Federated Hermes Inc (FHI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Federated Hermes, Inc. second-quarter 2025 analyst call and webcast. (Operator Instructions) Please note this conference is being recorded.

大家好，歡迎參加 Federated Hermes, Inc. 2025 年第二季分析師電話會議和網路廣播。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mr. Raymond Hanley. Sir, the floor is yours.

現在我將會議交給主持人雷蒙德漢利先生。先生，請您發言。

Hello, 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. Joining us for the Q&A are Saker Nusseibeh, who is the CEO of Federated Hermes Limited; and Debbie Cunningham, the Chief Investment Officer for Money Markets.

您好，歡迎來電。主持今天電話會議的將是 Federated Hermes 執行長兼總裁 Chris Donahue 和財務長 Tom Donahue。參加我們問答環節的有 Federated Hermes Limited 執行長 Saker Nusseibeh 和貨幣市場首席投資長 Debbie Cunningham。

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，我們想指出，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。請查看我們向美國證券交易委員會提交的文件中的風險揭露。無法保證未來的結果，Federated Hermes 不承擔更新任何前瞻性陳述的義務。克里斯？

Thank you, Ray, and good morning. I will review Federated Hermes' business performance, and Tom will comment on our financial results. We ended Q2 with record assets under management of $846 billion, led by gains from our equity strategies. Equity assets increased by $8.1 billion or 10% from the prior quarter. Second quarter equity net sales of $1.8 billion represent an organic growth rate of just under 9%.

謝謝你，雷，早安。我將回顧 Federated Hermes 的業務表現，而 Tom 將對我們的財務結果發表評論。我們在第二季結束時管理的資產達到創紀錄的 8,460 億美元，這主要得益於我們的股票策略的收益。股權資產較上一季增加 81 億美元，增幅 10%。第二季股權淨銷售額為 18 億美元，有機成長率略低於 9%。

Our MDT fundamental quant strategies produced solid sales results again in the second quarter. MDT equity strategies had net sales of $3.8 billion in the second quarter, up from $3.3 billion in the first quarter. For Q3 through July 25, these strategies have had net sales in combined funds and SMAs of $730 million. Seven of the eight MDT equity mutual fund strategies are in the top performance quartile of the Morningstar categories for the trailing three years ended June 30. Four of these strategies are in the top decile.

我們的 MDT 基本量化策略在第二季再次取得了穩健的銷售表現。MDT 股票策略第二季淨銷售額為 38 億美元，高於第一季的 33 億美元。截至 7 月 25 日的第三季度，這些策略的綜合基金和 SMA 淨銷售額為 7.3 億美元。截至 6 月 30 日的過去三年中，八種 MDT 股票共同基金策略中有七種位於晨星類別的最高業績四分之一。其中四種策略名列前十分之一。

The second quarter saw further improvement in flows from strategic value dividend strategies. These strategies had second quarter net sales of $344 million compared to $131 million in the prior quarter. And this includes the funds the SMA and the institutional separate accounts under these strategies. We had net sales in 19 equity fund strategies during the second quarter, including a variety of the MDT offerings and including the Asia ex-Japan Fund. MDT's offerings included by highlight, MDT Mid Cap Growth, MDT Mid Cap Collective, and the All Cap Core.

第二季度，策略價值股利策略的資金流進一步改善。這些策略使得第二季的淨銷售額為 3.44 億美元，而上一季的淨銷售額為 1.31 億美元。其中包括這些策略下的SMA基金和機構獨立帳戶。我們在第二季實現了 19 種股票基金策略的淨銷售額，其中包括各種 MDT 產品和亞洲（日本除外）基金。MDT 的產品包括亮點產品、MDT Mid Cap Growth、MDT Mid Cap Collective 和 All Cap Core。

Looking at our equity fund performance at the end of the second quarter and using Morningstar data for the trailing three years, 56% of our equity funds were beating peers and 26% were in the top quartile of their category. For Q3 through 7/25, combined equity funds and SMAs had net sales of $480 million.

回顧我們第二季末的股票基金表現，並使用晨星過去三年的數據，56% 的股票基金表現優於同行，26% 的股票基金處於同類基金的前四分之一。截至 7 月 25 日的第三季度，股票基金和 SMA 的淨銷售額為 4.8 億美元。

Now turning to fixed income. Assets decreased by about $800 million or 1% in the second quarter from the prior quarter due mainly to net redemptions of $2.4 billion, partially offset by higher market valuations and FX of $1.6 billion. Redemptions included about $1.5 billion from two large public entities that have regular sizable inflows and outflows. We had 15 fixed income funds with net sales in the second quarter, including the conservative micro short fund and the total return bond fund, ETF.

現在轉向固定收益。第二季資產較上一季減少約 8 億美元，或 1%，主要原因是淨贖回 24 億美元，但卻被更高的市場估值和 16 億美元的外匯部分抵銷。贖回金額包括來自兩家經常有大量資金流入和流出的大型公共實體的約 15 億美元。我們第二季有 15 檔固定收益基金進行淨銷售，其中包括保守型微型空頭基金和總回報債券基金 ETF。

Regarding performance at the end of the second quarter and using Morningstar data for the trailing three years, 46% of our fixed income funds were beating peers and 21% were in the top quartile of their category. For Q3 through 7/25, combined fixed income and SMAs had net sales of $47 million.

