Janus Henderson Group PLC (JHG) 2024 Q2 法說會逐字稿

Good morning. My name is Megan and I'll be your conference facilitator today. Thank you for standing by and welcome to the Janus Henderson Group second quarter 2024 results briefing.

早安.我叫梅根，今天我將擔任你們的會議主持人。感謝您的耐心等待並歡迎參加駿利亨德森集團 2024 年第二季業績簡報。

(Operator instructions)

（操作員說明）

In today's conference call, certain matters discussed may constitute forward-looking statements. Actual results could differ materially from those predicted in the forward-looking statements due to a number of factors, including, but not limited to, those described in the forward-looking statements and risk factors sections of the company's most recent Form 10-K and other more recent filings made in the SEC. Janus Henderson assumes no obligation to update any forward-looking statements made during the call. Thank you.

在今天的電話會議中，討論的某些事項可能構成前瞻性陳述。由於多種因素，實際結果可能與前瞻性陳述中的預測有重大差異，包括但不限於公司最新 10-K 表格的前瞻性陳述和風險因素部分中所述的因素和其他最近向美國證券交易委員會提交的文件。駿利亨德森 (Janus Henderson) 不承擔更新電話會議期間所做的任何前瞻性陳述的義務。謝謝。

Now it is my pleasure to introduce Ali Dibadj, Chief Executive Officer of Jus Henderson. Mr. Dibadj, you may begin your conference.

現在我很高興向您介紹 Jus Henderson 執行長 Ali Dibadj。Dibadj 先生，您可以開始會議了。

Welcome, everyone, and thank you for joining us today on Janus Henderson's second quarter 2024 earnings call. I'm Ali Dibadj, and joined by our CFO, Roger Thompson. In today's call, I'll provide some thoughts on the quarter before handing it over to Roger to run through more details. After Roger's comments, I'll provide an update on our strategic initiatives for end strength and positioning, and our progress towards delivering consistent results over time. Then I'll take your questions following those prepared remarks.

歡迎大家，感謝您今天參加 Janus Henderson 的 2024 年第二季財報電話會議。我是 Ali Dibadj，我們的財務長 Roger Thompson 也加入了。在今天的電話會議中，我將提供一些關於本季度的想法，然後將其交給羅傑以了解更多細節。在羅傑發表評論後，我將提供有關我們最終實力和定位戰略舉措的最新信息，以及我們在長期交付一致結果方面取得的進展。然後我將按照準備好的發言回答你們的問題。

Turning to slide two, despite a persistent unsettled macro backdrop, market gains, continued alpha generation provided by our world-class investment teams, the exceptional services provided by our client teams, and the productivity and execution of our operation and support teams in technology, operations, legal, finance, risk, and compliance, human capital marketing and other functions, again enabled Janus Henderson to deliver a good set of quarterly results.

轉向幻燈片二，儘管宏觀背景持續不穩定，但市場收益，我們世界一流的投資團隊提供的持續阿爾法生成，我們的客戶團隊提供的卓越服務，以及我們運營和技術支援團隊的生產力和執行力，營運、法律、財務、風險與合規、人力資本行銷和其他職能，再次使駿利亨德森能夠交付良好的季度業績。

Investment performance is consistently solid. It leaves 63% of assets beating respective benchmarks on a 1-, 3-, 5-, and 10-year basis. Asset center management increased 3% to $361.4 billion, which is the highest quarterly AUM figure in over two years and 12% higher compared to a year ago. positive $1.7 billion. Improvement in net flows came from our intermediary channel and the institutional channel, which benefited from over 10 distinct mandate fundings, ranging from $100 million to $400 million, illustrating our efforts to grow a broader range of client sizes for our institutional business.

投資績效始終穩健。63% 的資產在 1 年、3 年、5 年和 10 年的基礎上優於各自的基準。資產中心管理成長 3%，達到 3,614 億美元，這是兩年多來最高的季度 AUM 數字，比去年同期成長 12%。正17億美元。淨流量的改善來自我們的中介管道和機構管道，受益於10 多個不同的委託資金，金額從1 億美元到4 億美元不等，這說明我們為擴大機構業務的客戶規模而做出的努力。

We are encouraged by the net inflows in the quarter. Recall that we've previously said that intermittent quarters of neutral to positive net flows would be an indication that our strategic plan is starting to bear fruit. The net inflows mark our second quarter out of the last six with positive flows, demonstrating tangible improvement towards our aspiration for delivering consistent organic growth over the long term. Our financial results remain solid.

我們對本季的淨流入感到鼓舞。回想一下，我們之前說過，間歇性幾季的中性到正值淨流量將顯示我們的策略計畫正在開始取得成果。淨流入標誌著我們在過去六個季度中的第二個季度出現了正流量，表明我們實現長期持續有機成長的願望得到了實際改善。我們的財務表現依然穩健。

Positive markets, net inflows, up performance delivered by our investment teams, plus expense management and increased productivity resulted in adjusted diluted EPS of $0.85. a 37% increase compared to the same period a year ago. Our financial performance and strong balance sheet continue to provide us the flexibility to invest in the business, both organically and inorganically, and return cash to shareholders.

積極的市場、淨流入、我們的投資團隊提供的績效提升，加上費用管理和生產力的提高，導致調整後的稀釋每股收益為 0.85 美元。與去年同期相比成長37%。我們的財務表現和強勁的資產負債表繼續為我們提供有機和無機投資業務的靈活性，並向股東返還現金。

In summary, while there's always work to do, the second quarter demonstrates we are squarely on the path to delivering consistent results over the long term. Investment performance and financial results are strong. Net inflows reflect areas of momentum in our business. We have a strong and stable balance sheet. And each person at Janus Henderson, individually and collectively, continues to execute on our strategy.

總之，雖然總有工作要做，但第二季顯示我們正走在長期交付一致結果的道路上。投資業績和財務業績強勁。淨流入反映了我們業務的成長動能。我們擁有強大而穩定的資產負債表。駿利亨德森的每個人，無論是個人還是集體，都繼續執行我們的策略。

I'll now turn the call over to Roger to run you through the detailed financial results.

現在我將把電話轉給羅傑，讓您了解詳細的財務結果。

Thanks Ali, and thank you, everyone, for joining us on the call today. Starting on slide three, on investment performance. As Ali mentioned, investment performance versus benchmark remains solid. with more than 60% of aggregate AUM beating their respective benchmarks over all time periods. Looking in further detail, at least half of each capabilities AUM is ahead of benchmarks over all time periods, reflecting consistent investment performance across time periods and capabilities. Overall investment performance compared to peers is competitive, with almost three quarters of AUM in the top two Morningstar quartiles over the 1-, 3-, 5-, and 10-year time period.

感謝阿里，也感謝大家今天加入我們的電話會議。從第三張投影片開始，介紹投資績效。正如阿里所提到的，與基準相比，投資表現仍然穩健。超過 60% 的總資產管理規模在所有時間內都超過了各自的基準。進一步詳細分析，每種能力的 AUM 至少有一半在所有時間段內都領先於基準，反映了跨時間段和能力的一致投資表現。與同業相比，整體投資績效具有競爭力，在 1 年、3 年、5 年和 10 年期間，近四分之三的 AUM 位於晨星前兩名。

Slide four shows total company flows by quarter. As Ali mentioned, net inflows of $1.7 billion for the quarter compared to $3 billion of net outflows last quarter. We're pleased with the result and believe it shows that we're making progress towards our goal of delivering consistent organic growth over time.

幻燈片四顯示了按季度劃分的公司總流量。正如阿里所提到的，本季淨流入 17 億美元，而上季淨流出 30 億美元。我們對結果感到滿意，並相信這表明我們正在朝著實現持續有機成長的目標取得進展。

On slide five are flows by client type. Second quarter net flows for the intermediary channel were positive $2.4 billion. equating to a 5% annual organic growth rate. The quarterly flow results were supported by a 45% increase in growth sales year over year, and was the best quarterly growth sales figure in over two years.

第五張投影片是依客戶類型劃分的流程。第二季中間通路淨流量為正 24 億美元。相當於每年 5% 的有機成長率。季度流量結果受到成長銷售年增 45% 的支撐，是兩年多來最好的季度成長銷售數據。

The US intermediary channel was positive for the fourth consecutive quarter, with net inflows in several strategies, including most of the active ETFs, multi-sector credit, international alpha, and US mid-cap growth. As we've spoken about previously, US intermediary is a key initiative under our protecting growth strategic pillar. We're pleased by the results for the quarter and that we're gaining market share.

美國中介通路連續第四個季度呈正值，多個策略出現淨流入，包括大多數活躍ETF、多部門信貸、國際阿爾法和美國中型成長股。正如我們之前談到的，美國中介是我們保護成長策略支柱下的關鍵舉措。我們對本季的業績以及我們正在獲得的市場份額感到高興。

Under the Amplify strategic pillar, we've talked about amplifying our investment and client service strengths using various means, including vehicles in which to deliver products. In addition to ETFs, flows into CITs, SMAs and our biotech innovation hedge fund were positive in the second quarter in this channel.

在「擴大」策略支柱下，我們討論了使用各種手段（包括交付產品的工具）來擴大我們的投資和客戶服務優勢。除了 ETF 之外，第二季流入 CIT、SMA 和我們的生技創新避險基金的資金也在此通路中呈現正值。

Moving to the EMEA and Latin American intermediary segment. Here, we've spoken previously about expanding our strategic efforts. In the region, net flows improved for the third consecutive quarter, finishing slightly positive this quarter, and we increased market share. Similar to the first quarter, both continental Europe and Latin America delivered positive flows, while the UK remained in net outflows. Institutional net inflows were positive $200 million, which improved meaningfully compared to the $3.1 billion of net outflows in the previous quarter.

轉向歐洲、中東和非洲和拉丁美洲中間市場。在這裡，我們之前曾談到擴大我們的策略努力。在該地區，淨流量連續第三個季度有所改善，本季略有成長，我們的市佔率也有所增加。與第一季類似，歐洲大陸和拉丁美洲都實現了正流量，而英國仍處於淨流出。機構淨流入為正2億美元，與上一季31億美元的淨流出相比顯著改善。

Reiterating Ali's commentary, institutional net flows were aided by over 10 distinct funding of between $100 and $400 million, demonstrating that our efforts to fill the missing middle, as we call it, in our institutional client base are beginning to bear fruit. Notably, each of these funding went into a different strategy spanning all capabilities. We continue to work to create a sustainable pipeline.

