Janus Henderson Group PLC (JHG) 2025 Q1 法說會逐字稿

Welcome everyne. The Janus Henderson's first quarter 2025 earnings call will begin shortly. (Operator instructions) Good morning. My name is Lucy, and I will be your conference facilitator today. Thank you for standing by, and welcome to the Janus Henderson Group first-quarter 2025 results briefing.(Operator instructions).

歡迎大家。Janus Henderson 2025 年第一季財報電話會議即將開始。（操作員指示）早安。我叫露西，今天我將擔任你們的會議主持人。感謝您的支持，歡迎參加駿利亨德森集團2025年第一季業績發表會。 （操作員指示）。

In today's conference call, certain matters discussed may constitute forward-looking statements. Actual results could differ materially from those projected 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 with the SEC. Janus Henderson assumes no obligation to update any forward-looking statements made during the call.

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，包括但不限於公司最新的 10-K 表格和最近向美國證券交易委員會提交的其他文件中的前瞻性聲明和風險因素部分中所述的因素，實際結果可能與前瞻性聲明中預測的結果存在重大差異。Janus Henderson 不承擔更新電話會議期間所作任何前瞻性陳述的義務。

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

謝謝。現在我很高興介紹 Janus Henderson 執行長 Ali Dibadj。迪巴吉先生，您可以開始您的會議了。

Welcome, everyone, and thank you for joining us today on Janus Henderson's first-quarter 2025 earnings call. I'm Ali Dibadj, and I'm joined by our CFO, Roger Thompson.

歡迎大家，感謝您今天參加 Janus Henderson 2025 年第一季財報電話會議。我是 Ali Dibadj，和我們一起出席的還有我們的財務長 Roger Thompson。

In today's call, I'll start with some thoughts on the quarter before handing over to Roger to run through quarterly results in more detail. After Roger's comments, I'll provide an update on our strategic progress, including our recently announced multifaceted strategic partnership with the Guardian Life Insurance Company, which we are excited about and believe will deliver value for our clients and shareholders and Guardian and its policyholders. And then I'll take your questions following those prepared remarks.

在今天的電話會議中，我將首先談談對本季的一些想法，然後交給羅傑更詳細地介紹季度業績。在羅傑發表評論之後，我將介紹我們的策略進展，包括我們最近宣布的與衛報人壽保險公司的多方面戰略合作夥伴關係，我們對此感到非常興奮，並相信這將為我們的客戶和股東以及衛報及其保單持有人帶來價值。然後，我將根據準備好的發言回答大家的提問。

Turning to slide 2. Market conditions continue to be tumultuous as changing monetary and fiscal policies, US recession fears and global trade uncertainty dampened investor sentiment. While Janus Henderson is not immune to the current market conditions, we believe we can navigate this period of market uncertainty given our truly global footprint.

翻到幻燈片 2。由於貨幣和財政政策的變化、對美國經濟衰退的擔憂以及全球貿易的不確定性抑制了投資者情緒，市場狀況持續動盪。儘管駿利亨德森無法免受當前市場狀況的影響，但我們相信，鑑於我們真正的全球影響力，我們可以渡過這段市場不確定時期。

We have a diverse and global client base, which we are proactively engaging and supporting. It's during challenging times like these our clients and their clients need our differentiated insights, investment discipline and world-class service the most.

我們擁有多元化的全球客戶群，我們正積極地與他們互動並提供支援。正是在這樣的充滿挑戰的時期，我們的客戶及其客戶最需要我們差異化的見解、投資紀律和世界級的服務。

Turning to the first quarter. Even amidst these significant market challenges, we were resilient and able to deliver a good set of results. Assets under management decreased only 1% to $373.2 billion as market declines were partially offset by $2 billion of positive net flows and favorable currency adjustments due to a weakening US dollar.

轉向第一季。即使面臨這些重大的市場挑戰，我們仍然堅韌不拔，並取得了一系列良好的表現。由於市場下滑被 20 億美元的正淨流量和美元疲軟帶來的有利的貨幣調整部分抵消，管理資產僅下降 1% 至 3,732 億美元。

We delivered our fourth consecutive quarter of positive net flows. The net inflow results reflect a 44% increase in year-over-year gross sales, positive net flows again in both of our intermediary and institutional channels, and we continue to maintain and capture market share in several key intermediary markets. As we stated previously, delivering positive active flows is a key differentiator for Janus Henderson in an industry with well-documented active flow headwinds.

我們連續第四個季度實現了正淨流量。淨流入結果反映總銷售額年增 44%，我們的中介和機構通路再次出現正淨流入，我們繼續在幾個主要中介市場維持並佔據市場份額。正如我們之前所說，在存在大量活躍流量逆風的行業中，提供積極的活躍流量是 Janus Henderson 的關鍵差異化因素。

Turning to investment performance. Despite some short-term volatility which often happens in the industry amidst a fast market dislocation, our long-term investment performance is solid, with at least 65% of assets beating respective benchmarks on a 3-, 5- and 10-year basis. Against peers, investment performance is even stronger, with over 70% of AUM in the top two Morningstar quartiles over all time periods.

談到投資績效。儘管在市場快速混亂的情況下，行業中經常會出現一些短期波動，但我們的長期投資績效穩健，至少有 65% 的資產在 3 年、5 年和 10 年期內超過了相應的基準。與同業相比，投資績效更為強勁，在所有時間段內，超過 70% 的 AUM 均位於晨星的前兩個四分位數。

The current market dislocation, while challenging, presents unique opportunities. Tides will not lift all boats, and active asset management is critical. In situations such as this, our investment professionals are seeing opportunities to invest in high-quality, innovative and/or undervalued stocks, bonds and other securities to deliver for our clients. We have always had a focus on quality, and that quality theme is as important now as ever.

當前的市場混亂雖然充滿挑戰，但也帶來了獨特的機會。水流不會淹沒所有船隻，積極的資產管理至關重要。在這種情況下，我們的投資專家看到了投資高品質、創新和/或被低估的股票、債券和其他證券的機會，以便為我們的客戶提供服務。我們始終注重質量，現在品質主題仍然和以往一樣重要。

Moving to our financial results, which remains solid. Adjusted diluted EPS of $0.79 is an 11% increase compared to the first quarter of 2024. Our financial performance and strong balance sheet continues to provide us the flexibility to invest in the business, both organically and inorganically, and return cash to shareholders.

我們的財務表現依然穩健。調整後稀釋每股收益為 0.79 美元，與 2024 年第一季相比成長 11%。我們的財務表現和強勁的資產負債表繼續為我們提供靈活性，以有機和無機方式投資業務，並向股東返還現金。

Today, we announced a 3% increase to the quarterly dividend and a new Board-approved share buyback authorization of up to $200 million through April 2026. We also see many asset managers out there looking for a safer harbor to pull into, and thus, we remain active and disciplined in M&A as well.

今天，我們宣布將季度股息提高 3%，並經董事會批准，授權至 2026 年 4 月回購高達 2 億美元的股票。我們也看到許多資產管理者正在尋找更安全的港灣，因此，我們在併購方面也保持活躍和自律。

In summary, our net flows are positive. Our long-term investment performance is solid. We continue to execute our strategy. Financial results are good. We continue to be disciplined and ROI focused on expenses. We have a strong and stable balance sheet, and our truly global footprint positions us well for the future and provides a strong foundation to navigate periods of market uncertainty.

綜上所述，我們的淨流量是正的。我們的長期投資績效穩健。我們繼續執行我們的戰略。財務業績良好。我們將繼續嚴格遵守規定，並將投資報酬率重點放在費用上。我們擁有強大而穩定的資產負債表，我們真正的全球影響力為我們的未來做好了準備，並為應對市場不確定時期奠定了堅實的基礎。

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

現在我將把電話轉給羅傑，讓他向您介紹財務結果的詳細資訊。

Thanks, Ali, and thank you, everyone, for joining us on today's call. Starting on slide 3 and investment performance. As Ali mentioned, despite some short-term volatility, our medium- and long-term investment performance versus benchmark remains solid, with at least 65% of AUM beating their respective benchmarks over the 3-, 5- and 10-year time periods. Overall investment compared to peers continues to be competitively strong, with at least 70% of AUM in the top two Morningstar quartiles over all time periods presented.

謝謝阿里，也謝謝大家參加今天的電話會議。從投影片 3 開始介紹投資績效。正如阿里所提到的，儘管存在一些短期波動，但我們的中長期投資績效相對於基準依然穩健，在 3 年、5 年和 10 年期間，至少有 65% 的 AUM 超過了各自的基準。與同業相比，整體投資持續保持強勁競爭力，在所有時間段內，至少 70% 的 AUM 位於晨星前兩個四分位數。

Active management in portfolios is essential during times of disruption, times such as these. And our over 350 investment professionals are intensely focused on differentiating between the good and the bad companies, separating the wheat from the chaff and positioning us to deliver the best possible investment outcomes for our clients and their clients over the long term.

在這樣的混亂時期，積極管理投資組合至關重要。我們擁有超過 350 名投資專家，致力於區分好公司和壞公司，去偽存真，為我們的客戶及其客戶提供長期最佳的投資結果。

Slide 4 shows total company flows by quarter. Net inflows for the quarter were $2 billion compared to net inflows of $3.3 billion last quarter and a significant improvement over net outflows of $3 billion a year ago. The year-over-year improvement was primarily driven by a 44% increase in gross sales and marked the best quarterly gross sales result in over four years.