就第二季末的表現而言，使用晨星過去三年的數據，我們的 46% 固定收益基金表現優於同行，21% 的固定收益基金處於同類基金的前四分之一。截至 7 月 25 日的第三季度，固定收益和 SMA 的淨銷售額為 4,700 萬美元。

In the alternative private markets category, assets increased by $1.3 billion or 7% in the second quarter due mainly to the impact of FX rates, which was $1.1 billion and net sales of $231 million, mostly in the MDT Market Neutral fund.

在另類私募市場類別中，第二季資產增加了 13 億美元，增幅為 7%，主要歸因於外匯匯率的影響，為 11 億美元，淨銷售額為 2.31 億美元，主要集中在 MDT 市場中性基金。

Now we are in the market, as I've said in previous calls, with European Direct Lending III, the third vintage of our European direct lending fund. To date, we've closed on $450 million target raise is $750million and EDL I raised $300 million, EDL II raised $640 million.

正如我在之前的電話會議中所說的那樣，現在我們已經進入市場，推出了歐洲直接貸款 III，這是我們的歐洲直接貸款基金的第三個版本。到目前為止，我們已經完成了 4.5 億美元的目標融資，籌集金額為 7.5 億美元，EDL I 籌集了 3 億美元，EDL II 籌集了 6.4 億美元。

We're also in the market with a global private equity co-invest fund, which is the sixth vintage of the PEC series. Our first close in April was for about $114 million. The target raise is $500 million. And PEC, P-E-C, I to V raised approximately $400 million to $600 million in each fund.

我們也透過全球私募股權共同投資基金進入該市場，這是 PEC 系列的第六個基金。我們四月的首次成交價約為 1.14 億美元。目標融資金額為 5 億美元。PEC、P-E-C、I 至 V 各基金籌集了約 4 億至 6 億美元。

The Federated Hermes GPE Innovation Fund II, the second vintage of our Pan-European Growth Private Equity Innovation fund is in the market. To date, we've closed on $110 million with a target raise of $300 million and the first vehicle raised $240 million. We're also in the market with the European Real Estate Debt Fund, a new pooled European debt fund. Our marketing is here in 2025, and our target is $300 million.

我們的泛歐成長私募股權創新基金的第二支基金－聯邦赫爾墨斯 GPE 創新基金 II 現已上市。到目前為止，我們已經籌集了 1.1 億美元，目標籌集 3 億美元，第一筆融資籌集了 2.4 億美元。我們也進入了歐洲房地產債務基金市場，這是一個新的歐洲集合債務基金。我們的行銷目標是2025年，銷售額為3億美元。

Early in the second quarter, we completed the acquisition of a majority interest in Rivington Energy Management Limited, a UK renewable energy company. The acquisition enhances our Private Markets platform by adding project development expertise and specialist energy transition sector experience to our institutional investment and asset management capabilities in the infrastructure asset class. We are actively working on product development plans with the Rivington team.

第二季初，我們完成了英國再生能源公司 Rivington Energy Management Limited 多數股權的收購。此次收購增強了我們的私募市場平台，為我們在基礎設施資產類別的機構投資和資產管理能力增添了專案開發專業知識和專業的能源轉型領域經驗。我們正在積極與 Rivington 團隊合作制定產品開發計劃。

Across our long-term investment platform, we began Q3 with about $1 billion in net institutional mandates yet to fund in both funds and separate accounts.

在我們的長期投資平台上，我們在第三季開始時，基金和獨立帳戶中尚未註資的淨機構授權約為 10 億美元。

Fixed income expected net additions totaled about 4 -- about $545 million with wins in multi-sector, high yield, and active cash. Approximately $439 million of total wins are expected to come into Private Markets strategies. We have approximately $1.6 billion in wins yet to fund, mostly in direct lending, private equity, and trade finance, partially offset by $1.2 billion in redemptions from the restructuring of our UK Property Trust, which will occur in the third quarter. We have managed this particular fund for decades, and it has delivered solid performance to our investors.

固定收益預期淨增加總額約為 4——約 5.45 億美元，在多行業、高收益和活躍現金方面有所斬獲。預計總收益中約有 4.39 億美元將進入私募市場策略。我們還有大約 16 億美元的收益尚未到位，主要是直接貸款、私募股權和貿易融資，部分被我們英國房地產信託重組的 12 億美元贖回所抵消，重組將於第三季度進行。我們管理這檔基金已有數十年，它為我們的投資者帶來了穩健的表現。

The restructuring and transition of the fund to a third-party is a result of changing market demand for such products. It is being done in collaboration with our investors and with the goal of providing them liquidity options to suit their preferences as expressed in their recent voting. The wins in this area are obviously in direct lending and private equity and trade finance. Equities expected additions totaled about $59 million, driven by MDT and some -- offset by some outflows.

該基金的重組和向第三方的轉型是此類產品的市場需求變化的結果。我們正在與投資者合作，目標是為他們提供流動性選擇，以滿足他們在最近的投票中所表達的偏好。該領域的勝利顯然是在直接貸款、私募股權和貿易融資方面。股票預期增加總額約為 5900 萬美元，由 MDT 推動，並被一些流出所抵消。

Moving on to money markets. We reached another record high at the end of Q2 for money market fund assets, which increased by $3.1 billion to reach $468 billion. These assets moved higher in the second quarter despite seasonal factors that often result in lower assets. Money market separate accounts decreased by $5.9 billion, reflecting usual seasonal patterns.

