景順投信 (IVZ) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to Invesco's second-quarter earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded.

感謝您的支持，歡迎參加 Invesco 第二季財報電話會議。（操作員指示）提醒一下，今天的通話正在被錄音。

Now I'd like to turn the call over to Greg Ketron, Invesco's Head of Investor Relations. Sir, you may begin.

現在我想將電話轉給 Invesco 投資者關係主管 Greg Ketron。先生，您可以開始了。

All right. Thanks, Cedric, and to all of you joining us today. In addition to the press release, we have provided a presentation that covers the topics we plan to address on the call. The press release and presentation are available on our website, invesco.com. This information can be found by going to the Investor Relations section of the website.

好的。謝謝塞德里克，也感謝今天參加我們活動的所有人。除了新聞稿之外，我們還提供了一份演示文稿，其中涵蓋了我們計劃在電話會議上討論的主題。新聞稿和簡報可在我們的網站 invesco.com 上查閱。您可以造訪網站的「投資者關係」部分以取得這些資訊。

The presentation today will include forward-looking statements and certain non-GAAP financial measures. Please review the disclosures on slide 2, as well as the appendix for the appropriate reconciliation of the GAAP. Finally, Invesco is not responsible for the accuracy of our earnings teleconference transcripts provided by third parties. The only authorized webcasts are located on our website.

今天的演示將包括前瞻性陳述和某些非公認會計準則財務指標。請查看投影片 2 上的揭露內容以及附錄，以了解 GAAP 的適當對帳。最後，景順不對第三方提供的收益電話會議記錄的準確性負責。唯一授權的網路廣播位於我們的網站上。

Andrew Schlossberg, President and CEO; and Allison Dukes, Chief Financial Officer, will present our results this morning, and then we'll open up the call for questions. I'll now turn the call over to Andrew.

總裁兼執行長 Andrew Schlossberg 和財務長 Allison Dukes 將於今天上午介紹我們的業績，然後我們將開始提問環節。我現在將電話轉給安德魯。

Thanks, Greg, and good morning to everybody. I'm pleased to be speaking with you today. I'll start as I have for the last several quarters on slide 3, which covers our strategic initiatives and our performance drivers as it's an important framing for the second quarter and for highlighting significant recent accomplishments.

謝謝，格雷格，大家早安。我很高興今天能和你交談。就像過去幾季一樣，我將從投影片 3 開始，其中介紹了我們的策略舉措和績效驅動因素，因為它是第二季的重要框架，並突顯了近期取得的重大成就。

We remain focused on generating positive client outcomes, executing against our strategic priorities, and making meaningful progress in our efforts to improve operating leverage while strengthening our balance sheet. I'm appreciative of the hard work of my colleagues around the world as we continue to look across the organization to unlock value.

我們將繼續專注於創造積極的客戶成果，執行我們的策略重點，並在努力提高經營槓桿的同時加強我們的資產負債表，取得有意義的進展。我感謝世界各地同事的辛勤工作，我們將繼續在整個組織中尋找釋放價值的機會。

Before we review the quarterly results, I'd like to take a moment to highlight a few significant examples of this progress over the past several months. First, I'd point to our partnership with MassMutual and Barings. During the quarter, we completed the repurchase of $1 billion of preferred stock held by MassMutual, a significant step in reducing our preferred position and ultimately further strengthening our balance sheet flexibility.

在我們回顧季度業績之前，我想花點時間強調過去幾個月的進展的幾個重要例子。首先，我想指出我們與 MassMutual 和 Barings 的合作關係。在本季度，我們完成了 MassMutual 持有的價值 10 億美元的優先股的回購，這是減少我們的優先頭寸並最終進一步增強我們的資產負債表靈活性的重要一步。

We also announced in June MassMutual's intention to invest $150 million into the Invesco Dynamic Credit Opportunity Fund. This is the first example of our intention to pair the private credit strengths of Invesco in bank loans, CLOs, and distressed and lower middle market direct lending with Barings asset-backed finance, higher market direct lending, and capital solutions capabilities.

我們也在 6 月宣布 MassMutual 打算在 Invesco Dynamic Credit Opportunity Fund 投資 1.5 億美元。這是我們首次嘗試將景順在銀行貸款、貸款抵押債券 (CLO)、不良資產和中低端市場直接貸款方面的私人信貸優勢與巴林資產支持融資、高端市場直接貸款和資本解決方案能力相結合。

This also represents the first tranche of the broader private market strategic product and distribution partnership with Barings that focuses on the US wealth channel and which MassMutual intends to support with a total of $650 million of capital. We are very pleased with the pace at which the teams are working together following our partnership announcement just a few months back in April.

這也是與巴林銀行建立更廣泛的私人市場策略產品和分銷合作夥伴關係的首階段，該合作夥伴關係專注於美國財富管道，而 MassMutual 計劃為其提供總計 6.5 億美元的資本支持。自從今年四月我們宣布合作以來，我們對各團隊的合作速度感到非常滿意。

As the private credit market continues to grow and diversify, we are committed to leveraging the existing strength of our $130 billion private markets platform, evolving our wealth management product offerings to better meet client needs, and partnering with complementary private market managers. There will be more to come on our expanded relationship with Barings, and we will continue to keep you updated.

隨著私人信貸市場持續成長和多樣化，我們致力於利用我們現有的 1300 億美元私人市場平台的優勢，改進我們的財富管理產品以更好地滿足客戶需求，並與互補的私人市場經理合作。關於我們與巴林銀行之間進一步拓展的合作關係，我們將會持續向您通報最新進展。

Also during the second quarter we announced a realignment with our fundamental equities platform and made changes to our developing markets and global and international investment teams to better serve our clients' interests. This included consolidating capabilities under a single CIO for these particular asset classes and making portfolio management changes to our US-based developing markets and aspects of our international and regional fundamental equity strategies. This is part of our ongoing efforts to strengthen our investment returns in this important area of the firm to also elevate our top talent and to use our scale advantages to gain efficiencies.

此外，在第二季度，我們宣布重新調整基本股票平台，並對我們的發展中市場以及全球和國際投資團隊進行調整，以更好地服務客戶的利益。這包括將這些特定資產類別的能力整合到單一資訊長的領導下，並對我們位於美國的發展中市場以及國際和地區基本股票策略的某些方面進行投資組合管理變更。這是我們持續努力的一部分，旨在加強公司這一重要領域的投資回報，同時提升我們的頂尖人才，並利用我們的規模優勢來提高效率。

An additional milestone occurred last week when we announced the filing of a preliminary proxy statement with the intent of seeking the approval of QQQ beneficial owners to change the operational structure of the Qs, so that its classification changes from a unit investment trust to an open-end fund ETF, the latter being how the vast majority of ETFs, including others offered by Invesco, operate.

上週，我們宣布提交一份初步代理聲明，旨在尋求 QQQ 受益所有人的批准，以改變 Q 的營運結構，從而使其分類從單位投資信託變為開放式基金 ETF，後者是絕大多數 ETF（包括 Invesco 提供的其他 ETF）的運作方式。

As you can imagine, given that this is still subject to approval, there's little we can say about this at this time other than directing you to the as-filed preliminary proxy statement. That said, Allison will walk you through some of the potential impacts of the proposed changes later in her remarks.

正如您所想像的，鑑於這仍需獲得批准，除了引導您參閱已提交的初步代理聲明外，我們目前對此無話可說。儘管如此，艾莉森稍後將在發言中向您介紹擬議變更的一些潛在影響。

As mentioned, these and other examples demonstrate our determination to unlock value across the organization for the benefits of clients and shareholders, including looking at how we fundamentally operate, leaving no stone unturned or opportunity unexamined as we seek to improve client outcomes and our employee value proposition, generate operating leverage and profitability, and continue building a strong balance sheet and enhance our ability to return capital to shareholders.

如上所述，這些例子和其他例子表明，我們決心在整個組織內釋放價值，以造福客戶和股東，包括審視我們的根本運作方式，不遺餘力地審查機會，努力改善客戶成果和員工價值主張，創造經營槓桿和盈利能力，繼續建立強勁的資產負債表，增強向股東返還資本的能力。

Let's pivot now to slide 4 to talk about our second-quarter business highlights. As we all experienced, the second quarter market volatility was pronounced. After a challenging start to the quarter, markets ended the period with strong momentum that has carried forward into July, as the volatile start to the second quarter ultimately gave way to a global rebound for equities while bond markets began to steady later in the quarter.

現在讓我們轉到投影片 4，討論一下我們第二季的業務亮點。正如我們所經歷的，第二季市場波動明顯。在本季度初充滿挑戰之後，市場以強勁勢頭結束了本季度，這種勢頭一直延續到 7 月份，因為第二季度初的動盪最終被全球股市反彈所取代，而債券市場在本季度後期開始趨於穩定。

Against this backdrop, once again, our diversified platform, global scale, and breadth of products were integral to sustaining long-term organic flow growth and resilience during the period. For the quarter we generated $15.6 billion in net long-term asset inflows or a 4.7% annualized growth rate, and we hit a record of $2 trillion in assets under management at the end of the period.

