Janus Henderson Group PLC (JHG) 2025 Q3 法說會逐字稿

Good morning. My name is Adam, and I will be your conference facilitator today. Thank you for standing by, and welcome to the Janus Henderson Group third quarter 2025 results briefing. (Operator Instructions) 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.

早安.我叫亞當，今天我將擔任你們的會議主持人。感謝您的耐心等待，歡迎參加 Janus Henderson 集團 2025 年第三季業績簡報會。（操作說明）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聲明中預測的結果有重大差異，這些因素包括但不限於公司最新 10-K 表格的前瞻性聲明和風險因素部分以及向美國證券交易委員會提交的其他最新文件中描述的因素。

Janus Henderson assumes no obligation to update any forward-looking statements made during the call. Now it is my pleasure to introduce Mr. Ali Dibadj, Chief Executive Officer of Janus Henderson. Mr. Dibadj, you may begin your conference.

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。現在我很榮幸地向大家介紹 Janus Henderson 的執行長 Ali Dibadj 先生。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 Third Quarter 2025 Earnings Call. I'm Ali Dibadj, I'm joined by our CFO, Roger Thompson. Before discussing the quarterly results, I wanted to comment briefly on the nonbinding proposal submitted by Trian, a 20.6% shareholder of Janus Henderson and General Catalyst, a growth venture capital firm earlier this week to acquire all outstanding ordinary shares of Janus Henderson that Trian does not already own or control.

歡迎各位參加 Janus Henderson 2025 年第三季財報電話會議，感謝各位的參與。我是阿里·迪巴吉，和我一起的是我們的財務長羅傑·湯普森。在討論季度業績之前，我想先簡單評論 Trian（Janus Henderson 的 20.6% 股東）和 General Catalyst（成長型創投公司）本週稍早提交的非約束性提案，該提案旨在收購 Trian 尚未擁有或控制的所有 Janus Henderson 已發行普通股。

The Board of Directors has appointed a special committee which will carefully consider the proposal. The company appreciates the history of constructive engagement with Trian since they first disclosed their investment in Janus Henderson in October 2020. We also appreciate the proposal desire for continuity for Janus Henderson's clients and other stakeholders. The offer will be evaluated by the special committee, and there is no assurance that any definitive agreement will result from the proposal within any transaction will be consummated.

董事會已任命一個特別委員會，該委員會將認真審議該提案。該公司讚賞自 Trian 於 2020 年 10 月首次披露對 Janus Henderson 的投資以來，雙方一直保持著建設性的合作關係。我們也讚賞 Janus Henderson 的客戶和其他利害關係人希望保持業務連續性的提議。該提議將由特別委員會進行評估，但不能保證該提議最終會達成任何協議，也不能保證任何交易最終會完成。

Janus Henderson does not intend to comment further about the proposal unless and until it deems further disclosure is appropriate. In the interim, and as always, our focus continues to be helping clients define and achieve superior financial outcomes and to deliver desired results for our clients, shareholders, employees and all our stakeholders. As you can understand, our remarks on this call must be focused on the quarterly results and progress across the business, and we ask that during Q&A, questions be limited to the business results.

Janus Henderson 表示，除非認為有必要進一步披露信息，否則不打算就該提案發表進一步評論。在此期間，我們將一如既往地專注於幫助客戶制定和實現卓越的財務成果，並為我們的客戶、股東、員工和所有利害關係人帶來理想的結果。正如您所理解的，我們在此次電話會議上的發言必須集中在季度業績和業務進展上，因此我們要求在問答環節中，問題僅限於業務業績。

Now turning to the quarterly results, where I'll start with some thoughts on the quarter before handing over to Roger to run through the results in more detail. After Roger's comments, I'll provide an update on our progress in private markets and how we are meeting the evolving needs of our clients and their clients. We'll then take your questions on the quarterly results following our prepared remarks.

現在來看季度業績，我先談談對本季的一些看法，然後再把麥克風交給羅傑，讓他更詳細地分析業績。在羅傑演講之後，我將介紹我們在私募市場的進展，以及我們如何滿足客戶及其客戶不斷變化的需求。接下來，我們將作完事先準備好的發言，並回答各位關於季度業績的問題。

Turning to silde 2. I Janus Henderson delivered another good set of quarterly results, building upon tangible momentum in the business. Results reflect the sixth consecutive quarter of positive net flows delivered by dedicated client groups, market gains, solid investment performance produced by world-class investment professionals and the efforts and productivity from all operating and support areas.

翻到第二頁。Janus Henderson 再次公佈了良好的季度業績，鞏固了業務的實際發展勢頭。業績反映了專屬客戶群連續第六個季度實現正淨流入、市場收益、世界一流投資專業人士創造的穩健投資業績，以及所有營運和支援部門的努力和生產力。

Longer-term investment performance is consistently solid with over 60% of assets beating respective benchmarks on a three, five and 10-year basis. Against peers, long-term investment performance is even stronger with over 70% of AUM in the top two Morningstar quartiles across the three, five, 10-year time periods. Assets under management of $483.8 billion increased 6% over the prior quarter and compared to a year ago, AUM has increased 27%. September AUM is our highest quarterly figure ever at nearly $0.5 trillion in AUM.

長期投資績效一直穩健，超過 60% 的資產在三年、五年和十年期間均跑贏各自的基準。與同業相比，長期投資績效更為強勁，在三年、五年、十年的時間跨度內，超過 70% 的資產管理規模 (AUM) 處於晨星評級的前兩個四分之一水平。管理資產規模為 4,838 億美元，較上一季成長 6%，與去年同期相比成長 27%。9 月的資產管理規模 (AUM) 創歷史新高，接近 0.5 兆美元。

Switching to flows. The third quarter marked our sixth consecutive quarter of positive net flows and represented a 7% organic growth rate. Positive net flow results demonstrates our truly global distribution footprint and the broad range of strategies and vehicles we offer.

切換到流程。第三季是我們連續第六個季度達到淨正流入，有機成長率為 7%。正的淨流量結果證明了我們真正的全球分銷網絡以及我們提供的廣泛策略和工具。

Moving to our financial results, which remains solid. Adjusted diluted EPS of $1.09 is 20% higher compared to the same period a year ago. 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.

接下來談談我們的財務業績，業績依然穩健。經調整後的稀釋每股收益為 1.09 美元，比去年同期成長 20%。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，使我們能夠透過內部成長和外部成長的方式投資於業務，並將現金返還給股東。

On silde 3, I want to provide an update on progress being made in the business. We continue to be in the execution phase of our strategic vision, which consists of three pillars: protect and grow our core businesses, amplify our strengths not fully leveraged and diversify where clients give us the right to win. In Protect & Grow, we are actively upskilling and utilizing data, people and process best practices across the organization to drive market share improvement and diversification of organic growth across regions and strategies.

在投影片 3 中，我想向大家報告公司的進展。我們目前仍處於策略願景的執行階段，該願景由三大支柱構成：保護和發展我們的核心業務，增強我們尚未充分發揮的優勢，並在客戶信任我們能夠贏得的領域實現多元化發展。在「保護與發展」計畫中，我們積極提升整個組織的技能，並利用數據、人員和流程方面的最佳實踐，以推動市場份額的提升，並實現跨地區和跨戰略的有機增長多元化。

For example, in the third quarter, there are 21 strategies that each had at least $100 million of net inflows. This compares to 11 strategies just a year ago. These 21 strategies reflect a broad range of capabilities in vehicles across Protect & Grow and amplify strategic efforts, including six ETFs, six equity strategies, the fully tokenized Janus Henderson NMOAAACLO fund, regional fixed income strategies, absolute return, Victory Park Capital's asset-backed opportunities to Credit Fund and Provocore within our alternatives business and the adaptive capital preservation strategy within multi-asset.

例如，在第三季度，有 21 項策略的淨流入額均至少達到 1 億美元。而一年前，這一數字僅為 11 項策略。這 21 項策略體現了 Protect & Grow 旗下各類工具的廣泛能力，並強化了戰略舉措，其中包括 6 只 ETF、6 隻股票策略、完全代幣化的 Janus Henderson NMOAAACLO 基金、區域固定收益策略、絕對收益、Victory Park Capital 的資產支持機會，以及我們另類投資業務中的資產相關性投資，還有多維業務中的資產適應性，以及我們另類投資業務中的資產相關性。

Under Amplified itself, we also announced a partnership with CNO Financial Group for providing long-term capital, which we believe will further accelerate the growth of Victory Park Capital and expand and scale its investment capabilities for the benefits of our clients. With CNO and Guardian, we now have almost $50 billion in very long-term capital or roughly 10% of our overall AUM. We also continue to leverage our investment expertise through the launches of active ETFs that allow us to cater to client demand globally.

在 Amplified 旗下，我們也宣布與 CNO Financial Group 建立合作夥伴關係，以提供長期資本。我們相信這將進一步加速 Victory Park Capital 的發展，並擴大和提升其投資能力，從而造福我們的客戶。加上 CNO 和 Guardian，我們現在擁有近 500 億美元的超長期資本，約占我們總資產管理規模的 10%。我們也將繼續利用我們的投資專長，推出主動式 ETF，以滿足全球客戶的需求。

During the third quarter in the US, we launched our asset-backed securities ETF JABS or JABS and the global artificial intelligence ETF, JHAI. In Europe, we launched our transformational growth equity use it ETF, JTXX complementing our US launch of transformational growth equity, JXX. Within the diversified pillar, we announced the successful first closing of a non-US direct lending vehicle by our emerging markets private investment team.

第三季度，我們在美國推出了資產支援證券 ETF JABS 或 JABS 以及全球人工智慧 ETF JHAI。在歐洲，我們推出了變革性成長股ETF JTXX，與我們在美國推出的變革性成長股ETF JXX相輔相成。在多元化支柱領域，我們宣布新興市場私募投資團隊成功完成首筆非美國直接貸款工具的募集。

I'll talk more about the VPC partnership with CNO and our emerging markets private investment team later in the presentation. Along with executing our strategic vision, we are making progress in other areas of the business. As I mentioned, we delivered several consecutive quarters of positive net flows and delivered market share gains in key regions, which demonstrates that we are on the path to delivering consistent growth over the long term.

在稍後的演講中，我將更詳細地談談 VPC 與 CNO 以及我們新興市場私募投資團隊的合作關係。在執行策略願景的同時，我們在業務的其他領域也取得了進展。正如我之前提到的，我們連續幾個季度實現了正淨流入，並在關鍵地區取得了市場份額增長，這表明我們正走在實現長期持續增長的道路上。

In addition to the net flows this quarter, Importantly, Janus Henderson also generated positive organic net new revenue growth in the third quarter. Fee pressures are persistent in this industry and not all AUM is created equally. So we're pleased with that result. Elsewhere in the business, we have made the strategic decision to transition our investment management system to Aladdin. This multiyear transition is expected to deliver a more scalable operating model through consistent and integrated technology infrastructure and investment management platform.