轉向貨幣市場。第二季末，貨幣市場基金資產再創歷史新高，增加了 31 億美元，達到 4,680 億美元。儘管季節性因素通常會導致資產減少，但這些資產在第二季仍有所增加。貨幣市場獨立帳戶減少了 59 億美元，反映了通常的季節性模式。

Market conditions remained favorable for cash as an asset class. In addition to the appeal of relative safety in periods of volatility, money market strategies present opportunities to earn attractive yields compared to alternatives such as bank deposits and direct investments in T-bills and commercial paper.

市場條件對現金這一資產類別仍有利。除了在波動時期具有相對安全性的吸引力之外，貨幣市場策略還提供了與銀行存款、直接投資國庫券和商業票據等替代方案相比獲得誘人收益的機會。

We are actively participating in the development of tokenized money market funds and digital asset infrastructure and continue to rigorously explore opportunities ranging from tokenized share classes to offering fully digitized assets. Over the past several years, we have engaged with a broad array of innovators and well-regarded financial institutions to identify and evaluate opportunities in the digital assets arena, accompanying -- going along with a significant amount of knowledge gained and experience along the way.

我們積極參與代幣化貨幣市場基金和數位資產基礎設施的開發，並繼續嚴格探索從代幣化股票類別到提供完全數位化資產的機會。在過去的幾年裡，我們與許多創新者和知名金融機構合作，以識別和評估數位資產領域的機遇，並在此過程中累積了大量的知識和經驗。

We are subadvisor for the Superstate Short Duration US Government Securities Fund, a private tokenized fund that has assets of about $425 million.

我們是超級短期美國政府證券基金的副顧問，該基金是一隻私人代幣化基金，資產規模約 4.25 億美元。

It was also recently announced that Federated Hermes will participate in the launch of a collaborative initiative between Bank of New York and Goldman Sachs, they will use blockchain technology to maintain a record of their customers' ownership of select money market funds. This is a significant step towards enhancing the utility and transferability of the existing money market fund shares. Our participation highlights our commitment to the digital asset space where we expect ongoing innovation and growth.

最近也宣布，Federated Hermes 將參與紐約銀行和高盛之間的合作計劃，他們將使用區塊鏈技術來記錄客戶對精選貨幣市場基金的所有權。這是提高現有貨幣市場基金份額的實用性和可轉讓性的重要一步。我們的參與凸顯了我們對數位資產領域的承諾，我們期待該領域持續創新和成長。

Our estimate of money market mutual fund market share, including sub-advised funds was about 7.11% at the end of the second quarter, up slightly from about 7.10% at the end of the first quarter.

我們估計，包括分項顧問基金在內的貨幣市場共同基金市佔率在第二季末約為 7.11%，略高於第一季末的 7.10%。

Now looking at recent asset totals as of the last few days. Managed assets were approximately $854 billion, including $642 billion in money markets, $91 billion in equities, $98 billion in fixed income, $20 billion in alternative private markets, $3 billion in multi-asset. Money market mutual fund assets were $476 billion. Tom?

現在查看最近幾天的資產總額。管理資產約 8,540 億美元，其中包括貨幣市場 6,420 億美元、股票 910 億美元、固定收益 980 億美元、另類私人市場 200 億美元、多種資產 30 億美元。貨幣市場共同基金資產為 4,760 億美元。湯姆？

Thanks, Chris. Total revenue for Q2 increased slightly from the prior quarter due mainly to higher revenue from more days in the quarter and revenue related to the Rivington acquisition, which were partially offset by lower revenue from performance fees and carried interest.

謝謝，克里斯。第二季總收入較上一季略有增加，主要原因是本季天數增加帶來的收入增加以及與 Rivington 收購相關的收入，但績效費和附帶權益收入減少部分抵銷了這些收入。

Total Q2 carried interest and performance fees were $1.4 million compared to $5.9 million last quarter, approximately $829,000 of these Q2 fees were offset by nearly the same amount of compensation expense.

第二季度的附帶權益和績效費用總額為 140 萬美元，而上一季為 590 萬美元，其中約 829,000 美元的第二季度費用被幾乎相同數額的薪酬費用所抵消。

Q2 operating expenses increased from the prior quarter due mainly to the $12.9 million VAT refund in Q1.

第二季營運費用較上一季增加，主要原因是第一季獲得了 1,290 萬美元的增值稅退稅。

In the other expense line item, FX and related expense was a credit of $5.8 million for Q2 compared to a credit of $5.6 million in Q1 as the pound strengthened against the dollar again. We have lowered the notional amount of our foreign currency forwards to GBP31.5 million down from GBP86.7 million at the end of Q2.

在另一個費用項目中，由於英鎊兌美元再次走強，第二季外匯及相關費用貸記為 580 萬美元，而第一季貸記為 560 萬美元。我們已將外幣遠期名義金額從第二季末的 8,670 萬英鎊下調至 3,150 萬英鎊。

Compensation and related expense increased by $1.6 million from the prior quarter due mainly to higher incentive comp and base pay merit increases of $6.9 million, partially offset by seasonally lower expense for stock-based compensation of $4.7 million and payroll taxes of about $600,000. Advertising and promotion -- promotional expense increased due mainly to the timing of our advertising campaign spend.

