明晟 (MSCI) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI first quarter 2025 earnings conference call. As a reminder, this call is being recorded. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 MSCI 2025 年第一季財報電話會議。提醒一下，本次通話正在錄音。（操作員指示）

I would now like to turn the call over to Jeremy Ulan, Head of Investor Relations and Treasurer. You may begin.

現在我想將電話轉給投資者關係主管兼財務主管 Jeremy Ulan。你可以開始了。

Thank you, Gigi. Good day and welcome to the MSCI first quarter 2025 earnings conference call. Earlier this morning, we issued a press release announcing our results for the first quarter of 2025. This press release, along with an earnings presentation and brief quarterly update, are available on our website, msci.com, under the Investor Relations tab. Let me remind you that this call contains forward-looking statements, which are governed by the language on the second slide of today's presentation.

謝謝你，吉吉。大家好，歡迎參加 MSCI 2025 年第一季財報電話會議。今天早些時候，我們發布了一份新聞稿，宣布了 2025 年第一季的業績。本新聞稿以及收益報告和簡短的季度更新可在我們的網站 msci.com 的「投資者關係」標籤下找到。讓我提醒您，本次電話會議包含前瞻性陳述，這些陳述受今天簡報第二張投影片上的語言約束。

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from the results anticipated in these forward-looking statements.

請注意不要過度依賴前瞻性陳述，這些陳述僅代表其作出之日的觀點，基於當前預期和當前經濟狀況，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述中預期的結果存在重大差異。

For a discussion of additional risks and uncertainties, please see the risk factors and forward-looking statements disclaimer in our most recent Form 10-K and in our other SEC filings. During today's call, in addition to results presented on the basis of US GAAP, we also refer to non-GAAP measures. You'll find a reconciliation of our non-GAAP measures to the equivalent GAAP measures in the appendix of the earnings presentation.

有關其他風險和不確定性的討論，請參閱我們最新的 10-K 表格和其他 SEC 文件中的風險因素和前瞻性聲明免責聲明。在今天的電話會議中，除了根據美國公認會計準則呈現的結果外，我們還參考了非公認會計準則的指標。您可以在收益報告的附錄中找到我們的非 GAAP 指標與等效 GAAP 指標的對帳表。

We will also discuss operating metrics such as run rate and retention rate. Important information regarding our use of operating metrics such as run rate and retention rate are available in the earnings presentation. On the call today are Henry Fernandez, our Chairman and CEO; Baer Pettit, our President and COO; and Andy Wiechmann, our Chief Financial Officer. (Event Instructions)

我們還將討論運行率和保留率等營運指標。有關我們使用營運指標（例如運行率和保留率）的重要資訊可在收益報告中找到。今天參加電話會議的有我們的董事長兼執行長亨利‧費爾南德斯 (Henry Fernandez)；我們的總裁兼營運長 Baer Pettit；以及我們的財務長 Andy Wiechmann。（活動須知）

With that, let me now turn the call over to Henry Fernandez. Henry?

現在，我將把電話轉給亨利·費爾南德斯。亨利？

Thank you, Jeremy. Good day, everyone, and thank you for joining us. Sorry for the scratchy voice. I suffer from seasonal allergies at this time of the year. In the first quarter, MSCI delivered strong financial metrics, including organic revenue growth of 10%, adjusted EBITDA growth of 11% and adjusted earnings per share growth of almost 14%.

謝謝你，傑瑞米。大家好，感謝大家的參與。抱歉，我的聲音有點刺耳。每年這個時候我都會罹患季節性過敏症。第一季度，MSCI 公佈了強勁的財務指標，包括有機收入成長 10%、調整後 EBITDA 成長 11% 以及調整後每股盈餘成長近 14%。

We also repurchased $225 million worth of MSCI shares during Q1 and through April 21. As always, the share repurchases affirm our belief in the current and future value of our stock and our commitment to a robust capital allocation policy.

我們也在第一季和截至 4 月 21 日期間回購了價值 2.25 億美元的 MSCI 股票。像往常一樣，股票回購堅定了我們對股票當前和未來價值的信心以及我們對穩健資本配置政策的承諾。

Our first quarter operating metrics showed durable retention and asset-based fee revenue growth, although new recurring subscription sales were down from Q1 of 2024. More specifically, MSCI delivered a retention rate of over 95%, organic subscription run rate growth of 8% and asset-based fee gross revenue growth of 18%. This reflected strong growth in both ETF and a non-ETF AUM linked to MSCI Indices, including the highest Q1 cash flows into ETF products linked to MSCI Indices since 2021.

我們第一季的營運指標顯示，儘管新的定期訂閱銷售額較 2024 年第一季有所下降，但留存率和基於資產的費用收入仍保持持續成長。更具體地說，MSCI 的留存率超過 95%，有機認購率成長 8%，基於資產的費用總收入成長 18%。這反映了與 MSCI 指數掛鉤的 ETF 和非 ETF AUM 的強勁增長，包括自 2021 年以來第一季流入與 MSCI 指數掛鉤的 ETF 產品的現金流量最高。

Among our client segments, we had a strong quarter with hedge funds, asset owners, banks and broker dealers and wealth managers. At the product level, we achieved retention rates of over 96% in Index and over 95% in Analytics.

在我們的客戶群中，對沖基金、資產所有者、銀行、經紀交易商和財富管理公司在本季表現強勁。在產品層面，我們的 Index 保留率超過 96%，Analytics 保留率超過 95%。

We also drove recurring net new sales growth of over 60% for each of these product lines. MSCI is providing a growing mix of solutions for portfolio customization and personalization. We have built solid momentum in custom indices, which will be further supported by our integration of Foxberry f9 platform.

我們也推動了每條產品線的經常性淨新銷售額成長超過 60%。MSCI 正在提供越來越多的投資組合客製化和個人化解決方案。我們在客製化指數方面已經建立了穩固的勢頭，而 Foxberry f9 平台的整合將進一步支持這一勢頭。

Meanwhile, net new recurring subscription sales in Private Capital Solutions grew by 24%. We continue building new solutions to help clients diversify into Private Assets. Yesterday, we announced a very exciting partnership with Moody's to develop independent credit risk assessments for private credit.

同時，私人資本解決方案的淨新經常性訂閱銷售額成長了 24%。我們將繼續建立新的解決方案，幫助客戶實現私人資產多元化。昨天，我們宣布與穆迪建立非常令人興奮的合作夥伴關係，以開發私人信貸的獨立信用風險評估。

By combining Moody's credit risk modeling solutions with MSCI's private credit investment data, we will drive greater clarity and confidence in this asset class, especially at a period of credit stress in the world. MSCI has the capabilities and the business model to weather periods of global turmoil.

透過將穆迪的信用風險建模解決方案與 MSCI 的私人信貸投資數據相結合，我們將對這一資產類別提高更高的清晰度和信心，尤其是在全球信貸壓力時期。MSCI 擁有渡過全球動盪時期的能力和商業模式。

Periods of market disruptions have always been when MSCI's clients need us the most. These are the moments when MSCI standards and solutions take on much greater importance for clients across segments, not just our benchmark indices and risk analytics, but also the full range of our integrated, interconnected tools and content.

市場動盪時期總是 MSCI 的客戶最需要我們的時候。在這些時刻，MSCI 標準和解決方案對各領域的客戶變得更加重要，不僅是我們的基準指數和風險分析，還有我們全方位的整合、互聯工具和內容。

88% of our subscription run rates come from clients who use multiple MSCI product lines. We provide mission-critical data, models and technology that clients need in all environments and all phases of the business cycle, but especially in periods of high uncertainty, low clarity and relative volatility in markets. This enables MSCI's all-weather franchise, robust cash flows and fortress balance sheet, and all of that makes us confident in our ability to deliver consistent financial results amidst the current market turmoil.

我們 88% 的訂閱運行率來自使用多條 MSCI 產品線的客戶。我們提供客戶在所有環境和商業週期的所有階段所需的關鍵任務數據、模型和技術，尤其是在市場高度不確定性、低清晰度和相對波動的時期。這使得 MSCI 擁有全天候特許經營權、強勁的現金流和穩健的資產負債表，所有這些都使我們有信心在當前市場動盪中提供穩定的財務表現。

And with that, let me turn over the call over to Baer Pettit.

說完這些，讓我把電話轉給貝爾佩蒂特 (Baer Pettit)。

Thank you, Henry, and greetings, everyone. In my remarks today, I will discuss our first quarter performance by client segment, including meaningful business wins that give us conviction in our global strategy. We delivered encouraging results among established and newer segments.

謝謝你，亨利，大家好。在今天的演講中，我將按客戶細分討論我們第一季的業績，包括有意義的業務勝利，這些勝利讓我們對全球策略充滿信心。我們在成熟市場和新興市場均取得了令人鼓舞的成績。

Among hedge funds, MSCI achieved 14% subscription run rate growth driven by Analytics and Index and covering a wide range of products and capabilities, including customization and the reimagining of risk. For example, our next-gen factor models in Analytics are helping a growing number of hedge funds understand the key factors driving risk and return amid high levels of market volatility.

在對沖基金中，MSCI 的認購率增加了 14%，這得益於分析和指數的推動，涵蓋了廣泛的產品和功能，包括客製化和風險重塑。例如，我們分析中的下一代因子模型正在幫助越來越多的對沖基金了解在高市場波動性的情況下推動風險和回報的關鍵因素。

We now have more than 60 hedge funds using those models, up from just 8 in 2022. We also completed a significant multi-region hedge fund deal for our ETF-linked custom index module. Amongst banks and broker-dealers, we delivered over 9% subscription run rate growth with strong Analytics new recurring subscription sales in Europe and the Americas. In particular, we saw robust demand for our factor models and related solutions, confirming the importance of our risk analytics tools during periods of market volatility. We also saw strong demand for custom baskets created with MSCI Index solutions, another sign of the growing push for customization.

目前，已有超過 60 家對沖基金使用這些模型，而 2022 年只有 8 家。我們還為我們的 ETF 掛鉤定制指數模組完成了一項重要的多區域對沖基金交易。在銀行和經紀交易商中，我們實現了超過 9% 的訂閱運行率成長，歐洲和美洲的 Analytics 新定期訂閱銷售強勁。特別是，我們看到對我們的因子模型和相關解決方案的強勁需求，這證實了我們的風險分析工具在市場波動期間的重要性。我們也看到對使用 MSCI 指數解決方案創建的客製化籃子的強勁需求，這是客製化需求日益增長的另一個標誌。

In addition, we completed a multiyear deal with a large bank in the Americas for a sustainability and climate regulatory solution that can support asset liability management. This last win demonstrated that MSCI can generate enormous value across climate risk and sustainable finance.

