明晟 (MSCI) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI Second Quarter 2025 Earnings Conference Call. As a reminder, this call is being recorded. (Operator Instructions) I would now like to turn the call over to Jeremy Ulan, Head of Investor Relations and Treasurer. Sir, you may begin.

女士們、先生們，大家好，歡迎參加 MSCI 2025 年第二季財報電話會議。提醒一下，本次通話正在錄音。（操作員指示）現在，我想將電話轉給投資者關係主管兼財務主管 Jeremy Ulan。先生，您可以開始了。

Thank you, operator. Good day, and welcome to the MSCI Second Quarter 2025 Earnings Conference Call. Earlier this morning, we issued a press release announcing our results for the second 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.

謝謝您，接線生。大家好，歡迎參加 MSCI 2025 年第二季財報電話會議。今天早些時候，我們發布了一份新聞稿，宣布了 2025 年第二季的業績。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. 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.

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

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。參加今天電話會議的有我們的董事長兼首席執行官亨利·費爾南德斯 (Henry Fernandez)、我們的總裁兼首席營運官貝爾·佩蒂特 (Baer Pettit) 和我們的首席財務官安迪·威希曼 (Andy Wiechmann)。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 all for joining us. In the second quarter, MSCI delivered another strong financial performance, including revenue growth of over 9%, adjusted EBITDA growth of over 10% adjusted earnings per share growth of almost 15% and free cash flow of over $300 million. Year-to-date, we have repurchased $286 million worth of MSCI shares at an average price of $557 per share demonstrating our long-term conviction in the value of our franchise. Our second quarter operating metrics included total run rate growth of 11% and fueled by record AUM levels in ETF products linked to MSCI indices, an asset-based fee run rate growth of 17%.

謝謝你，傑瑞米。大家好，感謝大家的參與。MSCI第二季再次取得強勁的財務業績，包括營收成長超過9%，調整後EBITDA成長超過10%，調整後每股盈餘成長近15%，自由現金流超過3億美元。年初至今，我們以每股 557 美元的平均價格回購了價值 2.86 億美元的 MSCI 股票，這表明我們對特許經營權價值的長期信心。我們第二季度的營運指標包括總運行率增長 11%，並受到與 MSCI 指數掛鉤的 ETF 產品的創紀錄 AUM 水平的推動，基於資產的費用運行率增長了 17%。

Among client segments, we recorded double-digit subscription run rate growth with banks and broker-dealers, wealth managers, case funds, and asset owners. Despite the well-known ongoing pressures on active asset managers, MSCI's subscription run rate growth with this client segment held steady at 6%, while rotation with active asset managers stay high at 96%. Across all client segments, MSCI is rapidly developing innovative use cases for our existing solutions while developing new solutions for our increasingly diverse client base. Turning to our product lines. MSCI's Q2 performance have firmed that index in general and our asset-based fee franchise, in particular, is a key growth engine for us with enormous opportunities.

在客戶群中，我們記錄了銀行、經紀交易商、財富管理公司、案例基金和資產所有者的認購率兩位數成長。儘管主動資產管理公司持續面臨壓力，但 MSCI 在該客戶群的認購運作率成長率仍穩定在 6%，而主動資產管理公司的輪調率仍維持在 96% 的高點。在所有客戶群中，MSCI 正在為我們現有的解決方案快速開發創新用例，同時為我們日益多樣化的客戶群開發新的解決方案。轉向我們的產品線。MSCI 第二季度的表現總體上鞏固了該指數，尤其是我們的基於資產的費用特許經營權，這是我們的一個關鍵成長引擎，擁有巨大的機會。

Most notably, our strong ABF run rate growth reflects the vital importance of MSCI indices to global investing, especially in non-US market exposures. In fact, MSCI captured more indexed equity ETF cash flows than any other index provider during the quarter. Total equity index ETF AUM linked to MSCI indices surpassed $2 trillion for the first time, driving total index ETF and known ETF AUM balances tracking MSCI indices to $6 trillion. In addition, fixed income index ETF AUM linked to indices created entirely by MSCI or in partnership with partners reached $84 billion.

最值得注意的是，我們強勁的 ABF 運行率成長反映了 MSCI 指數對全球投資（尤其是在非美國市場投資）的重要性。事實上，MSCI 在本季獲得的指數化股票 ETF 現金流比其他任何指數提供者都要多。與 MSCI 指數掛鉤的股票指數 ETF 總 AUM 首次超過 2 兆美元，推動追蹤 MSCI 指數的總指數 ETF 和已知 ETF AUM 餘額達到 6 兆美元。此外，與 MSCI 完全由其創建或與合作夥伴合作創建的指數掛鉤的固定收益指數 ETF AUM 達到 840 億美元。

All of this helped us achieve our highest ever level of quarterly APF revenue. MSCI's index progress was also underpinned by several product launches, including new data solutions that offer deeper insights into the building blocks of our indices, such as our constituent AUM and index liquidity data sets. For all these reasons, we are very excited about the tremendous potential of our index franchise. MSCI's second quarter results also confirm the value of our risk and performance analytics tools during periods of fast-moving market conditions and volatility. We achieved our highest ever Q2 recurring sales in analytics driven mainly by equity risk models.

所有這些都幫助我們實現了有史以來最高的季度 APF 收入。MSCI 指數的進展也得益於多款產品的發布，其中包括新的數據解決方案，這些解決方案可以更深入地洞察我們指數的組成要素，例如我們的成分 AUM 和指數流動性數據集。由於所有這些原因，我們對我們的指數特許經營的巨大潛力感到非常興奮。MSCI 第二季的表現也證實了我們的風險和績效分析工具在快速變化的市場條件和波動時期的價值。我們主要透過股票風險模型推動的分析實現了有史以來最高的第二季經常性銷售額。

Meanwhile, we completed our largest ever deal for MSCI Wealth Manager, which Baer will cover in greater detail. Let us shift to private assets, which is an attractive long-term opportunity where MSCI is expanding our tools to drive adoption across the investment community. We have made significant progress in boosting our capabilities for private capital solutions with Q2 run rate growth of nearly 13%, while launching or enhancing a number of key products. For example, we introduced MSCI asset and deal metrics, which include data from over 26,000 private equity deals covering $2 trillion in net asset value. We recently unveiled the MSCI world privately put a return [track care] index which offers an approximation of private equity investments by replicating region, sector and tile exposures through public equities, leveraging fundamental data from MSCI private capital universe.

同時，我們完成了迄今為止規模最大的一筆 MSCI 財富管理交易，貝爾將對此進行更詳細的介紹。讓我們轉向私人資產，這是一個有吸引力的長期機會，MSCI 正在擴展我們的工具以推動整個投資界的採用。我們在提升私募資本解決方案能力方面取得了重大進展，第二季運作率成長近 13%，同時推出或增強了許多關鍵產品。例如，我們引入了 MSCI 資產和交易指標，其中包括超過 26,000 筆私募股權交易的數據，涉及 2 兆美元的淨資產價值。我們最近推出了 MSCI 全球私募股權投資回報 [追蹤關注] 指數，該指數利用 MSCI 私募資本領域的基本數據，透過複製公共股票的地區、行業和板塊敞口，提供私募股權投資的近似值。

Already, we see strong interest from clients in launching tradable products linked to this index. Our first phase of private credit risk assessments in partnership with Moody's is expected in the coming weeks. And we're very excited about the dialogue we've been having with clients on this product. In addition, we now have more than 30 LP clients using our private capital indices as their policy or our performance benchmark. These offerings underscore our innovation and the benefits of our integrated franchise, which enhances all MSCI product lines, creating powerful network effects for our clients.

我們已經看到客戶對推出與該指數掛鉤的可交易產品表現出濃厚的興趣。我們與穆迪合作的第一階段私人信用風險評估預計將在未來幾週內完成。我們對與客戶就該產品進行的對話感到非常興奮。此外，我們現在有超過30個LP客戶使用我們的私募資本指數作為他們的策略或我們的績效基準。這些產品凸顯了我們的創新和綜合特許經營的優勢，增強了所有 MSCI 產品線，為我們的客戶創造了強大的網路效應。

In real assets, new recurring sales were challenged and down from Q2 of last year. However, we introduced new products targeted to the areas of relative acceleration in commercial real estate, including our new data center product and RCA funds a new intelligence offering covering over 8,000 real estate funds to empower GPs and LPs to optimize on raising investor engagement and capital allocation decisions. Moving on to sustainability and climate. Despite the current cyclical slowdown, our tools have become a permanent feature of the global investment process. And MSCI is and will continue to be a leader in this space.

在實體資產方面，新的經常性銷售受到挑戰，較去年第二季有所下降。然而，我們推出了針對商業房地產相對加速領域的新產品，包括我們的新數據中心產品和 RCA 基金，這是一種涵蓋 8,000 多個房地產基金的新情報產品，旨在使 GP 和 LP 能夠優化提高投資者參與度和資本配置決策。繼續討論永續性和氣候議題。儘管當前經濟週期放緩，但我們的工具已成為全球投資流程的永久特徵。MSCI 現在是並將繼續成為該領域的領導者。

We recently won valuable climate mandates in index and our climate physical risk and reporting solutions are helping us expand our footprint with newer client segments such as insurance companies. While we expect sustainability to remain challenged, we're adapting and repositioning our tools to capture new opportunities when they arise. In conclusion, our solutions are strongly embedded in the global investment ecosystem. We're always intensely focused on anticipating and investing in the biggest trends across our industry to serve a broad-based client segments, while delivering an attractive financial model for our shareholders. And with that, let me turn things over to Baer.

我們最近在指數中贏得了寶貴的氣候授權，我們的氣候物理風險和報告解決方案正在幫助我們擴大在保險公司等新客戶群中的影響力。雖然我們預計永續性仍將面臨挑戰，但我們正在調整和重新定位我們的工具，以便在新機會出現時抓住它們。總之，我們的解決方案牢牢紮根於全球投資生態系統。我們始終專注於預測和投資整個行業的最大趨勢，以服務廣泛的客戶群，同時為股東提供有吸引力的財務模式。現在，讓我把話題交給貝爾。

Thank you, Henry, and greetings, everyone. During the quarter, with rapidly moving markets, MSCI benefited from both traditional and newer product offerings deepening our role in the global investment ecosystem while further diversifying our client base. Among banks and broker-dealers, we delivered subscription run rate growth of 10% with strong traction in index and analytics. We are supporting these clients with MSCI's equity derivatives and trading solutions, the mid-market volatility which is helping to fuel new wins in index. In Q2, for example, MSCI completed a large deal with a bank in the US or ETF-linked custom index data sets. This deal captures not only our work on customization, but also rising capital markets activity tied to the ETF ecosystem, which is creating demand for advanced data on our index content. Meanwhile, another US bank signed a global deal to use our equity analytics solutions for sell-side market making and quantitative investment strategies to support their clients' increasing interest in deploying capital to international markets. Deals like that helped MSCI drive equity analytics growth of nearly 13% with our total run rate reaching almost $244 million across client segments.

