明晟 (MSCI) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the MSCI third-quarter 2025 earnings conference call. As a reminder, this call is being recorded. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session where participants are requested to ask one question at a time, then add yourself back to the queue for any additional questions. We will have further instructions for you later on.

各位女士、先生，大家好，歡迎參加MSCI 2025年第三季財報電話會議。再次提醒，本次通話正在錄音。目前，所有參與者均處於唯讀模式。稍後，我們將進行問答環節，請參與者一次提出問題，然後把自己重新加入提問隊列。稍後我們會給您進一步的指示。

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

現在我將把電話交給投資者關係主管兼財務主管傑里米·烏蘭。

Thank you. Good day and welcome to the MSCI third-quarter 2025 earnings conference call. Earlier this morning, we issued a press release announcing our results for the third-quarter 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.

謝謝。大家好，歡迎參加MSCI 2025年第三季財報電話會議。今天早些時候，我們發布了一份新聞稿，公佈了我們 2025 年第三季的業績。本新聞稿以及收益報告和季度簡要更新可在我們的網站 msci.com 的「投資者關係」標籤下找到。

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. 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 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.

請容許我提醒各位，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文字約束。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，基於當前的預期和當前的經濟狀況，並且存在風險和不確定性，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 表格和我們向美國證券交易委員會提交的其他文件中的風險因素和前瞻性聲明免責聲明。

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. We'll 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 is available in the earnings presentation.

在今天的電話會議中，除了根據美國通用會計準則 (US GAAP) 公佈的結果外，我們還將提及非美國通用會計準則 (non-GAAP) 指標。您可以在收益報告的附錄中找到我們的非GAAP指標與對應的GAAP指標的調節表。我們還將討論營運指標，例如運行率和留存率。有關我們使用營運指標（例如運行率和留存率）的重要信息，請參閱收益報告。

On the call today are Henry Fernandez, our Chairman and CEO; Baer Pettit, our President and COO; and Andy Wiechmann, our Chief Financial Officer. Lastly, we wanted to remind our analysts to ask one question at a time during the Q&A portion of our call. We do encourage you to ask more questions by adding yourselves back to the queue.

今天參加電話會議的有：董事長兼執行長亨利·費爾南德斯；總裁兼營運長貝爾·佩蒂特；以及財務長安迪·維希曼。最後，我們想提醒各位分析師，在電話會議的問答環節，請一次只提一個問題。我們鼓勵您透過重新加入隊列的方式提出更多問題。

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

那麼，現在讓我把電話交給亨利·費爾南德斯。亨利？

Thank you, Jeremy. Good day, everyone, and thank you all for joining us. In the third quarter, MSCI delivered strong financial and sales performance that highlighted many of our underlying competitive advantages. We had organic revenue growth of 9%, adjusted EBITDA growth of 10%, and adjusted earnings per share growth of over 15%. Since the beginning of the third quarter, we repurchased $1.25 billion worth of MSCI shares. This brings our year-to-date share repurchases to over $1.5 billion, which demonstrates very strong conviction in the value of our franchise. Moreover, MSCI's Board of Directors has authorized $3 billion worth in additional share repurchases for the next few years.

謝謝你，傑瑞米。大家好，感謝各位的參與。第三季度，MSCI 的財務和銷售業績表現強勁，凸顯了我們許多潛在的競爭優勢。我們的有機收入成長了 9%，調整後 EBITDA 成長了 10%，調整後每股盈餘成長超過 15%。自第三季初以來，我們回購了價值 12.5 億美元的 MSCI 股票。這使我們今年迄今的股票回購額超過 15 億美元，這表明我們對自身品牌的價值充滿信心。此外，MSCI董事會已批准在未來幾年內額外回購價值30億美元的股票。

Our third-quarter operating metrics included total run rate growth of over 10%, which includes asset-based fee run rate growth of 17%. Our asset-based fee performance was driven by record AUM levels in both ETF and non-ETF products linked to MSCI indices. In my remarks today, I will discuss a few of the biggest themes from our third-quarter results, starting with our Index franchise. Q3 underscored the depth and versatility of our Index franchise.

我們第三季的營運指標包括總運行率成長超過 10%，其中包括基於資產的費用運行率成長 17%。我們以資產為基礎的費用績效得益於與 MSCI 指數掛鉤的 ETF 和非 ETF 產品資產管理規模均創歷史新高。今天，我將重點討論我們第三季業績中的幾個重要主題，首先是我們的指數產品線。第三季凸顯了我們指數產品線的深度和多功能性。

MSCI achieved recurring net new subscription sales growth of 27% in Index, including 43% growth in the Americas. Total AUM in investment products linked to MSCI indices reached $6.4 trillion globally, including $2.2 trillion in ETF products and $4.2 trillion in non-ETF products. There are now four ETF products linked to MSCI indices that have more than $100 billion in AUM. This helped our ABF run rate hit a new record high of nearly $800 million. The ongoing adoption of MSCI indices showcases the investment community's confidence in using our indices as a foundational element of their portfolios and to help them attract capital.

MSCI 指數的經常性淨新增訂閱銷售額成長了 27%，其中美洲地區成長了 43%。與 MSCI 指數掛鉤的投資產品總資產管理規模達到 6.4 兆美元，其中 ETF 產品規模為 2.2 兆美元，非 ETF 產品規模為 4.2 兆美元。目前有四款與 MSCI 指數掛鉤的 ETF 產品，其資產管理規模超過 1,000 億美元。這使得我們的 ABF 運行率達到了近 8 億美元的新高。MSCI 指數的持續普及表明投資界對使用我們的指數作為其投資組合的基礎要素以及幫助他們吸引資本充滿信心。

In Analytics, MSCI delivered recurring net new sales growth of 16%, driven by strong adoption of our risk tools and equity models by multi-strategy hedge funds. Our growth in Analytics increasingly supports our growth in Private Assets and vice versa. Last month, for example, MSCI launched a private credit factor model powered by data for more than 1,500 private credit funds in our proprietary database. This factor model will provide investors with improved transparency and a consistent, integrated view of market risk for a fast-growing asset class.

在分析領域，MSCI 實現了 16% 的經常性淨新增銷售額成長，這主要得益於多策略對沖基金對我們風險工具和股票模型的大力採用。我們在分析領域的成長日益促進了我們在私募資產領域的成長，反之亦然。例如，上個月，MSCI 推出了一款私人信用因子模型，該模型利用了我們專有資料庫中 1500 多個私人信用基金的數據。此因子模型將為投資人提供更高的透明度，並為快速成長的資產類別提供一致、全面的市場風險觀點。

Elsewhere in Private Assets, we recently launched a new global taxonomy known as MSCI PaCS, the Private Asset Classification Standard. This proprietary asset classification framework aims to bring consistent, comparable standards to private markets. Powered by artificial intelligence, this new taxonomy covers a wide range of private assets, including private companies, real estate, and infrastructure. The new framework builds on MSCI's long history as a standard setter in public equities, and investors can use it to benchmark, analyze, and communicate portfolio strategies and performance.

在私募資產領域，我們最近推出了一項新的全球分類標準，即 MSCI PaCS（私募資產分類標準）。此專有資產分類架構旨在為私募市場帶來一致、可比較的標準。借助人工智慧，這個新的分類體系涵蓋了廣泛的私人資產，包括私人公司、房地產和基礎設施。新框架建立在 MSCI 作為公開股票標準制定者的悠久歷史之上，投資者可以利用它來衡量、分析和交流投資組合策略和績效。

As the last example illustrates, MSCI's innovation teams are rapidly leveraging AI models, especially on our large proprietary databases, to enhance existing products and develop new capabilities. AI is allowing us to unlock significant value for clients, which will also lead to meaningful value creation for our shareholders.

如最後一個例子所示，MSCI 的創新團隊正在迅速利用人工智慧模型，尤其是在我們龐大的專有資料庫上，來增強現有產品並開發新功能。人工智慧使我們能夠為客戶釋放巨大的價值，這也將為我們的股東創造有意義的價值。

In addition to rapid expansion in new products, MSCI is significantly expanding our presence with newer client segments while deepening our penetration of more established segments, which Baer will discuss.

除了新產品的快速擴張外，MSCI 還在顯著擴大我們在新興客戶群中的影響力，同時加深我們對更成熟領域的滲透，貝爾將對此進行討論。

And with that, let me turn things over to Baer.

那麼，接下來就交給貝爾吧。

Thank you, Henry, and greetings everyone. As you are aware, over the past year or so, I have framed my remarks in these calls through the lens of MSCI's main client segments, and I will continue to do so as we grow our footprint with newer segments and deepen our penetration of existing ones. With that in mind, as you saw in our earnings materials, MSCI recently enhanced our client segmentation strategy. Details and comparison points are available in our Q3 earnings presentation.

謝謝你，亨利，大家好。如你所知，在過去一年左右的時間裡，我一直以MSCI的主要客戶群為視角來闡述我在電話會議中的發言，隨著我們拓展新領域的業務範圍並加深對現有領域的滲透，我將繼續這樣做。有鑑於此，正如您在我們的收益資料中看到的那樣，MSCI 最近加強了我們的客戶細分策略。詳情及對比重點請參閱我們的第三季財報簡報。

Starting with hedge funds, MSCI delivered 21% recurring net new subscription sales growth. This was our highest Q3 ever for new recurring sales to hedge funds, with notable strength in Analytics. In particular, we see ongoing strong demand from hedge funds for MSCI's equity factor and enterprise risk and performance solutions, which have become deeply embedded in many clients' investment workflows. For example, MSCI closed a seven-figure renewal deal with one of the world's largest hedge funds in which our contribution to their alpha generation and risk management is central.

從對沖基金開始，MSCI 實現了 21% 的經常性淨新增訂閱銷售額成長。這是我們針對對沖基金的新經常性銷售額達到歷史最高水準的第三季度，其中分析業務表現特別強勁。尤其值得注意的是，我們看到對沖基金對 MSCI 的股票因子和企業風險與績效解決方案的需求持續強勁，這些解決方案已深深融入許多客戶的投資工作流程中。例如，MSCI 與全球最大的對沖基金之一達成了一項價值七位數的續約協議，我們在該協議中對其超額收益和風險管理的貢獻至關重要。

We also completed a global deal with a large US-based hedge fund that will expand its use of our enterprise risk and performance tools. Our analytic solutions are now fully integrated into every aspect of this client's risk management process, including its capital allocation framework for individual portfolio management teams. The common theme here is that amid elevated levels of market volatility and uncertainty, hedge funds want deeper, faster insights into key sources of investment risk and return. MSCI is fortifying our position as a trusted partner.

我們還與一家總部位於美國的大型對沖基金達成了一項全球協議，該協議將擴大其對我們企業風險和績效工具的使用。我們的分析解決方案現在已完全融入此客戶風險管理流程的各個方面，包括其各個投資組合管理團隊的資本配置框架。這裡的共同點是，在市場波動性和不確定性加劇的情況下，對沖基金希望更深入、更快速地了解投資風險和回報的關鍵來源。MSCI正在鞏固我們作為值得信賴的合作夥伴的地位。

Turning to wealth managers, we achieved nearly 11% subscription run rate growth, driven by a balanced mix of contributions from across our product lines. Recently, a large independent wealth manager in the US licensed our private capital fund transparency data to enhance client reporting on private bonds. This shows how MSCI is enabling both scaled data gathering and the standardization of private asset data to provide the enhanced portfolio insights clients need. Indeed, wealth managers' growing demand for tools and standards in private markets creates a great opportunity for us. We also have a growing list of clients licensing MSCI Wealth Manager, which has allowed us to deliver unified solutions for the home office with advanced tools spanning personalized client portfolios and proposal generation, along with regulatory workflow support.