此外，我們還與美洲一家大型銀行達成了一項多年期協議，旨在提供可支持資產負債管理的可持續性和氣候監管解決方案。最近的勝利表明 MSCI 可以在氣候風險和永續金融領域創造巨大的價值。

Turning to wealth managers. We achieved subscription run rate growth of 15% driven by Index across all regions and by sustainability and climate in Europe. For example, we landed a large One MSCI win, including Index and Private Capital Solutions with the wealth arm of a prominent global financial institution.

轉向財富經理人。受所有地區指數以及歐洲永續性和氣候的推動，我們的訂閱運行率實現了 15% 的成長。例如，我們贏得了 One MSCI 的重大勝利，其中包括與著名全球金融機構的財富部門合作的指數和私人資本解決方案。

This win came part of a 7-figure, multi-location renewal deal that spans 7 countries and broaden the scope of an existing client relationship, resulting in a client run rate expansion of almost 38%. In the process, we fully displaced the equity benchmarks of two key competitors.

此次勝利是一份涉及 7 個國家的 7 位數多地點續約協議的一部分，擴大了現有客戶關係的範圍，使客戶運行率擴大了近 38%。在這個過程中，我們完全取代了兩個主要競爭對手的股權基準。

We also secured a large multiyear Sustainability and Climate win with a European wealth manager to expand their integration of sustainability at both the home office level and in client portfolios. Meanwhile, direct indexing AUM based on MSCI indexes increased by 30% to more than $131 billion. All of this illustrates how MSCI's wealth solutions cut across product lines and meet different use cases for a growing number of clients.

我們也與一家歐洲財富管理公司達成了一項為期多年的大型永續發展和氣候合作協議，以擴大其在總部和客戶組合中對永續發展的整合。同時，基於 MSCI 指數的直接指數化 AUM 成長了 30%，達到 1,310 多億美元。所有這些都說明了 MSCI 的財富解決方案如何跨越產品線並滿足越來越多客戶的不同用例。

Moving on to asset owners. We delivered subscription run rate growth of 12% driven by Analytics and Private Capital Solutions. Notably, we achieved 10% run rate growth among asset owners in Analytics with particular strength in the Americas. We also completed several large Private Capital Solutions deals with pension funds in the Americas and Europe. These deals helped us drive 24% recurring net new sales growth in the overall PCS product line.

轉向資產所有者。在分析和私人資本解決方案的推動下，我們的訂閱運行率成長了 12%。值得注意的是，我們在分析資產所有者中實現了 10% 的運行率成長，尤其是在美洲。我們也與美洲和歐洲的退休基金完成了幾項大型私募資本解決方案交易。這些交易幫助我們推動了整個 PCS 產品線 24% 的經常性淨新銷售額成長。

Additionally, asset owners and other clients continue adapting MSCI indexes to support their climate strategies. In Q1, assets under management in ETF and non-ETF products linked to MSCI climate indexes grew by 50%, reaching $387 billion in total.

此外，資產所有者和其他客戶繼續調整 MSCI 指數以支持他們的氣候策略。第一季度，掛鉤MSCI氣候指數的ETF和非ETF產品的管理資產增加50%，總額達3,870億美元。

Finally, shifting to asset managers. Our subscription run rate growth remained steady at around 5% driven by Index. We achieved a retention rate of 96% with asset managers in Q1, up from 95% a year earlier.

最後，轉向資產管理者。在 Index 的推動下，我們的訂閱運行率成長保持穩定在 5% 左右。我們第一季的資產管理人留任率達到 96%，高於去年同期的 95%。

In our most notable business win, we completed a 7-figure Index deal with the asset management arm of a major European bank who made MSCI their exclusive partner and index provider for all future path of ETFs. This deal also included access to our Fixed Income issuance-weighted module and our Fixed Income custom indexes.

我們最顯著的商業勝利是，我們與一家大型歐洲銀行的資產管理部門完成了一項 7 位數的指數交易，該銀行使 MSCI 成為其所有未來 ETF 路徑的獨家合作夥伴和指數提供商。該交易還包括訪問我們的固定收益發行加權模組和固定收益定制指數。

Looking ahead, MSCI is redoubling our product development efforts to meet asset managers rapidly evolving needs, especially around active ETFs and Fixed Income. In summary, MSCI's increasingly diversified portfolio of clients, products and services strengthen our all-weather franchise.

展望未來，MSCI 正加倍努力開發產品，以滿足資產管理者快速變化的需求，尤其是在主動式 ETF 和固定收益方面。總而言之，MSCI 日益多樣化的客戶、產品和服務組合增強了我們的全天候特許經營權。

And with that, let me turn the call over to Andy.

說完這些，讓我把電話轉給安迪。

Thank you, Baer, and hello, everyone. In these times, our global frameworks, must-have content and trusted risk and performance tools are essential for understanding and navigating markets. And our relationships with the world's leading investment institutions are deeper than ever, positioning us to help them navigate global markets.

謝謝你，貝爾，大家好。在當今時代，我們的全球框架、必備內容以及值得信賴的風險和績效工具對於理解和駕馭市場至關重要。我們與世界領先的投資機構的關係比以往任何時候都更加深厚，使我們能夠幫助他們駕馭全球市場。

With 98% recurring revenue, strong margins and high cash flow conversion, we have a highly resilient financial model that positions us for strength in all environments. In Index, subscription run rate growth was 9% with asset managers growing nearly 7% and asset owners growing over 10%.

憑藉 98% 的經常性收入、強勁的利潤率和高現金流轉換率，我們擁有高度彈性的財務模式，使我們在任何環境中保持優勢。在 Index 中，認購運作率成長率為 9%，其中資產管理者成長近 7%，資產所有者成長超過 10%。

These two client segments comprise almost 70% of our index subscription run rate. An index subscription run rate growth with hedge funds, wealth managers and banks and broker-dealers was 22%, 16% and 11%, respectively.

這兩個客戶群幾乎占我們指數認購運行率的 70%。對沖基金、財富管理公司、銀行和經紀交易商的指數認購運作率成長率分別為 22%、16% 和 11%。

Please note that beginning this quarter, our investor slides will show a slightly different presentation of our index subscription run rate. This new categorization, which now breaks out the run rate across market cap-weighted products, non-market cap-weighted products and custom index products, is intended to provide better insights into the growth dynamics across key offerings, especially the custom index offerings. The most notable change from the prior categorization is that the run rate from special packages is now primarily included in the market cap-weighted category.

請注意，從本季開始，我們的投資者投影片將以略微不同的方式呈現我們的指數認購運行率。這項新分類現在細分了市值加權產品、非市值加權產品和客製化指數產品的運行率，旨在更好地了解主要產品（尤其是客製化指數產品）的成長動態。與先前的分類相比，最顯著的變化是特殊套餐的運行率現在主要包含在市值加權類別中。

Nonmarket cap-weighted run rate primarily includes our standard factor and Sustainability and Climate modules, which span both equities and Fixed Income offerings. As you can see in our presentation, subscription run rate growth from custom indexes was 15%. Asset-based fee revenue grew 18%, aided by stronger flows into international exposure products, an area where MSCI has particular strength.

非市值加權運作率主要包括我們的標準因素以及永續性和氣候模組，涵蓋股票和固定收益產品。正如您在我們的演示中所看到的，自訂索引的訂閱運行率成長率為 15%。資產型費用收入成長了 18%，這得益於流入國際風險產品的資金增加，而國際風險產品是 MSCI 特別強大的領域。

Non-ETF AUM linked to MSCI indexes was nearly $3.9 trillion, growing 20% year-over-year. MSCI-linked equity ETFs had an ending balance of $1.78 trillion at the end of March after attracting nearly $42 billion of inflows.

與 MSCI 指數掛鉤的非 ETF 資產管理規模接近 3.9 兆美元，年增 20%。截至 3 月底，MSCI 掛鉤股票 ETF 的期末餘額為 1.78 兆美元，吸引了近 420 億美元的資金流入。

$37 billion of the inflows went into products linked to MSCI DM ex US, EM and All Country exposures, categories where MSCI collectively captured roughly 45% of all inflows. These cash flows represent the second strongest quarter since 2022, behind only Q4 of last year.

其中 370 億美元的資金流入了與 MSCI DM（除美國外）、EM 和 All Country 風險敞口相關的產品，MSCI 在這些類別中總共佔了所有資金流入的約 45%。這些現金流代表了自 2022 年以來第二強勁的季度，僅次於去年第四季。

Our strong asset-based fee growth also benefited from growth in Fixed Income index products. Fixed Income ETF AUM linked to MSCI and partner indexes is now over $76 billion, growing 20% from a year ago. In Analytics, subscription run rate growth was 7%, reflecting continued momentum in equity analytics and solid growth with hedge funds, trading firms and asset owners.

我們強勁的以資產為基礎的費用成長也受益於固定收益指數產品的成長。與 MSCI 及其合作夥伴指數掛鉤的固定收益 ETF AUM 目前已超過 760 億美元，比一年前成長 20%。在分析領域，訂閱運行率成長率為 7%，反映出股票分析的持續發展動能以及對沖基金、貿易公司和資產所有者的穩健成長。

Similar to last quarter, we expect Analytics revenue growth to be in line with to slightly lower the run rate growth in Q2 as we compare to periods last year when we had meaningful contribution from implementation-related revenues.

與上一季類似，我們預計分析收入成長將與第二季的運行率成長保持一致，與去年同期相比略有下降，而去年同期我們從實施相關收入中獲得了有意義的貢獻。

In our Sustainability and Climate reportable segment, previously referred to as the ESG and Climate segment, we drove almost 10% subscription run rate growth, reflecting some large deals in banking that we previously spoke about, supported by 14% growth with both asset owners and wealth managers.

在我們的永續發展和氣候報告部門（以前稱為 ESG 和氣候部門）中，我們推動了近 10% 的訂閱運行率成長，這反映了我們之前談到的一些銀行業大額交易，並得到了資產所有者和財富管理者 14% 成長的支持。

Our long-term target for this product line remains under review as we assess the impact of the near-term environment on the long-term trajectory. That said, we're seeing traction on several fronts, including with our GeoSpatial Asset Intelligence solutions, where we've had several recent wins. The retention rate of 94.5% for the segment highlights that our Sustainability and Climate tools remain mission critical.

