明晟 (MSCI) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the MSCI second-quarter 2026 earnings conference call. As a reminder, this call is being recorded.

各位女士、先生，大家好。歡迎參加MSCI 2026年第二季財報電話會議。提醒各位，本次電話會議將被錄音。

(Operator Instructions)

(接線員指示)

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

現在我想把電話交給投資人關係主管兼財務長（Treasurer）Jeremy Ulan。您可以開始了。

Thank you. Good day, and welcome to the MSCI second quarter 2026 earnings conference call. Earlier this morning, we issued a press release announcing our results for the second quarter 2026. This press release, along with an earnings presentation 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 the presentation.

謝謝。各位好，歡迎參加MSCI 2026年第二季財報電話會議。今天稍早，我們發布新聞稿，公布2026年第二季業績。該新聞稿以及財報簡報可於我們網站msci.com的「投資人關係」頁籤中取得。提醒各位，本次電話會議包含前瞻性陳述，並受簡報第二頁所載文字之規範。

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.

敬請注意勿過度依賴前瞻性陳述；此等陳述僅截至其作成之日有效，係基於目前預期及當前經濟狀況，並受各項風險與不確定性影響，可能導致實際結果與該等前瞻性陳述所預期之結果出現重大差異。

For a discussion of additional risks and uncertainties, please see the risk factors and forward-looking statements disclaimer in our most recent Form 10-K and in our other SEC filings. During today's call, in addition to results presented on the basis of U.S. 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 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.

如需了解更多風險與不確定性，請參閱我們最新的Form 10-K以及其他向美國證券交易委員會（SEC）提交文件中的風險因素與前瞻性陳述免責聲明。在今天的電話會議中，除依美國一般公認會計原則（U.S. GAAP）呈列的結果外，我們也會提及非GAAP衡量指標。您可在財報簡報附錄中找到非GAAP衡量指標與相對應GAAP衡量指標之調節表。我們也將討論如run rate與留存率等營運指標；關於我們使用run rate與留存率等營運指標的重要資訊，亦載於財報簡報中。

On the call today are Henry Fernandez, our Chairman and CEO; and Andy Wichman, our Chief Financial Officer. With that, let me now turn the call over to Henry Fernandez. Henry?

今天與會者包括我們的董事長兼執行長Henry Fernandez，以及財務長Andy Wichman。接下來，我把電話交給Henry Fernandez。Henry？

Thank you, Jeremy. Good day, everyone, and thank you all for joining us. In the second quarter, MSCI delivered very strong financial results along with an acceleration in run rate growth in both index and private assets are 2 key engines of growth in the company. We also showed strength in recurring net new sales across client segments and geographies despite continued challenges and sustainability. Meanwhile, record ETF and non ETF AUM balances in products linked to MSCI indices, help us achieve our best ever asset-based fee run rate.

謝謝你，Jeremy。各位好，感謝大家加入我們。第二季，MSCI交出非常強勁的財務表現，同時在指數與私募資產這兩個公司關鍵成長引擎上，run rate成長進一步加速。儘管永續領域仍面臨持續挑戰，我們在各客戶區隔與各地區的經常性淨新增銷售仍展現強勁動能。同時，連結MSCI指數之產品的ETF與非ETF資產管理規模（AUM）餘額創新高，協助我們達成史上最佳的資產基礎費用（asset-based fee）run rate。

MSCI is building momentum in the second half of 2026 with a strong pipeline of opportunities an exciting AI fuel innovation. AI is enabling MSCI to move even faster in building new products, enhancing our existing solutions and strengthening our foundational mission-critical role in global investing and a rapidly growing ecosystem around our solutions.

MSCI在2026年下半年正累積動能，擁有強勁的機會管線，以及令人振奮、由AI驅動的創新。AI讓MSCI能更快速地打造新產品、強化既有解決方案，並鞏固我們在全球投資中不可或缺的關鍵任務角色，以及圍繞我們解決方案而快速成長的生態系。

MSCI's Q2 financial metrics included organic revenue growth of over 12%, adjusted EPS growth of nearly 19% and adjusted EBITDA growth of 14%. We further demonstrated our commitment to driving attractive shareholder returns and our confidence in MSCI by repurchasing $147 million of MSCI shares at an average price of about $558 per share during the quarter and through yesterday. Our Q2 operating metrics included total run rate growth of 12%, fueled by ABF run rate of $948 million, growing 25%. This reflected record AUM levels in both ETF and non-ETF products linked to MSCI indices, supported by another quarter of solid inflows of nearly $40 billion in ETF linked to MSCI indices. Over the past 15 months, total ETF AUM linked to MSCI indices has grown by more than $1 trillion.