除了本季的淨流入外，值得注意的是，Janus Henderson 在第三季也實現了正的內生淨新增收入成長。在這個行業，費用壓力一直存在，並非所有資產管理規模都具有相同的價值。所以我們對這個結果很滿意。在公司其他方面，我們已經做出了將投資管理系統過渡到 Aladdin 的策略決定。預計這項多年轉型將透過一致且一體化的技術基礎設施和投資管理平台，實現更具可擴展性的營運模式。

Transitions of this nature are not uncommon in our industry, and we expect this transition will deliver enhanced services to our funds and our clients and enable strategic growth. Our focus is on making this transition seamless for our clients, maintaining the consistent level of service they expect from us. While we anticipate an approximately 1% increase in adjusted operating costs for 2026 and 2027 from this transition, all else equal, in 2028 and beyond, we expect this transition to deliver ongoing operational improvements and efficiencies and attractive ROI. We'll provide an update on 2026 expense expectations, including the net impact of this shift in ongoing costs for the next quarter's earnings call.

這種性質的轉型在我們的行業中並不罕見，我們預計此次轉型將為我們的基金和客戶提供更優質的服務，並實現策略性成長。我們的重點是確保客戶能夠無縫過渡，並保持他們期望從我們這裡獲得的持續服務水準。雖然我們預計此次轉型將導致 2026 年和 2027 年的調整後營運成本增加約 1%，但在其他條件不變的情況下，我們預計 2028 年及以後，此次轉型將帶來持續的營運改善和效率提升，以及可觀的投資回報率。我們將在下一季的財報電話會議上更新 2026 年的支出預期，包括持續成本變化帶來的淨影響。

Shifting to capital stewardship. Our solid financial results and cash flow generation, along with a strong and stable balance sheet, has enabled us to return nearly $130 million this quarter through dividends and share buybacks. Our cumulative share count reduction is 23% since we started the accretive buyback program in the third quarter of 2018. Janus Henderson's strong liquidity profile continues to provide us the flexibility to invest in the business, both organically and inorganically as well as return cash to shareholders.

轉向資本管理。我們穩健的財務表現和現金流，以及強大且穩定的資產負債表，使我們能夠在本季透過股利和股票回購返還近 1.3 億美元。自 2018 年第三季啟動增值回購計畫以來，我們的累積股份數量減少了 23%。Janus Henderson 強勁的流動性狀況繼續為我們提供靈活性，使我們能夠以有機成長和非有機成長的方式投資於業務，並向股東返還現金。

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

現在我將把電話交給羅傑，讓他為大家詳細介紹更多財務表現。

Thanks, Ali, and thank you for joining us on today's call. Starting on silde 4 and investment performance. As Ali mentioned, longer-term investment performance versus benchmark remains solid with at least 60% of AUM beating their respective benchmarks over the three, five and 10-year time periods. Looking at further detail, at least half of each capabilities AUM is ahead of benchmarks over medium and long-term periods, reflecting consistent longer-term investment performance across capabilities.

謝謝阿里，也謝謝你今天參加我們的電話會議。從第 4 頁開始，以及投資績效。正如阿里所提到的，與基準相比，長期投資績效依然穩健，至少 60% 的資產管理規模在三年、五年和十年期間都跑贏了各自的基準。進一步分析發現，至少有一半的各項能力資產管理規模在中長期內都超過了基準水平，這反映了各項能力的長期投資績效持續良好。

Overall, investment performance compared to peers continues to be very competitive with over 70% of AUM in the top two Morningstar quartiles over the 3-, 5- and 10-year time periods. silde 5, shows total company flows by quarter. Net inflows for the quarter were $7.8 billion, which improved significantly over the net inflows of $400 million a year ago. Excluding the onetime impact from the Guardian general account funding last quarter, our gross sales increased for the fourth consecutive quarter and improved by 86% compared to the third quarter of last year.

整體而言，與同業相比，投資績效仍極具競爭力，超過70%的資產管理規模（AUM）在過去3年、5年及10年期間均位列晨星排名前25%。第5頁顯示了公司按季度劃分的總資金流動。本季淨流入資金為 78 億美元，較去年同期的 4 億美元淨流入資金有了顯著改善。除去上季《衛報》一般帳戶資金的一次性影響，我們的總銷售額連續第四個季度增長，比去年第三季度增長了 86%。

All three channels and regions experienced an increase in gross sales compared to the prior year across a broad range of capabilities, including ETFs, US buy and maintain credit, Australian fixed income, US research, our tokenized AAA CLO fund and asset-backed opportunistic credit from VPC.

與前一年相比，所有三個管道和地區的總銷售額均有所增長，涵蓋了廣泛的業務能力，包括 ETF、美國買入和持有信貸、澳大利亞固定收益、美國研究、我們的代幣化 AAA CLO 基金以及 VPC 的資產支持機會信貸。

Turning to silde 6 and flows by client type. Third quarter net flows for the intermediary channel were positive $1 billion, equating to a 9% organic growth rate. In the third quarter, net flows were positive in the US and Asia Pacific with net outflows in EMEA. To set expectations, we do not expect to repeat this level of net flow in Q4.

前往第 6 頁，按客戶類型查看流程。第三季中間通路淨流入為 10 億美元，相當於 9% 的有機成長率。第三季度，美國和亞太地區的淨流入為正，而歐洲、中東和非洲地區則出現淨流出。為了讓大家有所預期，我們預期第四季淨流量不會再達到這個水準。

In the US, net flows were positive for the ninth consecutive quarter with inflows in several strategies, including most of the active ETFs, US research, multi-sector income, US Mid-Cap Growth and Privacor. US intermediary is a key initiative under our Protect & Grow strategic pillar, and we're pleased that we gained market share on a year-over-year basis.

在美國，淨流入連續第九個季度為正，多種策略均出現資金流入，包括大多數主動式 ETF、美國研究基金、多產業收益基金、美國中型成長型基金和 Privacor 基金。美國中介業務是我們「保護與發展」策略支柱下的關鍵舉措，我們很高興市佔率逐年成長。

Additionally, whilst negative the third quarter net flows for US mutual funds within the intermediary channel was the best result in several years. Under our amplified strategic pillar, we talked about amplifying our investment in client service strengths using various means, including vehicles through which we deliver to our clients.

此外，儘管第三季美國共同基金透過中介管道的淨流入為負，但這卻是近幾年來最好的結果。在我們強化的策略支柱下，我們討論如何利用各種手段，包括我們向客戶提供服務的管道，來加強對客戶服務實力的投資。

In addition to active ETFs, flows into CITs and hedge funds in this channel were positive in the third quarter. In EMEA, Continental Europe and the Middle East delivered net inflows, while the U.K. had net outflows, primarily driven by a single outflow in investment trusts. Institutional net inflows were $3.1 billion, marking the fourth consecutive quarter of positive flows.

除了主動型 ETF 外，第三季流入該通路的 CIT 和避險基金的資金也為正。在歐洲、中東和非洲地區，歐洲大陸和中東地區實現了淨流入，而英國則出現了淨流出，這主要是由於投資信託基金的單一資金流出所致。機構淨流入資金為 31 億美元，連續第四季度實現正流入。

Gross sales were the best result in over two years and reflect fundings across all capabilities, covering corporates, pensions, insurance and private credit clients. Net outflows for the self-directed channel, which includes direct and supermarket investors were $400 million. The third quarter includes approximately $600 million of ETF net inflows from our supermarket clients. Excluding ETFs, self-directed net outflows were roughly flat to the prior year.

總銷售額創兩年多來最佳成績，反映了所有業務領域的融資情況，涵蓋企業、退休金、保險和私人信貸客戶。包括直接投資者和超市投資者在內的自主投資管道的淨流出資金為 4 億美元。第三季包括來自我們超市客戶的約 6 億美元 ETF 淨流入。剔除 ETF 後，自主淨流出與去年基本持平。

Silde 7 shows our flows in the quarter by capability. Equity flows were negative $3.3 billion compared to $2.6 billion of net outflows in the prior quarter. The current quarter was impacted by the merger of the Henderson European Trust into another third-party trust, which resulted in $900 million of net outflows. The environment remains challenging for active equities across all regions. Whilst net flows for equities were negative in aggregate, CITs, active equity ETFs and Horizon CCAR funds all delivered positive net flows in the quarter.

第 7 頁顯示了我們本季按能力劃分的流量。股權資金流入為負 33 億美元，而上一季淨流出為 26 億美元。本季受到亨德森歐洲信託基金併入另一第三方信託基金的影響，導致淨流出9億美元。所有地區的活躍型股票投資環境依然充滿挑戰。儘管股票淨流入總體為負，但CIT、主動型股票ETF和Horizo​​n CCAR基金在本季度均實現了正淨流入。

Elsewhere while still negative, the US equity mutual funds had their best flow results in over two years.

其他方面，儘管仍為負值，但美國股票型共同基金的資金流入績效卻是兩年多來最好的。

Third quarter net inflows for fixed income were $9.7 billion, compared to $49.7 billion of net inflows in the Guardian boosted prior quarter. Several strategies contributed to positive fixed income flows active fixed income ETFs delivered over $5 billion in the quarter and included five active ETFs with at least $100 million of net inflows, including JAAA, JMBS, JSI. JBBB and VNLA or --

第三季固定收益淨流入為 97 億美元，而上一季淨流入為 497 億美元，主要得益於《衛報》的推動。多種策略促成了固定收益的正向流入，主動型固定收益 ETF 在本季實現了超過 50 億美元的收益，其中包括 5 隻淨流入至少 1 億美元的主動型 ETF，包括 JAAA、JMBS 和 JSI。JBBB 和 VNLA 或--

Other strategies contributing to positive flows were Australian fixed income, US buyer maintained credit, the tokenized JAAA fund and multisector credit. Net flows for the multi-asset capability were breakeven, primarily due to net outflows in the balanced strategy, which were offset by an institutional win and our adaptive capital preservation strategy.

其他促成正向資金流動的策略包括澳洲固定收益、美國買方維持信貸、代幣化的 JAAA 基金和多部門信貸。多資產能力的淨流入達到損益平衡，主要是由於平衡策略的淨流出，但被機構收益和我們的適應性資本保全策略所抵銷。

And finally, Net inflows in the alternative capability were $1.4 billion, driven primarily by absolute return, biotech hedge fund, [VDC's] asset-backed opportunity credit strategy and -- Moving on to the financials. silde 8 is our US GAAP statement of income. Before moving on to the adjusted financial results.