我們正在評估近期環境對長期發展軌蹟的影響，因此我們仍在審查該產品線的長期目標。也就是說，我們在多個方面都看到了進展，包括我們的地理空間資產智慧解決方案，我們最近在該解決方案上取得了許多勝利。該部門 94.5% 的保留率凸顯了我們的永續性和氣候工具仍然至關重要。

As a reminder, in the second quarter, we will be lapping the prior year benefit from the Moody's partnership, which had a significant contribution to last year's Sustainability and Climate new recurring sales. In Private Capital Solutions, we saw a 24% increase in recurring net new sales and continued mid-teens growth of our run rate, reflecting steady interest in our data, performance and benchmarking solutions.

提醒一下，在第二季度，我們將獲得去年與穆迪合作帶來的收益，這對去年的永續發展和氣候新經常性銷售做出了重大貢獻。在私人資本解決方案方面，我們的經常性淨新銷售額增長了 24%，並且運行率繼續保持中等幅度的增長，這反映出人們對我們的數據、性能和基準測試解決方案的穩定興趣。

In Real Assets, overall activity remain muted. We continue to face headwinds related to client consolidation, particularly among brokers and developers. On the capital allocation front, we have repurchased over $275 million of MSCI stock or over 493,000 shares since the start of the year.

在實體資產方面，整體活動仍低迷。我們繼續面臨與客戶整合相關的阻力，特別是在經紀人和開發商方面。在資本配置方面，自今年年初以來，我們已回購了超過 2.75 億美元的 MSCI 股票或超過 493,000 股。

This reflects our opportunistic approach to capital deployment and our belief in the long-term value of the franchise. We have a strong balance sheet with our gross leverage ratio now at 2.6 times` the last 12 months adjusted EBITDA. Our guidance is unchanged. In this complex operating environment, we are preparing MSCI to navigate a broad range of possible outcomes. As we mentioned last quarter, our guidance assumed that market levels gradually increase throughout the year.

這反映了我們對資本部署的機會主義態度以及我們對特許經營權長期價值的信念。我們的資產負債表強勁，目前我們的總槓桿比率為過去 12 個月調整後 EBITDA 的 2.6 倍。我們的指導保持不變。在這個複雜的營運環境中，我們正在為 MSCI 應對各種可能的結果做好準備。正如我們上個季度提到的，我們的指導假設市場水準全年逐步上升。

To the extent markets remain at their current levels, we would expect expenses to be at the low end of our current guidance ranges. As a reminder, we have various expense playbook levers that we can rapidly flex. These include, but are not limited to, managing pace of hiring and flexing non-comp and professional fees. Additionally, our incentive comp remains self-adjusting with overall financial performance. Our Q1 effective tax rate of 12.8% reflected the benefit of significant discrete items as we previously indicated.

如果市場維持在當前水平，我們預計支出將處於當前指導範圍的低端。提醒一下，我們有各種可以快速靈活運用的費用策略槓桿。這些包括但不限於管理招聘速度和調整非補償費用和專業費用。此外，我們的激勵薪酬仍會根據整體財務表現進行自我調整。正如我們之前指出的，我們第一季的有效稅率為 12.8%，反映了重大單一項目帶來的好處。

Beyond Q1, expect the quarterly effective tax rate, excluding potential discrete items, to be in the range of 19% to 21% each quarter for the rest of 2025. Our Q1 performance adds to our track record of consistent durable financial results. Long-term secular opportunities remain intact, and we remain laser-focused on anticipating the needs of the investment community as market conditions evolve.

除第一季外，預計 2025 年剩餘時間內每季的季度有效稅率（不包括潛在單獨項目）將在 19% 至 21% 之間。我們第一季的業績進一步鞏固了我們持續、持久的財務業績記錄。長期的長期機會依然完好，隨著市場狀況的變化，我們仍將專注於預測投資界的需求。

And with that, operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Toni Kaplan, Morgan Stanley.

（操作員指示）摩根士丹利的東尼卡普蘭。

Wanted to ask about just the selling environment. It looked like -- and in periods of market volatility, I feel like retention typically is strong, and we saw that this quarter. But I guess I wanted to focus more on sort of new sales, so particularly maybe Index and Sustainability. I guess, what are you hearing from clients in terms of conversations? Is there a little bit of reluctance to make new purchases as any deals sort of getting pushed out? And just wanted to understand if there was any change in the market environment, particularly maybe towards the end of the quarter.

只是想詢問一下銷售環境。看起來——在市場波動時期，我覺得保留率通常很高，我們在本季就看到了這一點。但我想我更想專注於新的銷售，特別是指數和永續性。我想，就談話而言，您從客戶那裡聽到了什麼？由於交易被推遲，人們是否有些不願意進行新的購買？只是想了解市場環境是否有任何變化，特別是在本季結束時。

Toni, Baer here. So look, I want to be very measured in my comments. So the first one, which I think is self-evident, is this is an extremely uncertain environment with new news coming every day on a variety of market topics.

東尼，我是貝爾。所以，看，我希望我的評論非常謹慎。因此，我認為第一個不言而喻的是，這是一個極其不確定的環境，每天都會出現有關各種市場主題的新消息。

If we then go more specifically and narrowly to our clients and our day-to-day activities, as of today, we don't have evidence that there is a change in the purchasing habits or the pipeline with our clients. More specifically, a few items that did not close in Q1, again, as of today, that -- we believe they will close in Q2.

如果我們更具體、更狹隘地關注我們的客戶和日常活動，截至今天，我們沒有證據表明客戶的購買習慣或管道發生了變化。更具體地說，截至今天，一些在第一季尚未完成的項目，我們相信它們將在第二季完成。

That information could change in the coming weeks. But as of today, we believe that some of those items that didn't close in Q1 will close in Q2. The -- our pipeline is in decent shape. Our levels of client engagement are high. And notably, a few observations.

該資訊可能會在未來幾週內發生變化。但截至今天，我們相信部分第一季未完成的項目將在第二季完成。我們的管道狀況良好。我們的客戶參與度很高。值得注意的是，有幾點觀察結果。

There's a clear demand among clients for transparency, analytics, stress testing in the current environment. There is an emphasis on opportunities outside the US from a number of clients in all geographies. And so those are some of the key things. So we are not seeing a dramatic change. We are in constant contact with our clients at all levels of the organization from the sales force to Henry and myself. And we hope we can navigate this with our important mission-critical tools.

在當前環境下，客戶對透明度、分析和壓力測試有明顯的需求。許多來自不同地區的客戶都十分重視美國以外的發展機會。這些就是一些關鍵的事情。所以我們並沒有看到顯著的變化。我們與組織各個層級的客戶保持密切聯繫，從銷售人員到亨利和我。我們希望能夠利用我們的重要關鍵任務工具來解決這個問題。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Andy, I just wanted to ask in terms of your comments on you're preparing for a wide range of outcomes, maybe just remind us kind of off that downturn playbook that you've talked about many times before, but with just a little bit more context on perhaps those outcomes you're referring to in this environment?

安迪，我只是想問一下你對各種結果的準備的評論，也許只是提醒我們你之前多次談到的經濟衰退劇本，但再多一點背景，也許你指的是這種環境下的那些結果？

Sure. And as you know, we continually calibrate the pace of spend based on not only the market levels, but business performance and opportunities that we see. And so if markets improve, we will flex up. And similarly, if markets turn down, we have the levers to manage our expenses down.

當然。如您所知，我們不僅根據市場水平，還根據我們看到的業務績效和機會不斷調整支出速度。因此，如果市場好轉，我們就會採取行動。同樣，如果市場下滑，我們也有辦法降低開支。

Just to be a little bit more specific about those levers that we have, if we need to use them, you've got incentive compensation, which adjusts naturally with the outlook for the business and overall business performance relative to targets.

更具體地說，如果我們需要使用它們，你就會有激勵性薪酬，它會根據業務前景和相對於目標的整體業務績效自然調整。

A 10% swing in the performance relative to our targets has an annual impact of about $20 million, just to dimension how much that can swing. There are certain non-comp expenses that we can flex, delaying professional fees, flexing other noncomp items that can collectively have an annualized impact of about $20 million. And those can start to impact expenses within a quarter or two, so relatively quickly.

相對於我們的目標，業績出現 10% 的波動每年將產生約 2,000 萬美元的影響，這只是衡量這種波動幅度的指標。我們可以靈活調整某些非薪酬費用，例如推遲支付專業費用、調整其他非薪酬項目，這些項目合計每年可產生約 2,000 萬美元的影響。這些會在一兩個季度內開始影響支出，所以相對較快。

And then we can control the pace of hiring, which usually takes a couple of quarters to start to have an impact on the financial results. But that similarly can have about a $20 million annual impact if we flex hiring up or down on the year. And so -- and we can even calibrate more or less, obviously, on all of those levers.

然後我們可以控制招聘的步伐，這通常需要幾個季度才能開始對財務結果產生影響。但如果我們每年增加或減少招募人數，同樣會產生每年約 2000 萬美元的影響。所以——顯然，我們甚至可以對所有這些槓桿進行或多或少的校準。

And so it's a continual calibration. As we had said before, our guidance assumed that markets gradually increase throughout the year. If the market levels remain relatively flat through the year, we will be towards the low end or at the low end of our expense guidance ranges. We wanted to give you that color just to calibrate how much the market would impact overall expenses.

所以這是一個持續的校準。正如我們之前所說，我們的指導假設市場全年逐步成長。如果全年市場水準保持相對平穩，我們的費用指導範圍將接近或處於低端。我們想給你那種顏色只是為了校準市場對整體支出的影響程度。

But it is important to highlight that there are many factors that feed into the pace of expenses beyond just the market levels and AUM levels. But we also look at business opportunities, financial performance and potential investment traction that we're getting in key areas.

但必須強調的是，除了市場水準和 AUM 水準之外，還有許多因素會影響費用的速度。但我們也會關注在關鍵領域中獲得的商業機會、財務表現和潛在的投資吸引力。

So it's something that we'll continue to calibrate based on the outlook and we'll keep you posted. But we're confident that we have a very, very strong financial model here and the levers to deliver strong results in all environments.