重申阿里的評論，機構淨流量得到了超過10 筆金額在100 至4 億美元之間的不同資金的幫助，這表明我們為填補機構客戶群中缺失的中間環節（我們稱之為“中間環節” ）所做的努力正在開始取得成果。值得注意的是，每筆資金都用於涵蓋所有功能的不同策略。我們將繼續努力創建可持續的管道。

We're pleased with the work our distribution team is doing and we're encouraged by the increasing number of opportunities across all of our regions. But the continued development and maturation of the pipeline will still take time. Net outflows for the self-directed channel, which includes direct and supermarket investors, were flat to the prior quarter at $900 million.

我們對分銷團隊所做的工作感到滿意，並且對我們所有地區不斷增加的機會感到鼓舞。但管道的持續發展和成熟仍需要時間。自營通路（包括直接投資者和超市投資者）的淨流出與上一季持平，為 9 億美元。

Slide 6 is flows in the quarter by capability. Equity flows were negative $1.4 billion compared to negative $1.1 billion in the first quarter. Pleasingly, in a challenging environment for active equities, across all regions we continue to take equity market share. Net inflows of fixed income were $3.3 billion. Several strategies contributed to positive fixed income flows in the intermediary channel, led by fixed income ETFs, which had positive flows of $4.1 billion in the quarter, led by flows into JAAA, but also including $600 million into the JBBB CLO, and $100 million into JSI, the Securitized Income ETF, both at a fee rate in the mid to high 40s.

投影片 6 是按能力劃分的季度流量。股權流量為負 14 億美元，而第一季為負 11 億美元。令人高興的是，在活躍股票充滿挑戰的環境中，我們繼續在所有地區佔據股票市場份額。固定收益淨流入33億美元。以固定收益ETF 為首的多項策略促進了中間管道的固定收益正流量，該季度固定收益ETF 的正流量為41 億美元，其中流入JAAA 的資金最多，但還包括流入JBBB CLO 的6 億美元和流入JBBB CLO 的1 億美元。

Other strategies contributing to the positive flows were multi-sector credits, Global Buy and Maintain credits and Australian Tactical Income. And offsetting these net inflows were net outflows in the lower fee institutional channel. Total net outflows for the multi-asset capability were $800 million. And finally, net inflows in the alternatives capability were $600 million, driven by institutional funding in absolute return, global commodity enhanced index. and multi-strategy.

其他有助於積極資金流動的策略包括多部門信貸、全球購買和維持信貸以及澳洲戰術收入。費用較低的機構管道的淨流出抵消了這些淨流入。多資產能力的淨流出總額為 8 億美元。最後，在絕對回報、全球商品增強指數的機構資金的推動下，替代品能力的淨流入為 6 億美元。和多策略。

Moving on to the financials, slide 7 is our US GAAP statement of income and, on slide 8, we explain the adjusted financial results. Adjusted operating results improved compared to the prior quarter and the prior year. The improvement was primarily due to higher average AUM, good investment performance generating higher performance fees and strong operating leverage and lower LTI expense.

接下來是財務數據，投影片 7 是我們的美國公認會計準則損益表，在投影片 8 上，我們解釋了調整後的財務表現。調整後的經營業績較上一季及上年有所改善。這一改善主要是由於平均資產管理規模較高、良好的投資績效產生了較高的業績費用、強勁的營運槓桿以及較低的 LTI 費用。

Adjusted operating income improved 28% and EPS improved 20% quarter over quarter. Improvements over a year ago were even stronger, with operating income and EPS up 36% and 37%, respectively. Looking at the detail. Adjusted revenue increased 7% compared to the prior quarter and 14% compared to the prior year, primarily due to higher management fees and higher AUM, and improved seasonal SICAV and UK OEIC performance fees.

調整後營業收入較上季成長 28%，每股盈餘較上季成長 20%。與一年前相比，改善更為強勁，營業收入和每股盈餘分別成長 36% 和 37%。看細節。調整後營收較上一季成長 7%，較前一年成長 14%，這主要是由於管理費和 AUM 增加，以及季節性 SICAV 和英國 OEIC 績效費的提高。

Net management fee margin declined slightly from the prior quarter but, more importantly, with unchanged year on year at 48.5 basis points. Our roughly stable net management fee margin continues to be a differentiator compared to many peers considering fee pressures experienced in the asset management industry. While we're not immune to these fee pressures, we do see our competitively resilient fee rate as a differentiator, given the mix of capabilities and channels where we're seeing success and our strong investment performance.

淨管理費利潤率較上季略有下降，但更重要的是，年比保持不變，為 48.5 個基點。考慮到資產管理行業所經歷的費用壓力，與許多同業相比，我們大致穩定的淨管理費率仍然是一個差異化因素。雖然我們無法免受這些費用壓力的影響，但考慮到我們所取得的成功和強勁的投資業績，我們的能力和管道組合確實將我們具有競爭力的彈性費率視為一個差異化因素。

Continuing on to expenses. Adjusted operating expenses in the second quarter declined 2% to $294 million. Adjusted LTI declined nearly 30% compared to the prior quarter, largely due to seasonal payroll taxes driven by annual vestings in the prior quarter. In the appendix, we've provided you with the usual table on the expected future amortization of existing grants for you to use in your models.

繼續支出。第二季調整後營運支出下降 2%，至 2.94 億美元。調整後的 LTI 與上一季相比下降了近 30%，這主要是由於上一季年度歸屬帶來的季節性工資稅所致。在附錄中，我們為您提供了現有補助金的預期未來攤銷的常用表格，供您在模型中使用。

The second quarter adjusted comp to revenue ratio declined to 42.8% from 48.2% in the seasonally higher first quarter and declined from 45.6% year over year, demonstrating the leverage in our business. Our 2024 expectation of an adjusted compensation ratio range of 43% to 45% remains unchanged. Adjusted non-comp operating expenses increased 5% compared to the prior quarter primarily due to higher G&A expenses and increased marketing and advertising expenses.

第二季調整後的公司營收比從季節性較高的第一季的 48.2% 下降至 42.8%，並從去年同期的 45.6% 下降，證明了我們業務的槓桿作用。我們對 2024 年調整後薪酬比率範圍 43% 至 45% 的預期保持不變。調整後的非營業費用較上一季增加 5%，主要是由於一般管理費用增加以及行銷和廣告費用增加。

Compared to the prior year, adjusted non-comp operating expenses were flat, reflecting our disciplined expense management and our commitment to operate more efficiently while reinvesting in the business. Similar to my comments last quarter, we still anticipate adjusted non-compensation costs to accelerate in the second half of the year and result in an annual growth of mid to high single digits compared to the prior year.

與前一年相比，調整後的非公司營運費用持平，反映出我們嚴格的費用管理以及我​​們在業務再投資的同時更有效率的營運承諾。與我上季度的評論類似，我們仍然預計調整後的非薪酬成本將在今年下半年加速，並導致與上一年相比年增長率為中高個位數。

We expect non-compensation expenses to increase as a result of investments supporting areas of opportunity in our business, examples being higher expected marketing, advertising, and T&E. We also expect higher operational expenses, such as increased investment administration expenses. and the addition of NBK and tabular expenses in the second half of the year.

我們預計，由於對我們業務機會領域的投資支持，非補償費用將會增加，例如更高的預期行銷、廣告和差旅費。我們也預計營運費用將會增加，例如投資管理費用的增加。以及下半年NBK和表格費用的增加。

As I said earlier, adjusted operating income increased 28% compared to the prior quarter and increased 36% over the same period a year ago to $165 million. Compared to the prior year, operating income increased $43 million on $56 million of incremental revenue. Our second quarter adjusted operating margin was 36%, an increase of to 570 basis points from a year ago, demonstrating the operating leverage in our business.

正如我之前所說，調整後營業收入比上一季成長 28%，比去年同期成長 36%，達到 1.65 億美元。與前一年相比，營業收入增加了 4,300 萬美元，增量收入為 5,600 萬美元。我們第二季調整後的營業利潤率為 36%，比去年同期成長 570 個基點，體現了我們業務的營運槓桿。

Adjusted diluted EPS was $0.85, up 20% from the prior quarter and up nearly 40% from the second quarter 2023. The increase in adjusted diluted EPS primarily reflects higher operating income.

調整後攤薄每股收益為 0.85 美元，比上一季成長 20%，比 2023 年第二季成長近 40%。調整後稀釋每股盈餘的增加主要反映了營業收入的增加。

Skipping over slide 9 and moving to slide 10 and a look at our liquidity profile. Our capital position remained strong as we generated over $220 million in cash flows from operations in the second quarter.

跳過投影片 9，前往投影片 10，看看我們的流動性狀況。我們的資本狀況依然強勁，第二季營運現金流超過 2.2 億美元。

Cash and cash equivalents were $985 million as of the first year of June, an increase of 9% and 2% from the prior quarter and prior year, respectively. During the quarter, we funded our quarterly dividend and repurchased approximately 1 million shares for $34 million. The Board has also declared a $0.39 per share dividend to be paid on August 28 to shareholders of record as of August 12.

截至第一年 6 月，現金和現金等價物為 9.85 億美元，比上一季和上年分別增長 9% 和 2%。在本季度，我們為季度股息提供了資金，並以 3,400 萬美元的價格回購了約 100 萬股股票。董事會也宣布將於 8 月 28 日向截至 8 月 12 日在冊的股東支付每股 0.39 美元的股息。

The Slide 11 looks in more detail as our consistent return of capital to shareholders. We've maintained a healthy quarterly dividend and have reduced shares outstanding by over 20% since 2018. During the first half of 2024, we returned $241 million including $115 million via share repurchases. As we've communicated previously, our return of capital reflects our positive financial outlook, our cash flow generation, and a strong and stable balance sheet. But it does not impede our ability to buy, build or partner should opportunities arrive to diversify where clients give us the right to win.

投影片 11 更詳細地顯示了我們對股東的持續資本回報。自 2018 年以來，我們保持了健康的季度股息，並將流通股減少了 20% 以上。2024 年上半年，我們返還了 2.41 億美元，其中透過股票回購返還了 1.15 億美元。正如我們之前所傳達的，我們的資本回報反映了我們積極的財務前景、現金流的產生以及強大而穩定的資產負債表。但這並不妨礙我們在客戶給予我們獲勝權利的情況下，當有機會實現多元化時進行購買、建造或合作的能力。

With that, I'd like to turn it back over to Ali for an update on our strategic progress.