謝謝你，亨利，大家好。本季度，隨著市場快速變化，MSCI 受益於傳統和新產品的推出，深化了我們在全球投資生態系統中的作用，同時進一步豐富了我們的客戶群。在銀行和經紀交易商中，我們的認購運作率成長了 10%，並在指數和分析方面表現出色。我們透過 MSCI 的股票衍生性商品和交易解決方案為這些客戶提供支持，中端市場波動有助於推動指數取得新的勝利。例如，在第二季度，MSCI 與美國一家銀行或 ETF 掛鉤的自訂指數資料集完成了一筆大額交易。這筆交易不僅體現了我們在客製化方面的工作，還體現了與 ETF 生態系統相關的資本市場活動的不斷增長，這為我們指數內容的高級數據帶來了需求。同時，另一家美國銀行簽署了一項全球協議，利用我們的股票分析解決方案進行賣方做市和量化投資策略，以支持其客戶對向國際市場部署資本日益增長的興趣。此類交易幫助 MSCI 推動股票分析成長近 13%，我們在客戶群中的總運作率達到近 2.44 億美元。

Supporting the asset liability management program within banks is another opportunity for MSCI. Most notably, we completed a large deal with the treasury division of the US Bank for our fixed income portfolio management solutions. Turning to hedge funds. We achieved subscription run rate growth of 12%, driven largely by analytics, which posted a record quarter in recurring sales with that segment.

支持銀行內部的資產負債管理計畫是MSCI的另一個機會。最值得注意的是，我們與美國銀行財務部門就我們的固定收益投資組合管理解決方案達成了一項大額交易。轉向對沖基金。我們的訂閱運行率成長了 12%，這主要得益於分析業務，該部門的經常性銷售額創下了季度紀錄。

long/short equity managers and multi-strategy hedge funds like demand best-of-breed equity models, data and risk insights to support their various alpha generation strategies across all market conditions. MSCI is focused on growing our footprint with this fast money investor community. For example, in Q2, we completed a large deal with a hedge fund in the US that expanded their relationship with MSCI to access our full suite of equity factor models and our security master crowding and factor lab data center. Likewise, another prominent US hedge fund expanded their use of our equity models to help build out a factor model risk dashboard, portfolio construction and risk hedging. Moving on to asset owners. MSCI posted subscription run rate growth of 12%, driven primarily by analytics and private capital solutions. Across regions, asset owner clients increasingly need unified risk tools to help them consistently analyze different types of portfolios. This need has been amplified by the increased volatility in global markets, the shift to private assets and the growing adoption of a total portfolio approach.

多頭/空頭股票經理和多策略對沖基金需要最佳的股票模型、數據和風險洞察，以支持他們在所有市場條件下的各種阿爾法生成策略。MSCI 致力於透過這個快錢投資者社群擴大我們的影響力。例如，在第二季度，我們與美國一家對沖基金完成了一筆大交易，該基金擴大了他們與 MSCI 的關係，以使用我們的全套股票因子模型以及我們的安全主擁擠和因子實驗室數據中心。同樣，另一家著名的美國對沖基金也擴大了對我們的股票模型的使用，以幫助建立因子模型風險儀表板、投資組合建構和風險對沖。轉向資產所有者。MSCI 的認購率成長了 12%，主要受到分析和私人資本解決方案的推動。跨地區，資產所有者客戶越來越需要統一的風險工具來幫助他們一致地分析不同類型的投資組合。全球市場波動性的增加、向私人資產的轉移以及整體投資組合方法的日益普及，都加劇了這種需求。

In Q2, for example, MSCI completed a large deal with the US pension fund that plans to use our private asset tools and our total portfolio solutions to improve oversight and efficiency, replacing two incumbent providers. MSI is also winning additional climate index mandates with asset owners across the world. In Q2, for example, we won a pair of mandates with European pension funds that are contributing to a combined $25 billion of new AUM benchmark to an MSCI Climate index. All of this underscores the enduring value of climate data models and tools to asset owners, along with the value of MSCI's integrated franchise, which helps our index and climate teams develop stronger products.

例如，在第二季度，MSCI 與美國退休基金完成了一項大交易，該基金計劃使用我們的私人資產工具和我們的整體投資組合解決方案來改善監督和效率，取代兩家現任供應商。MSI 還贏得了世界各地資產所有者的額外氣候指數授權。例如，在第二季度，我們贏得了歐洲退休基金的兩項授權，這些基金為 MSCI 氣候指數貢獻了總計 250 億美元的新 AUM 基準。所有這些都凸顯了氣候數據模型和工具對資產所有者的持久價值，以及 MSCI 綜合特許經營的價值，這有助於我們的指數和氣候團隊開發更強大的產品。

Turning to wealth managers. We achieved subscription run rate growth of 17% driven mainly by index and analytics. Importantly, we completed our largest MSCI wealth deal ever, a seven-figure deal with the wealth arm of a major US regional bank covering our MSCI Wealth Manager and borrow on platforms. This win, among others, demonstrates how MSCI can deliver unified solutions with advanced tools spanning the home office and advisers, including tools for model construction, proposal generation, personalized client portfolios and regulatory support.

轉向財富經理人。我們實現了 17% 的訂閱運行率成長，這主要得益於指數和分析。重要的是，我們完成了有史以來最大的 MSCI 財富交易，這是與美國一家大型區域銀行的財富部門達成的七位數交易，涵蓋我們的 MSCI 財富經理和平台借貸。此次勝利以及其他獎項表明，MSCI 能夠利用涵蓋總部和顧問的先進工具提供統一的解決方案，包括模型建立工具、提案生成工具、個人化客戶組合工具和監管支援工具。

With MSCI Wealth Manager, we have a foundational framework for driving similar wins in the future. In Q2, we also finalized a number of index deals where the key drivers of wealth demand remain discretionary portfolio management, Chief Investment Officer Solutions and related content. If we look at another wealth focus area, direct indexing AUM based on MSCI indexes, it grew by 20% globally to reach $135 billion in total. Shifting to asset managers, MSCI delivered subscription run rate growth of 6% driven mostly by index. Looking ahead, we see a steady growth trajectory with asset managers.

借助 MSCI 財富管理器，我們擁有了在未來推動類似勝利的基礎框架。在第二季度，我們也完成了一些指數交易，其中財富需求的關鍵驅動因素仍然是全權投資組合管理、首席投資長解決方案和相關內容。如果我們看另一個財富重點領域，即基於 MSCI 指數的直接指數化 AUM，它在全球範圍內增長了 20%，總額達到 1350 億美元。轉向資產管理公司，MSCI 的認購運作率成長了 6%，主要受指數的推動。展望未來，我們看到資產管理公司將呈現穩定的成長軌跡。

In Q2, we completed a seven-figure multiyear deal with a large European asset manager. As part of this deal, MSCI's fixed income indexes displaced a major competitor for our clients' corporate bond ETF products. We are supporting a growing list of asset managers with active ETFs, a fast-growing market as active managers seek to innovate their products, distribution and business models using the highly efficient ETF [RAP]. Year-to-date, we have licensed a number of such new active ETFs. Finally, turning to insurance companies.

在第二季度，我們與一家大型歐洲資產管理公司達成了七位數的多年協議。作為此次交易的一部分，MSCI 的固定收益指數取代了我們客戶公司債券 ETF 產品的主要競爭對手。我們正在支持越來越多的擁有主動型 ETF 的資產管理公司，這是一個快速成長的市場，因為主動型管理公司尋求利用高效的 ETF [RAP] 來創新其產品、分銷和商業模式。今年迄今為止，我們已經批准了許多此類新的主動型 ETF。最後，轉向保險公司。

We posted subscription run rate growth of 12% and driven mainly by index and climate. While MSCI's footprint among insurance companies remain small, we see promising growth potential, especially for products that support index-linked annuities and for climate tools that support integration and reported. In Q2, for example, we scored a key index mandate win with a leading US annuity provider which we expect to result in [$5 billion to $10 billion] of AUM benchmark to MSCI Index. We also finalized a large sustainability and climate deal for the European location of a top APAC insurer in which MSCI displaced multiple competitors.

我們的訂閱運行率成長了 12%，主要受到指數和氣候的推動。儘管 MSCI 在保險公司中的影響力仍然很小，但我們看到了良好的成長潛力，尤其是支持指數掛鉤年金的產品以及支持整合和報告的氣候工具。例如，在第二季度，我們與一家領先的美國年金提供者贏得了一項關鍵的指數授權，我們預計這將使 AUM 基準達到 [50 億至 100 億美元] 的 MSCI 指數。我們也為亞太地區一家頂級保險公司的歐洲分公司敲定了一項大型永續發展和氣候交易，其中 MSCI 取代了多家競爭對手。

As part of this deal, we will deliver our climate, biodiversity and geospatial tools along with our ESG ratings for both climate reporting and commercial uses. In summary, MSCI is benefitting from our resilient financial model and the mission-critical repeatable and scalable applications of our solutions for a wide range of client segments across the investment in ecosystem. And with that, let me turn it over to Andy. Andy?

作為該協議的一部分，我們將提供氣候、生物多樣性和地理空間工具以及 ESG 評級，用於氣候報告和商業用途。總而言之，MSCI 受益於我們具有彈性的財務模型以及我們解決方案針對整個投資生態系統中廣泛客戶群的關鍵任務、可重複和可擴展的應用。現在，讓我把麥克風交給安迪。安迪？

Thanks, Baer Hello, everyone. Our second quarter results demonstrate the strong momentum of our business model and the compounding impact of our investments. This is particularly evident in index, where asset-based fee run rate growth was 17%, benefiting from broad investor appetite for global market exposures. We experienced another quarter of strong flows in the ETFs linked to our indexes. Equity ETFs linked to MSCI indexes experienced $49 billion of inflows during the second quarter, capturing 29% of all inflows into indexed equity ETFs and representing the largest level of quarterly inflows since 2021.

謝謝，貝爾，大家好。我們第二季的業績證明了我們商業模式的強勁勢頭和投資的複合效應。這在指數中尤其明顯，其中基於資產的費用運行率增長率為 17%，受益於廣大投資者對全球市場曝險的興趣。我們又經歷了與我們的指數掛鉤的 ETF 的強勁流動。與 MSCI 指數掛鉤的股票 ETF 在第二季流入了 490 億美元，佔指數股票 ETF 所有流入量的 29%，創下 2021 年以來季度流入量的最高水準。

Fueling this strength were ETF products linked to MSCI developed markets ex US indexes, which captured $32 billion, more than 50% of all flows in the DM ex US indexed equity ETFs in the quarter. We also saw solid inflows into equity ETFs linked to our factor indexes, capturing $9 billion of inflows with strong traction in quality and value and growth products. Index subscription run rate growth was 9%, reflecting a continuation of the dynamics we have seen in recent periods.