在財富管理方面，我們實現了近 11% 的訂閱量成長，這得益於我們各個產品線均衡的貢獻。最近，美國一家大型獨立財富管理公司獲得了我們私募資本基金透明度數據的授權，以增強對客戶私募債券的報告。這顯示 MSCI 如何透過大規模資料收集和私募資產資料標準化，為客戶提供所需的增強型投資組合洞察。事實上，財富管理機構對私人市場工具和標準的需求不斷增長，這為我們創造了巨大的機會。我們還有越來越多的客戶獲得了 MSCI Wealth Manager 的許可，這使我們能夠為總部提供統一的解決方案，其中包含涵蓋個人化客戶投資組合和提案生成以及監管工作流程支援的先進工具。

Shifting to asset owners, we posted 9% subscription run rate growth, driven by Analytics, private capital solutions, and Index. In one of our biggest deals in the quarter, MSCI renewed our relationship with a major Canadian pension fund across our equity models and risk tools. We also expanded our private capital solutions relationship with a US-based asset owner, as we support this client's increasing demand for total portfolio solutions and performance measurement and transparency as they grow their private markets allocations. In addition, a rising number of LPs are using MSCI Private Capital Indexes and our newly launched Frozen Indexes as their policy or performance benchmark, reflecting a shift away from public proxies and return targets, and an increased alignment with MSCI standards. We are therefore confident that our investments in private capital indexes will help create significant value both for clients and for MSCI.

轉向資產所有者後，我們的訂閱運行率增加了 9%，這主要得益於分析、私募資本解決方案和指數。本季我們最大的一筆交易是，MSCI 與一家加拿大大型退休基金續簽了我們在股票模型和風險工具方面的合作關係。我們也擴大了與美國資產所有者的私募資本解決方案合作關係，以支持該客戶在增加私募市場配置的同時，對整體投資組合解決方案、績效衡量和透明度的日益增長的需求。此外，越來越多的有限合夥人正在使用 MSCI 私募資本指數和我們新推出的凍結指數作為其政策或績效基準，這反映出他們正在擺脫公開的代理和回報目標，並更加符合 MSCI 標準。因此，我們相信，我們對私募資本指數的投資將有助於為客戶和MSCI創造巨大價值。

Moving on to banks and broker-dealers, MSCI delivered 9% subscription run rate growth, including a record level of Q3 recurring sales. This was driven primarily by Index, which also posted its highest Q3 ever for new recurring sales. Our most notable Q3 business win was a global Index renewal deal with one of the largest banks in Europe that highlighted the mission-critical role of MSCI Index datasets in their trading, index rebalancing, research, and product creation capabilities.

接下來是銀行和經紀交易商，MSCI 的訂閱運行率成長了 9%，其中包括第三季創紀錄的經常性銷售額。這主要得益於 Index 的業績，該公司第三季新增經常性銷售額也創下歷史新高。我們第三季最值得關注的業務成果是與歐洲最大的銀行之一達成的全球指數續約協議，這凸顯了 MSCI 指數數據集在其交易、指數再平衡、研究和產品創建能力中的關鍵作用。

Turning finally to asset managers, we achieved subscription run rate growth of just over 6%. MSCI is working intensely to increase our growth trajectory with this segment, and our efforts had a meaningful impact in Q3. In fact, we delivered our highest Q3 on record for new recurring sales to asset managers in Index, which helped drive 11% overall new recurring sales growth with asset managers across MSCI product lines. For example, we landed a seven-figure deal with one of the world's largest asset managers in support of their wealth management strategy. MSCI is providing financial advisors with ever more sophisticated analytics tools, such as stress testing, which helps them grow their business and support their own clients.

最後來看資產管理公司，我們的訂閱運行率成長率略高於 6%。MSCI 正在大力推進該領域的成長，我們的努力在第三季取得了顯著成效。事實上，我們在第三季實現了指數基金新經常性銷售額的最高紀錄，這推動了MSCI所有產品線資產管理公司新經常性銷售額整體成長11%。例如，我們與全球最大的資產管理公司之一達成了一項七位數的交易，以支持他們的財富管理策略。MSCI 為財務顧問提供越來越複雜的分析工具，例如壓力測試，這有助於他們發展業務並支持自己的客戶。

We also completed a large deal with a top European asset manager to help them develop a centralized program for their risk, performance, factor, and sustainability analytics across investment teams in different global locations. This was another great example of our ability to expand and deepen existing client relationships using our One MSCI integrated solutions.

我們還與一家歐洲頂級資產管理公司完成了一項大型交易，幫助他們開發一個集中式程序，用於分析其位於不同全球地點的投資團隊的風險、績效、因素和可持續性。這再次充分展現了我們利用 One MSCI 整合解決方案拓展和深化現有客戶關係的能力。

Looking ahead, we are encouraged by MSCI's long-term opportunities and our ability to drive growth from recent areas of innovation and investments, all of which should help us remain the mission-critical provider of choice for clients across the capital markets.

展望未來，我們對 MSCI 的長期機會以及我們透過近期創新和投資領域推動成長的能力感到鼓舞，所有這些都將幫助我們繼續成為資本市場客戶首選的關鍵服務提供者。

And with that, let me turn things over to Andy. Andy?

那麼，接下來就交給安迪吧。安迪？

Thanks, Baer. And hi, everyone. Our third-quarter results highlight the momentum we are building across product lines, a dimension on which I will provide some additional color.

謝謝你，貝爾。大家好。我們第三季的業績凸顯了我們在各個產品線上的發展勢頭，我將就此提供一些補充說明。

Within Index, where asset-based fee run rate growth was 17%, equity ETFs linked to our indexes captured $46 billion of inflows during the third quarter. We continued to see strong demand for ETFs linked to MSCI Developed Markets ex-US indexes and MSCI Emerging Markets indexes. Index subscription run rate growth was 9%, including nearly 8% growth with asset managers, an area where we saw some strength in the Americas. We recorded our best third-quarter ever for Index recurring net new subscription sales, aided by our DM and EM modules and solid subscription run rate growth in the non-market cap category. We've been encouraged to see that new Index products launched since the beginning of 2023 generated about $60 million of new recurring subscription sales over the last 12 months, and the Index retention rate remained durable at nearly 96%.

在指數基金中，資產管理費運行率成長了 17%，與我們的指數掛鉤的股票 ETF 在第三季獲得了 460 億美元的資金流入。我們持續看到市場對與 MSCI 已開發市場（美國以外）指數和 MSCI 新興市場指數掛鉤的 ETF 的強勁需求。指數認購運行率成長了 9%，其中資產管理公司成長了近 8%，我們在美洲的這一領域看到了一些強勁表現。由於我們的 DM 和 EM 模組以及非市值類別中穩健的訂閱運行率增長，我們的 Index 經常性淨新增訂閱銷售額在第三季度創下歷史新高。我們很高興地看到，自 2023 年初以來推出的 Index 新產品在過去 12 個月中產生了約 6000 萬美元的新經常性訂閱銷售額，並且 Index 的用戶留存率保持在近 96% 的穩定水平。

In Analytics, we had subscription run rate growth of 7%, driven by our highest Q3 ever for recurring net new sales. Recurring sales in Analytics benefited from 29% growth in equity solutions, with strength among hedge funds in the Americas and APAC. Additionally, we saw strong sales of our multi-asset class analytics, most notably with hedge funds as well.

在分析方面，我們的訂閱運行率成長了 7%，這主要得益於第三季新增經常性淨銷售額創歷史新高。分析業務的經常性銷售額受益於股票解決方案 29% 的成長，其中美洲和亞太地區的對沖基金表現強勁。此外，我們的多元資產類別分析產品也銷售強勁，尤其是在避險基金方面。

In Sustainability and Climate, we saw 8% subscription run rate growth for the reportable segment, with roughly 6% subscription run rate growth from sustainability solutions and 16% subscription run rate growth from climate solutions. The Sustainability and Climate retention rate was almost 94%, slightly higher than last year's level of 93%, and reflecting the must-have nature of our tools. Additionally, we're seeing solid demand for new solutions such as our geospatial offering, which sees interaction across client segments, including in particular with banks.

在永續發展和氣候領域，可報告細分市場的訂閱運行率增長了 8%，其中可持續發展解決方案的訂閱運行率增長了約 6%，氣候解決方案的訂閱運行率增長了約 16%。永續發展和氣候工具的保留率接近 94%，略高於去年的 93%，這反映了我們工具的必備性。此外，我們看到市場對地理空間解決方案等新解決方案的需求強勁，這些解決方案與包括銀行在內的各個客戶群互動。

In Private Capital Solutions, we closed about $6 million of new recurring subscription sales in the quarter, with success across client segments including established segments such as endowments and foundations, as well as newer areas for us such as wealth and GPs. Additionally, we continue to see strong momentum with our Total Plan offering. Real Assets recurring net new sales improved, aided by stabilizing retention trends. We're also driving sales from newly introduced product areas including our data center offering which is gaining traction with GP investors. Across PCS and Real Assets, the retention rate improved slightly to 93.3%.

在私人資本解決方案方面，我們本季完成了約 600 萬美元的新經常性訂閱銷售，在各個客戶群體中都取得了成功，包括捐贈基金和基金會等成熟群體，以及財富管理和普通合夥人等較新的領域。此外，我們的全面規劃產品也持續保持強勁的成長動能。房地產經常性淨新增銷售額有所改善，這得益於客戶留存率的穩定。我們也透過新推出的產品領域推動銷售，包括我們的資料中心產品，該產品正在受到普通合夥人投資者的青睞。PCS 和 Real Assets 的留存率略提高至 93.3%。

Finally, turning to our full-year guidance as we close out 2025, the increase in the low end of our expense guidance range is consistent with our past comments and driven by the strong growth in AUM levels linked to our indexes. As a reminder, interest expense guidance reflects the previous notes issuance during the third quarter, and the increase in free cash flow guidance reflects business growth and the impact of tax benefits.

最後，展望 2025 年全年業績指引，我們費用指引範圍下限的增加與我們先前的評論一致，這主要得益於與我們的指數相關的資產管理規模 (AUM) 水平的強勁增長。需要提醒的是，利息支出指引反映了第三季之前發行的票據，而自由現金流指引的增加反映了業務成長和稅收優惠的影響。

In summary, MSCI's strong Q3 results are reflective of our mission-critical, durable solutions and our accelerating pace of innovation. We're seeing solid momentum in delivering new products, capabilities, and enhanced go-to-market efforts, and these are translating through to tangible results. We look forward to keeping you posted on our progress.

總而言之，MSCI 第三季強勁的業績反映了我們關鍵任務型、持久性解決方案以及我們不斷加快的創新步伐。我們在推出新產品、新功能和加強市場推廣方面取得了穩步進展，這些都轉化為實際可見的成果。我們會及時向您報告進度。

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

接線員，現在可以開始接受提問了。

(Operator Instructions) Manav Patnaik, Barclays.

（操作說明）Manav Patnaik，巴克萊銀行。

Henry, I just wanted to ask a bigger picture question on your strategy around private credit. There's clearly a scarcity of data assets out there, which is why some of the multiples these assets are trading at seem to be very high. But just curious from your perspective, where do you feel like you have the missing white spaces or whatever you feel like you need to fill in, and how integral is the Moody's partnership to your strategy there?

亨利，我只是想問你一個關於私人信貸策略的更宏觀的問題。顯然，數據資產非常稀缺，這也是為什麼這些資產的交易倍數看起來非常高的原因。但我很好奇，從你的角度來看，你覺得你有哪些方面還存在空白或需要填補的地方，而穆迪的合作關係對你在該領域的戰略有多重要？

We are very bullish in our work on private credit. If you step back a little bit, the new banks in America and parts of the world are the private credit funds. The provision of private credit is moving, in addition to banks, to private credit funds. That's a secular trend. There may be some ups and downs, but that's a secular trend. It's structural.