MSCI第二季的財務指標包括：有機營收成長超過12%、調整後每股盈餘（adjusted EPS）成長接近19%，以及調整後EBITDA成長14%。我們也進一步展現致力於為股東創造具吸引力報酬、以及對MSCI的信心：本季期間及截至昨日，我們以每股約558美元的平均價格回購MSCI股票1.47億美元。第二季營運指標方面，總run rate成長12%，其中資產基礎費用（ABF）run rate達9.48億美元、成長25%，為主要動能來源。這反映出連結MSCI指數之ETF與非ETF產品的AUM皆創新高，並且在本季再度錄得穩健資金流入：連結MSCI指數的ETF淨流入接近400億美元。過去15個月，連結MSCI指數的ETF總AUM已增加超過1兆美元。

During credible scale of MSCI's ABF franchise, and the recent volumes of inflows into products linked to MSCI indices is the ultimate endorsement of trust in our IP, research and standards.

MSCI的ABF業務具備可信且具規模的量體，而近期流入連結MSCI指數之產品的資金量，最能印證市場對我們的智慧財產（IP）、研究與標準的信任。

Turning back to our Q2 performance. MSCI achieved organic subscription run rate growth of over 8% with a retention rate of over 95%. This growth is enabled by our success in scaling our footprint across key client segments. Among traders and hedge funds, a category that collectively includes market makers, patients, broker-dealers and exchanges, MSCI delivered subscription run rate growth of 15%. Among hedge funds, specifically, we posted our best quarter on record with 19% subscription run rate growth and nearly $15 million in recurring new sales and recurring net new sales for a growth of 75% including 3 separate 7-figure deals in index analytics.

回到我們第二季的表現。MSCI的有機訂閱run rate成長超過8%，留存率超過95%。此成長得益於我們成功在關鍵客戶區隔擴大布局。在交易員與避險基金客群（該類別合計包含造市商、參與者、券商交易商與交易所）方面，MSCI的訂閱run rate成長15%。就避險基金而言，我們創下史上最佳單季：訂閱run rate成長19%，經常性新增銷售接近1,500萬美元；經常性淨新增銷售成長75%，其中包含3筆各自達到百萬美元等級的指數分析（index analytics）交易。

So for example, MSCI won a 7-figure index deal with one of the world's largest multi-strategy hedge funds, covering our ETF link unknown ETF linked custom index modules along with our constituent AUM packages. All told, we more than triple our index recurring net new sales with hedge funds from a year earlier reaching $8.6 million in total. These results highlight 4 overlapping trends in the segment of traders and hedge funds for us. First, MSCI's indices are becoming increasingly embedded in the core trading and liquidity infrastructure used by active and passive investors alike. Second, the growth of systematic and quantitative investing has contributed to rising demand for our index content.

例如，MSCI與全球最大多策略避險基金之一簽下百萬美元等級的指數合約，涵蓋我們的ETF連結與非ETF連結的客製化指數模組，以及我們的成分股AUM套件。整體而言，我們在避險基金客群的指數經常性淨新增銷售較去年同期成長逾三倍，總額達860萬美元。這些成果凸顯我們在交易員與避險基金區隔所觀察到的4項相互重疊的趨勢。第一，MSCI指數正日益深度嵌入主動與被動投資人所使用的核心交易與流動性基礎設施。第二，系統化與量化投資的成長，推升了市場對我們指數內容的需求。

Third, as traders and hedge funds have expanded their role in global investing, MSCI has gained new opportunities to make our index franchise more diversified and resilient. And fourth, as clients demand faster, more specialized indices and structured products and derivatives in larger volumes, AI is helping us accelerate our index production and deliver customization at scale.

第三，隨著交易員與避險基金在全球投資中的角色擴大，MSCI獲得新的機會，使我們的指數業務更為多元且更具韌性。第四，當客戶要求更快速、更專業化的指數，以及更大量的結構型產品與衍生性商品時，AI正協助我們加速指數生產，並以規模化方式提供客製化。

Shifting from traders and hedge funds to asset owners, we delivered 9% subscription run rate growth, along with our best Q2 on record for recurring net new sales at $8.4 million and growing 43%. For example, one of the world's largest pension funds -- public pension funds, signed a major new agreement for MSCI's private capital indices and expanded access to our private capital Intel solution.