幻燈片 4 顯示了按季度劃分的公司總流量。本季淨流入為 20 億美元，而上一季淨流入為 33 億美元，與去年同期 30 億美元的淨流出相比有顯著改善。年比成長主要得益於總銷售額成長 44%，這是四年來最好的季度總銷售額業績。

The increase in gross sales compared to the prior year is across a broad range of regions and strategies, including ETFs, absolute return on equity, our biotech hedge fund, US mid-cap growth, balanced, global small cap, multi-sector credit and asset-backed securities.

與去年相比，總銷售額的成長涵蓋了廣泛的地區和策略，包括 ETF、絕對股本回報率、我們的生物技術對沖基金、美國中型成長股、平衡股、全球小型股、多行業信貸和資產支持證券。

Turning to slide 5 and flows by client type. Please note that beginning in the first quarter of 2025, ETF gross flow activity is reflected in the applicable client type that generated the activity. Access to improved data transparency enabled us to make this change. For periods prior to 2025, all ETF flow activity is shown in the intermediary channel.

翻到投影片 5 並依客戶類型進行流動。請注意，從 2025 年第一季開始，ETF 總流量活動反映在產生該活動的適用客戶類型中。獲得改進的數據透明度使我們能夠做出這項改變。對於 2025 年之前的時期，所有 ETF 流動活動都顯示在中間通道中。

This change better illustrates the wide range of clients investing in our suite of active ETFs from supermarket clients in the self-directed channel, advised clients and model portfolios within intermediary and larger sophisticated clients within our institutional channel.

這項變更更說明了投資我們主動型 ETF 套件的客戶範圍十分廣泛，包括自主導向管道中的超市客戶、建議客戶和中級模型投資組合以及機構管道中的大型成熟客戶。

The intermediary channel net flows were positive $1.5 billion. In the first quarter, the US and Asia Pacific region experienced net inflows, with net outflows in EMEA. In the US, net flows were positive for the seventh consecutive quarter. Several strategies contributed to the net inflows in the first quarter, including most of the active ETFs, multisector credit and US mid-cap growth. US intermediary is a key initiative under our Protect & Grow strategic pillar, and we're pleased that we've delivered net inflows in the first quarter and are gaining market share against a challenging market backdrop.

中間渠道淨流入為正15億美元。一季度，美國、亞太地區呈現淨流入，EMEA地區呈現淨流出。在美國，淨流入連續第七個季度為正。第一季的淨流入得益於多種策略，其中包括大多數主動型 ETF、多產業信貸和美國中型股成長。美國中介機構是我們「保護與成長」策略支柱下的一項重要舉措，我們很高興在第一季實現了淨流入，並在充滿挑戰的市場背景下獲得了市場份額。

Under our Amplify strategic pillar, we've talked about amplifying our investments and client service strengths using various means, including vehicles through which we deliver our products. In addition to ETF flows into CITs and hedge funds in this channel were positive in the first quarter.

在我們的擴大策略支柱下，我們討論了使用各種方式來擴大我們的投資和客戶服務優勢，包括我們交付產品的工具。此外，第一季流入 CIT 和對沖基金的 ETF 資金也為正。

In APAC intermediary, net flows were positive for the third consecutive quarter and the best intermediary net flow result in the region in over three years. Net inflows in this channel demonstrate our truly global investment capabilities, which included global technology leaders managed by our Edinburgh team, tactical fixed income managed by our Melbourne team and the balanced strategy managed out of our Denver office.

亞太地區中介機構淨流量連續第三個季度為正，創下該地區三年多來最佳中介機構淨流量成績。該管道的淨流入體現了我們真正的全球投資能力，其中包括由愛丁堡團隊管理的全球技術領導者、由墨爾本團隊管理的戰術固定收益以及由丹佛辦事處管理的平衡策略。

Institutional net inflows were $800 million compared to net inflows of $900 million in the prior quarter. Institutional net flows include $600 million of ETF net inflows. We're pleased to see increased interest and utilization of our high-quality, highly liquid and stable securitized fixed income ETFs from institutional clients.

機構淨流入為 8 億美元，而上一季淨流入為 9 億美元。機構淨流量包括 6 億美元的 ETF 淨流入。我們很高興看到機構客戶對我們高品質、高流動性和穩定的證券化固定收益 ETF 的興趣和使用率不斷增加。

Elsewhere, we're continuing to work to create a sustainable pipeline, and we're encouraged by the leading indicators and the increasing number of opportunities across all of our regions. Our pipeline is growing and is starting to mature, but there's still much more to do.

在其他方面，我們正在繼續努力創建可持續發展的管道，領先指標和所有地區不斷增加的機會令我們感到鼓舞。我們的管道正在不斷增長並開始成熟，但仍有許多工作要做。

Net outflows for the self-directed channel, which includes direct and supermarket investors were $300 million. The first quarter includes approximately $700 million of ETF net inflows from our supermarket clients. Excluding ETFs, self-directed net outflows were roughly flat to the prior quarter and the prior year. It's good to see self-directed clients taking advantage of the opportunity to invest directly in our ETFs.

包括直接投資者和超市投資者在內的自營管道淨流出資金為 3 億美元。第一季度，來自我們超市客戶的ETF淨流入約為7億美元。不包括ETF，自主管理淨流出與上一季及上年度基本持平。很高興看到自主客戶利用機會直接投資我們的 ETF。

Slide 6 shows flows in the quarter by capability. Equity flows were negative $4.2 billion. A challenging environment for active equities was exacerbated during the quarter with the market dislocation and risk-off sentiment. First quarter net inflows for fixed income were $5.6 billion compared to $5.2 billion of net inflows in the prior quarter. Several strategies contributed to the positive fixed income flows.

投影片 6 顯示了本季按能力劃分的流量。股權流動為負 42 億美元。本季度，由於市場混亂和避險情緒，活躍股票市場面臨的挑戰進一步加劇。第一季固定淨收益流入為 56 億美元，而上一季淨流入為 52 億美元。有多種策略促成了固定收益流入的正成長。

Active fixed income ETFs delivered strong positive flows of $5.7 billion in the quarter, led by flows in JAAA. Other strategies contributing to positive flows were multi-sector credit, asset-backed securities and Australian fixed income.

本季度，主動固定收益 ETF 實現了 57 億美元的強勁正流入，其中 JAAA 的流入最為強勁。其他促成正向資金流動的策略包括多部門信貸、資產支持證券和澳洲固定收益。

Net outflows in the multi-asset capability was $600 million, primarily due to net outflows in the balanced strategy. Despite net outflows in aggregate for balanced, several regions were net positive, including EMEA, Latin America and Asia Pacific. And finally, net inflows in the alternatives capability were $1.2 billion, driven primarily by absolute return equity and pulled hedge funds.

多資產能力的淨流出為 6 億美元，主要由於平衡策略的淨流出。儘管整體而言，平衡狀態下的資金淨流出量為正值，但包括歐洲、中東和非洲地區、拉丁美洲和亞太地區在內的幾個地區仍為淨正值。最後，另類投資的淨流入為 12 億美元，主要受絕對回報股票和避險基金的推動。

Moving on to the financials. Slide 7 is our US GAAP statement of income.

繼續討論財務問題。投影片 7 是我們的美國 GAAP 損益表。

And on slide 8, we explain the adjusted financial results. Adjusted operating results are lower compared to the prior quarter, primarily due to the significant annual performance fees realized in the fourth quarter of '24. More relevantly, compared to the first quarter a year ago, operating income and EPS are up 22% and up 11%, respectively, as a result of higher average AUM and operating leverage and improved three-year investment performance, leading to better mutual fund performance fees.

在第 8 張投影片上，我們解釋了調整後的財務結果。調整後的經營業績與上一季相比有所下降，主要原因是 24 年第四季實現了巨額年度績效費用。更切題的是，與去年同期第一季相比，由於平均資產管理規模 (AUM) 和營運槓桿增加以及三年投資業績改善，導致共同基金績效費更高，營業收入和每股收益分別增長 22% 和 11%。

Looking at the detail. Adjusted revenue decreased 14% compared to the prior quarter, primarily due to those lower seasonal performance fees and increased 14% compared to the prior year primarily due to higher management fees on our average AUM and the improved US mutual fund performance fees.

看細節。調整後收入與上一季相比下降了 14%，主要原因是季節性績效費較低；與上一季度相比增長了 14%，主要原因是平均 AUM 的管理費增加以及美國共同基金績效費提高。

Net management fee margin remained relatively stable at 48.5 basis points, which remains a differentiator for Janus Henderson. I want to remind you that as part of the announced strategic partnership with Guardian, Janus Henderson will manage the $45 billion investment-grade public fixed income portfolio for Guardian's general account, and we expect that our aggregate net management fee rate will be approximately 5 to 6 basis points lower once the assets are fully onboarded, which is expected to be at the end of the second quarter.