薪資和相關費用較上一季增加 160 萬美元，主要原因是激勵薪資和基本薪資績效增加 690 萬美元，但部分被季節性較低的股票薪資費用 470 萬美元和薪資稅約 60 萬美元所抵銷。廣告和促銷－促銷費用的增加主要是由於我們的廣告活動支出的時間安排。

The Q2 effective tax rate was 26.1%. We expect the rate to be in the 25% to 28% range for 2025. At the end of Q2, cash and investments were $607 million, cash and investments excluding the portion attributable to noncontrolling interests were $474 million.

第二季有效稅率為26.1%。我們預計 2025 年的失業率將在 25% 至 28% 之間。第二季末，現金和投資為 6.07 億美元，不包括歸屬於非控制權益部分的現金和投資為 4.74 億美元。

During Q, the company purchased approximately 1.5 million shares of its stock for about $64.5 million. The Board of Directors approved a new share repurchase program yesterday for 5 million shares in addition to the 1.1 million shares remaining from the prior program.

在 Q 期間，該公司以約 6,450 萬美元的價格回購了約 150 萬股股票。董事會昨天批准了一項新的股票回購計劃，除先前計劃剩餘的 110 萬股外，還將回購 500 萬股。

Ali, that concludes our prepared comments. We'd like to open up the call for questions.

阿里，我們的準備好的評論到此結束。我們想開始回答問題。

(Operator Instructions) Patrick Davitt, Autonomous Research.

（操作員指示）帕特里克·戴維特，自主研究。

On the back of your stablecoin tokenization comments, I think it would be helpful maybe if you could update us on your broader thoughts around the extent to which you think these products could disintermediate the traditional money fund business? Or do you see it more as incremental to that traditional money fund cash exposure?

在您對穩定幣代幣化的評論的基礎上，我認為如果您能向我們介紹一下您的更廣泛的想法，即您認為這些產品將在多大程度上取代傳統的貨幣基金業務，這可能會有所幫助？或者您認為它更多的是傳統貨幣基金現金敞口的增量？

Baseline, we would see it as incremental. New customers, new things. There's not an avalanche of use of these things right now. And don't forget, the basic thing on people with cash is they want daily liquidity at par. They're willing to go with a stablecoin that doesn't pay a yield, but then they also would like a respectable daily yield.

基線，我們將其視為增量。新客戶，新事物。目前這些東西的使用還沒有大量增加。別忘了，持有現金的人的基本需求是他們希望每天的流動性都達到面額。他們願意選擇不支付收益的穩定幣，但也希望獲得可觀的每日收益。

And we think that the Goldman, Bank of New York methodology where Goldman creates a platform, Bank of New York is the custody and transfer agent and the money fund sits there, just like it always sat there as a money fund, and yet someone else is taking care of the tokenization.

我們認為，高盛、紐約銀行的方法論是，高盛創建一個平台，紐約銀行是託管和過戶代理，貨幣基金就在那裡，就像它一直作為貨幣基金坐在那裡一樣，但其他人正在負責代幣化。

So that from the customer standpoint, it is, in fact, a tokenized money fund. But from the money fund operator standpoint, it's operating a regular 2a-7 money fund in order to provide daily liquidity at par.

因此，從客戶的角度來看，它實際上是一種代幣化的貨幣基金。但從貨幣基金運營商的角度來看，它正在運營常規的 2a-7 貨幣基金，以便按面值提供每日流動性。

So this is a very sound strategy. I'm not saying it's the only one that will go into the future. But overall, we think that's a very good one. One of the reasons that people are getting excited about this is because you can get 7/24 activity trade anytime, but you still have to work out some of the mechanics of who gets the dividend.

所以這是一個非常合理的策略。我並不是說它是唯一一個走向未來的人。但總體而言，我們認為這是一個非常好的決定。人們對此感到興奮的原因之一是，你可以隨時進行 7/24 活動交易，但你仍然需要弄清楚誰能獲得股息的一些機制。

The way our program will work with BNY and Goldman right now is whoever owns the token at the end of the day is going to get the dividend. And this is not as much a tokenized money fund as others have to full tokenized money funds.

我們的計畫目前與紐約銀行和高盛合作的方式是，最終誰擁有代幣，誰就能獲得股息。這不像其他完全代幣化貨幣基金是一個代幣化貨幣基金。

So our overall view is that you have to play in this space. And we are talking to people, I got a list of them. And there are many of them on there including European players where we're dealing with all the ideas of innovation. I can't go through all of them with you. The one with the Bank of New York and Goldman, obviously, has been made public as has -- have Superstate.

因此，我們的總體觀點是，你必須在這個領域發揮作用。我們正在與人們交談，我得到了他們的名單。其中有很多，包括歐洲的參與者，我們正在處理所有的創新想法。我無法和你一起經歷這一切。顯然，紐約銀行和高盛之間的交易已經公開，Superstate 也已公開。

Superstate.

超級大國。

Yeah. So Debbie, what would you add to that?