最後，另類投資能力的淨流入為 14 億美元，主要由絕對收益、生物技術對沖基金、[VDC 的]資產支持機會信貸策略以及——接下來是財務數據。第 8 頁是我們的美國通用會計準則損益表。在進入調整後的財務績效分析之前。

GAAP results this quarter include an approximately $28 million charge related to the strategic decision to transition our investment management platform to Aladdin. This charge is removed from our adjusted results and the majority is noncash.

本季度 GAAP 業績包括約 2,800 萬美元的費用，該費用與將我們的投資管理平台過渡到 Aladdin 的策略決策有關。這項費用已從我們調整後的業績中剔除，而且大部分是非現金支出。

Continuing to silde 9 and our adjusted financial results. Adjusted financial results improved compared to the prior quarter and the prior year. The improvement was primarily due to higher average AUM and good investment performance generating higher performance fees. Adjusted operating income improved 22% and EPS improved 21% quarter-over-quarter. Improvements over prior year were similar with operating income and EPS both up 20%.

繼續發布第 9 號公告和我們調整後的財務表現。經調整後的財務表現較上一季及上年同期均有所改善。這項改善主要歸功於平均資產管理規模的擴大和良好的投資績效所帶來的更高績效報酬。經調整後的營業收入較上季成長 22%，每股盈餘較上季成長 21%。與上年相比，各項指標均有所改善，營業收入和每股盈餘均成長了 20%。

Looking at the detail. Adjusted revenue increased 11% compared to the prior quarter and 14% compared to the prior year, primarily due to higher management fees on higher average AUM and improved performance fees. Net management fee margin was 42.7 basis points in the third quarter. The expected and communicated decline from the prior quarter was primarily a result of the successful integration of lower fee Guardian AUM. We are also very pleased with positive firm-wide organic net new revenue generation in the third quarter, which demonstrates our success across a broad range of strategies and regions.

觀察細節。調整後的營收比上一季成長了 11%，比上年同期成長了 14%，主要原因是平均資產管理規模 (AUM) 擴大，管理費增加，以及業績費提高。第三季淨管理費利潤率為 42.7 個基點。與上一季相比，預期中的下降主要是由於成功整合了收費較低的 Guardian 資產管理規模。我們對第三季公司整體有機淨新增收入的正面成長也感到非常滿意，這表明我們在廣泛的策略和地區都取得了成功。

Third quarter performance fees were positive $16 million, primarily reflecting the -- absolute return strategy in US mutual funds. The US mutual fund performance fees were positive this quarter at over $3 million, which is the best result in over 10 years. This result compares favorably to negative $9 million of US

第三季業績費為正1,600萬美元，主要反映了美國共同基金的絕對收益策略。本季美國共同基金的業績費為正值，超過 300 萬美元，這是 10 多年來的最佳業績。這結果比虧損900萬美元的情況好得多。

mutual fund performance fees over the same period a year ago.

與去年同期相比，共同基金績效報酬。

We currently expect Q4 2025 performance fees to be at or above the Q4 '24 total, reflecting very strong performance of our hedge funds, but final amounts will be dependent on performance over the remainder of the year.

我們目前預計 2025 年第四季的業績費將達到或超過 2024 年第四季的總額，這反映了我們對沖基金非常強勁的業績，但最終金額將取決於今年剩餘時間的業績。

Continuing to expenses. Adjusted operating expenses in the third quarter increased 6% to $350 million, primarily reflecting higher profit-based compensation, LTI expense and investments supporting strategic initiatives. Adjusted LTI increased 20% compared to the prior quarter, largely due to mark-to-market or mutual fund share awards.

繼續支付費用。第三季調整後的營運費用成長 6% 至 3.5 億美元，主要反映了更高的利潤分成、長期激勵支出以及支持策略性舉措的投資。經調整的 LTI 比上一季成長了 20%，主要原因是按市值計價或共同基金份額獎勵。

In the appendix, we provided the usual table on the expected future amortization of existing grants due to use in your models. The third quarter adjusted comp to revenue ratio was 43.3% which is flat to the prior year and in line with our guidance. Our 2025 expectation and an adjusted compensation range of 43% to 44% remains unchanged. Adjusted noncomp operating expenses decreased 5% compared to the prior quarter, primarily from seasonally lower marketing and G&A expenses.

在附錄中，我們提供了通常的表格，說明由於在您的模型中使用現有贈款，預計未來攤銷情況。第三季調整後的同店銷售額佔營收的比率為 43.3%，與去年同期持平，符合我們的預期。我們對 2025 年的預期以及調整後的薪酬範圍（43% 至 44%）保持不變。經調整的非併購經營費用較上一季下降 5%，主要原因是季節性行銷和一般及行政費用下降。

For non-compensation guidance, our expectation of high single-digit percentage growth in full year non-comp expenses compared to 2024 remains unchanged, reflecting investments supporting our ongoing strategic initiatives and operational efficiencies, inflation, the full year impact of the consolidation of VPC, NBK, Tabula and Guardian and the FX impact of a weaker US dollar year-to-date in 2025.

對於非薪酬支出指引，我們預計全年非薪酬支出將比 2024 年實現高個位數百分比成長，這一預期保持不變。這反映了支持我們持續策略舉措和營運效率的投資、通貨膨脹、VPC、NBK、Tabula 和 Guardian 合併的全年影響以及 2025 年迄今為止美元走弱的匯率影響。

Our expectation of high single-digit percentage growth in non-comp expenses implies growth in the fourth quarter. We do expect to invest a little bit further in high ROI investments supporting areas of momentum in our business. Examples being marketing and advertising as well as client-related expenses such as T&E. 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.

我們預計非補償性支出將實現高個位數百分比成長，這意味著第四季將出現成長。我們計劃在投資報酬率高的投資領域加大投入，以支持我們業務發展勢頭良好的領域。例如行銷和廣告費用，以及與客戶相關的費用，如差旅費。我們將繼續堅持嚴格的成本控制，確保在控製成本的同時，繼續支持公司的長期成長目標。

Our expectation of the firm's tax rate on adjusted net income attributable to JHG remains unchanged and in the range of 23% to 25%. And finally, we'll give 2026 guidance on our full year call. But as Ali mentioned, our transition to Aladdin will result in higher costs in 2026 and 2027 and before we deliver the improvements and efficiencies for the future in 2028 and beyond.

我們對公司歸屬於 JHG 的調整後淨收入的稅率預期保持不變，在 23% 至 25% 的範圍內。最後，我們將在全年電話會議中給予 2026 年的業績指引。但正如阿里所提到的，我們向阿拉丁系統的過渡將導致 2026 年和 2027 年成本上升，而且在我們為 2028 年及以後帶來改進和效率提升之前，成本也會上升。

Our third quarter adjusted operating margin was 36.9%, an increase of 200 basis points from a year ago. And finally, adjusted diluted EPS was $1.09, up 20% from the comparable third quarter 2024 period. The increase in adjusted diluted EPS primarily reflects higher operating income and operating leverage.

我們第三季調整後的營業利潤率為 36.9%，比去年同期成長了 200 個基點。最後，經調整後的稀釋每股收益為 1.09 美元，比 2024 年第三季同期成長 20%。調整後攤薄每股收益的成長主要反映了營業收入和經營槓桿的提高。

Skipping over to silde 10 and moving to silde 11 and a look at our liquidity profile. Our balance sheet remains strong and stable. Cash and cash equivalents were $1 billion as at the 30th of September compared to $395 million of outstanding debt. During the quarter, we funded our quarterly dividends and repurchased 1.5 million shares as part of our corporate buyback program for approximately $67 million. The Board has also declared a $0.40 per share dividend to be paid on the 26th of November to shareholders of record as of the tenth of November.

跳到第 10 頁，然後轉到第 11 頁，看看我們的流動性狀況。我們的資產負債表依然穩健。截至9月30日，現金及現金等價物為10億美元，而未償債務為3.95億美元。本季度，我們支付了季度股息，並根據公司回購計畫回購了 150 萬股股票，總額約為 6,700 萬美元。董事會也宣布派發每股 0.40 美元的股息，將於 11 月 26 日支付給截至 11 月 10 日登記在冊的股東。

silde 12 looks in more detail at our consistent return of capital to shareholders. We've maintained a healthy quarterly dividend and have reduced shares outstanding by almost 23% since 2018. During the first 9 months of 2025, we've returned $331 million including $143 million for share repurchases. The buyback program and dividends do not alter our ability to invest in the business organically and inorganically as well as return cash to shareholders. Currently, our liquidity profile allows us to do both.

第 12 頁更詳細地探討了我們持續向股東返還資本的情況。自 2018 年以來，我們一直保持著健康的季度股息，並且已將流通股數量減少了近 23%。2025 年前 9 個月，我們已返還 3.31 億美元，其中包括 1.43 億美元用於股票回購。回購計劃和分紅不會改變我們對業務進行有機和非有機投資以及向股東返還現金的能力。目前，我們的流動性狀況允許我們同時做到這兩點。

Our return of excess cash is consistent with our capital allocation framework. We'll continue to look to return capital to shareholders where there isn't an immediately more compelling investment in the business.

我們將多餘現金回饋給股東的做法符合我們的資本配置架構。我們將繼續尋求將資本回饋給股東，前提是公司內部沒有其他更具吸引力的投資機會。

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

接下來，我想把麥克風交還給阿里，讓他介紹我們在私募市場的策略進度。

Thanks, Roger. Turning to silde 13 and an update on our progress in private markets. We've made progress in the private market space through Provacore, -- Capital and our emerging markets private investment team. Starting with Provacor, which seeks to take advantage of and be the leader in the democratization of -- the private wealth channel Year-to-date, -- advise on $1.4 billion raised in the private wealth channel. Privacor is now selling on five wirehouses and platforms, and the team is expanding into RIAs and broker-dealers.

謝謝，羅傑。接下來是第 13 頁，我們將介紹我們在私募市場的最新進展。我們透過 Provacore、-- Capital 和我們的新興市場私募投資團隊，在私募市場領域取得了進展。從 Provacor 開始，該公司致力於利用並引領私人財富管道的民主化——今年迄今為止，該公司已為私人財富管道籌集了 14 億美元的資金提供諮詢服務。Privacor 目前已在五家大型券商和平台上銷售產品，團隊正在向註冊投資顧問 (RIA) 和經紀交易商拓展業務。

In addition to advising on third-party products through its open architecture model, -- also recently launched two proprietary funds. The Private VPC asset-backed credit fund, AltABF, which is sub-advised by our very owned Victory Park Capital and the Privacor-PCAM alternative growth fund also sub-advised by partners' capital. In addition to these advised third-party proprietary funds,-- expects to have more products coming online in the upcoming months and is working with Janus Henderson to expand its reach.