淨管理費利潤率保持相對穩定，為 48.5 個基點，這仍然是駿利亨德森的差異化優勢。我想提醒您，作為與 Guardian 宣布的戰略合作夥伴關係的一部分，Janus Henderson 將為 Guardian 的一般帳戶管理 450 億美元的投資級公共固定收益投資組合，我們預計，一旦資產完全到位，我們的總淨管理費率將降低約 5 至 6 個基點，預計將在第二季度末完成。

First quarter performance fees of negative $4 million primarily consists of US mutual fund performance fees. Whilst negative, US mutual fund performance fees have improved significantly compared to the negative $13 million a year ago.

第一季的績效費為負 400 萬美元，主要包括美國共同基金績效費。儘管美國共同基金績效費為負，但與一年前負的 1,300 萬美元相比已有顯著改善。

Continuing on to expenses. Adjusted operating expenses for the first quarter decreased 9% to $330 million compared to the prior quarter. Adjusted employee compensation expense, which includes fixed and variable costs was down 13% compared to the prior quarter, primarily from incentive compensation on higher revenues in the fourth quarter of '24.

繼續討論開支。第一季調整後的營運費用與上一季相比下降 9% 至 3.3 億美元。調整後的員工薪資支出（包括固定成本和變動成本）與上一季相比下降了 13%，主要來自 24 年第四季收入增加帶來的激勵薪酬。

Adjusted LTI increased 21% compared to the prior quarter, largely due to seasonal payroll taxes triggered by annual vestings in the quarter. In the Appendix, we've provided the usual table on the expected future amortization of existing grants for you to use in your models.

調整後的 LTI 與上一季相比增加了 21%，這主要是由於本季度年度歸屬引發的季節性工資稅。在附錄中，我們提供了現有補助金預期未來攤銷的常用表格，供您在模型中使用。

The first quarter adjusted comp to revenue ratio was seasonally higher at 45.8%, which is down from 48.2% in the first quarter of last year and 50.1% two years ago. The higher rate in the first quarter is primarily due to the payroll taxes on annual LTI vesting and the beginning of year reset of payroll taxes and retirement contributions. Adjusted non-comp operating expenses decreased 12% compared to the fourth quarter, primarily from lower marketing and G&A expenses.

第一季調整後的同店銷售額與營收比率季節性上升至 45.8%，低於去年第一季的 48.2% 和兩年前的 50.1%。第一季稅率較高主要是由於年度 LTI 歸屬的工資稅以及年初重新設定的工資稅和退休金繳款。調整後非公司營業費用與第四季相比下降了 12%，主要原因是行銷費用和一般及行政費用下降。

With respect to 2025 expense expectations, we are navigating an uncertain operating landscape. We remain committed to strong cost discipline, ensuring that we manage our cost base while continuing to support the long-term growth objectives of the business. Our previously stated expected compensation ratio in 2025 remains unchanged at 43% to 44%, assuming 31 of March AUM and a zero market assumption for the remainder of the year.

對於 2025 年的費用預期，我們正面臨不確定的營運環境。我們始終致力於嚴格的成本控制，確保管理好成本基礎，同時持續支援業務的長期成長目標。我們先前提出的 2025 年預期薪酬比率保持不變，為 43% 至 44%，假設 3 月 31 日的 AUM 為零，今年剩餘時間的市場假設為零。

For non-compensation, including the non-comp related to the new Guardian business and the weakening US dollar, we expect to be at the higher end of the mid- to high single-digit percentage growth guidance due to the investments supporting our ongoing strategic initiatives and operational efficiencies, inflation and the full year impact of the consolidation of VPC, NBK, Tabula, and now, Guardian.

對於非薪酬業務，包括與新 Guardian 業務和美元疲軟相關的非薪酬業務，我們預計其增長率將處於中高個位數百分比增長指引的較高水平，這得益於支持我們正在進行的戰略舉措和運營效率的投資、通貨膨脹以及 VPC、NBK、Tabula 和現在的 Guardian 合併對全年的影響。

If the market deteriorates further and that decline is prolonged, we have expense levers, and we'll actively manage our cost structure, allowing us to maintain financial discipline and the flexibility to continue to invest strategically in the business where it makes sense to do so.

如果市場進一步惡化，而這種下滑趨勢持續下去，我們將利用費用槓桿，積極管理成本結構，從而保持財務紀律和靈活性，繼續在合理的範圍內對業務進行策略性投資。

Finally, our expectation of the firm's tax rate on adjusted net income attributable to JHG remains unchanged at a range of 23% to 25%. Our first quarter adjusted operating margin was 32%, an increase of 220 basis points from a year ago, demonstrating the leverage in our business. Adjusted diluted EPS was $0.79, up 11% from the comparable Q1 2024 period.

最後，我們對該公司歸屬於JHG的調整後淨收入稅率的預期保持不變，在23%至25%的範圍內。我們第一季的調整後營業利潤率為 32%，比去年同期增加了 220 個基點，這表明我們的業務具有槓桿作用。調整後稀釋每股收益為 0.79 美元，較 2024 年第一季同期成長 11%。

Skipping over slide 9 and wrapping up on slide 10 with a look at our liquidity profile. Our balance sheet remains strong and stable. Cash and cash equivalents were $1.1 billion as of the 31 of March, which is lower than the end of the year, primarily due to the payment of annual variable compensation. The first quarter cash position is typically our lowest, given seasonal cash needs. Compared to the same period a year ago, our cash and cash equivalents are 19% higher.

跳過投影片 9，在投影片 10 上查看我們的流動性狀況。我們的資產負債表依然強勁而穩定。截至 3 月 31 日，現金和現金等價物為 11 億美元，低於年底水平，主要原因是支付了年度浮動薪酬。考慮到季節性現金需求，第一季的現金狀況通常是最低的。與去年同期相比，我們的現金和現金等價物增加了 19%。

During the quarter, we funded our quarterly dividend and repurchased 0.6 million shares for $27 million. Shares repurchased were lower this quarter as we paused our share buyback during the lead up to the Guardian strategic partnership announcement and through today's release of earnings to the market. As Ali discussed, we are committed to returning cash to shareholders and are pleased to announce that the Board has authorized a new share buyback program of up to $200 million to be completed by April 2026.

在本季度，我們支付了季度股息，並以 2,700 萬美元的價格回購了 60 萬股股票。由於我們在《衛報》戰略合作夥伴關係宣布之前以及今天向市場發布收益期間暫停了股票回購，因此本季回購的股票數量較低。正如阿里所討論的，我們致力於向股東返還現金，並很高興地宣布，董事會已批准一項高達 2 億美元的新股票回購計劃，該計劃將於 2026 年 4 月完成。

We will start this in short order. The Board has also approved a 3% increase in our quarterly dividend to $0.40 per share, to be paid on the 29 of May to shareholders of record as of the 12 of May. The buyback program and the increase in our dividends do not alter our ability to invest in the business organically or inorganically and return cash to shareholders.

我們將很快開始此事。董事會還批准將季度股息提高 3% 至每股 0.40 美元，並將於 5 月 29 日支付給截至 5 月 12 日登記在冊的股東。回購計畫和股利的增加不會改變我們以有機或無機方式投資業務並向股東返還現金的能力。

Currently, our liquidity profile allows us to do both. Our return of excess cash is consistent with our capital allocation framework. We'll look to return capital to shareholders where there isn't an immediately more compelling investment in the business.

目前，我們的流動性狀況允許我們同時做到這兩點。我們的超額現金回饋與我們的資本配置架構一致。如果業務上沒有立即更具吸引力的投資，我們將尋求向股東返還資本。

In summary, we have a strong liquidity position and we continue to balance the capital needs and the investment opportunities of the business with returning capital to shareholders.

總而言之，我們擁有強大的流動性狀況，我們將繼續平衡業務的資本需求和投資機會與向股東返還資本。

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

說完這些，我想把時間交還給阿里，讓他介紹我們的策略進展。

Thanks, Roger. Turning to slide 11, and a reminder of our three strategic pillars of Protect & Grow our 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 this strategic vision has us on the path to, over time, deliver organic growth consistently.

謝謝，羅傑。翻到第 11 張投影片，回顧我們的三大策略支柱：保護和發展我們的核心業務、擴大我們尚未充分利用的優勢、以及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，我們相信這個策略願景將使我們走上持續實現有機成長的道路。

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. Within Amplify, we've talked about our institutional business, our product development and expansion efforts, the acquisition of Tabula and the partnership with Anemoy and Centrifuge.

在《保護與發展》中，我們之前曾討論過保護和發展美國中介業務的重要性以及我們在搶佔市場份額方面取得的進展。在 Amplify 內部，我們討論了我們的機構業務、我們的產品開發和擴展工作、對 Tabula 的收購以及與 Anemoy 和 Centrifuge 的合作。

We also recently announced our partnership with Guardian Life, which I'll discuss in more detail later in the presentation. Under Diversify, we expanded into differentiated private market capabilities for clients with the acquisitions of NBK Capital Partners and Victory Park Capital, and we established our joint venture Privacore, focused on the democratization of alternatives.

我們最近也宣布與 Guardian Life 建立合作夥伴關係，我將在稍後的演講中詳細討論。在多元化策略下，我們透過收購 NBK Capital Partners 和 Victory Park Capital，為客戶提供差異化的私人市場能力，並成立了合資企業 Privacore，專注於替代品的民主化。

We've spoken about M&A quite a bit. So how does M&A and partnerships fit into our strategy? Recall that for us at least, M&A is a lever to deliver all three elements of our strategy and not a strategy unto itself.