至此，我想將其轉回給阿里，以了解我們戰略進展的最新情況。

Thanks, Roger. Turning to slide 12, a reminder of our three strategic pillars of protecting and growing core businesses, amplify our strengths not fully leveraged, and diversify where clients give us the right to win. We are in the execution phase, and we believe that strategic vision will lead to consistent organic growth over time. In Protect & Grow, we've talked previously about the importance of protecting and growing our US intermediary business and the progress we've made in capturing market share.

謝謝，羅傑。轉向投影片 12，提醒我們保護和發展核心業務的三大策略支柱，擴大我們未充分利用的優勢，並在客戶賦予我們獲勝權利的領域中實現多元化。我們正處於執行階段，我們相信策略願景將隨著時間的推移帶來持續的有機成長。在「保護與成長」中，我們之前討論過保護和發展我們美國中間業務的重要性以及我們在佔領市場份額方面取得的進展。

We are now working to leverage the strategic plans to drive change and improve results in the EMEA and Latin American intermediary channels. As Roger discussed, trends across our global intermediary businesses are encouraging with more work to do to deliver steady results.

我們現在正在努力利用戰略計劃來推動歐洲、中東和非洲和拉丁美洲中介管道的變革並改善績效。正如羅傑所討論的，我們全球中間業務的趨勢令人鼓舞，需要做更多的工作才能實現穩定的結果。

Within Amplify, we've talked about our institutional and diversified alternative businesses and our product development and expansion efforts, such as our build out of the active ETFs in the US and now outside of the US. with our acquisition of Tabula Investment Management, which closed on July 1. We believe the acquisition of Tabula allows Janus Henderson early access to the growing European ETF market and builds on our successful suite of active ETFs in the US.

在 Amplify 內部，我們討論了我們的機構和多元化另類業務以及我們的產品開發和擴張工作，例如我們在美國和現在在美國境外建立活躍的 ETF。我們對 Tabula Investment Management 的收購已於 7 月 1 日完成。我們相信，收購 Tabula 可以讓 Janus Henderson 儘早進入不斷成長的歐洲 ETF 市場，並以我們在美國成功的主動 ETF 套件為基礎。

We believe it'll also expand our reach into key growth markets in Latin America, the Middle East, and APAC, where there's rising demand for usage ETFs. While retaining all existing Tabula products, we anticipate launching a range of new active products across equities and fixed income strategies beginning in the second half of this year. Under Diversify, we continue to look actively to buy, build or partner to diversify what clients give us the right to win.

我們相信，這也將擴大我們對拉丁美洲、中東和亞太地區主要成長市場的影響力，這些市場對使用 ETF 的需求不斷增長。在保留所有現有 Tabula 產品的同時，我們預計從今年下半年開始推出一系列涉及股票和固定收益策略的新主動產品。在多元化的領導下，我們繼續積極尋求購買、建造或合作，以實現客戶賦予我們獲勝權利的多元化。

We've talked previously about our joint venture, Privacore. Formed in June, 2023, Privacore seeks to take advantage of and be a leader in the democratization of private alternatives into the retail channel. Privacore has assembled a highly experienced team who's in the market placing products, has filed to launch new alternative products, including interval and tender offer funds, and continues to have active conversations with high quality asset managers interested in partnering with Privacore.

我們之前討論過我們的合資企業 Privacore。Privacore 成立於 2023 年 6 月，致力於利用並成為零售通路民主化私人替代方案的領導者。Privacore 組建了一支經驗豐富的團隊，他們在產品市場上擁有豐富的經驗，已申請推出新的另類產品，包括區間基金和要約收購基金，並繼續與有興趣與Privacore 合作的優質資產管理公司進行積極對話。

Last quarter, we announced a strategic partnership with National Bank of Kuwait Groups and NBK Wealth, and the pending acquisition of their private investment team, NBK Capital Partners. which allows Janus Henderson early entry into the rapidly expanding emerging markets, private capital space.

上個季度，我們宣布與科威特國家銀行集團和 NBK Wealth 建立策略合作夥伴關係，並即將收購他們的私人投資團隊 NBK Capital Partners。這使得駿利亨德森能夠提前進入快速擴張的新興市場私人資本空間。

The M&A pipeline is active for Janus Henderson, Privacore Dapital, Tabula, and NDK are only the beginning of what we expect the more well thought out acquisitions and partnerships of varying sizes to meet our client's needs and to support the growth of the firm. As I said previously, we will be disciplined in identifying where to buy, build or partner, finding the right teams. with the right product at the right price for clients, shareholders, and employees.

Janus Henderson、Privacore Dapital、Tabula 和 NDK 的併購管道非常活躍，這只是我們期望經過深思熟慮的不同規模收購和合作夥伴關係的開始，以滿足客戶的需求並支持公司的發展。正如我之前所說，我們將嚴格確定在哪裡購買、建造或合作，尋找合適的團隊。以合適的價格為客戶、股東和員工提供合適的產品。

Moving to slide 13 for an update on the encouraging trends we're seeing in strengthening our brand and positioning Janus Henderson as a trusted financial partner. In early 2023, we launched a national brand campaign in the US, which is something new for Janus Henderson and a big change from what we've done in the past. Brand matters, and the data suggests that there are a lot of great funds out there, but if the brand isn't relevant, it's difficult to capture flows.

請前往投影片 13，了解我們在強化品牌和將 Janus Henderson 定位為值得信賴的金融合作夥伴方面所看到的令人鼓舞的趨勢的最新情況。2023年初，我們在美國發起了全國品牌活動，這對 Janus Henderson 來說是新鮮事，與我們過去所做的相比有很大變化。品牌很重要，數據顯示有許多優秀的資金，但如果品牌不相關，就很難捕捉資金流。

We're very pleased that a few recent external surveys seem to confirm that Janus Henderson is making progress in strengthening its brand profile. First is a Broadridge fund brand 50 global survey, asset manager brand strength. Our global brand rank climbs to 16, improving by seven spots. For additional context, Janus Henderson made the top 25 for the first time in last year's survey, number 23. So it's been a significant climb for us in a relatively short period of time.

我們非常高興最近的一些外部調查似乎證實了 Janus Henderson 在加強其品牌形象方面取得了進展。首先是Broadridge基金品牌全球50強調查，資產管理公司品牌實力。我們的全球品牌排名攀升至 16 位，上升了 7 位。作為補充，Janus Henderson 在去年的調查中首次躋身前 25 名，排名第 23 位。因此，這對我們來說是在相對較短的時間內取得的重大進步。

Second, specific to our institutional business was a global institutional NMG consulting report. Here we moved up 17 spots from last year to global brand rank of 52 amongst 890 managers, ranking the top 6% of asset managers in the survey. Lastly is a CityWire Pro Buyer Report, which is a client experience and satisfaction survey from asset allocators and fund buyers in the US.

其次，針對我們機構業務的是一份全球機構NMG諮詢報告。在這方面，我們在 890 名管理人中的全球品牌排名比去年上升了 17 位，位居第 52 位，在調查中的資產管理公司中排名前 6%。最後是 CityWire Pro 買家報告，這是針對美國資產配置者和基金買家的客戶體驗和滿意度調查。

Janus Henderson showed strong improvement overall, earning higher year-over-year scores in 15 of 16 categories. Overall, some of the areas where Janus Henderson did well across all these reports included accessibility of portfolio managers, knowledge of the markets, client interactions, and transparency.

Janus Henderson 整體表現出強勁進步，在 16 個類別中的 15 個類別中獲得了同比更高的分數。總體而言，駿利亨德森在所有這些報告中表現出色的一些領域包括投資組合經理的可及性、市場知識、客戶互動和透明度。

I want to thank my colleagues from across the firm for their collective efforts around strengthening our brand profile. It's a great example of one of our core firm values, Together We Win, which you might recall we articulated as part of our mission, values, and purpose launch just about a year ago. We'll continue to invest in our brand globally to raise our profile, drive our business forward, and communicate our purpose of investing in a brighter future together for the over 60 million people globally who directly or indirectly rely on Janus Henderson for their financial well-being.

我要感謝公司各同事為加強我們的品牌形象所做的集體努力。這是我們公司核心價值「攜手共贏」的一個很好的例子，您可能還記得我們在一年前發布的使命、價值觀和目標中闡述了這一價值觀。我們將繼續在全球範圍內投資我們的品牌，以提升我們的形象、推動我們的業務向前發展，並傳達我們的宗旨：為全球超過6000 萬名直接或間接依賴Janus Henderson 實現財務良好的人共同投資，創造更光明的未來。

Slide 14 highlights some of the progress Janus Henderson is making towards delivering results more consistently for those clients and our shoulders and employees. We believe executing on our strategic vision will lead to consistent organic revenue growth over time. Remember, we've previously said that success will not happen overnight and progress will not be linear.

幻燈片 14 重點介紹了 Janus Henderson 在為這些客戶、我們的肩膀和員工提供更一致的結果方面所取得的一些進展。我們相信，隨著時間的推移，執行我們的策略願景將帶來持續的有機收入成長。請記住，我們之前說過，成功不會一蹴而就，進步不會是線性的。

While we're not at our destination yet of delivering steady results over the long term, we are beginning to see indications of real progress across areas of the business that we believe will eventually lead to a virtuous cycle.

雖然我們尚未達到長期穩定業績的目標，但我們已經開始看到各業務領域取得真正進展的跡象，我們相信這最終將帶來良性循環。

A world-class investment team continues to generate solid investment results versus benchmark and peers, positioning us well to deliver the best possible outcomes for clients and their clients. Client retention and activity metrics are improving. As previously mentioned, our brand position is strengthening. In looking at financial metrics, our net management fee margin is roughly stable and a key differentiator for Janus Henderson in an industry experiencing relentless fee pressures.

與基準和同業相比，世界一流的投資團隊不斷產生穩健的投資結果，使我們能夠為客戶及其客戶提供最佳的結果。客戶保留率和活動指標正在改善。如前所述，我們的品牌地位正在加強。從財務指標來看，我們的淨管理費利潤率大致穩定，這是駿利亨德森在面臨持續的費用壓力的行業中的關鍵差異化因素。

We are disciplined in expense management. investing in the business where it strategically makes sense to do so. Being disciplined with our expense base and the productivity of our technology operations and other functional teams, in particular, is also contributing to increased operating leverage in the business. A strong balance sheet and capital generation enable us to maintain capital returns to shareholders while continuing to invest in the business for future growth.

我們在費用管理方面遵守紀律。投資於具有戰略意義的業務。特別是，嚴格控制我們的費用基礎以及技術營運和其他職能團隊的生產力，也有助於提高業務的營運槓桿。強大的資產負債表和資本產生能力使我們能夠維持股東的資本回報，同時繼續投資業務以實現未來成長。

Organizationally, we've added external talent and promoted from within with a best athlete lens. attracting and retaining the best talent allowed to deliver for our clients and execute our strategy over the long term. Establishing and embedding our enhanced mission, values, and purpose across the organization over the last 15 months has allowed colleagues to move together with quiet confidence in the same direction.