推動這一強勁勢頭的因素是與 MSCI 已開發市場（不包括美國）指數掛鉤的 ETF 產品，這些產品吸引了 320 億美元的資金，佔本季度已開發市場（不包括美國）指數股票 ETF 總流量的 50% 以上。我們也看到與我們的因子指數掛鉤的股票 ETF 獲得了穩健的資金流入，吸引了 90 億美元的資金流入，其中優質、價值和成長型產品具有強勁的吸引力。指數認購率成長率為 9%，反映出我們近期所見動態的延續。

We saw 16%, 14%, 12% and 9% index subscription run rate growth from wealth managers, hedge funds, banks and asset owners, respectively. Asset managers delivered index subscription run rate growth slightly below 7%, supported by steady performance in our DM and EM core index modules. Custom index subscription run rate growth remained in the teens with traction across asset managers, banks and hedge funds. Our custom indexes are enabling our clients to create custom benchmarks, develop structured products research markets and back test strategies. We're also directly seeing the commercial benefits for ongoing investments in new product innovations.

我們看到財富管理公司、對沖基金、銀行和資產所有者的指數認購率分別增加了 16%、14%、12% 和 9%。資產管理公司的指數認購率成長率略低於 7%，這得益於我們 DM 和 EM 核心指數模組的穩定表現。客製化指數認購運作率成長率維持在十幾個百分點，受到資產管理公司、銀行和避險基金的青睞。我們的客製化指數使我們的客戶能夠創建客製化基準、開發結構化產品研究市場和回溯測試策略。我們也直接看到了持續投資新產品創新所帶來的商業利益。

Year-to-date, we've generated over $4 million of total sales from new product areas released in the last six months, such as our ETF linked custom index module, constituent AUM data, sustainability index methodology data, MSCI investability data and our venture-backed index module. In analytics, we had subscription run rate growth of 8%, our strongest second quarter ever for new recurring sales as well as recurring net new sales. This included our largest deal ever for MSCI Wealth Manager several fixed income wins and strong sales of our equity models to hedge funds, banks and asset owners. In sustainability and climate, we drove 11% subscription run rate growth for the reportable segment with roughly 9% subscription run rate growth from sustainability solutions and almost 20% subscription run rate growth from climate solutions. From a regional lens, sustainability and climate subscription run rate growth in Europe was 18% and with about 3% growth in the Americas and 6% growth in Asia.

年初至今，我們在過去六個月發布的新產品領域創造了超過 400 萬美元的總銷售額，例如我們的 ETF 連結客製化指數模組、成分 AUM 數據、永續性指數方法數據、MSCI 可投資性數據和我們的風險投資支持的指數模組。在分析方面，我們的訂閱運行率成長了 8%，這是我們有史以來第二季新經常性銷售額和經常性淨新銷售額成長最強勁的季度。這包括我們為 MSCI Wealth Manager 達成的迄今為止最大的一筆交易、幾筆固定收益勝利以及向對沖基金、銀行和資產所有者強勁銷售我們的股票模型。在永續性和氣候領域，我們推動可報告分部的訂閱運行率成長 11%，其中來自永續性解決方案的訂閱運行率成長約 9%，來自氣候解決方案的訂閱運行率成長近 20%。從區域角度來看，歐洲的永續性和氣候訂閱運行率成長率為 18%，美洲成長率約為 3%，亞洲成長率為 6%。

As a reminder, last year's recurring sales included meaningful contributions from our sustainability partnership with Moody's Analytics. Client few sustainability and climate considerations as critical inputs into their investment strategies, and we see numerous attractive opportunities. Although our through-the-cycle long-term target, it's still under review as we assess the impact of this period of muted demand on the longer-term trajectory. We expect the current dynamics to persist for the next several quarters. In private capital solutions, we had strong traction with GPs, banks and wealth clients.

提醒一下，去年的經常性銷售包括我們與穆迪分析公司永續發展合作帶來的有意義的貢獻。客戶很少將永續性和氣候考量作為其投資策略的關鍵投入，而我們看到了許多有吸引力的機會。儘管我們有一個貫穿整個週期的長期目標，但仍在審查中，因為我們正在評估這段時期需求低迷對長期軌蹟的影響。我們預計當前的情況將在未來幾季持續下去。在私募資本解決方案方面，我們與 GP、銀行和財富客戶有著密切的聯繫。

In real assets, we see early momentum in some recently launched products, including our fund performance data set. The retention rate for private assets remained stable from last year's level at slightly over 91%. And finally, our guidance remains unchanged across all categories. Overall, our Q2 performance adds to MSCI's track record of consistent, durable financial results. We have many opportunities across client segments, regions, new products and capabilities that we are unlocking to drive attractive growth for the second half of 2025.

在實體資產方面，我們看到一些最近推出的產品表現出早期勢頭，包括我們的基金績效資料集。私人資產保留率與去年同期相比保持穩定，略高於91%。最後，我們對所有類別的指導保持不變。總體而言，我們第二季的業績為 MSCI 持續、持久的財務業績記錄增添了新的色彩。我們在客戶群、地區、新產品和新功能方面擁有眾多機遇，我們正在釋放這些機遇，以推動 2025 年下半年實現可觀的成長。

We look forward to keeping you posted on our progress. And with that, operator, please open the line for questions.

我們期待向您通報我們的進展。接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Alex Kramm, UBS.

瑞銀的亞歷克斯·克拉姆（Alex Kramm）。

Yeah, hey, good morning, everyone. I think I'm going to ask the same question that I asked last quarter, which was really about the potential help you should get as assets flow more into international markets from the US. Obviously, you're starting to see it on the ABF side, we can all track that. But I think we're seeing it on the active side already too in terms of flows picking up there. So just wondering what your conversations with clients over there have been? And what you -- and how you expect that to hopefully manifest itself in an acceleration on the subscription side and index as well. Thank you.

是的，嘿，大家早安。我想我會問上個季度提出的同一個問題，隨著資產從美國流入國際市場，你應該得到的潛在幫助。顯然，您開始在 ABF 方面看到它，我們都可以追蹤它。但我認為，從流量回升的角度來看，我們已經看到了它的活躍一面。我想知道您與那邊的客戶的談話內容是什麼？以及您希望如何體現訂閱方面和指數的加速成長。謝謝。

Yes. Alex, thanks for the question. So clearly, the rotation of assets from the US market to the international to the non-US market, is a huge boost to our asset-based fee business.

是的。亞歷克斯，謝謝你的提問。顯然，資產從美國市場向國際市場再向非美國市場的輪動，對我們的基於資產的費用業務是一個巨大的推動。

And just as a reminder, there are [$6 million $3 million] of our clients' assets that are indexed to our indices to the MCI indices, $2 trillion in ETF and $4 trillion in non-ETF. And that -- we've seen the flows going into there in space. And that's the comment that Andy made about almost $50 billion inflows, almost 30% market share in the quarter. On the subscription side, for sure, the rotation is going to help significantly. It is still a little bit too early to tell where the -- how the subscription run rate picks up or the sales pick up on it.

需要提醒的是，我們客戶的資產中有 [600 萬美元至 300 萬美元] 與我們的 MCI 指數掛鉤，其中 ETF 為 2 兆美元，非 ETF 為 4 兆美元。而且──我們已經看到氣流流入太空。這就是安迪對本季近 500 億美元資金流入、近 30% 的市場份額所發表的評論。在訂閱方面，輪換肯定會有很大幫助。現在判斷訂閱率或銷售額將如何回升還為時過早。

And -- but we don't believe that this is just going to be a huge sort of short-term catalyst in our subscription because when we look at our client base, we already have a large plant base in APAC, which is invested globally. We have a large client base in the which is globally and a large plan based in the US, which is invested globally. So what we're hoping for is that the rotation to international markets brings other asset managers to launch funds and enhance their products. And that's where we'll see the incremental demand but it's going to be incremental on top of not really high installed base of our data and our analytics. Our beta, our indices analytics with global investors.

但我們不認為這只會成為我們訂閱量的一種巨大的短期催化劑，因為當我們看到我們的客戶群時，我們已經在亞太地區擁有一個大型工廠基地，並且在全球範圍內進行投資。我們在全球擁有龐大的客戶群，並且在美國有一個大型計劃，在全球範圍內進行投資。因此，我們希望國際市場的輪動能吸引其他資產管理公司推出基金並增強其產品。這就是我們將看到的增量需求，但它將在我們的數據和分析的安裝基礎並不高的基礎上增量。我們的測試版、我們的指數分析與全球投資者合作。

But as I said, it's certainly going to help a great deal. It's just going to take time, and it's not going to be like a galloping type of boost.

但正如我所說，它肯定會有很大幫助。這只是需要時間，而且不會像疾馳般的加速。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

Thank you. Henry, you talked a lot about your asset manager base kind of sting stable in that mid-single-digit growth range. It sounds like for you guys to get back to fast growth, you need to get that growth accelerated again. And I was just wondering, based on your conversations, clearly, budget spend, et cetera, type? Like is it innovation? Or how do you think you can get that piece of the puzzle growing faster again?

謝謝。亨利，您多次談到您的資產管理基礎在中等個位數成長範圍內保持穩定。聽起來，為了恢復快速成長，你們需要再次加速成長。我只是想知道，根據您的談話，預算支出等等的類型清楚嗎？就像它是創新嗎？或者您認為怎樣才能讓拼圖的那部分再次更快地增長？

Truly the crux of the question on the subscription business, right? When you look at it from a client segment perspective, not just a product perspective. And as a reminder, we have $2.35 billion in run rate in subscription run rate, of which about 50% is active asset managers and the other 50% is broken down into banks and hedge funds and asset owners and wealth managers and others. So just going through the facts a bit, and then I'll answer your question is, that 50% of active asset managers, basically stock pickers is growing at a little over 6%. And the other 50% is growing at 11.5%.

這確實是訂閱業務問題的關鍵，對嗎？當您從客戶群的角度來看待它時，而不僅僅是從產品的角度來看待它。提醒一下，我們的認購運作率為 23.5 億美元，其中約 50% 來自主動資產管理公司，另外 50% 來自銀行、對沖基金、資產所有者、財富管理公司和其他公司。因此，只需簡單介紹一下事實，然後我會回答你的問題，50％的主動資產管理者，基本上是選股者的增長率略高於 6％。而另外50%的成長率為11.5%。

So therefore, in order for us to accelerate the total subscription run rate, two things will need to happen. One is, which we're working really hard on the non -- the 50% that is nonactive asset managers need to grow at a faster pace than we've had in the past. As I said, right now, it's 11.5%, and we're creating a lot of new products. relocating sort of people and salespeople and consultants into these client segments in order to grow faster. The most promising part of that is what we call the fast money segment.