在此背景下，我們多元化的平台、全球規模和廣泛的產品範圍再次成為維持本期間長期有機流量成長和彈性的關鍵。本季度，我們的長期資產淨流入為 156 億美元，年化成長率為 4.7%，期末我們的資產管理規模達到創紀錄的 2 兆美元。

We also built on the momentum of our first-quarter financial results. We continue to deliver profitable growth with adjusted operating income of 3% and operating margins expanding 30 basis points in the second quarter when compared to the same quarter last year. As Allison will discuss later, we've also continued to strengthen our balance sheet while we're returning capital to shareholders at the top end of our projected range.

我們也延續了第一季財務表現的良好動能。我們持續實現獲利成長，第二季調整後營業收入與去年同期相比成長 3%，營業利潤率擴大 30 個基點。正如艾莉森稍後將要討論的那樣，我們還在繼續加強我們的資產負債表，同時以預計的最高水準向股東返還資本。

From a client sentiment, asset class, and geographic perspective, we continue to see a diverse range of flows with positive results in both active and passive, institutional and retail, and broad geographic strength, particularly within Asia-Pacific and EMEA, which collectively accounts for 40% of our overall long-term client assets under management and generated $31 billion on our first-half 2025 long-term net flows. From a more specific perspective, our global ETFs and index platform continue to produce strong results, reporting 10% annualized organic growth, or $12.6 billion of long-term net inflows in the quarter.

從客戶情緒、資產類別和地理角度來看，我們繼續看到多元化的資金流動，在主動和被動、機構和零售方面均取得積極成果，並且具有廣泛的地域優勢，特別是在亞太地區和歐洲、中東和非洲地區，這些地區合計占我們管理的長期客戶資產總額的 40%，並在 2025 年上半年產生了 310 億美元的淨流量。從更具體的角度來看，我們的全球 ETF 和指數平台繼續產生強勁的業績，報告本季年化有機成長率為 10%，即長期淨流入 126 億美元。

ETF growth in the US market was augmented by another solid quarter in EMEA and Asia-Pacific. Top net flowing products in the US were led by QQQM with record inflows of $5.6 billion. The fund has now passed $50 billion in AUM after starting the year at $38 billion. Additionally, our factor suite rose significant net flows as precision investments became a more critical buying decision with our Momentum and Quality ETFs generating $4 billion of net inflows.

歐洲、中東和非洲地區以及亞太地區另一個強勁的季度表現促進了美國市場 ETF 的成長。美國淨流入額最高的產品是 QQQM，流入金額達到創紀錄的 56 億美元。該基金的資產管理規模從年初的 380 億美元上升至目前的 500 億美元。此外，隨著精準投資成為更關鍵的購買決策，我們的因子套件帶來了顯著的淨流量成長，我們的動量和品質 ETF 產生了 40 億美元的淨流入。

We also continue to innovate in the ETF space during the quarter. We launched four new active ETFs in addition to the three launched last quarter, bringing our total to 31 active ETFs, including expanding our active use of ETFs to a total of eight p products, while we also extended our [Smart beta] data range of products in the EMEA region as well.

本季我們也持續在 ETF 領域進行創新。除上季度推出的三隻主動型 ETF 外，我們還推出了四隻新的主動型 ETF，使我們的主動型 ETF 總數達到 31 只，其中包括將我們的主動型 ETF 使用範圍擴大到總共 8 只 p 產品，同時我們還擴展了 EMEA 地區的 [Smart beta] 數據產品範圍。

Shifting to fundamental fixed income, overall, we garnered nearly $3 billion of net long-term inflows when strictly looking at our fundamental fixed income platform. But looking more broadly at the asset class across all of our capabilities, that number jumps to nearly $10 billion of inflows with the inclusion of our fixed income ETFs and our China-based assets. Fixed income is another area where you can see the strength of our geographic profile within EMEA and Asia-Pacific driving significant flows in this asset class during the quarter.

轉向基本固定收益，總體而言，嚴格按照我們的基本固定收益平台來看，我們獲得了近 30 億美元的淨長期流入。但從更廣泛的角度來看我們所有能力範圍內的資產類別，如果包括我們的固定收益 ETF 和中國資產，這一數字將躍升至近 100 億美元的流入。固定收益是另一個領域，您可以看到我們在歐洲、中東和非洲以及亞太地區的地理分佈優勢在本季度推動了該資產類別的大量流動。

There was obvious caution around fixed income risk taking as the quarter commenced, and this translated into some softening of US demand, particularly for municipal bonds. However, institutional interest for investment grade bonds continued with demand in EMEA driving our net inflows.

本季初，人們對固定收益風險承擔明顯持謹慎態度，這導緻美國需求減弱，尤其是對市政債券的需求。然而，機構對投資等級債券的興趣持續存在，歐洲、中東和非洲地區的需求推動了我們的淨流入。

We also saw the remaining $4 billion of the People's Pension fixed income mandate in the United Kingdom fund during the quarter. This is an important win as we continue to build Invesco's leadership in the retirement markets in the UK and globally.

本季度，我們也看到英國基金中剩餘的 40 億美元人民退休金固定收益授權。這是一個重要的勝利，因為我們將繼續鞏固景順在英國乃至全球退休市場的領導地位。

Additionally, our wealth management SMA platform in the US continues to help drive fixed income flows. Our entire SMA platform, which also includes a portion of equity assets, continued to capture market share and now stands at nearly $32 billion in AUM. We have one of the fastest-growing SMA offerings in the US wealth management market with an annualized organic growth rate of 15%.

此外，我們在美國的財富管理SMA平台持續協助推動固定收益流動。我們的整個 SMA 平台（其中還包括一部分股權資產）持續佔領市場份額，目前資產管理規模已接近 320 億美元。我們擁有美國財富管理市場上成長最快的 SMA 產品之一，年有機成長率為 15%。

Shifting the private markets, overall, our private real estate franchise recorded net inflows of just over $200 million, driven by continued strong inflows into INCREF, which is our real estate debt strategy targeting the wealth management channel, which saw its largest fundraising to date in June and where we continue to onboard new platforms and clients. Assets in this fund with leverage now total $3.5 billion in AUM after just two years in the market.

私人市場方面，總體而言，我們的私人房地產特許經營權淨流入略高於 2 億美元，這得益於 INCREF 持續強勁的資金流入，INCREF 是我們針對財富管理管道的房地產債務策略，該策略在 6 月份完成了迄今為止最大的一筆融資，我們將繼續在該策略中吸收新的平台和客戶。該基金在上市僅兩年後，其槓桿資產的管理總額已達 35 億美元。

Our performance in direct real estate was somewhat clouded by the planned wind down of the St. Jame's Place UK real estate portfolios. We were appointed earlier this year to take over management and wind down of these portfolios, which totaled $1.8 billion. St. Jame's Place is a key UK client both in real estate and beyond, and being selected for this mandate affirms our wider service and relationship with SJP. The associated outflow totaled $400 million this quarter. Overall, our real estate team remains well positioned in the institutional markets with $7 billion of dry powder to capitalize on emerging opportunities.

由於計劃逐步減少英國聖詹姆斯廣場的房地產投資組合，我們在直接房地產領域的表現受到了一定影響。我們在今年稍早被任命接管並逐步削減這些總額達 18 億美元的投資組合。Jame's Place 是英國房地產及其他領域的重要客戶，被選中承擔此項任務肯定了我們與 SJP 更廣泛的服務和關係。本季相關資金流出總額達 4 億美元。總體而言，我們的房地產團隊在機構市場中仍佔據有利地位，擁有 70 億美元的資金來利用新興機會。

Within our private credit franchise, we were in negative flows in the quarter, but this was driven exclusively by April risk-off sentiment and our market-leading bank loan, ETFs, and funds. However, as the quarter progressed and investor sentiment improved, so did net inflows in these products, which totaled $1 billion in aggregate for May and June and offset some of April's losses. Additionally, we saw good demand for CLOs. We closed a $500 billion CLO at the end of June, and the pipeline remains strong going into the back half of the year.

在我們的私人信貸業務中，本季我們的資金流為負，但這完全是由 4 月份的避險情緒以及我們市場領先的銀行貸款、ETF 和基金所驅動。然而，隨著本季的進展和投資者情緒的改善，這些產品的淨流入也隨之增加，5 月和 6 月的淨流入總額達到 10 億美元，抵消了 4 月的部分損失。此外，我們發現 CLO 的需求良好。我們在 6 月底完成了一筆 5,000 億美元的 CLO，下半年的融資管道依然強勁。

Moving to our China JV and India capability, where we saw further strengthening this quarter. We delivered $5.6 billion of net long-term inflows, led by fixed income and strong pure bond inflows from Invesco Great Wall. Later in the quarter, the pure bond inflows were augmented with additional inflows into fixed income plus, which is a more balanced strategy, as risk appetite improved amid lower interest rates and an improving equity market.

轉向我們的中國合資企業和印度產能，本季我們看到了進一步的加強。我們實現了 56 億美元的長期淨流入，其中以景順長城的固定收益和強勁的純債券流入為主。本季後期，由於利率下降和股市好轉，風險偏好有所改善，純債券流入量因固定收益加資金的額外流入而增加，這是一種更平衡的策略。

We reached a record-high period ending AUM in our China JV of $105 billion surpassing the previous record of $102 billion set over three years ago. And while we launched five new products this quarter at Invesco Great Wall, our organic growth in this market continued to be driven by existing products, which is a good sign for the strength of the platform we have built. We are well positioned for the near- and long-term emerging trends in this market, and we should benefit from both the secular and now cyclical tailwinds developing.