因此，我們會根據前景繼續進行調整，並隨時向大家通報最新情況。但我們相信，我們擁有非常強大的財務模型和槓桿，可以在所有環境下取得強勁的業績。

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Just wanted to come back to the selling environment and in particular, want to ask about international investing. I mean it seems to be the first time in a long time that people are talking about asset flows, not towards the US but towards international markets, which seems fairly new.

只是想回到銷售環境，特別是想問國際投資的問題。我的意思是，這似乎是很長一段時間以來人們第一次談論資產流動，不是流向美國，而是流向國際市場，這似乎是相當新穎的。

So given that most of your indices are on subscription side internationally focused, just wondering if you're starting to see a change at all in terms of investor or customer sentiment? So if more assets are flowing into, let's say, Europe or away from the US, how would we think about maybe a pickup in your business, not on the ETF side but more on the subscription side?

因此，鑑於您的大多數指數都是以國際訂閱為重點，只是想知道您是否開始看到投資者或客戶情緒的變化？那麼，如果更多的資產流入歐洲或流出美國，我們如何看待您的業務回暖，不是在 ETF 方面，而是在認購方面？

Like, would you expect more fund launches? Anything you can see already? Or is it way -- just way too early? But just trying to think about if this is a new trend in a long time, how this could actually impact your business.

例如，您是否期待推出更多基金？您已經看到什麼了嗎？或者說，現在還太早了？但試想一下，如果這是長期以來的新趨勢，它將如何影響您的業務。

So thanks for that question, Alex. Definitely, we're seeing a marked change in everything you're talking about. This obviously accelerated with the tariffs, but it was already ongoing from the beginning of the year, in which a lot of our global clients, including US clients in their global portfolios, were already placing a lot of bets on Europe and on Japan. And given the, at that time, the decline in interest rates, and obviously, the weakening of the dollar, we also saw flows going into emerging markets and new inflows into emerging markets.

所以謝謝你的提問，亞歷克斯。毫無疑問，我們看到您談論的所有事情都發生了顯著的變化。這一趨勢顯然因關稅而加速，但從今年年初就已開始，我們的許多全球客戶，包括美國客戶在其全球投資組合中，已經在歐洲和日本投入了大量資金。考慮到當時利率下降，以及美元明顯走弱，我們也看到資金流入新興市場，並有新的資金流入新興市場。

As I said, that accelerated meaningfully since the -- since April 2. And when you look at our business, we have done relatively well against -- in the last two, three years relative to strong headwinds for us because a lot of -- first of all, our breakdown in subscription run rate is about 40% Americas, 40% Europe and -- or EMEA and 20% Asia Pacific. So we are not -- and that is where the client is located. And -- but at the end, our business is predicated on global investing.

正如我所說，自 4 月 2 日以來，這一進程顯著加快。當您觀察我們的業務時，您會發現，過去兩三年，儘管面臨巨大阻力，但我們表現相對較好，因為許多原因 — — 首先，我們的訂閱運行率細分為美洲約 40%，歐洲和 — — 或歐洲、中東和非洲地區約 40%，亞太地區約 20%。所以我們不在——而那是客戶所在的地方。但最終，我們的業務是以全球投資為基礎的。

And if there is a massive amount of money flowing into the US market, it's a headwind for us. And that's what was happening in the last two, three years. That trend is reversing significantly. I -- in the last month or so, I've had 70 to 80 CEO-level meetings throughout all of Europe and Asia, which I just came back, and you could see palpable that shift. So that hopefully will benefit us in the -- on a relative sense because we were having this headwind for a long period of time.

如果有大量資金流入美國市場，這對我們來說將是一個阻力。這就是過去兩三年發生的事。這一趨勢正在發生重大逆轉。在過去一個月左右的時間裡，我在整個歐洲和亞洲參加了 70 到 80 次 CEO 級別的會議，我剛回來，您可以明顯看到這種轉變。因此，從相對意義上來說，這有望為我們帶來好處，因為我們長期以來一直面臨這種逆風。

That will clearly benefit the asset-based fee. Remember, most of our asset-based fees are based on exposures that are outside of the US. And then we translate them into dollars, so we may get two benefits: relative -- better relative performance of assets outside of the US compared to the US; and secondly, depreciation of the dollar. So that may benefit us there. And on the subscription side, clearly, the active managers, the pension funds and all of that will do that.

這顯然將有利於基於資產的費用。請記住，我們的大多數基於資產的費用都是基於美國境外的風險敞口。然後我們把它們轉換成美元，這樣我們可能會得到兩個好處：相對而言——美國以外的資產表現比美國更好；其次，美元貶值。這可能對我們有利。在認購方面，顯然，積極的管理者、退休基金和所有這些都會這樣做。

But I want to amplify my answer here to say, these are periods in which people need a lot more data to understand the underlying issues of portfolios, whether it's index data or transparency data for private assets or ESG data, sustainability data, climate data. They want to understand what's going on.

但我想在這裡進一步闡述我的答案，在這些時期，人們需要更多的數據來了解投資組合的根本問題，無論是指數數據、私人資產的透明度數據、ESG 數據、永續性數據還是氣候數據。他們想了解到底發生了什麼事。

This geospatial location product that we have is enormously valuable to now people trying to assess who are the companies that are going to get more impacted or less impacted by trade wars because this -- we have location of manufacturing plants per company, locations of where they're selling their products and all of that. So that hopefully can give us a lot of benefit in there.

我們擁有的地理空間位置產品對於現在試圖評估哪些公司將受到貿易戰的更大影響或更小影響的人來說非常有價值，因為我們擁有每個公司的製造工廠的位置、他們銷售產品的地點等等。希望這能帶給我們很多好處。

These are times in which people need a lot of models to understand stress testing to scenario planning, a scenario -- what if this, what if that, factor the composition. There is a major shift that will go on into a value company, a growth company, a momentum company, a quality company and all of that. So we're seeing significant dialogue going on with our clients with respect to a lot of that.

在這些時候，人們需要大量的模型來理解壓力測試、情境規劃、情境──如果這樣會怎樣，如果會怎樣，因素的構成。公司將會發生重大轉變，成為一家價值型公司、一家成長型公司、一家動力型公司、一家優質公司等等。因此，我們看到我們與客戶就許多問題進行了重要的對話。

And I said the transparency. So if you think about Private Assets, it's important to note that in an environment like this, we're not counting on a lot of money going into Private Assets. That will be icing on the cake. We're counting on the current investors in Private Assets, wanting much more transparency of what's going on in their portfolio.

我說過透明度。因此，如果您考慮私人資產，重要的是要注意，在這樣的環境下，我們並不指望大量資金流入私人資產。那將是錦上添花。我們依靠私人資產的現有投資者，希望他們的投資組合的狀況更加透明。

And that's where we come in for -- in private credit, for example, with the potential of slowdowns or recessions around the world, especially US/Europe, people will want to know what's underneath my private credit portfolio. So we have a database of 2,800 private credit funds that have about 14,000 companies. We have terms and conditions in those private credit funds.

這就是我們要解決的問題——以私人信貸為例，由於世界各地（尤其是美國/歐洲）可能出現經濟放緩或衰退，人們會想知道我的私人信貸組合的底細。因此，我們擁有一個包含 2,800 個私募信貸基金的資料庫，其中約有 14,000 家公司。我們對這些私人信貸基金有條款和條件。

And now we have -- with this partnership with Moody's, we will have credit assessment on that. So that's another example of the benefits we can get in this environment. And again, we're not savoring this environment. We're not -- we say we don't deserve it and the like. But in an environment like this, this is where MSCI come at its best, right?

現在，透過與穆迪的合作，我們將對此進行信用評估。這是我們可以在這種環境中獲得的好處的另一個例子。再說一次，我們不喜歡這種環境。我們不是——我們說我們不值得這樣的對待等等。但在這樣的環境下，這正是 MSCI 發揮最佳作用的時候，對嗎？

Ashish Sabadra, RBC.

Ashish Sabadra，RBC。

I just wanted to focus on the pricing. I was just wondering if you could comment on how the pricing is trending both for renewals but also for new sales.

我只是想關注定價。我只是想知道您是否可以評論續訂和新銷售的定價趨勢。

Sure. So I would say across the firm in the first quarter the percent contribution from price increases to new recurring sales was roughly in line with the contribution we saw a year ago, that is slightly lower than what we saw in 2023. It does vary a bit across product lines and client segments. But in most areas, I'd say, price increases were roughly comparable to last year. It's important to keep in mind here that price increases are not just like-for-like increases.

當然。因此，我想說，第一季整個公司的價格上漲對新經常性銷售的貢獻百分比與一年前大致相同，略低於 2023 年的水平。它在不同的產品線和客戶群之間確實存在一些差異。但我想說，在大多數地區，價格漲幅與去年大致相當。這裡需要牢記的是，價格上漲並不只是同類價格的上漲。

We are oftentimes providing our clients with enhancements to the existing solutions, broader access and broader usage in addition to continuing to provide enhanced client service. All of those things factor into our approach to pricing. And we do also look at client health and the overall pricing environment as inputs as well. And there are definitely areas where we could push price more, but we are very focused on being a very strong partner to our clients, as we said before. And as Henry alluded to, in these environments, we have the opportunity to do more with organizations and help them in these times. And so we factor that into the overall pricing equation as well.

除了繼續提供增強的客戶服務外，我們還經常為客戶提供現有解決方案的增強、更廣泛的訪問和更廣泛的使用。所有這些因素都會影響我們的定價方法。我們也將客戶健康狀況和整體定價環境視為投入。當然，在某些領域我們可以進一步提高價格，但正如我們之前所說，我們非常注重成為客戶強大的合作夥伴。正如亨利所提到的，在這些環境中，我們有機會與組織進行更多合作並幫助他們。因此，我們也將其納入總體定價方程中。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

I want to go back to the new sales environment. And you mentioned that some deals are pushed out from the first quarter to second quarter, but you are still cautiously optimistic that you can find them in the second quarter. So could you please provide more color on under what circumstances that they will proceed with the deal? Do they need to see the escalation of the trade war? If this trade war or if this tariff narrative drag on for another quarter, do you think they will still sign the deal?

我想回到新的銷售環境。您提到，一些交易從第一季推遲到第二季度，但您仍然謹慎樂觀地認為可以在第二季度找到它們。那麼，您能否提供更多細節，說明在什麼情況下他們會繼續進行這筆交易？他們需要看到貿易戰升級嗎？如果這場貿易戰或關稅問題再持續一個季度，您認為他們還會簽署該協議嗎？

Thanks, Owen. Yeah, look, I think it's really not so much in the context of the trade war, honestly. I think it's just much more kind of normal business. So in the sense that, look, some quarters, we get a lot of things at the very last minute. Sometimes, things get bumped.