我們對私人信貸領域的工作前景非常樂觀。如果從更宏觀的角度來看，美國和世界某些地區的新興銀行實際上是私人信貸基金。除了銀行之外，私人信貸的提供也正轉向私人信貸基金。那是一種長期趨勢。可能會有一些起伏，但這屬於長期趨勢。這是結構性的。

And those banks -- I mean, those private credit funds need to attract investors to fund the provision of credit. There's not enough institutional capital in the world to fuel the funds that are needed, the assets that are needed in these private credit funds. So they need to attract, in addition to institutions, large parts of the wealth management industry, the retail industry, and now the 401(k) industry.

而那些銀行——我的意思是，那些私人信貸基金需要吸引投資者來為信貸的提供提供資金。世界上沒有足夠的機構資本來為這些私人信貸基金提供所需的資金和資產。因此，除了機構之外，他們還需要吸引財富管理行業、零售業以及現在的 401(k) 行業的大部分企業。

In order for that to be viable and achievable in a sustainable and responsible way, they need the tools for these funds to demonstrate what's inside the fund, what's the creditworthiness of it, what's the market risk of it, what is the valuation of them, and what are the terms and conditions on the underlying loans, et cetera. So in the last nine months, we've been very feverishly innovating on this. The first one was we created terms and conditions on -- we looked at our database, proprietary private credit database. We found 2,800 funds, private credit funds that are not asset backed. And we developed terms and conditions on 80,000 loans that represent 14,000 borrowers in these 2,800 funds.

為了使其成為可行且可持續和負責任的，他們需要這些基金的工具來展示基金內部的情況、其信用狀況、市場風險、估值以及基礎貸款的條款和條件等等。所以在過去的九個月裡，我們一直在非常努力地進行這方面的創新。首先，我們制定了條款和條件——我們查看了我們的資料庫，即專有的私人信用資料庫。我們找到了 2800 檔基金，即沒有資產支持的私人信貸基金。我們為這 2800 個基金中的 14000 名借款人制定了 80000 筆貸款的條款和條件。

Then we moved on to create credit assessments of these funds with Moody's. We licensed the Moody's credit risk models, we applied them to the MSCI database, and we have launched the credit assessments of a lot of these funds, which are highly needed in this volatile environment in credit that we've been listening to in the media recently. Then we created a taxonomy of private credit in order to develop market risk measurements of these private credit funds, and we launched the factor risk models on them. So that's been another innovation. And now we're looking into how we develop evaluated prices in private credit in order to provide an independent, trusted source of valuation that can be the basis of liquidity.

然後我們與穆迪合作，對這些基金進行了信用評估。我們獲得了穆迪信用風險模型的授權，將其應用於MSCI資料庫，並對其中許多基金進行了信用評估。在最近媒體報道的信貸市場動盪不安的環境下，這些評估非常必要。然後，我們建立了私人信貸分類體系，以便對這些私人信貸基金進行市場風險衡量，並推出了基於這些基金的因子風險模型。所以，這又是另一項創新。現在，我們正在研究如何制定私人信貸的評估價格，以便提供一個獨立、可信賴的估值來源，作為流動性的基礎。

So none of those things are yet translated meaningfully into high revenue, high sales, but they will. And we are incredibly needed in this space as the trusted source of information about the benchmarks. I forgot to mention that we launched 60, 80 different private credit indices as well in the last few months to basically make people understand the private credit fund relative to a market benchmark. So that's another innovation that we did. So we are very bullish in this space, and we intend to be the leading provider of all these transparency tools.

所以這些因素目前還沒有轉換成高收入、高銷售額，但它們終究會轉化為高收入、高銷售額。在這個領域，我們作為基準資訊的可靠來源，扮演著極為重要的角色。我忘了提，在過去的幾個月裡，我們也推出了 60 到 80 個不同的私募信貸指數，目的是讓人們了解私募信貸基金相對於市場基準的情況。所以這是我們做的另一項創新。因此，我們對這個領域非常看好，並計劃成為所有這些透明度工具的領先提供者。

Alex Kramm, UBS.

Alex Kramm，瑞銀集團。

So last quarter, one of the messages was really that you're going to start leaning in more into these other new client segments outside of the traditional asset managers. Obviously, Baer gave a lot of color already in terms of the growth rate there, but can you just talk about in the last three months, like what you've been doing in terms of new products? But also, I think you're kind of doubling down on marketing and sales, so any new things that we should be excited about and when you actually see this can make a material impact on results?

所以上個季度，我們傳達的訊息之一是，我們將開始更加重視傳統資產管理公司以外的其他新客戶群。顯然，貝爾已經對成長率做了很多介紹，但您能否談談過去三個月，例如您在新產品方面所做的工作？但同時，我認為你們似乎也在加大行銷和銷售方面的投入，那麼有沒有什麼新的舉措值得我們期待，以及這些舉措何時才能真正對業績產生實質影響呢？

The strategy is really two-pronged. We believe strongly that the active asset management industry needs us in this difficult time, but it needs us not as a cost center to them and put more pressure on their financials. They need us as a company that can help them create new products. So we're very focused on creating that, especially in the active ETF space, so we can help clients do that.

這項策略實際上是雙管齊下的。我們堅信，在這個艱難時期，主動資產管理產業需要我們，但他們不需要我們成為他們的成本中心，給他們的財務狀況帶來更大的壓力。他們需要我們這樣的公司來幫助他們開發新產品。因此，我們非常專注於創造這種局面，尤其是在主動型 ETF 領域，以便我們能夠幫助客戶實現這一目標。

You saw the recent launch with Goldman Sachs Asset Management of the private equity tracker fund, which is a very innovative approach to look at our database of private equity, understand the returns and the risk of all of that, and then replicate that through public equities in a way that provides liquidity. So that's an example of something that can generate revenues for the active asset management industry. And we saw early signs of that recovery for us. The industry continues to be challenged, but if we can help develop products and generate revenues, we're going to do very well with that.

您已經看到了高盛資產管理公司最近推出的私募股權追蹤基金，這是一種非常創新的方法，它透過分析我們的私募股權資料庫，了解所有這些投資的回報和風險，然後透過公開股票進行複製，從而提供流動性。所以，這就是主動資產管理產業能夠創造收入的一個例子。我們已經看到了復甦的早期跡象。產業仍然面臨挑戰，但如果我們能夠幫助開發產品並創造收入，我們就能做得很好。

The second part, Alex, as you know, is the expansion into other client segments. And that's the reason we presented in the slides, at the end of the slides, the two pages of the breakdown of the client segments at MSCI on the subscription part. And you can see that we can benefit significantly by helping the asset management industry because we have 46% of our subscription run rate on that, and we can benefit if we make it grow. Hedge funds are a very significant spot for us and other parts of what we call the fast money, which is market makers and broker-dealers and all of that. We've done very well there.

亞歷克斯，如你所知，第二部分是拓展到其他客戶群。這就是為什麼我們在幻燈片的最後，也就是幻燈片的末尾，展示了 MSCI 訂閱部分客戶細分市場的兩頁數據的原因。可以看出，我們可以透過幫助資產管理產業獲得巨大的收益，因為我們 46% 的訂閱收入都來自這個產業，如果我們能讓這個產業發展壯大，我們就能從中受益。對沖基金對我們來說是一個非常重要的領域，對我們所謂的「快速資金」的其他部分也是如此，這些部分包括做市商、經紀交易商等等。我們在那裡做得非常好。

And one of the reasons is not only the risk tools that we sell, but what we have begun to realize is that MSCI has a huge ecosystem of trading around its indices. It's $18 trillion benchmarked to MSCI, of which $6.5 trillion or $6.4 trillion is passive. And that has a huge ecosystem that needs liquidity. So we're developing datasets and products for all these market makers and broker-dealers to help fuel that liquidity. So we believe that we have a lot of opportunities with that segment, more than we even estimated in the past. So that's an area that we're focused on.

其中一個原因不僅是我們銷售的風險工具，而且我們已經開始意識到，MSCI 圍繞其指數擁有一個龐大的交易生態系統。以MSCI為基準，其規模為18兆美元，其中6.5兆美元或6.4兆美元為被動型資產。而且它擁有一個龐大的生態系統，需要流動性。因此，我們正在為所有這些做市商和經紀交易商開發資料集和產品，以幫助促進流動性。因此，我們相信在這個領域有很多機會，比我們過去估計的還要多。所以這是我們目前關注的領域。

Obviously, asset owners, it's always been our sweet spot in Index and in Analytics, and now very intensely in what we call PCS, Private Capital Solutions, because these are big investors in private assets, and they need more and more transparency, understanding of performance and risk, and basing models and all of that. So we're stepping up significantly our PCS efforts, and we believe that -- we've seen some softening in PCS. We are going to turn the corner, particularly with the institutional asset owner space.

顯然，資產所有者一直是我們在指數和分析方面的優勢所在，現在更是我們稱之為 PCS（私募資本解決方案）的重點領域，因為這些是私募資產的大型投資者，他們需要越來越多的透明度、對績效和風險的理解以及基礎模型​​等等。因此，我們正在大幅加強 PCS 工作，而且我們認為——我們已經看到 PCS 方面出現了一些軟化。我們將迎來轉機，尤其是在機構資產所有者領域。

And then there's wealth management. The wealth management part, as I said before, needs us very significantly because a big part of the allocations into wealth management is into private assets, particularly private credit. But they need to do it in a way that is responsible and compliant, and they don't run afoul of selling products that the individual investors don't understand. So we are gearing up significantly for a major expansion in private assets and wealth management, in addition to helping them build portfolios through what we call MSCI Wealth Manager.

另外還有財富管理。正如我之前所說，財富管理部分非常需要我們，因為財富管理的大部分資金都投入了私人資產，特別是私人信貸。但是，他們需要以負責任和合規的方式進行，並且不能違反規定，出售個人投資者不理解的產品。因此，我們正在大力推動私人資產和財富管理的重大擴張，同時透過我們稱為 MSCI 財富管理的服務幫助他們建立投資組合。

So that's a little bit of a rundown of where we are. So we're very optimistic that with the significant revving up and ramping up of the new product engine at MSCI in the last nine months, the softness that we highlighted in the prior quarter, last quarter, is beginning to turn, not necessarily because the investment industry is extremely bullish, the markets are bullish, but the budgets may not be as bullish. But it's because we can create a lot of new solutions that are going to help these people solve a lot of problems. And that is the strategy: deepening and helping become a revenue center for the active asset management industry, and obviously sell a lot of the things into the other client segments.

以上就是我們目前情況的簡要概述。因此，我們非常樂觀地認為，隨著MSCI在過去九個月中大力推動新產品引擎，我們在上個季度強調的疲軟局面開始好轉，這並不一定是因為投資業非常看好，市場也看好，而是因為預算可能沒有那麼樂觀。但這是因為我們可以創造很多新的解決方案，幫助這些人解決很多問題。這就是我們的策略：深化發展，幫助其成為主動資產管理產業的收入中心，並顯然將許多產品銷售給其他客戶群。

Toni Kaplan, Morgan Stanley.

東尼卡普蘭，摩根士丹利。

Henry, you touched on in the prepared remarks that your teams are leveraging AI models to help develop new products, and I was hoping you could give us an update on where you see the greatest opportunities to leverage AI, both on the revenue as well as on the cost sides. Any quantification would be great, but also just what those products look like and what the cost savings opportunities are.

亨利，你在事先準備好的演講稿中提到，你的團隊正在利用人工智慧模型來幫助開發新產品，我希望你能向我們介紹一下，你認為在收入和成本方面，利用人工智慧的最大機會在哪裡。任何量化數據都很好，但最好也能說明這些產品的外觀以及有哪些成本節約機會。

Let me start by saying that we in the past hadn't really talked a lot about AI because our style at MSCI is not to talk about intentions, but to talk about actions and real tangible things. So that's one of the reasons you haven't heard us talk a lot about AI. But since ChatGPT was launched three years ago, we've been feverishly looking into and permeating every aspect of MSCI with AI. And the punchline is, AI is a godsend to us. Let me repeat that, AI is a godsend to us.