因此，為了加快總訂閱運行率，我們需要做兩件事。一是，我們正在非常努力地推動非活躍資產管理者——50% 的非活躍資產管理者需要以比過去更快的速度成長。正如我所說，目前這一比例為 11.5%，我們正在創造許多新產品。將人員、銷售人員和顧問重新安置到這些客戶群中，以實現更快的成長。其中最有前景的部分就是我們所說的快錢部分。

So banks and hedge funds and market makers and people like that because they feed off the indexed AUM ecosystem. And there is a huge amount of liquidity, a huge amount of flows that they can make money off. So we're very focused on that. For sure, we're -- as we said in the past, we continue to be very focused on asset owners and of course, the wealth segment, which is in the last quarter, the wealth segment grew at over 17% and the asset owners grew over 12%. So that's the first thing that needs to happen.

因此，銀行、對沖基金、做市商和人們喜歡這樣，因為他們依靠指數化 AUM 生態系統。而且有大量的流動性，大量的資金流，他們可以從中賺錢。所以我們非常關注這一點。當然，正如我們過去所說的那樣，我們繼續高度關注資產所有者，當然還有財富部分，即上個季度，財富部分增長超過 17%，資產所有者增長超過 12%。所以這是需要發生的第一件事。

The second thing that needs to happen is to either remain steady or gradually accelerate the asset management subscription run rate. That part is not as easy because it's part of the industry that it is still challenged with flows outflows fund outflows with the cost pressures and with consolidation. So what we're doing is we are clearly maintaining and enhancing our retention rates in that client segment, trying to sell them incremental things. But we have a whole plan to create a lot of new products across the board, but especially index and analytics that can help them become better at what they do. One of those promising things is activity.

第二件需要做的事情是保持穩定或逐步加快資產管理認購運作率。這部分並不那麼容易，因為作為產業的一部分，它仍然面臨著資金流出、成本壓力和整合的挑戰。因此，我們所做的就是明確維持並提高該客戶群的保留率，並嘗試向他們銷售增量產品。但我們有一個完整的計劃，全面創造大量新產品，特別是索引和分析，可以幫助他們更好地完成工作。其中一件有希望的事情就是活動。

I think a big part of this active asset management industry needs to move from mutual funds for retail investors into activity. And we have a large role to play in there, and we already have 50 clients that represent about $10 billion in AUM in active ETF. So that's something that we're pushing pretty hard. But I don't see in the near future a major catalyst for acceleration of growth or rapid acceleration of growth on the active asset management industry. That is something that will continue to take time.

我認為主動資產管理行業的很大一部分需要從面向散戶投資者的共同基金轉向主動投資。我們在其中扮演著重要的角色，我們已經擁有 50 個客戶，代表主動型 ETF 的資產管理規模約為 100 億美元。所以這是我們正在大力推動的事情。但我不認為近期會出現推動主動資產管理產業加速成長或快速成長的主要催化劑。這仍需要時間。

And while that is happening, we are clearly focused on growing as much as we can, the other 50% of the client segments and accelerate that growth.

同時，我們顯然將重點放在盡可能擴大另外 50% 的客戶群體，並加速這一成長。

Toni Kaplan, Morgan Stanley.

摩根士丹利的東尼卡普蘭。

Thanks so much. Maybe this sort of dovetails on the last part of the last question. But just hoping to get an update on consolidation that you're seeing and how much that you're aware of will impact your results in sort of the upcoming quarters, if there's any way to sort of quantify that and talk about if you're seeing that trend maybe start to dissipate or if that's an ongoing thing that we should expect over the next number of quarters? Thanks,

非常感謝。也許這與上一個問題的最後一部分相吻合。但是，我只是希望獲得有關您所看到的整合的最新消息，以及您所知道的整合將在多大程度上影響您未來幾個季度的業績，是否有任何方法可以量化這一點，並談談您是否看到這種趨勢可能開始消散，或者這是否是我們應該在接下來的幾個季度中預期的持續現象？謝謝，

So Tony, I think the consolidation is there are periods in which we see two, three deals happening in large deals in a particular year and periods in which we don't see a lot happening. So on a trended basis, it will continue, but we are not yet worrying that, that is going to accelerate and that will hurt us a lot. And therefore, we're not putting that into our forecast. We're not putting that into our pipelines and things like that. That obviously could be -- we could be surprised by two big asset managers acquiring one another or merging with one another and the like, we are already assuming that there will continue to be a secular trend to some level of consolidation.

所以東尼，我認為整合就是在某些時期，我們會看到某一年發生兩到三筆大筆交易，而在某些時期，我們看不到太多交易發生。因此，從趨勢來看，這種情況將會持續下去，但我們目前還不擔心這種情況會加速，並對我們造成很大傷害。因此，我們沒有將其納入我們的預測中。我們不會將其放入我們的管道和類似的東西中。這顯然是可能的——我們可能會對兩家大型資產管理公司相互收購或合併等感到驚訝，我們已經假設將繼續存在某種程度的整合的長期趨勢。

What we're excited about is that the -- that industry means to transform. And a big part of that transformation is the movement that I was mentioning before from non-listed mutual funds do every kind of exchange credit fund, whether it's a market cap, which is what we've been doing. Passive market cap or a passive non-market cap with some themes around it, whether it's fixed income and now for sure, on active asset management. So we are beginning to see early signs of a major transformation in the industry by those participants reconfiguring their product line into activity.

令我們興奮的是──這個產業即將發生轉變。這種轉變很大一部分就是我之前提到的從非上市共同基金到各種交易所信貸基金的轉變，無論其市值如何，這也是我們一直在做的事情。被動市值或被動非市值，圍繞它有一些主題，無論是固定收益，還是現在肯定的主動資產管理。因此，我們開始看到行業發生重大轉變的早期跡象，這些參與者正在將其產品線重新配置為活動。

Ashish Sabadra, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ashish Sabadra。

Thanks for taking my question. I just wanted to focus on the retention, which was a bit soft overall level, particularly on analytics and sustainability. I was wondering any color on that front. And as we think about the rest of the year, any puts and takes on retention going forward. Thanks.

感謝您回答我的問題。我只是想專注於保留，總體水平有點軟，特別是在分析和可持續性方面。我想知道那前面有什麼顏色。當我們考慮今年剩餘的時間時，我們會考慮未來對保留的影響。謝謝。

Sure, sure. This is Andy here. So as you know, cancels can be a little bit lumpy quarter-to-quarter. If we look at Q2 and dive into what drove the lower retention in this Q2 versus Q2 a year ago, as you alluded to, we had lower retention in analytics. That's an area that tends to be lumpy and actually the year ago period where you had quite high retention for the segment.

當然，當然。我是安迪。因此，如您所知，每個季度的取消量可能會有點不均勻。如果我們看一下第二季度，並深入研究導致今年第二季度與去年第二季度相比留存率較低的原因，正如您所提到的，我們的分析留存率較低。這是一個往往不穩定的領域，實際上去年同期該領域的保留率相當高。

And then we had slightly lower retention in sustainability and climate which you alluded to. And I'd say the main drivers of cancels continue to be client events and some financial budget pressures that Henry alluded to. If we take a step back and look at where retention rates have been over the last year or so compared to where it was back in 2022, which is when we saw a kind of all-time high retention rates, it's mostly lower in real assets and sustainability and climate. If we look from a client segment lens, really from hedge funds. So we've seen some elevated cancels from hedge funds, which, as you know, represent a larger portion of our run rate now.

然後，正如您所提到的，我們在永續性和氣候方面的保留率略低。我想說，取消的主要原因仍然是客戶事件和亨利提到的一些財務預算壓力。如果我們退一步來看看過去一年左右的留存率與 2022 年的留存率相比如何，當時我們看到了歷史最高的留存率，那麼實際資產、可持續性和氣候方面的留存率大多較低。如果我們從客戶細分的角度來看，實際上是從對沖基金的角度來看。因此，我們看到對沖基金的取消率上升，正如你所知，這佔了我們現在運行率的很大一部分。

We've also seen some higher cancels from corporate advisers within the sustainability and Climate segment. And so I'd say the place where we've seen the slightly elevated cancels being real assets and sustainability and climate and then with hedge funds, which just naturally tend to run at a slightly lower retention rate, we would expect those dynamics to continue in the near term. I would highlight that the linking it to the prior question, retention rate with asset managers continues to be quite solid at around 96%. But in some of these other areas, we're seeing slightly lower retention rates relative to where we were a couple of years ago.

我們也看到永續發展和氣候領域的企業顧問取消的人數增加。因此我想說，我們看到取消率略有上升的是實體資產、永續性和氣候，而對沖基金的保留率自然會略低，我們預計這些動態將在短期內持續下去。我想強調的是，與上一個問題相關，資產管理者的留存率仍然相當穩定，約 96%。但在其他一些領域，我們發現留存率與幾年前相比略有下降。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Good morning and thank you for taking my question. I do want to go back to the sales environment in the second quarter and also so far in the third quarter. I think it was $44 million in the second quarter and down a little bit year-over-year. But I do think you had a one-off item in the second quarter of 2024. So if you can unpack a little bit more on the sales environment and the outlook, that would be great. Thanks,

早上好，感謝您回答我的問題。我確實想回顧一下第二季以及第三季迄今為止的銷售環境。我認為第二季的收入為 4400 萬美元，同比略有下降。但我確實認為你在 2024 年第二季有一個一次性專案。因此，如果您能更詳細地介紹一下銷售環境和前景，那就太好了。謝謝，

Sure. Yes. As you alluded to in the second quarter of last year, we had a meaningful contribution from the Moody's ESG partnership that we signed quantify that, but we did say that it was a meaningful contributor to the sales a year ago. And so obviously, we didn't have that in the second quarter. Just taking a step back and looking at the overall environment, the markets are in a good spot now, but it was a volatile quarter.

當然。是的。正如您在去年第二季度提到的那樣，我們從穆迪的 ESG 合作夥伴關係中獲得了有意義的貢獻，我們簽署了量化協議，但我們確實說過，它對一年前銷售做出了有意義的貢獻。顯然，我們在第二季度沒有做到這一點。退一步來看整體環境，目前市場狀況良好，但這是一個動盪的季度。

The first half of the second quarter, we saw heightened uncertainty, volatility, general cautiousness from clients. As you all know, we're now in a position where the markets are hitting new highs, and we're clearly benefiting on the ABF side. I'd say, we're fortunate that most of our clients don't change their buying decisions in the short term based on market swings up and market swings down. So overall, I would characterize the environment as remaining fairly consistent to what we've been seeing in recent quarters. as Henry alluded to, if we see sustained favorable market dynamics and momentum on the international front continuing that can be constructive for us.