我們已經多次談論併購問題。那麼併購和合作如何融入我們的策略？回想一下，至少對我們來說，併購是實現我們策略所有三個要素的槓桿，而不是策略本身。

On slide 12, we outlined how M&A and strategic partnerships are contributing to our strategic vision, not yet to Protect & Grow, but so far to Amplify and Diversify the business. We followed a targeted approach. We won't be all things to all people, but have placed measured bets on growth vectors that have the potential for significantly higher growth rates over the long term compared to our existing business.

在第 12 張投影片上，我們概述了併購和策略夥伴關係如何為我們的策略願景做出貢獻，目前還不是保護和發展，而是擴大和多樣化業務。我們採取了有針對性的方法。我們不會滿足所有人的需求，但我們已經對那些與我們現有業務相比有可能在長期內實現更高增長率的增長載體進行了慎重的押注。

As I said previously, we want to skate to where the puck is going on behalf of clients and shareholders, and we believe those with whom we have partnered are uniquely positioned to help us grow faster. Asset-backed lending has emerged as a significant and differentiated market opportunity within private credit, and we believe it will remain appealing to clients as they increasingly look to diversify their private credit exposure beyond just direct lending.

正如我之前所說，我們希望代表客戶和股東滑向冰球前進的方向，我們相信我們的合作夥伴擁有獨特的優勢，可以幫助我們更快成長。資產支持貸款已成為私人信貸領域一個重要且差異化的市場機會，我們相信，隨著客戶越來越多地尋求在直接貸款之外實現私人信貸風險多元化，資產支持貸款將繼續吸引客戶。

Victory Park Capital specializes in asset-backed lending that has differentiated origination. We believe that despite all the fervor regarding asset-backed lending out there, there are actually only a handful or less of asset management firms who have proven track records of doing asset-backed private credit well, and I've been doing it for decades.

Victory Park Capital 專門從事具有差異化起源的資產支持貸款。我們認為，儘管人們對資產支持貸款有著極大的熱情，但實際上只有極少數甚至更少的資產管理公司在資產支持私人信貸方面擁有良好的業績記錄，而我已經做了幾十年了。

We are fortunate to be a leader among that select group with Victory Park Capital, that has been doing asset-backed lending way before it was the cool thing to talk about. Others are attempting asset-backed with a handful of hires, but our scale platform of 30 investment professionals, a high-quality technology platform to manage risk of smaller balance credits, and a history of relationships in the sector is unmatched.

我們很榮幸能與 Victory Park Capital 一起成為這個精選群體中的領導者，早在資產支持貸款成為熱門話題之前，我們就已經開始從事這項業務了。其他人正在嘗試透過少量招聘進行資產支持，但我們的規模平台擁有 30 名投資專業人員，擁有管理小額餘額信貸風險的高品質技術平台，並且在該領域擁有豐富的關係歷史，是無與倫比的。

In active ETFs, the European ETF market is undergoing a significant transformation, growing considerably and mirroring trends observed in the US market where active management is increasingly incorporated in the ETF wrapper. This shift represents a considerable growth opportunity for asset managers seeking to broaden the way in which clients access their investment capabilities and capitalize on evolving client preferences in the European market.

在主動型 ETF 中，歐洲 ETF 市場正在經歷重大轉型，大幅成長，並反映了美國市場的趨勢，即主動管理越來越多地納入 ETF 包裝中。對於尋求拓寬客戶投資能力途徑並利用歐洲市場不斷變化的客戶偏好的資產管理者來說，這種轉變代表著巨大的成長機會。

The acquisition of Tabula allows Janus Henderson early access to this growing market and builds on our extremely successful suite of active ETFs in the US, where Janus Henderson is now eighth largest provider of active ETF and third largest provider of active fixed income ETFs. We've quickly moved to leverage the business, launching four active ETFs in the last six months, with more to come in 2025.

收購 Tabula 使 Janus Henderson 能夠提前進入這個不斷增長的市場，並鞏固了我們在美國極為成功的主動型 ETF 系列，Janus Henderson 現在是美國第八大主動型 ETF 提供商和第三大主動型固定收益 ETF 提供商。我們迅速採取行動，充分利用業務優勢，在過去六個月內推出了四隻主動式 ETF，並將在 2025 年推出更多 ETF。

In emerging market debt, we've addressed both the private and public markets. We expanded into differentiated private market capabilities for clients with the acquisition of NBK Capital Partners, which allows Janus Henderson early entry into the rapidly growing emerging markets private capital space. On the public side, we brought in a well-respected emerging market debt team. This team is a key component of a global fixed income platform that supports single strategy and multisector portfolios.

在新興市場債務方面，我們同時關注私人市場和公共市場。我們透過收購 NBK Capital Partners 擴展了為客戶提供差異化私募市場能力的能力，這使得 Janus Henderson 能夠提前進入快速成長的新興市場私募資本領域。在公共方面，我們引入了一支備受尊敬的新興市場債務團隊。該團隊是支援單一策略和多部門投資組合的全球固定收益平台的重要組成部分。

Privacore seeks to take advantage of and be the leader in the democratization of private alternatives into the private wealth channel. Alternatives as a category represents a several trillion dollar market today, with asset growth expected to continue. Our net worth investors command $80 trillion of assets globally, and are expected to account for much of the growth in private markets.

Privacore 致力於利用私人替代品民主化進入私人財富管道的優勢並成為其領導者。如今，另類投資作為一個類別代表著數兆美元的市場，預計資產成長仍將持續。我們的淨資產投資者在全球擁有 80 兆美元的資產，預計將為私人市場的成長做出巨大貢獻。

Privacore is selling on three wirehouse platforms and expect to add another this year. They also are expanding into RIAs and broker-dealers. Privacore has more products coming online in the coming months, and they are working with Victory Park Capital on innovative solutions for the wealth channel.

Privacore 在三個綜合性證券平台上銷售產品，預計今年將增加另一個。他們也正在向 RIA 和經紀交易商領域擴張。Privacore 將在未來幾個月內推出更多產品，並且他們正在與 Victory Park Capital 合作為財富管道提供創新解決方案。

In September of last year, we partnered with Anemoy and Centrifuge to manage Anemoy's liquid treasury fund, a fully unchained tokenized fund issued on Centrifuge's public blockchain that provides investors with direct access to short-term US treasury bills. Blockchain readiness and tokenization are key pillars underpinning Janus Henderson's innovation strategy, and the decision to partner with Anemoy and Centrifuge in this way reflects the firm's commitment to digital assets and our desire to embrace disruptive financial technologies.

去年 9 月，我們與 Anemoy 和 Centrifuge 合作管理 Anemoy 的流動國庫基金，這是一檔在 Centrifuge 公共區塊鏈上發行的完全非鍊式代幣化基金，可為投資者提供直接投資短期美國國庫券的管道。區塊鏈準備和標記化是 Janus Henderson 創新策略的關鍵支柱，以這種方式與 Anemoy 和 Centrifuge 合作的決定反映了公司對數位資產的承諾以及我們擁抱顛覆性金融技術的願望。

The partnership has already begun to demonstrate success, with initial $200 million allocation now funded as we were one of three firms selected from 4B submissions in the largest tokenization RFP ever conducted. This early validation is very rewarding, and we will continue to expand our offering where tokenization can provide real-world benefits to clients today, while we also keep an eye on the potential benefits to a broader range of clients in the future.

此次合作已初見成效，我們是從有史以來規模最大的代幣化 RFP 中 4B 份提交文件中選出的三家公司之一，目前已獲得 2 億美元的初始撥款。這種早期驗證非常有益，我們將繼續擴展我們的服務，使標記化能夠為當今的客戶提供現實世界的利益，同時我們也關注未來為更廣泛的客戶帶來的潛在利益。

Finally and most recently, we further solidified our presence in insurance with the announced strategic partnership with Guardian, which we are very excited about.

最後，最近，我們宣布與 Guardian 建立策略合作夥伴關係，進一步鞏固了我們在保險領域的地位，我們對此感到非常興奮。

On that, turning to slide 13 for more background on the multifaceted strategic partnership with Guardian announced earlier in April. Guardian is one of America's largest and most well-respected life insurers and a leading provider of employee benefits. Guardian has a history of profitable growth, $172 billion in assets under administration and a 7% annual growth rate since 2019.

關於這一點，請翻到第 13 張投影片，以了解有關 4 月初宣布的與 Guardian 的多面向策略夥伴關係的更多背景資訊。Guardian 是美國最大、最受尊敬的人壽保險公司之一，也是領先的員工福利提供者。Guardian 擁有獲利成長的歷史，管理的資產達 1,720 億美元，自 2019 年以來年增長率為 7%。

We are extremely energized to partner with Guardian. This partnership was founded on a shared set of client-focused values, leverages our complementary strengths, creates alignment for mutual growth and intends to achieve mutually beneficial outcomes for policyholders, our clients, shareholders and employees.

