景順投信 (IVZ) 2026 Q1 法說會逐字稿

Welcome to the Invesco's first-quarter earnings conference call. (Operator Instructions) As a reminder, today's call is being recorded. Now I'd like to turn the call over to Greg Ketron, Invesco's Head of Investor Relations.

歡迎參加景順（Invesco）第一季財報電話會議。（接線員指示）提醒各位，今天的電話會議將被錄音。現在我想把電話交給景順投資人關係主管 Greg Ketron。

Thanks, operator, and to all of you joining us on the call today. In addition to the press release, we have provided a presentation that covers the topics we plan to address. 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.

謝謝，接線員，也感謝今天加入電話會議的各位。除了新聞稿之外，我們也提供了一份簡報，涵蓋我們計畫討論的主題。新聞稿與簡報可在我們的網站 invesco.com 取得。您可前往網站的「投資人關係」專區找到相關資訊。

Our 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 reconciliations to GAAP. Finally, Invesco is not responsible for the accuracy of our earnings transcripts provided by third parties. The only authorized webcast are located on our website. Andrew Schlossberg, President and CEO; and Allison Dukes, Chief Financial Officer.

我們今天的簡報將包含前瞻性陳述以及若干非 GAAP 財務衡量指標。請查閱第 2 頁投影片的揭露事項，以及附錄中與 GAAP 之間的適當調節。最後，景順不對第三方提供之財報逐字稿的準確性負責。唯一經授權的網路直播位於我們的網站。Andrew Schlossberg，總裁暨執行長；以及 Allison Dukes，財務長。

We'll present our results this morning, and then we'll open up the call for questions. I'll now turn the call over to Andrew.

我們將在今天上午報告業績，之後開放提問。現在我把電話交給 Andrew。

Thank you, Greg, and good morning to everyone. I'm pleased to be speaking with you today. Before we review this quarter's results, I'd like to reiterate our strategic priorities and our key performance drivers as highlighted on slide 3 of today's presentation. These strategic imperatives focus our efforts guide our decisions and provide a clear framework for navigating a rapidly evolving asset management landscape. Our strategic priorities remain grounded in a simple conviction.

謝謝你，Greg，各位早安。很高興今天能與各位通話。在回顧本季業績之前，我想重申我們的策略優先事項與關鍵績效驅動因素，如今日簡報第 3 頁所示。這些策略要務聚焦我們的努力方向、引導我們的決策，並為我們在快速演變的資產管理環境中前行提供清晰的框架。我們的策略優先事項仍根植於一個簡單的信念。

Regardless of broader market conditions, geopolitical events or cyclical, structural or fundamental headwinds, executing against these priorities will leverage the best of Invesco, accelerate our key areas of opportunity and drive profitable growth. And that is exactly what we are seeing in our business. Profitable organic growth is paramount.

不論整體市場狀況、地緣政治事件，或週期性、結構性或基本面逆風如何，落實這些優先事項將能發揮景順的最佳優勢，加速我們的關鍵機會領域，並推動獲利成長。而這正是我們在業務中所看到的。獲利性的有機成長至關重要。

As such, we are focusing on high demand, scalable investment capabilities like fixed income, and delivery vehicles like ETFs. We continue to drive value through our expansive global footprint with a significant and unique Asia Pacific presence, including a hard-to-replicate Chinese JV and a strong performing and growing EMEA business.

因此，我們聚焦於需求旺盛且可擴展的投資能力，例如固定收益，以及 ETF 等交付載體。我們也持續透過廣泛的全球布局創造價值，並在亞太地區擁有顯著且獨特的據點，包括難以複製的中國合資企業（JV），以及表現強勁且持續成長的歐洲、中東與非洲（EMEA）業務。

Together, these regions represent nearly $700 billion of our client AUM. We are also well positioned to generate increasing value in our private markets business where we have a strong institutional heritage in real asset and alternative credit strategies, which are now leveraging as we bring those products into faster growing wealth management space. These existing Invesco strategies are being augmented by our recently announced partnerships with Barings and LGT capital.

合計而言，這些地區的客戶資產管理規模（AUM）接近 7,000 億美元。我們在私募市場業務方面也具備良好定位，可創造日益增加的價值；我們在不動產等實體資產與另類信貸策略上擁有深厚的機構客戶傳承，並正將這些產品導入成長更快的財富管理領域以加以運用。這些既有的景順策略，亦因我們近期宣布與 Barings 及 LGT Capital 的合作夥伴關係而得到強化。

Each of these relationships are progressing well, and we look forward to updating you on developments with additional product launches later this year. We also continue to sharpen our focus and accelerate innovation across products and vehicles, such as active ETFs, SMA, models, customized solutions and digital assets. We are seeing momentum build in each of these areas, and we have launched several new products and partnerships this year already.

上述各項合作關係進展順利，我們期待在今年稍晚透過更多產品推出，向各位更新最新進展。我們也持續聚焦並加速在產品與載體上的創新，例如主動式 ETF、SMA、模型投資、客製化解決方案與數位資產。我們看到這些領域的動能正在累積，而今年我們也已推出數項新產品與合作。

Our progress on strategic priorities also include continued strengthening of our balance sheet and efficient capital deployment, including returning a portion of it to our shareholders through increasing common share repurchases and dividends. We continue to prioritize the intersection of market size and secular change where Invesco is uniquely positioned to drive growth in the highest highest opportunity regions, channels and asset classes.

我們在策略優先事項上的進展也包括持續強化資產負債表與提升資本配置效率，其中包含透過增加普通股回購與股利，將部分資本回饋給股東。我們持續優先關注市場規模與長期結構性變化的交會點；在這些領域，景順具備獨特優勢，可在最高機會的地區、通路與資產類別推動成長。

This is the guiding principle by which we measure opportunities, deemphasize when needed and focus resources to drive growth across the organization. We will continue to execute with discipline allocate capital and resources accordingly and measure progress against our key performance drivers indicated on the far right-hand side of this slide.

這是我們衡量機會、在需要時降低比重，並集中資源以推動全公司成長的指導原則。我們將持續以紀律執行，據此配置資本與資源，並依照本頁投影片最右側所示的關鍵績效驅動因素衡量進展。

So let's turn to slide 4 and take a look at how our efforts translated into asset flow results in the first quarter. Markets had strong momentum coming into the quarter, but ultimately gave way to heightened volatility as geopolitical uncertainty, sharp moves in energy prices and changing interest rate expectations weighed on public markets. It is in this type of operating environment that the benefits of our broad scale, diversified global platform are most evident.

接著請看第 4 頁，看看我們的努力如何在第一季轉化為資金流向成果。市場在進入本季時動能強勁，但最終因地緣政治不確定性、能源價格大幅波動，以及利率預期變化對公開市場造成壓力，而轉為更高的波動。在這類營運環境下，我們具規模且多元化的全球平台之優勢最為明顯。

With elevated volatility, money was in motion and clients continue to entrust Invesco with significant capital across our global product set. Net long-term inflows were $21.8 billion, marking the 11th straight quarter of net inflows and representing annualized organic growth of 4%. It is also worth noting that we generated $11.6 billion in global liquidity inflows and we ended the period with over $200 billion in AUM.

在波動升高之際，資金持續流動，客戶也持續在我們的全球產品組合中託付景順大量資本。長期淨流入為 218 億美元，為連續第 11 季淨流入，年化有機成長率為 4%。同時也值得一提的是，我們的全球流動性產品淨流入為 116 億美元，期末流動性產品 AUM 超過 2,000 億美元。

We continue to be encouraged by the breadth of our overall growth. We had solid positive flows across several dimensions including in many of our strategically important investment capabilities across each of our three regions in both our active and passive strategies and across wealth management and institutional channels.

我們對整體成長的廣度仍感到鼓舞。我們在多個面向皆出現穩健的正向資金流入，包括多項具策略重要性的投資能力；在三大區域皆有表現；在主動與被動策略皆有表現；並且在財富管理與機構通路皆有表現。

The Asia Pacific and EMEA regions again produced very strong net inflows with 17% and 8% annualized organic growth, respectively. We also saw our strongest quarter of active net inflows with nearly $15 billion generated around the world. Additionally, institutional demand has remained strong with our fifth consecutive quarter of annualized organic growth in excess of 5%.

亞太與 EMEA 地區再次帶來非常強勁的淨流入，年化有機成長率分別為 17% 與 8%。我們也迎來主動式產品淨流入最強的一季，全球合計接近 150 億美元。此外，機構客戶需求仍然強勁，連續第五季年化有機成長率超過 5%。

So let me spend a few minutes clicking into growth drivers in each of these investment capabilities. Starting with our ETF and index capability, where we continue to meaningfully scale and diversify our platform to meet evolving client demand. Our ending AUM stood at a record $638 billion or over $1 trillion, including the QQQ. We had nearly $19 billion of net inflows during the quarter or 11% annualized organic growth. Within our ETF range, we garnered net inflows across a diverse set of products in both equity and fixed income.

接下來我將用幾分鐘更深入說明各項投資能力的成長驅動因素。先從 ETF 與指數投資能力談起；我們持續有意義地擴大規模並使平台更多元，以滿足客戶需求的演變。我們期末 AUM 創新高，達 6,380 億美元；若包含 QQQ，則超過 1 兆美元。本季淨流入接近 190 億美元，年化有機成長率為 11%。在我們的 ETF 產品線中，股票與固定收益的多元產品皆取得淨流入。

Our (inaudible) S&P 500 delivered record net inflows, and we saw strong demand for QQQM from investors with long-term horizons. We continue to see strength in our S&P quality and momentum lineup as well. We remain focused on innovation in the ETF space as we launched four new active ETFs this quarter, strengthening our market position in this high-demand segment as investors continue to use the ETF wrapper to access active equity and fixed income strategies, particularly in more volatile market environments like we are seeing today.

我們的（聽不清）S&P 500 產品創下淨流入新高，而我們也看到長期投資人對 QQQM 的強勁需求。我們的 S&P 品質與動能系列同樣持續展現強勢。我們仍專注於 ETF 領域的創新；本季推出四檔新的主動式 ETF，強化我們在此一高需求區隔的市場地位。投資人持續使用 ETF 架構來取得主動式股票與固定收益策略，特別是在如同目前所見的較高波動市場環境中。

We have built a robust active ETF platform currently managing over $20 billion in assets, which increases to more than $35 [billion] when you include index strategies implemented by our active teams. With our Q2 fund conversion on December 20, we had a full quarter of the funds flows included in our results.

我們已建立穩健的主動式 ETF 平台，目前管理資產超過 200 億美元；若再加上由我們主動團隊執行的指數策略，則超過 350 億美元。隨著我們在 12 月 20 日進行的第二季基金轉換，我們的結果中已納入完整一季的基金資金流。

The fund continues to attract the demand, but after multiple quarters of very strong inflows, we ultimately had net outflows this quarter. This reflected normal rotation and profit-taking as investors (inaudible) exposures amidst the more volatile market environment. However, with the (inaudible) market volatility in April, we have seen strong demand and net inflows returned for this flagship product. Let me take a moment here to address the recent developments that Nasdaq has expanded its licensing to allow two additional US-listed ETFs to track the Nasdaq 100.