除了透過其開放式架構模型為第三方產品提供諮詢外，——最近還推出了兩隻自有基金。由我們自有的 Victory Park Capital 提供次級諮詢的私人 VPC 資產支持信貸基金 AltABF，以及由合夥人資本提供次級諮詢的 Privacor-PCAM 另類成長基金。除了這些建議的第三方自有基金外，——預計未來幾個月將有更多產品上線，並且正在與 Janus Henderson 合作以擴大其業務範圍。

In September, we announced that CNO Financial Group, a nationwide life and health insurer and financial services provider with $37 billion in total assets would acquire a minority interest in VPC. As part of the partnership, Ciena will provide a minimum of $600 million in long-term capital commitments to new and existing VPC investment strategies. One of these strategies will be the private core Victory Park Capital asset-backed credit fund I previously mentioned. This collaboration with CNO reinforces our shared belief in the long-term potential of asset-backed private credit markets and further deepens Janus Henderson and VPCs insurance presence.

9 月，我們宣布，擁有 370 億美元總資產的全國性人壽和健康保險及金融服務提供商 CNO Financial Group 將收購 VPC 的少數股權。作為合作的一部分，Ciena 將為新的和現有的 VPC 投資策略提供至少 6 億美元的長期資本承諾。其中一個策略就是我之前提到的私募核心 Victory Park Capital 資產支持信貸基金。與 CNO 的此次合作鞏固了我們對資產支持型私人信貸市場長期潛力的共同信念，並進一步深化了 Janus Henderson 和 VPC 的保險業務。

CNO's investment of long-term capital speak to VPCs strong track record of providing private credit solutions across industries, their differentiated expertise in highly developed sourcing channels and the significant value VPC brings to its investors and portfolio companies. The transaction was completed on October 1, and Janus Henderson remains the happy majority owner of VPC. The transaction with Sino builds on Janus Henderson's recent momentum in the insurance space with our previously announced multifaceted strategic partnership with Guardian, which is working well.

CNO 的長期資本投資體現了 VPC 在各行業提供私人信貸解決方案方面的強大業績記錄、其在高度發達的採購管道方面的差異化專業知識，以及 VPC 為其投資者和投資組合公司帶來的巨大價值。交易於 10 月 1 日完成，Janus Henderson 仍然是 VPC 的控股股東。與 Sino 的交易鞏固了 Janus Henderson 近期在保險領域的良好勢頭，此前我們宣布與 Guardian 建立了多方面的戰略合作夥伴關係，目前進展順利。

Lastly, in early October, our emerging markets private investment team, formerly NBK Capital Partners, marked a strategic milestone with the announcement of the successful first close of the $300 million Sharia-compliant Fund, the Janus Henderson MENA Private Credit Fund IV with $125.5 million committed. The vehicle, which attracted strong demand from global and regional institutional clients and family offices, provides investors with access to emerging market private credit opportunities to deliver attractive cash yield and total risk-adjusted returns.

最後，在 10 月初，我們的新興市場私募投資團隊（前身為 NBK Capital Partners）宣布成功完成 3 億美元符合伊斯蘭教法的 Janus Henderson MENA 私募信貸基金 IV 的首輪募資，達到 1.255 億美元，標誌著一個戰略里程碑。該投資工具吸引了全球和區域機構客戶及家族辦公室的強烈需求，為投資者提供了新興市場私募信貸機會，以實現具有吸引力的現金收益和總風險調整收益。

The second close is planned for year-end 2025 with the final close in mid-2026. The successful first close of this direct lending vehicle underscores our commitment to investors in the Middle East and the growing number of companies in the region seeking access to flexible values-driven financing. It also highlights the important role of private credit plays in connecting capital with opportunities across dynamic growth markets. This business also strategically complements our emerging market public credit business, which is now at almost $2 billion of assets under management. -- Victory Park Capital and Emerging Markets private investments underscores Janus Henderson's commitment to private capital as a key strategic growth area as we continue to diversify our capabilities and deliver differentiated solutions for our clients.

第二輪交割計畫於 2025 年底進行，最終交割計畫於 2026 年中進行。這項直接貸款工具首次成功完成交割，凸顯了我們對中東投資者的承諾，以及該地區越來越多尋求靈活、以價值為導向的融資的公司的需求。它也強調了私人信貸在連接資本與充滿活力的成長型市場中的機會方面所發揮的重要作用。這項業務也與我們新興市場公共信貸業務形成策略互補，後者目前的管理資產規模已接近20億美元。 ——Victory Park Capital和新興市場私募投資業務凸顯了Janus Henderson對私募資本的承諾，我們將私募資本視為關鍵策略成長領域，並不斷拓展業務能力，為客戶提供差異化解決方案。

Now wrapping up on silde 14. We're making meaningful progress across the business, although we're not firing on all cylinders yet and have more improvement to go. We're executing against our strategic objectives including capturing market share in key regions, diversifying our flows across regions and strategies, establishing new strategic partnerships and developing newly added pieces of our business.

現在結束第 14 頁的內容。雖然我們還沒有完全發揮出全部潛力，還有很大的改進空間，但我們在業務的各個方面都取得了實質的進展。我們正在執行我們的策略目標，包括在關鍵地區獲取市場份額、實現跨地區和策略的多元化、建立新的策略合作夥伴關係以及開發我們業務的新增部分。

Investment performance is solid versus benchmark and peers Net inflows were positive $7.8 billion, marking our sixth consecutive quarter of net inflows and the best quarterly results ever excluding the Guarding net inflows of last quarter. While we are very pleased with the quarterly results, it's worth noting for modelers that these flows also reflect several fundings, which have depleted the near-term existing pipeline opportunities.

與基準和同業相比，投資績效穩健。淨流入資金達 78 億美元，連續第六個季度實現淨流入，且不計上季度 Guarding 的淨流入，創下有史以來最佳季度業績。雖然我們對季度業績非常滿意，但值得注意的是，對於建模者來說，這些資金流動也反映了幾筆融資，這已經耗盡了近期現有的專案機會。

Our financial performance and strong balance sheet allow us to continue returning cash to shareholders through dividends and share buybacks while reinvesting in the business for future growth. Our focus continues to be helping clients define and achieve superior financial outcomes and to deliver desired results for our clients, shareholders, employees and all our stakeholders.

我們的財務表現和強勁的資產負債表使我們能夠繼續透過股利和股票回購向股東返還現金，同時將資金再投資於業務以實現未來的成長。我們始終致力於幫助客戶制定和實現卓越的財務目標，並為我們的客戶、股東、員工和所有利害關係人帶來理想的成果。

Finally, before I turn it over to the operator for questions, I wanted to acknowledge our CFO, Roger Thompson, who will start a well-deserved retirement beginning April 1 of next year. Roger joined the firm in 2013 as CFO and began leading the APAC Client Group in 2022. He is a valued member of our Executive Committee, a Director on several of our boards has been a strong supporter of several of our employee resource groups, a friend and mentor to many people and a true culture carrier within our firm. He personifies all five of the Janus Henderson values.

最後，在將麥克風交給接線員提問之前，我想向我們的財務長羅傑湯普森致謝，他將於明年 4 月 1 日開始他當之無愧的退休生活。Roger 於 2013 年加入本公司擔任財務官，並於 2022 年開始領導亞太客戶集團。他是我們執行委員會的重要成員，也是我們多個董事會的董事，一直是我們多個員工資源小組的堅定支持者，也是許多人的朋友和導師，也是我們公司真正的文化傳播者。他完美體現了 Janus Henderson 的五個價值觀。

On a very personal note, the successes we've seen over the past few years at Janus Henderson could not have happened without Roger. He's been an incredible feedback ever, strategic thinker and all-around partner to me. I also want to thank him for the collaboration and fun on many of our client and investor meetings, earnings calls, town halls, travels even when we miss transcontinental flights and so much more. And I and the firm owe Roger an incredible debt of gratitude. While at to Roger Go, we're very excited for its next phase in life.

就我個人而言，過去幾年 Janus Henderson 取得的成功，如果沒有 Roger 的幫助，是不可能實現的。他一直是我非常棒的回饋者、策略思想家和全方位合作夥伴。我還要感謝他在我們與客戶和投資者的多次會議、財報電話會議、全體員工大會、旅行（即使我們錯過了跨大陸航班）以及其他許多方面給予的合作和樂趣。我和公司都對羅傑懷有無比的感激。雖然我們對 Roger Go 的未來發展感到非常興奮，但我們對它的下一個階段充滿期待。

Pleasingly, and demonstrating the talent we have within Janus Henderson, I'm delighted that our Head of Corporate Development and Strategy, so Crowell, will become our CFO and joins our executive committee.

令人欣慰的是，也充分展現了 Janus Henderson 的人才實力，我很高興我們的企業發展與策略主管 So Crowell 將擔任首席財務官，並加入我們的執行委員會。

-- joined the firm in 2022 and and through each of our recent acquisitions of Tabula, NBK Capital and Victory Park Capital and partnerships with Privacore, Guardian and CNO Financial Group, he's been instrumental in helping to define and deliver our strategy to protect and grow our core amplify our strengths to diversify where we have the right.

——於 2022 年加入公司，透過我們最近對 Tabula、NBK Capital 和 Victory Park Capital 的收購，以及與 Privacore、Guardian 和 CNO Financial Group 的合作，他在幫助我們制定和實施策略方面發揮了重要作用，以保護和發展我們的核心業務，增強我們的優勢，並在適當的時候實現多元化。

As a reminder, as we turn the call over to the operator for questions, we're unable to comment further on the nonbinding proposal and ask that you focus questions on the business results. With that, let me now turn the call back over to the operator to take your questions. Thank you.

再次提醒，由於我們將通話轉交給接線員回答問題，我們無法就該不具約束力的提案作進一步評論，請您將問題集中在業務成果上。那麼，現在我將把電話轉回給接線員，由他來回答您的問題。謝謝。

(Operator Instructions) Ken Wellington, JPMorgan.

（操作說明）肯‧惠靈頓，摩根大通。

Hi, good morning. Thanks for taking the question. Roger, congrats to you. We'll see -- or later. But maybe first, in terms of net flows, clearly seeing a nice improvement in the intermediary and institutional channels. you highlighted the products that contributed. What I'm really after is like what is the story behind the numbers?

您好，早安。感謝您回答這個問題。羅傑，恭喜你。我們拭目以待——或者以後再說。但首先，就淨流量而言，中介通路和機構通路的明顯改善顯而易見。您重點介紹了做出貢獻的產品。我真正想知道的是，這些數字背後有什麼故事？

Like what's the story behind the improved gross sales? Is it possible to help us better understand how and maybe which of the initiatives seems to be translating into what we can obviously see are the better results?