我們非常高興能與 Guardian 合作。這種合作關係建立在以客戶為中心的共同價值觀之上，利用我們互補的優勢，為共同成長創造條件，旨在為保單持有人、我們的客戶、股東和員工實現互利的結果。

Through the partnership, Janus Henderson will manage the $45 billion investment-grade public fixed income portfolio from Guardian's general account, expanding Janus Henderson's pro forma fixed income AUM to $135 billion, bringing pro forma fixed income AUM to over 30% of pro forma company-wide AUM.

透過此次合作，Janus Henderson 將從 Guardian 的一般帳戶中管理 450 億美元的投資等級公共固定收益投資組合，從而將 Janus Henderson 的備考固定收益 AUM 擴大至 1,350 億美元，使備考固定收益 AUM 達到公司備考 AUM 的 30% 以上。

On a pro forma basis, again, Janus Henderson will manage over $100 billion for global insurance companies, greatly expanding the firm's institutional reach and insurance presence and positions Janus Henderson as a top 15 unaffiliated insurance asset manager.

再次，以備考基礎計算，Janus Henderson 將為全球保險公司管理超過 1000 億美元的資產，大幅擴展該公司的機構覆蓋範圍和保險業務，並使 Janus Henderson 躋身前 15 名非關聯保險資產管理公司之列。

In addition, Guardian will commit up to $400 million of seed capital to help accelerate Janus Henderson's continued innovation in securitized credit and high-quality active fixed income products, as well as other fixed income capabilities. One opportunity area is a further expansion of our ETF. This will build on the success of Janus Henderson's active fixed income ETF suite, which includes JAAA, the largest CLO ETF, JBBB, which provides exposure to floating rate CLOs generally rated BBB, JSI, which invests in opportunities across the US securitized markets, JMBS, the largest actively managed mortgage-backed securities ETF, and VNLA, an active global short duration income ETF.

此外，Guardian 將投入高達 4 億美元的種子資金，幫助 Janus Henderson 加速在證券化信貸和高品質主動固定收益產品以及其他固定收益能力方面的持續創新。一個機會領域是進一步擴大我們的 ETF。這將以 Janus Henderson 主動固定收益 ETF 套件的成功為基礎，該套件包括最大的 CLO ETF JAAA、提供對通常評級為 BBB 的浮動利率 CLO 的投資的 JBBB、投資於美國證券化市場機會的 JSI、最大的主動管理型抵押貸款支持證券 ETF JMBS 和主動型全球短期收益 ETF VNLA。

Guardian and Janus Henderson have agreed to pursue a strategic initiative to co-develop proprietary multi-asset solution models for Guardian's dually registered broker-dealer and registered investment adviser, Park Avenue Securities, or PAS.

Guardian 和 Janus Henderson 已同意採取一項策略性舉措，共同為 Guardian 的雙重註冊經紀交易商和註冊投資顧問 Park Avenue Securities（簡稱 PAS）開發專有多資產解決方案模型。

As a key partner to PAS, Janus Henderson will develop investment solutions for PAS clients, bringing together Janus Henderson's full suite of global investment allocation solutions capabilities, including Janus Henderson Edge, the firm's award-winning proprietary analytics platform from its portfolio construction and strategy team.

作為 PAS 的重要合作夥伴，Janus Henderson 將為 PAS 客戶開發投資解決方案，整合 Janus Henderson 的全套全球投資配置解決方案能力，包括 Janus Henderson Edge，這是該公司投資組合建構和策略團隊屢獲殊榮的專有分析平台。

Guardian will receive equity warrants and other economic considerations designed to support a shared goal of accelerating growth and driving value creation. On a stand-alone basis, excluding other upside potential from the partnership, the Guardian IMA contributes positively to Janus Henderson's operating margins and is accretive to earnings upon full integration by mid-2026.

Guardian 將獲得股權認股權證和其他經濟利益，旨在支持加速成長和推動價值創造的共同目標。從獨立角度來看，不計合作夥伴關係帶來的其他上行潛力，Guardian IMA 將為 Janus Henderson 的營業利潤率做出積極貢獻，並在 2026 年中期全面整合後增加收益。

As previously mentioned, Janus Henderson's aggregate net management fee rate will be approximately 5 to 6 basis points lower once the assets are fully onboarded, which is expected to be at the end of the second quarter of 2025.

如前所述，一旦資產全面到位，Janus Henderson 的總淨管理費率將降低約 5 至 6 個基點，預計將於 2025 年第二季末實現。

Wrapping up on slide 14. We believe we have a strong foundation as a truly global asset manager, enabling Janus Henderson to navigate periods of market uncertainty. We have a diverse and global client base that we are proactively engaging and supporting, and we have a broad offering of investment strategies and styles with global and regional focuses.

總結投影片 14。我們相信，作為一家真正的全球資產管理公司，我們擁有堅實的基礎，能夠幫助駿利亨德森渡過市場不確定時期。我們擁有多元化的全球客戶群，並積極與他們互動和提供支持，我們提供以全球和地區為重點的廣泛投資策略和風格。

Despite some short-term volatility, our long-term investment performance is solid. The structure creates opportunity for active managers like Janus Henderson to look at a wider spectrum of companies that we think will outperform over the longer term. Flows were net positive for the fourth consecutive quarter, resulting in a 2% organic growth rate over the last 12 months. Organic growth is a key differentiator for Janus Henderson in an industry with well-documented active flow headwinds.

儘管存在一些短期波動，但我們的長期投資表現穩健。這種結構為 Janus Henderson 等主動型管理者創造了機會，讓他們能夠專注於我們認為在長期內表現優異的更廣泛的公司。連續第四個季度淨流量為正值，導致過去 12 個月的有機成長率達到 2%。在存在大量活躍資金流逆風的行業中，有機成長是駿利亨德森的關鍵差異化因素。

We announced a multifaceted strategic partnership with Guardian, amplifying several areas of our business. Importantly, this partnership demonstrates that we are a home for some of the most sophisticated clients in the world. Great deals are still going to happen even in this uncertain environment, and we will find ways to win and grow.

我們宣布與 Guardian 建立多方面的策略合作夥伴關係，擴大我們業務的多個領域。重要的是，這項合作表明，我們是世界上一些最高端客戶的家園。即使在這種不確定的環境中，仍將發生偉大的交易，我們將找到獲勝和發展的方法。

In that vein, we continue to look actively to buy, build or partner to further diversify the business where clients give us the right. We have a strong balance sheet and good free cash flow generation, which enables us to return cash to shareholders and reinvest in the business.

本著這一精神，我們將繼續積極尋求收購、建設或合作，在客戶賦予我們權利的情況下進一步實現業務多元化。我們擁有強大的資產負債表和良好的自由現金流產生能力，這使我們能夠向股東返還現金並對業務進行再投資。

Looking ahead in this period of uncertainty, we'll focus on what we can control, including cost discipline, investment in the business, client outreach and investment performance.

展望未來這個不確定的時期，我們將專注於我們能夠控制的事情，包括成本控制、業務投資、客戶拓展和投資績效。

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

讓我將電話轉回給接線員來回答您的問題。

(Operator instructions)

（操作員指示）

Ken Worthington, JPMorgan.

摩根大通的肯‧沃辛頓。

Hi, good morning. Thanks for taking the questions. Maybe first, I wanted to dig into CLO, CLO ETF capacity. Given the size of money coming in over a short period and the risk that in poor market conditions, money might be possibly flowing out as quickly. How are you thinking about the ETF franchises' ability to navigate CLO liquidity, particularly in times of stress? And are there any lessons maybe learned in April that sort of confirm or alter your views on the build-out of this product suite?

嗨，早安。感謝您回答這些問題。也許首先，我想深入研究 CLO、CLO ETF 的能力。考慮到短期內流入資金的規模以及在市場狀況不佳的情況下資金可能迅速流出的風險。您如何看待 ETF 特許經營權應對 CLO 流動性的能力，尤其是在壓力時期？四月您是否吸取了什麼教訓，可以確認或改變您對建立該產品套件的看法？

Hey, Ken, thanks for the question. So we've been quite fortunate with the CLO franchises that we've created, obviously, in ETF form preferentially for clients. In fact, year-to-date flows are positive $3 billion, which is more than peers combined. So effectively, we are the category, we're about 80% of the market share in this category. And we've created this category.

嘿，肯，謝謝你的提問。因此，我們非常幸運，我們創建了 CLO 特許經營權，顯然，這些特許經營權是優先為客戶以 ETF 形式提供的。事實上，今年迄今的資金流入為正 30 億美元，超過了同業的總和。因此實際上，我們佔據了該類別約 80% 的市場份額。我們創建了這個類別。

So effectively, we are at the market. And what we've seen mostly is that investors in this ETF and the franchises that we brought on board even on ETFs are medium- to long-term type investors. Sometimes, that does mean some investors are taking it from a shorter-term perspective, and that's where you get the uncertainty in the marketplace creates the volatility that you're exactly asking about.

因此，我們實際上已經進入了市場。我們主要看到的是，這檔 ETF 的投資者以及我們在 ETF 上引入的特許經營權都是中長期投資者。有時，這確實意味著一些投資者是從短期角度考慮問題的，而這正是市場不確定性造成波動的原因，而這正是您所問的。

We were watching this very, very closely, as you can imagine. And when we've seen consistently, particularly in a quite volatile time in the early couple of weeks of April, since then, it has been pretty stable for nearly a couple of weeks of April, that the redemptions have been absorbed completely as expected. Very little impact on the CLO market, on the portfolio. Again, these are underlyingly quite liquid.