謝謝，歐文。是的，說實話，我認為這與貿易戰的背景關係不大。我認為這只是一種更正常的業務。所以從某種意義上來說，在某些時候，我們會在最後一刻得到很多東西。有時，事情會出問題。

We had a few larger deals that didn't make it this past quarter. I was actually personally involved in some of those. So I think I don't -- I want to link it less to the environment in the sense that -- my overall observation was, one, we are not, for the moment, seeing anything unusual. People are -- our clients are cautious. There's a lot of uncertainty.

上個季度我們有一些較大的交易未能完成。我實際上親自參與了其中的一些活動。所以我認為我不會——我不想把它與環境聯繫起來——我的總體觀察是，首先，我們目前沒有看到任何不尋常的事情。人們——我們的客戶都很謹慎。存在很多不確定性。

But on the day-to-day level of what's going on with our clients in terms of, let's say, a deal is not making it for one quarter to the next, we're -- the evidence shows that those things will close based on what we know today.

但就我們與客戶的日常情況而言，比如說，一筆交易在一個季度到下一個季度之間無法完成，我們有證據表明，根據我們今天所了解的情況，這些事情將會完成。

So my main point is really to say that as of today, we're not really seeing a big change in the environment. We're not being told by clients that the environment will mean they do not do something. And so in that sense, my emphasis is on continuity in what we're doing, continuity in our client talks, but the background is this uncertainty. So we'll -- a lot can happen in the next months, during the course of this quarter. But as of right now, we are not seeing the volatility affect specific deals that we have in the pipeline right now.

所以我的主要觀點是，截至今天，我們並沒有真正看到環境發生重大變化。客戶並沒有告訴我們，環境意味著他們不能做某件事。因此從這個意義上來說，我強調的是我們所做工作的連續性、與客戶談判的連續性，但背景是這種不確定性。因此，在接下來的幾個月裡，在本季期間，可能會發生很多事情。但截至目前，我們尚未看到波動影響我們目前正在進行的具體交易。

Alex Hess, JPMorgan.

摩根大通的亞歷克斯·赫斯。

Baer, Andy, could you potentially comment on how AUM has trended in the non-ETF part of your business overall? I saw that was some pretty healthy growth in the quarter. If you could just sort of elaborate as to what is driving your growth there and what your expectations are for the balance of the year, up 27%, by my math, to just under $50 million on a quarterly basis. This is surely a big step-up for you guys. It would be helpful to know what we should be looking for there and maybe what's driving it.

貝爾、安迪，您能否評論一下貴公司非 ETF 業務部分的 AUM 整體趨勢如何？我發現本季的成長相當健康。如果您可以詳細說明推動您在那裡實現成長的因素以及您對今年剩餘時間的預期，根據我的計算，預計季度銷售額將成長 27%，達到略低於 5000 萬美元。這對你們來說無疑是一個巨大的進步。了解我們應該在那裡尋找什麼以及是什麼在推動它將會很有幫助。

Sure, sure, Alex. Yeah. So firstly, it's important to keep in mind that there can be a little bit of lumpiness in revenue in the non-ETF passive category related to true-ups and true-downs just when we get the updated assets reported to clients. But if you look at the underlying AUM, we do see pretty healthy growth there. So non-ETF average AUM was up around 20% in the quarter compared to a year ago.

當然，當然，亞歷克斯。是的。因此，首先，重要的是要記住，當我們向客戶報告更新的資產時，非 ETF 被動類別的收入可能會因真實上漲和真實下跌而出現一些波動。但如果你看一下底層的 AUM，我們確實會看到那裡相當健康的成長。因此，本季非 ETF 平均 AUM 與去年同期相比成長了約 20%。

We saw pretty healthy growth of new fund creation. We even saw that particularly in areas like climate and custom mandates. And so we continue to be encouraged about the opportunity. A couple of areas to note here. We commented in the prepared remarks about direct indexing. So direct indexing does come through this line. While it's relatively small, it is high growth for us.

我們看到新基金的創建成長相當健康。我們甚至在氣候和海關法規等領域也看到了這一點。因此，我們繼續對這一機會感到鼓舞。這裡有幾個地方要注意。我們在準備好的評論中對直接索引進行了評論。因此直接索引確實是透過這條線實現的。雖然規模相對較小，但對我們來說，這是很高的成長。

And then there are areas like institutional passive, which we continue to see healthy growth in, where institutions are launching mandates against one of our indexes. And as I alluded to, that's increasingly against custom indexes, and that's a place where we are differentiated. We think we can be a helpful partner to clients, and we do see pretty stable economics there.

然後還有機構被動投資等領域，我們繼續看到其健康成長，其中機構正在針對我們的某個指數發起委託。正如我所提到的，這越來越違反自訂索引，而這正是我們與眾不同的地方。我們認為我們可以成為客戶的有益合作夥伴，而且我們確實看到那裡的經濟相當穩定。

And so average basis points have been quite resilient across non-ETF passive on the heels of our non-market cap and custom index type of mandates. So yeah, it's an area that we are focused heavily on. It's very strategic for us. And I think it's a reflection of some of those custom index opportunities that we see out there.

因此，在我們的非市值和定制指數類型的授權之後，非 ETF 被動型的平均基點一直具有相當的彈性。是的，這是我們重點關注的領域。這對我們來說非常具有戰略意義。我認為這反映了我們看到的一些自訂索引機會。

And just in case it wasn't clear, I did mean to ask for end-of-period AUM for the non-ETF business. Sorry about that.

為了避免表達不清楚，我的確是想詢問非 ETF 業務的期末 AUM。很抱歉。

Yeah. So the -- yeah, no problem. End-of-period AUM and non-ETF passive was around $3.9 trillion.

是的。所以——是的，沒問題。期末 AUM 和非 ETF 被動資產約為 3.9 兆美元。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

I was wondering if you could comment a little bit on retention rates. It's -- particularly on the Index side and Analytics. And if I look at those, it seems like that we're pretty normal relative to the historical trend, if I look back to '22 and '23. I know you had talked about some lingering impacts over time, potentially from consolidation with European asset managers.

我想知道您是否可以對保留率發表一些評論。特別是在索引方面和分析方面。如果我看一下這些，就會發現相對於歷史趨勢而言，我們的情況相當正常，如果我回顧 22 年和 23 年的話。我知道您談到了一些長期的揮之不去的影響，可能是與歐洲資產管理公司的合併造成的。

So just curious if we should think about these levels as more normal from here or if there's additional impacts that you're expecting related to just the current environment or more generally, anything else that you're expecting?

所以只是好奇我們是否應該認為從現在起這些水平是更正常的，或者您是否預計會有與當前環境相關的其他影響，或者更普遍地說，您預計還有什麼其他影響？

Sure. So maybe just to provide a bit more color on the retention rate in the quarter, and then we can talk about some of the dynamics looking forward here. But if we look at Q1 of this year compared to Q1 of last year, we had lower cancels across most client segments.

當然。因此，也許只是為了對本季度的保留率提供更多的信息，然後我們可以談論一些未來的動態。但如果我們將今年第一季與去年第一季進行比較，我們會發現大多數客戶群的取消率都較低。

And we had notable declines in cancels with hedge funds and banks compared to a year ago, which probably is not surprising. If you remember, we had the large cancel related to the large global bank merger in the first quarter of last year, and we had some elevated hedge fund events in the first quarter of last year.

與一年前相比，我們對沖基金和銀行的取消量明顯下降，這可能並不奇怪。如果你還記得的話，去年第一季度，我們經歷了與大型全球銀行合併相關的大規模取消，去年第一季度，我們經歷了一些對沖基金事件的升級。

And so we saw a nice rebound in retention among those client segments. But to your point, we saw pretty healthy retention in our largest product segments. So within Index, it was 96.5% and within Analytics, 95.5%. And from a client segment standpoint, we saw a retention rate of about 96% with asset managers and north of 95% with asset owners. And so the core part of the business saw some pretty healthy resilience in the quarter.

因此，我們看到這些客戶群的保留率出現了良好的反彈。但正如您所說，我們最大的產品部門的保留率相當高。因此，在 Index 中，該比例為 96.5%，在 Analytics 中，比例為 95.5%。從客戶細分的角度來看，資產管理者的保留率約為 96%，資產所有者的保留率則超過 95%。因此，本季核心業務表現出了相當健康的彈性。

The top cause of cancels continues to be client events. And I think the comments that I made last quarter around some caution, particularly in Europe, still holds. I think when we look forward this year, it's possible, we could see some lumpiness in cancels in certain periods, particularly if the market uncertainty continues and that recent volatility continues, which can lead to some elevated client events. But it's important to keep in mind that our tools really are mission-critical here.

取消的主要原因仍然是客戶事件。我認為我上個季度就一些謹慎（特別是在歐洲）所發表的評論仍然有效。我認為，當我們展望今年時，我們可能會看到某些時期取消訂單的情況出現波動，特別是如果市場不確定性持續存在且近期波動持續存在，這可能會導致一些客戶事件的增加。但務必記住，我們的工具在這裡確實至關重要。

And as Henry alluded to, they're must-have solutions in these types of environments. But we were encouraged by the retention here, but a bit cautious on the outlook for the balance of the year.

正如亨利所提到的，它們是此類環境中必不可少的解決方案。但我們對這裡的保留感到鼓舞，但對今年餘額的前景有點謹慎。

Kelsey Zhu, Autonomous.

凱爾西·朱，自治。

Just on Analytics, I think you previously highlighted that in the period of high volatility and uncertainty, Analytics would generally see stronger growth. I'm not sure we've really seen this in Q1, that new sales numbers. But under the current environment, I was wondering if you can talk a little bit more about growth expectations for Analytics new sales in Q2 and the rest of the year.

僅就分析而言，我認為您之前強調過，在高波動性和不確定性時期，分析通常會實現更強勁的成長。我不確定我們是否真的在第一季看到了新的銷售數據。但在當前環境下，我想知道您是否可以再談談第二季和今年剩餘時間 Analytics 新銷售額的成長預期。

So first of all, Q1 was not yet a period of significant turmoil or uncertainty. If anything, there was a little bit -- at least part of the Q1, there was a little bit of the carryover of the excitement of the new US administration and the risk on trades that took place. So I will not read too much on that Q1 being a period of difficulty. Clearly, things started to get a little more -- to deteriorate in the latter part of Q1 and then obviously, in April.