首先我想說的是，過去我們並沒有真正談論過人工智慧，因為MSCI的風格不是在談論意圖，而是在談論行動和真正有形的事情。所以，這也是我們很少談論人工智慧的原因之一。但自從 ChatGPT 三年前推出以來，我們一直在熱切地研究人工智慧並將其滲透到 MSCI 的各個方面。而最終的結論是，人工智慧對我們來說是天賜之物。讓我再說一遍，人工智慧對我們來說是天賜之物。

Because what MSCI is, is a company that collects large amounts of data, proprietary, unique data. AI is going to help us scale up dramatically, 1,000 times more in the next five to seven years in datasets. Secondly, we then build proprietary and unique investment and risk models to apply to that proprietary data. You can only imagine how much AI is going to help us do that. And then, three, we’ve got to deliver all of that content to our clients in a way that they can consume it any way they want.

因為MSCI是一家收集大量專有、獨特數據的公司。人工智慧將幫助我們大幅擴展規模，在未來五到七年內，資料集規模將擴大 1000 倍。其次，我們建立專有的、獨特的投資和風險模型，並將其應用於這些專有數據。你可以想像人工智慧將如何幫助我們實現這些目標。第三，我們必須以客戶能夠以任何他們想要的方式消費的方式，將所有這些內容交付給我們的客戶。

So MSCI has never been a workflow software solution vendor. A lot of our proprietary workflow systems like RiskManager, BarraOne, and all that, they're there to sell the content that we’ve got. And it's almost like a necessary evil, right? So if we get the world to create every type of access into our content by themselves, we don't have to spend any time or money on that, and that's going to propel us to much higher levels.

所以MSCI從來就不是一家工作流程軟體解決方案供應商。我們許多專有的工作流程系統，如 RiskManager、BarraOne 等等，都是為了銷售我們擁有的內容。這幾乎就像是一種必要的惡，對吧？因此，如果我們能讓全世界自行創造各種方式來存取我們的內容，我們就無需為此花費任何時間和金錢，這將推動我們達到更高的水平。

So we've been very busy in permeating AI into every part of what we do. If you start with the whole employee base, 6,250 people, almost 100% use AI every single day. I actually made it a year ago a condition of employment that everyone needs to use AI tools every single day, like using a phone, using word processing, or Excel and things like that. So we're very proud of that.

因此，我們一直致力於將人工智慧滲透到我們工作的各個層面。如果從全體員工（6,250人）來看，幾乎100%的員工每天都在使用人工智慧。實際上，我一年前就把「必須每天使用人工智慧工具，例如使用手機、文字處理軟體或Excel等」作為一項僱用條件。所以，我們為此感到非常自豪。

Then we have permeated AI into all of our operations, especially data capture. We have basically saved hundreds and hundreds of new hires of employees by using AI. In Private Assets, for example, in Private Capital Solutions and Sustainability and Climate, for example, this geospatial product that we have is all based on AI. So that has created incredible efficiency for us, tens of millions of dollars that are just the beginning of what we can do.

然後，我們將人工智慧滲透到我們所有的營運環節，特別是數據採集環節。透過使用人工智慧，我們基本上節省了數百名新員工的招募成本。例如，在私人資產、私人資本解決方案以及永續發展和氣候等領域，我們擁有的這種地理空間產品都是基於人工智慧的。這為我們創造了巨大的效率，節省了數千萬美元，而這只是我們所能做的事情的開始。

And then lastly, and most importantly, is that we have used AI to build products. So a lot of our custom index factory is built by AI-driven methodologies. That is not a human in research as an artisan trying to build an index that takes six months and all of that. No, we want to do this instantaneously using AI. So a lot of what we're launching in custom indexes is AI-powered. As an example, the geospatial datasets that are being popular now and that we're selling, it's all AI-driven. And of course, a lot of the data that comes out of Private Assets and Sustainability is AI-driven.

最後，也是最重要的一點，我們已經利用人工智慧來打造產品。因此，我們許多客製化索引工廠都是透過人工智慧驅動的方法建構的。那不是一個像工匠一樣進行研究的人，試圖建立一個需要六個月才能完成的指數。不，我們希望利用人工智慧瞬間完成這項工作。因此，我們在自訂索引中推出的許多功能都是由人工智慧驅動的。例如，目前流行的、我們正在銷售的地理空間資料集，都是由人工智慧驅動的。當然，私募資產和永續發展領域產生的大量數據都是由人工智慧驅動的。

So again, we haven't really talked a lot about this. We did answer questions, but since you asked and there's so much focus on this, we might as well tell you exactly what we're doing. And in terms of products, I think there's somewhere between $15 million to $20 million of products that were sold this year out of 25 new products that are all AI-powered. So that's where we are.

所以，我們之前並沒有真正深入地討論過這個問題。我們確實回答了一些問題，但既然你問了，而且大家對此都非常關注，我們不妨直接告訴你我們正在做什麼。就產品而言，我認為今年推出的 25 款人工智慧驅動的新產品中，銷售額在 1500 萬美元到 2000 萬美元之間。這就是我們目前的處境。

So if anything, this is going to be a godsend to us. Now, I cannot tell you enough that the biggest problem MSCI has is that we've got so many opportunities and so little investment money, and we want to keep the profitability of the company the same. So that's not an easy thing to square. But if we apply AI dramatically and we can lower our operating run-the-business expenses by 5%, 10%, 15%, all of that money can go into investing into the change in the business, and that will create an incredible upsurge in product development for us. That's a goal that we have for '26.

所以，這對我們來說簡直是天賜良機。現在，我必須強調，MSCI面臨的最大問題是，我們有很多機會，但投資資金卻很少，而我們希望保持公司的獲利能力不變。所以這不是一個容易解決的問題。但是，如果我們大力應用人工智慧，並將營運成本降低 5%、10%、15%，那麼所有這些資金都可以投入到業務變革的投資中，這將為我們的產品開發帶來巨大的飛躍。這是我們為2026年設定的目標。

Ashish Sabadra, RBC.

阿什什·薩巴德拉，RBC。

In the quarter, we saw really strong momentum in Index and Analytics subscription sales. You obviously talked about some big deals there, also with the asset manager and one of the largest banks in Europe. My question was much more focused on the pipeline as we get into the fourth quarter. Any comment on the pipeline as well as the sales cycle as we get into one of the seasonally highest bookings quarters?

本季度，指數和分析訂閱銷售均呈現強勁成長動能。顯然，你們在那裡談到了一些大宗交易，包括與資產管理公司和歐洲最大的銀行之一的交易。我的問題更集中在進入第四季後的管道供應情況。鑑於我們即將進入一年中預訂量最高的季度之一，您對銷售管道和銷售週期有何看法？

Sure. Hey Ashish, it's Andy. So definitely, as you alluded to, we're encouraged by the results in the third quarter. They've been fueled by the product innovation, the accelerating pace of product development that you've heard us talking about here, and so that's encouraging. In terms of the overall environment and market backdrop, I would say it's relatively stable. We've seen fairly consistent dynamics to what we've seen in the past.

當然。嘿，阿什什，我是安迪。正如您所提到的，我們對第三季的業績感到鼓舞。它們的發展動力來自於產品創新，以及我們剛才提到的產品開發速度的加快，這令人鼓舞。就整體環境和市場背景而言，我認為相對穩定。我們看到的情況與過去的情況相當一致。

On the margin, the sustained favorable market momentum is instructive, and we have seen pretty good results in the Americas, most notably in Index and Analytics, as we talked about. So we are generally encouraged by the healthy product pipeline and acceleration in product development that is supporting strong client engagement, as Henry alluded to, both across asset managers as well as the broader range of client segments that we're targeting. So we are seeing a relatively stable dynamic across the business.

從邊際來看，持續的有利市場動能具有指導意義，而且正如我們之前討論過的，我們在美洲地區，尤其是在指數和分析領域，已經看到了相當不錯的成果。因此，正如亨利所提到的，我們普遍對健康的產品線和加速的產品開發感到鼓舞，這有助於加強客戶參與度，無論是在資產管理公司還是我們所瞄準的更廣泛的客戶群中。因此，我們看到整個業務呈現出相對穩定的動態。

I would highlight that we do expect the dynamics we've been seeing in Sustainability to continue in the near term, so similar to what we've talked about in the past. Those dynamics and pressures we've been seeing there, we expect to continue in the coming quarters. But overall, I'd say dynamics across the business are fairly consistent, and the performance is really being fueled by our product innovation.

我想強調的是，我們預計在永續發展領域看到的這種動態將在短期內繼續下去，這與我們過去討論過的情況類似。我們目前看到的這些動態和壓力，預計在接下來的幾個季度還會持續。但總的來說，我認為整個業務的動態相當一致，業績的真正驅動力是我們的產品創新。

Alexander Hess, JPMorgan.

Alexander Hess，摩根大通。

Just want to touch briefly on the non-ETF and the fixed income businesses. On the non-ETF side, there's been pretty rapid growth in the ETF revenues, I think, about 19% year-to-date, and the non-ETF is tracking a good deal behind that. Was there any prior year sort of hurdles that are pushing down that non-ETF revenue growth? And then on fixed income, can you remind us what the AUM is there as of Q3, and if there was any reason why -- if my math is right, there was a little bit of a quarterly dip in the run rate for that business? I just wanted to sort of unpack that a little bit.

我只想簡單談談非ETF和固定收益業務。在非 ETF 方面，ETF 收入成長相當迅速，我認為今年迄今成長了約 19%，而非 ETF 收入的成長則遠遠落後於此。前一年是否存在某些阻礙因素導致非ETF收入成長放緩？那麼關於固定收益，您能否提醒我們截至第三季該業務的資產管理規模是多少？如果我的計算沒錯，該業務的季度運作率是否有下降？我只是想稍微解釋一下這件事。

Hey Alex, it's Andy here. So on the non-ETF passive front, to your point, we can have impacts from true-ups and true-downs which can skew the period-to-period comparability. As you know, there can be some lumpiness in any given period. We can also at times see some modest fee adjustments and client funds, and that can lead to some lumpiness in revenue and revenue recognition as well as run rate. So I wouldn't read too much into lumpiness in the growth rate there on the revenue side.

嘿，Alex，我是Andy。因此，在非 ETF 被動投資方面，正如您所說，我們可能會受到調整值上升和下降的影響，這可能會扭曲不同時期之間的可比性。如你所知，任何時期都可能會出現一些波動。我們有時也會看到一些小幅的費用調整和客戶資金，這可能會導致收入和收入確認以及運行率出現一些波動。所以，我不會對營收成長率的波動過度解讀。

This does continue to be a very important growth area for us. We've seen some very nice new fund creation on the custom side. This is an area where a lot of the efforts that we've made on our custom index capabilities and the growing focus on customization and customized outcomes manifests itself. We're in a unique position to help these organizations that are really anchored to our frameworks and looking to achieve objectives around our frameworks. So I wouldn't dig in too much to the revenue growth on that front.

這仍然是我們非常重要的成長領域。我們看到一些非常好的自訂基金的創建。在這個領域，我們投入了大量精力來開發自訂索引功能，並日益重視客製化和客製化結果。我們擁有獨特的優勢，可以幫助那些真正認同我們的框架並希望圍繞我們的框架實現目標的組織。所以我不會太深入探討這方面的營收成長情況。

On the fixed income side, the AUM in ETFs linked to fixed income indexes or our fixed income indexes and partnership indexes is around $90 billion. It's been a nice growth area for us that's continued to grow. Similarly, I wouldn't read too much into the revenue growth in any one period in that category. We are heavily focused on continuing to drive adoption, new innovation there, and fueling the overall AUM growth across the fixed income category. It continues to be an important area for us.