我們在中國合資企業的期末資產管理規模達到了創紀錄的 1,050 億美元，超過了三年前創下的 1,020 億美元的紀錄。雖然本季我們在景順長城推出了五款新產品，但我們在該市場的有機成長仍然由現有產品推動，這對我們已建立的平台的實力來說是一個好兆頭。我們已經為該市場近期和長期的新興趨勢做好了準備，我們將受益於正在形成的長期和週期性順風。

Turning to our multi-asset-related capabilities, we saw net long-term inflows of $0.5 billion driven by quantitative strategies. Finally, the relative pressure on fundamental equities was maintained as the secular shifting demand challenges to active equities continued, particularly among US clients. Our results reflect that change, albeit at a better rate than recent history, with overall net outflows of $3.6 billion for the quarter.

談到我們的多元資產相關能力，我們看到由量化策略推動的 5 億美元長期淨流入。最後，由於長期不斷變化的需求對活躍股票的挑戰持續存在，特別是對於美國客戶而言，基本面股票的相對壓力得以維持。我們的結果反映了這種變化，儘管速度比近期歷史要好，但本季的整體淨流出量為 36 億美元。

Despite this, we have continued to see positive flows for fundamental equities coming from our clients in EMEA and Asia-Pacific, specifically for global and regional equities headlined by our Global Equity Income Fund, which is managed out of the UK. This fund posted record net inflows of $2.4 billion during the quarter, rapidly growing the funds to $17 billion in AUM, predominantly from clients in the Japanese market. Among retail active funds, this is the number one ranked product in Japan on a flow basis and has a very favorable net revenue yield to Invesco.

儘管如此，我們仍然看到來自歐洲、中東和非洲地區以及亞太地區的客戶對基本面股票的積極投資，特別是由我們在英國管理的全球股票收益基金領銜的全球和地區股票。該基金本季淨流入金額達創紀錄的 24 億美元，資金管理規模迅速成長至 170 億美元，主要來自日本市場的客戶。在零售主動型基金中，這是日本按流量排名第一的產品，並且為景順帶來了非常有利的淨收益率。

Offsetting this are continued fundamental equity outflows in the US wealth management channel, particularly from our emerging markets fund. The aforementioned fundamental equity platform changes this past quarter further our focus on investment performance and risk management as we continue to identify areas of demand within fundamental equities and mitigate redemptions at a better rate than the market.

與此相抵銷的是美國財富管理管道持續的基本股票資金流出，特別是來自我們的新興市場基金。上個季度上述基本股票平台的變化進一步使我們專注於投資績效和風險管理，因為我們繼續確定基本股票中的需求領域，並以優於市場的速度減少贖回。

Moving to side 5, which highlights the diversity of our business that I was referencing earlier. Our geographic profile with $600 billion of our client assets coming from markets outside of America is a key Invesco differentiator and empowers organic growth in various operating environments like we are seeing today.

轉到第 5 面，它強調了我之前提到的我們業務的多樣性。我們的地理分佈包括來自美國以外市場的 6,000 億美元客戶資產，這是 Invesco 的關鍵差異化因素，並推動了我們今天看到的各種營運環境中的有機成長。

Furthermore, our broad range of public and private market portfolios and our active, passive, and multi-asset range of capabilities provides the opportunity to capture reallocations occurring in client portfolios. The bottom line is that our diverse profile provides a more resilient asset flow, revenue, and profit growth profile.

此外，我們廣泛的公共和私人市場投資組合以及我們的主動、被動和多資產能力範圍為我們提供了捕捉客戶投資組合中發生的重新分配的機會。最重要的是，我們的多元化組合提供了更具彈性的資產流、收入和利潤成長狀況。

Moving on to slide 6, which shows our overall investment performance relative to benchmarks and the peers, as well as our performance and key capabilities where information is readily comparable and more meaningful to driving results. Investment performance is the key to winning and maintaining market share, despite overall market demand. Achieving first quartile investment performance remains a top priority for us.

繼續看投影片 6，它展示了我們相對於基準和同業的整體投資表現，以及我們的績效和關鍵能力，其中的資訊易於比較且對推動結果更有意義。無論整體市場需求如何，投資績效都是贏得和維持市場份額的關鍵。實現第一四分位的投資績效仍是我們的首要任務。

Overall, half of our funds are performing in that top quartile of peers over a three-year time horizon, with 46% reaching that bar on a five-year basis. Of note, we saw significant improvement in some of our fundamental equity performance, which is reflected in our one year peer ranking. Further, over two-thirds of our AUM is beating its respective benchmarks over those measurement time periods.

總體而言，我們一半的基金在三年內的表現都處於同類基金的前四分之一，其中 46% 的基金在五年內達到了這一標準。值得注意的是，我們的一些基本股票表現有顯著改善，這反映在我們一年的同業排名中。此外，在這些測量時間段內，我們超過三分之二的 AUM 超過了各自的基準。

So with that, let me take a pause here and turn the call over to Allison to discuss this quarter's financial results, and I look forward to taking your questions.

因此，請允許我在這裡暫停一下，將電話轉給艾莉森討論本季度的財務業績，我期待回答您的問題。

Thank you, Andrew, and good morning, everyone. I'll start with the second-quarter financial results on slide 7.

謝謝你，安德魯，大家早安。我將從第 7 張投影片上的第二季財務表現開始。

After a challenging start to the second quarter in April, we experienced strong growth in assets under management during the remainder of the quarter. We ended the second quarter at a record level for total AUM, slightly over $2 trillion. This was $157 billion or 8% higher than the end of the first quarter, and $286 billion or 17% higher than the end of the second quarter of 2024.

在經歷了 4 月第二季度的艱難開局之後，我們在本季度剩餘時間內管理的資產實現了強勁增長。我們第二季的總資產管理規模達到了創紀錄的水平，略高於 2 兆美元。這比第一季末高出 1,570 億美元，即 8%，比 2024 年第二季末高出 2,860 億美元，即 17%。

Average long-term assets under management were $1.34 trillion, an increase of 1% over last quarter and 12% over the second quarter of last year. The increase of only 1% in average AUM was driven by market weakness early in the quarter, with AUM growth rebounding in May and June.

平均長期管理資產為 1.34 兆美元，比上一季成長 1%，比去年第二季成長 12%。平均 AUM 僅成長 1%，這是由於本季初市場疲軟所致，5 月和 6 月 AUM 成長反彈。

Growth in total assets under management during the quarter was mainly driven by market gains of $126 billion of which $52 billion was driven by the QQQ. ETFs and index market gains were $41 billion and fundamental equity market gains were $26 billion.

本季管理的總資產成長主要得益於 1,260 億美元的市場收益，其中 520 億美元來自 QQQ。ETF 和指數市場收益為 410 億美元，基本股票市場收益為 260 億美元。

Net long-term inflows drove a $16 billion increase in AUM during the quarter, representing an annualized organic growth rate of nearly 5% for the quarter. As Andrew noted, net inflows in our ETF and index capability were $13 billion. China JV and India added $6 billion of net inflows, and fundamental fixed income contributed $3 billion of net inflows. Net outflows of $4 billion in fundamental equities and $2 billion in private markets partially offset the net inflows.

淨長期流入推動本季度 AUM 增加 160 億美元，相當於本季年化有機成長率接近 5%。正如安德魯所指出的，我們的 ETF 和指數能力的淨流入量為 130 億美元。中國合資企業和印度增加了 60 億美元的淨流入，基本固定收益貢獻了 30 億美元的淨流入。基本股票市場淨流出 40 億美元，私人市場淨流出 20 億美元，部分抵銷了淨流入。

Net revenues, adjusted operating income, and adjusted operating margins all improved from the second quarter of 2024, while adjusted operating expenses continued to be well controlled. Adjusted diluted earnings per share was $0.36 for the second quarter.

淨收入、調整後營業收入和調整後營業利潤率均較2024年第二季有所改善，而調整後營業費用繼續得到良好控制。第二季調整後每股攤薄收益為 0.36 美元。

We continued to strengthen the balance sheet during the second quarter, repurchasing the $1 billion of preferred stock held by MassMutual and funding the repurchase with $1 billion in bank term loans. We ended the quarter with no draws on our revolving credit facility. We also continued common share repurchases in the second-quarter buyback $25 million.

我們在第二季度繼續加強資產負債表，回購了 MassMutual 持有的價值 10 億美元的優先股，並透過 10 億美元的銀行定期貸款為回購提供資金。本季結束時，我們的循環信貸額度沒有動用。我們在第二季也持續回購普通股，回購金額達 2,500 萬美元。

Given our cash position, as we begin the third quarter, we believe we may be in position to begin repaying a portion of the term loans during the second half of this year. The magnitude of the potential reduction in the term loans will depend on the level of cash flow we generate for the remainder of this year. We also intend to continue repurchasing common shares at a similar level on a regular basis going forward.

鑑於我們的現金狀況，隨著第三季的開始，我們相信我們可能能夠在今年下半年開始償還部分定期貸款。定期貸款的潛在減少幅度將取決於我們今年剩餘時間產生的現金流量水準。我們也打算在未來繼續定期以類似的水平回購普通股。

Comparing the first two quarters of 2025 versus 2024 demonstrates the strong performance we have achieved year to date despite the market volatility in the first half of this year. Our annualized organic growth was 5%, with average AUM growing 15%, and average long-term AUM growing 13%.