該基金仍持續吸引需求，但在連續多季出現非常強勁的淨流入後，本季最終出現淨流出。這反映在更具波動的市場環境下，投資人進行正常的輪動與獲利了結，並（聽不清）調整曝險。然而，隨著 4 月（聽不清）的市場波動，我們已看到此旗艦產品需求強勁，並恢復淨流入。接著我想花點時間說明近期發展：那斯達克已擴大其授權，允許另外兩檔在美國上市的 ETF 追蹤那斯達克 100 指數。

First, we see this as an evolution of a highly successful benchmark, reflecting the global importance of the Nasdaq 100, where we dominate with our flagship QQQ fund, which is one of the world's most actively traded ETFs and a core exposure vehicle globally for the Nasdaq 100. As you know, QQQs position is supported by unmatched liquidity with tight spreads deep options in derivative markets and a very large and broad institutional and retail investor base.

首先，我們將此視為一個高度成功基準指數的演進，反映那斯達克 100 的全球重要性；而我們以旗艦 QQQ 基金在其中占據主導地位。QQQ 是全球交易最活躍的 ETF 之一，也是全球投資人取得那斯達克 100 核心曝險的重要工具。如各位所知，QQQ 的地位由無可匹敵的流動性所支撐，具備緊密價差、衍生品市場中深厚的選擇權流動性，以及龐大且廣泛的機構與零售投資人基礎。

These critical characteristics coupled with the immense brand recognition that's synonymous with Invesco QQQ being a one of a kind and a large marketing spend and positive client outcomes built over 25-plus years minimizes the dependence on being the sole licensed product from an index provider. Our installed base is tough to erode, and it's been proven that switching costs are higher than assumed with taxes being a major factor.

這些關鍵特性，加上與景順 QQQ 同義、極高的品牌辨識度——其獨一無二——以及龐大的行銷投入與 25 年以上累積的正向客戶成果，使我們對於成為指數提供者唯一授權產品的依賴降至最低。我們的既有基礎不易被侵蝕，且已證明轉換成本高於原先假設，其中稅負是主要因素。

By example, the introduction of our own QQQM expanded the Nasdaq 100 ecosystem without cannibalizing the QQQ. Nasdaq has historically been selective in how it licensed the Nasdaq 100 Index and that selectivity resulted in the QQQ being the primary US-listed ETF fracking the index for decades. Nasdaq has publicly reaffirmed its commitment to our QQQ innovation suite as a cornerstone of their Nasdaq 100 ecosystem.

例如，我們推出自有的 QQQM，擴大了那斯達克 100 的生態系，並未侵蝕 QQQ。歷來那斯達克在那斯達克 100 指數的授權方式上相當審慎，而這種選擇性使 QQQ 在數十年來一直是追蹤該指數的主要美國上市 ETF。那斯達克也已公開重申，其對我們 QQQ 創新套件的承諾，並將其視為那斯達克 100 生態系的基石。

Further, Nasdaq's licensing for these new Nasdaq 100 exchange traded funds is consistent with our QQQ at 8 basis points. meaning any competitor fund will pay the same amount and the existing licensing agreements are not impacted by these filings. Our relationship with Nasdaq remains strategic and long standing.

此外，那斯達克對這些新的那斯達克 100 交易所交易基金之授權費率，與我們的 QQQ 一致，為 8 個基點。也就是說，任何競爭基金支付的費率都相同，而既有授權協議不會受到這些申報案影響。我們與那斯達克的關係仍具策略性且歷史悠久。

To put a fine point on it, our installed base where we have built a dominant entrenched position over decades will be difficult to displace. More so, we believe that the attention will create an increasingly large pool of assets behind this important benchmarks.

更明確地說，我們在數十年間建立起主導且根深蒂固地位的既有客戶基礎，將很難被取代。此外，我們相信，市場關注度將使支撐這些重要基準的資產池持續擴大。

So let's move on to fundamental fixed income were regarded a very healthy $3.7 billion in net long-term inflows or 5% annualized organic growth with strong attribution across geographies and channels. This only considers the narrow view of our fundamental fixed income capability. Looking more broadly at the asset class across all of our investment capabilities, that net flow number jumps to $14 billion with the inclusion of our related ETF and China-based fixed income assets.

接著談基本面固定收益：我們錄得相當健康的 37 億美元長期淨流入，或年化 5% 的有機成長，且在各地區與通路的貢獻度表現強勁。這僅反映我們基本面固定收益能力的狹義觀點。若更廣泛地從所有投資能力來看整個資產類別，納入相關 ETF 與中國在地固定收益資產後，該淨流入數字將跳升至 140 億美元。

Momentum in our fundamental fixed income capability was broadly driven by institutional inflows in investment-grade products. as well as fixed income SMAs where we continue to see strong demand. Our entire SMA platform, which also includes a portion of equity assets, now stands at $37 billion in AUM. We have one of the fastest-growing SMA offerings in the United States, United States wealth management market, generating an annualized organic growth rate of 19% this quarter.

我們基本面固定收益能力的動能，主要由投資級產品的機構資金流入所帶動，同時固定收益 SMA 亦持續呈現強勁需求。我們整體 SMA 平台（亦包含部分股票資產）目前 AUM 已達 370 億美元。我們在美國財富管理市場擁有成長最快的 SMA 產品之一，本季年化有機成長率達 19%。

So moving on to China JV, where we produced another exceptionally strong quarter, demonstrating that we are well positioned in this market. We reached a record high AUM of $142 billion and delivered $8.7 billion of net long-term inflows or a 31% annualized organic growth rate. In a volatile global market environment, the China JV demonstrated the benefits of its diversified platform.

接著談中國合資公司（China JV）：我們再度交出極為強勁的一季，顯示我們在該市場具備良好布局。我們的 AUM 創下 1,420 億美元新高，並實現 87 億美元長期淨流入，或年化 31% 的有機成長率。在全球市場波動的環境下，中國合資公司展現其多元化平台的優勢。

Looking at the quarter as a whole, net inflows continued to be driven by Fixed Income Plus strategies which have now reached $40 billion in AUM on our JV platforms. We have developed a diversified product lineup in our China JV, which is designed to meet varying client risk appetites and we like the position we have built and the opportunity it presents long term.

就整體季度而言，淨流入仍主要由 Fixed Income Plus 策略所驅動，該策略在我們合資平台上的 AUM 現已達 400 億美元。我們在中國合資公司打造了多元化的產品線，以滿足不同客戶的風險偏好；我們樂見目前建立的市場位置，以及其長期所帶來的機會。

To support this growth during the quarter, we launched 14 funds with total AUM of $2.5 billion mostly aligned with the growing demand for balanced and equity ETF strategies. Shifting to private markets, we've posted $400 million of net inflows driven by direct real estate. The asset class has gained momentum led by (inaudible), our real estate debt fund for the US wealth management channel, which continues to gain scale and our US core+ real estate equity fund, which is seeing strong institutional engagement.

為支持本季成長，我們推出 14 檔基金，合計 AUM 為 25 億美元，主要對應市場對平衡型與股票 ETF 策略日益增加的需求。轉向私募市場，我們錄得 4 億美元淨流入，主要由直接不動產所帶動。該資產類別的動能由（聽不清）領軍——這是我們面向美國財富管理通路的不動產債務基金，持續擴大規模；以及我們的美國 core+ 不動產股權基金，正獲得強勁的機構參與。

Assets in (inaudible) with leverage now total $5 billion after a little more than two years in the market. This is one of the fastest ramp-ups in the wealth channel for a commercial real estate credit product and is a reflection of how our innovation mindset is helping drive our results. Additionally, we continue to prioritize private market product development for the defined contribution channels around the world. During the quarter, we launched the Invesco Core+ Real Estate Trust, which is a collective investment trust designed to provide US defined contribution plans, access to private real estate real estate.

（聽不清）含槓桿的資產目前合計達 50 億美元，上市僅略多於兩年。這是財富通路中商用不動產信貸產品最快的規模爬坡之一，反映我們的創新思維如何推動成果。此外，我們持續優先投入全球確定提撥（defined contribution）通路的私募市場產品開發。本季我們推出 Invesco Core+ Real Estate Trust，這是一檔集體投資信託（CIT），旨在為美國確定提撥計畫提供投資私募不動產的不動產曝險。

Among the first of its kind, this CIT introduces institutional real estate capabilities that support the long-term needs of defined contribution investors. We launched this fund with a mandate from a large US corporate institutional investor as the anchor client, marking a significant win for our business. Our real estate net inflows were modestly offset by net outflows in alternative credit, which were exclusively driven by our bank loan products. BK, our industry-leading ETF experienced redemptions of $400 million in Q1, instigated by the technology-led selloff.

作為同類產品中的先行者之一，該 CIT 導入機構級不動產能力，以支持確定提撥投資人的長期需求。我們以一家大型美國企業機構投資人之委託作為錨定客戶（anchor client）推出此基金，為我們的業務帶來一項重要勝利。我們不動產的淨流入，部分被替代性信貸的淨流出所抵銷，而該淨流出完全由我們的銀行貸款產品所致。BK（我們業界領先的 ETF）在第一季出現 4 億美元贖回，起因於科技股主導的拋售。

However, the fund remains well scaled and positioned in the market. Regarding the market dynamics in private credit at large, the headlines are oftentimes drowning out the fundamentals and completing various products. Invesco's alternative credit platform built around broadly syndicated loans CLOs and disciplined direct lending had zero software exposure, showcasing the diversified nature of the platform that is designed precisely for environments like this one. From a product standpoint, it's important to note that we are not in the BDC space. We have dry powder, diversification and extensive experience.

然而，該基金仍具備足夠規模並在市場上維持良好定位。就整體私募信貸的市場動態而言，新聞標題往往淹沒基本面，並將各類產品混為一談。Invesco 的替代性信貸平台以廣泛聯貸（broadly syndicated loans）、CLO 以及紀律嚴謹的直接放款為核心，對軟體產業的曝險為零，展現平台的多元化特性，而這正是為此類環境所設計。從產品角度來看，重要的是我們並不在 BDC 領域。我們具備可動用資金（dry powder）、多元分散與豐富經驗。

For managers with their discipline, this volatility may ultimately prove to be an opportunity. The growth potential in private credit has not fundamentally changed, and manager selection remains key, given the wide dispersion in the sector. The current turbulence has not impacted our long-term views, and we believe we have a very favorable position. We're excited about the prospects in private markets with organic growth opportunities amplified through our innovative partnerships with Barings and LGC capital to further penetrate the wealth management and defined contribution markets.

對於具備紀律的管理人而言，這樣的波動最終可能成為機會。私募信貸的成長潛力在基本面上並未改變；鑑於該領域的分化幅度很大，管理人選擇仍是關鍵。當前動盪並未影響我們的長期觀點，我們相信自身處於非常有利的位置。我們對私募市場前景感到振奮，並將透過與 Barings 與 LGC Capital 的創新合作夥伴關係放大有機成長機會，進一步滲透財富管理與確定提撥市場。

Moving on to multi-asset capabilities. We also had a strong long-term net inflow during our -- driven by our institutional quantitative equity strategies, which generated $4.7 billion of net inflows during Q1. And finally, in fundamental equities, US value equities turned to net inflows during the quarter which was matched by continued positive net flows in global, international and regional equities from clients in Asia Pacific and EMEA. The ongoing momentum in these markets is headlined by our Global Equity Income Fund, which remains the top selling retail active fund in the Japanese market.