你可以想像，我們正在非常非常密切地關注此事。我們一直看到，特別是在 4 月初幾週的相當動盪時期，從那時起，4 月的近幾週一直相當穩定，贖回已經按照預期被完全吸收。對 CLO 市場和投資組合的影響很小。再次強調，這些資產本質上是相當流動的。

There's an in-kind element, obviously, given the ETF piece to it as well. So we've seen no dislocations, no surprises. In fact, we were quite pleased with how the market reacted in a very measured and disciplined manner, again, exactly as we'd expected, even given our size.

顯然，考慮到 ETF 的部分，其中也包含實體元素。因此，我們沒有看到任何混亂，也沒有出現任何意外。事實上，我們對市場如此謹慎、有紀律的反應感到非常滿意，即使考慮到我們的規模，這也完全符合我們的預期。

Okay, perfect. Thank you for that. And then just maybe quickly on the institutional channel. Second consecutive quarter of positive flows. That part of the franchise continues to perform better. Can you talk about next steps in terms of where you're going to drive better results from here going forward? What's sort of next in the pecking order priorities to continue to drive even better results as we look forward?

好的，完美。謝謝你。然後可能很快就會在機構管道上出現。連續第二季出現正流量。該部分特許經營權的表現持續改善。您能否談談下一步將採取哪些措施來取得更好的結果？我們期待接下來的優先順序是什麼，以繼續取得更好的結果？

On institutional specifically, Ken?

具體來說，是體制問題嗎，肯？

Institutional specifically.

具體而言，是機構性的。

Yes. So look, you're right. It's now a couple of consecutive quarters of positive flows. You've seen some in the past, but we're starting to get a little bit more steady in that way. And the pipeline is building. Set aside the one not funded $45 billion from Guardian.

是的。所以你看，你是對的。目前已連續幾季呈現正流量。您過去已經看到過一些，但我們開始以這種方式變得更加穩定。管道正在建設中。把未從 Guardian 獲得資金的 450 億美元留出。

That's obviously a big pipeline win that we're very proud about. But if you think about some of the leading indicators -- for example, in the US, we're seeing RFP activity that's up about 100% quarter-on-quarter, or I should say, Q1 '24 to Q1 '25. We've done more and more consultant support across the board.

這顯然是一次重大的管道勝利，我們對此感到非常自豪。但如果你考慮一些領先指標——例如，在美國，我們看到 RFP 活動環比增長了約 100%，或者我應該說，從 2024 年第一季到 2025 年第一季。我們在各方面都提供了越來越多的顧問支援。

In fact, we had a very big firm, Watch Flag, that was on us for many years removed from us just this past quarter, which opens up, as you'd imagine, many more doors globally. We're continuing to see opportunities up and being in kind of late-stage opportunities and finals and all that sort of stuff in the kind of 20% to 30% range year-on-year again in the US. And EMEA and the rest of the world is the same thing. There, we're seeing opportunities increase by around 60%.

事實上，我們擁有一家非常大的公司，Watch Flag，這家公司在我們手上經營多年，就在上個季度，它已經從我們手中撤走了，正如你所想像的，這為我們在全球範圍內打開了更多的大門。我們繼續看到機會增加，並且處於後期階段的機會和最終機會以及諸如此類的東西在美國的同比增長率在 20% 到 30% 之間。歐洲、中東和非洲地區以及世界其他地區的情況也是一樣的。在那裡，我們看到機會增加了約 60%。

So things are -- as we said, it will take some time, but playing out as planned and as we had expected. And part of that is not just because of the products that we certainly bring to bear already, but also some of the new products we brought to bear, whether it be emerging market debt, or NBK or Victory Park Capital or things like that we can do with Guardian.

所以事情是這樣的——正如我們所說的，這需要一些時間，但會按照計劃和預期進行。這部分不僅是因為我們已推出的產品，還因為我們推出的一些新產品，無論是新興市場債務，還是 NBK 或 Victory Park Capital，或者我們可以與 Guardian 合作推出的類似產品。

So we are seeing broad-based interest with the products that we already have and we've had for quite some time. We're seeing a lot of interest in some, what we call them immutable thematics, like tech and health care, and small cap equities where there's opportunities and absolute return equities and high conviction equities in Europe. We've recently seen a lot more interest in investments, I think given all the headlines around investing in Europe.

因此，我們看到人們對我們已有的產品以及我們已有相當長一段時間的產品產生了廣泛的興趣。我們看到人們對一些我們稱為不變主題的股票很感興趣，例如科技和醫療保健，以及有機會的小型股、絕對回報股票和歐洲的高信念股票。我覺得，考慮到有關投資歐洲的所有頭條新聞，我們最近看到了人們對投資的興趣大增。

And gladly, we are a truly global firm and can offer a great European investments and global investments. Multi-asset is coming up on the radar screen. Securitized, obviously. Our balance fund is showing some progress because people want the balance of fixed income and the yield of fixed income with the upside potential of equities.

令人高興的是，我們是一家真正的全球性公司，可以提供優質的歐洲投資和全球投資。多種資產正在進入雷達螢幕。顯然是證券化。我們的平衡基金正在取得一些進展，因為人們想要固定收益的平衡以及固定收益的收益率與股票的上行潛力。

So I don't want to give you a big laundry list. I kind of did, but it's a broad gamut of areas where people are really looking to us on institutional and the consultant environment is becoming much more benign towards us as well.

所以我不想給你一份很長的清單。我有點這麼認為，但這是一個廣泛的領域，人們真的在機構上關注我們，顧問環境對我們也變得更友善。

That's excellent. Thank you so much.

太棒了。太感謝了。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Great, thank you very much. Good morning and congrats again on the Guardian transaction. Maybe starting there. It seems like a very intriguing deal on a lot of vectors from my perspective. Can you talk a little bit about where you see the greatest opportunity for incremental growth, maybe just with the Guardian itself? I think you mentioned that business is growing about 7% annually. But also in terms of their incremental distribution platform, what kind of products might you see the early opportunities for wins? Thank you.

太好了，非常感謝。早安，再次恭喜《衛報》交易成功。也許從那裡開始。從我的角度來看，這在很多方面似乎都是一項非常有趣的交易。您能否稍微談談您認為增量成長的最大機會在哪裡，也許只是《衛報》本身？我想您提到業務每年增長約 7%。但就其增量分銷平台而言，您可能會看到哪種產品具有早期獲勝的機會？謝謝。

Hey, Bill, thanks very much for the question on Guardian. As you can probably tell, we're pretty energized about this partnership. And it starts with really sharing the same client-focused values, policyholder values, really sharing complementary strength, and I'll get to some of that on the distribution side for sure.

嘿，比爾，非常感謝你在《衛報》上提出的問題。您可能已經看出來了，我們對這次合作充滿熱情。它始於真正分享相同的以客戶為中心的價值觀、保單持有人價值觀，真正分享互補優勢，我肯定會在分銷方面談到其中的一些內容。

And a very importantly alignment for mutual growth from an economics perspective. We think we can certainly enhance Guardian's both investment and solutions capabilities, and benefiting its policyholders and its clients.

從經濟角度來看，這對共同成長非常重要。我們認為我們一定能夠增強 Guardian 的投資和解決方案能力，並使其保單持有人和客戶受益。

We're very pleased that this partnership ends up developing a $100 billion global insurance asset manager like us. That's the number for us. That puts us into the top 15 realm. And we think that there is, point number one, really great growth potential to amplify some of the insurance relationships that we can have with others.

我們非常高興此次合作最終能夠打造出像我們這樣的價值 1000 億美元的全球保險資產管理公司。這就是我們的數字。這使我們進入了前 15 名。我們認為，第一點，我們與其他公司之間的保險關係具有巨大的成長潛力。

Indeed, we've had several phone calls and outreaches from other insurance companies really intrigued by this deal, wanting to learn more about this deal and trying to understand why the -- some of the most sophisticated assets in the world trust us and want to come to us. And we think that's -- we're becoming a true global contender to get more insurance assets to your growth question, and we think we can amplify that.

事實上，我們接到了其他保險公司的多個電話和聯繫，他們對這筆交易非常感興趣，希望了解更多有關這筆交易的信息，並試圖理解為什麼世界上一些最複雜的資產信任我們並希望與我們合作。我們認為，我們正在成為一個真正的全球競爭者，以獲得更多保險資產來滿足您的成長問題，我們認為我們可以擴大這一點。

Still in the Amplify realm, not only in insurance but beyond that, we think we have the opportunity to, again, bring to bear the winning opportunity of getting these great assets with other institutional clients as well. And again, there, too, we're getting some more intriguing phone calls and outreaches about what other partnerships we can create. We clearly have the seed opportunity of $400 million that we can bring to bear. And I think we've -- the team here has shown a track record of growing products. We think we can take that seed and grow them.

仍然在 Amplify 領域，不僅在保險領域，而且在此之外，我們認為我們有機會再次與其他機構客戶一起獲得獲得這些優質資產的勝利機會。再次，我們也接到了一些更有趣的電話和宣傳，詢問我們可以建立哪些其他合作關係。我們顯然擁有 4 億美元的種子機會，可以利用。我認為我們－這裡的團隊已經展現出產品成長的良好記錄。我們認為我們可以採摘那顆種子並讓它們生長。

And of course, very, very importantly, we have a great set of employees that are still currently at Guardian coming over to us, and we definitely want to leverage their skill sets and their expertise. We're very, very proud and happy that they've decided to join us at Janus Henderson and grow their businesses.