將 2025 年的前兩個季度與 2024 年進行比較，可以發現儘管今年上半年市場波動，但我們今年迄今仍取得了強勁的業績。我們的年化有機成長率為 5%，平均 AUM 成長 15%，平均長期 AUM 成長 13%。

Over this period compared to the same period last year, net revenues increased 3.5% and expenses increased less than 1%, driving positive operating leverage of 270 basis points and operating margin improvement of 190 basis points.

與去年同期相比，此期間淨收入成長 3.5%，支出成長不到 1%，推動營業槓桿率上升 270 個基點，營業利潤率提高 190 個基點。

Moving to slide 8, the secular shift in client demand continue to impact our asset mix and net revenue yields as our broad set of capabilities has allowed us to capture evolving client product preferences. Client demand continues to drive diversification of our portfolio, a trend we have seen for a number of years now. As a result, concentration risk and higher fee fundamental equities and multi-asset products has been reduced. And our asset mix has a higher concentration of ETFs, index, and fundamental fixed income capabilities.

轉到投影片 8，客戶需求的長期變化繼續影響我們的資產組合和淨收入收益率，因為我們廣泛的能力使我們能夠捕捉不斷變化的客戶產品偏好。客戶需求繼續推動我們投資組合的多樣化，這是我們多年來一直看到的趨勢。因此，集中風險和較高費用的基本股票和多資產產品已經降低。我們的資產組合中 ETF、指數和基本固定收益能力的集中度較高。

The more balanced AUM profile better positions the firm to navigate various market cycles, events, and shifting client demand. Consistent with prior quarters, current net revenue yield trends are included on the slide. The ranges by capability are representative of where the net revenue yield has trended over the past five quarters. We note in the bullets what the net revenue yield drivers are and where in the range yields have trended more recently.

更均衡的 AUM 狀況使公司能夠更好地應對各種市場週期、事件和不斷變化的客戶需求。與前幾季一致，幻燈片涵蓋了當前淨收入收益率趨勢。按能力劃分的範圍代表了過去五個季度淨收入收益率的趨勢。我們在重點中註明了淨收入收益率的驅動因素以及近期收益率的趨勢範圍。

To provide context for the net revenue yield trend during the second quarter, our overall net revenue yield was 23.2 basis points. This is a smaller decline than prior quarters and may be a sign that we're closer to reaching stabilization for an inflection point in the net revenue yield, but this will be dependent on the future direction of asset mix shift. The exit net revenue yield at the end of the second quarter was 23.2 basis points, in line with the adjusted net revenue yield for the quarter.

為了說明第二季淨收入收益率趨勢，我們的整體淨收入收益率為 23.2 個基點。這一降幅比前幾季要小，這可能表明我們更接近淨收入收益率轉折點的穩定，但這將取決於未來資產組合轉變的方向。第二季末的退出淨收入收益率為23.2個基點，與本季調整後的淨收入收益率一致。

As Andrew noted earlier, our subsidiary, Invesco Capital Management LLC, announced the filing of a preliminary proxy statement with the intent of seeking the approval of QQQ beneficial owners to change the operational structure of the QQQ so that its classification under the 1940 Act changes from a unit investment trust to an open-end fund ETF.

正如安德魯之前提到的，我們的子公司 Invesco Capital Management LLC 宣布提交一份初步代理聲明，旨在尋求 QQQ 受益所有人的批准，以改變 QQQ 的營運結構，使其根據 1940 年法案的分類從單位投資信託變為開放式基金 ETF。

As you know, given that it is preliminary and the SEC will first need to approve this, and then the shareholders also need to approve it, there is not much I can share other than to direct you to the proxy itself, which has all of the material information about what is being proposed. The vote will happen at the earliest in the fourth quarter, and if approval occurs, the changes likely will be implemented shortly thereafter.

如您所知，鑑於這是初步的，美國證券交易委員會首先需要批准，然後股東也需要批准，除了引導您查看代理本身之外，我沒有太多可以分享的，代理本身包含有關所提議內容的所有重要信息。投票最早將於第四季度進行，如果獲得批准，這些變更很可能會在之後不久實施。

That said, we will say a few things that we think will be helpful for you all to provide context on what is being proposed and how it may differ from the current treatment of the QQQ. Currently, the QQQ fee structure is allocated as follows. Of the 20-basis-point fee, 8 basis points is for the licensing fee, 8 basis points is for marketing expenses, and 4 basis points is the trustee fee. The current benefit to Invesco is marketing as the expenses to market the Invesco QQQ are reimbursed through the 8-basis-point marketing fee.

話雖如此，我們還是會說一些我們認為對大家有幫助的話，以提供所提議的內容的背景以及它與 QQQ 的當前處理方式有何不同。目前QQQ費用結構分配如下。在20個基點的費用中，8個基點是授權費，8個基點是行銷費用，4個基點是受託人費用。景順目前的收益是行銷，因為行銷景順 QQQ 的費用可以透過 8 個基點的行銷費用報銷。

On Invesco's adjusted operating income statement, the marketing expenses are recognized in third-party distribution, service, and advisory expense, and the reimbursement is recognized in service and distribution fees. So there is virtually no impact to net revenue or just an operating income.

在景順的調整後營業利潤表中，行銷費用計入第三方分銷、服務和諮詢費用，報銷費用計入服務和分銷費用。因此，這對淨收入或營業收入幾乎沒有影響。

If the new structure is approved, the revised fee allocation would work similar to how we currently recognize fees on most of our ETFs. The 18-basis-point fee would be recognized as investment management fees. Approximately 14 basis points, which is principally the 8 basis points for the licensing fee, 3.5 basis points for administrative custody and transfer agency services, as well as marketing, which will be at our discretion, but at intended amounts and ranges that we have put in the proxy, and most other expenses of the fund would be recognized as third-party distribution, service, and advisory expense for licensing, custodian, and other expenses. As a result, and while we can't be precise, net revenues and adjusted operating income would benefit by approximately 4 basis points.

如果新結構獲得批准，修訂後的費用分配將與我們目前對大多數 ETF 確認費用的方式類似。18個基點的費用將確認為投資管理費。大約 14 個基點，主要是許可費的 8 個基點、行政託管和過戶代理服務的 3.5 個基點以及營銷費用（由我們自行決定，但按照我們在代理中提出的預期金額和範圍計算），以及基金的大多數其他費用將被確認為許可、託管和其他費用的第三方分銷、服務和諮詢費用。因此，雖然我們無法準確計算，但淨收入和調整後的營業收入將受益約 4 個基點。

Now turning to slide 9, net revenue of $1.1 billion in the second quarter was $19 million higher versus the same quarter last year. Investment management fees were $35 million higher than last year, with the increase driven by higher average AUM and FX impact, partially offset by the AUM makeshift previously noted. Performance fees were $14 million lower than last year due to a smaller number of funds generating performance fees this year.

現在翻到第 9 張投影片，第二季淨收入為 11 億美元，比去年同期高出 1,900 萬美元。投資管理費比去年增加了 3500 萬美元，增長是由於平均 AUM 和外匯影響增加，但被之前提到的 AUM 臨時費用部分抵消。由於今年產生績效費的基金數量較少，績效費比去年減少了 1,400 萬美元。

Operating expenses continue to be well managed, with total adjusted operating expenses only $10 million higher, or 1%, from the second quarter of last year, driven by the impact of FX on our expense base. Adjusting for the impact of FX, operating expenses were flat year over year.

營運費用持續良好管理，調整後的總營運費用僅比去年第二季高出 1000 萬美元，即 1%，這主要是受外匯對我們費用基礎的影響。經外匯影響調整後，營業費用與去年同期持平。

Sequential quarter adjusted operating expenses were also impacted by FX. The impact increased operating expenses by $14 million on a sequential basis, and excluding this, operating expenses declined by $14 million. Regarding the overall foreign exchange impact on our operating income, it is negligible as the FX impact on net revenue is mostly offset by its impact on operating expenses.

連續季度調整後的營運費用也受到外匯的影響。此影響導致營運費用較上季增加 1,400 萬美元，若不計入此影響，營運費用則減少 1,400 萬美元。至於外匯對我們營業收入的整體影響，它是可以忽略不計的，因為外匯對淨收入的影響大部分都被其對營業費用的影響所抵消。

Alpha platform implementation costs of $12 million were in line with our expectations for the second quarter and consistent with the $13 million incurred in the first quarter. We announced in May that Invesco has decided to adopt a hybrid solution by utilizing platforms from both State Street for equities and BlackRock, who we currently use for fixed income.

Alpha 平台實施成本為 1,200 萬美元，符合我們對第二季的預期，與第一季的 1,300 萬美元一致。我們在五月宣布，景順已決定採用混合解決方案，利用道富銀行的股票平台和貝萊德的固定收益平台。

The hybrid approach allows us to leverage the strengths of each platform, optimizing outcomes for our clients and enhancing our operational capabilities. The hybrid approach provides for more certainty of execution while maintaining the same benefits of the single provider approach, leveraging the best-of-breed platforms for both equities and fixed income. With this hybrid approach, we expect to be complete with the implementation by the end of 2026.