接著談多元資產能力。我們也錄得強勁的長期淨流入，主要由我們的機構量化股票策略所帶動，該策略在第一季帶來 47 億美元淨流入。最後，在基本面股票方面，美國價值型股票於本季轉為淨流入，同時來自亞太與 EMEA 客戶的全球、國際與區域股票亦持續呈現正向淨流入。這些市場的持續動能以我們的 Global Equity Income Fund 為代表，該基金仍是日本市場銷售第一的零售主動式基金。

This fund posted net inflows of $3 billion during the quarter, rapidly growing to $23 billion in AUM, while generating a very favorable net revenue yield for Invesco. Despite these positive fundamental equity flow highlights this quarter, we did remain in net outflows of $2.4 billion overall in the segment. This included the expected $1.2 billion in net outflows from our developing markets fund albeit a significant moderation from recent history.

該基金本季錄得 30 億美元淨流入，AUM 快速成長至 230 億美元，同時為 Invesco 帶來非常有利的淨收入收益率。儘管本季基本面股票資金流向有上述亮點，我們在該分部整體仍為 24 億美元淨流出。其中包含我們新興市場基金預期中的 12 億美元淨流出，但相較近期歷史已明顯趨緩。

However, it's important to highlight that our overall fundamental equity outflows this quarter were the small smallest we have seen in nearly nine years. And on a gross sales basis, we had our best fundamental equities flow quarter since the beginning of 2022.

不過，值得強調的是，我們本季整體基本面股票的淨流出，是近九年來最小的一次。且以總銷售（gross sales）口徑來看，我們創下自 2022 年初以來基本面股票資金流向表現最佳的一季。

So moving on to slide 5, which shows our overall investment performance relative to benchmarks and peers as well as our performance in key capabilities where information is readily comparable and more meaningful to drive results. Investment performance is key to winning and maintaining market share regardless of overall market demand, and achieving first quartile investment performance remains a top priority for Invesco.

接著看第 5 張投影片，該頁顯示我們相對於基準與同業的整體投資績效，以及在資訊較易比較、且對推動成果更具意義的關鍵能力上的表現。無論整體市場需求如何，投資績效都是贏得並維持市占率的關鍵，而達成第一四分位（top quartile）的投資績效仍是 Invesco 的首要目標。

Overall, 46% of our active funds are performing in the top quartile of peers on a three-year time horizon with nearly half reaching that bar on a five-year basis. Further, over 70% of our active AUM is beating its respective benchmark on a five-year basis.

整體而言，在三年期視角下，我們有 46% 的主動式基金位居同業前四分位，且近一半在五年期也達到該水準。此外，超過 70% 的主動式 AUM 在五年期表現優於其各自基準。

So with that, I'm going to take a pause and turn the call over to Allison to discuss the quarter's financial results, and I look forward to your questions.

那麼，我先在此暫停，將電話會議交給 Allison 說明本季財務結果，也期待各位的提問。

Thank you, Andrew, and good morning, everyone. I'll start with the first quarter financial results on slide 6. Assets under management held up well against market volatility in the first quarter. While volatility drove a $42 billion decline in AUM for the quarter, we were able to mostly offset this with continued strong net long-term asset inflows of $22 billion and $12 billion of net inflows into money market funds. AUM at the end of the quarter was $2.2 trillion nearly the same level at the end of the fourth quarter.

謝謝你，Andrew，各位早安。我將從第 6 張投影片的一季度財務結果開始。在第一季的市場波動下，我們的資產管理規模（AUM）仍維持得相當穩健。雖然波動使本季 AUM 減少 420 億美元，但我們以持續強勁的 220 億美元長期資產淨流入，以及貨幣市場基金 120 億美元淨流入，抵銷了大部分影響。季末 AUM 為 2.2 兆美元，與第四季末幾乎相同。

Average long-term AUM, which included a full quarter of the QQQ reached nearly $2 trillion, an increase of over $400 billion or 26% and over last quarter, largely due to the Q2. Average long-term AUM is up nearly 50% over the same quarter last year due to the QQQ as well as organic growth of 6% over the last four quarters and higher market levels. While we did see market weakness that negatively impacted our AUM levels later in the first quarter, we subsequently saw a strong rebound.

平均長期 AUM（包含 QQQ 的完整一季）接近 2 兆美元，增加逾 4,000 億美元或 26%，較上季成長，主要由 QQQ 所帶動。由於 QQQ、過去四季 6% 的有機成長以及較高的市場水準，平均長期 AUM 較去年同期成長近 50%。雖然我們在第一季後段確實看到市場走弱，對 AUM 水準造成負面影響，但隨後市場出現強勁反彈。

As markets have recovered so far in April, with both key domestic and global equity indices and bond entities holding at recent levels. This has led to our AUM growing into the $2.3 trillion range more recently, an increase of over 5% versus quarter end, with growth across nearly all of our capabilities, led by ETFs in the QQQ and, to a lesser degree, fundamental equity, the China JV and fundamental fixed income.

截至目前四月市場已回升，無論是主要國內與全球股票指數，或債券實體（entities）均維持在近期水準。這使得我們的 AUM 近期成長至約 2.3 兆美元區間，較季末增加逾 5%；成長幾乎來自我們所有能力，主要由 ETF（以 QQQ 為首）帶動，其次則是基本面股票、中國合資公司與基本面固定收益。

Net revenues, adjusted operating income and adjusted operating margin all showed significant improvement from the same quarter last year. While adjusted operating expenses continue to be well managed. This drove 500 basis points of positive operating leverage and a 300 basis point operating margin improvement year over year with operating margin improving to 34.5%. Adjusted diluted earnings per share was $0.57 for the first quarter versus $0.44 for the same quarter last year, a 30% improved mix.

淨營收、調整後營業利益與調整後營業利益率，相較去年同期均顯著改善；同時調整後營業費用仍維持良好控管。這帶來 500 個基點的正向營業槓桿，以及年增 300 個基點的營業利益率改善，使營業利益率提升至 34.5%。第一季調整後稀釋每股盈餘為 0.57 美元，去年同期為 0.44 美元，反映 30% 的組合改善。

Our focus on strengthening the balance sheet continued during the quarter as we redeemed a $500 million senior note that matured in January. Finally, we increased the amount of common share repurchases in the first quarter compared to prior quarters buying back $40 million or 1.6 million shares. Also in February, our Board authorized an additional [$1 billion] in common share repurchases.

本季我們持續專注於強化資產負債表，因為我們已償還一筆於 1 月到期的 5 億美元優先票據。最後，相較於前幾季，我們在第一季提高了普通股回購金額，回購了 4,000 萬美元或 160 萬股。此外在 2 月，我們董事會核准額外增加【10 億美元】的普通股回購額度。

Moving to slide 7. Our net revenue yield increased over the fourth quarter, largely due to the QQQ reclassification to fee earnings, partly offset by the impact of the divestitures that occurred in the fourth quarter. Client demand continues to drive diversification of our portfolio with strong growth in lower fee products such as ETFs and fundamental fixed income capabilities, while the demand for higher speed (inaudible), such as fundamental equities, particularly global equities, has been weaker.

接著看投影片 7。我們的淨營收收益率較第四季上升，主要因 QQQ 重新分類為費用收入所致，部分被第四季完成的資產剝離影響所抵銷。客戶需求持續推動我們投資組合多元化，低費率產品（如 ETF）及基本面固定收益能力成長強勁；而對較高速度（聽不清）的需求，例如基本面股票、特別是全球股票，則較為疲弱。

This has resulted in a more balanced AUM profile, which better positions the firm to navigate various market cycles, events and shifting client demand. We've seen the impact of the asset mix shift to moderate over the last year, resulting in a more modest decline in the net revenue yield and more recently approaching a degree of stabilization or an inflection point, which we experienced in the first quarter.

這使得資產管理規模（AUM）結構更為均衡，讓公司更能因應不同的市場循環、事件以及客戶需求的變化。我們看到資產配置結構轉移的影響在過去一年趨於緩和，使淨營收收益率的下滑更為溫和；而近期更接近某種程度的穩定或轉折點，我們在第一季已經感受到。

To provide context, the net revenue yield was 22.9 basis points for the first quarter and the exit yield at the end of the first quarter was 22.8 basis points. The future direction of asset mix shift will dictate the net revenue yield trajectory.

為提供背景說明，第一季淨營收收益率為 22.9 個基點，而第一季末的期末收益率為 22.8 個基點。未來資產配置結構轉移的方向將決定淨營收收益率的走勢。

Turning to slide 8. Net revenue of $1.3 billion in the first quarter was $155 million higher as compared to the same quarter last year. The increase in net revenue was largely from investment management fees mainly driven by higher average AUM and the reclassification of QQQ to fee earnings. Operating expenses increased $69 million versus the same quarter last year. mainly driven by higher employee compensation and marketing expenses. Employee compensation was $43 million higher than the same quarter last year, largely due to a factor that we noted on our prior call.

接著看投影片 8。第一季淨營收為 13 億美元，較去年同期增加 1.55 億美元。淨營收增加主要來自投資管理費，主要由較高的平均 AUM 以及 QQQ 重新分類為費用收入所帶動。營業費用較去年同期增加 6,900 萬美元，主要由較高的員工薪酬與行銷費用所驅動。員工薪酬較去年同期增加 4,300 萬美元，主要是因我們在上次電話會議中提到的一項因素。

We made incremental changes to our retirement eligibility criteria for long-term awards that will result in a timing change in how retirement-related expenses will be recognized going forward. and this resulted in a $33 million increase in compensation expense in the first quarter. Marketing expenses were $21 million higher due to the marketing associated with the QQQ now being recognized in marketing expenses upon reclassification.

我們對長期獎勵的退休資格標準做了增量調整，這將導致未來退休相關費用認列時點的改變；因此第一季薪酬費用增加 3,300 萬美元。行銷費用增加 2,100 萬美元，係因 QQQ 重新分類後，與其相關的行銷費用現在改列入行銷費用中認列。

The hybrid investment platform implementation costs were $12 million in the first quarter, in line with our expectations and prior quarters. The incremental operating expense associated with AUM that has been moved on to the hybrid platform was $4 million in the first quarter.

第一季混合式投資平台的導入成本為 1,200 萬美元，符合我們的預期並與前幾季一致。第一季因 AUM 移轉至混合式平台而產生的增量營業費用為 400 萬美元。

We continue to make progress in implementing the hybrid approach with expected completion by the end of 2026. Regarding the hybrid investment platform cost for 2026, we expect onetime implementation quarterly cost to continue in the $10 million to $15 million range per quarter going forward with the push to have implementation completed by year end.

我們持續推進混合式方法的落地，預計於 2026 年底完成。就 2026 年混合式投資平台成本而言，我們預期一次性導入的單季成本未來將維持在每季 1,000 萬至 1,500 萬美元區間，並在推動於年底前完成導入。

As we transition more AUM onto the platform throughout the year, the incremental expense related to AUM on the platform will build towards $10 million a quarter later this year. Expenses associated with the platform may fluctuate quarter to quarter due to timing. Looking ahead to the impact the hybrid investment platform will have on operating expenses in 2027 and beyond.

