-dealers, et cetera. There's a little debate in between the FA generally and the client.

Strat Val 將繼續其投資活動。這些是主要的。這就是為什麼我們提到有十幾個其他人保持積極的態度，這也為我們在股票方面提供了其他成長機會。就 FA 而言，當您詢問背景時，總的來說，FA 很明顯是我們呼籲 RIA、經紀自營商等的業務。FA 和客戶之間存在一些爭論。

The client is perfectly happy at 5%. The FA wants to get into the market. And we're seeing more movement into the market. And I don't be thinking this as an avalanche or a catalyst or all that. But when we have $265 million of positive flows in Ultrashorts coming off bigger negatives, and when we see more interest in Microshorts and when we hear the FAs talking about moving duration into one, three months or one, three-year duration products, we're beginning to see more movement.

客戶對 5% 非常滿意。英足總希望進入這個市場。我們看到更多的動向進入市場。我並不認為這是一場雪崩或催化劑或諸如此類的事情。但是，當我們在Ultrashorts 中獲得2.65 億美元的正流量擺脫更大的負面影響時，當我們看到人們對Microshorts 產生更多興趣時，當我們聽到FA 談論將期限轉變為一年、三個月或一年、三年的期限產品時，我們就會'重新開始看到更多的動靜。

This is not a total risk on trade. But it sets the stage for getting closer. And when you look at the performance and the sales response on MDT, we're getting more newer clients into those mandates. And we think that is a good thing in terms of seed corn for the future as well.

這並不是貿易的全部風險。但這為進一步接近奠定了基礎。當您查看 MDT 的績效和銷售反應時，您會發現我們正在吸引更多新客戶參與這些任務。我們認為這對未來的玉米種子也是一件好事。

Right. And then maybe like the puts and takes on the fixed income side. Total return bond is doing great but --?

正確的。然後也許就像是固定收益方面的看跌期權和看跌期權。總報酬債券表現不錯，但——？

Well, as we mentioned, the flows have been very solid, and that's why I mentioned about the Ultrashorts coming in, they're sort of an in-between product. And what we present to clients is a solution both out the yield curve and out the risk parameters and our people present solutions to clients, and they're very well able to compete with people who want to go all passive or things like that. And that's why we continue to have what amounts to robust sales in fixed income for exactly that reason.

嗯，正如我們所提到的，流量非常穩定，這就是為什麼我提到超短褲的出現，它們是一種中間產品。我們向客戶提供的是殖利率曲線和風險參數的解決方案，我們的員工向客戶提供解決方案，他們非常有能力與想要採取所有被動或類似方式的人競爭。這就是為什麼我們的固定收益銷售持續保持強勁的原因。

And remember that there's a huge fraction of our business, maybe half, maybe a little less than half, that's basically retirement-oriented. And the intermediaries are coming up with solutions for those clients over the long term that involve fixed income. And so we've seen the assets move up and we would certainly see that continuing.

請記住，我們業務的很大一部分，也許是一半，也許不到一半，基本上都是以退休為導向的。中介機構正在為這些客戶提供涉及固定收益的長期解決方案。因此，我們已經看到資產上漲，而且我們肯定會看到這種情況持續下去。

And one that's sort of a hidden jewel at this point in the cycle is the high yield, excellent long-term records a big franchise here at Federated Hermes, a great marketplace reception. And that one goes in ebbs and flows as well based on the nature of the clients going risk on. So we have a lot of buckets ready for when it starts raining money in other areas as well.

在這個週期的這一點上，有一點是隱藏的寶石，那就是聯邦愛馬仕的大特許經營權的高收益、出色的長期記錄，以及巨大的市場反響。根據客戶承擔風險的性質，這種風險也會有起有落。因此，當其他領域也開始大筆資金投入時，我們已經做好了許多準備。

Thanks very much.

非常感謝。

We have reached the end of the question-and-answer session, and I will now turn the call over to Ray Hanley for closing remarks.

問答環節已經結束，我現在將電話轉交給雷·漢利（Ray Hanley）做總結發言。

Thank you, Holly. That concludes our call. Thank you for joining us today.

謝謝你，霍莉。我們的通話到此結束。感謝您今天加入我們。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。