混合方法使我們能夠利用每個平台的優勢，為客戶優化結果並增強我們的營運能力。混合方法提供了更高的執行確定性，同時保持了單一提供者方法的相同優勢，並利用了股票和固定收益的最佳平台。透過這種混合方法，我們預計將於 2026 年底完成實施。

Regarding implementation costs going forward, we expect one-time implementation costs to be in the $15 million to $20 million range for the third quarter, as we expect a higher level of implementation activity related to preparing to transition more AUM onto the platform. We then expect implementation costs to return to the $10 million to $15 million range for the fourth quarter of 2025.

關於未來的實施成本，我們預計第三季的一次性實施成本將在 1500 萬美元至 2000 萬美元之間，因為我們預計與準備將更多 AUM 轉移到平台上相關的實施活動水平將更高。我們預計到 2025 年第四季實施成本將回到 1,000 萬至 1,500 萬美元的範圍內。

This may fluctuate to a degree due to timing and as AUM has moved onto the platform as we work towards completion by the end of 2026. We'll provide further updates as the implementation progresses.

由於時間因素以及 AUM 已轉移到平台上，我們努力在 2026 年底前完成，因此這可能會出現一定程度的波動。隨著實施的進展，我們將提供進一步的更新。

Second-quarter year-over-year positive operating leverage was 40 basis points, driving a $9 million or nearly a 3% increase in operating income, and a 30-basis-point improvement in our operating margins to 31.2%. The effective tax rate was 26.5% in the second quarter versus 24.4% in the first quarter, with the increase primarily due to discrete tax items and a change in the mix of income across tax jurisdictions.

第二季年比正營業槓桿為 40 個基點，推動營業收入增加 900 萬美元或近 3%，營業利益率提高 30 個基點至 31.2%。第二季有效稅率為 26.5%，而第一季為 24.4%，成長的主要原因是單項稅項目和跨稅收管轄區收入結構的變化。

We estimate our non-GAAP effective tax rate will be closer to 26% for the third quarter of '25, excluding any discrete items. Slight increase in the rate is driven by a shift of income across tax jurisdictions. The actual effective rates can vary due to the impact of non-recurring items on pre-tax income and discrete tax items.

我們估計，不包括任何單一項目，2025 年第三季的非 GAAP 有效稅率將接近 26%。稅率的輕微上升是由於不同稅收管轄區的收入轉移所致。由於非經常性項目對稅前收入和單獨稅項的影響，實際有效稅率可能會有所不同。

I'll wrap up on slide 10. As I noted earlier, we continue to make significant progress on building balance sheet strength. The $1 billion repurchase of preferred stocks held by MassMutual, funded by three- and five-year bank term loans, was completed on May 16.

我將在第 10 張投影片上結束演講。正如我之前提到的，我們在增強資產負債表實力方面繼續取得重大進展。萬通互惠人壽以三年期和五年期銀行定期貸款為資金，回購其持有的 10 億美元優先股，該交易於 5 月 16 日完成。

The full impact of the reduction in the preferred dividend will be realized in the third quarter, and the go-forward run rate will be $44.4 million per quarter, a reduction of $14.8 million per quarter that becomes earnings available to common shareholders.

優先股股息減少的全部影響將在第三季反映出來，未來的運行率將為每季 4,440 萬美元，每季減少 1,480 萬美元，成為普通股股東可獲得的收益。

We ended the quarter with no draws on our revolving credit facility. Regarding the revolving credit facility, we renewed and extended the facility in May, concurrent with the bank term loan funding, and we increased our borrowing capacity through the revolver from $2 billion to $2.5 billion for the next five years.

本季結束時，我們的循環信貸額度沒有動用。關於循環信貸額度，我們於 5 月更新並延長了該額度，與銀行定期貸款融資同時進行，並且我們將未來五年透過循環信貸額度的借款能力從 20 億美元提高到 25 億美元。

As I noted earlier, given our cash position as we begin the third quarter, we believe we may be in position to begin repaying a portion of the term loans during the second half of this year. The magnitude of the potential reduction of the term loans will depend on the level of cash flow that we generate for the remainder of this year.

正如我之前提到的，考慮到我們在第三季開始時的現金狀況，我們相信我們可能能夠在今年下半年開始償還部分定期貸款。定期貸款的潛在減少幅度將取決於我們今年剩餘時間產生的現金流量水準。

We also continued common share repurchases in the second quarter buying back $25 million or 1.7 million shares during the (technical difficulty) We intend to continue a regular common share repurchase program going forward, and we expect our total payout ratio, including dividends and share buybacks, to be near 60% in 2025 as we continually evaluate our capital return levels.

我們也在第二季繼續進行普通股回購，在（技術困難）期間回購了價值 2,500 萬美元或 170 萬股股票。我們打算繼續定期進行普通股回購計劃，我們預計，隨著我們不斷評估資本回報水平，到 2025 年，包括股息和股票回購在內的總股息率將接近 60%。

Given the repurchase of the preferred stock funded with the term loans, we will see some divergence in our leverage ratios depending on whether the preferred stock is included or not. Excluding the preferred stock, the leverage ratio increased to a still very manageable level of 0.83 times, and the $1 billion in term loans are now included in the ratio.

考慮到定期貸款資助的優先股的回購，我們將看到我們的槓桿率出現一些差異，具體取決於是否包括優先股。不包括優先股，槓桿率上升至0.83倍，仍處於可控的水平，並且10億美元的定期貸款現已計入該比率。

Going forward, we expect this ratio to improve as we repay the loan. The leverage ratio, including the preferred stock, continued to show improvement, declining to 2.7 times from 3.01 times a year ago. The ratio was not as impacted by the transaction as we simply replaced the repurchase preferred stock with term loans, giving us the flexibility to substantially improve this ratio going forward as we repay the loans.

展望未來，我們預計隨著我們償還貸款，這一比率將會提高。包括優先股在內的槓桿率持續改善，由一年前的3.01倍下降至2.7倍。該比率並未受到交易的影響，因為我們只是用定期貸款取代了回購優先股，這使我們能夠靈活地在償還貸款時大幅提高該比率。

To conclude, the resiliency and strength of our firm's net flow performance is evident again this quarter. And we continue to make significant progress on building a stronger balance sheet enhanced further by the $1 billion repurchase of the preferred stock. We remain committed to driving profitable growth, a high level of financial performance, and enhancing the return of capital to shareholders.

總而言之，本季我們公司的淨流量表現的彈性和實力再次得到體現。我們在建立更強勁的資產負債表方面繼續取得重大進展，並透過 10 億美元的優先股回購進一步增強了這一進展。我們始終致力於推動獲利成長、高水準的財務表現以及提高股東的資本回報。

And with that, we'll open up the line to Q&A.

接下來，我們將開放問答環節。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Okay. Thank you very much for taking the questions this morning. Maybe picking up on the QQQs, just a couple of questions that are embedded in my first question. Maybe why now? Obviously, it's been around for quite a while. Looks like the marketing spend is going to be down versus the prior payout. So how do you think about flows on the other side?

好的。非常感謝您今天上午回答這些問題。也許是在 QQQ 上，這只是我第一個問題中嵌入的幾個問題。也許為什麼現在？顯然，它已經存在很長一段時間了。看起來行銷支出與之前的支出相比將會下降。那麼您如何看待另一邊的流動？

And then maybe the biggest part of the question for me is the 4 basis points, about what we figured out as well. How do we think about the incremental margin? In other words, would you look to let that all drop to the bottom line, or would you look to spend some of that back for growth and could you quantify what that might look like? Thank you.

那麼，對我來說，問題中最重要的部分可能是 4 個基點，這也是我們所計算出來的。我們如何看待增量利潤？換句話說，您是否希望將所有這些都降到底線，或者您是否希望將其中的一部分用於成長，您能否量化這可能會是什麼樣子？謝謝。

Hey, Bill. Thanks for the question. Let me start and Allison will pick up. Let me start with the why now question. Look, as I said in my -- as I was saying in my opening remarks, the management team, we're looking across the entire business, looking for ways to enhance outcomes for our clients and enhance outcomes for shareholders, and I think this is another area we looked. And we look at our fund line-up routinely, looking for ways to enhance the outcomes and remaining confident that the structure of the strategies we have are both efficient and being responsive to evolving client needs and evolving market conditions.

嘿，比爾。謝謝你的提問。讓我先開始，然後艾莉森會接的。讓我先從「為什麼是現在」這個問題開始。正如我在開場白中所說的那樣，管理團隊正在審視整個業務，尋找方法來提高客戶的結果並提高股東的結果，我認為這是我們關注的另一個領域。我們會定期審查我們的基金陣容，尋找提高業績的方法，並堅信我們的策略結構既高效，又能響應不斷變化的客戶需求和不斷變化的市場條件。

As you know, the Qs unit trust was launched in 1999. So a lot has changed since then, and we just felt like it was the right time to put forward this proposal to modernize the structure. And let me let Alison pick up on the back-end parts of your questions.