在組織上，我們增加了外部人才，並以最佳的運動員視角從內部提拔。吸引和留住最優秀的人才，為我們的客戶提供服務並執行我們的長期策略。在過去 15 個月裡，我們在整個組織中建立並融入了增強的使命、價值觀和目標，這讓同事們帶著平靜的信心朝著同一個方向共同前進。

Finally, enacting an effective M&A strategy brings in highly experienced talent while creating expanded opportunities for colleagues and allows us to fill in capability gaps in areas of the industry that are growing give us the right to win.

最後，制定有效的併購策略可以引進經驗豐富的人才，同時為同事創造更多的機會，使我們能夠填補產業不斷發展領域的能力差距，從而獲得勝利。

Finishing up on slide 15, we are proud of and energized by the progress made this quarter, building on the results of past quarters. And while there is more work to do, we believe we are on the path to delivering consistent results over time.

投影片 15 結束後，我們對本季在過去幾季的成果基礎上取得的進展感到自豪並感到振奮。儘管還有更多工作要做，但我們相信，隨著時間的推移，我們將取得一致的成果。

Investment performance is solid across all time periods versus benchmark and peers. Net inflows were positive $1.7 billion and almost 2% organic growth rate and reflect a 19% increase in gross sales compared to the prior year. It marks our second quarter of net inflows in the last six quarters and provides a tangible indication that our strategic plan is certainly starting to take hold.

與基準和同業相比，所有時期的投資表現都很穩健。淨流入為正 17 億美元，有機成長率接近 2%，反映總銷售額較前一年成長 19%。這標誌著我們在過去六個季度中的第二個季度淨流入，並明確表明我們的戰略計劃肯定已經開始生效。

Adjusted diluted EPS increased 37% compared to last year, reflecting strong markets, investment performance, positive flows, expense management, and increased productivity. Our strong balance sheet and financial results allows to continue returning cash to shareholders through dividends and share buybacks while reinvesting in the business for future growth.

調整後的攤薄每股收益與去年相比增長了 37%，反映出強勁的市場、投資業績、積極的資金流動、費用管理和生產力的提高。我們強勁的資產負債表和財務表現使我們能夠繼續透過股息和股票回購向股東返還現金，同時對業務進行再投資以實現未來成長。

We are executing against our strategic objectives. And I'd like to thank my teammates at Janus Henderson for putting in all the extra effort. It is clearly, clearly starting to pay off. Our focus continues to be helping clients define and achieve superior financial outcomes and to deliver desired results. for clients, shareholders, employees, and all our stakeholders.

我們正在執行我們的策略目標。我要感謝駿利亨德森的隊友們付出的額外努力。顯然，它已經開始得到回報。我們的重點仍然是幫助客戶定義和實現卓越的財務成果，並交付期望的結果。為客戶、股東、員工和所有利害關係人服務。

Let me now turn the call back over to the operator to take your questions.

現在讓我將電話轉回給接線員回答您的問題。

(Operator instructions)

（操作員說明）

Bill Katz, TD Securities.

比爾‧卡茨，道明證券。

Okay, thank you very much. Good morning. Thank you for all the detail. I'm sort of intrigued by your discussion on the brand improvement across your platform, which is nice to see. Can you talk a little bit about as you step function up the relative ranks of any statistical relevance you see in terms of the improvement for gross and/or net sale opportunities, whether it be on the retail intermediary side, institutional side, and how that might compare maybe US versus globally? Thank you.

好的，非常感謝。早安.謝謝你提供的所有細節。我對您關於整個平台的品牌改進的討論很感興趣，很高興看到。您能否談談您在提高總銷售機會和/或淨銷售機會方面所看到的任何統計相關性的相對排名時，無論是在零售中介方面還是在機構方面，以及如何做到這一點可以比較美國與全球嗎？謝謝。

Hey Bill, thanks for the question. We are very pleased with the brand progress that we're making. You'd imagine that it's not a one-to-one correlation between brand rankings and getting flows in the door, but it's very clear that we have to be in the consideration set. And if your brand isn't known, if you're not up there in terms of the rankings, you won't be considered. That's both from an institutional perspective directly. That's also from a consultant perspective too, our partners as consultants and, for sure, for sure from an intermediary view of the advisors, right?

嘿比爾，謝謝你的提問。我們對品牌所取得的進步感到非常滿意。你可能會認為品牌排名和流量之間並不是一對一的相關性，但很明顯我們必須考慮。如果你的品牌不知名，如果你的排名不高，你就不會被考慮。這都是直接從制度角度來看的。這也是從顧問的角度來看，我們的合作夥伴作為顧問，當然，肯定是從顧問的中介角度來看，對嗎？

A lot of what folks on the client side want to do is deliver for their clients with trusted brands, and that's something that we are building up here over time. Now we are, just to be very clear, maniacal about our ROI as well. We have analytics around all of this stuff. We are very surgical in the way that we promote our brand.

客戶端的許多人想做的就是為客戶提供值得信賴的品牌，這也是我們隨著時間的推移在這裡建立的。現在，非常明確的是，我們對投資報酬率也很狂熱。我們對所有這些東西都有分析。我們推廣品牌的方式非常精準。

And the good news is we have a lot to say. We have a lot to say now about Janus Henderson. Janus Henderson is really special in terms of our investors that we have. We do client service like no one else, and we want people to experience that. We want clients to experience that. Our infrastructure, IT operations, everything else is reliable and trustworthy.

好消息是我們有很多話要說。關於詹納斯·亨德森，我們現在有很多話要說。就我們的投資者而言，駿利亨德森確實很特別。我們的客戶服務與眾不同，我們希望人們能夠體驗到這一點。我們希望客戶能夠體驗到這一點。我們的基礎設施、IT 營運以及其他一切都是可靠且值得信賴的。

So we have a lot to say. So we want to get our brand out there. It is working and you're seeing it correlated, not one to one, not a formula, but correlated with our success of the business.

所以我們有很多話要說。所以我們想把我們的品牌推廣出去。它正在發揮作用，你會看到它是相關的，不是一對一的，不是一個公式，而是與我們業務的成功相關。

Okay, thank you. This is a follow-up, maybe strategically. Toward the end of your comments, Ali, you talked about that only the beginning on the M&A pipeline, which is active and alive and well. Maybe I'm paraphrasing a little bit there. Could you talk a little bit about where it's seasoning, what kind of things you're looking at. And then could you loop into that, just maybe an update, on how the economics work with Privacore? I think there's been a lot of signings of late, and then how you're thinking about maybe buying in the second part of that platform? It's the second half of this year.

好的，謝謝。這是後續行動，也許是策略性的。阿里，在您的評論即將結束時，您談到了併購管道的剛剛開始，該管道仍然活躍、活躍且良好。也許我在那裡解釋了一下。你能談談它的調味料在哪裡，你在看什麼樣的東西嗎？然後你能談談這個問題，也許只是更新一下經濟如何與 Privacore 合作？我認為最近有很多簽約，那麼您如何考慮購買該平台的第二部分？現在已經是今年下半年了。

Sure, thanks again for that question. So our view on M&A hasn't changed at all. We're going to continue to be client-led. We're going to look actively to buy, build, or partner to support our strategy and to support our clients. We want to do everything we can to protect and grow, amplify and diversify our businesses, and execute our strategy.

當然，再次感謝您提出這個問題。所以我們對併購的看法根本沒有改變。我們將繼續以客戶為主導。我們將積極尋求購買、建造或合作來支持我們的策略並支持我們的客戶。我們希望盡一切努力來保護和發展、擴大和多元化我們的業務，並執行我們的策略。

I want to be clear though that M&A is not our strategy. It's not a strategy into itself. I think you may hear that from others. It's not ours. For us, it's a tool to deliver on our strategy. Okay, M&A timing is difficult to predict. Obviously, some transactions come and go. I will say that we are aware of everything that's out there in the marketplace and almost everything, really everything except for one, that has actually transacted.

我想澄清的是，併購不是我們的策略。這本身並不是一種策略。我想你可能會從其他人那裡聽到這樣的說法。這不是我們的。對我們來說，它是實現我們策略的工具。好吧，併購時機很難預測。顯然，有些交易來了又去。我想說的是，我們了解市場上的一切，幾乎所有的東西，實際上除了一個之外的所有東西，實際上已經進行了交易。

We are very careful in the way we go about M&A. We look at performance of the teams. We look at the processes that they go through. We look at people, and I'll come back to that in a second. We look at the potential growth, as well as obviously the financials and the price of it.

我們在併購方面非常謹慎。我們關注團隊的表現。我們研究他們所經歷的過程。我們關注的是人，我稍後會回到這個主題。我們關注潛在的成長，當然還有財務狀況和價格。

I would say that 90% of where we triage is actually around the people and the culture. It's extraordinarily important to make sure that the culture and the people tie into our culture which is so client focused, so fundamentally focused in terms of understanding what we're investing in. And we want to partner with teams who wanna grow.

我想說，我們 90% 的分類實際上是圍繞著人員和文化進行的。確保文化和人員與我們的文化結合是非常重要的，這種文化是如此以客戶為中心，從根本上專注於理解我們所投資的內容。我們希望與想要成長的團隊合作。

We want to leverage our global distribution footprint, our research skillset, our strong infrastructure to grow the businesses. So we've talked about some of the areas we're looking at. Obviously, what we look for is things that are not overlapping as much as possible with the businesses that we have. trying to bring differentiated product to our clients, areas like private credit, areas like solutions, areas with quality biases, those types of things are a lot of areas that we're looking at.

我們希望利用我們的全球分銷網絡、我們的研究技能和強大的基礎設施來發展業務。我們已經討論了我們正在關注的一些領域。顯然，我們尋找的是與我們現有業務盡可能不重疊的事物。試圖為我們的客戶帶來差異化的產品，像私人信貸這樣的領域，像解決方案這樣的領域，有品質偏見的領域，這些類型的事情是我們正在關注的許多領域。

We'll continue to make sure that we're disciplined in bringing forth the right teams to deliver for our clients and their clients. As we have been with Tabula, with NBK Capital, with Privacore, and all the way back to just a couple years ago with Emerging Market Debt Team. Roger, do you want to go through some of the Privicor details?