在第二季上半段，我們看到不確定性、波動性和客戶普遍謹慎情緒加劇。眾所周知，我們現在正處於市場創下新高的狀態，而 ABF 方面顯然受益匪淺。我想說，我們很幸運，我們的大多數客戶不會根據市場的波動在短期內改變他們的購買決定。因此，總體而言，我認為環境與我們最近幾季所看到的情況基本一致。正如亨利所提到的，如果我們看到國際市場持續保持有利的動態和勢頭，這對我們來說是有利的。

we continue to be overall encouraged by the client engagement that we were seeing. As you heard us talk about the healthy pipeline of products that we have. But I'd say, at this stage, overall, we're seeing consistent dynamics with what we've seen in recent quarters.

我們看到的客戶參與度總體上繼續受到鼓舞。正如您所聽到的，我們談論的是我們擁有的健康產品線。但我想說，在現階段，總體而言，我們看到的動態與最近幾季的情況一致。

Alexander Hess, JPMorgan.

摩根大通的亞歷山大‧赫斯。

Maybe you could just help us puzzle in the various moving pieces here and understand a bit more, especially some of Henry's comments to lead off the call. If asset managers are going to remain tricky, does that mean that sort of that 10% -- low double digits, excuse me, ABF revenue growth target is sort of now a bit of a stretch of your target? And then I have a follow-up question on that as well.

也許您可以幫助我們理清這裡的各種移動部分，並了解更多，特別是亨利在通話開始時的一些評論。如果資產管理者繼續保持棘手，這是否意味著 10%——低兩位數，對不起，ABF 收入成長目標現在有點超出你的目標了？然後我還有一個後續問題。

Look, I think the way that we -- the way we look at the totality of the company, we actually encourage you to look at that is that a very meaningful part of our company, over 20%, 22%, 23% in asset-based fees is on a per and not only cyclically, but secularly, I think the trend to do systematic investing in the form of of either non-listed products or listed products like is just starting. We started with market cap. We're now going to non-market cap going to fixed income, we go into active ETFs, active fixed income and all of that. So frankly, I think people are not focused on that in the success of the company. And that is -- that will continue to grow on a secular basis, on a trended basis significantly over the years and decades to come.

你看，我認為我們看待整個公司的方式，我們實際上鼓勵你看看這一點，我們公司一個非常重要的部分，超過 20%、22%、23% 的基於資產的費用是按百分比計算的，不僅是周期性的，而且是長期性的，我認為以非上市產品或上市產品的形式進行系統性投資的趨勢才剛剛開始。我們從市值開始。我們現在將非市值轉向固定收益，轉向主動式 ETF、主動式固定收益等等。所以坦白說，我認為人們並不關注公司的成功。也就是說，在未來幾年和幾十年裡，這一數字仍將長期持續成長，趨勢也將顯著成長。

The other part of the business is subscription which is, as I mentioned, half of it is active management. half of it is dependent on the active management industry and the other half is dependent on other client segments. The other client segments like wealth management, GPs for private assets, at the fast money segment, as with all the market makers, those people are on a tier. They have enormous capital and the fast model segment, hedge funds and market makers and all that. And they leave a lot of our products.

業務的另一部分是訂閱，正如我所提到的，其中一半是主動管理。一半依賴主動管理產業，另一半依賴其他客戶群。其他客戶群，如財富管理、私人資產的 GP、快錢領域的客戶，與所有做市商一樣，這些人都處於一個層級。他們擁有龐大的資本和快速模型部分、對沖基金和做市商等等。他們留下了我們的許多產品。

The wealth management industry is expanding because of the wealth accumulation in the world and the professional management of assets and now even the defined contribution, management of assets in a lot of private equities in a lot of segments. So we are -- we have enormous potential in all of that. So MSCI started life in which we have two, three different product lines, benchmarks and equity analytics and things like that sold to the active asset management industry, and we've enjoyed that and we will continue to enjoy that. that is a core of what we do. It will grow.

財富管理產業正在不斷擴張，因為全球財富的累積和資產的專業管理，現在甚至在許多領域中，許多私募股權都實行固定繳款和資產管理。所以，我們在所有這些方面都擁有巨大的潛力。因此，MSCI 成立之初，我們就有兩條、三條不同的產品線、基準和股票分析等產品，並將它們出售給主動資產管理產業，我們很享受這種狀態，並將繼續享受這種狀態。這是我們工作的核心。它會成長。

It will turn around in a bigger way. But I think there are two things that we're missing from a lot of people. We're missing the focus on the asset-based fees and the futures and the options and all that. And we're missing the non-asset management client segment and the enormous potential that the company has in there. We haven't even talked about the private assets with asset owners, LPs and asset managers, the GPs, which we're only getting started.

它將以更大的方式轉變。但我認為很多人都忽略了兩件事。我們忽略了基於資產的費用、期貨、選擇權等等。我們錯過了非資產管理客戶領域以及公司在該領域的巨大潛力。我們甚至還沒有與資產所有者、LP 和資產管理人、GP 討論私人資產，我們才剛開始。

We're not talking about climate for banks, balance sheets climate change for insurance companies. We -- clearly, with risk management across the board and all of that. So the company has enormous potential. It's just that we're in that process of going from a lot of product lines relying on active asset managers with this huge other business of asset-based fees to a transformation of the company to a lot of other client segments that uses and tools that a lot of people use. So that's the way we're looking at the company.

我們談論的不是銀行的環境，也不是保險公司的資產負債表氣候變遷。顯然，我們全面實施風險管理等等。因此該公司具有巨大的潛力。我們正處於這樣一個過程：從依賴主動資產管理者和大量基於資產的費用的其他業務的許多產品線，到公司向許多人使用的用途和工具的許多其他客戶群的轉型。這就是我們看待這家公司的方式。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes, hi, thank you. I wanted to ask about the demand environment for custom indexes because there was a slight slowdown in custom indexes subscription sales. And I would have thought that given the Fosbury acquisition and some of the technology advancements that you've talked about that we could see potentially accelerating growth. So just wanted to hear more about what's going on there.

是的，你好，謝謝你。我想詢問客製化指數的需求環境，因為客製化指數訂閱銷售略有放緩。我原本以為，鑑於 Fosbury 的收購以及您談論的一些技術進步，我們可能會看到加速成長。所以只是想聽聽那裡發生的事情。

Yes. Thanks for that. Look, fundamentally, there's no change, right? I think that the direction that we're headed with this, we're very confident about it. I think the nature of these types of quarterly numbers, there can sometimes be a slight change or hiccup depending on what's happening with specific deals.

是的。謝謝。你看，從根本上來說，沒有什麼變化，對吧？我認為，我們對於我們前進的方向非常有信心。我認為這些季度數據的性質有時可能會出現輕微的變化或故障，這取決於具體交易的發生。

But our outlook remains exactly the same. We're very positive on this. we're building out capabilities. And so long story short, the story is unchanged, and this remains a very important growth opportunity for us, unequivocally.

但我們的觀點仍然完全相同。我們對此非常樂觀。我們正在增強能力。長話短說，故事沒有改變，毫無疑問，這對我們來說仍然是一個非常重要的成長機會。

Kelsey Zhu, Autonomous.

凱爾西·朱，自治。

Hi, good morning. Thanks for taking my question. Henry, I'm glad you mentioned active ETFs a few times in the prepared remarks and in the Q&A. What we really see is there's been a wave of active ETF launches globally since the start of 2024, and a lot of them are based in the US, which I understand is a very big market for MSCI, but maybe not the strongest market. So just curious to hear more about how MSCI is positioned with activity? And if you could talk a little bit more about the economics of the products and services you provide there? That will be really helpful as well.

嗨，早安。感謝您回答我的問題。亨利，我很高興你在準備好的發言和問答中多次提到主動型 ETF。我們真正看到的是，自 2024 年初以來，全球出現了一波主動 ETF 發行浪潮，其中許多都位於美國，據我所知，美國是 MSCI 的一個非常大的市場，但可能不是最強勁的市場。所以我只是好奇想聽聽更多關於 MSCI 的定位和活動的資訊？您能否再多談談您所提供的產品和服務的經濟效益呢？這也將會非常有幫助。

So this is an area of significant growth opportunity for us. The dialogue with pretty much every active asset manager is high. The active ETF product line with our clients, it's a range from almost like enhanced indexation to targeting a particular universe with stock peaking to a little bit more unconstrained and a stock picking, which is what typically happens in mutual funds nowadays. So therefore, we have -- we play -- we can play a large role across all of that. In an unconstrained sort of stock picking environment, we can sell more of our data and our benchmarks and all that.

因此，這對我們來說是一個具有重大成長機會的領域。與幾乎每位活躍的資產管理者的對話都很活躍。我們為客戶提供的主動型 ETF 產品線，範圍從幾乎類似於增強型指數化，到針對特定股票市場（股票達到高峰）到稍微不受限制的選股，這是當今共同基金中通常發生的情況。因此，我們可以在所有這些方面發揮重要作用。在不受約束的選股環境中，我們可以賣出更多的數據、基準等等。

At the other end, on an almost like enhanced indexation or with overlays we are -- our business model is not dramatically different to the passive model in which we license our universe. We license our indices and we get AUM fees on that and similarly in between, right, when they do that. So when you look at what's typically happening in active ETF is People are looking for a them. They're looking for an investment thesis, and we are doing the work for them and quantitatively coming after the investment thesis, and putting it into an index and also that they can pick from and go out and build their activity. So we have a lot of dialogue in the US.

另一方面，幾乎就像增強索引或覆蓋一樣 - 我們的商業模式與我們授權宇宙的被動模式並沒有太大不同。我們對我們的指數進行授權，並從中獲得 AUM 費用，當他們這樣做時，也是如此。因此，當您觀察主動型 ETF 通常發生的情況時，您會發現人們正在尋找它們。他們正在尋找投資論文，我們正在為他們進行工作，並從量化的角度來追蹤投資論文，並將其放入指數中，這樣他們就可以從中挑選並進行他們的活動。因此我們在美國進行了很多對話。

As I said, we have 50 clients all over the world. There is a lot of dialogue in Europe about this. Many of the captive, the bank on asset managers and wealth managers want to play a large role in here, and some of them with their own proprietary products, some of them with third-party products and the like. So I think that gradually, the active asset management industry, especially in the mutual fund industry is going to revive itself under this type of category and it's going to create growth. And that growth is going to be very beneficial to MSCI.

正如我所說，我們在全球有 50 個客戶。歐洲對此有很多討論。許多自營銀行、資產管理公司和財富管理公司都希望在這裡發揮重要作用，其中一些擁有自己的專有產品，有些人擁有第三方產品等等。因此我認為，主動資產管理產業，特別是共同基金產業將在這種類別下逐漸復甦，並創造成長。這種成長將對 MSCI 非常有利。

Craig Huber, Huber Research Partners.