當然，非常非常重要的是，我們擁有一群優秀的員工，他們目前仍在 Guardian 工作，我們當然希望利用他們的技能和專業知識。我們非常非常自豪和高興他們決定加入 Janus Henderson 並發展他們的業務。

Now particularly on the distribution side of things, you're right. They have a great broker-dealer, Park Avenue Securities. It's about $15.5 billion of client assets under management. We have a partnership with them where we're developing proprietary -- both models, diagnostic tools, investment solutions, training modules, et cetera, really to amplify what we have internally from a broader solutions perspective. Our multi-asset business, our adaptive asset business, our portfolio and construction business, our quant solutions businesses as well.

現在，特別是在分銷方面，你是對的。他們擁有一家出色的經紀交易商—Park Avenue Securities。其管理的客戶資產約為 155 億美元。我們與他們建立了合作夥伴關係，共同開發專有技術——包括模型、診斷工具、投資解決方案、培訓模組等等，從更廣泛的解決方案角度真正擴大我們內部擁有的技術。我們的多元資產業務、自適應資產業務、投資組合和建設業務以及量化解決方案業務。

And we think that's going to be very, very fruitful because we can bring to bear a better investment platform for those 2,400 clients, for those -- sorry, 2,400 advisers. We can also bring new products to those clients and grow that business. So we feel very, very pleased about all the different vectors that this partnership can bring to bear to grow the business, let alone the underlying $45 billion that we're starting with.

我們認為這將會非常非常有成效，因為我們可以為這 2,400 名客戶，也就是 2,400 名顧問，提供更好的投資平台。我們也可以向這些客戶推出新產品並發展業務。因此，我們對此次合作能為業務成長帶來的所有不同面向感到非常高興，更不用說我們起步時所投入的 450 億美元了。

Great, thank you. And then just as a follow-up, I think you mentioned a couple of times in the commentary, just around the pipeline for M&A. Can you talk a little bit about where incrementally, you might be interested on -- interested in, excuse me? And then as you think about maybe the expectation between the bid and the ask, where does that sit, particularly at such a turbulent year-to-date market backdrop? Thank you.

太好了，謝謝。然後作為後續問題，我認為您在評論中提到過幾次，都是關於併購管道的。您能否逐步談談您可能感興趣的內容—對不起，有興趣？然後，當您考慮買入價和賣出價之間的預期時，它處於什麼位置，特別是在年初至今如此動蕩的市場背景下？謝謝。

Thanks for the question. It's a very, very active M&A environment right now. We will -- as always and as you've seen, and I think, page 12 of our presentation, that kind of additional page would support the view that we're always going to be client-led. We're always going to be market-led. And so we continue to look at opportunities to buy, build or partner across the board.

謝謝你的提問。目前的併購環境非常活躍。我們將一如既往，正如您所見，我認為，我們簡報的第 12 頁，這種附加頁面將支持我們始終以客戶為導向的觀點。我們將始終以市場為主導。因此，我們將繼續尋找全面收購、建造或合作的機會。

Our balance sheet and cash flow allows us to be a safe harbor, I guess, in these tumultuous times. There is a significant interest out there in speaking with us. I wouldn't say, Bill, that on the valuation point, there's capitulation in any sort, but there's certainly curiosity, given the volatility in the marketplace and joining forces with a firm that has shown a pretty steady, not just revenue growth, but organic revenue growth, pretty steady execution on its strategy, pretty steady growth of businesses that we brought on board already and want to continue to do that. But we'll continue to be very disciplined on that front across the board, but we see a lot of activity out there. I think you're right. And I would say that the bid/ask spread has come down a little bit, but I'm not sure you're capitulating yet and some of our peers.

我想，我們的資產負債表和現金流使我們在這些動盪的時期成為一個安全的港灣。人們對與我們交談表現出濃厚的興趣。比爾，我不會說在估值方面有任何形式的屈服，但考慮到市場的波動性，以及與一家表現出相當穩定的公司聯手，這肯定令人好奇，不僅是收入增長，還有有機收入增長，戰略執行相當穩定，我們已經引入的業務增長相當穩定，並且希望繼續這樣做。但我們將繼續在各個方面保持高度自律，但我們看到那裡有很多活動。我認為你是對的。我想說的是買賣價差已經下降了一點，但我不確定你們和我們的一些同行是否已經屈服。

Thank you for taking the questions.

感謝您回答這些問題。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Ali. Hope everyone is doing well and congrats on the Guardian Life IM agreement signing. We actually have a follow-up to Bill's question. And I heard your comments on the $45 billion AUM and the net 5 to 6 basis point management fee rate. But my question is on the organic growth rate. What do you see as the flow trajectory on this $45 billion AUM base going forward? Or should we essentially assume it's sort of stable at $45 billion at the 5 to 6 basis point fee rate?

早上好，阿里。希望大家一切順利，並祝賀《守護者生命》即時通訊協議的簽署。我們實際上對比爾的問題進行了跟進。我聽到了您對 450 億美元 AUM 和 5 至 6 個基點淨管理費率的評論。但我的問題是關於有機成長率。您認為未來這 450 億美元 AUM 基數的流動軌跡是怎麼樣的？或者我們應該假設它在 5 到 6 個基點的費率下穩定在 450 億美元？

So Guardian had a great growth trajectory historically. One of the reasons that we partnered with them is the like-mindedness about continuing to grow. We certainly would expect and hope and continue to see growth in that $45 billion, given they're such a successful company, and we're both aligned with growing that business.

因此從歷史上看，Guardian 有著良好的成長軌跡。我們與他們合作的原因之一是我們對持續發展的志同道合。鑑於他們是一家如此成功的公司，我們當然期望並希望繼續看到這 450 億美元的成長，而且我們都致力於發展這項業務。

Thanks, Ali. And just for our follow-up, when we take a step back and look at the entire $100 billion-plus AUM insurance client business, there's lots of partnerships now formed between insurance companies' and asset managers, especially annuity business. Is there a lot more AUM up for grabs? Or is most of it tied up now, either with third-party asset managers or internal CIO divisions where they're really not looking for a partner?

謝謝，阿里。為了後續行動，當我們退一步看看整個超過 1000 億美元的 AUM 保險客戶業務時，我們會發現保險公司和資產管理公司之間已經形成了許多合作夥伴關係，尤其是年金業務。是否還有更多的資產管理規模可供爭取？或者現在大部分業務都與第三方資產管理公司或內部 CIO 部門捆綁在一起，而他們實際上並不尋求合作夥伴？

There's plenty of room out there, actually. And look, I want to underline the obvious here perhaps is that this partnership with Guardian was hard fought. And it does suggest that we are a great home for the most sophisticated assets in the world and really true global contender relative to a lot of others who were buying for those assets.

事實上，那裡有足夠的空間。我想強調的是，與 Guardian 的合作來得並不容易。這確實表明，我們是世界上最先進資產的理想所在地，相對於許多其他購買這些資產的國家而言，我們是真正的全球競爭者。

Again, we're number 15 now in the world, with the real aspiration, Craig, to your question, to continue to garner assets from the insurance clients that is a growing client base and a growing asset base as a category.

再說一次，我們現在是世界第 15 大保險公司，克雷格，對於你的問題，我們真正的願望是繼續從保險客戶那裡獲取資產，這是一個不斷增長的客戶群，也是一個不斷增長的資產群。

So again, as page 12 would suggest we expect, growth not only organically, but for us, inorganically there. And there are many more opportunities in the insurance world globally, remember, for us. If you think about it, $45 billion is half that $100 billion roughly. There's another $55 billion elsewhere in the world that we also think has opportunities.

因此，如第 12 頁所示，我們預期成長不僅是有機的，對我們來說，也是無機的。請記住，對我們來說，全球保險業還有更多機會。如果你仔細想想，450 億美元大約只是 1,000 億美元的一半。我們認為世界其他地方還有另外 550 億美元也存在機會。

So we think there's quite a lot of opportunity out there and partnering with a similar culture with a growth trajectory and with the services and investment skill set and client service that we bring to bear to the insurance client, but we see enormous opportunity there to continue to grow that business.

因此，我們認為，存在相當多的機會，與具有相似文化、成長軌跡以及我們為保險客戶提供的服務和投資技能和客戶服務的公司合作，但我們看到繼續發展該業務的巨大機會。

Thanks, Ali.

謝謝，阿里。

(Operator instructions)

（操作員指示）

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, this is Annalei Davis on for Mike. You guys talked a little bit about the setup for active management in 2025. Just curious if you could talk a little bit more about how you see the opportunities that just given continued uncertainty, and also what steps you guys taking to help your investment teams best capture this. Thanks.