眾所周知，Qs 單位信託於 1999 年推出。從那時起，很多事情都發生了變化，我們覺得現在是提出這項結構現代化建議的正確時機。讓我讓艾莉森繼續解答你的問題的後端部分。

Sure. Good morning, Bill. I think as it relates to marketing again -- and we're going to point you to the proxy probably over and over again, but as the proxy states, we currently anticipate a marketing budget for the trust of $60 million to $100 million. And so right now, that would translate to 2 to 3 basis points of annual assets. That is at our discretion, as I noted, and it's really on the heels of really significant levels of marketing expenditure for the QQQ over the years that have created significant brand awareness for the trust.

當然。早安，比爾。我認為這又與行銷有關——我們可能會一遍又一遍地向您指出代理，但正如代理所述，我們目前預計信託的營銷預算為 6000 萬至 1 億美元。所以現在，這將轉化為每年 2 到 3 個基點的資產。正如我所指出的，這取決於我們的判斷，而且這實際上是在 QQQ 多年來投入了大量的營銷支出之後做出的，這些支出為信託創造了顯著的品牌知名度。

As it relates to the net approximately 4 basis points, I think what I would say there is, as I said in my comments, we would expect that to add that 4 basis points to net revenue and to operating income. We don't expect any additional operating expenses associated with this conversion if the proposal is approved.

由於它與淨收入約 4 個基點有關，我認為我想說的是，正如我在評論中所說，我們預計這會將 4 個基點添加到淨收入和營業收入中。如果該提案獲得批准，我們預計此次轉換不會產生任何額外的營運費用。

Glenn Schorr, Evercore.

格倫·肖爾（Glenn Schorr），Evercore。

Thanks very much. Maybe I'll just pick up on where we left off there. So you've been improving margins in the balance sheet and delevering, and I heard a lot of comments throughout the call on potential more delevering.

非常感謝。也許我會繼續我們之前中斷的事情。因此，你們一直在提高資產負債表的利潤率並去槓桿，而且我在整個電話會議中聽到了很多關於潛在進一步去槓桿的評論。

So I just want to push buttons a little bit and ask how much can this incremental revenue go towards growth, because I see great diversification across product and geography, but I think there's a lot more to do in private markets. You have amazing distribution. So how do you balance the whole delevering combo that clearly shareholders keep asking you for with driving growth, which I want to keep asking you for? Thanks.

因此，我只是想稍微推動一下，問一下這些增量收入能在多大程度上促進成長，因為我看到產品和地理的多樣化，但我認為在私人市場上還有很多事情要做。你的分佈非常驚人。那麼，您如何平衡股東不斷要求您實現的去槓桿與我想要不斷要求您實現的成長呢？謝謝。

Completely fair question, good question, and exactly what we challenge ourselves with all the time. We want both; we want growth, and we want to delever. We don't think it's a binary choice, and so much of our focus is improving our operating cash flow so that we provide that optionality for ourselves.

這是一個非常公平的問題，好問題，也正是我們一直在挑戰自己的問題。我們兩者皆需；我們想要成長，我們也想要去槓桿。我們不認為這是一個二元選擇，我們的重點是改善我們的經營現金流，以便為我們自己提供這種選擇權。

I think we've made significant progress just in the announcement last quarter around the repurchase of the $1 billion of preferred, changing that structure as we said last quarter. The nature of that transaction does provide a pathway for conversations to do more in the future, but we are not exclusively focused on delevering at the expense of growth.

我認為我們在上個季度宣布回購 10 億美元優先股時取得了重大進展，正如我們上個季度所說的那樣，改變了這一結構。該交易的性質確實為未來開展更多對話提供了途徑，但我們並不會只專注於以犧牲成長為代價的去槓桿。

We continue to be extremely focused on growing our broad set of capabilities, namely private markets capabilities through both partnerships and through acquisitions. We continue to remain very open to that. We think we've got good organic growth capabilities. We have been investing heavily in ourselves over the last few years and launching a lot of new products, a number of which we highlighted today. And you can see the success of that through our organic growth rate.

我們將繼續高度重視發展我們的廣泛能力，即透過合作和收購來發展私人市場能力。我們對此繼續保持非常開放的態度。我們認為我們擁有良好的有機成長能力。過去幾年，我們一直在大力投資自己，推出了許多新產品，今天我們重點介紹了其中的一些產品。您可以透過我們的有機成長率看到我們的成功。

Our organic growth, I dare say, is among the very best of our peer group. We've really demonstrated broad growth potential, and we think we've got more to come. That said, we're not exclusively focused on organic growth. We continue to remain open to inorganic opportunities as well.

我敢說，我們的有機成長是同行中最好的。我們確實展示了廣泛的成長潛力，我們認為未來將會有更大的發展潛力。也就是說，我們並不是只關注有機成長。我們也將繼續對無機機會持開放態度。

Yeah. And Glenn, maybe what I'd add in addition to private markets, and we were mentioning it before, investing behind the ETF business and in particular, the active ETFs, the growth of SMAs and models that we're seeing, we want to accelerate that pace, and also looking at creative solutions, not just here in the US but continuing to take advantage of our competitive edge in Europe and also very much in Asia-Pacific.

是的。格倫，除了私人市場之外，我可能還想補充一點，我們之前提到過，投資 ETF 業務，特別是主動型 ETF，我們看到 SMA 和模型的增長，我們希望加快這一步伐，同時也尋找創造性的解決方案，不僅在美國，而且繼續利用我們在歐洲以及亞太地區的競爭優勢。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hi. Good morning. Thank you for the question. Another one around the Qs and appreciate you guys might be limited relative to what's in a proxy, but curious how you're thinking about the licensing fee of 8 basis points relative to other rates that are out there in the market. How durable do you think that's going to be and ultimately, do you see room for that to be negotiated lower at some point in time in the future?

你好。早安.謝謝你的提問。另一個關於 Q 的問題，我很感謝你們，可能相對於代理中的內容而言是有限的，但我很好奇你們是如何看待相對於市場上其他利率而言的 8 個基點的許可費的。您認為這種局面會持續多久？最終，您是否認為未來某個時間點還有談判降低價格的空間？

Yeah. Look, we're really limited to what's in the proxy, but I'll say our principal partners on the fund are two outstanding partners. And as was outlined, things remain the way that the -- proposed it the way that it was -- it currently is set up. So we don't really have much more to add there other than they're two great partners.

是的。你看，我們確實受到代理中內容的限制，但我要說的是，我們基金的主要合夥人是兩位傑出的合夥人。如同所概述的，事情仍然保持原樣 — — 即提議的原樣 — — 即目前的設置方式。因此，除了他們是兩個很棒的合作夥伴之外，我們真的沒有什麼可以補充的。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

Good morning. Thanks, guys. One more I'll try on the Qs. There's been some reporting that the, I guess, roadblock to doing this in the past was a view that it was too tough to round up a quorum for the votes. So do you now think it would be easier to get that quorum for some reason? I'll leave it there and then ask my follow-up.

早安.謝謝大家。我將在 Qs 上再嘗試一次。有報道稱，我猜想，過去這樣做的障礙是人們認為，召集法定人數進行投票太難了。那麼，您現在是否認為出於某種原因獲得法定人數會更容易？我會把它留在那裡，然後詢問我的後續情況。

I don't know that we can speculate on that one way or the other. I'm not sure there's much we can say there. I'm not sure that's exactly why maybe it hasn't been done in the past, but I don't think we can speculate on the degree of difficulty. And I'll point you back to the proxy and a lot of, I think, strong-detailed statements around the path forward there.

我不知道我們是否可以以某種方式推測這一點。我不確定我們能說些什麼。我不確定這是否是為什麼過去沒有這樣做的原因，但我認為我們無法推測其難度。我將向你們指出代理和許多我認為有關前進道路的非常詳細的聲明。

Yeah. Okay. And then, as a follow-up, will you now be able to also generate sec lending revenue on top of that net 4 bps?

是的。好的。然後，作為後續問題，您現在是否還能在淨 4 個基點的基礎上產生證券貸款收入？

As it states in the proxy, there is that opportunity. I will tell you the magnitude of that, I think it's going to be relatively small. That was not the primary sort of motivation behind this at all. It's really to modernize the structure.

正如代理中所述，存在這樣的機會。我會告訴你它的規模，我認為它會相對較小。這根本不是背後的主要動機。這其實是為了實現結構的現代化。

I think it's going to be relatively immaterial for us. And so I wouldn't -- as you think about the opportunity that's associated with this, I wouldn't put too much there. I think it's really coming back to what's that net revenue improvement, consistent with the approximately 4 basis points that we noted, recognizing there are some of those net expenses that are discretionary, and it is at our discretion.

我認為這對我們來說相對來說並不重要。所以我不會——當你考慮與此相關的機會時，我不會在那裡投入太多。我認為這實際上又回到了淨收入改善的問題上，這與我們指出的大約 4 個基點一致，同時認識到其中一些淨支出是可自由支配的，由我們自行決定。

Benjamin Budish, Barclays Capital.

巴克萊資本的本傑明·布迪什 (Benjamin Budish)。

Hi. Good morning, and thank you for taking the question. Maybe following up on some of your earlier comments on M&A, just curious how you think about the missing pieces in the private market suite and how you think about your capacity. I mean, I think there's a view that to sort of achieve scale quickly, it requires maybe a bigger check.