在固定收益方面，與固定收益指數或我們的固定收益指數和合作指數掛鉤的 ETF 的資產管理規模約為 900 億美元。這是一個我們持續成長的良好成長領域。同樣，我不會過度解讀該類別中任何一個時期的收入成長。我們正全力以赴地繼續推動該領域的應用和創新，並促進固定收益類別的整體資產管理規模成長。這仍然是我們非常重視的領域。

What I would add is that obviously we see the challenges in Sustainability and Climate. In this segment of Sustainability and Climate, MSCI, as you see it. But a meaningful part of the monetization of all of that is happening in equity and fixed income indices. And it's in both, but in fixed income indices, the percentage is even more as a total. So we've been very successful, especially in Europe, in having clients come to us, and we've helped them design lower climate risk fixed income indices that they can use as a portfolio, either to give it to an institutional index manager or to turn into an ETF.

我想補充的是，我們顯然看到了永續發展和氣候方面面臨的挑戰。在本期永續發展與氣候板塊，MSCI 將為您呈現精彩內容。但所有這些貨幣化的重要部分都發生在股票和固定收益指數中。兩者都有，但在固定收益指數中，總百分比更高。因此，我們取得了巨大的成功，尤其是在歐洲，客戶主動聯繫我們，我們幫助他們設計了氣候風險較低的固定收益指數，他們可以將其用作投資組合，交給機構指數經理或轉換為 ETF。

And we see that continuing, and a lot of our investment in Climate is not only Climate in its own in order to sell it directly, physical risk, transition of energy, transition risk and all of that, but it's because we believe there will be a large monetization of a lot of this Climate IP in the form of indices and index investing.

我們看到這種情況仍在持續，我們對氣候領域的許多投資不僅僅是為了直接出售氣候本身、物理風險、能源轉型、轉型風險等等，而是因為我們相信，許多氣候智慧財產權將以指數和指數投資的形式實現大規模貨幣化。

So yes, when you look at the totality of Sustainability and Climate, Climate is a little challenged, but you also have to look at the One MSCI Sustainability and Climate franchise and see where the monetization is happening, right?

所以，是的，當你從永續發展和氣候的整體角度來看時，氣候確實面臨一些挑戰，但你也必須看看 MSCI 永續發展和氣候指數，看看貨幣化發生在哪些方面，對吧？

Yeah, just to put a finer point on that, I think Henry hit a critical item here. That $90 billion of fixed income ETF AUM, the larger majority of that is Sustainability and Climate-related. If you look at equity ETFs linked to our Sustainability and Climate indexes, it's about $360 billion, and within that, about $135 billion or so is Climate-specific indexes. On the non-ETF front, relating to your question where we are seeing incredible focus by institutions and asset owners to develop specific Climate outcomes, the non-ETF Climate AUM is about $316 billion. So these are becoming meaningful contributors and helping to fuel the growth of the business.

是的，更確切地說，我認為亨利在這裡指出了一個關鍵點。900億美元的固定收益ETF資產管理規模中，絕大部分與永續發展和氣候有關。如果你看一下與我們的永續發展和氣候指數掛鉤的股票 ETF，規模約為 3,600 億美元，其中約有 1,350 億美元是專門針對氣候的指數。在非 ETF 方面，關於您提出的機構和資產所有者非常重視制定具體氣候成果的問題，非 ETF 氣候資產管理規模約為 3,160 億美元。因此，這些因素正在成為重要的貢獻者，並有助於推動業務成長。

Kelsey Zhu, Autonomous Research.

Kelsey Zhu，自主研究。

On active ETFs, could you just talk a little bit more about the economics of the products and services you provide in that area as well as your competitive advantages? Also, if the overall AUM continues to shift from active mutual funds to active ETFs, is that a net positive or negative for MSCI?

關於主動型 ETF，您能否再詳細談談您在該領域提供的產品和服務的經濟效益以及您的競爭優勢？此外，如果整體資產管理規模繼續從主動共同基金轉向主動型 ETF，這對 MSCI 來說是利好還是利空？

Sure. So active ETFs are quite a distributed category, with things that are quite literally just putting an ETF wrapper on a purely active fund, through to things which are very rules-based and which are much more like an index, or which are an indexed version of an active strategy. So the good news is that we are able to monetize across a lot of that spectrum, not merely in the Index business, but a fair amount of it also in Analytics with portfolio construction, et cetera. So in terms of the more specifically index-linked component, we're now up to almost $30 billion of assets in that category, and the AUM was up 10% quarter on quarter, not year on year, quarter on quarter.

當然。因此，主動型 ETF 是一個相當分散的類別，其中一些只是在純粹的主動型基金上套上 ETF 外殼，而另一些則非常注重規則，更像是指數，或者說是主動型策略的指數版本。所以好消息是，我們能夠在許多方面獲利，不僅在指數業務方面，而且在投資組合建構等分析方面也能實現相當一部分獲利。因此，就更具體地與指數掛鉤的組成部分而言，我們現在在該類別中的資產已接近 300 億美元，資產管理規模環比增長 10%，而不是同比增長 10%。

So we think this is an extremely attractive category. We're very engaged in it. I think it's difficult to say exactly how that will play out over time in terms of the economics and the scale, but it's growing dramatically and it's certainly not cannibalizing at all anything we do today. It is literally new revenue, new money, new opportunity.

所以我們認為這是一個極具吸引力的類別。我們對此非常投入。我認為很難確切地說隨著時間的推移，它在經濟和規模方面會如何發展，但它正在迅速增長，而且肯定不會蠶食我們今天所做的任何事情。這確實是新的收入、新的資金、新的機會。

So I think we're very excited about it, both, as I said, from selling tools, selling data and information, and also from an index construction and licensing point of view. And we believe that we're going to see those numbers become more important in the future.

所以我覺得我們對此感到非常興奮，正如我所說，無論是從銷售工具、銷售數據和資訊的角度來看，還是從指數構建和授權的角度來看。我們相信，這些數字在未來會變得越來越重要。

Yeah, and as I said prior, I just want to emphasize this point which is, over the last year or so, we've been seriously analyzing the active asset management industry and how do we help the industry recover, how do we help the industry build competitive advantage and add value, and how do we benefit from that in increasing our growth? And therefore, one of the components, not the only one but one important component of that, is helping that industry go from mutual funds and other forms of investment vehicles to active ETFs. And we play a large role in there, as Baer indicated.

是的，正如我之前所說，我只想強調這一點，那就是在過去一年左右的時間裡，我們一直在認真分析主動資產管理行業，以及我們如何幫助該行業復甦，如何幫助該行業建立競爭優勢並增加價值，以及我們如何從中受益以促進自身增長。因此，其中一個組成部分（雖然不是唯一組成部分，但卻是重要組成部分）是幫助該行業從共同基金和其他形式的投資工具轉向主動型 ETF。正如貝爾所指出的那樣，我們在其中扮演著重要角色。

So this will be one of the things we'll talk more about in the future which is, how do we regain significant growth in MSCI in the active asset management industry. This is one of the components, not the only one, but one of the components.

因此，這將是我們未來要更深入討論的問題之一，即我們如何在主動資產管理行業中重新獲得MSCI的顯著成長。這是其中一個組成部分，不是唯一的組成部分，但確實是其中一個組成部分。

Owen Lau, Clear Street.

歐文·勞，克利爾街。

I do have another question on AI, and Henry, I really appreciate your response to the previous AI questions. But I do want to ask this question from a different angle because there's been quite a lot of conversation about how AI has negatively impacted the whole sector. One concern is AI investment could compress margin if that investment couldn't bring in enough revenue. How do you get the confidence that you invest in, like I think you quoted about 15 or 20 AI projects, but that can maintain or accelerate your revenue growth, but at the same time, you can still drive margin expansion.

我還有一個關於人工智慧的問題，亨利，我非常感謝你之前對人工智慧問題的回答。但我確實想從另一個角度提出這個問題，因為已經有很多關於人工智慧如何對整個產業產生負面影響的討論。一個令人擔憂的問題是，如果人工智慧投資無法帶來足夠的收入，可能會壓縮利潤率。如何獲得你投資的信心？就像你提到的 15 或 20 個 AI 項目，這些項目可以維持或加速你的營收成長，同時也能推動利潤率擴張。

The punchline, believe it or not, is that AI will dramatically increase our margins, really dramatically, because we'll be able to create a lot of new products and scale them faster to a lot of various participants in the various client segments. And it will significantly reduce cost to us, as we use AI agents rather than humans to run. A lot of what we do at MSCI is systematic, and therefore, you can systematize that with an AI agent in terms of methodologies, capturing data, running performance, running risk in our clients' portfolios, building models, building software. So it's literally going to chop off a lot of our operating expenses. The question is, how do we get there?

信不信由你，關鍵在於人工智慧將大幅提高我們的利潤率，真的會大幅提高，因為我們將能夠創造出許多新產品，並更快地將其推廣到各個客戶群體中的眾多參與者。而且，由於我們使用人工智慧代理而不是人類來運行，這將大大降低我們的成本。MSCI 的許多工作都是系統化的，因此，你可以利用人工智慧代理來系統化這些工作，包括方法論、資料收集、績效運作、客戶投資組合的風險管理、模型建構和軟體開發。所以它實際上會大幅削減我們的營運開支。問題是，我們要如何才能到達那裡？

And the benefit that we have is that we don't need to build large language models, we need to buy them and train them, and train them to apply to our data. So we don't have that cost. Secondly, we don't need the massive data centers or any data centers. We have our own, and our clients are the ones that are running a lot of this. So we don't have to invest in chips or in data centers or in electricity, power, and all of that.

我們的優勢在於，我們不需要建立大型語言模型，不需要購買和訓練它們，也不需要訓練它們來應用於我們的資料。所以我們沒有這筆費用。其次，我們不需要大型資料中心，也不需要任何資料中心。我們有自己的系統，而且很多系統都是由我們的客戶運作的。所以我們不需要投資晶片、資料中心、電力等等。

So we are going to be a major beneficiary of what is called applied AI to an industry, and our industry is made up of data, investment models, investment and risk models, and technology. And therefore, AI for us means we can build a lot more data, we can build a lot more models, and we can use a lot more technology and distribute it. So that's very important, and the investments required for us to achieve that are not significant. Let me repeat that, the investments for us to achieve that are not very significant. It's a question of retooling what you do to be AI-compliant so that you can put large language models on a dataset that is already AI-friendly, so to speak.

因此，我們將成為所謂「人工智慧在產業中的應用」的主要受益者，而我們的產業則由數據、投資模型、投資和風險模型以及技術組成。因此，人工智慧對我們來說意味著我們可以建立更多的數據，我們可以建立更多的模型，我們可以使用更多的技術並將其分發出去。所以這一點非常重要，而我們實現這一目標所需的投資並不多。我再說一遍，我們實現這一目標所需的投資並不多。關鍵在於調整你的工作方式，使其符合人工智慧的要求，這樣你就可以將大型語言模型應用到已經對人工智慧友善的資料集上。

We need to hire AI people, AI experts that can help us. We just hired two managing directors in our research operation that are AI experts in helping us build AI agentic models, investment risk and performance models, and all of that. So I do not see a reduction of margins in order to accommodate the investment that we need to make in AI. But having said that, I don't want you all to bank the increased margins that we're going to gather in AI, because we want to put them back into investments from the company to grow faster. So that's the punch line, right?