銷售額成長背後的故事是什麼？能否幫助我們更了解哪些措施能夠轉化為我們明顯看到的更好結果？

Hey again, thanks for the question. look, as you pointed out, we feel pretty good about what we delivered in the quarter on flows. You're right. It's a lot of thought process to get there. If you start with the intermediary side of things, the $5.1 billion of flows in the third quarter were certainly positive.

嗨，再次感謝你的提問。正如你所指出的，我們對本季在流量上所取得的成績相當滿意。你說得對。要達到那種境界需要很多思考過程。如果從中介機構來看，第三季 51 億美元的資金流動無疑是正面的。

We -- again, as we said in the prepared remarks, I want to make sure that people don't expect that to continue at that pace consistently. You've seen some of the public ETF data.

我們——再次重申，正如我們在準備好的演講稿中所說，我想確保人們不要指望這種情況會一直以這樣的速度持續下去。您已經看到了一些公開的ETF資料。

But the whys are actually coming into play, the whys are actually certainly helping. And on the intermediary side, we've done many things, right? One is we've made sure that we have the right people in the right places. We then made sure that we actually pay them the right way, incentivize them to grow and get new products on shelves and make sure they're the right products for the end client.

但「為什麼」這個因素確實發揮了作用，「為什麼」這個因素確實很有幫助。而在中間環節，我們也做了很多事情，對吧？第一，我們確保了合適的人在合適的職位上。然後，我們確保以正確的方式支付他們報酬，激勵他們發展壯大，將新產品上架，並確保這些產品適合最終客戶。

We then are making sure that we have the right product. Now that comes in two flavors. One is ensuring that the performance is right. You'll see that our performance continues to be solid and versus several years ago has certainly improved on average, and also make sure that the right wrappers, whether they be ETFs or CITs or mutual funds, which we still are big believers in or SMAs or other wrappers as well, to make sure the product is right.

然後，我們要確保我們擁有正確的產品。現在有兩種口味。一是確保演出效果符合預期。你會發現我們的業績持續穩健，與幾年前相比，平均水準肯定有所提升。同時，也要確保選擇合適的投資工具，無論是 ETF、CIT 還是共同基金（我們仍然非常看好這些工具），或者 SMA 或其他投資工具，以確保產品合適。

And of course, then we want to make sure that we're calling the right people and are productive about it. So we're using a lot of data including some newer technologies to make sure that folks are targeting the right people. So you put all that stuff together to your question, it's not just the output, but the inputs and the lives. We feel pretty comfortable that we're on the right track. And obviously, in the US, that certainly start to show.

當然，接下來我們也要確保聯繫到合適的人，並且提高效率。因此，我們正在利用大量數據，包括一些新技術，以確保人們能夠瞄準正確的人群。所以，把所有這些因素綜合起來回答你的問題，不僅僅是輸出，還有輸入和生活。我們很有信心，我們正走在正確的道路上。很顯然，在美國，這種情況已經開始顯現出來。

This is our ninth consecutive quarter of positive flows, and it's starting to show outside of the US as we transport that thought process on the intermediary side.

這是我們連續第九個季度實現正成長，而且隨著我們在中介機構方面推廣這種思維方式，這種成長勢頭也開始在美國以外顯現出來。

On the institutional side, the $3.1 billion of flows this quarter marked the fourth consecutive quarter of positive flows. Gross sales were the best results we've had in something like two years. We're going to continue to build on that momentum. Again, there are 2, I think we depleted some of our future pipeline and what happened this quarter. But still, the whys are a lot of the same as I talked about in the intermediate side or on product or on vehicle, et cetera.

在機構資金方面，本季流入資金 31 億美元，標誌著連續第四個季度實現正流入。總銷售額是我們近兩年來取得的最佳成績。我們將繼續保持這股勢頭。再說一遍，有兩個問題，我認為我們消耗了一些未來的儲備，以及本季發生的事情。但是，其中的原因與我在中間部分、產品部分或車輛部分等所討論的原因有很多相同之處。

But very importantly, it's also building relationships with our clients that are more than just transactional relationships. That's true and intermediary, but it's even more true in institutional, where we focus on building more nodes of connectivity between the firms. It might not just be delivering investment performance is also delivering ourselves, what we know about technology, what we know about AI, what we know about regulatory environments, and that's also part and parcel. You may have seen this to our brand campaign that's out there that is resonating, again, both for intermediary and institutional, which is Ampersand is the symbolism of how we work with our clients is this together concept of Janus Henderson that our clients told us were special about.

但更重要的是，它也有助於與客戶建立超越交易關係的深厚友誼。這確實具有中介性質，但在機構層面更是如此，因為我們專注於在公司之間建立更多的連結節點。這可能不僅是帶來投資業績，也是帶來我們自身的價值，包括我們對科技的了解、我們對人工智慧的了解、我們對監管環境的了解，而這些也是不可或缺的一部分。您可能已經看到我們正在進行的品牌宣傳活動引起了廣泛共鳴，無論是對於中介機構還是機構而言，Ampersand 符號象徵著我們與客戶合作的方式，這是 Janus Henderson 的「攜手共進」理念，我們的客戶告訴我們，這個理念非常特別。

So it's just together this Ampersand it's -- it's their goals and our solutions. It's their problems and our hopes to deliver solutions for their problems. So it's all of those things together. It's not just one thing. It's never just one thing.

所以，這個「&」符號就是－他們的目標和我們的解決方案。這是他們的問題，我們希望能夠為他們的問題提供解決方案。所以，這是所有這些因素綜合起來的結果。這並非單一因素造成的。事情從來都不是單一因素造成的。

As you know, there's no silver bullet. We're certainly pulling all this together and hoping to continue to build over time, not overnight. I'm not sure we're there yet. We're not firing all cylinders, but over time, a very sustainable growth for us on a consistent basis.

如你所知，沒有萬全之策。我們當然會把所有這些整合起來，並希望隨著時間的推移不斷發展壯大，而不是一蹴而就。我不確定我們是否已經到達目的地。我們目前還沒有火力全開，但隨著時間的推移，我們將持續保持非常永續的成長。

Okay, thank you for that and okay. I'm always looking for the silver bullet. So -- and just in terms of product performance, generally looks very good, have seen some deterioration in equities. Can you talk about the themes you're seeing in the equity franchise that are impacting performance?

好的，謝謝。我一直在尋找萬全之策。所以——就產品表現而言，整體看起來非常好，但股票方面出現了一些惡化。您能否談談您在股權投資領域觀察到的、影響績效的主題？

Okay. Let me pick up with that first. I think you're right. The 1-year performance in equity is a little lower, but it's the longer-term time periods remain really solid, at least 50% ahead of benchmark. And against competition, the figures are even better with over 80% over three and 10 years ahead of -- ahead of competition or top two on-star quartiles.

好的。讓我先從這個問題說起。我覺得你說得對。股票的1年期表現略低，但長期表現依然非常穩健，至少比基準高出50%。與競爭對手相比，這些數據甚至更好，三年和十年內超過 80% 的用戶領先競爭對手或前兩個 OnStar 四分之一的用戶。

As you say, it's very concentrated. The move in Q3 over Q2 is really due to US concentrated growth in US research moving below benchmark over one year.

正如你所說，它的濃度非常高。第三季較第二季有所成長，主要是由於美國研發投入集中成長，而一年來一直低於基準水準。

I think really importantly, that is really to do with a poor Q4 last year. Our year-to-date performance is strong, both of those are ahead of benchmark over year-to-date. Overall, equity is 63% ahead of benchmark year-to-date at the end of September. So it's a short-term number with, as you say, some really, really tricky markets that our let investors are working through. which, again, I think, continues to be where active management is important, it is essential for client portfolios, 350 investment professionals and are intensely focused on delivering between good and bad, as we always say, separating the wheat from the chaff, that is a tough market at the moment.

我認為真正重要的是，這實際上與去年第四季的糟糕業績有關。今年迄今為止，我們的業績表現強勁，這兩項指標均高於年初至今的基準水準。截至9月底，今年以來，股票整體表現比基準指數高出63%。所以這是一個短期數字，正如你所說，我們的租賃投資者正在努力應對一些非常棘手的市場。我認為，主動管理仍然非常重要，對客戶的投資組合至關重要。我們擁有350名投資專業人士，他們專注於在好壞市場中甄別良莠，正如我們常說的，去偽存真，而目前的市場形勢非常嚴峻。

And you will get short-term blips, but it's that long-term -- that long-term performance, which is really critical to what clients look at and we're really proud of the investment performance that we've got.

短期內可能會出現一些波動，但真正重要的是長期表現，這才是客戶真正關注的重點，我們為我們所取得的投資績效感到非常自豪。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Okay, thank you very much and. I apologize for my voice. So maybe first question is a 2-parter. I was wondering if you could comment about the ability to drive expenses and growth in the business, and what hurdles you face as a public company? And then within that, I'm curious with the Aladdin opportunity, how do we think about the incremental leverage into '28 relative to the spend in '26 and '27?

好的，非常感謝。我的聲音不太好，請見諒。所以第一個問題或許可以分成兩個部分。我想請您談談公司在控製成本和促進業務成長方面的能力，以及作為一家上市公司，您面臨哪些障礙？然後，就此而言，我對阿拉丁計畫的機會感到好奇，我們應該如何看待 2028 年相對於 2026 年和 2027 年支出的增量槓桿作用？

Bill, thanks for the question. So first on the first one, look, we're clearly investing in the business to our guidance for this year of high single-digit growth, percentage growth and non-comp, we're seeing opportunities to invest. And as we see opportunities to invest, we constantly look at ROI. We look at where we invest, what's the return on that investment? I mentioned marketing spend and branding a second ago.

比爾，謝謝你的提問。首先，關於第一個問題，我們顯然正在投資業務，以實現我們今年高個位數成長、百分比成長和非同店銷售額成長的預期，我們看到了投資機會。當我們看到投資機​​會時，我們會不斷關注投資報酬率。我們會考慮投資方向，以及投資報酬率是多少？我剛才提到了行銷支出和品牌建立。

I mentioned some of the investments we made in our people from a competition and growth driving perspective.

我提到了我們從提升競爭力和促進成長的角度對員工進行的一些投資。

We constantly look at ROI. Roger has created at that. And so we look at where we get the benefit out of it. We think we can continue to do that and get good ROI, which is why we continue to spend more. Again, not peanut butter, not blanket but in particular areas we found that we can deliver value and value for our clients leads to growth.