首先，第一季還不是出現重大動盪或不確定的時期。如果有什麼不同的話，那就是至少在第一季的部分時間裡，有一點受到美國新政府的興奮情緒和交易風險的影響。因此，我不會過度解讀第一季是困難時期這一觀點。顯然，情況在第一季後半段開始惡化，然後顯然在四月惡化。

So in periods like this, there are two big -- in periods like this, and especially this one, there are a little bit of three different forces that will shape our sales and our growth and all of that, right? The first force is client need us the most, clients need more data, they need more stress testing, factor the composition, they need more understanding of what is inside an index.

因此，在這樣的時期，尤其是這樣的時期，有兩大因素──三種不同的力量會影響我們的銷售、成長等等，對嗎？第一個力量是客戶最需要我們，客戶需要更多的數據，他們需要更多的壓力測試，考慮組成因素，他們需要更多地了解指數內部的內容。

They need better transparency with Private Assets and all of that because they want to know what's underneath the hood of all their investments, right? And therefore, that will be a very significant positive, especially in risk analytics and in our index offering, which is the largest part of MSCI, right?

他們需要私人資產等方面更加透明，因為他們想知道所有投資的背後情況，對嗎？因此，這將是一個非常重要的正面因素，特別是在風險分析和我們的指數產品中，這是 MSCI 的最大部分，對嗎？

In periods like this also -- not in periods like this. In this particular period, there is a significant reallocation of assets to non-US markets with a consequent declining of the dollar buoying Japan and Europe and other places like that. And we're seeing that. And that, again, is another positive for us compared to what the last couple two, three years was a massive inflow into the US market. So on balance, we do much better when money flows around the world than just to the US market.

在這樣的時期也是如此──不是在這樣的時期。在這個特定時期，資產大量重新配置到非美國市場，導緻美元下跌，從而提振了日本、歐洲和其他地區。我們正在見證這一點。與過去幾年湧入美國市場的大量資金相比，這對我們來說又是另一個利好。因此總的來說，當資金在全球流動時，我們的表現比僅僅流向美國市場要好得多。

Those two very significant positives needs to be weighed against the spending of our clients, the budgets of our clients in which there are some clients that are doing well. A lot of equity onshore hedge funds will do well, macro hedge funds will do well. Pension funds are typically very steady. The index fund managers are going to do well.

我們需要將這兩個非常重要的正面因素與我們客戶的支出、客戶的預算進行權衡，其中一些客戶的表現良好。許多股票型境內避險基金將會表現良好，宏觀避險基金也會表現良好。退休基金通常非常穩定。指數基金經理人將會取得良好的績效。

Active managers maybe, may not do as well. But some of them, if there is a period in which active management should be very brilliant, it's this period. So some of those active managers are going to do well, and their budgets are not going to be curtailed, but others may be curtailed. So I think that we need to put those three factors into the equation.

積極的管理者也許不會做得那麼好。但其中一些，如果說主動管理在某個時期應該非常輝煌的話，那就是這個時期。因此，其中一些積極的管理者將會做得很好，他們的預算不會被削減，但其他的可能會被削減。所以我認為我們需要將這三個因素納入考慮範圍。

How much of the two positives outweigh the negative of potential lesser spending by our clients or vice versa? And we don't know the answer to that until we go through the whole period, right?

這兩個正面因素在多大程度上超過了我們的客戶可能減少支出的負面因素，反之亦然？而我們只有經歷整個時期才能知道答案，對嗎？

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Wanted to ask on the Sustainability and Climate segment just in terms of the acceleration in run rate growth that we've seen this quarter along with, it sounds like, some relatively large deals being signed. Just wondering if you think we're maybe seeing a potential inflection point in that segment that we could potentially see acceleration in growth down the line here.

想問一下關於永續發展和氣候部門的情況，就本季我們看到的運行率成長加速而言，聽起來好像簽署了一些相對較大的交易。只是想知道您是否認為我們可能看到該領域的潛在轉折點，我們可能會看到未來的成長加速。

So there's no question that Sustainability, the old ESG, is on all cyclical headwind. We continue to believe that on a secular structural basis, factors related to sustainability in understanding the insight of portfolios will be positive and will return to higher growth. But the demand is also changing. The demand that we had was largely ESG ratings. People would take our ESG rating. They trusted what we did. They didn't want to look under the hood, and they went out and created portfolios on that.

因此毫無疑問，可持續性，即舊的 ESG，正處於所有周期性的逆風之中。我們仍然相信，在長期結構基礎上，理解投資組合洞察力中與永續性相關的因素將是正面的，並將恢復更高的成長。但需求也在改變。我們的需求主要是 ESG 評級。人們會接受我們的 ESG 評級。他們相信我們所做的。他們不想深入研究，而是出去創造了相關投資組合。

Now people say, yeah, I would love to take your ESG rating, but I want to see the underlying information. I want to break it down into the various -- the environmental sections, the social sections and all of that. So decline -- the demand is changing, and therefore, we are gearing up to that change in demand, which is a lot more underlying data, which is actually very positive for us because we have all of that. It's just a question of how do we package it and how we sell it.

現在人們說，是的，我很想了解您的 ESG 評級，但我想了解背後的資訊。我想將其分解成各個部分——環境部分、社會部分等等。因此下降——需求正在發生變化，因此，我們正在為需求的變化做準備，這是更多的基礎數據，這對我們來說實際上非常積極，因為我們擁有所有這些。問題只是我們如何包裝它以及如何銷售它。

The other change in the demand is major regulatory burden. So people -- a lot of our clients who have portfolios on sustainability or are launching sustainability, they want a lot more help in complying with every one of these regulations all over the world. And we have packages that help them do that in an automatic fashion.

需求的另一個變化是監理負擔加重。因此，我們的許多客戶都擁有可持續發展方面的投資組合或正在啟動永續發展項目，他們希望獲得更多幫助，以遵守世界各地的每項法規。我們有軟體包可以幫助他們自動完成這些工作。

So now the last piece is that bear in mind that in order for us to get to sustainability, we gather an enormous amount of information about our clients' operations, where the employees, where they're located, their offices, their hiring practices and their controversies, their days and all of that. So that database becomes very valuable also to examine other issues, not just sustainability but other issues. And so that's something that can pick up in demand.

所以現在最後一點是，請記住，為了實現可持續發展，我們收集了大量有關客戶運營的信息，包括員工在哪裡、他們位於哪裡、他們的辦公室、他們的招聘實踐和他們的爭議、他們的日程安排等等。因此，該資料庫對於研究其他問題也變得非常有價值，不僅是永續性，還有其他問題。因此，這方面的需求可能會增加。

Now on Climate, which is -- climate demand and factors are -- and variables are going to gradually be very separate than the other part of sustainability, what we call ESG, right? We used to call ESG. So on Climate, it's not going away, but the demand is also changing. It's going from long-term, long-dated transition risk in pools of assets that were long-dated, such as pension funds over wealth funds and all of that and on transition, net-zero commitments and how to get there and all of that, that continues. But the bigger demand is now in the front end in physical risk with the banks and insurance companies wanting to do that.

現在關於氣候，即氣候需求和因素，變數將逐漸與永續性的其他部分（我們稱之為 ESG）區分開來，對嗎？我們以前稱之為 ESG。因此，就氣候而言，它不會消失，但需求也在改變。它是從長期資產池中的長期、長期轉型風險開始的，例如退休基金、財富基金等等，以及轉型、淨零承諾以及如何實現這些承諾等等，這一切都將繼續。但現在更大的需求是在物理風險的前端，銀行和保險公司都希望這樣做。

And that's why our partnership with Swiss Re on physical risk models is part of -- it's part of going in that climate direction. As I said, I just spent 3 months on the road, 5 straight weeks at a time for 10 weeks altogether, and I met with 70, 80 CEOs. I didn't see anybody stepping away from the climate risk issues.

這就是為什麼我們與瑞士再保險公司在物理風險模型方面的合作是我們朝著氣候發展的一部分。正如我所說，我剛剛在路上度過了 3 個月，每次連續 5 週，總共 10 週，我會見了 70 到 80 位 CEO。我沒有看到任何人迴避氣候風險問題。

Now in an environment like this, is that the person they're going to do? Probably not because they need to survive in the short term before they make it to the medium term. So climate risk is hitting these people really hard, especially banks and insurance companies. And we see it all over the world. The physical risk has increased. So we're hopeful that after a period of maybe softness on Climate that things begin to pick up.

現在在這樣的環境下，他們會對這樣的人下手嗎？可能不是因為他們需要在短期內生存下來，然後才能進入中期。因此，氣候風險對這些人的打擊非常嚴重，尤其是銀行和保險公司。我們在世界各地都看到這種情況。身體風險增加了。因此，我們希望，在氣候問題經歷一段疲軟期之後，情況會開始好轉。

One notable -- for example, one notable area that we're doing a lot of work, particularly with the European asset owners, is taking a climate risk overlay on Fixed Income portfolio. So we're delivering fixed -- climate-adjusted Fixed Income indices for these asset owner clients to reallocate their Fixed Income portfolios in this direction. I hope that helps.

值得注意的一個面向——例如，我們正在與歐洲資產所有者進行大量工作的一個值得注意的領域，就是在固定收益投資組合中考慮氣候風險。因此，我們為這些資產所有者客戶提供固定的氣候調整固定收益指數，以便他們可以按照這個方向重新分配固定收益投資組合。我希望這能有所幫助。

Craig Huber, Huber Research Partners, LLC.

Craig Huber，Huber Research Partners，LLC。

My question around ESG, is there a material difference in the year-over-year growth rate in the quarter we just finished here by region, Europe versus Asia versus the Americas? Maybe also if you could touch on the climate growth within ESG, how those revenues did year-over-year, that piece of it, please?

關於 ESG，我的問題是，在我們剛結束的這個季度中，歐洲、亞洲和美洲各地區的年成長率是否存在實質差異？或許您還可以談談 ESG 內部的氣候成長，以及這些收入同比增長的情況，這部分內容如何？

Sure, sure, Craig. Yeah. So the -- there was a difference. So the subscription run rate growth for Sustainability and Climate in EMEA was about 14%, was 4% in the Americas and 8.5% in APAC. And those regions contribute about 52% from EMEA, 34% Americas and 14% in the APAC region.