Craig Huber，Huber 研究夥伴。

Great, thank you. Andy, I wanted to ask you, what sort of the puts and takes here, how we should think about getting to the high end of your outlook for costs for the year versus getting to the low end the guidance range there? And then with that, if you could answer the question, please. About -- I think three months ago, you guys said you were assuming stock markets would gradually increase over the course of the year. Obviously, this last three months, they were quite strong.

太好了，謝謝。安迪，我想問你，這裡有什麼樣的利弊，我們應該如何考慮達到您今年成本預期的高端，而不是達到指導範圍的低端？那麼，請您回答這個問題。關於──我想三個月前，你們說過，你們假設股市會在一年內逐漸上漲。顯然，過去三個月他們表現得相當強勁。

What are you guys assuming right now is sort of your base case when you think about your internal investment spending and costs overall? Thank you.

當您考慮內部投資支出和總體成本時，您現在假設的基本情況是什麼？謝謝。

Sure. Sure. As you know, we're continually calibrating the pace of spend. We do look at a wide range of factors, and it has been a volatile market backdrop over the last quarter or so. As we stated, our expense guidance ranges remain the same.

當然。當然。如您所知，我們正在不斷調整支出速度。我們確實考慮了多種因素，過去一個季度左右市場背景一直動盪不安。正如我們所說，我們的費用指導範圍保持不變。

So we're still committed to delivering within that range. And there are still a lot of moving pieces at this point in the year, but maybe to provide a bit more color on kind of where we are and what we're seeing. As you alluded to, we mentioned last quarter that if AUM levels remained around their then current levels, we would have been towards the lower end of our expense guidance ranges. Again, that was just giving you a reference point as to -- based on that factor, not necessarily our forecast for the year, but if AUM levels remained at that level. we would have been towards the lower end of our expense guidance ranges.

因此我們仍然致力於在該範圍內交付。今年這個時候仍有許多不確定因素，但也許能讓我們更清楚地了解我們所處的位置和所看到的情況。正如您所提到的，我們上個季度提到，如果 AUM 水平保持在當時的水平附近，我們的費用指導範圍就會接近低端。再說一次，這只是給你一個參考點——基於這個因素，不一定是我們對今年的預測，但如果 AUM 水平保持在該水平，我們就會接近費用指導範圍的低端。

I would say that if AUM levels remain around the current levels, which, as you know, are quite a bit higher than they were a quarter ago. for the remainder of the year, we would expect to come in towards probably the middle of our expense guidance ranges. Again, I would caveat that by saying there are a whole host of other things that feed into expense growth beyond just AUM levels from business performance, the FX movements, comp adjustments severance and other expense variations. But all old equal, if AUM levels remain around their current level, we'd probably be towards the middle of our range.

我想說的是，如果 AUM 水平保持在當前水平附近，那麼正如你所知，這比一個季度前的水平要高得多。對於今年剩餘的時間，我們預計可能會達到我們費用指導範圍的中間水平。再次，我要提醒的是，除了業務績效、外匯變動、薪酬調整遣散費和其他費用變化等 AUM 水準之外，還有許多其他因素會導致費用成長。但所有舊條件相同，如果 AUM 水平保持在當前水平附近，我們可能會處於範圍的中間。

Scott Wurtzel, Wolfe Research.

沃澤爾（Scott Wurtzel），沃爾夫研究公司。

Hey, good morning. Thanks for taking my questions. I wanted to touch on some of the emerging growth opportunities, in particular, fixed income and wealth management and seeing the run rate growth accelerate up to the high teens this quarter versus last. I'm just wondering how you guys kind of view the sustainability of those growth rates as we look out over the near to medium term here.

嘿，早安。感謝您回答我的問題。我想談一些新興的成長機會，特別是固定收益和財富管理，並看到本季的運作率成長與上一季相比加速至百分之十幾。我只是想知道，從近期到中期來看，你們如何看待這些成長率的可持續性。

Sure. So look, we're clearly pleased with the results in both of those categories. and fixed income had a nice growth in analytics and the wealth numbers that I mentioned in my prepared remarks. So while I don't want to reference a particular percentage. I think we've been pretty consistent in saying that these are important investment areas for us.

當然。所以，我們顯然對這兩個類別的結果感到滿意。固定收益在分析和財富數字方面都有了良好的成長，我在準備好的發言中提到了這一點。因此，雖然我不想引用特定的百分比。我認為我們一直一致認為這些是我們重要的投資領域。

We continue to add to our capabilities. We're very focused also on not merely just the product capabilities, that the go-to-market capabilities in terms of marketing, training all our client coverage people, et cetera, so we were -- we believe that allowing for the broad way that we've characterized the environment in both the challenges, some of those challenges by segment, that's more of a comment on fixed income. But in terms of well we're confident that we're making the right steps. So I think generally, the answer to your question is we are both planning to see these growth rates continue and assume that they will do so.

我們將繼續增強我們的能力。我們不僅關注產品能力，還關注行銷方面的市場進入能力、培訓所有客戶覆蓋人員等等，因此，我們相信，考慮到我們對挑戰環境的廣泛描述，其中一些挑戰是按細分市場劃分的，這更多的是對固定收益的評論。但就整體而言，我們有信心採取正確的措施。因此我認為總體而言，你的問題的答案是我們都計劃看到這些成長率繼續下去，並假設它們會這樣做。

David Motemaden, Evercore ISI.

大衛·莫特馬登，Evercore ISI。

Hey, thanks, good morning. Totally hear you on the asset managers and the steady growth there. One of the other areas of opportunity just that you had mentioned was on hedge funds. And I was surprised to hear the subscription run rate growth continues to decelerate. I think it was 12% this quarter. It was like 14% or 15% in the past few quarters.

嘿，謝謝，早安。完全聽取了您對資產管理者及其穩定成長的看法。您剛才提到的另一個機會領域是對沖基金。我很驚訝地聽到訂閱運行率成長持續放緩。我認為本季是 12%。過去幾個季度，這一比例約為 14% 或 15%。

Can you just unpack about what's driving that deceleration?

您能否解釋一下造成這種減速的原因？

Sure. Sure. Yes. So listen, the hedge fund segment is, by its nature, lumpy. I alluded to this earlier, but tends to run at a lower retention rate.

當然。當然。是的。所以聽著，對沖基金領域從本質來說，是不穩定的。我之前提到過這一點，但其保留率往往較低。

And so we can see that growth rate skewed by a cancel here or there. And actually in the current quarter, we did have a client event-driven cancel of -- on the index side. that fed into the index hedge fund growth rate. More generally, we can have large sales to hedge funds on both the index and the analytics side. It can also be driven by the pace of new content and modules that we released.

因此，我們可以看到成長率因這裡或那裡的取消而出現偏差。實際上，在本季度，我們確實有一個由客戶事件驅動的取消——在指數方面。這影響了指數對沖基金的成長率。更一般地說，我們可以向指數和分析方面的對沖基金進行大量銷售。它還可以透過我們發布的新內容和模組的步伐來推動。

So -- in the past, we've had periods when we release things like our free float data set, which was in strong demand from hedge funds, drove the acceleration there. We have a number of product offerings that we alluded to in the prepared remarks that we are releasing now that similarly should be helpful to that fast money community, including hedge funds. And so it will vary period to period. As Henry alluded to, we continue to have conviction this is an attractive long-term growth opportunity for it for us. We've seen strong momentum across our equity models, much of our index content and as the index ecosystem continues to grow.

因此，在過去，我們曾發布過諸如自由流通量數據集之類的數據，對沖基金對該數據集的需求強勁，從而推動了其加速發展。我們在現在發布的準備好的評論中提到了一系列產品，這些產品同樣應該對包括對沖基金在內的快錢社群有所幫助。因此它會隨著時期的不同而改變。正如亨利所提到的，我們仍然堅信這對我們來說是一個有吸引力的長期成長機會。我們看到，我們的股票模型、大部分指數內容以及指數生態系統都呈現強勁成長動能。

This trading community between hedge funds, market makers, broker-dealers, we continue to see a number of opportunities, and it's an area where we have a lot of innovation taking place but it will be lumpy period-to-period. So I wouldn't read too much into a slowdown in one quarter there.

在對沖基金、做市商、經紀交易商之間的這個交易社群中，我們繼續看到許多機會，並且在這個領域我們有很多創新，但它會在不同時期出現波動。因此，我不會對某個季度的經濟放緩做出過多的解讀。

George Tong, Goldman Sachs.

高盛的喬治通 (George Tong)。

Hi, thanks. Good morning. Henry, you talked about a goal of accelerating your nonactive subscription growth beyond 11.5% by creating new products and relocating sales and consultants into this segment. Can you comment on how long it would take to see meaningful acceleration here based on these initiatives? And how much faster nonactive subscriptions can grow?

你好，謝謝。早安.亨利，您談到了一個目標，即透過創造新產品並將銷售和顧問轉移到這一領域，將非活躍訂閱成長率提高到 11.5% 以上。您能否評論一下，基於這些舉措，需要多長時間才能看到有意義的加速？非活躍訂閱的成長速度能有多快？

Yes, sure, George. The -- it's hard to predict in the next few quarters, right on it. But when you look at the set of opportunities that we have, they're very significant, very significant. So we talked about what we call the fast money segment, market makers, hedge funds and all of that, and that will accelerate at some point and continue to grow because when you have $6 trillion and about $17 trillion, $18 trillion of oral benchmark either active or passive, that generates an incredible flow of capital that needs to be understood in terms of how it flows, needs to be -- people have to buy into the index balancing portfolios and all of that. So that -- we talked a little bit about that.

是的，當然，喬治。很難預測未來幾季的情況。但當你看到我們擁有的一系列機會時，你會發現它們非常重要，非常重要。因此，我們討論了所謂的快錢部分、做市商、對沖基金等等，這些部分將在某個時候加速並繼續增長，因為當你擁有 6 萬億美元、大約 17 萬億美元、18 萬億美元的口頭基準（無論是主動的還是被動的）時，就會產生令人難以置信的資本流動，需要了解它的流動方式，需要——人們必須購買指數投資等。所以——我們稍微談論了一下。

The other one is wealth management. The wealth management industry it's institutional icing, so to speak, is the wealth management advisers are looking for institutional quality portfolio construction tools portfolio management software models and all of that, and that's why this MSCI wealth manager, which is a software platform that put in all of our data analytics and all of that, we're very excited about that. We had a large sale this quarter, and it has significant growth in there. The same thing that these people also buy enormous amounts of as we know well as a basis for their portfolios and many of them are going into direct indexing and need those custom index capabilities that we built. That's the Wealth Management segment.