我們始終關注投資報酬率。羅傑已經創作了。因此，我們要看看我們能從中獲得什麼好處。我們認為我們可以繼續這樣做並獲得良好的投資回報率，這就是我們繼續增加投入的原因。再說一遍，這不是花生醬，也不是毯子，而是在某些特定領域，我們發現我們可以為客戶創造價值，而為客戶創造價值會帶來成長。

On your Aladdin question, as we mentioned, we'll give you more detail on the next quarterly call. We expect the short-term costs, as we said, to go up by about 1% of our overall expense base for 2026 and 2027. And then after that, we would tend to see some benefits. It's early days to know exactly what that is, but certainly, we'd like to see some benefit. And we're doing it.

關於您提出的阿拉丁問題，正如我們之前提到的，我們將在下次季度電話會議上提供更多詳細資訊。正如我們所說，我們預計短期成本將在 2026 年和 2027 年占我們總支出基數的 1% 左右。然後，之後我們往往會看到一些好處。現在還很難確切知道那是什麼，但我們當然希望看到一些好處。我們正在這樣做。

Yes, for cost benefits, sure, but also really, really importantly because we think we can deliver better for our investors.

是的，從成本效益的角度來看，當然如此，但更重要的是，我們認為我們可以為投資者帶來更好的回報。

We think we can deliver better for our funds, our mutual fund trustees and mutual fund shareholders, which are very important to us. We believe we can deliver better to our clients more broadly. And so we're doing it for all sorts of reasons. For us, this was the right match to work with Aladdin. I may not be for everybody.

我們認為我們可以為我們的基金、我們的共同基金受託人和共同基金股東提供更好的服務，這對我們來說非常重要。我們相信我們能夠為更廣泛的客戶提供更好的服務。因此，我們這樣做有各種各樣的原因。對我們來說，這是與阿拉丁合作的絕佳機會。我可能不適合所有人。

For us, that was the right match.

對我們來說，那是一次非常合適的配對。

Okay, thank you. And just as a follow-up, maybe on capital priorities from here. Balance sheet is in great shape. You bought back a lot of stock in the quarter. a, does the offer from Trian take you out of the market temporarily, and b, more broadly, how are you thinking about capital return from here?

好的，謝謝。最後，我們再補充一點，接下來應該要專注在資本優先事項上。資產負債表狀況良好。本季你回購了大量股票。 a，Trian 的收購要約是否會讓你暫時退出市場？ b，更廣泛地說，你如何看待接下來的資本回報？

And maybe you could comment on where you stand on the M&A pipeline. Thank you.

或許您可以談談您對併購專案的立場。謝謝。

So let me pick up on that, Bill. Yes. So I guess the short answer is nothing changes. Our current expectations will complete the full $200 million buyback by the Annual General Meeting of next year. In the third quarter, we brought another $67 million worth of stocks, 1.5 million shares.

那我就接著說吧，比爾。是的。所以，簡而言之，一切都沒有改變。我們目前的預期是，到明年年度股東大會召開時，將完成全部 2 億美元的股票回購計畫。第三季度，我們又購入了價值 6,700 萬美元的股票，即 150 萬股。

Cumulatively since we started to buy back in 2018. We've now bought back 23% of the stock, and that consistency is something we've talked about. We've got $83 million of the buyback outstanding. And we have an ongoing 10b5-1 plan that's in place, which is unaffected by nonbinding acquisition proposal.

自 2018 年我們開始購買以來累積購買量。我們現在已經回購了 23% 的股票，而這種持續性正是我們一直在強調的。我們還有 8,300 萬美元的回購款項尚未支付。我們目前有一項正在進行的 10b5-1 計劃，該計劃不受不具約束力的收購提案的影響。

I'll pass back to you on M&A. But again, as we've said, our capital philosophy remains completely unchanged and has been for a very long time that we will invest in the business but return cash to shareholders where we don't have an immediate need or near immediate need for that, again, in terms of individual items, Ali?

併購方面的問題我再交給你討論。但是，正如我們之前所說，我們的資本理念始終未變，而且長期以來一直如此，那就是我們會投資於業務，但在我們沒有立即或近期需要現金返還給股東的情況下，我們會將現金返還給股東。再說一遍，就具體項目而言，阿里？

Well, just we have the flexibility, obviously, to continue to do M&A and invest back in the business organically and return cash to shareholders. So we're in a privileged position.

顯然，我們有靈活性，可以繼續進行併購，並透過有機成長將資金再投資於業務，並將現金返還給股東。所以我們處於一種優越的地位。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks. Good morning. Ali. I hope everyone is doing well and Roger. Best wishes for your retirement. Our question is on Victory Park.

謝謝。早安.阿里。希望大家一切都好，羅傑也一樣。祝您退休生活幸福美滿。我們的問題與勝利公園有關。

There's so many positive levers, Karen, between Guarding life the CNO partnership and even capital raising at -- and probably a few that I'm actually missing. So how is Victory Park's AUM grown since the deal closed? And then how do you think about future growth a Victory Park over the next few years?

Karen，從守護生命、CNO 合作關係到籌集資金，有很多積極的槓桿——可能還有一些我實際上沒有註意到的。自交易完成以來，Victory Park的資產管理規模成長如何？那麼，您如何看待勝利公園未來幾年的發展呢？

Craig, thanks for the question. We are very pleased with the Victory Park Capital acquisition. Just to take a step back, as you might remember, we have targeted three areas from a private perspective that we wanted to go after. One of them was the democratization of alternatives into the wealth channel, and that's how we stood up to your point, Privacor. We have a team that is doing extraordinarily well and driving flows appropriately from the wealth channel into the appropriate products from GPs.

克雷格，謝謝你的提問。我們對收購Victory Park Capital感到非常滿意。回顧一下，您可能還記得，我們​​從私人角度出發，瞄準了三個領域。其中之一是將替代投資方式民主化，使其融入財富管道，而這正是我們回應你的觀點的方式，Privacor。我們有一支非常優秀的團隊，他們能夠有效地引導資金從財富管道流向普通醫生提供的相應產品。

They're on five different platforms or wirehouses right now and with the product in the marketplace. And so that's one piece of the puzzle for us to get wealth more exposed into the opportunities in the alternative landscape. And that certainly includes some element of Victory Park Capital. As I mentioned, one of the proprietary products, Privacor is delivering is with Vicotry Park Capital in that wealth channel. So that's one element.

目前他們的產品已上線五個不同的平台或券商，並在市場上銷售。因此，這是我們讓財富更能接觸到另類投資領域機會的一大難題。這其中當然包括勝利公園資本的部分內容。正如我之前提到的，Privacor 正在與 Victory Park Capital 在該財富管道中合作推出的專有產品之一。這是其中一個要素。

The second element is in private credit but private credit in the US from a direct lending perspective, we thought was rather over saturated at this point. There may be opportunities in the future. But at this point, direct lending in the US was not a place we wanted to go.

第二個要素是私人信貸，但從直接貸款的角度來看，我們認為美國的私人信貸目前已經相當飽和了。未來或許有機會。但就目前而言，我們並不想涉足美國的直接貸款領域。

So we certainly want to focus on outside the US direct lending and in particular, the MENA private credit business that we brought on board, which has done extraordinarily well. I was just out in the Middle East a couple of weeks ago now, and the interest is very, very high for our product because they are a group of folks who have been doing this for basically two decades and have been able to show very, very good results.

因此，我們當然希望專注於美國以外的直接貸款業務，特別是我們引入的中東和北非私人信貸業務，該業務表現非常出色。我幾週前剛去過中東，那裡的人們對我們的產品非常非常感興趣，因為他們是一群從事這項業務已有二十年之久，並且取得了非常非常好的成果的人。

That's why we did our first close on this, probably $300 million in total Fund IV for them and first one for Janus Henderson, but Fund IV for the team. And the close, I think, certainly suggested that there's much to come in that piece of the business. So that's the non-US private credit.

這就是為什麼我們完成了這筆交易的第一筆收款，總共可能達到 3 億美元，這是他們的第四期基金，也是 Janus Henderson 的第一筆基金，但對團隊來說是第四期基金。我認為，這筆交易的收盤結果無疑表明，該業務領域未來還有很多發展空間。這就是非美國私人信貸。

And then to your point, not direct lending in the US, but we're certainly looking at asset-backed in the US and globally, and that's where we come across Victory Park Capital. Victory Park Capital is a firm where the culture fits Janus Henderson, i.e., client focused, i.e., growth-oriented, i.e, deep research, deep diligence on the companies that they lend to and a lot of history with them. And we thought they were the best of the bunch. And so we did bring them on board.

至於你提到的，我們不直接在美國放貸，但我們確實在關注美國和全球的資產支持型貸款，而這正是我們遇到 Victory Park Capital 的原因。Victory Park Capital 是一家文化與 Janus Henderson 非常契合的公司，即以客戶為中心，即以成長為導向，即對貸款公司進行深入研究和盡職調查，並且與這些公司有著悠久的歷史。我們當時覺得他們是最好的。所以我們就把他們招了進來。

And to answer your question, if you note, out of products that delivered more than $100 million of flows this quarter, they have been one of them. And so they're mid raise right now. I can't comment too much about the full raise -- but if you think about that, which does not include CNO, right, which comes in, in likely Q4 here or has come in in Q4.

至於你的問題，如果你仔細觀察，你會發現，在本季交易額超過 1 億美元的產品中，它們就是其中之一。所以他們現在正處於融資過程中。我無法對全部加薪幅度發表太多評論——但如果你仔細想想，這還不包括首席護理官的加薪，對吧，首席護理官的加薪可能會在第四季度到位，或者已經在第四季度到位了。

I do think that, to your point, we think there's enormous opportunity -- capital not just in private core, but more broadly, especially with the insurance relationships and the insurance relationship we have with Guardian is going fantastically well. And with CNO as well. We feel that it's another firm that we found really a culture match, really thoughtful, deep thinking great management team, great people and to partnering with them also makes a ton of sense. So I think you're right to suggest that there's a lot of opportunity here. We have to make the right moves and step by step, we'll get there.

我確實認為，正如您所說，我們認為存在巨大的機會——不僅是私人核心領域的資本，而且更廣泛地說，尤其是在保險關係方面，我們與 Guardian 的保險關係進展得非常順利。還有首席海軍作戰部長。我們覺得這家公司和我們非常契合，他們擁有深思熟慮、思維縝密的優秀管理團隊和優秀的員工，與他們合作也很有意義。所以我認為你的說法是對的，這裡確實有很多機會。我們必須採取正確的措施，一步一步地，才能最終實現目標。

Again, this is one of those not overnight things, but over time, perhaps we'll get there.

這同樣不是一朝一夕就能完成的事情，但隨著時間的推移，或許我們終會實現目標。

Thanks, Ali. Just for our follow-up on investing, -- so year-to-date expenses have grown by 20% over the last two years, and that really doesn't account for CapEx either. So we're curious, do you feel your ability to invest has been constrained by being public balancing both growth objectives with the desired issue operating leverage?