當然，當然，克雷格。是的。所以——存在差異。因此，歐洲、中東和非洲地區永續發展與氣候訂閱率成長率約 14%，美洲為 4%，亞太地區為 8.5%。其中，歐洲、中東和非洲地區約佔 52%，美洲約佔 34%，亞太地區約佔 14%。

Client run rate growth was 20% across the entire company. Within the Sustainability and Climate segment, it was about 17% growth. And just to dimension that, the climate-related run rate within the Sustainability and Climate segment is around $75 million, $76 million.

整個公司的客戶運作率成長率為 20%。在永續發展和氣候領域，成長率約為 17%。僅從規模來看，永續發展和氣候部門內與氣候相關的運作率約為 7,500 萬美元至 7,600 萬美元。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

I was curious if you could talk about why the first quarter EBITDA expenses came in below your expectations.

我很好奇，您能否談談為什麼第一季的 EBITDA 支出低於您的預期。

Sure. Well, we see a number of, as we've talked about before, lumpy expenses in the first quarter. Those are heavily related to compensation- and benefits-related expenses. And we have other expenses that tend to be a bit elevated around year-end. And so those -- just the ultimate magnitude of those and the timing of those can cause some swings in the expenses in the quarter.

當然。嗯，正如我們之前談到的，我們看到第一季出現了一些大額支出。這些與薪酬和福利相關費用密切相關。而且我們還有其他開支，這些開支在年底時往往會增加。因此，這些 — — 這些的最終規模和時間可能會導致本季的費用出現一些波動。

Importantly, as you saw, we have not changed our guidance for the year. And so we're kind of assuming the markets gradually increase for the year. The expense trajectory is on track for those expense guide ranges. As we alluded to, we are being cautious since the extent markets remain flat or go down, we will calibrate accordingly. But expenses are kind of -- in the first quarter were on the trajectory, which we expected.

重要的是，正如您所看到的，我們沒有改變今年的指導。因此，我們預計今年市場將逐漸成長。支出軌跡符合這些支出指導範圍。正如我們所提到的，我們非常謹慎，因為市場保持平穩或下跌的程度，我們都會進行相應的調整。但第一季的支出情況與我們預期的一樣。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

I was hoping to dig into the sales, the gross sales that didn't close in 1Q that you guys are hoping will close in 2Q. It sounds like some of those could be meaningful. I guess I'm wondering, were those concentrated within any segment? It looks like Index was definitely a little bit lower. Was it -- was a lot of that in there? Or any other detail you could give us would be helpful.

我希望深入了解銷售額，你們希望在第一季完成但在第二季完成的總銷售額。聽起來其中一些可能是有意義的。我想知道的是，這些是否集中在某個部分？看起來指數確實有點低。那裡面有很多這樣的內容嗎？或者您可以向我們提供任何其他詳細信息，這將會很有幫助。

Sure. So look, this has come up a few times. I want to reiterate that my key point related to this is that this is kind of what I would call normal sales activity in a given quarter, where certain deals either make it or don't make it, right? So my emphasis is not so much on these deals in the context of change but more to say, Look, we had a few deals that didn't make it, and we think we're going to make it in the second quarter, rather than there's something special about them or unusual or what have you.

當然。瞧，這種情況已經出現過幾次了。我想重申一下，我與此相關的關鍵點是，這有點像我所說的特定季度的正常銷售活動，某些交易要么成功，要么失敗，對嗎？因此，我強調的重點並不是在變化的背景下關注這些交易，而是說，你看，我們有幾筆交易沒有成功，我們認為我們會在第二季度完成，而不是說它們有什麼特殊之處或不尋常之處或其他什麼。

So I think the long story short is they're across a number of different product lines. They were literally across all of our product lines, some of the larger -- what our few of the larger deals that didn't make it. So I think it's kind of a dangerous category to go too much into the detail. And I think it's important to elevate the point to the higher level that I was trying to get to, which is, look, some of the deals didn't make it, which can happen in any given quarter.

所以我認為長話短說，它們涉及許多不同的產品線。它們實際上涵蓋了我們所有的產品線，包括一些較大的產品線——一些未能成功的較大交易。所以我認為，過於深入細節是有點危險的。我認為將這一點提升到我試圖達到的更高水平是很重要的，也就是說，有些交易沒有成功，這在任何一個季度都可能發生。

But in the slightly changed circumstances since then, we're not seeing evidence that those deals will now not close, i.e., rapidly changing environment, more uncertainty. But our belief and understanding with our client engagement is that those deals that didn't make it in Q1 will make it in Q2, and we hope that to be the case.

但自那時以來，情況略有變化，我們沒有看到這些交易現在不會完成的證據，即環境迅速變化，不確定性增加。但我們與客戶合作的信念和理解是，那些在第一季未能達成的交易將在第二季達成，我們希望情況如此。

Joshua Dennerlein, Bank of America Securities.

美國銀行證券公司的 Joshua Dennerlein。

Wanted to ask about the new Moody's partnership. Could you provide a little bit more color on how that came about and just maybe how you're thinking about it impacting your growth rate? I'm assuming it's going to show up in Private Assets segment.

想詢問有關穆迪的新合作關係。您能否更詳細地說明一下這是如何發生的，以及您認為這會對您的成長率產生什麼影響？我假設它會出現在私人資產部分。

Yeah. So we started quite a number of years ago. We have gone to the senior management of Moody's and said to them, We have a number highly complementary capabilities, so why don't we try to do some partnerships? And at the time, obviously, it was very focused on ESG. And we said to them, Instead of you running a whole ESG business, why don't you rely on us? And you feed the ESG data models and ratings into your entire business. And so that -- so a couple of years ago, they came back and said, That makes sense rather than us doing that.

是的。所以我們很多年前就開始了。我們曾與穆迪的高階主管溝通，並對他們表示，我們擁有許多高度互補的能力，那麼我們為什麼不嘗試建立一些合作關係呢？當時，顯然它非常關注 ESG。我們對他們說，你們為什麼不依靠我們，而要經營整個 ESG 業務呢？然後將 ESG 資料模型和評級輸入到您的整個業務中。所以 — — 幾年前，他們回來說，這比我們這樣做更有意義。

So why don't we do that? And that culminated in the partnership that we announced on ESG last summer. On the success of that working relationship and partnership, we started talking about what are all the other things that we can do that 1 plus 1 is 3 so that they don't have to replicate what we do and we don't replicate what we do. And then we started focusing on private credit. So that started last July.

那我們為什麼不這麼做呢？這最終促成了我們去年夏天在 ESG 上宣布的合作關係。關於這種工作關係和夥伴關係的成功，我們開始談論我們還能做哪些其他事情，1 加 1 等於 3，這樣他們就不必重複我們所做的事情，我們也不會重複我們所做的事情。然後我們開始關注私人信貸。事情從去年七月開始。

So we went through a number of iterations as to what were the areas that we could potentially benefit mutually from private credit and eventually settle on using their flagship probability of default models and apply it to MSCI's database of private credit and models and other risk models to come up with a third-party significant assessment of credit worthiness of the private credit funds and the underlying instruments, the underlying holdings of those private credit funds.

因此，我們經歷了多次反复，以確定我們可以從私人信貸中互惠互利的領域，並最終決定使用他們的旗艦違約機率模型，並將其應用於 MSCI 的私人信貸資料庫和模型以及其他風險模型，以得出第三方對私人信貸基金和基礎工具、這些私人信貸基金的基礎持股的信用價值的重要評估。

So it's significant because we have some probability of default models, but they're not definitely at the scale of Moody's. Moody's has databases, but our database is superior to their private credit database. So we joined forces to do that together so that we can present a joint product to the market. We're going to market it across all of our analytical platforms and our client bases. They're going to market it in their own client base, analytical platforms and obviously third-party platforms.

因此，這很重要，因為我們有一些違約機率模型，但它們肯定不符合穆迪的規模。穆迪有資料庫，但我們的資料庫優於他們的私人信用資料庫。因此，我們齊心協力，共同努力，向市場推出聯合產品。我們將在我們所有的分析平台和客戶群中推銷它。他們將在自己的客戶群、分析平台以及第三方平台上推銷它。

So it's a win-win for that. And therefore -- and on the heels of that second partnership, which obviously we announced yesterday, we're talking about what other partnerships? Are there things that we can do on climate. They have incredible things on -- incredible models on climate, physical models and other kinds of models, and we have obviously models. We're very strong in transition risk.

所以這是一個雙贏的局面。因此——在我們昨天宣布的第二個合作關係之後，我們還在談論哪些其他合作關係？我們能為氣候做些什麼嗎？他們有令人難以置信的東西——令人難以置信的氣候模型、物理模型和其他類型的模型，而我們顯然也有模型。我們在應對轉型風險方面非常強大。

They're stronger in physical risk. We obviously have this older partnership on physical risk with Swiss Re. We have -- they have a lot of real estate database. We have a lot of real estate database. We have a lot of other private -- they have their own ore-based database.

他們在身體風險方面表現得更強。顯然，我們與瑞士再保險公司在實體風險方面有著更早的合作關係。我們有—他們有很多房地產資料庫。我們有很多房地產資料庫。我們還有很多其他私人——他們有自己的基於礦石的資料庫。

We have our own sort of investment database. So can we do things. So in a nutshell is instead of them trying to replicate what we do to come up with new products and while also replicating what they do, we partner up to benefit from each other's capabilities. That's a little bit of the process that we've gone through.

我們有自己的投資資料庫。我們也能做事。簡而言之，我們不是試圖複製我們的做法來推出新產品，而是複製他們的做法，我們透過合作來從彼此的能力中受益。這是我們經歷過的一小部分過程。

And Josh, it will show up in the Private Assets segment, although I would highlight that the financial impact this year is likely going to be immaterial, relatively small.

喬希，它將出現在私人資產部分，儘管我想強調的是，今年的財務影響可能並不大，相對較小。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

I wanted to go back to Sustainability and Climate. This was the only segment to see net new sales decline in the quarter. Can you talk a little bit more about the factors behind that and when you might expect net new sales to inflect to growth? And maybe in what kind of environment that would be most likely to happen?

我想回到永續性和氣候議題。這是本季唯一出現淨新銷售額下滑的部門。您能否進一步談談背後的因素以及您預計淨新銷售額何時會實現成長？在什麼樣的環境下最有可能發生這種情況？

Sure. So George -- and you can see this in the retention rate, which was relatively solid in the quarter. As Henry alluded to, clients are committed to sustainability, and climate is very topical and a big focus area for them. We are seeing muted demand in areas. Needless to say, it's a very nuanced and dynamic landscape.