隨著我們在全年逐步將更多 AUM 轉移至該平台，與平台上 AUM 相關的增量費用將在今年稍晚逐步增加至每季 1,000 萬美元。平台相關費用可能因時點因素而在各季間波動。展望混合式投資平台在 2027 年及之後對營業費用的影響。

We expect the cost saves to be at least $60 million in calendar year 2027, including the implementation costs that will roll off after '26 when the project is complete with run rate savings that should build as 2027 unfolds. We'll provide further updates as implementation progresses. Regarding the overall operating expense outlook for 2026.

我們預期 2027 曆年成本節省至少 6,000 萬美元，其中包含在 2026 年後、專案完成時將不再發生的導入成本；而經常性（run-rate）節省將隨 2027 年推進而逐步擴大。我們將在導入進展過程中提供更多更新。至於 2026 年整體營業費用展望。

With the impact of the divestitures and the QQQ related marketing expenses now in our expense run rate, we expect operating expenses for 2026 to be in the $3.275 billion range, under flat markets from the higher April AUM level that we indicated is in the $2.3 trillion range. We still believe that our operating expense base is approximately 25% variable in relation to changes in net revenue.

在資產剝離的影響以及與 QQQ 相關的行銷費用已納入我們費用經常性水準（run rate）的情況下，若市場持平且以我們所指出 4 月較高的 AUM 水準（約 2.3 兆美元）為基礎，我們預期 2026 年營業費用約為 32.75 億美元。我們仍認為，我們的營業費用基礎約有 25% 會隨淨營收變動而變動。

The effective tax rate for the first quarter was close to 24%. For the second quarter, we estimate our non-GAAP effective tax rate will be in the 25% to 26% range, excluding any discrete items. The actual effective rate can vary due to the impact of nonrecurring items on pretax income and discrete tax items.

第一季有效稅率接近 24%。第二季我們估計非 GAAP 有效稅率將落在 25% 至 26% 區間（不含任何一次性/離散項目）。實際有效稅率可能因稅前所得中非經常性項目的影響以及離散稅務項目而有所變動。

(inaudible) on slide 9, we continue to make considerable progress on building balance sheet strength and improving our leverage profile. In January, we redeemed the $500 million senior notes that matured. We did in the quarter with $1.1 billion drawn on the revolving credit facility as expected, driven mainly by repurchasing $500 million of preferred stock back in December and the senior note redemption in January.

（聽不清）在投影片 9，我們在強化資產負債表實力與改善槓桿結構方面持續取得顯著進展。1 月我們償還了到期的 5 億美元優先票據。本季如預期在循環信用額度（revolving credit facility）下動用 11 億美元，主要是因 12 月回購 5 億美元優先股，以及 1 月償還優先票據所致。

The benefits gained in financing these transactions through the credit facility are a lower floating interest rate and flexibility to pay down the facility as cash flows beyond our capital priorities allow without prepayment penalties. We expect to reduce the amount drawn on the revolver as the year progresses.

透過信用額度為這些交易融資的好處在於：較低的浮動利率，以及在不影響我們資本優先事項的前提下，當現金流允許時可靈活償還該額度且無提前還款罰金。我們預期將隨著年度推進而降低循環額度的動用金額。

Leverage ratios in the first quarter ticked up very slightly due to the higher balance on the credit facility but we expect the ratios will improve the remainder of this year as we reduce the amount drawn on the facility and simultaneously grow EBITDA. We also continued common share repurchases in the first quarter, increasing the amount repurchased to $40 million or 1.6 million shares.

第一季槓桿比率因信用額度餘額較高而小幅上升，但我們預期在今年剩餘期間，隨著我們降低額度動用金額並同時提升 EBITDA，相關比率將改善。我們也在第一季持續回購普通股，將回購金額提高至 4,000 萬美元或 160 萬股。

We intend to continue a regular common share repurchase program going forward as we target a total payout ratio, including common dividends and share buybacks to be near 60% for 2026. And as I noted previously, our Board authorized in February an additional $1 billion in common share repurchases. We will continually evaluate our future capital return levels in line with our capital priorities.

我們打算未來持續進行常態性的普通股回購計畫，並以 2026 年總派付率為目標（包含普通股股利與股票回購）接近 60%。如我先前所述，我們董事會於 2 月核准額外 10 億美元的普通股回購。我們將依資本優先事項，持續評估未來資本回饋水準。

To conclude, the strength of our net flow performance and diversity of our business continued despite a volatile market environment, and we delivered strong revenue growth as a result. This, combined with well-managed expenses delivered significant operating leverage and a sizable improvement in our operating margin over the prior year.

總結而言，儘管市場環境波動，我們的淨流入表現強勁且業務多元化的優勢仍然延續，並因此帶來強勁的營收成長。再加上費用管理得宜，帶來顯著的營運槓桿，使我們的營業利益率較去年大幅改善。

We will also continue making progress in building a stronger balance sheet throughout 2026. We're committed to driving profitable growth, a high level of financial performance and enhancing the return of capital to our shareholders.

我們也將在 2026 年持續推進打造更強健的資產負債表。我們致力於推動獲利性成長、維持高水準的財務表現，並提升對股東的資本回饋。

And with that, operator, let's open up the line for Q&A.

接下來，接線員，請開放電話線進行問答。

(Operator Instructions) Brennan Hawken, BMO Capital Markets.

（接線員指示）BMO Capital Markets 的 Brennan Hawken。

Andrew, thanks for that color and the K study with the QQQM. I think it was really helpful in contextualizing now that you've managed the Qs in the new structure for a while, what's a reasonable expectation that we could have for securities funding that you might be able to generate from that product?

Andrew，謝謝你提供這些補充說明，以及關於 QQQM 的 K 研究。我認為這對於理解在你們以新架構管理 Qs 一段時間之後，我們對該產品可能帶來的證券融資（securities funding）能力可以有什麼合理預期，非常有幫助。

Securities lending is definitely something we have eligible for the Q2. I mean, given the size and the concentration of some of those positions, the opportunities are there, but they're not super large. And we'll continue to evaluate ways, but that's not -- we don't see that as a huge opportunity.

證券借貸確實是我們在第二季可進行的項目之一。我的意思是，考量到其中一些部位的規模與集中度，確實存在機會，但規模不會特別大。我們會持續評估各種方式，但我們不——不認為那會是一個很大的機會。

Okay. Fair enough. And then, Andrew, just hoping to maybe take a step back and ask a bigger quick picture question. 2025 was an eventful year for Invesco for sure. We have the first preferred paydowns, the Q restructuring notable callouts.

好的。合理。接著，Andrew，我想稍微退一步，問一個更宏觀的快問快答。對 Invesco 來說，2025 年確實是多事之秋。我們看到第一次優先股償還、Q 的重組等重要事項。

When you turn the page and look here at what you'd like to achieve in the coming years? What are some of the strategic priorities that investors should be thinking about?

當你翻到新的一頁，展望未來幾年你希望達成什麼？投資人應該關注哪些策略優先事項？

Yes. No, thank you. And we did we did get a lot done last year in 2025, and I think really set Invesco increasingly on a course for continued future growth, a much better improved balance sheet and ability to return capital to shareholders, we do still have a lot more to do and execute against. I think there's four principal areas that we're focused on to continue the organic growth that we've been seeing and hopefully accelerate it. I mean one is the enormous shift in personalization that's going on around the world, but in particular, in the wealth management channels and then even more in particular, in the United States.

是的。謝謝。我們在 2025 年確實完成了很多事情，我認為這讓 Invesco 更加走在持續未來成長、更大幅改善的資產負債表，以及提升對股東資本回饋能力的道路上；但我們仍有更多工作要做並需要落實執行。我想我們主要聚焦四個領域，以延續我們目前看到的內生成長並希望加速。我是說，其中之一是全球正在發生的個人化（personalization）巨大轉變，尤其是在財富管理通路，並且更特別是在美國。

And so we feel like our $1 trillion ETF platform really sets us up well as that personalization theme continues. The growth in our SMA platform has been exceptional, but we view that as another winner in the personalization and tax optimization team. And then lastly, we have a models business that we're going to lean into even more so. So all of those things around personalization. We think the demand for income isn't going away around the world.

因此我們認為，我們 1 兆美元的 ETF 平台能在個人化主題持續發展下提供良好布局。我們的 SMA 平台成長非常出色，但我們也將其視為個人化與稅務最佳化主題中的另一個贏家。最後，我們還有一個模型投資（models）業務，我們將更加投入。因此，這些都圍繞著個人化。我們認為，全球對收益（income）的需求不會消失。

And as I highlighted in our remarks, we continue to grow quarter after quarter exceptionally. We have an over $700 billion platform that spans geography and all duration. And as you see income needing to be generated in different formats, whether that's ETFs or whether that's SMAs, we'll be there to participate. The other area is the flow growth expectations that we have because of money in motion, demographic shifts and the like in Asia and in Europe, in particular. And we've been seeing outsized growth there and we continue to have a really favorable position with now something like one-third to 40% of our AUM out in those markets.

正如我在我們的發言中所強調的，我們持續一季接一季地呈現卓越成長。我們擁有一個超過7,000億美元的平台，涵蓋不同地理區域與各種期限。隨著市場需要以不同形式產生收益，無論是ETF或是SMA（分別管理帳戶），我們都會參與其中。另一個領域是我們對資金流入成長的預期，這主要來自資金流動、人口結構變化等因素，特別是在亞洲與歐洲。我們在那裡看到超常的成長，而且目前我們在那些市場的資產管理規模（AUM）約占三分之一到40%，因此我們仍處於非常有利的位置。

And then we've been talking about private markets into wealth management, but I think the less discussed industry-wide, it's been the opportunity in retirement and defined contribution, not just with some of the things happening in the United States, but what's happening around the world for wealth and DC for private markets. And then, of course, technology and what it's going to do to innovate and move at a different pace. All of those things are opportunities we've been leaning into, and we're going to lean into even more in 2026.

另外，我們一直在談把私募市場帶入財富管理，但我認為在全產業層面較少被討論的是退休與確定提撥（DC）的機會，不僅是美國正在發生的一些事情，還包括全球在財富管理與DC領域對私募市場的發展。當然，還有科技以及它將如何帶來創新並以不同的速度推進。這些都是我們一直積極投入的機會，而在2026年我們會投入得更多。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

I appreciate all the comments around expenses for this year and some of the savings into next year. I was hoping to get a little bit further in terms of detail as we think about this year and as it progresses maybe the sequential changes or other things to think about to get to that [3275] as we exit 2026?

我很感謝你們對今年費用以及部分節省延續到明年的所有評論。我希望能再更深入一些，從今年的進展來看，是否能談談逐季變化或其他需要考量的因素，以便在2026年結束時達到[3275]？

Sure. I mean, let me see if I can give you a little bit of color. I think that [3275] again, I'll just make sure that's clear, that's kind of based on that AUM level of around excuse me, $2.3 trillion towards the end of April, and that's kind of all things being equal, and we don't consider market in any of that. So you think about that, I would say to start -- from a compensation standpoint, I'd say -- as we think about our target has historically been in that 38% to 42% range. I think this year, we're expecting to be kind of in the midpoint of that range.