從交易員與避險基金轉向資產所有人（asset owners），我們實現9%的訂閱run rate成長，並創下史上最佳第二季經常性淨新增銷售：840萬美元，成長43%。例如，全球最大之一的退休基金——公立退休基金——簽署了MSCI私募資本指數的重要新協議，並擴大使用我們的私募資本Intel解決方案。

We also completed a 7-figure deal with a large sovereign wealth fund for our total portfolio solution, which includes private assets and analytics. Among asset managers, we posted 6% organic subscription run rate growth, along with 9% recurring net new sales growth. This includes a large deal with one of the world's largest asset managers for our enterprise risk and performance tools to support their ongoing initiatives to incorporate factors and enhance the risk reporting across asset classes. In addition, we continue making steady progress with our ETF and other tradable product solutions for active managers.

我們也與一家大型主權財富基金完成一筆百萬美元等級交易，採用我們的整體投資組合（total portfolio）解決方案，其中包含私募資產與分析工具。在資產管理公司（asset managers）方面，我們的有機訂閱run rate成長6%，經常性淨新增銷售成長9%。其中包括與全球最大資產管理公司之一達成的大型交易，採用我們的企業風險與績效工具，以支持其持續推動納入因子（factors）並強化跨資產類別風險報告的計畫。此外，我們也持續在面向主動型管理人的ETF及其他可交易產品解決方案上穩步推進。

During the quarter, we signed a handful of clients to support their launch of active strategies, leveraging MSCI's Index universe, research and IP. Overall, some of the biggest themes of Q2 included the rapidly expanding ecosystem around MSCI indices, our momentum in private assets and a rapid pace of innovation has enabled by our AI transformation and laser targeted acquisitions to unlock additional layers of growth.

本季期間，我們與數家客戶簽約，支援其推出主動式策略，並運用MSCI的指數宇宙、研究與智慧財產（IP）。整體而言，第二季的一些最大主題包括：圍繞MSCI指數快速擴張的生態系、我們在私募資產的動能，以及在AI轉型與精準聚焦的併購推動下加速的創新步伐，進而解鎖更多成長層次。

Turning more specifically to our product lines. In index, we delivered 41% growth in recurring net new sales, 17% growth in total run rate more than 11% growth in subscription run rate and a retention rate of more than 97%. In Private Assets, MSCI achieved 57% recurring net new sales growth with more and more pension funds and sovereign wealth funds embracing our total portfolio solutions. Earlier this month, we announced a new strategic partnership with UBS that will extend the reach of our private asset solutions and enable wealth managers to better connect high net worth clients with GP opportunities while promoting greater transparency for the entire investment ecosystem.

更具體地談我們的產品線。在指數業務方面，我們的經常性淨新增銷售成長41%，總run rate成長17%，訂閱run rate成長超過11%，留存率超過97%。在私募資產方面，MSCI的經常性淨新增銷售成長57%，愈來愈多退休基金與主權財富基金採用我們的整體投資組合解決方案。本月稍早，我們宣布與瑞銀（UBS）建立新的策略合作夥伴關係，將擴大我們私募資產解決方案的觸及範圍，並使財富管理機構能更有效地將高淨值客戶與普通合夥人（GP）機會連結，同時提升整體投資生態系的透明度。

By combining MSCI's independent data, analytics, models and AI power platforms with UBS's global client insights and expertise in alternative investments, we can help make private markets more understandable more accessible and enable stronger connectivities between GPs and the wealth channel. This private asset platform for wealth channels is only 1 example of how we are using AI to improve our solutions and the client experience. We already have over 1,000 clients using index AI insights, which we just launched in February.

透過結合 MSCI 獨立的數據、分析、模型與 AI 動力平台，以及 UBS 對全球客戶的洞察與另類投資專業能力，我們能協助讓私募市場更易理解、更易取得，並促進普通合夥人（GP）與財富通路之間更強的連結。這個面向財富通路的私募資產平台，只是我們運用 AI 改善解決方案與客戶體驗的一個例子。我們已經有超過 1,000 位客戶在使用我們於 2 月剛推出的指數 AI 洞察。

Meanwhile, hundreds of companies and end users are now accessing our total plant manager and private capital intel solutions through their preferred AI models. Innovation remains the lifeblood of MSCI's product development, but we're also expanding our capability through highly strategic acquisitions. Last month, for example, we announced that MSCI would acquire First Street, a leading provider of physics-based climate risk data and analytics enabling physical risk assessment across over 2 billion building infrastructures. Combining our respective tools will help us deliver the insight clients need as physical risk becomes a more immediate priority. We're also addressing the broader category of emerging risks, along with issues such as energy access, tariffs and supply chain and AI.