我們需要聘請人工智慧人才，人工智慧專家來幫助我們。我們研究部門剛聘請了兩位董事總經理，他們都是人工智慧專家，可以幫助我們建立人工智慧代理模型、投資風險和績效模型等等。因此，我認為為了滿足我們在人工智慧領域所需的投資，利潤率不會下降。但話雖如此，我不希望大家把我們在人工智慧領域獲得的更高利潤全部存起來，因為我們希望將這些利潤重新投入到公司投資中，以實現更快成長。這就是笑點所在，對吧？

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

I just wanted to go back to the asset manager end market. It sounded like with the 11% sales growth you're seeing some momentum there, but just wondering if you can maybe characterize if this sales momentum is around kind of incremental demand from asset managers or maybe more of a kind of release of pent-up demand in the pipeline?

我只是想重返資產管理終端市場。聽起來11%的銷售成長顯示你們看到了一定的成長勢頭，但我想知道，這種銷售成長勢頭是來自資產管理公司的增量需求，還是更多地來自市場積壓需求的釋放？

Yeah, I would say, going back to my comments earlier, the environment's been relatively stable, consistent with what we've seen in past quarters. And so the strength that we saw in the quarter, as we mentioned, was most notable in Index. We also had solid recurring net new within Analytics. This is particularly the case in the Americas. A lot of this has been fueled by us selling more to our existing clients, so we've had success upselling additional content and services, particularly within Index, which has been encouraging for us to see. A lot of that's been enhanced by our product development pipeline.

是的，正如我之前所說，市場環境相對穩定，與我們過去幾季所看到的情況一致。因此，正如我們之前提到的，本季我們看到的強勁表現最顯著的是指數。我們在分析方面也獲得了穩定的新增經常性用戶。這種情況在美洲尤為突出。這很大程度上得益於我們向現有客戶銷售更多產品，因此我們在追加銷售其他內容和服務方面取得了成功，尤其是在 Index 平台內，這讓我們感到非常鼓舞。我們的產品開發流程大大提升了這方面的能力。

I would say performance with asset managers can be a bit lumpy, but generally overall, we're seeing quite stable results. And we're also pretty encouraged by the solid retention rate with asset managers, which is about 97% across the company in the third quarter. So I wouldn't call it a trend, but there are definitely encouraging results that we're seeing with asset managers, and we saw a solid quarter.

我認為資產管理公司的表現可能會有些波動，但總體而言，我們看到的是相當穩定的結果。此外，我們對資產管理公司的穩健客戶留存率也感到非常鼓舞，第三季公司整體客戶留存率約為 97%。所以我不會稱之為趨勢，但我們確實看到資產管理公司取得了一些令人鼓舞的成果，而且我們迎來了一個穩健的季度。

Craig Huber, Huber Research.

Craig Huber，Huber Research。

Henry or Baer, I want to ask you, what school of thought out there with investors here the last year plus that AI will be a net negative for your company and peers out there, the other information service companies in that it will allow new entrants to come into the marketplace and take significant share over time. I hear what you're saying about what you guys can do with AI, but I'd like you, if you could just touch on more about the competitive moat you have and why others will not be able to come in here and take significant share across any of your major verticals or business lines at MSCI.

亨利或貝爾，我想問你們，過去一年多來，投資者中哪種觀點認為人工智慧對你們公司和同行（其他資訊服務公司）來說將是淨負面影響，因為它將允許新進入者進入市場並隨著時間的推移佔據相當大的份額？我明白你們所說的關於人工智慧的應用，但我希望你們能更詳細地談談你們的競爭優勢，以及為什麼其他人無法進入MSCI的任何主要垂直領域或業務線，並奪取你們的重大市場份額。

I think one way to look at it is to split it into three kinds of processes, right? The first process is capturing data. The second one is applying investment and risk models on that data. And the third process is distributing the content to clients.

我認為看待這個問題的一種方法是將其分為三種過程，對嗎？第一步是採集數據。第二種方法是將投資和風險模型應用於這些數據。第三個流程是將內容分發給客戶。

So let's start with the last one. We are not a traditional sort of workflow software solution provider company. If anything, we've been criticized in the past that our workflow -- the front end that we have is not as cutting edge, not as advanced, in BarraOne and RiskManager and ESG Manager and all of that. And we've been hesitant to put a lot of money into that because we see that the industry is creating different ways of accessing the data, like Databricks and Snowflake and people like that. So we said, let them invest their money in that, and then we’ll provide the content to them, and then the content -- or let the client develop their own workflow internally, which a lot of wealth management do, and we sell them the content.

那麼，我們就從最後一個開始吧。我們並非傳統意義上的工作流程軟體解決方案提供者。如果有什麼批評的話，那就是我們過去一直被詬病我們的工作流程——我們的前端不如 BarraOne、RiskManager、ESG Manager 等軟體那樣前衛、先進。我們一直不願在這方面投入大量資金，因為我們看到業界正在創造不同的資料存取方式，例如 Databricks 和 Snowflake 等公司。所以我們說，讓他們把錢投資到那上面，然後我們再向他們提供內容，或者讓客戶自行開發內部工作流程（很多財富管理公司都是這麼做的），然後我們再把內容賣給他們。

So that’s that part. We're not going to be disrupted there because that's not where we are. On the contrary, to the extent that there are more ways that AI can help somebody access content, we are going to be there, right? So that's that part.

就是這樣。我們不會在那裡受到影響，因為我們不在那裡。相反，如果人工智慧能夠幫助人們獲取內容的方式更多，我們就會參與其中，對吧？那部分就到此為止了。

At the other end of the spectrum is the capturing of the data. Remember, a lot of the data we capture is proprietary. And it has to be accurate, and it has to be trusted, and it has to be branded and the like. So it starts with client data. So today, just to give you two examples, today, clients with over $50 trillion of assets use our MSCI Analytics platform to run their risk and performance, right? So that is data that is sitting in our servers.

光譜的另一端是數據採集。請記住，我們收集的許多數據都是專有數據。而且它必須準確、值得信賴，並且必須有品牌識別等等。所以一切都從客戶資料開始。所以今天，舉兩個例子來說，如今擁有超過 50 兆美元資產的客戶使用我們的 MSCI 分析平台來運行他們的風險和績效分析，對吧？這些數據都儲存在我們的伺服器上。

That’s data that we can access. There are not going to be too many firms that are going to be able to have that because these people are not going to put their portfolios everywhere. They have to put them in a trusted place that they believe is secure, where they can do their computations safely and all of that. That’s one example.

這是我們能夠取得的數據。能夠做到這一點的公司不會太多，因為這些人不會把他們的投資組合到處都放。他們必須把這些文件放在一個他們認為安全可靠的地方，在那裡他們可以安全地進行計算等等。這是一個例子。

Another example is our clients have given us $15 trillion of their portfolios in private assets. That’s sitting in our servers. We have access to that to put models on top of that. Now, we cannot disclose client A has the following portfolio, but we can use it to create products, and we can use it to analyze it and all of that, just like we can use the other one. The clients have $50 trillion in assets. So that is proprietary data.

另一個例子是，我們的客戶已將他們價值 15 兆美元的私人資產投資組合交給我們管理。它儲存在我們的伺服器上。我們可以利用這些數據在其上建立模型。現在，我們不能透露客戶 A 擁有以下投資組合，但我們可以用它來創建產品，我們可以用它來分析它等等，就像我們可以用另一個投資組合一樣。客戶擁有50兆美元的資產。所以這是專有數據。

Now, that’s in the back end. In the middle is the investment and risk models that we need to put on top of that data and then deliver that content. Yes, you could use ChatGPT to go look at something, and maybe the answer is right, maybe the answer is not as right. At the end of the day, we’re not in the business of gathering information in order to have a political opinion, for example. Our clients are in the business of getting accurate data, accurate models, accurate performance, and all of that.

現在，那是後端的事情了。中間部分是我們需要放在這些數據之上的投資和風險模型，然後才能提供這些內容。是的，你可以使用 ChatGPT 去查看一些東西，也許答案是正確的，也許答案不太正確。歸根究底，我們收集資訊的目的並不是為了形成某種政治觀點。我們的客戶致力於獲取準確的數據、準確的模型、準確的性能以及所有這些。

They’re not simply going to trust anybody. They’re not simply going to get a large language model sitting on the side and go do that. They need a thorough process, reliable branded product that puts its name and reputation behind it. That will be a huge barrier to entry to a lot of people.

他們不會輕易相信任何人。他們不可能只是把一個大型語言模型放在一邊就完事。他們需要一套完善的流程，以及一款值得信賴、有品牌信譽的產品。這對很多人來說將是一個巨大的進入門檻。

So those are examples that I will give you.

以上就是我將要舉的例子。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行。

I just wanted to go back to the performance of net new sales in the quarter. I know obviously there can be a lot of lumpiness, and you highlighted strength in the Americas and Index. Just curious what you're seeing in EMEA in particular, because it sounded like net sales declined. So I was just curious if maybe some of the new product innovation that you highlighted is more catered to the Americas, or if there's something specific, maybe it's ESG-related, so just some additional color there would be helpful.

我只想回顧一下本季的新增淨銷售額表現。我知道其中可能存在著許多波動，而你強調了美洲和指數的強勁表現。我很好奇你在歐洲、中東和非洲地區（EMEA）的具體情況，因為聽起來淨銷售額有所下降。所以我很好奇，您重點介紹的一些新產品創新是否更適合美洲市場，或者是否有一些特定的創新，例如與 ESG（環境、社會和治理）相關的創新，如果能提供一些額外的資訊就更好了。

Sure. Yeah, so I would say similar to the comments I gave overall, we see relatively consistent dynamics. I've mentioned in the past that we've seen a bit of sluggishness with asset managers in EMEA. We continue to see a bit of that. I think they've been a little bit slower moving on the rebound of the markets here, and so our results have been a little bit softer in the EMEA region. Our product development efforts are global in nature, and so a lot of the enhancements that we're making for not only asset managers, but all client segments are targeting tremendous opportunities within the European region.

當然。是的，所以我想說，和我之前的評論類似，總體而言，我們看到的是相對一致的動態。我之前提到過，我們看到歐洲、中東和非洲地區的資產管理公司出現了一些疲軟的跡象。我們仍然會看到一些這樣的情況。我認為他們在市場反彈方面行動稍慢，因此我們在歐洲、中東和非洲地區的業績也略顯疲軟。我們的產品開發工作具有全球性，因此，我們為資產管理公司以及所有客戶群所做的許多改進，都旨在抓住歐洲地區的巨大機會。

We actually, on the Index side, see a growing ecosystem around our indexes within the ETF community, and so we've seen tremendous growth in assets under management in ETFs linked to our indexes in Europe, particularly around the World Index, where we are becoming a standout in terms of largest ETFs. And that's perpetuating through to a whole host of additional opportunities. So yeah, we see some sluggishness from clients, some outsized pressure relative to the Americas, but our position there is very strong, and a lot of the innovations that we have across product lines are positioning us to continue to drive growth.

實際上，在指數方面，我們看到ETF社群中圍繞我們指數的生態系統正在不斷發展壯大，因此，我們看到與歐洲指數掛鉤的ETF的管理資產規模出現了巨大的增長，尤其是在全球指數方面，我們在最大的ETF方面脫穎而出。而這又會衍生出許多其他機會。是的，我們看到客戶方面有些疲軟，相對於美洲地區而言壓力也過大，但我們在美洲的地位非常穩固，我們在各個產品線上的許多創新都使我們能夠繼續推動成長。

And as Baer alluded to, that's not only on the Index side but in areas like PCS. Many of the innovations you heard Henry talk about and Baer talk about are positioning us well to unlock big pools of capital focused on the private asset market in Europe. And we continue to enhance our go-to-market effort across many of these additional client segments in Europe. So we continue to believe it's an attractive opportunity, but we are seeing in the term a continuation of some of the sluggishness that I've mentioned in the past.