另外一個就是財富管理。財富管理產業可以說是機構的錦上添花，財富管理顧問正在尋找機構品質的投資組合建構工具、投資組合管理軟體模式等等，這就是為什麼這個 MSCI 財富管理公司，它是一個軟體平台，包含了我們所有的數據分析等等，我們對此感到非常興奮。本季我們的銷售額很大，銷售額成長顯著。我們知道，這些人也會購買大量的東西作為他們投資組合的基礎，其中許多人正在進入直接索引，並需要我們建立的那些自訂索引功能。這就是財富管理部門。

The GPs, remember that when you look at our private capital solutions business, excluding real assets, just the private capital solutions part the vast majority of that run rate come from institutional limited partners. So there are two major initiatives that we have underway there. One is to make the wealth managers also a limited partners so that their allocations can increase dramatically. But for that, they needed transparency of the tools, the tools that provide transparency such as understanding the fund, understanding their performance, the credit worthiness, risk assessment of the funds and all of that. And then the other initiative is to develop products for the GPs, which is we, right now, are private capital sales to GP are very low, very low.

各位 GP，請記住，當您查看我們的私募資本解決方案業務時，不包括實體資產，僅私募資本解決方案部分，其運作率的絕大部分來自機構有限合夥人。我們正在那裡開展兩項重大舉措。一是讓財富管理者也成為有限合夥人，這樣他們的配置就可以大幅增加。但為此，他們需要工具的透明度，這些工具可以提供透明度，例如了解基金、了解其表現、信用價值、基金風險評估等等。另一項措施是為 GP 開發產品，目前，我們向 GP 銷售的私募資本非常低，非常低。

So that presents enormous opportunities to help the GPs connect more with wealth managers and other institutional LPs and all of that. So that's another area. On climate we're seeing quite a lot of demand from, first of all, asset owners that are looking to overlay climate into an index portfolio, an equity index portfolio or a fixed income portfolio but also the banks in their own balance sheet, given the physical risks that are going on in the world are concerned but the climate change riskiness of their loans and they're looking for solutions from us to understand what -- how they deal with that risk. Similarly, the insurance companies, not only on their assets, but a lot of the insurance companies are even coming to us and say, can you help me understand how do I price risk on the underwriting part of the insurance company. So we have all these opportunities, and therefore, we're prioritize them one by one.

因此，這為幫助 GP 與財富管理機構和其他機構 LP 等建立更多聯繫提供了巨大的機會。這是另一個領域。在氣候方面，我們看到了相當多的需求，首先是資產所有者，他們希望將氣候納入指數投資組合、股票指數投資組合或固定收益投資組合，還有銀行在自己的資產負債表中，考慮到世界上正在發生的物理風險，以及他們的貸款的氣候變遷風險，他們正在尋求我們的解決方案，以了解他們如何應對這種風險。同樣，保險公司不僅對其資產進行評估，而且許多保險公司甚至來找我們說，你能幫我了解如何為保險公司承保部分的風險定價嗎？我們擁有所有這些機會，因此，我們會逐一確定它們的優先順序。

What I can tell you is since the beginning of the year, I've seen about 100 CEOs or C-level people in about 15 countries and the level of dialogue that we have, the demand from what we do are enormous. Well, we now have to we deal with an issue. We have all that demand on the -- think of that as the non asset management part of the business. What we're trying to do is how we prioritize it, how do we build it up? How do we put a value proposition of it?

我可以告訴你的是，自今年年初以來，我已經會見了大約 15 個國家的 100 位執行長或高階主管，我們的對話水平以及我們所做的事情的需求都是巨大的。好吧，我們現在必須處理一個問題。我們對此有各種需求——可以將其視為業務的非資產管理部分。我們正在嘗試做的是如何確定其優先順序以及如何建立它？我們如何提出它的價值主張？

And how do we sell it? But it's just a matter of time before a lot of this stuff begins to show on the numbers.

我們怎麼銷售它？但很多事情開始在數字上反映出來只是時間問題。

Jason Haas, Wells Fargo.

富國銀行的傑森·哈斯。

This is [Jamil] on for Jason Haas. So you touched on this briefly, but can you maybe give some more color on how adoption is trending for private capital solutions in the US and also internationally where I think you're more underpenetrated and what you're doing to grow that adoption?

我是 Jason Haas 的 [Jamil]。您剛才簡單談到了這一點，但是您能否再多介紹一下美國以及國際上私人資本解決方案的採用趨勢，我認為您在這些領域的滲透率還不夠高，您為推動這種採用正在採取哪些措施？

So let me take a crack at that. So we closed on the [Berger] acquisition, 2.5 or so years ago. The first year plus [a year and a quarter 1.5], we were intensely focused in work in making sure that we integrated the data sets, the technology, the people and all of that and in a way that was not going to be disruptive to our clients. and we focused an enormous amount of effort there. Another big focus of ours was how do we ramp up AI in terms of data capture because there is a massive amount of data that we collect on private assets.

那麼讓我試試看。大約兩年半前，我們完成了對[Berger]的收購。第一年多（一年零四分之一，1.5 年），我們高度集中精力，確保整合資料集、技術、人員等所有方面，並且不會對我們的客戶造成乾擾。我們在這方面投入了大量的精力。我們關注的另一個重點是如何在資料擷取方面加強人工智慧，因為我們收集了大量有關私人資產的資料。

So documents and e-mails and reports and payables and all that. So we've been very busy in doing all of that. So about a year ago or so, we started the process of building a business plan on how do we expand the business. So that took about six, nine months. We went through all of those business plans at the beginning of this year, let's say, in the first quarter.

因此，文件、電子郵件、報告、應付款項等等。所以我們一直忙於做這些事情。大約一年前，我們開始製定如何擴展業務的商業計劃。所以這花了大約六到九個月的時間。我們在今年年初，也就是第一季度，就審閱了所有這些商業計劃。

And now we're in the process of implementing that. None of that is at this point, shown on the numbers that we can see. So everywhere we go, every asset manager in the planet wants to allocate more assets to private assets. they always tell us the same thing. The reason we have a lot of assets into the public market is because of two reasons; transparency and liquidity.

現在我們正在實施這項計劃。目前，這些都還沒有從我們所看到的數字上體現出來。因此，無論我們走到哪裡，地球上的每個資產管理者都希望將更多的資產分配給私人資產。他們總是告訴我們同樣的事情。我們將大量資產引入公開市場的原因有二：透明度和流動性。

And in order for us to go bigger in private assets, we need transparency and liquidity. So our answer to them is we're going to give you all the transparency in the world. We cannot give you the liquidity because we are not a market maker but we will give you an assessment of values. So we're working on creating value-added prices across some of these asset classes, starting with private credit in order to give them a sense of value so that there is more transactions among LPs and all of that. So all of that is -- so you see that we've had consistent growth on this private capital solution over the last couple of years.

為了擴大私人資產規模，我們需要透明度和流動性。因此，我們對他們的回答是，我們將向你們提供世界上所有的透明度。我們無法為您提供流動性，因為我們不是做市商，但我們會為您提供價值評估。因此，我們正在努力為這些資產類別創造增值價格，首先從私人信貸開始，以賦予它們價值感，從而促進 LP 之間的更多交易。所以所有這些——所以你會看到，在過去幾年裡，我們的私人資本解決方案一直在持續成長。

But the acceleration of the growth is going to come as we begin to roll out all these business plans, all this new product development and all of that. And that's going to take a little bit of time, but -- so we're at the cost of beginning that.

但隨著我們開始推出所有這些商業計劃、所有這些新產品開發等等，成長將會加速。這需要一點時間，但是──所以我們要付出代價來開始。

Wahid Amin, Bank of America.

瓦希德·阿明，美國銀行。

Hi, good morning. Could you talk about how you're thinking about the pricing environment as you begin having conversations with the clients, especially more so now since the macro is still uncertain. Just sort of what the conversations are like and are there any areas where people are more as receptive compared to prior years.

嗨，早安。當您開始與客戶交談時，您能否談談您對定價環境的看法，尤其是現在宏觀環境仍然不確定。只是想知道對話是什麼樣的，與前幾年相比，人們在哪些方面更容易接受。

Yes, I'd say no major changes in our approach, consistent with what I alluded to earlier that we're seeing a fairly consistent environment and our approach to pricing remains the same. I would say the contribution of price increases to new recurring sales is roughly in line with what we've seen over the last four quarters, so consistent with what I've mentioned recently. It does vary a bit across product lines and client segments. So maybe compared to the second quarter of last year, we saw a slight increase in the contribution from price within analytics. I think that's intentional and reflects how we are monetizing many of the enhancements and added capabilities that we've been bringing to market.

是的，我想說我們的方法沒有重大變化，與我之前提到的一致，我們看到一個相當一致的環境，我們的定價方法保持不變。我想說，價格上漲對新經常性銷售的貢獻大致與我們過去四個季度看到的情況一致，因此與我最近提到的一致。它在不同的產品線和客戶群之間確實存在一些差異。因此，與去年第二季相比，我們看到分析中價格的貢獻略有增加。我認為這是有意為之，反映了我們如何將推向市場的許多增強功能和附加功能貨幣化。

we do see a slightly higher contribution from price and sustainability really driven by the overall drop in sales there. But across MSCI, it's been pretty consistent and our approach has not changed. We are continually seeking to align the pricing of our solutions with the value that we are delivering to clients and the ongoing enhancements and investments that we've made -- and we do factor in as well the overall inflationary environment, pricing environment, our cost and client health. And so we'll continue to calibrate the appropriate price, but we are, at the same time, always trying to be a strong long-term partner to our clients while maximizing the value we can unlock from the solutions we deliver to our clients.

我們確實看到價格和可持續性的貢獻略有增加，這實際上是由於那裡的整體銷售額下降所致。但在 MSCI 中，情況一直非常一致，我們的方法也沒有改變。我們不斷尋求使我們的解決方案的定價與我們向客戶提供的價值以及我們所做的持續改進和投資保持一致——並且我們還考慮了整體通膨環境、定價環境、我們的成本和客戶健康狀況。因此，我們將繼續調整適當的價格，但同時，我們始終努力成為客戶強大的長期合作夥伴，同時最大限度地提高我們向客戶提供的解決方案所能釋放的價值。

Russell Quelch, Rothschild & Company.