嘿，我是 Annalei Davis，代替 Mike。你們稍微談論了 2025 年主動管理的設定。我只是好奇，您是否可以再多談談，在持續的不確定性下，您如何看待機遇，以及您正在採取哪些措施來幫助您的投資團隊最好地抓住這些機會。謝謝。

Annalei, thanks for the question. So let me maybe divide it into two buckets, talking about the current environment and talking about the kind of what we're hearing from clients in that context. Look, clearly, there's a dislocation in the marketplace that happened all of a sudden. It happened quite quickly. It certainly feels like it's stabilizing now. You don't really ever know, but it feels like it's stabilizing now.

Annalei，謝謝你的提問。因此，我不妨將其分為兩部分，討論當前環境以及討論我們在此背景下從客戶那裡聽到的內容。看，顯然，市場突然出現了混亂。事情發生得相當快。現在確實感覺它正在穩定下來。你實際上永遠不會知道，但現在感覺它正在穩定下來。

And certainly, a dislocation may impact some of the short-term flows and investment performance and certainly, I'll get to that in a second. But also really importantly, particularly for us, offers real great opportunities. We are an active investing shop. We have 350 investors around the world who spent all of their time, as Roger said in the prepared remarks, separating wheat from chaff, finding the good company for the bad company. And now more than ever, our clients need that help.

當然，錯位可能會影響一些短期資金流動和投資業績，我馬上就會談到這一點。但同樣重要的是，特別是對我們來說，它提供了真正絕佳的機會。我們是一家活躍的投資商店。我們在全球擁有 350 名投資者，正如羅傑在準備好的演講稿中所說，他們把所有的時間都花在了篩選好公司和壞公司上。現在，我們的客戶比以往任何時候都更需要這種幫助。

Need that help to not just assume an index is going to drive everything, particularly if it's focused on 7 stocks that are lagging a little bit. Our clients need that help to figure out geographically, where they can distribute their AUM.

需要幫助，不要只假設一個指數將推動一切，特別是如果它關注的是 7 隻略微滯後的股票。我們的客戶需要協助來確定他們可以在哪個地理位置分配他們的 AUM。

And that is perfectly falling in our lap. Again, not just with the 350 investors we have around the world, but with the roughly 600 marketing and client service people we have around the world who support that client base. So candidly, dislocation in the short term might cause pause for some others for us. Across the floors, across our offices, around the world, we see enormous opportunity to serve clients better given who we are and what we do, again, an active asset management shop with great client service and a focus on delivering together for our clients.

而這正完美地落在了我們的手中。再次強調，我們不僅有遍布全球的 350 名投資者，還有遍布全球的約 600 名行銷和客戶服務人員為該客戶群提供支援。因此坦白說，短期內的混亂可能會導致我們其他人暫停行動。在我們遍佈全球的各個樓層、各個辦公室，我們都看到了為客戶服務的巨大機會，因為我們的身份和業務，我們是一家積極的資產管理公司，擁有優質的客戶服務，並致力於為客戶提供共同的服務。

Now from -- the second part of it is from a business perspective. Again, we are a truly global operation. We are not just US, we are global, and we can offer that to our clients. And on top of that, we have a very strong balance sheet. That offers, I think, to Craig's question earlier on, offers us a lot of opportunity to both invest in the business, return cash to shareholders and importantly, be a safe harbor for asset managers who are a little bit more impacted by this uncertainty. So M&A is part of that.

現在從──第二部分是從商業角度來看。再次強調，我們是一家真正的全球性企業。我們不只是美國公司，我們是全球性的，我們可以為我們的客戶提供這樣的服務。最重要的是，我們的資產負債表非常強勁。我認為，這為 Craig 先前提出的問題提供了大量機會，既可以投資業務，又可以向股東返還現金，更重要的是，為受這種不確定性影響較大的資產管理者提供一個安全的港灣。因此併購是其中的一部分。

We're also, Annalei, to your question, very, very focused on being disciplined on our cost structure. We are looking at always continuous opportunities to improve our cost structure to become more efficient, become more efficient on behalf of our shareholders, as well as our employees and our clients and to be able to deliver that. So we see this opportunity set greater than the risk set in this current environment.

安娜萊伊，回答你的問題時，我們也非常非常注重嚴格控制我們的成本結構。我們始終在尋找持續的機會來改善我們的成本結構，以提高效率，為我們的股東、員工和客戶提高效率，並能夠實現這一目標。因此，我們認為在當前環境下，此機會大於風險。

Second, part, I think, to your question -- sorry, if I've expanded more than you wanted me to. But on the kind of client views part of things, again, I would say that there's a subset of clients that are more short-term oriented and I'd argue have been a little bit spooked, for lack of a better word. Probably not a technical term, but for lack of a better word in the marketplace right now.

第二部分，我想，對於你的問題——如果我闡述的內容超出了你的預期，請見諒。但就客戶的觀點而言，我想再次說，有一部分客戶更注重短期利益，我認為他們有點驚慌失措，找不到更好的詞來形容。這可能不是一個技術術語，但目前市場上缺乏更好的詞彙。

But most of what we're seeing is people looking to reallocate to active, reallocate to global, reallocate to fixed income, both on the public and the private side and have had really strong areas of interest across the board for us. And I mentioned some of them, but some of the technology or health care areas and thematics, on the small cap equities, absolute return strategies that we have. Some of the contrarian strategies, actually people looking for the opposite bet. High-conviction strategies in Europe and around the world, global research strategies, adaptive multi-asset.

但我們看到的大多數情況是，人們希望重新分配到主動型投資、重新分配到全球型投資、重新分配到固定收益型投資，無論是在公共領域還是私人領域，並且對我們在各個領域都有濃厚的興趣。我提到了其中的一些，但其中一些是關於技術或醫療保健領域和主題，關於小型股，我們擁有的絕對回報策略。一些逆向策略實際上是人們在尋找相反的賭注。歐洲和世界各地的高信念策略、全球研究策略、自適應多元資產。

Just go down the list, securitized we're actually benefiting quite a bit from folks looking for other areas to invest because we're global, because we're pretty broad in what we offer. So hopefully, that answers your question, Annalei.

只要看一下清單，證券化我們實際上從尋找其他投資領域的人那裡受益匪淺，因為我們是全球性的，因為我們提供的服務非常廣泛。希望這能回答你的問題，安娜萊伊。

Yeah, perfect. Thanks so much. That's all for me.

是的，完美。非常感謝。對我來說就這些了。

John Dunn, Evercore ISI.

約翰‧鄧恩 (John Dunn)，Evercore ISI。

Thank you. Could you maybe talk a little bit about the geographic -- looking across regions, the kind of color on the different demand -- flow demands regionally in the intermediary channel and then separately in the institutional channel?

謝謝。您能否談談地理方面——從各個地區來看，不同需求的顏色——在中介管道中按區域流動的需求，然後在機構管道中分別流動的需求？

Sure. Just in terms of what products people are looking for?

當然。就人們正在尋找什麼產品而言？

The products, but also just like the temperature of kind of demand. Any differences between the regions?

而產品，也只是對溫度有種需求而已。不同地區之間有什麼差別嗎？

Yes. So look, we've seen similar concern in the intermediary channels in particular. Again, that's not atypical. That's quite unfortunately for the end client, it is something that often happens. When there is a gyration in the market, people seem to kind of freeze this full money out.

是的。所以，我們尤其在中介管道中看到了類似的擔憂。再說一遍，這並不罕見。對於最終客戶來說，這是非常不幸的，這種事情經常發生。當市場出現波動時，人們似乎會凍結全部資金。

I think that certainly happened in the first half of April. Again, things seem to have stabilized right now. But I'd say that was broad-based, certainly in EMEA, UK and the US. I think Asia still continued to be quite strong and Latin America still continues to be quite strong.

我認為這肯定發生在四月上半月。再次，現在情況似乎已經穩定下來。但我想說，這種影響是廣泛的，肯定是在歐洲、中東和非洲地區、英國和美國。我認為亞洲仍然保持強勁，拉丁美洲也仍然保持強勁。

So folks are perhaps a little bit more of a longer-term or growth-oriented view, the intermediary channel seems fine there. Institutional is typical, it's a little bit more stable, right, a little bit more longer-term focused across the board. We've seen a little bit more stability there and not a lot of gyration in that market, John.

因此，人們可能更傾向於長期或成長導向的觀點，中間管道似乎很好。制度是典型的，它更穩定一些，對，更注重長期發展。約翰，我們看到那裡更加穩定了，市場波動不大。

Great. Thank you very much.

偉大的。非常感謝。

We currently have no further questions, so I'll hand back to Ali Dibadj for closing remarks.

目前我們沒有其他問題，因此我將把發言權交還給阿里·迪巴吉 (Ali Dibadj) 作結束語。

Thanks, Lucy. Thanks, everyone, for listening, including our clients, of course, our shareholders and very importantly, our employees and my colleagues at Janus Henderson, who hopefully feel that they're individually and collectively across all departments improving the firm. The firm is clearly living its vision of investing in a brighter future together. And I thank my colleagues for their hard work and hopefully, continued success. Thanks, everybody.

謝謝，露西。感謝大家的聆聽，包括我們的客戶，當然還有我們的股東，以及非常重要的，我們的員工和我在 Janus Henderson 的同事，希望他們能夠感受到，他們個人和集體都在為公司的發展做出貢獻。該公司顯然正在實現共同投資更美好未來的願景。我感謝同事們的辛勤工作，並希望他們繼續取得成功。謝謝大家。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路了。