當然。我想我可以提供一些補充說明。我認為[3275]——我再確認一次以免混淆——是以4月底左右約2.3兆美元的AUM水準為基礎，在其他條件相同的情況下推估，而且其中不包含市場因素。從薪酬角度來看，我們歷史上的目標通常在營收的38%到42%區間。我們預期今年大概會落在該區間的中點附近。

So maybe that gives you some idea around comp as a percent of revenue and what that could look like. Keep in mind the seasonality that we have in the first quarter. So we noted some of that seasonality already in terms of the change in our retirement provisions and what that did in terms of the acceleration of long-term awards that was about $33 million in the quarter. We always have about a $15 million seasonality in payroll taxes in the first quarter. We think about comp to rev on a full year basis, not quarter to quarter.

所以這或許能讓你對「薪酬占營收比重」以及可能的樣貌有一些概念。請記得我們第一季有季節性因素。我們已提到部分季節性，例如退休金提撥的變化，以及這對長期獎酬加速認列的影響，本季約為3,300萬美元。我們第一季的薪資稅也一向有約1,500萬美元的季節性。我們看的是全年口徑的薪酬對營收比，而不是逐季比較。

So hopefully, that gives you a little bit of color. I gave you some of the context around the hybrid investment platform, and we think implementation will continue in that -- excuse me, $10 million to $15 million range per quarter, maybe kind of trending towards the higher side as we get closer and closer to full implementation by the end of the year. The incremental cost of running the platform. We noted that's $4 million in this quarter. We think that will be kind of fully phased in to the tune of about $10 million incremental by the end of this year.

希望這能提供一些補充。我也提供了混合投資平台的背景資訊；我們認為導入成本將持續落在每季1,000萬到1,500萬美元的區間，隨著年底前愈來愈接近全面導入，可能會偏向區間上緣。至於平台營運的增量成本，我們提到本季是400萬美元；我們認為到今年年底，增量成本將會完整反映，約為1,000萬美元的增量。

And then, of course, marketing, you've got the QQQ fully in this quarter. So there's not a lot of change there. So this -- I know there was a lot of noise coming out of the fourth quarter, but the first quarter is relatively clean with the exception of the seasonality. The only other thing I'd point to is just a reminder that we are entering into our partnership in the Canadian business. We expect that to close with CI at the end of the second quarter.

然後當然還有行銷費用，本季已完整納入QQQ，所以那部分變動不大。因此——我知道第四季有很多雜訊——但第一季相對乾淨，除了季節性因素之外。另一件我想提醒的是，我們正要進入加拿大業務的合作夥伴關係。我們預期將在第二季末與CI完成交割。

And that is a transition of about $19 billion in AUM, and that has a modestly negative operating income impact for the last -- the third and the fourth quarter of this year is that will be a loss of operating income to the tune of kind of $5 million to $10 million, which we expect to improve over time as we continue to really execute the sub-advisory relationship with CI and grow that relationship overall. And the guidance I gave is inclusive of Canada, inclusive of everything I just mentioned. So hopefully, that gives you a little bit of color and context underneath the full expense guide.

這將涉及約190億美元AUM的移轉，而在今年第三與第四季，對營業利益會有小幅負面影響，也就是營業利益將減少約500萬到1,000萬美元；我們預期隨著我們持續落實與CI的次投顧（sub-advisory）關係並整體擴大合作，這個影響會隨時間改善。我所提供的指引已包含加拿大，也包含我剛提到的所有事項。希望這能讓你對整體費用指引背後的細節與脈絡有更多理解。

Yes. That's helpful. And then just in general, for the industry, you're seeing shelf space on platforms like Schwab or other third parties getting more expensive for ETFs and other products. So can you talk about the economic impact you see as you think about this year and next in terms of operating on some of these third-party distribution platforms.

是的，這很有幫助。再更一般性地問一下，就整個產業而言，你們看到像Schwab或其他第三方平台上的「上架位置」（shelf space）對ETF與其他產品變得更昂貴。你們能否談談，對於今年與明年在這些第三方通路平台上運作時，你們所看到的經濟影響？

Yes. Maybe I'll start, and Allison can add to it. I don't want to -- we don't want to comment specifically on any discussions with any particular wealth platform. But what I can say is that platform fees as a whole, we always look at them as the value of the distribution and the growth that they provide. And I'll say industry-wide, it's logical that as continued vehicle shift happens from mutual funds to ETF we're going to see overall mutual fund platform fees declined.

可以。我先說，Allison也可以補充。我不想——我們也不會——針對任何特定財富平台的任何討論做具體評論。但我可以說的是，對於平台費用整體而言，我們一向把它視為分銷價值與其所帶來成長的對價。我也會說，就全產業來看，隨著投資工具持續從共同基金轉向ETF，整體共同基金的平台費用下滑是合乎邏輯的。

And an element of this shift in some ways is going to go to other product types. But all of that said, any new platform fees -- (technical difficulty)

而這種轉移在某種程度上會流向其他產品類型。但即便如此，任何新的平台費用——（技術問題）

Please continue to standby.

請繼續稍候。

Dan, did you catch that on the rest of Andrew's answer? Or do we need to go over that one again?

Dan，你有聽到Andrew回答後半段嗎？還是我們需要再重講一次？

It cut out about midway through, I think.

我想大概在中途就斷線了。

All right. Well, Dan, let me start at the beginning a little bit and just make sure everybody caught it I definitely don't want to comment specifically on any one particular wealth platform. But absolutely, what I can tell you is that we look at the value of distribution and the growth provided. And what I was saying was industry-wide. There's really been a vehicle shift going on that we're all familiar with from mutual funds to ETFs.

好。Dan，那我從頭再講一點，確保大家都聽到。我確實不想針對任何單一特定財富平台做具體評論。但我可以很明確地告訴你，我們會看分銷的價值以及其帶來的成長。我剛剛說的是，就全產業而言，大家都很熟悉，確實一直存在從共同基金轉向ETF的工具轉移。

And so essentially, it's logical that you're going to see overall mutual fund platform fees decline and an element of that is going to shift to some other product types. What I was also saying is that new platform fees that we would consider are really going to be focused on new assets, not assets that are on the platforms today and that we're also going to have to account for the composition of the ETF and the relevance of the legacy services that are very much associated with mutual fund sharing that don't exist in ETFs.

因此，整體共同基金的平台費用下滑是合乎邏輯的，而其中一部分會轉移到其他產品類型。我也提到，我們會考慮的新平台費用，重點會放在新增資產，而不是目前已在平台上的資產；同時我們也必須考量ETF的組成，以及那些與共同基金分潤（sharing）高度相關、但在ETF中並不存在的既有服務，其相關性如何。

And then, of course, the overall cost of ETFs in general. There's a lot to look at when this is discussed. But all of this said, to your specific question, we don't see this having a material impact at all, and we'll continue to evaluate any changes case by case at the firm levels, at the product positioning levels for outcomes we expect with clients and also long-term economics. Sorry about the technical difficulty.

另外，當然還有ETF整體成本的議題。這個話題牽涉很多面向需要評估。但總結來說，針對你具體的問題，我們不認為這會造成任何重大影響；我們會持續以個案方式評估任何變動，從公司層級、產品定位層級、我們預期為客戶帶來的結果，以及長期經濟性等角度來看。抱歉剛剛有技術問題。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

I'm curious if we could drill down a little bit more on your non-US platform. You saw a good growth, you talked about the growth in both Asia and EMEA. But maybe we could drill down on assessing the durability of it by getting you to talk about what changes additions you've made on the product lineup and distribution investments that you're piecing together as we think about growth going forward?

我想知道我們是否可以更深入談談你們的非美國平台。你們看到不錯的成長，也談到亞洲與EMEA（歐洲、中東與非洲）的成長。但或許我們可以更進一步，透過請你談談你們在產品線上的變更與新增，以及你們正在整合的分銷投資，來評估這種成長的持久性，並思考未來的成長動能？

Yes. No, thanks for the question. As I mentioned, the non-US profile has just continued to go from strength to strength over several quarters always been a legacy strength of Invesco, but the acceleration has been meaningful over the last few years. I think part of the testament to our strength is that we've been in those markets for decades, we never left the markets when there's been challenges, and that long-standing nature, I think, is really, really critical.

好的，謝謝你的問題。如我提到的，非美國業務的表現已在連續幾個季度持續走強。這一直是景順（Invesco）的傳統優勢，但過去幾年的加速成長相當顯著。我認為我們實力的一個證明是：我們在那些市場已深耕數十年，即使遇到挑戰也從未退出市場；這種長期耕耘的特性，我認為非常、非常關鍵。

We're also pretty focused on the markets in both Asia and EMEA that we choose to compete in. In Asia, China Japan and Southeast Asia, parts of Greater China are all huge priorities for us, and we've made them those priorities. And in a market like India, we chose to enter into a JV through the partial sale that we made last year. The product development is pretty critical. We continue to innovate.

我們也非常聚焦於我們選擇在亞洲與EMEA哪些市場參與競爭。在亞洲，中國、日本與東南亞，以及大中華區的部分市場，都是我們的重大優先事項，而且我們已將其列為優先。在像印度這樣的市場，我們選擇透過去年進行的部分出售來進入一家合資企業（JV）。產品開發也相當關鍵，我們持續創新。

I mentioned some of those innovations in China, but the strength we're seeing in global equity is innovation we put in place in Japan five, six, seven years ago is starting to pay off the last few years. The distribution is really strong and diverse. It cuts across institutions and private banks. And then in EMEA, same kind of thing.

我提到過其中一些在中國的創新，但我們在全球股票所看到的強勁表現，來自於我們五、六、七年前在日本推動並落地的創新，這幾年開始見到成效。通路分銷非常強勁且多元，涵蓋機構與私人銀行。而在歐洲、中東與非洲（EMEA）也是同樣的情況。

The slower overall growth in the industry and in the economies and parts of Europe and the UK, we're not seeing it necessarily flow through into our business meaning we're taking advantage of some real secular changes that are happening with regulatory reforms in the United Kingdom, more emphasis on retirement in those markets.

產業整體成長放緩，以及歐洲部分地區與英國的經濟成長較慢，我們不一定看到這些直接反映到我們的業務上；也就是說，我們正在把握英國監管改革所帶來的一些真正長期結構性變化，以及那些市場對退休議題更高的重視。

And so we're winning really meaningful mandates in parts of fixed income that are very solution-oriented continue to see growth in that ETF platform, where we planted seeds over a decade ago plus. And also in those markets, the distribution is really strong and really diverse. So they continue to be places where the long-term applications we put in place, coupled with the investments we continue to make there.

因此，我們在固定收益中一些非常以解決方案為導向的領域，拿下了相當有意義的委任；同時也持續看到我們的 ETF 平台成長——那是我們在十多年前甚至更早就播下種子的成果。而且在這些市場，通路分銷也非常強勁且多元。因此，這些市場仍然是我們長期布局落地、並持續投入資源的重點所在。

We believe these markets have outsized growth in terms of asset flow and money and motion for demographic reasons and the regulatory and some societal topics that I mentioned before. We're really uniquely positioned. And so we're going to continue to focus there.