我們將繼續確保我們有紀律地組建合適的團隊來為我們的客戶及其客戶提供服務。正如我們與 Tabula、NBK Capital、Privacore 以及幾年前新興市場債務團隊的合作一樣。羅傑，您想了解一下 Privicor 的一些詳細資訊嗎？

Yes, I mean, I guess to start, before we get into the accounting for it, we're really excited by the significant progress to date at Privicore Capital. They partnered with a premier, almost $200 billion alternative asset manager. They completed a placement in the second quarter. It's a private placement, so we're unable to talk about specifics in terms of capital raised or who that partner is.

是的，我的意思是，我想首先，在我們進行會計之前，我們對 Privicore Capital 迄今為止的重大進展感到非常興奮。他們與一家資產近 2,000 億美元的頂級另類資產管理公司合作。他們在第二季完成了安置。這是一次私募，因此我們無法談論籌集資金或合作夥伴是誰的細節。

And we've also previously talked about them partnering with a second firm, a tech investment firm, and they're also working with other alternative managers, again pretty sizable ones, $50 billion plus, and have filed registration statements for two new alternative funds. So, like I say, excited about the team they've assembled.

我們之前也談到他們與第二家公司（一家科技投資公司）合作，他們也與其他另類投資管理公司合作，規模同樣相當大，超過500 億美元，並已為兩個新的另類基金提交了註冊聲明。所以，就像我說的，我對他們組建的團隊感到興奮。

They're in the market placing products. They've filed to launch new products. That includes interval and tender funds. And continue to have high quality. conversations. We currently own 49% so the costs, they are primarily costs at the moment. Those revenues starting to come through with that first fund raise come through as NCI.

他們在市場上投放產品。他們已申請推出新產品。這包括間隔資金和投標資金。並持續保持高品質。對話。我們目前擁有 49% 的股份，所以成本，目前主要是成本。這些收入隨著首次融資而開始透過 NCI 實現。

We do have the option to purchase the other 51% but that's still five or so months away so a little early to talk about that now. We'll assess our options in due course.

我們確實可以選擇購買另外 51% 的股份，但這還需要五個月左右的時間，所以現在談論這個還為時過早。我們將在適當的時候評估我們的選擇。

Just to add a little bit to remind folks of why Pricacore is so exciting. It sits at the nexus of clear needs in this industry. We have a set of clients, warehouse clients, wealth clients, who want access beyond just the big -- some folks are reporting today, the Apollo, the Blackstone, the others -- they want access beyond that to differentiate and also to make sure that they get the very best performance. Those large firms have great performance, but they're not always the best performance in some of these categories. That's what the wealth folks want.

只是添加一點提醒人們為什麼 Pricacore 如此令人興奮。它處於該行業明確需求的紐帶。我們有一群客戶，倉庫客戶，財富客戶，他們想要的不僅僅是大公司——有些人今天報道說，阿波羅，黑石，其他人——他們想要超越這些，以實現差異化，並確保他們獲得最好的表現。這些大公司有著出色的業績，但它們並不總是在某些類別中表現最好。這就是有錢人想要的。

And then there are really strong investors. Roger mentioned a few, and there's a long list of others that are in the pipeline for Privacore that have fantastic performance, but just don't have the scale, even at $50 billion, even at $200 billion to get to that wealth channel. And that's where Privacore sits between those. as a best-in-class open architecture driver of democratization of alternatives.

然後還有真正強大的投資者。Roger 提到了其中的一些，還有一長串其他正在為 Privacore 準備的項目，它們有著出色的表現，但只是沒有達到進入財富管道的規模，即使是 500 億美元，甚至是 2000 億美元。這就是 Privacore 介於兩者之間的地方。作為替代方案民主化的一流開放架構驅動程式。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Hi, good morning, and thanks for taking the question. I'd like to dig into the ETF business and Tabula, given that that's just closed. So maybe first, dig into how you see the non-US ETF business growing. You mentioned you plan on launching new equity products. Can you give us some more color there? Are you thinking of going active, passive, factor-based? I think your US side has been very creative, so how do you think about taking that creativity outside the US?

你好，早上好，感謝您提出問題。我想深入研究 ETF 業務和 Tabula，因為它剛剛結束。因此，也許首先要深入了解您如何看待非美國 ETF 業務的成長。您提到您計劃推出新的股票產品。你能給我們更多的顏色嗎？您是否正在考慮採取主動、被動、基於因素的方式？我認為你們的美國方面非常有創造力，那麼你們如何考慮將這種創造力帶到美國以外的地方？

And then maybe the second part is you've had amazing success with the US fixed income ETFs. Can you discuss to what extent you can leverage the success or the learning you've had on the US fixed income side to drive success? scaling Tabula funds in Europe?

第二部分可能是您在美國固定收益 ETF 方面取得了驚人的成功。您能否討論一下您可以在多大程度上利用您在美國固定收益方面的成功或學習來推動成功？在歐洲擴大 Tabula 基金規模？

Thanks, Ken, for the questions. Let me start off with the ETF franchise. We are very proud of the progress we've been making there. The team has done a phenomenal job. It is now crossing I'd say about $19 billion ETFs, AUM for the business. And what's really exciting is there are four ETFs that we have that are each above $1 billion in AUM. So it's really moving beyond just a few ETFs and becoming more broad.

謝謝肯提出的問題。讓我從 ETF 特許經營開始。我們對在那裡取得的進展感到非常自豪。該團隊做得非常出色。我想說，該業務的 ETF 資產管理規模現在已經突破了 190 億美元。真正令人興奮的是，我們有四隻 ETF，每隻的資產管理規模都超過 10 億美元。因此，它實際上已經超越了少數 ETF 的範圍，變得更加廣泛。

The momentum has been great, and the momentum has been very aligned with our strategy. Remember, what we're doing is we're democratizing a set of capabilities that were addressable only by institutional clients, and we're bringing that to a broader reach of clients. So we think that there's a continued enormous potential in the US first to grow the ETF franchises.

勢頭非常強勁，而且與我們的策略非常契合。請記住，我們正在做的是使一組只能由機構客戶使用的功能民主化，並將其帶給更廣泛的客戶。因此，我們認為美國首先有持續擴大 ETF 特許經營權的巨大潛力。

We've launched ETFs as of late. So back in Q4, we launched an ETF there called JSI. We've also then filed, you may see about a couple ETFs, an Emergent Market Debt ETF as an example, is one that we filed there. And so we think there's continued room to grow as we build our, to use a word from the earlier answer, brand in active ETFs in the US.

我們最近推出了 ETF。早在第四季度，我們就在那裡推出了一隻名為 JSI 的 ETF。然後我們也提交了一些 ETF，您可能會看到一些 ETF，例如我們在那裡提交的一個新興市場債務 ETF。因此，我們認為，當我們在美國的主動 ETF 中建立我們的品牌（用先前答案中的一個詞）時，還有持續的成長空間。

Now, shifting over to Europe and Tabula. We see the exact same pattern from an analytical perspective in Europe as we saw in the US, and that's why we want to go where the puck is going and partnered with Tabula, brought Tabula in-house. They are an extraordinarily strong team. They already have great presence with their nine ETFs and $500 million of AUM in 15 different countries, 10 different trading venues. And we see that as a fantastic platform to continue to grow the funds that they have and then add our own funds.

現在，轉向歐洲和塔布拉。從分析的角度來看，我們在歐洲看到的模式與我們在美國看到的模式完全相同，這就是為什麼我們想要去到冰球要去的地方，並與 Tabula 合作，將 Tabula 納入內部。他們是一支非常強大的團隊。他們已經在 15 個不同的國家、10 個不同的交易場所擁有 9 檔 ETF 和 5 億美元的資產管理規模。我們認為這是一個絕佳的平台，可以繼續增加他們擁有的資金，然後添加我們自己的資金。

To your very specific question, we do expect fixed income and equities to be on those platforms as they will be in the US as well and all in the active realm. We believe that we should be and need to be client-led and be agnostic to the vehicles and so our differentiator is really the investments acumen that we put in a form, that clients want to have contact with.

對於你的具體問題，我們確實預期固定收益和股票將出現在這些平台上，因為它們也將出現在美國，並且都處於活躍領域。我們相信，我們應該並且需要以客戶為主導，並對車輛保持不可知論，因此我們的差異化因素實際上是我們以客戶希望接觸的形式呈現的投資敏銳度。

Now, the last point that I'd say Ken is on Tabula, it is absolutely yes, based in London, it's a European franchise right now. But what we're also seeing is that other regions, Latin America, Middle East, APAC, places we have presence, are also looking for ETFs in UCIP form, and Tabula allows us to do that as well. So think about it squarely in that Amplify bucket of our three-prong strategy. We're very pleased with the progress so far in our ETF franchises. We think with Tabula, you're right, just closing July 1, can help us grow that business even further.

現在，我要說的最後一點是 Ken 在 Tabula 上，這是絕對的，總部位於倫敦，現在是歐洲特許經營權。但我們也看到，其他地區，如拉丁美洲、中東、亞太地區以及我們開展業務的地區，也在尋找 UCIP 形式的 ETF，而 Tabula 也允許我們這樣做。因此，請在我們的三管齊下策略的「放大」部分中認真考慮這一點。我們對 ETF 業務迄今所取得的進展感到非常滿意。我們認為 Tabula 是對的，它將於 7 月 1 日結束，可以幫助我們進一步發展這項業務。

Dan Fannon, Jeffries.

丹‧範農，傑弗里斯。

Great, thank you. So I wanted to just expand upon some of the comments, just as you think about momentum in the business, the flow trends certainly in the second quarter coming in strong. I know you've talked in the past about not being linear, but can you just talk about where you're seeing the most improvement in gross sales and how you think that translates prospectively into the back half of the year?

太好了，謝謝。因此，我想擴展一些評論，就像您考慮業務的勢頭一樣，第二季度的流量趨勢肯定會強勁。我知道您過去曾談到非線性，但您能否談談您在銷售方面看到最大改善的地方以及您認為這將如何轉化為今年下半年？

Sure, thank you, Dan. It's difficult, obviously, to give projections because so many things are out of anyone's control, but we'll continue to control what we can control and continue to be client-led. That means continue to be focused on investment performance, on outstanding client service, on a robust infrastructure, and executing on our strategy.

當然，謝謝你，丹。顯然，很難做出預測，因為很多事情都超出了任何人的控制範圍，但我們將繼續控制我們可以控制的事情，並繼續以客戶為主導。這意味著繼續專注於投資績效、出色的客戶服務、強大的基礎設施以及執行我們的策略。

Our strategy, as you've heard several times now, hasn't moved. We're protecting growing our core businesses. We're amplifying our strengths and we're diversifying for clients to give us the right. And we like to think that we're seeing proof points. I think this quarter and certainly run up to this quarter from other quarters are proof points that our strategy seems to be bearing fruit.