是的。那麼黛比，你對此還有什麼補充嗎？

You covered it very succinctly. The only thing I'd add is, right now, we think this is the tip of the iceberg, Patrick. This is, for our current products that are on this platform, a different way to distribute. So we distribute through various types of intermediaries through states, through insurers, through broker-dealers, through banks. We distribute directly this is another way of distributing our product, and in the process, turning it into a ledger product that has better transferability than a typical money market fund share does.

您對此進行了非常簡潔的闡述。我唯一要補充的是，目前，我們認為這只是冰山一角，派崔克。對於我們目前在這個平台上的產品來說，這是一種不同的分銷方式。因此，我們透過各種中介機構、透過國家、透過保險公司、透過經紀交易商、透過銀行進行分銷。我們直接分銷，這是分銷我們產品的另一種方式，在此過程中，將其轉變為比典型的貨幣市場基金份額具有更好可轉移性的分類帳產品。

So we think it's a very clever and new way to be able to distribute product. And as Chris mentioned, there's lots of innovation that we think can happen that provide additional bells and whistles to why this is a product that will take over, to some degree, the future. But that's not what is in existence today.

因此我們認為這是一種非常聰明且新穎的產品經銷方式。正如克里斯所提到的，我們認為可以實現許多創新，這些創新將提供額外的附加功能，說明為什麼這款產品將在某種程度上佔據未來主導地位。但如今的情況並非如此。

What is in existence today is a traditional money fund being distributed to a different group of clients, particularly from a collateralization standpoint. So money funds. Stablecoins you mentioned, they need to be backed by something. They need to be backed by treasury bills or money funds containing those treasury bills.

目前存在的是傳統貨幣基金，它被分配給不同的客戶群體，特別是從抵押品的角度來看。所以貨幣基金。你提到的穩定幣，它們需要某些東西來支持。它們需要國庫券或包含這些國庫券的貨幣基金的支持。

That's what the GENIUS Act is all about. Money funds will provide that collateral, and we will provide it on chain so that the ease of use is basically seamless. But lots of innovation to come as it exists today, distribution changes that are beneficial.

這就是《GENIUS 法案》的宗旨。貨幣基金將提供抵押品，我們將在鏈上提供抵押品，以便於使用，基本上是無縫的。但鑑於目前的情況，未來將會出現許多創新，分銷方面的變化也是有益的。

Great. And just as a quick follow-up, Debbie. I feel like we've been talking about this for a couple of years now, but as we get closer to likely Fed cuts, are you starting to see any more institutions come in to talk to you about this long-awaited rotation into money funds that we've been talking about for a while now?

偉大的。作為一個快速的後續問題，黛比。我覺得我們已經談論這個問題好幾年了，但隨著美聯儲降息的臨近，您是否開始看到更多機構來與您談論我們一直在談論的期待已久的貨幣基金輪換？

It's been alive and well, Patrick, through all of -- from the second half of 2024 and all of 2025 year-to-date, so for the last year. But it's not really started in earnest because what we saw in Fed rate cuts at the end of 2024 didn't materialize into anything yet in 2025.

派崔克，從 2024 年下半年到 2025 年全年，也就是去年，它一直活得很好。但它還沒有真正開始，因為我們看到的聯準會在 2024 年底的降息在 2025 年還沒有實現。

So it's one of those wait till you see the whites of their eyes sort of thing, I think, as far as volume goes. But we were basically flat on a money fund asset basis for the second quarter, which had really two different aspects to it.

所以，我認為，就音量而言，這就是那種等到你看到他們的眼白的時候才會發生的事情。但第二季貨幣基金資產基礎基本上持平，這其實有兩個不同的面向。

The first month, April, was very much personal tax outflows, so huge personal taxes; and from an institutional side, outflows due to margin calls. If you recall, April 6 was the Liberation Day announcements, tariff announcements, many margin calls that came from institutional accounts. So what we lost in assets in April basically were then needed to be made up in May and June, which they were as we ended up the quarter flat. However, it was definitely a tale of two quarters when you look at April compared to May and June.

第一個月，即四月，個人稅收流出量很大，因此個人稅收金額巨大；從機構方面來看，由於追加保證金而導致的資金流出量很大。如果你還記得的話，4 月 6 日是解放日公告、關稅公告，還有許多來自機構帳戶的追加保證金通知。因此，我們 4 月的資產損失基本上需要在 5 月和 6 月彌補，而事實也確實如此，因為本季的業績持平。然而，如果將四月份的情況與五月和六月的情況進行比較，那麼這絕對是兩個季度的情況。

May and June are more confirmation of what we've been saying on the institutional side from a rotation into money funds and out of direct securities whereas April was more based on what the situation was happening from an economic and a fiscal standpoint.

五月和六月更證實了我們在機構方面所說的，即輪換進入貨幣基金並退出直接證券，而四月份則更多地基於從經濟和財政角度來看的情況。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Debbie, how do you see growth in stablecoins impacting the money market fund industry? Our Treasury Secretary suggested $2 trillion of stablecoin assets in coming years. If this target is reached, what does this mean for money markets given the supply of T-Bills that are outstanding today? Does all the math work for money market funds?

黛比，您如何看待穩定幣的成長對貨幣市場基金產業的影響？我們的財政部長建議在未來幾年內發行 2 兆美元的穩定幣資產。如果達到這一目標，考慮到目前未償還的國庫券供應量，這對貨幣市場意味著什麼？所有的數學運算都適用於貨幣市場基金嗎？

Absolutely, Ken. Sure. The current size of the stablecoin market is about $250 billion, very concentrated in two coins, basically. And then the assets that are backing those two coins, Tether and Circle are basically in treasury securities. There's some commercial paper in there, but it's mostly treasury securities.