當然。所以喬治——你可以從留存率中看到這一點，本季的留存率相對穩定。正如亨利所提到的，客戶致力於永續發展，氣候議題是他們關注的熱點和重點領域。我們發現一些地區的需求低迷。毋庸置疑，這是一個非常微妙且充滿活力的景觀。

But we are seeing subdued demand, particularly in the US, where investors remain cautious about launching sustainability strategies and funds. And even in Europe, we've seen some regulatory complexity that we've talked about in the past and some uncertainty persist. There is the potential for reduced scope on CSRD, which is small for us today -- very small for us today, but obviously, was an opportunity for us that's looking less likely.

但我們看到需求低迷，尤其是在美國，投資人對推出永續發展策略和基金仍持謹慎態度。即使在歐洲，我們也看到了一些我們過去談到的監管複雜性，並且仍然存在一些不確定性。CSRD 的範圍有可能縮小，這對我們目前來說很小 - 非常小，但顯然，對我們來說這是一個不太可能的機會。

And so our tools remain absolutely mission-critical to clients, but there is some caution and some headwinds, which we're likely to see in the near term here. So we expect the performance in the next couple of quarters to be similar to what we've seen in recent quarters.

因此，我們的工具對客戶來說仍然至關重要，但也存在一些謹慎和阻力，我們很可能在短期內看到這些。因此，我們預計未來幾季的表現將與最近幾季的表現類似。

As Henry alluded to earlier, we continue to be bullish about the long-term opportunity here. We are seeing investors evolve on the climate front from emissions into physical risk. We see investors broaden their thinking around sustainability into resilience and really double-clicking into all aspects of risk related to sustainability. And that's an area where we have always been differentiated and are very well positioned. And so there are these attractive opportunities, areas within climate where we're getting early traction.

正如亨利之前提到的，我們繼續看好這裡的長期機會。我們看到投資者在氣候方面的關注點從排放轉向了實體風險。我們看到投資者將他們對永續性的思考拓展到彈性方面，並真正深入研究與永續性相關的所有風險方面。在這一領域，我們一直與眾不同，並且佔據著非常有利的地位。因此，在氣候領域中，我們早期就獲得了一些關注，這些領域都存在著有吸引力的機會。

I think some of the broader cyclical dynamics are going to persist here in the short term. But over the long term, we continue to be focused on the big opportunities in front of us.

我認為一些更廣泛的周期性動態將在短期內持續存在。但從長遠來看，我們將繼續關注眼前的巨大機會。

Russell Quelch, Redburn Atlantic.

羅素‧奎爾奇 (Russell Quelch)，雷德伯恩大西洋公司 (Redburn Atlantic)。

Perhaps as a follow-up to an earlier question on retention. Can I quickly check that the improvement in Q1 was driven by a lapping of one-off client consolidations are not due to proactive actions on pricing or discounting?

或許這是對先前關於保留的問題的後續回答。我能否快速檢查第一季的改善是否是由一次性客戶整合推動的，而不是由於主動採取定價或折扣行動？

So -- well, comparing the retention rate to Q1 of last year, obviously, Q1 of last year, we saw a lower retention rate related to that client activity that I talked about with banks, and hedge funds particularly. I'd say the retention rate was reasonably strong across all segments for us here.

所以 - 好吧，將留存率與去年第一季度進行比較，顯然，去年第一季度，我們發現與我與銀行，特別是對沖基金討論過的客戶活動相關的留存率較低。我想說，我們這裡所有部分的保留率都相當高。

And I'd say -- I wouldn't attribute that to any one thing in specific other than the broad mission criticality of our tools, our proactive client engagement and client service efforts and our strong position relative to competitors in the market. So I wouldn't say it necessarily is tied to pricing. But if you compare to last year, obviously, we did have some elevated client events in the first quarter of last year, which is why you saw a big increase year-over-year.

我想說的是——除了我們工具的廣泛任務關鍵性、我們積極主動的客戶參與和客戶服務工作以及我們相對於市場競爭對手的強勢地位之外，我不會將其歸因於任何具體的事情。所以我並不認為這必然與定價有關。但如果與去年相比，顯然，去年第一季我們確實有一些客戶事件增加，這就是為什麼你會看到同比增長大幅的原因。

Gregory Simpson, BNP Paribas Exane.

格雷戈里辛普森，法國巴黎銀行 Exane。

I just wanted to ask for a bit more color on Private Capital Solutions, which had 15% run rate growth this quarter and in particular, how the sales and uptake of the suite of Private Capital indexes you launched last year have been going? Just feel like there should be lot of demand for transparency of private markets in this kind of backdrop, but also where it's the bit of competition in this space.

我只是想進一步了解私募資本解決方案，該公司本季的運作率成長了 15%，特別是您去年推出的私募資本指數套件的銷售和吸收情況如何？只是覺得在這種背景下，對私人市場的透明度應該要有很大的需求，但這個領域的競爭也有些激烈。

So Private Capital Solutions, formerly the Burgiss, the Burgiss acquisition that we made at the moment, is largely a product offering transparency to institutional investors, institutional LPs on their investments in GPs across the whole spectrum of Private Assets.

因此，私人資本解決方案（以前稱為 Burgiss）以及我們目前收購的 Burgiss 在很大程度上是一種產品，它為機構投資者、機構 LP 提供透明度，使其能夠了解自己對整個私人資產範圍內的 GP 的投資情況。

There are a lot of other sales that are for entities related to that, that ecosystem, and therefore, the market that we have -- we have over 1,000 institutional LPs as clients in this area, and we're fairly underpenetrated in this product line around the world, especially outside of the US and the institutional LPs understanding with a lot of transparency what is the portfolio? How is that doing relative to a benchmark? What is the performance of the portfolio, the risk of the portfolio? What are the trajectory of capital calls, of returns of capital and things like that? So we remain extremely bullish about a continuation of fairly decent growth rates around the world on this area.

還有許多其他銷售是針對與該生態系統相關的實體，因此，我們擁有的市場 - 我們在該領域擁有超過 1,000 個機構 LP 作為客戶，並且我們在全球範圍內對該產品線的滲透率相當低，特別是在美國以外的地區，機構 LP 非常透明地了解投資組合是什麼？與基準相比，其表現如何？投資組合的表現如何？投資組合的風險如何？資本調用、資本回報等的軌跡是怎麼樣的？因此，我們仍然非常看好全球該領域繼續保持相當不錯的成長率。

The second part that we are now focused on is think of them as wealth LPs or individual LPs advised by their wealth manager. They are not dramatically different than an institutional LP. They are LPs, they are investors. And therefore, we're gearing up to provide much higher levels of transparency to those investors in Private Assets. Of course, private credit is one of the biggest sellers there and the like. That's a second area of initiative that we have.

我們現在關注的第二部分是將他們視為財富 LP 或由財富經理提供建議的個人 LP。它們與機構 LP 並無太大區別。他們是 LP，他們是投資者。因此，我們正準備為私人資產投資者提供更高水準的透明度。當然，私人信貸是那裡最大的銷售商品之一。這是我們的第二個舉措領域。

And the third one is as time goes by, we are creating more products totally fitted for the GPs, understanding their own portfolios, comparing it to competitors' portfolios and all of that. So far, we -- this market is -- you can hear a lot of competitors here and there and all of that, but this is a market we have a very strong leadership in it, very strong leadership. And we are advancing on that leadership and making it bigger and wider.

第三，隨著時間的推移，我們正在創造更多完全適合 GP 的產品，了解他們自己的投資組合，並將其與競爭對手的投資組合進行比較等等。到目前為止，你可以聽到這個市場上有很多競爭對手，但我們在這個市場上擁有非常強大的領導力，非常強大的領導力。我們正在進一步鞏固和發展這一領導地位，使其變得更強大、更廣泛。

The benchmark indices associated with that are a compounding of that level of transparency. They may not be an end in themselves, meaning we may not have a large amount of revenue that come from just the benchmark indices in Private Assets, although we're going to try, but they were going to be a major part of the entire transparency from performance to risk to understanding the market, which is a benchmark, to the comparison to the market, et cetera, et cetera. So we're very bullish on this Private Capital Solutions product line going forward.

與此相關的基準指數是該透明度水準的複合。它們本身可能不是目的，這意味著我們可能不會從私人資產基準指數中獲得大量收入，儘管我們會嘗試，但它們將成為從績效到風險到了解市場（這是一個基準）到與市場的比較等整個透明度的重要組成部分。因此，我們對這條私人資本解決方案產品線的未來發展非常看好。

There are no further questions. I will now turn the floor over to Henry Fernandez for closing remarks.

沒有其他問題了。現在我請亨利·費爾南德斯作最後發言。

Thank you, operator. I just want to reiterate that periods of global turmoil are when MSCI's clients need us the most and where we do our best. We provide mission-critical tools for understanding key sources of investment risk and investment performance and combining both of them into portfolio construction and asset allocation across market cycles.

謝謝您，接線生。我只是想重申，全球動盪時期正是 MSCI 的客戶最需要我們的時候，也是我們盡力而為的時候。我們提供關鍵任務工具來了解投資風險和投資績效的關鍵來源，並將它們結合到跨市場週期的投資組合建構和資產配置中。

Those tools can take an even greater relevance amid high levels of volatility. This is why MSCI remains confident in the resilience and adaptability of our all-weather franchise and our ability to expand in periods like this.

在高度波動的情況下，這些工具會發揮更大的作用。這就是為什麼 MSCI 仍然對我們的全天候特許經營權的彈性和適應性以及我們在這種時期擴張的能力充滿信心。

It's not as -- it's -- everyone tries to expand in bull markets and when things are going well. MSCI normally expands the most in periods like this because clients need us the most. They want to talk to us the most and all of that. So thank you again for joining us today, listening to our story, and we look forward to speaking to all of you again soon.

情況並非如此——情況是——每個人都試圖在牛市和一切順利時擴張。MSCI 通常在這樣的期間擴張最快，因為客戶最需要我們。他們最想和我們談談諸如此類的事情。再次感謝您今天加入我們，聆聽我們的故事，我們期待很快再次與大家交談。

This concludes today's conference call. Thank you for participating. You may now disconnect

今天的電話會議到此結束。感謝您的參與。現在您可以斷開連接