正如您已經多次聽到的那樣，我們的策略沒有改變。我們正在保護我們核心業務的發展。我們正在增強我們的優勢，我們正在多元化，以便客戶給我們權利。我們喜歡認為我們正在看到證據。我認為本季以及其他季度一直到本季的情況都證明我們的策略似乎正在取得成果。

You can look at that from an intermediary perspective, look at US intermediaries at start and how that's expanding to other parts of the world intermediary. Think about it as well from institutional perspective. We're clearly seeing leading indicators on the institutional side look positive -- a number of meetings, number of consultant discussions, number of RFPs. Perhaps this quarter as well, you can see some lagging indicators looking good too in terms of flows in institutional.

你可以從中介的角度來看這個問題，從一開始就看看美國的中介機構，以及它如何擴展到世界其他地區的中介機構。也要從制度的角度來思考。我們清楚地看到機構的領先指標看起來很正面——大量的會議、大量的顧問討論、大量的 RFP。也許在本季度，您也可以看到一些落後指標在機構資金流方面看起來也不錯。

And we think that our strategy is bearing fruit from an organic perspective. We have seen market share continue to grow. That's been something not just this quarter, but for many, many quarters in a row. We think that will eventually lead to organic growth over time. And that's before we talk about some of the inorganic capabilities, whether it be emerging market debt that we brought on board as a team with that, whether it be Privacore as a JV, whether it be Tabula and NBK and anything else around the corner.

我們認為，從有機的角度來看，我們的策略正在取得成果。我們看到市場佔有率持續成長。這不僅是本季的情況，也是連續許多季度的情況。我們認為，隨著時間的推移，這最終將帶來有機成長。在我們討論一些無機能力之前，無論是我們作為一個團隊引入的新興市場債務，無論是作為合資企業的 Privacore，還是 Tabula 和 NBK 以及即將到來的其他任何東西。

We think that we have real progress shown and hopefully on a path to grow organically consistently over time. And we certainly hope this quarter is viewed as an example of being in the right direction.

我們認為我們已經取得了真正的進展，並希望能夠隨著時間的推移走上持續有機成長的道路。我們當然希望本季被視為朝著正確方向前進的一個例子。

I think just adding on to that a little bit again, we've talked about leveraging from the US intermediary business and obviously we've seen some really great progress there over the last couple of years on both the gross and net side of the business, but that really is coming to bear in Europe, LatAm. We're positive in just about every country now in continental Europe. We're positive in Latin America. We're positive in Asia and we're positive in Australia. So, you know, the breadth of that is starting to come through.

我想再補充一點，我們已經討論了美國中間業務的槓桿作用，顯然我們在過去幾年中看到了在業務的毛額和淨額方面取得的一些真正巨大的進步，但這確實會在歐洲和拉丁美洲產生影響。我們現在對歐洲大陸幾乎每個國家都持正面態度。我們對拉丁美洲持樂觀態度。我們對亞洲和澳洲都持正面態度。所以，你知道，它的廣度已經開始出現。

Again, we've still got a lot to work to do. This isn't going to be a linear path. But the second quarter is demonstration of the beginnings of the broadening of that flow and what we're seeing across the world. And obviously we hope to continue that over time. But like I say, it's really a linear path.

再說一次，我們還有很多工作要做。這不會是一條線性路徑。但第二季證明了這種流動的開始擴大以及我們在世界各地所看到的情況。顯然，我們希望隨著時間的推移繼續這樣做。但就像我說的，這確實是一條線性路徑。

Understood. That's helpful. And I guess just to follow up there on the distribution side, US institutional, I know it's been an area of focus for you, but obviously legacy, Janus, that has not been an area of strength. Can you talk about where you are in the maturation of that opportunity? And did you have the right team in place? You mentioned meetings and consultants. I guess if you could just put a little more context around where you are in the evolution of that channel would be helpful.

明白了。這很有幫助。我想只是為了跟進分銷方面，美國機構，我知道這是您關注的一個領域，但顯然，Janus，這並不是您的優勢領域。您能談談您在該機會的成熟過程中處於什麼階段嗎？您是否擁有合適的團隊？您提到了會議和顧問。我想如果你能多了解你在該通路發展過程中所處的位置，將會有所幫助。

Sure. Remember, we had very positive flows in 2023 in institutional globally. And we said we were going to rebuild the pipeline. That's probably 12 or 18 months ago from now. And this quarter, we had over 10 distinct fundings, as we said earlier, $100 million to $400 million pop.

當然。請記住，2023 年我們在全球機構方面實現了非常積極的流動。我們說我們要重建管道。那可能是 12 或 18 個月前的事了。正如我們之前所說，本季我們獲得了超過 10 筆不同的融資，金額在 1 億至 4 億美元之間。

I think that's demonstrating that our efforts are broadening. our institutional client base is working. Some of that is brand, some of that is obviously investment performance, some of that is client service. And importantly, it's bringing different capabilities to those institutional clients. So those fundings were in completely different capabilities, completely different investment strategies.

我認為這表明我們的努力正在擴大。我們的機構客戶群正在發揮作用。其中一些是品牌，一些是明顯的投資業績，一些是客戶服務。重要的是，它為這些機構客戶帶來了不同的能力。因此，這些資金的能力完全不同，投資策略也完全不同。

We believe also, and we're seeing, you mentioned this and we mentioned this, that the consultant relationships that we have are growing quite well as well. We're really seeing those relationships be enhanced over time and we think that will continue to drive growth. Again, perhaps not linearly, but drive growth for us. The leading indicators, as you mentioned, are good, but we're not going to count our chickens before they hatch, so to speak.

我們也相信，而且我們看到，您提到了這一點，我們也提到了這一點，我們的顧問關係也發展得很好。我們確實看到這些關係隨著時間的推移而加強，我們認為這將繼續推動成長。再說一次，也許不是線性的，但會推動我們的成長。正如您所提到的，領先指標很好，但可以這麼說，我們不會在雞孵化之前就數它們。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Siegenthaler. It's a tough one to pronounce there. Good morning, Ali, and congrats on the positive flows. So a big part of that positive flow trajectory was the fixed income business. It was seeing strong momentum. How much of that is accelerating reallocations and duration extensions, which we've been seeing more of in the industry? And then what part of that would you attribute specifically to Janus's lineup, especially with the big hit you've had with JAAA, the AAA CLO ETF continues to ramp?

西根塔勒。那裡的發音很難發音。早安，阿里，恭喜積極的流動。因此，正向流動軌跡的很大一部分是固定收益業務。它看到了強勁的勢頭。其中有多少是加速重新分配和期限延長（我們在行業中經常看到這種情況）？那麼，您將其中哪一部分具體歸因於 Janus 的陣容，尤其是在 JAAA、AAA CLO ETF 繼續上漲的情況下？

Thanks for the question. Let me disagree with that a little bit. First, from about our fixed income perspective, we clearly are seeing interest from clients looking at fixed income. I think the interest will be even greater when the curve changes its complexion and perhaps rates come down in the short term as well. We are very pleased with our fixed income business right now.

謝謝你的提問。讓我稍微不同意這一點。首先，從我們固定收益的角度來看，我們顯然看到客戶對固定收益感興趣。我認為，當曲線改變時，利息會更大，也許短期內利率也會下降。我們現在對我們的固定收益業務非常滿意。

The interesting thing is we're, at Janus Henderson, not as well known for fixed income, and we see that as a very interesting long-term opportunity for us, especially if you look at our performance. So if you think of our performance on a 1-, 3-, 5-, 10-year basis, where 88%, 72%, 83%, 92% of our AUM outperforms benchmark on that. So our performance is extraordinarily good. And we have a broad palette of opportunities for clients to take advantage of.

有趣的是，駿利亨德森的固定收益並不那麼出名，但我們認為這對我們來說是一個非常有趣的長期機會，特別是如果你看看我們的業績的話。因此，如果您考慮我們 1 年、3 年、5 年、10 年的表現，我們的 AUM 中有 88%、72%、83%、92% 的表現優於基準。所以我們的表現是非常好的。我們擁有廣泛的機會供客戶利用。

If you want income, we have multi-asset credit, we have multi-sector income. Those things are growing for us. Certainly, as you mentioned, if you want securitize, we have it in direct form to institutionals, but we also have it in ETF forms. JAAA is an example of that. Also JMBS, JSI, JBBB is growing for us as well. If you want short-term, we certainly have short-term in the US, and we have it ai ETF form. Vanilla is an example of that, or VNLA.

如果你想要收入，我們有多資產信貸，我們有多部門收入。這些東西對我們來說正在成長。當然，正如你所提到的，如果你想要證券化，我們可以直接向機構提供，但我們也可以以ETF的形式提供。JAAA 就是一個例子。JMBS、JSI、JBBB 也在為我們成長。如果你想要短期，我們在美國當然有短期，而且我們有ai ETF形式。Vanilla（VNLA）就是一個例子。

We have regional strategies, Australia, UK, US. We have emerging market debt that we talked about. So we think we're actually very well positioned for the current, and to your question, Craig, likely even more future interest in fixed income as other clients want that business.

我們有區域戰略，澳洲、英國、美國。我們討論過新興市場債。因此，我們認為我們實際上已經做好了當前的準備，對於你的問題，克雷格，未來可能會對固定收益產生更多興趣，因為其他客戶想要這項業務。

Now, beyond that from a US intermediary perspective and a growth view, we do think that we have more opportunity to bring that expertise that we have on the securitized side globally as well. But that's true for other areas of our business in fixed income too. So we feel quite positive about the momentum there.

現在，除了從美國中介機構的角度和成長的角度來看，我們確實認為我們有更多機會將我們在證券化方面擁有的專業知識帶到全球。但我們固定收益業務的其他領域也是如此。因此，我們對那裡的勢頭感到非常積極。

We think the broader industry momentum will support us as well. And given the performance, given the client service that we've brought to bear, as well as the different vehicles we can bring to our clients. Again, it might not be linear, but we think we have the right set of categories to deliver for our clients.

我們認為更廣泛的行業動能也將為我們提供支持。考慮到我們提供的性能、客戶服務以及我們可以為客戶提供的不同車輛。同樣，它可能不是線性的，但我們認為我們有正確的類別集可以為我們的客戶提供。

Thank you, Ali. Just for my follow up, how does the institutional new win and also redemption pipeline look like heading into 3Q in the second half? Are there any lumpy inflows or outflows in your radar? And also, have you been focused on adding new talent which could attract more flows into the institutional channel too?