我們相信，基於人口結構因素、監管因素以及我先前提到的一些社會議題，這些市場在資產流入、資金與資金流動（money in motion）方面將呈現超額成長。我們的定位非常獨特，因此我們會持續聚焦在這些市場。

Maybe one quickie that kind of goes hand-in-hand with that is I think I saw an article this week on a potential QQQ on the international side. I just got me thinking it was like bottled water, you're like, well, how didn't I think of that before? Just curious on where that is in development and how you're thinking about the rollout and marketing plan.

也許有個和這點相輔相成的小問題：我想我這週看到一篇文章，提到國際市場可能會有一個類似 QQQ 的產品。這讓我想到就像瓶裝水一樣，你會想：我怎麼以前沒想到？想請教目前這個產品的開發進度，以及你們如何思考推出節奏與行銷計畫。

Yes. So we extended the Q lineup last year in Hong Kong, and this year, it's going to be in Japan. And that's just one of the innovations that we're putting forward. I mean, Qs is a very important and asset class and product for us. But also, we're putting other extensions around the ETF business out in Asia, both last year and this year.

是的。我們去年在香港擴展了 Q 系列產品，而今年會在日本推出。這只是我們正在推進的創新之一。我的意思是，Qs 對我們而言是非常重要的資產類別與產品。不過同時，我們也在亞洲的 ETF 業務上做了其他延伸，去年與今年都有。

So the Qs will be a big flagship in those two markets, but it will be the start of even more to come with ETFs in Asia for us.

因此，Qs 會是這兩個市場的重要旗艦產品，但也會是我們在亞洲推出更多 ETF 的起點。

I'll just underscore the marketing behind that, starting over a year ago has been significant. So getting back to some of the earlier comments, the brand awareness around the QQQ extends far beyond the United States. It's deep across Europe, but now across Hong Kong and soon to be Japan. And so we put quite a bit of firepower behind that. We feel very good about our competitive positioning there.

我也想強調一下背後的行銷投入：從一年多前開始就相當可觀。回到先前的一些評論，QQQ 的品牌認知遠遠不只在美國；在歐洲也很深，而現在在香港也已建立，接下來很快會延伸到日本。因此我們在這方面投入了相當多的火力。我們對於在當地的競爭定位感到非常有信心。

Yes. I mean we often talk about the QQQ in and of itself, but the broader ecosystem around the QQQ is something like $550 billion of AUM around the world. So that's what we call our innovation suite, and we'll continue to look for extensions globally.

是的。我們常常談到 QQQ 本身，但圍繞 QQQ 的更廣泛生態系，在全球的資產管理規模（AUM）大約是 5,500 億美元。這就是我們所稱的創新產品組合（innovation suite），我們會持續在全球尋找延伸機會。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Just another one around the competitive dynamics in the Qs and also, Andrew, thank you for the color and the background there. I guess the question is less about the back book and more about the forward growth algorithm if competition begins -- starts to become more intense. So when it comes to fees, anything you guys would be willing to share and how you would potentially respond if competitors come in at a lower price point? Or you think the product has enough competitive moat around it to sustain the current fee structure?

再問一個關於 Qs 的競爭動態的問題；另外，Andrew，也謝謝你提供這些細節與背景。我想問的與其說是存量（back book），不如說是如果競爭開始——變得更激烈時，未來的成長算法（forward growth algorithm）會是什麼。就費用而言，你們是否願意分享一些看法？如果競爭對手以更低的價格切入，你們可能會如何回應？或者你們認為這個產品有足夠的競爭護城河，可以維持目前的費率結構？

Yes. Just to be super clear, the 8 basis point index licensing fee that we pay for the funds are the same index licensing fee that others will pay. We have a contract around that. So the fee differentials that could get put on these funds, we'll look at when those funds get launched. But I really want to emphasize what I was saying in the prepared remarks, that the way that ETF owners look at this as sort of a total cost of ownership.

是的。先非常清楚地說，我們為這些基金支付的 8 個基點的指數授權費，與其他人將支付的指數授權費是相同的；我們對此有合約。因此，未來這些基金可能出現的費用差異，我們會在那些基金推出後再評估。但我真的想強調我在事先準備的發言中提到的：ETF 持有人看的是某種「總持有成本」（total cost of ownership）。

And that includes the tightness of the spreads. It includes the liquidity and I think what we've learned over time, marginal fee rate differences at the headline level, oftentimes don't relate to changes of people's conviction around where to invest. And then I wouldn't underestimate that at all the 25-year history and the brand recognition that's had hundreds of millions of dollars invested in it in the last couple of decades, really, we're synonymous with it. So of course, we'll pay attention. And of course, we'll make sure we remain competitive.

而這包括買賣價差的緊密程度，也包括流動性。我們長期觀察到，表面上的些微費率差異，往往不會對人們投資決策的信念造成改變。另外，我也不會低估 25 年的歷史與品牌辨識度——過去二十多年有數億美元投入其中，基本上我們已經與它畫上等號。所以我們當然會關注，也會確保我們維持競爭力。

But I think some of those extra facts really give us the confidence.

但我認為這些額外的事實確實讓我們更有信心。

Yes. Totally, that makes sense. I wanted to ask a question about China. Really good growth there. Now for a couple of quarters.

是的。完全合理。我想問一個關於中國的問題。那邊已經連續幾個季度成長得很好。

Those markets seem to be coming back more and more as you sort of look at your pipeline of additional new products that are out there, what does that look like today? And is there enough there to move the needle on the blended fee rate when it comes to that bucket as well for you guys?

隨著這些市場看起來愈來愈回溫，當你們檢視未來更多新產品的管線時，目前看起來如何？另外，在那個業務桶（bucket）上，是否有足夠的動能去影響你們的綜合費率（blended fee rate）？

Yes. No, thank you. And as we've been saying over the last couple of years, because of the growth and the maturity of the platform and because of our leadership, we have a very full product line. But that doesn't mean that we're not continuing to innovate. And much of the flow from the last several quarters has come from our existing products, which really wasn't the feature several years ago.

是的。謝謝。正如我們過去幾年一直在說的，因為平台的成長與成熟，以及因為我們的領導地位，我們的產品線非常完整。但這不代表我們不會持續創新。而且過去幾個季度的資金流入，很大一部分來自我們既有產品——這在幾年前其實不是主要特徵。

This quarter, just as an example of we're continuing to innovate we launched 14 new products this quarter, mostly were in ETFs and balanced funds. And those products generated $2.5 billion in flows in the quarter but still 75% of the flows came from our existing product line. Fixed Income Plus has been the key driver. Remember, that's kind of like a balanced fund in American terms. And that kind of is a precursor, we think, for people getting -- continuing to get more interested in the equity markets.

以本季度為例，作為我們持續創新的證明，我們本季度推出了 14 個新產品，主要是 ETF 與平衡型基金。這些產品在本季度帶來了 25 億美元的資金流入，但仍有 75% 的資金流入來自我們既有產品線。Fixed Income Plus 一直是主要驅動力。請記得，按美國的說法，它有點像平衡型基金。我們認為這也算是一個前導產品，讓投資人——持續對股票市場產生更大興趣。

And so as they -- and graduate into the equity markets, gain more confidence, these are retail Chinese investors into their domestic market. We have a product line that's really well set to take advantage of that. But we'll continue to innovate.

因此，當他們——逐步進階到股票市場、信心提升時，這些是投資於本國市場的中國零售投資人。我們的產品線已經非常到位，能夠把握這個趨勢。但我們也會持續創新。

And Alex, I would just say, I mean, relative to the fee rates in China and just kind of the range that we see there. As that market continues to evolve and as it continues to be very fixed income and fixed income plus heavy, as Andrew noted, the fee rates of products we launched tend to be probably slightly lower than the range that we disclosed in the presentation as to where the fee rates are running right now. But what I would point you to is the fact that the margins continue to improve there.

Alex，我再補充一下：就中國的費率水準以及我們看到的區間而言，隨著市場持續演進，而且如 Andrew 所說，仍以固定收益與 Fixed Income Plus 為主，我們新推出產品的費率，可能會略低於我們在簡報中揭露的目前費率水準區間。不過我想請你注意的是，那邊的利潤率（margin）仍在持續改善。

So as we continue to evolve that market and it matures and the fee rate caps that went in several years ago that you'll recall it kind of totally washed through. The market becomes more and more mature and the fee rates start to look a lot more like fee rates look around the world as there continues to be real strength and demand for ETFs as an example, as opposed to mutual funds, you see the expected fee rate being a little bit lower than it would for a mutual fund.

因此，隨著我們持續推動該市場演進並走向成熟，以及你也記得幾年前實施的費率上限（fee rate caps）已經基本完全反映在市場中，市場愈來愈成熟，費率也開始更接近全球其他市場的費率水準。舉例來說，隨著 ETF 的需求展現真正的強勁（相較於共同基金），你會看到 ETF 的預期費率通常會比共同基金略低。

So we see fee rates just slightly lower, and it wouldn't surprise me if that continues to compress a bit over time. But I think our margins, which have been in the high 50s to low 60s, that's the real -- a proof point to look to is to the strength of the overall platform. We have a very scaled business. We've got a very hard to replicate business, as we've said. And we have the opportunity now to continue to innovate with products across the fee spectrum.

所以我們看到費率略低，而且如果隨時間再進一步壓縮一些，我也不會意外。但我認為真正的佐證在於我們的利潤率——一直在接近 50% 後段到 60% 初段（high 50s to low 60s）。這反映了整體平台的強度。我們的業務規模很大；如我們所說，這是一個非常難以複製的業務。而且我們現在有機會持續在不同費率光譜上推出創新產品。

And as demand continues to evolve and perhaps as they start to ever move more into equities, which right now, it's just not a market where the uptake of equities is very high, perhaps you see fee rates move. It's going to be very much a mix shift kind of story over time, but with really strong margins.

而隨著需求持續演變，或許當他們開始更多轉向股票——因為目前這並不是一個股票採用率很高的市場——你可能會看到費率有所變化。長期來看，這會非常像是一個「組合移轉」（mix shift）的故事，但會伴隨非常強勁的利潤率。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

Maybe just back on the QQQ another angle on this. Can you talk about the institutional usage versus the retail usage. It's very different dynamics, obviously, and you mentioned, Andrew, the really powerful liquidity that you've got in the QQQ product. And I guess what's the thought around potentially in the future having different price points for institutional versus retail flavors of the QQQ. And on the marketing budget, I think, Allison, the latest guidance was $80 million, something in the midpoint of that $60 million to $100 million range for the marketing budget.

再回到 QQQ，從另一個角度問一下：你能談談機構使用與零售使用的差異嗎？顯然這是非常不同的動態；而你也提到，Andrew，你們在 QQQ 產品上擁有非常強大的流動性。我想問的是，未來是否可能針對機構版與零售版的 QQQ 設定不同的價格點？另外關於行銷預算，我想 Allison，最新指引是在 6,000 萬到 1 億美元區間，中位數大約 8,000 萬美元的行銷預算。

Is that still the same? And it sounds like you're mixing that a little bit more towards international growth in terms of the marketing spend. If you can comment on that.

那仍然是一樣的嗎？而且聽起來你們在行銷支出方面，正把比重稍微更多地轉向國際成長。如果可以的話，請就此評論一下。

And let me start, and Allison can pick up. With the first part of your question, it's well owned institutionally, and it will continue to be a focus for us. I mean every single one of our hundreds of Salesforce members carry the QQQ in their bag, so to speak, and they're going to continue to do so. We think demand in the institutional market is growing both not only here in the US but around the world, and there's access to it.