正如貝爾所暗示的那樣，這不僅體現在 Index 方面，也體現在 PCS 等領域。亨利和貝爾談到的許多創新舉措，都讓我們更能釋放歐洲私人資產市場中大量的資本。我們將繼續加強在歐洲其他許多客戶群中的市場推廣工作。因此，我們仍然認為這是一個很有吸引力的機會，但我們在今年看到了我之前提到的一些疲軟態勢的延續。

Patrick O'Shaughnessy, Raymond James.

Patrick O'Shaughnessy，Raymond James。

How are you thinking about the expected timeline to utilize the $3 billion repurchase authorization, and to what extent would you plan to fund that with free cash flow versus incremental debt?

您如何考慮使用這 30 億美元的回購授權的預期時間表？您計劃在多大程度上用自由現金流來提供資金，又在多大程度上透過增加債務來提供資金？

First of all, we love MSCI, and we love it even more when it's an undervalued franchise. Clearly, we hit some soft spots in the last couple of years, and the undervaluation of the company has increased. Therefore, we've been pretty active in buying the stock, $1.5 billion year to date. And we got the Board, obviously, to authorize another $3 billion to do that. We would like to be as aggressive as we can if the company continues to have an undervaluation in the franchise and take advantage of that. And we are strong believers in the medium, in the short, but more importantly, medium to long-term prospects of the company.

首先，我們喜歡MSCI，當它是一個被低估的品牌時，我們更喜歡它。顯然，過去幾年我們遇到了一些軟肋，公司被低估的程度也越來越嚴重。因此，我們一直非常積極地買入該股票，今年迄今已買入 15 億美元。很顯然，我們已經獲得了董事會的批准，再撥款 30 億美元用於這項工作。如果該公司繼續低估該特許經營權的價值，我們將盡可能採取積極主動的策略，並利用這一點。我們堅信公司的中期、短期，但更重要的是，中長期前景。

I, for one, have done the same, not just with the assets of the company, but personally, in the last 18 months, I’ve bought $20 million worth of MSCI shares for me and my family. And it’s not because of pride of authorship. These are rational decisions that, given our opportunities, given the new product development machine this company can create, we will remember this period as a period of undervaluation that is a good opportunity to load up. So we’re going to do the same with the assets of the company.

就我而言，我也做了同樣的事情，不僅是利用公司的資產，而且在過去的 18 個月裡，我個人為我和我的家人購買了價值 2000 萬美元的 MSCI 股票。這並非出於作者的自豪感。這些都是理性的決定。鑑於我們所擁有的機會，鑑於這家公司能夠打造的新產品開發機制，我們將把這段時期視為估值被低估的時期，這是一個買入的好機會。所以，我們將對公司的資產採取同樣的做法。

Now, I think that in terms of the split, yes, in order to do the $3 billion over some reasonable period, we’ll have to do both free cash flows and continue to lever up to 3.5 times or close to 3.5 times. That will provide us, hopefully, over $1 billion a year or something like that. And then we’ll be opportunistic, like we have always been. If the stock runs up way too much, we’ll sit it out, not because we don’t believe it’s attractive, but because tactically we can buy it cheaper. So that’s our plan.

現在，我認為就資金分配而言，是的，為了在合理的時間內實現 30 億美元的目標，我們必須同時利用自由現金流，並繼續將槓桿率提高到 3.5 倍或接近 3.5 倍。希望這能為我們帶來每年超過10億美元的收入。然後我們會像以往一樣，伺機而動。如果股價上漲過多，我們會選擇觀望，不是因為我們不認為它有吸引力，而是因為從策略上講，我們可以以更低的價格買入。這就是我們的計劃。

And just to be clear, no change to our approach to capital allocation, no change to our leverage target. What Henry described is more of the approach that we’ve consistently taken, and so it’s a continuation of what we’ve been doing.

需要明確的是，我們的資本配置方法沒有改變，我們的槓桿目標也沒有改變。亨利所描述的更像是我們一直以來所採取的方法，因此這是我們一直在做的事情的延續。

George Tong, Goldman Sachs.

喬治唐，高盛集團。

Can you talk about how much pricing contributed to net new bookings growth this quarter and what your strategy overall is around pricing?

您能否談談本季定價對新增訂單淨成長的貢獻程度，以及貴公司在定價方面的整體策略？

Yeah, so I would say across the company, the contribution of price increases to new recurring sales is roughly in line with what we've seen in recent quarters, so no major shift in the approach. It does vary a bit across product lines and client segments in terms of the approach that we've taken. We're generally trying to align price increases with the value that we are delivering. So many of the enhancements and improvements that we make and innovations that we've talked about here, we will be monetizing through price increase, and so that's a key component to enable us to continue to drive price increase.

是的，所以我認為，就整個公司而言，價格上漲對新增經常性銷售額的貢獻與我們最近幾季看到的情況大致一致，因此策略上沒有重大轉變。就我們採取的方法而言，不同產品線和客戶群之間確實存在一些差異。我們通常會努力使價格上漲與我們提供的價值一致。我們所做的許多改進和創新，以及我們在這裡討論的許多創新，都將透過漲價來實現盈利，因此，這是我們能夠繼續推動提價的關鍵因素。

But we also factor in the overall pricing environment. We do look at client health. Our approach can vary product segment to product segment, even client segment to client segment. But importantly, we are really focused on being a strong long-term partner to our clients, and we're focused on building that relationship. So we want to be constructive around price increases and very mindful that we need to continue to deliver value to be able to support price increases over time. But across the organization, no major change on the contribution.

但我們也會將整體價格環境納入考量。我們會關注客戶的健康狀況。我們的方法會因產品細分市場而異，甚至會因客戶細分市場而異。但重要的是，我們真正專注於成為客戶的長期合作夥伴，並致力於建立這種關係。因此，我們希望以建設性的態度看待價格上漲，並非常清楚我們需要不斷提供價值，才能隨著時間的推移支撐價格上漲。但在整個組織範圍內，貢獻方面並沒有重大變化。

Jason Haas, Wells Fargo.

傑森‧哈斯，富國銀行。

You've talked a bunch on this call about some of the improvements that you've been making to your offering, and I'm curious if you could talk about just the timeline for when we should see that show up. I know it takes time to hit revenue, but maybe in terms of the net new sales, to what extent have you been benefiting from those introductions? And it sounds like there's more coming through, so over what timeframe, even high level, should we think about those improvements coming through?

在這次電話會議中，您多次談到了您對產品進行的一些改進，我很想知道您能否談談這些改進何時才能真正面世。我知道實現營收需要時間，但就淨新增銷售額而言，您從這些推廣活動中獲益多少？聽起來還有更多改進措施即將出台，那麼，即使是從宏觀層面來看，我們應該在多長時間內考慮這些改進措施的實施呢？

And I’ll just slip in a second one, just on the AI benefits that you talked about and the efficiencies that you can gain. I'm also trying to think about the timeline there in terms of when we might see that start to show up in improved margins from here. So if you could talk about the timing, that’d be very helpful.

我再補充一點，關於你剛才提到的 AI 的好處以及你可以獲得的效率提升。我還在思考，從目前的情況來看，我們什麼時候才能看到利潤率提高。所以，如果您能談談時間安排，那就非常有幫助了。

Yeah, I would say overall, as our financial model moves very smoothly, I touched a little bit on this in my prepared remarks, but there is strong momentum in releasing new products, and that is starting to impact sales. We've seen roughly $25 million of sales year to date from recently released new products. I mentioned the $16 million on the Index side in my prepared remarks. So we are starting to see these benefits, and that pace of acceleration in product development is definitely additive and something that helps us across many parts of the company here. It allows us to continue to drive growth across not only the asset manager client segment but all of our client segments. So it's one that we do believe is going to be an important driver of growth moving forward. It's something that you've started to see, and hopefully continues to be a big contributor to our success in the future.

是的，總的來說，我們的財務模式運作非常平穩，我在事先準備好的發言稿中也稍微提到了這一點，新產品的發布勢頭強勁，這已經開始對銷售產生影響。今年迄今為止，我們透過近期推出的新產品實現了約 2,500 萬美元的銷售額。我在事先準備好的演講稿中提到了指數方面的 1600 萬美元。因此，我們開始看到這些好處，產品開發速度的加速無疑會帶來正面影響，並對我們公司的許多部門都有幫助。這使我們能夠繼續推動成長，不僅是資產管理客戶群體，而且是我們所有客戶群體的成長。因此，我們相信它將成為未來成長的重要驅動力。這是你們已經開始看到的，希望它在未來能繼續成為我們成功的重要因素。

Just on the impact on the financial model of AI, Henry touched on this, but I would say, overall, AI is enhancing to our financial profile. Our business has tremendous operating leverage with high incremental margins. We are selling IP-based solutions that we produce once and sell to many users for many use cases. That enables us to both invest in growth and drive attractive profitability growth on an ongoing basis.

關於人工智慧對金融模式的影響，亨利已經談到了這一點，但我認為，總體而言，人工智慧正在提升我們的財務狀況。我們的業務具有巨大的經營槓桿作用和很高的增量利潤率。我們銷售的是基於 IP 的解決方案，我們一次生產，就可以銷售給眾多用戶，滿足多種使用場景。這使我們能夠持續投資於成長並推動具有吸引力的獲利成長。

And so, as Henry alluded to, AI enhances both of those dynamics even more. So we're creating even more scale, enhanced productivity, enabling us to invest even more in the business, enhance our solutions, and drive attractive top-line growth as well as profitability growth. And as Henry alluded to, we are not going to take the margin down with some massive elevated AI spend. But it's something that will be a key ingredient to continuing to fuel that dual mandate that we have with our shareholders, which is continue to invest in the business to drive long-term growth and continue to drive attractive period-to-period profitability and free cash flow growth. So it's something that will be a smooth impact on the overall financial model here.

因此，正如亨利所暗示的那樣，人工智慧進一步增強了這兩種動態。因此，我們正在創造更大的規模，提高生產力，使我們能夠對業務進行更多投資，改進我們的解決方案，並推動可觀的營收成長和獲利成長。正如亨利所暗示的那樣，我們不會透過大幅增加人工智慧方面的投入來縮小差距。但這將是繼續推動我們與股東共同履行雙重使命的關鍵要素，即繼續投資業務以推動長期成長，並繼續推動具有吸引力的周期性獲利能力和自由現金流成長。因此，這將對整體財務模式產生平穩的影響。

And let me just add that the virtuous circle that we're trying to achieve over time is one in which we push higher and higher the operating leverage of the company to free up resources, push higher and higher the operating leverage of the company, maintain the profit margins, and therefore free up significant resources to invest back into the business. We have enormous opportunities in private assets, in index investing, in physical risk and climate, in wealth management, in GPs, in the faster money segment, hedge funds, broker-dealers, datasets, investing in creating new datasets and all of that.

我還要補充一點，我們努力實現的良性循環是：不斷提高公司的經營槓桿，釋放資源，維持利潤率，從而釋放大量資源，再投資於業務發展。我們在私募資產、指數投資、實物風險和氣候、財富管理、普通合夥人、快速融資領域、對沖基金、經紀交易商、資料集、投資創建新資料集以及所有這些領域都有巨大的機會。

We do not want to make those investments by taking the profit margins down. But we need investment dollars, and the bigger the investment dollars, the more we can achieve higher growth in the company. So that's going to come from AI. That's what we're looking for.

我們不希望透過降低利潤率來進行這些投資。但我們需要投資資金，投資資金越多，公司就能實現更高的成長。所以這將來自人工智慧。這就是我們想要的。

Russell Quelch, Rothschild and Company.