謝謝你，阿里。我想跟進一下，下半年進入第三季的機構新贏和贖回管道看起來如何？您的雷達中是否有不穩定的流入或流出？此外，您是否一直致力於增加新人才，以吸引更多人才流入機構管道？

Let me give you the first part on the sort of pipeline. We've seen the pipeline is developing, it's doing what we said we wanted it to do. We told you that we needed to rebuild it, and we told you it would take time. That's starting to come through as you've seen this quarter, 10 fundings of $100 million to 400 million.

讓我向您介紹有關管道類型的第一部分。我們已經看到管道正在開發，它正在做我們所說的我們希望它做的事情。我們告訴過你我們需要重建它，我們告訴你這需要時間。正如您在本季看到的那樣，這種情況已經開始出現，有 10 筆 1 億至 4 億美元的融資。

We now need to repeat and repeat over time and time again. That's going to take time, as we've said. But we're seeing that the pipeline develop. And in the short run, there's nothing to tell you about that's massive, either on the in or the outside. Ali, do you want to pick up on people?

我們現在需要一次又一次地重複。正如我們所說，這需要時間。但我們看到管道正在發展。從短期來看，無論是內部或外部，都沒有什麼可以告訴你的。阿里，你想搭訕人嗎？

Yes. On the talent side, we are always looking for talent to bring to bear to that part and any part of our business. And so we're very much on the lookout for that, both from an acquisition perspective as well as from just an organic hiring perspective. So the short answer is, yes, we're always looking for account to bring on board, including that business.

是的。在人才方面，我們一直在尋找人才來承擔我們業務的該部分和任何部分。因此，無論是從收購角度還是從有機招聘角度來看，我們都非常關注這一點。所以簡短的回答是，是的，我們一直在尋找可以加入的客戶，包括這項業務。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great, thank you. Good morning. Just wanted to ask another question here just on Privacore. If this is successful looking out three to five years, what does that look like and what might the contribution to bottom line earnings at Janus be over time? How meaningful can that be?

太好了，謝謝。早安.只是想在 Privacore 上問另一個問題。如果這在三到五年內是成功的，那會是什麼樣子？這能有多大意義呢？

Thanks, Michael. So it's difficult to say what the end contribution will be and the opportunity set that will accrue to Janus Henderson. We can think very broadly, obviously, about what's going on in the industry. And what we're finding over and over and over again, as I mentioned a moment ago, is that there is this clear need in the market for more and more investment people in the alternatives world. to reach the wealth channels. And Privacore sits right at the nexus of that democratization, again, being an open architecture, best in class selection and product creator for those alternatives delivering to wealth.

謝謝，麥可。因此，很難說最終的貢獻是什麼，以及詹納斯·亨德森將獲得什麼機會。顯然，我們可以非常廣泛地思考該行業正在發生的事情。正如我剛才提到的，我們一再發現，市場明顯需要越來越多的另類投資人。到達財富通道。Privacore 再次處於民主化的核心，它是一個開放的架構，為那些創造財富的替代方案提供一流的選擇和產品創造者。

Right now in the wealth channel, alternatives are nominal, call it less than 5% of exposure to clients, the end clients, and people target something like 15% to 20% of that exposure going to alternatives. That in and of itself is trillions and trillions of dollars. I've heard some of our peers, competitors talk about $80 trillion opportunity on a global basis and several trillion dollars in the US.

目前在財富管道中，另類投資是名義上的，稱其為不到客戶（最終客戶）敞口的 5%，而人們的目標是將 15% 到 20% 的敞口轉向另類投資。這本身就是數萬億美元。我聽我們的一些同行、競爭對手談到全球有 80 兆美元的機會，在美國有幾萬億美元的機會。

When you get the numbers like that, it's big. We would love to be a part of that. We think Privacore is clearly putting our best foot forward in terms of becoming a real part of that. And not just a part of it, but driving success in that industry and that industry change. So it could be big. We'd like it to be big. We're getting your support, Privacore to be big. And the proof points so far, as Roger went through a moment ago, seem like we're on the right track with Privacore. So it's difficult to put some numbers around it, given you're talking about such big TAMs. But we're certainly in the mix and want to continue to do so with Privacore.

當你得到這樣的數字時，它就很大了。我們很樂意成為其中的一部分。我們認為 Privacore 顯然正在盡最大努力成為其中的真正一部分。不僅僅是其中的一部分，而是推動該行業的成功和行業變革。所以它可能很大。我們希望它很大。我們將得到您的支持，讓 Privacore 變得更大。到目前為止，正如 Roger 剛才所經歷的，我們與 Privacore 的合作似乎走在正確的軌道上。因此，鑑於您談論的是如此大的 TAM，因此很難給出一些數字。但我們確實參與其中，並希望繼續與 Privacore 合作。

Okay, great. And then just a follow-up question around capital allocation and balance sheet. Clearly, strong balance sheet, net cash position presents a lot of optionality for you. I guess, how do you think over time how to optimize usage of the balance sheet? Is the particular leverage targeted or thinking about that over time as you look to sort of optimize and operate that in the most efficient way possible for the firm? And then more broadly, how should we be thinking about the pace by facts over the next remainder of the year into next year as well?

好的，太好了。然後是關於資本配置和資產負債表的後續問題。顯然，強勁的資產負債表和淨現金部位為您提供了許多選擇。我想，隨著時間的推移，您如何看待如何優化資產負債表的使用？當您希望以公司最有效的方式優化和運作槓桿時，特定的槓桿是否有針對性或隨著時間的推移而考慮？然後更廣泛地說，我們應該如何根據事實來考慮今年剩餘時間和明年的步伐？

Thank you. Thanks Mike. It's Roger. Yeah, I think our capital profile allows us to invest in the business. That's the most important thing, both organically and inorganically, as well as return capital to shareholders. And we showed that in the first half of '24. Our dividend is at the upper end of peer yield. The buyback is something that has been pretty consistent. We've bought back over 20% of shares over the last few years. So we've shown that that is something that we're committed to. The buyback has got about another $150 million to go.

謝謝。謝謝邁克。是羅傑。是的，我認為我們的資本狀況使我們能夠投資這項業務。這是最重要的事情，無論是有機的還是無機的，以及向股東返還資本。我們在 24 年上半年就證明了這一點。我們的股息處於同業收益率的上限。回購是相當一致的。過去幾年我們回購了超過 20% 的股份。所以我們已經表明這是我們所致力於的事情。此次回購還剩約 1.5 億美元。

As we currently stand, we'd expect to complete that. And then, yes, so our capital philosophy is unchanged. You know, we will maintain capital for regulatory needs. We will invest in the business, whether that be through seed capital, through organic growth or inorganic things, and then we will return capital to the shareholders on top of that. So nothing has changed there, and you would expect us to complete the buyback.

就我們目前的情況而言，我們希望能夠完成這項任務。然後，是的，所以我們的資本理念沒有改變。你知道，我們將維持資本以滿足監管需求。我們將投資於業務，無論是透過種子資本、有機成長或無機成長，然後我們將資本回饋給股東。所以那裡沒有任何變化，你會期望我們完成回購。

John Dunn, Evercore.

約翰鄧恩，Evercore。

Thank you. I wanted to check in on the balance fund. It's now been two quarters of improved performance. In the past, how long has it taken for improved performance to show up in inflows in that fund?

謝謝。我想查一下餘額基金。現在已經有兩個季度業績有所改善。過去，該基金的績效改善需要多長時間才能體現在資金流入上？

Thanks, John. Thanks for noticing that. The balance fund is really one of our strongest and stalwart funds that we have at the firm. It's run by great investment managers and it really is a testament to our broad skillset because we're extraordinarily strong in the equity side, as you know. And to what I was saying before a moment ago, kind of an unfounded jewel of ours is the fixed income business given the performance. and you put that together in a balance fund, on something that we've been doing for decades and decades, that's a testament to, and a driver to the success that we've had there.

謝謝，約翰。感謝您注意到這一點。平衡基金確實是我們公司最強大、最堅定的基金之一。它由優秀的投資經理管理，這確實證明了我們廣泛的技能，因為如您所知，我們在股票方面非常強大。對於我剛才所說的，考慮到固定收益業務的表現，我們的固定收益業務有點毫無根據。你把這些資金放在平衡基金中，用於我們幾十年來一直在做的事情，這是我們成功的證明和動力。

But in this marketplace where people are interested in looking at the equity markets that want to still have a ballast of something that's more, I guess, stable from a fixed income perspective, and fixed income is delivering a return given the cost of capital and the yield is where it is, a balance seems to be coming quite interesting for our client base.

但在這個市場上，人們對關注股票市場感興趣，他們希望仍然擁有一些更穩定的東西，我想，從固定收益的角度來看，固定收益正在帶來回報，考慮到資本成本和收益率就在那裡，平衡似乎對我們的客戶群來說非常有趣。

Now you couple that interest with, as exactly as you mentioned, sorry to say this, ridiculously strong performance over many number of years from both fixed income and equities team, we were seeing a lot of interest in the balanced fund for us. We believe subscale in that business. And we believe we deliver extraordinarily good client value by being in that fund. So you're right, we're seeing improvements. I don't know if I have a great kind of exact number about the timing. It's not overnight, but over time, performance like we've delivered consistently over a very long period of time, accessibility of the portfolio managers, broader client service does deliver improved flow performance for balance.

現在，正如您所提到的，將這種興趣與固定收益和股票團隊多年來的令人難以置信的強勁表現結合起來，我們看到對我們的平衡基金有很多興趣。我們相信該業務的規模化。我們相信，透過加入基金，我們可以提供非常好的客戶價值。所以你是對的，我們看到了改進。我不知道我是否有關於時間的確切數字。這不是一朝一夕的事情，而是隨著時間的推移，我們在很長一段時間內始終如一地提供的績效、投資組合經理的可訪問性、更廣泛的客戶服務確實改善了流程績效以實現平衡。

And just while Ali's been talking, I've been desperately trying to look back at previous quarters. And, you know, we've seen the -- the outflow is improving. Sorry, yeah, the outflow is improving. It's getting smaller. It's got smaller this quarter over last quarter. That's better than it was. And last quarter was better than the quarter before. We've also got -- we're also seeing some new interest. You know, we've got a great new client in Japan that have just started, just launched that we've already raised a couple of $100 million in Japan in a month or so. So yes, it's an improving trend. We all know there's a bit of a lag between performance and flow. It isn't, I guess, a formula, but we're seeing the improvement and we're also seeing new clients investing in the strategy, which is great to see.