當然，肯。當然。目前穩定幣市場的規模約為 2500 億美元，基本上集中在兩種幣上。那麼，支援這兩種貨幣 Tether 和 Circle 的資產基本上都是國庫證券。其中有一些商業票據，但主要是國庫證券。

So that's all being sopped up very easily right now. What happens with the GENIUS Act is there's now more definition as to what needs to be backing a stablecoin, and it's very short treasuries or treasury-backed repo which ultimately $1 trillion, $2 trillion, it's -- put your finger in the air. I'm not sure where the number goes, but it's somewhere above -- drastically above where it is in the $250 billion market today.

所以現在所有這些都很容易被吸收。《GENIUS 法案》對穩定幣的支持有了更多的定義，它是短期國債或國債支持的回購，最終金額為 1 兆美元、2 兆美元，這是顯而易見的。我不確定這個數字是多少，但它肯定高於——大大高於目前 2500 億美元的市場水平。

What we thankfully have done in addition to the GENIUS Act is pass the debt ceiling renewal that gives us an extra $5 billion in treasury. And ultimately, we've seen a pretty good -- [Coffer's] had extraordinary measures. Depleted some coffers, which are being replenished at this point, but we also have had an improvement in bill supply, which we do believe will continue.

值得慶幸的是，除了《GENIUS法案》之外，我們還通過了債務上限更新法案，這將為我們帶來額外的50億美元國庫資金。最終，我們看到了相當不錯的——[Coffer's] 採取了非常措施。一些金庫已經耗盡，目前正在補充，但我們的票據供應也有所改善，我們相信這種情況將會持續下去。

And despite the fact that when the Treasury -- when Treasury went from Janet Yellen to Bessent, there was a pushback on how much short-term debt had been available in the market during the Yellen years with the expectation that Bessent would start to turn that debt out to some degree. That has not been the case, and what they have provided is a pretty nice increase in the bill supply.

儘管財政部長從珍妮特·耶倫換到貝森特時，人們對耶倫執政期間市場上的短期債務數量產生了擔憂，預計貝森特將在一定程度上開始償還這些債務。事實並非如此，他們提供的是鈔票供應量的相當可觀的增長。

So we do think there will be extra supply in that one- to three-month sector, basically 93-day bill market and under. It will probably make it a little bit more expensive, but that's being offset to some degree by the additional supply that we have. And our expectation would be for the foreseeable future, it is enough to meet the demand of what we're expecting at least at this point from the stablecoin market.

因此，我們確實認為，一至三個月期債券市場（基本上是 93 天及以下期限的票據市場）將會有額外的供應。這可能會使其價格稍微上漲一些，但我們擁有的額外供應在一定程度上抵消了這種影響。我們的預期是，在可預見的未來，它足以滿足我們目前對穩定幣市場的預期需求。

If I could add, Ken, one of the other features of the GENIUS Act was to not allow stablecoins to pay interest or return. And so the people who ought to be concerned about the $2 trillion going into stablecoins are the ones who have deposit accounts with little or no interest and how does that dynamic exactly work.

肯，如果我可以補充的話，GENIUS 法案的另一個特點是不允許穩定幣支付利息或回報。因此，應該擔心 2 兆美元流入穩定幣的人是那些存款帳戶幾乎沒有利息的人，而這種動態究竟是如何運作的。

And so then you see the next level of things where people offer deals where, oh, yes, you own a stablecoin and they'll take a bunch of your money and put it into a money fund, charge you a fee and keep 80% of your money in a money fund, so you get at least some return. And you're seeing those kinds of innovations going on right now. But it's important to note that the stablecoin can't pay a yield.

然後你會看到更高層次的事情，人們會提供交易，哦，是的，你擁有一個穩定幣，他們會拿走你的一大筆錢，把它存入貨幣基金，向你收取費用，並將你 80% 的錢存入貨幣基金，這樣你至少可以獲得一些回報。現在您將會看到這些創新正在發生。但要注意的是，穩定幣不能支付收益。

Yes. Fair enough. And then just on MDT, having wild success here with that franchise. How do we think about capacity in some of the MDT Mid and Small Cap products? I don't know what sort of separate account assets are sort of there as well. But how do we think about the capacity for those given the inflows you're seeing?

是的。很公平。然後就在 MDT 上，該特許經營權取得了巨大的成功。我們如何看待一些 MDT 中型和小型股產品的容量？我不知道那裡有什麼樣的獨立帳戶資產。但是，考慮到您所看到的資金流入，我們如何看待這些資金的容量？

Well, at this point, on all of the funds, each of the funds, we don't expect any capacity issues. The methodologies and the ability to buy shares is robust. And so believe me, we're looking at that, too, to see if something is going to poke a hole in our balloon. But at this point, we're not seeing it.

嗯，目前，對於所有基金，每個基金，我們預計不會有任何容量問題。購買股票的方法和能力非常強大。所以相信我，我們也在觀察這一點，看看是否有東西會在我們的氣球上戳個洞。但目前我們還沒有看到它。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Tom, maybe to start with you. Just given how you've been hedging maybe some of the pound versus the dollar, can you talk a little bit about where you think exit pace is for expenses? Maybe break that down between comp and maybe the noncomp line. Particularly the other line has been sort of negative last few quarters.