我先回答，然後 Allison 可以補充。就你問題的第一部分而言，機構持有比例很高，而且這將持續是我們的重點。我的意思是，我們數百位銷售團隊成員每一位都會把 QQQ「放在包裡」，可以這麼說，而且他們會繼續這麼做。我們認為機構市場的需求正在成長，不僅在美國本土，也在全球各地，而且也有取得管道。

with people owning it in the US. We also have a UCITS version of it where they can own it on that platform. And then some of the things I talked about earlier where we're listing it into those couple of Asian markets. So there's plenty of places for institutions to own it. A lot of times, these are not institutional buy-and-hold investors.

在美國，人們可以持有它。我們也有它的 UCITS 版本，讓他們可以在該平台上持有。然後還有我先前提到的一些事情，例如我們正在把它掛牌到那幾個亞洲市場。因此，機構有很多地方可以持有它。很多時候，這些並不是機構的買入並持有型投資人。

These are institutional traders that are using it to take a position. But increasingly, as (inaudible) comes will be there to participate. In terms of your question on price points, not possible in the ETF space per se, but separate accounts that invest in the QQQ index are things that we have today that could be at different price points for individual institutions. And that's something we capture and we can continue to capture over time.

這些是使用它來建立部位的機構交易者。但隨著（聽不清）到來，他們也會參與。至於你關於價格點的問題，在 ETF 領域本身並不可行，但投資於 QQQ 指數的獨立帳戶（separate accounts）是我們目前就有的產品，對不同機構客戶可以有不同的價格點。這是我們能夠掌握的，而且我們也可以隨時間持續掌握。

As it relates to the budget, I mean, yes, I'd say, look, the same guidance that was out there and the proxy that was filed last summer that it's fully discretionary. We expect marketing to be in the range of $60 million to $100 million, it's fully in our run rate today. So you've got the full marketing run rate not inclusive of the QQQ and the marketing line item for the first quarter. And we expect that to be pretty consistent throughout the year. There may be a little bit of timing differential quarter to quarter, but for the most part, that's pretty much the range that we expect for both the QQQ and our entire marketing budget.

至於預算方面，我的意思是，是的，我會說，請看，去年夏天提交的委託書（proxy）以及當時對外的相同指引：這是完全可裁量的。我們預期行銷費用會在 6,000 萬到 1 億美元之間，這已完全反映在我們目前的常態化費用水準（run rate）中。因此，你看到的是完整的行銷常態化費用水準，不包含 QQQ，以及第一季的行銷科目。我們預期全年會相當一致。各季之間可能會有一些時點差異，但大致上，這就是我們對 QQQ 以及整體行銷預算所預期的區間。

I would say in terms of the mix between the United States and the rest of the world, (inaudible) in the run rate now for a while even when marketing was classified somewhere else, we have been spending quite a bit of marketing money outside of the United States and marketing the QQQ. And we expect to continue to do so as we see demand. We've got the flexibility to choose to market how we want, where we want and what we think is best for the product now, and we feel very good about the opportunities we have from here.

我會說，就美國與世界其他地區之間的組合而言，（聽不清）在常態化費用水準中已經維持一段時間了，即使當時行銷被歸類在其他科目下，我們也一直在美國以外投入相當多的行銷費用來推廣 QQQ。隨著我們看到需求，我們也預期會持續這麼做。我們有彈性可以選擇如何行銷、在哪裡行銷，以及我們認為目前對產品最好的方式；而且我們對接下來的機會感到非常樂觀。

That makes sense. And then just one modeling question on the ratio of servicing and distribution fees to average AUM and also third-party distro distribution expense relative to average AUM. It looks like it went down on the servicing additional revenue side went down to about a little less than 6 basis points from 7% in 4Q, and then the expense went up to around 12 basis points from 11 in 4Q.

這很合理。接著有一個建模問題：服務與通路費用相對於平均 AUM 的比率，以及第三方通路（distro）分銷費用相對於平均 AUM 的比率。看起來服務的額外收入那一側降到大約不到 6 個基點，從第四季的 7% 降下來；而費用則從第四季的 11 個基點上升到大約 12 個基點。

And I suspect this is the dynamics around the QQQ adjustments. But I don't know if there was anything onetime-ish in those numbers or seasonal in the 1Q numbers? And do you think those ratios that relationship is a good run rate to be modeling for the rest of the year?

我猜這是圍繞 QQQ 調整的動態。但我不確定這些數字裡是否有任何一次性因素，或是第一季數字的季節性因素？另外，你認為這些比率／關係是否是今年剩餘時間建模時可採用的合理常態水準？

The relationship I'd point you to is third-party plus distribution fees divided by management fees. That's your best relationship to look to, given the pass-through nature of some of those third-party and distribution fees. And that one, consistent with the guidance we gave last quarter, we expect to be in the 22% to 23% range with the full impact of the QQQ going forward. So this quarter, it was 22.7% and we expect that relationship of 22% to 23% to hold with the full impact of the QQQ.

我會建議你看的關係是：（第三方費用加上分銷費用）除以管理費。考量到其中部分第三方與分銷費用具有轉嫁（pass-through）的性質，這是你最應該看的關係。依照我們上季給的指引，在 QQQ 的完整影響納入後，我們預期會落在 22% 到 23% 的區間。本季是 22.7%，我們預期在 QQQ 完整影響下，22% 到 23% 的關係會維持。

The one thing I'd point to, just as you see some of the quarter-over-quarter noise and the service and distribution fees is, yes, we had the reclassification and change with QQQ marketing coming out of service and distribution fees and going into marketing also came out of third-party contra revenue.

另外我想指出一點：當你看到服務與通路費用在季對季之間有些雜訊時，是的，我們做了重分類；QQQ 行銷費用從服務與通路費用移出、改列到行銷，同時也從第三方的抵減收入（contra revenue）中移出。

The other thing to just note in service and distribution fees in the first quarter is you had a little over $11 million reduction that was related to the sale of Intelliflo. So this being the first full quarter without Intelliflo you saw that have a negative impact on service and distribution fees, but also importantly, an even higher magnitude, better impact on expenses. As that was the operating income headwind is now a bit of a tailwind that is fully in the run rate from here. But hopefully, that helps with the relationship on the third party and distribution fees.

第一季在服務與通路費用方面，還有一點需要注意：與出售 Intelliflo 相關，你有超過 1,100 萬美元的減少。由於這是沒有 Intelliflo 的第一個完整季度，你看到它對服務與通路費用帶來負面影響；但同樣重要的是，它對費用端帶來更大幅度、更好的影響。因為原本作為營業利益逆風的因素，現在成為順風，而且從現在起已完全反映在常態化費用水準中。但希望這能幫助你理解第三方與分銷費用之間的關係。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

I got disconnected, I think, from the call, so I apologize if some of this was already asked. So just coming back to expenses, Andrew, here a lot of good things around incremental margin outlook, non-US scaling nicely. Seems like all the kerfuffle on the QQQ is not really that bad at the end of the day, the expense guidance you gave today is very good in terms of incremental margin. Can you give us an update on how you're thinking about maybe the intermediate to longer-term opportunity for margins at this point in time?

我想我在電話會議中斷線了，所以如果其中一些問題已經被問過，我先致歉。回到費用的問題，Andrew，這裡有很多關於增量利潤率展望的好消息，非美國業務擴張得很不錯。看起來 QQQ 的一堆風波到頭來其實也沒那麼糟；你們今天給的費用指引，就增量利潤率而言非常好。你能否更新一下，你們此刻對中期到長期的利潤率機會是怎麼思考的？

I'll take that. I mean, I would say, look, you continue to see the operating leverage that we're generating quarter after quarter, and we feel very good about the momentum behind that. Just given the work we did last year and the simplification of our portfolio really focusing our efforts on our higher growth, higher profitability aspects of our portfolio, the conversion of the Q. We've got a lot of momentum behind that. So we feel like we've got the opportunity to continue to generate positive operating leverage.

我來回答。我會說，你們持續看到我們一季又一季所產生的營運槓桿（operating leverage），而我們對這背後的動能感到非常好。考量到我們去年所做的工作，以及我們投資組合的簡化——真正把資源聚焦在投資組合中成長更高、獲利能力更高的部分——以及 Q 的轉換。我們在這方面有很強的動能。因此我們覺得，我們有機會持續產生正向的營運槓桿。

There'll be some seasonality quarter to quarter. You saw a little bit of seasonality as you always do in the first quarter. But absent seasonality, we think there's pretty significant momentum. We said all along, we needed to get the margin back to the mid-30s on a path to high 30s. And we feel like we're starting to see mid-30s here and now we've got our sights focused on how do we get back to the high 30s.

各季之間會有一些季節性。你在第一季看到了一點季節性，就像你一向會看到的那樣。但撇除季節性，我們認為動能相當顯著。我們一直說，我們需要把利潤率拉回到 30% 中段，並朝向 30% 高段邁進。我們覺得現在開始看到 30% 中段了，而接下來我們的目標是：如何回到 30% 高段。

And we feel good about the momentum behind that. we're going to continue managing expenses in a really disciplined way. I think I'm glad you found the expense guide helpful today. We know there's been a lot of noise with the divestitures. We think we've got a fairly clean outlook from here.

而且我們對這背後的動能感到樂觀。我們會持續以非常嚴謹的方式管理費用。我很高興你覺得我們今天的費用指引有幫助。我們知道因為資產剝離（divestitures）帶來很多雜訊。我們認為從這裡開始，我們的展望相當乾淨。

I think it's really important to note that underneath that, we're investing in the firm. So it's not just through the hybrid investment platform, and we're looking at constant opportunities of where we can invest where we can drive productivity, how we drive efficiency really with an eye towards scale and positive operating leverage. So it's a collective effort across our management team, and we think it's really going to deliver the momentum we need to get the margin back to the high 30s.

我認為很重要的一點是，在這之下，我們仍在投資公司本身。所以不只是透過混合式投資平台（hybrid investment platform），我們也在持續尋找可以投資的機會：在哪裡投資能提升生產力、如何提升效率，並以規模化與正向營運槓桿為目標。這是我們管理團隊的集體努力，我們認為這將真正帶來我們所需的動能，讓利潤率回到 30% 高段。

And maybe just to add to Allison's comment, I mean, the areas where we're seeing the greatest growth, and we expect to continue to see the greatest growth, ETFs in China, just as two examples. As Allison was noting earlier, these businesses scale well. And we'll continue to see that growth, I think, translate to strong profit growth.

再補充 Allison 的評論：我們看到成長最強、也預期將持續成長最強的領域，例如中國的 ETF 等等，舉兩個例子。如 Allison 先前提到，這些業務的規模化效果很好。我們會持續看到這些成長，我認為也會轉化為強勁的獲利成長。

As a follow-up, one of your peers earlier in the quarter sort of described the retail opportunity. So I think the language shifting to now after tax return as a focal point. I think you've a little bit mentioned that in some of your commentary. I was wondering wonder if you could expand on that a little bit. And a, how do you sort of see Invesco position as we move from pretax after tax.