羅素·奎爾奇，羅斯柴爾德公司。

Just wanted to circle back to the discussion on active ETFs. I think you said you'd seen an impressive 10% quarter-on-quarter growth there. I think it would be helpful to unpack your response to Kelsey’s question and maybe give a bit more detail on exactly why growth in active ETFs does not cannibalize your revenue growth with active asset managers. And also, I wonder if you could confirm the other part of the question, which was the difference between the economics between the active asset management benchmarks and the active ETF benchmarks. That’d be helpful.

我想再回到關於主動式ETF的討論上來。我想你說過，那裡的季度環比成長率達到了令人矚目的 10%。我認為，詳細解釋一下你對 Kelsey 問題的回答會很有幫助，或許還可以更詳細地說明一下，為什麼主動型 ETF 的成長不會蠶食你主動型資產管理公司的收入成長。另外，我想請您確認問題的另一部分，即主動資產管理基準和主動ETF基準之間的經濟差異。那會很有幫助。

Sure. So I'm not being cute, but it's genuinely unintuitive to me why it would cannibalize it, right? So you think there's an active fund, it's benchmarked, and it's previously likely wrapped in a mutual fund or perhaps some other type in some other way. So then that same active fund, let’s say holding everything else constant, it doesn’t change its investment strategy, it stays the same, goes to an ETF wrapper. It’s fundamentally pretty much neutral for us, right?

當然。我不是賣萌，但我真的不明白為什麼它要吞噬它，對吧？所以你認為有一個主動型基金，它是以基準為導向的，而且它之前很可能被包裝在共同基金或其他類型的基金中。那麼，假設其他所有因素都保持不變，同一個主動型基金的投資策略不變，就轉為 ETF 形式。對我們來說，這基本上是中性的，對吧？

But in fact, generally what occurs is the following things. One, in transferring into an ETF wrapper, it typically has a more rules-based approach, wants to be more transparent. It doesn’t just want to move the fund into it. There are many occasions, I’m not saying it doesn’t happen, there are a lot of funds that go straight into an ETF wrapper, but in many instances, the investment strategy is somewhat adjusted, or you could say quantified, quantification of the strategy, and we have a role to play there with our tools, factor models, et cetera.

但實際上，通常情況下會發生以下情況。第一，在轉換為 ETF 時，通常會採取更基於規則的方法，希望更加透明。它不僅僅是想把資金轉移到那裡。有很多時候，我不是說這種情況不會發生，有很多資金直接進入 ETF 投資組合，但在很多情況下，投資策略會進行一些調整，或者可以說策略會被量化，而我們可以利用我們的工具、因子模型等等來發揮作用。

Then in turn, it may go a further step, and it may be turned into an index. Maybe those rules become more strict, and hence, the strategy becomes an index. And in turn, many such strategies are being built from scratch today, and so we play a part in it. So I would say that -- and in turn, the people who are doing this are generally not in the index or the passive space, as people say, we don’t like the term that much.

然後，它可能會更進一步，變成索引。或許這些規則會變得更加嚴格，因此，該策略會變成一個指數。反過來，如今許多此類策略都是從零開始建構的，因此我們也參與其中。所以我想說——反過來，做這件事的人通常不在索引或被動空間，正如人們所說，我們不太喜歡這個術語。

But the index business, they’re not the traditionally -- there are some major index players doing it in the active space, but many of these are purely traditional active managers putting an ETF wrapper on the fund. So honestly, it’s just not a threat to the existing business, and there’s a lot of upside for us in the future.

但是指數業務，他們並不像傳統意義上的指數業務那樣運作——雖然有一些主要的指數參與者在主動管理領域開展業務，但其中許多是純粹的傳統主動型基金經理，只是給基金加上了 ETF 的包裝。所以說實話，這根本不會對現有業務構成威脅，未來我們還有很大的發展空間。

Yeah, and to add to the financial model, in addition to the subscription fees, when that product is systematized, we charge assets under management fees on top of the data fees. So that’s where the incremental revenue comes in.

是的，為了完善財務模型，除了訂閱費用之外，當產品系統化時，我們會在數據費之外收取資產管理費。這就是增量收入的來源。

Gregory Simpson, BNP.

格雷戈里·辛普森，法國巴黎銀行。

I wondered if you could share more on MSCI’s product offering, revenue, and strategy with the GP client base given alternatives now make up over half of the revenue pool in asset management. I also wanted to ask this in the context of the 5.5% run rate growth in the private asset segment and the opportunity and timeline to get this growth rate up.

鑑於另類投資目前佔資產管理收入池的一半以上，我想請您分享更多關於MSCI的產品供應、收入以及與GP客戶群的策略。我還想結合私募資產領域 5.5% 的年增長率以及提高這一增長率的機會和時間表來提出這個問題。

So private assets, as you know, we have it classified at MSCI between real assets, real estate, and infrastructure and what we call Private Capital Solutions, which has some real estate component in it, but a lot of it is private equity and private debt. So within Private Capital Solutions, which is the former Burgiss company that we acquired three years ago, a lot of the business there has been built in creating tools and transparency for the institutional LP market.

如您所知，私募資產在MSCI中被分為實體資產、房地產和基礎設施，以及我們稱之為私募資本解決方案的部分，其中包含一些房地產成分，但大部分是私募股權和私募債務。因此，在 Private Capital Solutions（即我們三年前收購的 Burgiss 公司）內部，許多業務都是透過為機構有限合夥人市場創建工具和提高透明度而建立起來的。

So the model is that an institutional LP gets presented with a proposal by a GP to invest. They invest in hundreds of these things and then they turn to us and say, can you help me understand all of this? So we go to the GP and tell them that we’re representing the LP. The GP gives us all their data, every single data that they give the LP, and therefore we aggregate that data.

因此，該模式是，機構有限合夥人 (LP) 收到普通合夥人 (GP) 提出的投資提案。他們投資了數百件這樣的事情，然後他們轉向我們說，你們能幫我理解這一切嗎？所以我們去GP（全科醫生）告訴他們，我們代表LP（自由黨）。GP 向我們提供他們所有的數據，他們提供給 LP 的每一條數據，因此我們匯總這些數據。

Then we look at the funds. We tell the institutional investor what’s in the fund? What is the benchmark? How are they doing relative to the benchmark? How is the performance? How is the risk? When will the capital be called? When will the capital be returned? And all of that.

然後我們來看看資金狀況。我們告訴機構投資人基金裡有什麼？什麼是基準？它們與基準相比表現如何？演出效果如何？風險有多大？何時需要追加資金？本金何時能夠返還？以及所有這一切。

So in that model, we get paid by the LP, and that’s largely the business model today. So what we’re doing is two things. We're creating the product line that is similar to the institutional LP so it can be used by the wealth LP, which is not a big transformation. It’s just reprogramming the tools of transparency, understanding the benchmark, the performance, the risk, and all that in the portfolio, the creditworthiness, the market risk, and all of that that I talked about in private credit. And then serve it up to the wealth management organization so they have the same level of transparency and understanding of what they invested in as still limited partners because they are, instead of being institutional limited partner, is now an individual limited partner over a pool of limited partners. So that’s one part of the growth.

所以在這種模式下，我們從有限合夥人那裡獲得報酬，這在很大程度上就是當今的商業模式。所以，我們正在做兩件事。我們正在打造與機構有限合夥人類似的產品線，以便財富有限合夥人可以使用，這並不是一個巨大的轉變。這只是對透明度工具的重新編程，理解基準、績效、風險以及投資組合中的所有因素，信用度、市場風險，以及我在私人信貸中談到的所有內容。然後將其提供給財富管理機構，以便他們能夠像有限合夥人一樣，對自己的投資擁有同樣的透明度和理解，因為他們不再是機構有限合夥人，而是作為有限合夥人池的個人有限合夥人。這是成長的一部分。

The second part of the growth is to then, what we're doing right now, is to create products for the GPs because we are in the ecosystem. We’re talking to GPs every day because of the role that we play with their investors. So we’re going to the GPs, and we launched a few products there recently. One is called Asset and Deal Information in Private Equities as to looking at every deal and every asset based on our database and provide that as a reference for the GPs to see who is doing what around the industry.

成長的第二部分是，我們現在正在做的，是為全科醫生創造產品，因為我們身處在這個生態系統中。由於我們與普通合夥人 (GP) 及其投資者之間存在著密切聯繫，所以我們每天都與他們溝通。所以我們開始進軍全科醫生市場，最近我們也在那裡推出了一些產品。其中一項服務名為“私募股權資產和交易資訊”，旨在根據我們的資料庫查看每一筆交易和每一項資產，並將其作為普通合夥人了解業內人士動態的參考。

So right now, our revenues coming from GPs directly on private asset in Private Capital Solutions is minimal. A lot of the revenues that are coming from GPs right now are in Analytics. We help them risk manage their assets, we help them with indices in certain parts of the business, we help them with Sustainability and Climate. But our revenues coming from Private Assets of these GPs is minimal, I don’t know, $5 million, $10 million, some number like that. That is a massive opportunity for us.

所以目前，我們從私募資本解決方案中直接來自普通合夥人（GP）的私募資產收入微乎其微。目前全科醫生的大部分收入都來自數據分析。我們幫助他們進行資產風險管理，我們幫助他們制定某些業務領域的指數，我們幫助他們應對永續發展和氣候問題。但是我們從這些普通合夥人的私募資產中獲得的收入微乎其微，我不知道，500萬美元，1000萬美元，差不多就是這個數字。這對我們來說是一個巨大的機會。

So those are the three -- the three strategies are deepen our penetration of the institutional LPs, expand to the wealth or individual LPs through the wealth management sector, and build products for the GPs in which we have all the underlying information and the data. It’s just a question of building products.

所以，這三個策略分別是：加深我們對機構有限合夥人的滲透，透過財富管理領域拓展到財富或個人有限合夥人，以及為普通合夥人建立我們擁有所有基礎資訊和數據的產品。這只是建材產品的問題。

This does conclude today's question-and-answer session. I would now like to turn the call back over to Henry for closing remarks.

今天的問答環節到此結束。現在我想把電話交還給亨利，請他做總結發言。

So thank you very much for attending. Obviously, different tone from last quarter. I normally say to people, it’s darkest before the dawn, and we feel that the dawn has arrived and we’re turning the corner here. It’s not going to be a straight line, it’s going to be lumpy. We’re not in the kind of business that flares up and flares down. It’s a consistent buildup, and it could be a little lumpy, but we’re very optimistic about our prospects now.

非常感謝各位的出席。顯然，與上個季度的基調不同。我常對人們說，黎明前的黑暗最為漫長，而我們感覺黎明已經到來，我們即將迎來轉機。它不會是一條直線，而是一條崎嶇不平的線。我們所處的行業不會像其他行業那樣，忽高忽低。這是一個循序漸進的過程，可能會有些起伏，但我們現在對前景非常樂觀。

So thank you everyone for joining. As you can see, we have an all-weather franchise delivering significant performance and attractive margins. We’re a mission-critical tool. Our footprint has largely been product-driven, and now we are expanding more strategically in a lot of different client segments to link the ecosystem and benefit from that. And that will bear value creation over time.

感謝大家的參與。如您所見，我們擁有一個全天候特許經營權，該特許經營權業績顯著，利潤可觀。我們是關鍵任務工具。我們過去主要以產品為導向，現在我們正在更具策略性地拓展到許多不同的客戶群，以連接生態系統並從中受益。隨著時間的推移，這將創造價值。

We’re a long-term compounder. We’re not a flare-up, flare-down company. So our goal is to continue to build higher growth, higher profitability on a year-in, year-out basis to be a long-term compounder of EPS and growth.

我們是一家長期複利型公司。我們不是那種忽冷忽熱、時而暴漲時而暴跌的公司。因此，我們的目標是持續實現更高的成長和更高的獲利能力，逐年穩定提升每股盈餘和成長，成為長期複合成長的推動者。

Thank you very much, everyone.

非常感謝大家。

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。您現在可以斷開連線了。