湯姆，也許先從你開始。考慮到您可能一直在對沖英鎊兌美元的部分匯率，您能否談談您認為退出速度對於費用的影響？也許可以將其分解為 comp 和 noncomp 線。特別是最近幾個季度，另一條線一直處於負面狀態。

Okay, Bill. On the FX, that's why I mentioned in there that we've lowered our notional amount on the hedging. And basically, we're looking at it on a quarterly basis. We had previously looked at it on a yearly basis, and we got the benefit in the first two quarters by looking at it on a yearly basis. And so now we only -- our exposure is much less on the pound and has worked out quite well for us.

好的，比爾。關於外匯，這就是我提到我們降低了對沖名義金額的原因。基本上，我們按季度審查一次。我們之前是按年來看的，透過按年來看，我們在前兩個季度獲得了收益。所以現在我們對英鎊的敞口要小得多，而且對我們來說效果很好。

In terms of the compensation line and I would say next quarter, we expect that to be up a couple of million dollars or something like that. Of course, every time I predict that, something happens, and we end up paying out more or less.

就薪資線而言，我想說下個季度，我們預計薪酬將增加數百萬美元或類似的數字。當然，每次我預測到這種情況時，就會發生一些事情，最終我們支付的費用會或多或少。

On the distribution line item, with the -- Chris mentioning our assets month-to-date in July being up pretty significantly on the money fund side, we would expect a higher distribution payouts.

在分配項目上，克里斯提到，我們 7 月迄今的資產在貨幣基金方面大幅增加，我們預計分配支出會更高。

And then in the beginning of the year, I talked on the systems and communication line about having a pretty decent amount of more dollars per quarter and it's taken us a little bit longer time to get moving on those, and I still see that line going up a couple of million dollars next quarter.

然後在今年年初，我在系統和溝通熱線上談到了每季度增加相當可觀的金額，我們花了更長的時間來實現這些目標，但我仍然認為下個季度的金額將增加幾百萬美元。

And the rest of the line items, I think they just -- I don't see big changes there.

至於其餘項目，我認為它們只是——我沒有看到有什麼大的變化。

Okay. I'll circle back on the other expense line still. So maybe, Chris, one for you. Just been a lot of M&A in the industry. It seems like the opportunity with your alts business is percolating a little bit, but still so much small in the grand scheme of things.

好的。我仍將回到另一項開支。所以，克里斯，也許有一個適合你。業界出現了許多併購事件。看起來你的替代業務的機會正在逐漸顯現，但從總體來看仍然很小。

You bought back a lot of stock in the second quarter. You ramped up the authorization as well. How do we think about maybe capital return priorities from here? And is there a way to be a bit more strident on the M&A side to maybe accelerate the opportunity on alts where I think a lot of the incremental growth seems to sit for the industry.

你在第二季度回購了很多股票。您也提高了授權。我們如何考慮資本回報的優先事項？有沒有辦法在併購方面更強硬一些，以加速替代領域的機遇，我認為許多增量成長似乎都集中在替代領域。

Bill, we have said this before that the highest and best use of our cash is with doing acquisitions. And we are actively talking about doing various acquisitions, especially in the private markets type space. And until we have something to announce, we don't announce.

比爾，我們之前說過，我們現金的最高和最佳用途就是要收購。我們正在積極討論進行各種收購，特別是在私人市場領域。除非我們有消息要宣布，否則我們不會宣布。

But remember, the whole history we had before we bought Hermes that from 2012 to 2018, I agree that was six years, so that's long. But we were saying all along, we were going to do an international one, and we took a lot of calls and consternation on that not happening for a while. But when we say we're going to do stuff, we do stuff. It just might not be lickety split.

但請記住，在我們收購愛馬仕之前，從 2012 年到 2018 年，我們經歷了六年，這很長。但我們一直在說，我們將開展一項國際業務，並且我們接到了很多電話，並且對此感到驚愕，因為我們的計劃暫時沒有實現。但當我們說要做某件事時，我們就會去做。它可能不會迅速分裂。

So we continue to look in the space, exactly as you're saying, for acquisitions. But this is not to say that we stop doing -- look at the roll-ups and other things that are attractive. For example, anyone who has a [MoraBanc] money fund knows that we are their warm and loving home.

因此，正如您所說，我們將繼續在該領域尋找收購機會。但這並不是說我們停止做——看看捲起物和其他有吸引力的東西。例如，任何擁有 [MoraBanc] 貨幣基金的人都知道我們是他們溫暖而充滿愛的家。

So Bill, back on the other, I don't expect to have a bat, and we don't forecast what's going to happen FX. And so if you take those things both out of there, our other line has lots of items in it. And if you look back June 30, 2024, that line was $5 million. And I would say it would be a little higher than that would be our forecast, maybe $6.5 million. But so many things changing there.

所以比爾，回到另一方面，我不指望有球棒，我們也不會預測 FX 會發生什麼事。因此，如果將這些東西都拿出來，我們的另一條生產線上還有很多物品。如果你回顧 2024 年 6 月 30 日，這條線是 500 萬美元。我想說的是，這個數字會比我們的預測略高一些，大概是 650 萬美元。但那裡有太多事情正在改變。

That's why I don't really like doing what I just did.