追問一下，你們的一位同業在本季稍早談到零售端的機會。我覺得措辭正在轉向把稅後報酬作為焦點。我想你們在一些評論中也稍微提到。我想知道你是否能再多展開一點：a，你們如何看待 Invesco 在從稅前轉向稅後的過程中的定位？

And b, is there anything in the legislative area or in the tax code that could potentially impair the opportunity to migrate after-tax returns.

以及 b，在立法面或稅法上，是否有任何可能損害向稅後報酬遷移之機會的因素？

Yes, we agree.(inaudible) or tax return focus of individual investors has always been there, but it's really been heightened. And I think a lot of the tools that are available now to individual investors have increased. And those were the ones I was mentioning earlier, we're really well positioned to compete in, and those are going to be areas we continue to invest behind to grow.

是的，我們同意。（聽不清）個人投資人對稅後報酬的關注一直都存在，但現在確實被放大了。我認為目前個人投資人可使用的許多工具也增加了。這些正是我先前提到的、我們具備很強競爭定位的領域；而且這些也會是我們持續加大投資、以推動成長的方向。

So specifically, ETFs have that feature just built in inherently to be very tax aware and tax efficient we're a major player, as you know, and we'll continue to build out the active side of that ETF business. SMAs have been the other way that people have played that.

因此，具體而言，ETF 天生就內建了這項特性，能夠非常注重稅務並具備稅務效率；如你所知，我們是主要參與者，並且將持續擴展 ETF 業務的主動式（active）面向。SMA 則是人們運用的另一種方式。

And you've seen our growth. We now have nearly a $40 billion platform that's a major feature of that is tax optimization. And we're really winning in fixed income there. And that's a place that has been smaller historically in the industry. and then model portfolios are taking hold and they're going to be a way -- another way for people to tax optimize.

而你也看到了我們的成長。我們現在擁有接近 400 億美元的平台，其中一個主要特色就是稅務最佳化。我們在固定收益方面確實表現突出。而這在產業中歷來相對較小。接著，模型投資組合正在逐步普及，並將成為——人們進行稅務最佳化的另一種方式。

The thing I'd say is this is largely a feature in the United States. And to your question about regulatory changes, nothing that we see specifically on the horizon. But I think the individual investors are are just sort of speaking with their wallets by being hyper focused here, and we think that's a good thing for Invesco.

我想說的是，這在很大程度上是美國市場的特性。至於你問到監管變化，我們目前沒有看到地平線上有任何特別的變動。但我認為個人投資人正用資金投票，對此高度聚焦；我們認為這對景順（Invesco）是好事。

Ben Budish, Barclays.

Ben Budish，巴克萊。

Just one for me this morning. I appreciate the sort of clean expense guide, so at risk of upsetting that. I just wanted to ask, you've kind of narrowed and trimmed the portfolio a little bit Intelliflo the India JV. Just curious as you look across the business, is there anywhere else that might make sense to trim and continue to focus? Or are you kind of happy with this that you have right now and we can continue to enjoy this cleaner expense guide?

我今天早上只有一個問題。我很感謝你們提供相對清晰的費用指引，雖然這樣問可能會打亂它。我只是想請教，你們已經稍微收斂並修剪了投資組合，例如 Intelliflo、印度合資企業（JV）。想了解當你們檢視整體業務時，是否還有其他地方可能也值得再修剪、以便持續聚焦？還是你們對目前的配置已經滿意，讓我們可以繼續享受這份更乾淨的費用指引？

The only thing I'll point back to, and I said it earlier in my comments, just a reminder that our partnership on the Canadian business is set to close at the end of the second quarter, and that's about $19 billion that was all built into my expense guidance, but that is a part of that, and there's a modest negative impact to operating income of about $5 million to $10 million per quarter that will improve over time as we grow that sub-advisory revenue.

我唯一想回到的一點——我在先前的發言也提過——提醒一下，我們在加拿大業務的合作夥伴關係預計在第二季末完成交割，規模約 190 億美元，這些都已納入我的費用指引之中；但其中也包含一部分影響，對營業利益每季約有 500 萬到 1,000 萬美元的溫和負面影響，隨著我們擴大該次投顧（sub-advisory）收入，這個影響會隨時間改善。

I would say beyond that in terms of our overall portfolio and profile, no, we feel like we've actually done a lot of hard work in simplifying where we operate, and we think we've got a lot of opportunities to grow from here. So I don't know that there's a lot more pruning to be done. We're in a lot of the high-growth markets where we want to be, and we've got a well-built outset of investment capabilities as we've been talking about today. So I think we're very well positioned to continue to grow from here.

我會說，除此之外，就我們整體投資組合與定位而言，沒有。我們覺得其實已經做了很多艱難的工作來簡化我們的營運範圍，而且我們認為從這裡開始有很多成長機會。所以我不認為還有太多需要修剪的地方。我們已在許多我們希望進入的高成長市場中，並且如同今天所談，我們已建立起完善的投資能力版圖。因此我認為我們非常有利於從這裡持續成長。

And the simplification efforts are going to be continuing to focus on more than anything, just the remixing of our expense base being really disciplined behind that expense base and continuing our efforts around the balance sheet and improving our leverage profile is improving our capital return. I hate to say it's all (inaudible) from here, it won't be.

而簡化工作的重點將持續聚焦在——最重要的是——重新調整我們的費用基礎，對費用基礎保持高度紀律，並持續推動資產負債表相關工作、改善槓桿結構，以及提升資本回饋。我不想說接下來就一切（聽不清）了，並不會。

We think what we're doing is making sure we're built to operate in any environment and create the momentum and the leverage we need behind that, and we feel good about the efforts that are already underway.

我們認為我們正在做的是確保我們具備在任何環境下運作的能力，並打造所需的動能與槓桿；我們對已經展開的各項工作感到樂觀。

The only thing I'd add, and this maybe takes it back to the beginning of the call, where we really emphasized our strategic focuses in addition to the things. The headline things that we did last year around repositioning the portfolio, divesting and reinvesting we've really simplified the company over the last few years, meaning we have one fixed income platform now around the world, one equities platform around the world, one private markets platform around the world.

我唯一想補充的是，這可能把話題帶回電話會議一開始，我們除了其他事項之外，特別強調了我們的策略重點。去年我們在重新定位投資組合、剝離與再投資方面做了幾件重點工作；過去幾年我們也確實大幅簡化了公司，也就是說，我們現在在全球只有一個固定收益平台、一個股票平台，以及一個私募市場平台。

And really clarify for the organization internally how to operate in a simpler, cleaner way for us to be able to do the things that we did last year. It's just an example of the benefits from it. So just to echo what Alison was saying, now we can put even more of our focus on growth.

並且在內部更清楚地讓組織了解，如何以更簡單、更乾淨的方式運作，讓我們能夠完成去年所做的那些事情；這只是其中一個效益例子。所以呼應 Alison 的說法，現在我們可以把更多重心放在成長上。

Craig Siegenthaler, Bank of America. He's not responding.

Craig Siegenthaler，美國銀行。他沒有回應。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

Just a question on AI. I was hoping you could update us on how you're using AI across the organization today, what use cases have been most impactful so far as well as some of the key learnings you've had how you might quantify any of the benefits that you're seeing? And as you look out over the next couple of years, can you talk to some of the steps that you're taking to further embed AI throughout the organization and how you're thinking about the longer-term opportunity set and benefits?

我有一個關於 AI 的問題。我希望你們能更新一下目前在整個組織中如何使用 AI、迄今為止哪些使用情境（use cases）最具影響力，以及你們的一些關鍵學習；你們如何量化目前看到的效益？另外，展望未來幾年，你們能否談談為了進一步把 AI 深度嵌入整個組織而採取的步驟，以及你們如何看待長期的機會集合與效益？

Yes, thanks. It's an important question. We're really treating AI across the firm as a way to accelerate capabilities that we have today. And it's really been a focus of augmenting the teams that we have, and we're applying it in data analysis, things like content creation and of course, creating operational efficiency. One of the main things we've been focused on the last year or two has been investing in tools for all of our teammates, the 7,500 people that we have around the world, not just investing in the tools but in education and how to apply to process adoption across AI, Gen AI.

好的，謝謝。這是個重要的問題。我們確實把 AI 視為一種方式，用來加速我們現有的能力。重點一直在於強化我們現有團隊的能力；我們把它應用在資料分析、內容產製等事項上，當然也用於提升營運效率。過去一兩年我們主要聚焦的一件事，是為我們所有同仁投資工具——我們在全球有 7,500 名員工——不只是投資工具本身，也投資在教育訓練，以及如何在 AI、生成式 AI（Gen AI）上推動流程採用。

And it kind of gets then applied to large-scale applications, but also to people's BAU. We estimate that close to 80% of our employees some way, shape or form are using these tools every day in their business activities. To your specific question about big use cases, they're either in use are in development really across the entire company with an emphasis on enabling outputs.

接著它會被應用到大型規模的應用上，也會融入大家的日常工作（BAU）。我們估計，接近 80% 的員工以某種方式每天都在其業務活動中使用這些工具。就你特別問到的大型使用情境而言，它們要嘛已在使用中、要嘛正在開發中，幾乎遍及整個公司，並且特別強調提升產出。

And so we've got use cases in the investment process. We've got use cases around client growth things like investment, research, aggregation, cell signal, adaptation, performance analytics, client communications, all those sorts of things.

因此，我們在投資流程中有使用情境；在客戶成長方面也有使用情境，例如投資研究彙整、銷售訊號、調整與適配、績效分析、客戶溝通等各類事項。

But we're really trying to couple that with all the things that our clients expect from us, which is to protect their data, to protect the integrity around it. So we're moving fast but cautiously, too.

但我們也努力把這些與客戶對我們的所有期待結合起來，也就是保護他們的資料、維護資料相關的完整性。因此我們推進得很快，但也同樣謹慎。

At this time, I'll turn the call back over to the speakers.

此時，我將把電話會議交回給發言人。

Okay. Well, thanks, operator. And what I'll say in closing is that we're absolutely pleased with the continued strong results this quarter. As we discussed, we advanced several strategically important investment capabilities and vehicles with many reaching record assets under management. We did this with discipline with focus and the benefits of scale, and we're generating meaningful operating leverage and improving margins.

好的。謝謝，接線員。我在結語想說的是，我們對本季持續強勁的業績表現感到非常滿意。如同我們討論的，我們推進了數項具策略重要性的投資能力與產品載體，其中許多的資產管理規模（AUM）創下新高。我們以紀律、專注與規模效益來達成這些成果，並正在產生顯著的營運槓桿、改善利潤率。

We will continue to stay focused on our highly defined growth strategy with an emphasis on relentless execution, client-focused innovation and teamwork across the firm. So thanks, everyone, for joining the call today, and please do reach out to our Investor Relations team for any additional questions. And we absolutely appreciate your interest in Invesco and look forward to speaking with you all again very soon.

我們將持續專注於我們高度明確的成長策略，強調不懈的執行力、以客戶為中心的創新，以及全公司協作。因此，感謝各位今天參與電話會議；如有任何其他問題，請務必聯繫我們的投資人關係團隊。我們非常感謝各位對景順（Invesco）的關注，也期待很快再次與各位交流。

This concludes today's conference. We thank you for your participation. At this time, you may disconnect your lines.

今天的會議到此結束。感謝各位的參與。此時，您可以掛斷電話。