羅素·奎爾奇，羅斯柴爾德公司。

Yeah, thank you for having me on. You mentioned that you're not reliant on partnerships with the GP for private fund data. But if I'm not mistaken, you are restricted from selling aggregated LP data with that GP permission. So can you update on your thinking here? Any progress in the conversation with GPs around opening up on the data side and what products you might be able to offer to GPs that would drive sort of greater engagement and growth from this sort of potential customer base

是的，謝謝你邀請我。您提到您不依賴與 GP 的合作關係來獲取私募基金數據。但如果我沒記錯的話，您在獲得 GP 許可的情況下是無法出售匯總的 LP 數據的。那麼你能在這裡更新一下你的想法嗎？在與 GP 的對話中，關於開放資料有什麼進展嗎？您可以向 GP 提供哪些產品，以推動這類潛在客戶群的更大參與度和成長？

Yes. Just to clarify, when we work for DLP, DLP instructs the GP to give us every piece of information and data that is given to the LP. So that puts us at an incredibly advantageous position of capturing massive amounts of data in the underlying portfolios and the funds and all of that. Now the flip side of that is that, that data is proprietary to the GP and obviously, the update that invest in those funds is entitled to that data. But if you have an LP that is not invested in those funds, currently they're not entitled to see that data.

是的。需要澄清的是，當我們為 DLP 工作時，DLP 會指示 GP 向我們提供提供給 LP 的每個資訊和數據。因此，這讓我們處於極為有利的地位，可以取得大量基礎投資組合、基金等的數據。現在，另一方面是，這些數據是 GP 的專有數據，顯然，投資這些基金的更新有權獲得這些數據。但是如果你的 LP 沒有投資這些基金，那麼他們目前就無權查看這些數據。

Our contracts call for fairly generous anonymized rules, aggregated rules to put all that data together and show it to people that are not invested in those funds, which we do and is pretty valuable to a lot of those people. that is a system that has worked well for the institutional market because a lot of the relationships are one to one. That system is not going to work well for the wealth management space. because there are tens of thousands, hundreds of thousands of wealth managers that will want to see the data ahead of time even if the clients are not invested in those funds. So we're having discussions with the GPs about liberalizing those data rights so that can be shown to that client base or detail of the LPs, the smaller LPs.

我們的合約要求相當寬鬆的匿名規則和匯總規則，將所有數據匯總在一起，並向未投資這些基金的人展示，我們就是這樣做的，對許多人來說非常有價值。這個系統對機構市場很有效，因為很多關係都是一對一的。這個系統對於財富管理領域來說效果並不好，因為有成千上萬的財富經理希望提前看到數據，即使客戶沒有投資這些基金。因此，我們正在與 GP 討論放寬這些數據權利，以便可以向客戶群或 LP（較小的 LP）展示詳細資訊。

And given the enormous interest in capital raising by the GPs in the wealth management space and in the long payout of institutional LPs sooner or later, they will liberalize those data rights so that we can show that the more specific parts of those data to a wider audience -- so that's work in progress. But we're pretty hopeful that, that will be a great avenue of success for us.

鑑於財富管理領域的 GP 對融資的巨大興趣以及機構 LP 的長期支付，他們遲早會放開這些數據權利，以便我們能夠向更廣泛的受眾展示這些數據中更具體的部分——所以這是正在進行的工作。但我們非常希望，這將是我們成功的一條重要途徑。

Gregory Simpson, BNP Paribas.

法國巴黎銀行的格雷戈里·辛普森。

Just on the asset-based fee side, the ETF licensing yield has been quite stable for a few quarters now. I just wanted to check in on what you're seeing around pricing trends of ETF issuers. Do you think we're more stable from here on, and are also asset-based fees quite stable on the yields, quite stable on the non-ETF passive side, too.

僅從基於資產的費用方面來看，ETF 授權收益率在過去幾個季度一直相當穩定。我只是想了解一下您對 ETF 發行人的定價趨勢有何看法。您是否認為從現在開始我們會更加穩定，而基於資產的費用在收益率上也相當穩定，在非 ETF 被動方面也相當穩定。

es. So to your point, we've seen stable fees here in the last several quarters on the ETF side. The fees have similarly been stable on the non-ETF side. Just to put a finer point on the 2.43 bps we saw in the second quarter, there was a small impact from contractual fee changes as AUMs moved into higher tiers as certain products grew, We also saw offsetting that some positive mix shift from growth in international markets. And so -- there are many international products that carry a higher fee load and our fees are higher on those.

es。正如您所說，在過去幾個季度，我們看到 ETF 方面的費用保持穩定。非 ETF 方面的費用同樣保持穩定。為了更準確地說明我們在第二季度看到的 2.43 個基點，隨著某些產品的成長，AUM 進入更高的層級，合約費用變化產生了很小的影響，我們也看到國際市場成長帶來的一些積極的組合轉變抵消了這一影響。因此，許多國際產品的費用負擔較高，因此我們的費用也較高。

And so the international rotation has been helpful. Listen, I wouldn't suggest that there are major changes to the longer-term trends we've talked about in the past. We do think fees will gradually come down over time in the ETF area. But as Henry alluded to earlier, we believe there are massive secular opportunities for us to capture assets to more than offset that and continue to have conviction that ABF is a growth area for us, a very strong growth area for us. On the non-ETF side, we've seen stability in fees for some time.

因此，國際輪調是有幫助的。聽著，我不認為我們過去談論的長期趨勢會發生重大變化。我們確實認為 ETF 領域的費用將隨著時間的推移而逐漸下降。但正如亨利之前提到的，我們相信，我們擁有巨大的長期機會來獲取資產，以彌補這一損失，並繼續堅信 ABF 是我們的一個成長領域，一個非常強勁的成長領域。在非 ETF 方面，我們看到費用在一段時間內保持穩定。

That's an area where we are seeing strong traction of non-market cap weighted products. Custom index mandates, passive mandates and those can carry a higher fee load. So the growth we've seen in the non-market cap weighted products in the non-ETF space has offset pressure on the market cap-weighted side. And I think that's a dynamic that we've seen for some time here.

在該領域，我們看到非市值加權產品具有強勁的吸引力。客製化指數授權、被動授權等可能會產生更高的費用負擔。因此，我們在非 ETF 領域看到的非市值加權產品的成長已經抵消了市值加權方面的壓力。我認為這是我們一段時間以來看到的動態。

Alexander Hess, JPMorgan.

摩根大通的亞歷山大‧赫斯。

Hey all, thanks for letting me back in the call. I just want to touch on Henry and team. You guys discussed the massive sort of secular opportunity in ABF your largest client is out there saying that their MSCI World backed product and I am going to quote," is the darling of ETF savings plans in Europe?" Do you guys foresee sort of the ability for the MSCI world maybe over the course of the next, I don't know, a decade to look a bit like your competitor has here in the US, where you sort of have that [DBO ] system? Is that something you guys are actively trying to build towards. I'm just trying to think if we're going to be leaning a bit more on ABF going forward, what that vision might look like in particular.

大家好，感謝你們讓我再接聽電話。我只想談談亨利和他的團隊。你們討論了 ABF 中巨大的長期機會，你們最大的客戶說他們的 MSCI World 支援產品，我要引用，“是歐洲 ETF 儲蓄計劃的寵兒嗎？”你們是否預見 MSCI 全球指數在未來十年內可能會變得有點像你們在美國的競爭對手，你們在美國擁有那種 [DBO] 系統？這是你們正在積極努力實現的目標嗎？我只是想知道，如果我們將來會更依賴 ABF，那麼這個願景具體會是什麼樣子。

Certainly, for sure, we are -- when you look at our global all country or most countries benchmarks MSCI World, which is obviously the developed world, but also MSCI ACI, which is to develop an emerging world, this is sort of broad global benchmarks are increasingly becoming the core foundation of portfolio. So I was just in Japan a couple of months ago, and the MSCI Aqui is used by one of our clients, and they raised, I think $50 billion, $75 billion of AUM on a mutual fund. I actually -- the decline wanted to develop a book like a travel like a tourist travel book that will have all the different countries and the stock that they will be invested in. So we worked whether on the publisher or supported them on the publishing of that book. So that's an example of a big client in Japan who's benefiting from that and all the other competitors of them are very jealous and trying to catch up to them.

當然，可以肯定的是，當您查看我們全球所有國家或大多數國家的基準 MSCI World（顯然是已開發國家）以及 MSCI ACI（發展中國家）時，這種廣泛的全球基準正日益成為投資組合的核心基礎。幾個月前我剛去過日本，我們的一位客戶使用了 MSCI Aqui，他們透過共同基金籌集了 500 億美元到 750 億美元的資產管理規模。我實際上——想要開發一本像旅行書一樣的書，像一本旅遊書，裡面會介紹所有不同的國家以及它們將要投資的股票。因此，我們致力於與出版商合作或支持他們出版這本書。這是日本大客戶從中受益的一個例子，他們的所有其他競爭對手都非常嫉妒並試圖趕上他們。

So I think we see enormous potential of this as the as the world globalizes, no matter what people say, they will continue to globalize, especially in the capital markets. People are looking for global exposure, not just regional, not just country, not just the US but global exposures. And I think the role that this page mark play is going to be larger and larger as as time goes by.

因此，我認為，隨著世界全球化，我們看到了巨大的潛力，無論人們怎麼說，他們都會繼續全球化，特別是在資本市場。人們尋求的是全球曝光，而不僅僅是地區、國家、美國，而是全球曝光。而且我認為隨著時間的推移，這個頁面標記所扮演的角色會越來越大。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Henry Fernandez for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目單交還給亨利·費爾南德斯，以便他做進一步的評論。

Well, thanks, everyone, for joining us today. As we have demonstrated here by our remarks and our financial results, MSCI and all-weather franchise, delivering very strong performance sometimes in one part of our business like KBS, and sometimes in another part of our business is subscription or parts of the subscription is we're benefiting from a very balanced approach to our business model. And when one part of it is growing strongly and the other one is not, it gives us incredible benefit. So our footprint is growing fast with all client segments, existing products with a lot of the existing client segments and a lot of new client segments that we're very focused on that are part of the whole investment industry that we're expanding on. So our franchise remains great and remains on their value in my view, as a large shareholder of the company.

好吧，感謝大家今天加入我們。正如我們在評論和財務業績中所表明的那樣，MSCI 和全天候特許經營權有時在我們業務的某個部分（如 KBS）表現非常強勁，有時在我們業務的另一部分（訂閱或部分訂閱）表現非常強勁，我們正受益於我們業務模式的非常平衡的方法。當其中一部分強勁增長而另一部分沒有增長時，它會給我們帶來難以置信的好處。因此，我們的業務範圍正在快速擴大，涵蓋所有客戶群、現有產品以及大量現有客戶群和大量新客戶群，我們非常關注這些新客戶群，它們是我們正在擴展的整個投資行業的一部分。因此，作為公司的大股東，我認為我們的特許經營權仍然很好，並且仍然有價值。

And we are looking forward to continuing to be a long-term compounder of earnings and growth in the years and decades to come. Thank you for listening to us.

我們期待在未來幾年甚至幾十年內繼續成為盈利和成長的長期複合型企業。感謝您的聆聽。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。