就在阿里說話的時候，我一直在拼命回顧前幾季。而且，你知道，我們已經看到資金外流正在改善。抱歉，是的，資金外流正在改善。越來越小了。本季比上季度有所縮小。這比以前好多了。上個季度比上個季度好。我們也看到了一些新的興趣。你知道，我們在日本有一個很棒的新客戶，剛開始，剛剛推出，我們已經在一個月左右的時間內在日本籌集了 1 億美元。所以是的，這是一個改善的趨勢。我們都知道效能和流量之間存在一些滯後。我想，這不是一個公式，但我們看到了改進，我們也看到新客戶投資於該策略，這是很高興看到的。

Got it. And then could you give us a little more color on what specific products are driving the improvement in the LatAm intermediary?

知道了。那麼您能否向我們詳細介紹哪些具體產品正在推動拉丁美洲中介機構的改進？

Let me start and I'll hand over to Roger to go through it. We are clearly seeing the expansion of some experience that we have in the US intermediary flowing into EMEA and LatAm. We're taking the learnings, whether it be about making sure we have the right product set, make sure we have the right people, incentivizing people for growth, ensuring that we are promoting and marketing the products quite strongly. We have a story to tell. That's very clear, both on the investment side and the firm side. And then really importantly, ensuring we have productivity at the right level. That's not just the number of meetings, that's the right number of meetings and really using data behind that.

讓我開始吧，我將把它交給羅傑來完成。我們清楚地看到我們在美國中介機構的一些經驗正在擴展到歐洲、中東和非洲和拉丁美洲。我們正在吸取教訓，無論是確保我們擁有合適的產品集，確保我們擁有合適的人員，激勵人們成長，還是確保我們大力推廣和行銷產品。我們有一個故事要說。無論是在投資方面還是在公司方面，這一點都非常明確。然後非常重要的是，確保我們的生產力處於適當的水平。這不僅僅是會議的數量，而是正確的會議數量以及真正使用背後的數據。

So we're using a lot of those same concepts that we used in the US channels to bring it over to EMEA and LatAm. Remember, we talked about that and it seems like it's playing out. Now, in EMEA, we've talked about the UK being a place we continue to have to work on, as opposed to continental, where things are looking significantly better.

因此，我們使用了許多與美國通路相同的概念，將其帶到歐洲、中東和非洲和拉丁美洲。請記住，我們討論過這個問題，而且看起來它正在上演。現在，在歐洲、中東和非洲，我們談到了英國是我們繼續努力的地方，而不是歐洲大陸，那裡的情況看起來明顯更好。

We hope that that continues to deliver as well. Expanding beyond that, Middle East looks like there's some real progress going on there. And then Latin America, particularly with some of our investments in Mexico, from a regional perspective, things look strong. Broadly speaking, and I'll hand it over to Roger, it's been the strength of things like balance from your question earlier, but also our European equities platform has been extraordinarily strong. Our fixed income platform looks quite good. And all this even before we bring Tabula squarely online to grow that business. Roger, you can give more comments.

我們希望這也能繼續發揮作用。除此之外，中東似乎正在取得一些真正的進展。然後拉丁美洲，特別是我們在墨西哥的一些投資，從區域角度來看，情況看起來很強勁。從廣義上講，我將把它交給羅傑，這是你之前問題中的平衡等因素的力量，而且我們的歐洲股票平台也非常強大。我們的固定收益平台看起來相當不錯。而這一切甚至在我們將 Tabula 完全上線以發展業務之前就已經完成了。羅傑，你可以多提意見。

No, I think you've covered most of it. It's great to see European equity, which is the area where we have fantastic teams and fantastic performance being in inflow. We're taking market share there. So it's really great to see flow into European equity in a number of different strategies, both large cap and small cap, but also thematics, global technology, for example, and some sustainable equity products. So it's pretty broad brush, but like I say, particularly pleasing to see European equity seeing such strong flows. Also absolute return seeing flows as well for the first time in a while. So pleasing there.

不，我想你已經涵蓋了大部分內容。很高興看到歐洲股市，在這個領域我們擁有出色的團隊和出色的表現正在流入。我們正在那裡搶佔市場份額。因此，很高興看到資金以多種不同的策略流入歐洲股市，包括大盤股和小型股，還有主題、全球技術和一些永續股票產品。所以這是相當廣泛的，但就像我說的，特別高興看到歐洲股市看到如此強勁的資金流動。絕對回報率也在一段時間內首次出現流動。那裡很令人愉快。

Adam Beatty, UBS. Your line is now open.

瑞銀集團的亞當比提。您的線路現已開通。

Thank you and good morning. First, just a quick follow up on the institutional channel. It looks like the redemptions have pretty much stabilized there and the swing factor is really improving gross sales, which you mentioned some progress on. So just wondering, on the redemption side, do you feel there's still some opportunity there or? are we kind of at a run rate level given the improved performance and what-have-you. Thank you.

謝謝你，早安。首先，只是在機構管道上進行快速跟進。看起來贖回基本上已經穩定，波動因素確實在改善銷售，你提到了一些進展。所以我想知道，在救贖方面，你覺得還有機會嗎？考慮到效能的提升和您所擁有的，我們是否達到了運行率水準？謝謝。

Hey, Adam, thanks for the question. Look, it is very tough to tell. A lot of what happens in the institutional world is reallocations among asset classes, and you kind of get the downstream effects of that. What I will say is that the investment performance is obviously something institutional investors look to first and foremost when they look at reallocating. And our investment performance, as you know, is consistently quite strong. We don't really know what's going to happen. We don't see anything on the horizon at this point, but our investment performance certainly is a protection to that.

嘿，亞當，謝謝你的提問。你看，這很難說。機構世界中發生的許多事情都是資產類別之間的重新分配，你會得到它的下游影響。我要說的是，投資績效顯然是機構投資人在考慮重新配置時首先關注的問題。如您所知，我們的投資表現始終非常強勁。我們真的不知道會發生什麼事。目前我們還沒有看到任何進展，但我們的投資表現無疑是對此的保護。

Appreciate that, Ali, thank you. And then finally, just on -- a lot of your peers talk about solutions and managed accounts as kind of a way of bringing the range of products toward the end client. So just wanted to get your thoughts on where Janus stands there, where it ranks in your priority stack, and what the next steps might be.

很感激，阿里，謝謝你。最後，許多同行都在談論解決方案和管理帳戶，將其視為將一系列產品推向最終客戶的一種方式。所以只是想了解一下您對 Janus 的看法，它在您的優先堆疊中的排名以及下一步可能是什麼。

I think the industry is certainly looking more and more at outcome orientation as opposed to specific strategies. There's still a real place for those specific strategies and we have a lot of those. But we are actually facing off to our clients as providing solutions to their problems. That's about our client service lens that we bring to bear and bringing the whole firm to deliver on a client's needs. Within that, solutions and manage solutions is certainly something that we're seeing more interest in. And it is a very high priority for us. In fact, it's a part of our strategy.

我認為該行業肯定越來越注重結果導向，而不是具體策略。這些具體策略仍然有其實際用途，而且我們有許多這樣的策略。但我們實際上是在為客戶的問題提供解決方案。這就是我們所運用的客戶服務視角，並讓整個公司滿足客戶的需求。其中，解決方案和管理解決方案肯定是我們更感興趣的。這對我們來說是一個非常重要的優先事項。事實上，這是我們戰略的一部分。

It fits under the Amplify bucket of our strategy. And we've pulled together a team that does solutions for us. Interestingly, we had pockets of it across the firm, and we brought that together under a great leader and a great team to drive the solutions business for us. We are still, to be fair, nascent. We could certainly go bigger in that area. It's something that we plan to invest in organically and hopefully in organically as well to grow that and deliver our client needs.

它符合我們策略的「放大」類別。我們組建了一個團隊來為我們提供解決方案。有趣的是，我們在整個公司都有它的一部分，我們將其聚集在一位偉大的領導者和一支偉大的團隊的領導下，為我們推動解決方案業務。公平地說，我們仍然處於新生階段。我們當然可以在該領域做得更大。這是我們計劃有機投資的東西，希望也能夠有機地投資，以實現成長並滿足我們的客戶需求。

Very much to your point, Adam, it is what clients are looking for and we are very focused, obviously, as you know, on being client-led. Solutions is something that we believe we can bring to bear. We have a broad base of skill sets to funnel into those solutions and so we are very attractive for our clients. We just have to build that kind of nexus of solution to be able to, the skill sets and quantitative skill sets, to be able to deliver that for our clients. So yes, it is something we're very, very keenly looking at.

亞當，這非常符合你的觀點，這就是客戶正在尋找的東西，顯然，正如你所知，我們非常專注於以客戶為主導。解決方案是我們相信我們能夠實現的東西。我們擁有廣泛的技能基礎可以融入這些解決方案，因此我們對客戶非常有吸引力。我們只需要建立這種解決方案的聯繫，就能夠為我們的客戶提供技能集和定量技能集。所以，是的，這是我們非常非常熱切關注的事情。

There are no other questions registered, so I'll pass the conference back over to Ali for closing remarks.

沒有其他問題登記，所以我將把會議轉回阿里進行閉幕致詞。

Okay. Thanks, Megan. I want to thank, most importantly, each and every employee at Janus Henderson, whether they are investments or client service or an IT operations, then legal and compliance and risk and finance, human capital, all of our teammates at Janus Henderson, without whom we certainly could not have delivered these results and could not have continued to be on the right trajectory here.

好的。謝謝，梅根。最重要的是，我要感謝駿利亨德森的每一位員工，無論他們是投資、客戶服務還是IT 運營，然後是法律、合規、風險和財務、人力資本，以及我們在駿利亨德森的所有隊友，沒有他們我們當然不可能取得這些成果，也不可能繼續走在正確的軌道上。

The hard work that everybody is delivering and living our values and executing our strategy, we hope continues to deliver for our clients and their clients, our shareholders, our employees, and all of our stakeholders. So thanks for listening to this call and bye for now.

每個人都在努力工作，實踐我們的價值觀並執行我們的策略，我們希望繼續為我們的客戶及其客戶、我們的股東、我們的員工和我們所有的利害關係人提供服務。感謝您收聽此電話，現在再見。

That concludes today's conference call. Thank you for your participation. I hope you have a wonderful rest of your day. you

今天的電話會議到此結束。感謝您的參與。我希望您度過愉快的一天。你