你好。早上好，感謝您回答這個問題。也許是對您之前對併購的一些評論的後續評論，只是好奇您如何看待私人市場套件中缺少的部分以及您如何看待自己的能力。我的意思是，我認為有一種觀點認為，為了快速實現規模化，可能需要更大規模的檢查。

So how are you thinking about what may be missing, and how quickly could you scale up some of those capabilities in sort of the near term? Thank you.

那麼您如何看待可能缺少什麼，以及您能在短期內多快擴大其中的一些能力？謝謝。

Yeah. So thanks for the question. Maybe let me go back to the platform we have today just for a moment. With $130 billion in assets under management in private markets in a fairly robust real estate franchise and alternative credit franchise, we have a lot to build from. We also have tremendous top-tier strength in places like US wealth management where a fair amount of private markets growth we think will come both in retail and also eventually in retirement.

是的。感謝您的提問。也許讓我暫時回到我們今天的平台。我們在私人市場管理 1300 億美元的資產，擁有相當強勁的房地產特許經營權和另類信貸特許經營權，我們有很多可以藉鑑的地方。我們在美國財富管理等領域也擁有龐大的頂級實力，我們認為這些領域的私人市場將出現相當大的成長，既包括零售領域，也包括最終的退休領域。

So for us, looking for things that we can do to be additive to that and to complement those capabilities is what's on our mind. And the partnership route is a fantastic route for us. And something that you should look at the Barings and MassMutual announcement from last quarter that we followed through with and things we've done in the last few months as a really good illustration of where we think we can see growth in partnerships.

因此，對於我們來說，我們正在考慮尋找可以做的事情來補充這些能力。對我們來說，合作之路是一條絕佳的途徑。您應該看看上個季度巴林銀行和 MassMutual 發布的公告，我們一直在跟進這些公告，並且在過去幾個月中我們也做了一些事情，這些都很好地說明了我們認為合作夥伴關係能夠實現增長。

We'll continue to keep our eyes and ears open to other M&A, but the bar to clear for doing acquisitions in that space will continue to be very high. And our focus on partnerships as a way to grow is going to start as priority number one. And those won't be just here in the US, but opportunities to do the same in other markets around the world to expand the capabilities that we can bring to clients.

我們將繼續關注其他併購活動，但在該領域進行收購的門檻仍然很高。我們將把合作夥伴關係作為實現成長的首要任務。這些機會不僅發生在美國，我們還有機會在世界其他市場做同樣的事情，以擴大我們可以為客戶帶來的能力。

We've been investing over the last couple of years, not just in our own product capabilities, but also in our specialized distribution capabilities and some of our operational practices that will help us add more private markets to the firm and really scale it in a way that can be profitable to shareholders too.

過去幾年，我們一直在投資，不僅投資於我們自己的產品能力，還投資於我們的專業分銷能力和一些營運實踐，這將有助於我們為公司增加更多的私人市場，並真正擴大規模，從而使股東也能獲利。

Brian Badell, Deutsche Bank.

德意志銀行的 Brian Badell。

Great. Thanks. Good morning, folks. Maybe just one housekeeping and then one longer-term question. The housekeeping, back to the QQQs, to the licensing expense to Nasdaq and the administrative expense to Bank of New York, just to clarify, do those both go into the third-party distribution and servicing expense line?

偉大的。謝謝。大家早安。也許只是一個家務事，然後是一個長期問題。回到 QQQ 的內部管理，回到納斯達克的許可費用和紐約銀行的管理費用，只是為了澄清一下，這些是否都進入了第三方分銷和服務費用線？

Correct. The 14 basis points that we noted which would be to both Nasdaq and then the custodian fees to Bank of New York plus the discretionary marketing expense which total to approximately 14 basis points, that would all be in third-party distribution service and advisory expense.

正確的。我們注意到，這 14 個基點既包括納斯達克的費用，也包括紐約銀行的託管費用，再加上可自由支配的營銷費用，總計約為 14 個基點，這些費用全部用於第三方分銷服務和諮詢費用。

Okay. It does include the marketing as well. Okay, so the 14 basis points. So then your net revenue yield is a clean 4 bps, depending on where you choose to deal with the marketing, I guess.

好的。它也包括行銷。好的，所以是 14 個基點。那麼你的淨收入收益率就是 4 個基點，我想這取決於你選擇在哪裡進行行銷。

That's correct.

沒錯。

Okay. Got it. And then the longer-term question is just on the 401(k) market, private -- the potential adoption for private markets products. Maybe if you can talk about how you view your position there, what is your strategy, and I guess just thoughts on timing. There's a lot of obviously different viewpoints on to what extent other things have to happen to get plan sponsors to be more comfortable with these products, maybe just your views on that.

好的。知道了。然後，長期問題只是在 401（k）市場，私人市場產品的潛在採用。也許您可以談談您如何看待自己在那裡的地位，您的策略是什麼，以及我對時機的看法。關於需要採取何種程度的其他措施才能讓計劃發起人對這些產品更加放心，顯然存在許多不同的觀點，也許只是您對此的看法。

Yeah. Maybe I'll start. With the caveat that there's a lot regulatorily and from a litigation relief standpoint that I think we need to have -- that would need to happen in order to accelerate the retirement market for private markets in the US.

是的。也許我會開始。但需要注意的是，從監管和訴訟救濟的角度來看，我認為我們需要採取很多措施——為了加速美國私人市場的退休市場的發展，我們必須這樣做。

So with that, assuming that that those things could move forward and we see some relief, we think there's good promise for private markets and the defined contribution plans. You know all the capabilities; I mentioned them before and our ability to structure it.

因此，假設這些事情能夠向前發展並且我們看到一些緩解，我們認為私人市場和固定繳款計劃前景良好。您知道所有的能力；我之前提到過它們以及我們建造它們的能力。

The other thing that we have is a trust company, and collective trusts being a really good rapper, so to speak, to be able to bring private markets to plan sponsors and clients, we've had several of those conversations. We look forward to hoping to move some of those opportunities forward.

我們擁有的另一件事是信託公司，而集體信託是一個非常好的說唱歌手，可以這麼說，它能夠將私人市場帶給計劃發起人和客戶，我們已經進行了幾次這樣的對話。我們期待能夠推動這些機會向前發展。

We also think that private market solutions and large target date, target risk, or other multi-asset strategies maybe employing public and private together, also could be of great interest in the defined contribution space. We have all of those component parts. So our ability to meet that market demand will happen as the market progresses. I think it's going to take some time, but over time you certainly could see this being an important part of DC plans just like it's an important part of defined benefit plans.

我們也認為，私人市場解決方案和大目標日期、目標風險或其他多元資產策略可能結合使用公共和私人資產，這在固定繳款領域也可能引起極大興趣。我們擁有所有這些組成部分。因此，我們滿足市場需求的能力將隨著市場的發展而發展。我認為這需要一些時間，但隨著時間的推移，你肯定會看到它成為 DC 計劃的重要組成部分，就像它是固定收益計劃的重要組成部分一樣。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Great. Thank you. Good morning. So it's great to see the number of steps you guys have taken over the last couple of quarters to unlock meaningful value. Just curious as you look at the platform today, what other stones might you be able to turn over? Curious where you might find incremental meaningful opportunities.

偉大的。謝謝。早安.因此，我很高興看到你們在過去幾季中採取瞭如此多的措施來釋放有意義的價值。只是好奇，當您今天看著這個平台時，您還能翻開什麼其他石頭？好奇在哪裡可以找到有意義的增量機會。

Do you think there's anything left on the revenue side? Is it more on the expense side or capital allocation from here? So just curious how you're thinking about that and where -- and to what extent how meaningful might -- some additional opportunities might be over time.

您認為收入方面還有剩餘嗎？從現在來看，這更多的是在費用還是資本配置方面？所以我只是好奇您是如何考慮這個問題的，以及隨著時間的推移，一些額外的機會可能在哪裡以及在多大程度上有意義。

Yeah. I'll start on the revenue side, and we were talking about it before. We want to enhance revenue and grow revenue at a faster clip than we're doing it today, and part of that are the places I mentioned before where we see real growth opportunity. ETFs and SMAs, private markets, all will be revenue and ultimately profit-enhancing.

是的。我將從收入方面開始，我們之前討論過這個問題。我們希望提高收入，並以比現在更快的速度增加收入，其中一部分就是我之前提到的我們看到真正成長機會的地方。ETF、SMA、私人市場，都將成為收入，最終提高利潤。

But there's also our need to retain better in the fundamental equity space, and we're doing a lot around that. The retention of those assets and the growth where there is demand will have a meaningful impact on our revenue picture, and it's a place where we're significantly focused as a company.

但我們也需要在基本股票領域保持更好的表現，而我們正在為此做很多工作。保留這些資產以及在有需求的地方實現成長將對我們的收入狀況產生重大影響，這也是我們公司重點關注的領域。

Allison, why don't you pick up from --

艾莉森，為什麼不接--

I mean, I would say we think there's more opportunity on all of them, revenue expenses and capital allocation. We by no means feel like we've just kind of achieved -- we're just really, I think, starting to hit our stride, and we see a lot of opportunity -- obviously, the revenue opportunity that Andrew's already mentioned on the expense side.