謝謝你，阿里。關於投資方面，我們再補充一點——今年迄今的支出比過去兩年增加了 20%，而且這還不包括資本支出。因此我們很好奇，您是否覺得上市後在平衡成長目標和所需的發行營運槓桿方面，您的投資能力受到了限制？

Again, thanks for the question. We're investing where we see that there's ROIs. And so we'll continue to do that. You've clearly seen that. in our numbers.

再次感謝你的提問。我們只投資那些能夠帶來投資回報的項目。所以我們會繼續這樣做。從我們的數據中，這一點已經很明顯了。

You're right. We're investing in the business, and we're getting return off of it. When we stop getting a return, we'll stop. Don't forget that a lot of that operating cost growth is due to the M&A that we brought on board, again, a different type of investment, but investment nonetheless, in growth and most importantly, delivering for our clients a broader suite of high caliber investment products and client service.

你說得對。我們對這項業務進行了投資，並從中獲得了回報。當我們不再獲得回報時，我們就會停止。別忘了，營運成本的成長很大程度上是由於我們引入的併購活動，這雖然是一種不同的投資類型，但仍然是投資，旨在促進成長，更重要的是，為我們的客戶提供更廣泛的高品質投資產品和客戶服務。

Patrick David from Autonomous.

來自 Autonomous 的 Patrick David。

Hey, good morning, everyone. First question, we saw some big credit wobbles in the bank loan market in October. And clearly, you mentioned that had an immediate impact on bank loan and CLO fund flows. At the higher level, I'm just curious how your bank loan and CLO teams are reacting to those specific issues, how they're scrubbing the portfolio? And to what extent those issues are having any impact on your discussions with the distributors of those products for you? Thank you.

嘿，大家早安。第一個問題，我們在10月份看到了銀行貸款市場的一些重大信貸波動。很顯然，您提到這會對銀行貸款和 CLO 資金流動產生直接影響。從更高層次來說，我很好奇你們的銀行貸款和CLO團隊是如何應對這些特定問題的，他們是如何清理投資組合的？這些問題在多大程度上影響了您與這些產品經銷商的洽談？謝謝。

Patrick, thanks for the question. So exactly as you described it, the wobbles are precisely why active asset management, particularly in fixed income, is so critical across the board, particularly in fixed income. You mentioned there are a couple of companies at wobbles out there. I mean Tricolor first brands are the ones that hit everybody's radar screens. And without active asset management, perhaps one would have been indexed exposed to those names and we, in fact, were significantly below index exposed.

派崔克，謝謝你的提問。正如你所描述的那樣，正是這些波動使得積極的資產管理，尤其是在固定收益領域，顯得尤為重要。你提到有幾家公司在搖擺不定。我的意思是，Tricolor 旗下的首批品牌都是那些能吸引大家注意的品牌。如果沒有積極的資產管理，我們或許會像指數投資者一樣持有這些股票，而事實上，我們的持股比例遠低於指數投資者的比例。

Some areas, not at all exposed to those businesses.

有些地區完全不受這些企業的影響。

So we very much [spouse] active asset management. We select based on criteria and understanding the company's underlying. And we certainly think that in any world, separating the wheat from the chat, which we do and 350 people at our firm do every day, including fixed income folks, is very important.

所以我們非常支持積極的資產管理。我們根據標準和對公司基本面的了解進行選擇。我們當然認為，在任何情況下，將精華與糟粕區分開來都是非常重要的，而我們公司每天都在這樣做，我們公司也有 350 人這樣做，包括固定收益領域的人員。

Now remember also how we operate. We operate in the CLO world disproportionately. If you think about our securitized franchise and think about the five ETFs that we have that are over $1 billion, the largest one is the AAA CLOs. And just to remind folks about the construct of those, the CLO exposure generally no matter what grade it is, the CLO exposure generally has better cash flow protections to it.

現在也要記住我們的運作方式。我們在 CLO 領域擁有不成比例的業務。如果你想想我們的證券化業務，想想我們擁有的五隻規模超過 10 億美元的 ETF，其中規模最大的是 AAA CLO。提醒大家一下，無論 CLO 的等級如何，CLO 通常都有更好的現金流保障。

And if you're in the AAA CLOs, if you're going to get hit, that basically means something like 70% or 75% of the loan portfolio in its entirety would have to default before you get impacted. So it's actually a relatively safe area.

如果你持有的是 AAA 級 CLO，如果你要受到影響，那基本上意味著整個貸款組合中大約 70% 或 75% 的貸款必須違約，你才會受到影響。所以這裡實際上是一個相對安全的區域。

Now again, back in April, we saw some stresses in the market, obviously. And what we found also is JAAA BBB given their size, given their competitive advantage in terms of a moat that they've built, sort of became the price discovery method for AAA and BBB CLOs overall. And at that time, and again, at this time, nothing in our price action, nothing in our spread moves suggest that there is any feeling of contagion or sense of contagion in the marketplace. So again, active asset management, Patrick, your core answer to your question, active asset management is why we've been able to do well in this environment and the environment going forward, hopefully.

再說，早在四月份，我們就看到市場出現了一些壓力，這是顯而易見的。我們還發現，鑑於 JAAA BBB 的規模，鑑於它們所建立的護城河的競爭優勢，它們在某種程度上成為了 AAA 和 BBB CLO 的整體價格發現方法。當時，以及現在，我們的價格走勢和價差變動都沒有任何跡象表明市場有任何傳染性或傳染的跡象。所以，派崔克，你這個問題的核心答案是：積極的資產管理。積極的資產管理正是我們在當前環境以及未來環境中取得良好表現的原因，希望如此。

And any sense that the distributors are more or less concerned in distributing the product because of what's going on in the broader bank loan market?

分銷商是否因為銀行貸款市場的整體狀況而更加關注產品分銷？

We're not hearing anything to be fair. I mean yo see the public ETF numbers, but I'm not hearing anything different at this point.

公平地說，我們什麼消息都沒聽到。我的意思是，你看公開的ETF數據，但目前為止我還沒聽到任何不同的消息。

Cool thanks guys.

太好了，謝謝各位。

I think -- volatility is different. Again, as Ali said, in March and April, we had a dip there with some outflows in the CLO ETFs. But from May, all the way through the summer, through September, we had obviously very, very strong inflows. So again, everything is different. But short-term volatility.

我認為——波動性是不同的。正如阿里所說，3月和4月，CLO ETF出現了一些資金流出，導致市場下滑。但從五月開始，一直到整個夏季，再到九月，我們顯然經歷了非常非常強勁的入流。所以，一切都變了。但短期波動性較大。

And as Ali said, with the sort of -- we are the market in these things you'd expect to see some price discovery.

正如阿里所說，在這種情況下——我們就是這些事物的市場——你會期望看到一些價格發現。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

Good morning. Thanks for taking my questions. I very much, Ali appreciate the comments about being limited and what you can say on the bid. But I had some questions that are more processed, not really about opining on the offer. I was hoping you could maybe walk us through special communities process and time line, how will updates be communicated as you progress and whether or not there's been any interest expressed by strategic buyers now that Janus is formally in play?

早安.謝謝您回答我的問題。阿里，我非常感謝你對競標受限以及你能說的話提出的寶貴意見。但我還有一些更需要思考的問題，這些問題與對報價的意見無關。我希望您能為我們詳細介紹一下特殊社區的流程和時間表，隨著專案的推進，您將如何溝通最新進展，以及在 Janus 正式進入收購階段後，是否有戰略買家表示任何興趣？

Thanks for your question. I really appreciate it. From a process perspective, as best as I can tell, what I've been told is that the special committee will be going through a process over months, not weeks. But beyond that, we aren't commenting on the proposal at this time.

謝謝你的提問。我非常感謝。從流程角度來看，據我所知，特別委員會的運作過程將持續數月，而不是數週。但除此之外，我們目前不對該提案發表評論。

Okay. Had to give it a truck. All right. So your EPS progress has been great. Look, obviously, Joy is a spread-sensitive products, right?

好的。不得不給它一輛卡車。好的。所以你的EPS進展得非常順利。很明顯，Joy 是一種容易擴散的產品，對吧？

And so when you get concerns about spreads, the flows -- they'll oxalate. But really encouraging to see how many products you've got now above $1 billion. And specifically, you've got your first equity product, I believe, JSMD, which is approaching that threshold. Can you walk through your strategy for equity products within the active ETF construct and what your launch plans are as you progress and widen out the suite?

所以，當人們對價差、資金流動感到擔憂時——它們就會變得草酸化。但看到你們現在有這麼多產品銷售額超過 10 億美元，真的很令人鼓舞。具體來說，我相信你們的第一款股權產品是 JSMD，它即將達到那個門檻。您能否詳細介紹一下您在主動型 ETF 架構中針對股票產品的策略，以及隨著您不斷發展和擴大產品線，您的推出計畫是什麼？

Thank you.

謝謝。

Let me just -- I was going to say what you're thinking about the sort of strategic answer, let me just make sure that again, everyone's got the grounded facts. You're right. We're now operating a pretty sizable ETF franchise. It's about $40 billion as of the end of September, that's 8%. That will be up from the number in front of me, but something like 2% or 3% a couple of years ago.

讓我先說一下——我本來想說說你對策略性回答的看法，讓我再確認一下，每個人都掌握了事實依據。你說得對。我們現在經營著一個規模相當大的ETF業務。截至9月底，約為400億美元，即8%。這比我面前的數字要高，但幾年前大概是 2% 或 3%。

Net flows into ETFs in the third quarter were $5.7 billion. And yes, the largest of those was JAAA in the high 3s. But JMBS, securitized income, JCB. Yes, you're right, SMidCap gross short duration, we're all in the hundreds of millions of dollars of flows. So we're seeing some real some real diversification of flow behind AAA, which is now a $25-plus billion product?

第三季流入ETF的淨資金為57億美元。是的，其中最大的一個是 JAAA，排名在 3 級以上。但是 JMBS、證券化收入、JCB。是的，你說得對，SMidCap 的短期總交易額，我們的資金流動都達到了數億美元。所以我們看到AAA背後的資金流確實出現了一些真正的多元化，而AAA現在是一個價值超過250億美元的產品？

And just to add to that, look, our philosophy is relatively simple and pretty consistent. We do things in a client-led way. What we believe our core competency is investing in the right companies, delivering investable -- good investment performance for folks with differentiated insight, disciplined investments and delivering world-class service. We're happy to put in different packaging if clients want that different packaging. For example, we put an ETF.