這就是為什麼我不太喜歡做我剛才所做的事情。

Brian Bedell, Deutsche Bank.

德意志銀行的 Brian Bedell。

Great. Advancing to the next century here. I joined late, so pardon me if you've answered part of this on the tokenization side, but maybe a different angle. To what extent do you see the tokenization of money market funds expanding the overall size of the money market fund industry? How dramatic could that be if it's much easier to hold this in a digital format?

偉大的。在這裡邁向下一個世紀。我加入得晚了，所以如果您已經從標記化方面回答了部分問題，但可能從不同的角度回答，請原諒我。您認為貨幣市場基金的代幣化將在多大程度上擴大貨幣市場基金產業的整體規模？如果以數位格式保存會更容易，那會有多戲劇性？

It is very, very difficult to say what that kind of number would be. We haven't done any numbers on that. Both Debbie and I believe it's incremental to the business.

很難說出這個數字是多少。我們還沒有對此進行任何統計。黛比和我都相信這對業務有幫助。

But as with any of these things, especially when you're doing blockchain, you've got a lot of a lot of people on there first in order to have it grow. It's a little bit of a chicken/egg thing.

但就像任何這些事情一樣，特別是當你在做區塊鏈時，你首先需要大量的人參與才能使其發展。這有點像是先有雞還是先有蛋的問題。

And so everybody is working on it now and there's a lot of excitement and a lot of articles and all of that. But the assets are not yet there. We're ready for when it grows, but it's just hard for us to say.

所以現在每個人都在致力於此，並且有很多令人興奮的事情和很多的文章等等。但資產尚未到位。我們已經為它的成長做好了準備，但這對我們來說很難說。

And maybe Debbie has done some research that I'm not aware of on how big that could be, but I don't know?

也許黛比已經做了一些我不知道的研究，關於這個研究有多大，但我不知道？

No, Chris, exactly. I mean, we think it is an additional provision of distribution and an additional collateral management tool. But the actual estimation of the size of the growth is really -- it's too early to tell at this point.

不，克里斯，確實如此。我的意思是，我們認為這是額外的分銷條款和額外的抵押品管理工具。但對於實際成長規模的估計確實——現在下結論還為時過早。

Yes. And maybe just a follow-on to that. As you think about this industry evolving and also including the reserve management requirements for stablecoin expanding the money market fund industry as well, do you see yourself for that incremental growth in those assets potentially getting a higher market share than your current base? I think that's in the 7% to 8% range.

是的。或許這只是對此的一個後續。當您考慮這個行業的發展，並且包括穩定幣的儲備管理要求以及貨幣市場基金行業的擴張時，您是否認為這些資產的增量增長有可能獲得比當前基礎更高的市場份額？我認為這個數字在 7% 到 8% 之間。

So going forward, would you see yourself as a share gainer on this dynamic given your low cost and obviously long-standing reputation in the industry?

那麼展望未來，考慮到你們的低成本和在行業中長期享有的聲譽，你們是否認為自己會從這一動態中獲得市場份額？

Well, this business, due in large part to two things. Regulation, regulation oligopolizes business and so you only have 10 or 12 players who can actually give clients the idea that they have daily liquidity at par if they have $100 million. And so new entrants have a very big challenge. Even with the GENIUS Act, where you're going to have to create new funds because they shrunk the average or the maximum maturity of a fund, you've got to have enough of -- a big enough pool of money in order to make the customer believe they're going to get daily liquidity at par.

嗯，這筆生意很大程度上歸因於兩件事。監管導致企業壟斷，因此只有 10 或 12 個參與者能夠真正讓客戶相信，如果他們有 1 億美元，他們就能獲得等值的每日流動性。因此新進入者面臨巨大的挑戰。即使有《GENIUS 法案》，由於基金的平均或最大期限縮短，你必須創建新的基金，但你必須擁有足夠多的資金池，足夠大的資金池，才能讓客戶相信他們將獲得面值的每日流動性。

So by that, I would -- we're always striving to get more market share, but I'm not going to say, oh, yeah, this is a definite thing that's going to happen. It's a very tight business. It's a very competitive business. And we certainly expect to grow in it and get our fair share and try hard to get that number back up to a higher number than the 7.11% I mentioned.

因此，我想說——我們一直在努力爭取更多的市場份額，但我不會說，哦，是的，這肯定會發生。這是一件非常緊張的事。這是一個競爭非常激烈的行業。我們當然希望在其中實現成長並獲得公平的份額，並努力使該數字回升到比我提到的 7.11% 更高的數字。

Thank you. As we have no further questions on the lines at this time, I would like to hand the call back over to Mr. Hanley for any closing remarks.

謝謝。由於我們目前沒有其他問題，我想將電話交還給漢利先生，請他做最後發言。

Okay. Well, thank you for joining us today. That concludes our call.

好的。好吧，感謝您今天加入我們。我們的通話到此結束。

Thank you, ladies and gentlemen. This does conclude today's call, and you may disconnect your lines at this time. We thank you for your participation.

謝謝各位，女士們、先生們。今天的通話到此結束，您可以斷開線路了。我們感謝您的參與。