我的意思是，我認為在收入支出和資本配置方面，我們所有這些都有更多的機會。我們絕不覺得我們已經取得了某種成就——我認為，我們只是真正開始步入正軌，而且我們看到了很多機會——顯然，安德魯在支出方面已經提到的收入機會。

I think we've demonstrated really strong expense management and just a very well-controlled expense base for a number of years now, even while we've been incurring pretty significant costs for the implementation of Alpha and now our hybrid approach with both Alpha and Aladdin. As I noted, we do continue to see and expect pretty significant implementation costs for the back half of this year, but that's all within the context of a very well-managed expense base.

我認為，儘管我們在實施 Alpha 以及現在採用 Alpha 和 Aladdin 的混合方法時花費了相當大的成本，但多年來，我們已經展示了非常強大的費用管理和非常好的費用控制基礎。正如我所指出的，我們確實繼續看到並預計今年下半年的實施成本相當高，但這一切都是在管理良好的費用基礎的背景下進行的。

I'm extremely optimistic that we will continue to see operating income improvement. We've really got positive operating leverage as we sit here today. We're focused, very much so, on organic fee rate growth. That means we have to contend with some of these headwinds on the fundamental equity side and earn through that. And that's our focus day to day.

我非常樂觀地認為我們將繼續看到營業收入的改善。我們今天在這裡確實獲得了積極的經營槓桿。我們非常關注有機費率的成長。這意味著我們必須應對基本股票方面的一些不利因素並從中獲利。這就是我們每天關注的重點。

In doing that, we create that positive operating leverage with a well-controlled expense base. As we noted, we think the implementation of the hybrid approach will conclude at the end of '26. Feeling good about our ability to continue to make progress and moving waves of AUM onto the A&G platform. The higher implementation expense this quarter is associated with another wave of AUM that we anticipate moving towards the end of the quarter.

透過這樣做，我們透過良好控制的費用基礎創造了積極的經營槓桿。正如我們所指出的，我們認為混合方法的實施將在 26 年底完成。對我們繼續取得進步並將 AUM 浪潮轉移到 A&G 平台上的能力感到滿意。本季實施費用的增加與我們預計在本季末將出現的另一波 AUM 成長有關。

And so, I think as we're able to do all of this, we reallocate our expense base, and we continue to find opportunities to shrink the expense base and create scale. Our focus is scale. And I think with $2 trillion in AUM and a lot of the moves we've made, we're starting to really see the benefits of that scale, and it drops to the bottom line.

因此，我認為，當我們能夠做到這一切時，我們就會重新分配我們的費用基礎，並繼續尋找機會縮小費用基礎並創造規模。我們的重點是規模。我認為，憑藉 2 兆美元的資產管理規模以及我們採取的許多舉措，我們開始真正看到這種規模帶來的好處，並且它會影響到最終收益。

And then last on capital allocation, following up on kind of Glenn's question, we're not exclusively focused on debt repayment and delevering, but we do think it's an important part of the story over the next few years. And starting to unlock that ability was the step we made last quarter.

最後關於資本配置，回答格倫的問題，我們並不只關注債務償還和去槓桿，但我們確實認為這是未來幾年故事的重要組成部分。上個季度我們已開始釋放這項能力。

We anticipate making continued progress. We've created a number of avenues for ourselves, especially with the upsizing of the revolver to $2.5 billion. It gives us the potential to use that in a way that we can delever in more of a flexible manner without this fixed rate and rather fixed non-callable debt. And as we do that, it falls the bottom line. It gives us additional operating cash flow that we can use to redeploy into areas of growth. So it's the flywheel that we're focused on, and we see multiple opportunities ahead.

我們期待持續進展。我們為自己開闢了許多途徑，特別是將循環信貸額度增加到 25 億美元。它使我們能夠以更靈活的方式利用這一點，而無需固定利率和固定的不可贖回債務。當我們這樣做的時候，它就落到了底線。它為我們提供了額外的營運現金流，我們可以將其重新部署到成長領域。因此，我們關注的是飛輪，我們看到了未來的多重機會。

Yeah. I mean, the company is very much positioned to play offense. And I think on Alison's last point, we've created a lot more flexibility on the ability to deploy capital.

是的。我的意思是，該公司已經做好了充分的準備來發動攻擊。我認為，關於艾莉森的最後一點，我們在部署資本的能力上創造了更大的靈活性。

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Hi, good morning. Thanks for taking the questions. So first, you're a big cash manager through money funds and stable value. There's been a lot of talk about digital dollars, including stablecoin, and digital money market funds. Do you think digital dollars changes cash management? And how might Invesco fit into cash management in increasingly a digital dollar world?

嗨，早安。感謝您回答這些問題。因此，首先，您是透過貨幣基金和穩定價值進行大量現金管理的。關於數位美元的討論很多，包括穩定幣和數位貨幣市場基金。您認為數位美元會改變現金管理嗎？在日益數位化的美元世界中，景順如何融入現金管理？

Yeah. No, thanks for the question. You're right; we're a big cash player, big money market player, a big short-term fixed income and stable value manager. I think we've also proven to be a good innovator. And so we're looking at many of the things that you mentioned, getting to a place where there could be a tokenized money market fund, for example, or other kind of digital assets around the payment stream and the cash management are very much on our operating agenda. But there's a lot that needs to happen for that to occur, but we're very focused on keeping pace in the digital assets space.

是的。不，謝謝你的提問。你說得對；我們是大型現金玩家、大型貨幣市場玩家、大型短期固定收益和穩定價值管理者。我認為我們也已證明自己是個優秀的創新者。因此，我們正在研究您提到的許多事情，例如，可以設立代幣化貨幣市場基金，或圍繞支付流量和現金管理的其他類型的數位資產，這些都在我們的營運議程上。但要實現這一目標還有很多事情要做，我們非常注重跟上數位資產領域的腳步。

Okay. Great. And then just a little one, it looks like compensation fell quite a bit in the China JV this quarter. Maybe what happened there, and is this the good run rate or was 2Q more of a one-off?

好的。偉大的。然後還有一點，看起來本季中國合資企業的薪資下降了不少。也許那裡發生了什麼，這是良好的運行率還是第二季度只是一次性事件？

Yeah. Thanks for the question. A couple of things I'll point to. You'll see, relative to last year -- revenue in the China JV was a little bit lower relative to the second quarter of last year. That's largely driven by performance fees. So you'll note our overall performance fees were lower than last year.

是的。謝謝你的提問。我要指出幾件事。您會發現，與去年相比，中國合資企業的收入相對於去年第二季略有下降。這很大程度是由績效費推動的。因此您會注意到我們的整體績效費用低於去年。

Historically, a significant level of performance fees have come from China. And given some regulatory changes there, our ability to earn performance fees is probably a little bit lower going forward than it has been in the past. You saw that come through in the quarter as they have changed some of the regulation around what is required to earn a performance fee, namely a client or an investor redemption or the closing of a fund.

從歷史上看，相當一部分演出費來自中國。考慮到那裡的一些監管變化，我們賺取績效費的能力未來可能會比過去略低。您在本季度看到了這一點，因為他們已經改變了一些有關賺取績效費用的要求的規定，即客戶或投資者贖回或基金關閉。

So as we see that activity a little bit lower, that has a correlated impact to compensation, of course, there are also some discrete items within that compensation line item or just that overall expense line item that we saw this quarter. So margins are a little bit elevated and may be a little bit elevated next quarter, but longer term, I do expect our China JV operating margins would continue to be in that (technical difficulty) in the future will be a bit diminished overall.

因此，我們看到活動量略有下降，這對薪酬產生了相關影響，當然，薪酬項目中也有一些離散項目，或者只是我們本季度看到的整體費用項目中也有一些離散項目。因此利潤率略有上升，下個季度可能還會略有上升，但從長遠來看，我預計我們中國合資企業的營業利潤率將繼續保持這種狀態，但未來（技術難度）總體上會有所下降。

And back to you, Mr. Schlossberg.

現在回到您，施洛斯伯格先生。

Okay. Well, thank you very much. In closing, we are well positioned to help clients navigate the impact of evolving market dynamics and subsequent changes to their portfolios. When market sentiment becomes uncertain, we stay even closer to our clients.

好的。嗯，非常感謝。最後，我們有能力幫助客戶應對不斷變化的市場動態及其投資組合隨之發生的變化的影響。當市場情緒變得不確定時，我們會更貼近客戶。

Uncertainty may sometimes create challenges over the short term, but we absolutely believe that over the long term, client convictions will strengthen, which creates opportunities in the future for greater scale, performance, and improved profitability for Invesco. Given all the work we have done to strengthen our ability to anticipate, understand, and meet evolving client needs, I'm very excited for the future of Invesco.

不確定性有時可能會在短期內帶來挑戰，但我們堅信，從長遠來看，客戶的信念將會增強，這將為景順未來擴大規模、提高業績和獲利能力創造機會。考慮到我們為增強預測、理解和滿足不斷變化的客戶需求的能力所做的所有工作，我對景順的未來感到非常興奮。

Thanks, everybody, for joining the call today. Please reach out to our Investor Relations team for any additional questions, and we certainly appreciate your interest in Invesco and look forward to speaking with you all again soon.

感謝大家今天參加電話會議。如果您有任何其他問題，請聯絡我們的投資者關係團隊，我們非常感謝您對 Invesco 的關注，並期待很快再次與您交談。

Thank you, and that concludes today's conference. You may all disconnect at this time.

謝謝大家，今天的會議到此結束。此時大家可以全部斷開連線。