另外補充一點，我們的理念相對簡單，而且相當一致。我們以客戶為中心開展工作。我們相信我們的核心競爭力在於投資於正確的公司，為具有獨特洞察力、嚴謹投資和提供世界級服務的投資者帶來可投資的良好投資績效。如果客戶需要不同的包裝，我們很樂意提供。例如，我們投資一隻ETF。

We put it in ITSM to deliver on what our clients want. But to be very, very clear, we're not believers in cloning. We don't think that makes sense. The products that we currently have in mutual funds are in mutual funds for a reason. There are some real benefits of being in mutual funds in terms of the accessibility for example, that people can get mutual funds in.

我們將其納入IT服務管理（ITSM）體系，以滿足客戶的需求。但必須非常明確地表明，我們不相信克隆技術。我們認為這說不通。我們目前在共同基金中持有的產品之所以在共同基金中是有原因的。投資共同基金確實有一些好處，例如，人們可以方便地購買共同基金。

So plenty it doesn't really make sense because it's not necessarily client-led need. We haven't heard of our clients at least, maybe for others, but our clients at least saying, "Hey, let's turn these things into ETF necessarily".

所以很多時候這樣做其實並不合理，因為它不一定是客戶主導的需求。我們至少還沒聽過我們的客戶說過，「嘿，我們一定要把這些東西變成ETF」。也許其他人說過。

But for some areas, exactly, as Rob described it, some of those businesses, like SMD, J Small as well as some of the more exciting ones that we launched just very, very recently, JHAI, which is an AI ETF. And it's not just the kind of high flyer ETF. It's a really thoughtful, longer-term place to take advantage of AI shifts more broadly. So picks and shovels and everything else that we think from a longer-term perspective will benefit JXX in the US and JT XX in Europe, again, based on the UCIT platform there.

但就某些領域而言，正如羅布所描述的那樣，一些企業，例如 SMD、J Small，以及我們最近推出的一些更令人興奮的企業，例如 JHAI（一隻人工智慧 ETF）。而且它不只是那種表現優異的ETF。這是一個真正深思熟慮、著眼長遠的地方，可以更廣泛地利用人工智慧帶來的變革。所以，從長遠來看，我們認為所有能讓美國 JXX 和歐洲 JT XX 受益的工具和設備，都是基於 UCIT 平台打造的。

Those are transformational businesses that we invest in, in a very concentrated manner delivering ETF form.

我們投資的都是具有變革意義的企業，投資方式非常集中，以ETF的形式進行投資。

Again, we are client-led in the way we develop our products, and they can take many, many different forms. ETF certainly is one of them that seems to be for the right investment strategy for the right client, the packaging that people are preferential to at this point.

再次強調，我們在產品開發過程中始終以客戶為中心，產品可以呈現多種多樣的形式。ETF 無疑是其中之一，它似乎為合適的客戶提供了合適的投資策略，也是目前人們更青睞的投資產品。

(Operator Instructions) Michael Sypris from Morgan Stanley.

（操作說明）摩根士丹利的邁克爾·西普里斯。

Hey, good morning. Thanks for squeezing me in. Just, Ali, is your making investments across the business to drive growth. Curious how you would characterize the level of speed at which you're investing in the business. versus, say, a year ago? And how do you see that evolving into '26. Does that stay at a similar pace it might that accelerate? How do you think about that?

嘿，早安。謝謝你擠出時間陪我。阿里，你只是在公司內部進行投資以推動成長。我很好奇您如何評價您目前對業務的投資速度，與一年前相比如何？你認為這種情況到 2026 年會如何發展？如果保持類似的速度，它可能會加速嗎？你對此有何看法？

Yes, Michael, thank you very much for the question. It's a really insightful question actually because what typically happens, and I think we're there now is that at the start of kind of new strategy, which we started, call it, three years ago, almost to your point, you invest a little bit and you wait for the reaction, right? It's kind of like a scientific method, right? You have a hypothesis, you try it, you see what happens and you get the response and then you kind of add more fuel to the fire or not, right?

是的，邁克爾，非常感謝你的提問。這確實是一個非常有見地的問題，因為通常情況下（我認為我們現在就處於這種情況），在開始實施某種新戰略時（我們大約三年前開始實施，正如你所說），你會投入一些資金，然後等待反應，對吧？這有點像科學方法，對吧？你提出一個假設，然後嘗試，看看會發生什麼，得到回饋，然後你決定是否繼續深入研究，對吧？

And when we started off the strategy, we had spread out a little bit, I guess, of where we're investing because we didn't really know what we hit what would have hit, we didn't know how the clients would respond, et cetera. And so now we're in the process effectively of culling and focusing for lack of a better word. And so you look at your overall expenses, you look at where they're going. You look at what the returns are from a growth perspective or other elements, right? Risk mitigation could be an element, future cost savings as an element, et cetera, and you readjust.

當我們開始實施這項策略時，我們的投資範圍比較分散，因為我們並不知道我們會取得怎樣的成功，也不知道客戶會如何反應等等。所以現在我們其實正處於篩選和聚焦的過程中（暫且這麼說吧）。所以你要查看你的總支出，看看錢都花到哪裡去了。你會從成長或其他方面來看回報，對吧？風險緩解可能是要素，未來成本節約可能是要素，等等，然後你進行調整。

And so you can do that on a micro level on a day-to-day basis, but you certainly have to look at it from a broader basis as well. And that's the stage we're at right now, which is not so much from a quantum perspective, but from where we're going to invest, a much more focused look. So it's a very good question, Michael. And I think you're right, we're at this point where -- we have now some experience. We have now some data.

所以，你可以在日常生活的微觀層面上做到這一點，但你當然也必須從更廣泛的層面來看待它。這就是我們目前所處的階段，與其說是從量子角度來看，不如說是從我們將要投資的方向來看，這是一個更集中的視角。邁克爾，你問得非常好。我認為你是對的，我們現在到了——我們已經累積了一些經驗。我們現在有一些數據了。

We know what's responding or not, and we can kind of focus in and hopefully get some ROI out of the business, in particular areas and not kind of get lower ROIs in other areas. Hopefully, that helps.

我們知道哪些方面有反應，哪些方面沒有反應，我們可以集中精力，希望在特定領域獲得一些投資回報率，而不是在其他領域獲得較低的投資回報率。希望這能有所幫助。

Great. And then just a follow question. When you're thinking about the investments you're making in the business, how long are the list of items that do not make the cut to get funded, don't get funded and maybe the manner that you'd like? What's the rationale for why those don't get funded? If you had more resources, might those be able to be funded or imagine at some point organizational capacity bandwidth comes into play, I guess how close are you running into that organizational capacity constraint?

偉大的。然後我又問了一個後續問題。當你考慮對企業進行投資時，有多少專案因為不符合你的要求而無法獲得資金，或無法以你想要的方式獲得資金？為什麼這些計畫得不到資助？如果你們有更多資源，這些計畫或許就能獲得資金支持。或者想像一下，在某個時候，組織的能力頻寬會發揮作用，我想你們離組織能力的限制還有多遠？

-- just are unable to spend more, like we can't launch 100 products, right? Maybe we can -- we can launch 1,000 products, right? We can only launch a few of them. So there's some oriental capacity there. By the way, some of that is why we're looking at Aladdin as an underlying tool to be able to allow us to get more capacity on things.

——只是無法投入更多資金，就像我們不可能推出 100 款產品一樣，對吧？或許我們可以——我們可以推出 1000 款產品，對吧？我們只能發射其中的一小部分。所以東方在這方面還是有一定的潛力的。順便說一下，部分原因也是因為這個原因，我們正在考慮將 Aladdin 作為底層工具，以便能夠讓我們在各項事務上獲得更多容量。

That's why we're, as I've talked before, using technology more broadly to help us do things more efficiently.

正如我之前所說，這就是為什麼我們要更廣泛地利用科技來幫助我們更有效率地完成工作。

I mentioned the RFPs, for example, our RFPs have gone up about 100% since a couple of years ago, and we haven't added more costs there because we're using technology to help us out. So we're trying to find ways and we are finding ways to do that. I couldn't tell you how long the list is. I mean as you can imagine, an organization our size, everybody wants something, but we're always focused on the ROI of it. So I think we're being pretty disciplined in spending in the right ways.

例如，我提到了 RFP，我們的 RFP 數量比幾年前增加了約 100%，但我們並沒有增加這方面的成本，因為我們利用科技來幫助我們。所以我們正在努力尋找方法，而我們也確實找到了方法。我無法告訴你名單有多長。我的意思是，正如你所想，在我們這樣規模的組織中，每個人都想得到些什麼，但我們始終關注的是投資報酬率。所以我認為我們在支出方面做得相當有紀律，而且支出方式也很合理。

Yes, that's quite right, Ali. I'm not the most popular guy around here because we are pretty strict on ROIs. And there are -- pleasingly, there is more demand than supply. But as you -- exactly as you said, Mike, that is two things. It is both money and it is the ability to do things.

是的，你說得完全正確，阿里。我在這裡不太受歡迎，因為我們對投資回報率要求非常嚴格。令人欣喜的是，需求大於供給。但正如你所說——麥克，這包含兩層含義。它既指金錢，也指做事的能力。

So prioritizing things and prioritizing what some things are independent, some things are interrelated. So you really need to understand those things in order to be able to say, yes, we can do this one or we have to go a bit slow with this one because we're doing something else. So that combination of capacity and cost is really critical to look at, but we are very disciplined in there.

所以要分清輕重緩急，有些事情是獨立的，有些事情是相互關聯的。所以你真的需要理解這些事情，才能說，是的，我們可以做這件事，或者我們必須放慢速度做這件事，因為我們正在做另一件事。因此，產能和成本的結合確實至關重要，但我們在這方面非常自律。

With this, I'll now hand back to Ali Dibadj for any concluding comments.

接下來，我將把麥克風交還給阿里·迪巴吉，請他作總結性評論。

Okay. Okay. Thanks, Adam. Thank you all for joining the call today. I know it's a busy day. I think this quarter continues to show our momentum step by step, not overnight, but we are building towards sustainable growth.

好的。好的。謝謝你，亞當。感謝各位今天參加電話會議。我知道今天很忙。我認為本季我們繼續穩步前進，雖然不是一蹴而就，但我們正在朝著永續成長邁進。

And that's thanks to our IT ops, legal, finance, people, risk and compliance and other support functions. Thanks to our world-class 500-plus client service teams, thanks to our outstanding group of 350-plus investment managers and to all of them, thank you, and let's continue to finish the year strongly on behalf of our clients, our shareholders and our other stakeholders. Thanks, everybody.

這要感謝我們的 IT 營運、法律、財務、人事、風險與合規以及其他支援部門。感謝我們世界一流的 500 多名客戶服務團隊，感謝我們傑出的 350 多名投資經理，感謝他們所有人，讓我們繼續為我們的客戶、股東和其他利益相關者取得佳績，圓滿結束這一年。謝謝大家。