同時，數百家公司與終端使用者如今正透過其偏好的 AI 模型，存取我們的 total plant manager 與 private capital intel 解決方案。創新仍是 MSCI 產品開發的命脈，但我們也正透過高度策略性的併購擴大能力。例如，上個月我們宣布 MSCI 將收購 First Street；該公司是以物理為基礎的氣候風險數據與分析的領先供應商，可在超過 20 億棟建築基礎設施上進行實體風險評估。結合彼此的工具將有助於我們在實體風險成為更迫切的優先事項之際，提供客戶所需的洞察。我們也在因應更廣泛的新興風險類別，以及能源可及性、關稅、供應鏈與 AI 等議題。

Much of our product innovation in sustainability and climate is now focused on this emerging risks, which have become increasingly significant to investors.

我們在永續與氣候方面的許多產品創新，如今都聚焦於這些新興風險；它們對投資人而言正變得愈來愈重要。

At the same time, MSCI working climate is separate and distinct from our work in sustainability as we are seeing the opportunities there. Sustainability faces persisting market challenges, and we do not expect that to change in the near future. Even still, MSCI remains the provider of choice in this industry and our sustainability tools continue to help us in other business areas, most notably in index. They are now close to $1.3 trillion in index fund assets benchmarked to MSCI sustainability and climate indices with over 1/3 of those assets benchmarked to our climate indices.

同時，MSCI 在氣候方面的工作與我們在永續方面的工作是分開且明確區隔的，因為我們看到了其中的機會。永續領域仍面臨持續的市場挑戰，我們預期短期內不會改變。即便如此，MSCI 仍是本產業的首選供應商，而我們的永續工具也持續在其他業務領域（尤其是指數）為我們帶來助益。目前約有接近 1.3 兆美元的指數基金資產以 MSCI 永續與氣候指數作為基準，其中超過 1/3 的資產以我們的氣候指數作為基準。

MSCI also took several other steps to advance our AI transformation. In Q1, we brought into the firm Dinesh Gupta from Goldman Sachs to serve as our new Chief Data Officer and Global Head of Operations. In Q2, we welcome (inaudible) from Intuit as our new Chief Technology Officer and Head of Product Engineering and we announced that (inaudible) will lead the creation of a new MSCI office in Silicon Valley focused on AI, product engineering and technology. Given his background, Kashi is the perfect leader to help us maximize the benefits of AI across client segments, product lines and asset classes. We have also established a technology and data committee of our Board of Directors.

MSCI 也採取了其他幾項措施以推進我們的 AI 轉型。在第一季，我們延攬來自高盛的 Dinesh Gupta，擔任新的首席數據長（Chief Data Officer）暨全球營運主管。在第二季，我們歡迎來自 Intuit 的（聽不清）擔任新的首席技術長（Chief Technology Officer）暨產品工程主管，並宣布（聽不清）將領導在矽谷設立新的 MSCI 辦公室，聚焦於 AI、產品工程與技術。以他的背景而言，Kashi 是協助我們在各客戶區隔、產品線與資產類別中最大化 AI 效益的最佳領導者。我們也已成立董事會的技術與數據委員會。

Looking ahead, we remain confident in our pipeline. In our resource allocation, and in our ability to leverage AI. MSCI plays a key role in virtually every stage of the global investment process, and we are well positioned to save new opportunities for growth. And with that, let me turn things over to Andy.

展望未來，我們對業務管線仍充滿信心。也對我們的資源配置，以及運用 AI 的能力充滿信心。MSCI 幾乎在全球投資流程的每一個階段都扮演關鍵角色，我們已做好準備把握新的成長機會。接下來，我把時間交給 Andy。

Thank you, Henry, and hi, everyone. We're excited to see the large pipeline and strong momentum in key growth areas across the business with further accelerations in our index and private asset segments. As Henry mentioned, we have had several large client wins that reaffirm the growing ecosystem around our frameworks and solutions. Index subscription run rate growth accelerated to over 11% driven by a strong quarter for recurring net new subscription sales of over $28 million, which was up nearly 41% year-over-year. This reflected some large deals with traders and hedge funds across numerous modules, including our custom index modules.

謝謝你，Henry，各位大家好。我們很高興看到龐大的業務管線，以及在全公司關鍵成長領域的強勁動能，並且在指數與私募資產板塊進一步加速。如 Henry 所提到，我們贏得了數個大型客戶案，進一步印證圍繞我們框架與解決方案的生態系正在擴大。指數訂閱 run rate 成長加速至超過 11%，主要受惠於本季經常性淨新增訂閱銷售額超過 2,800 萬美元，年增近 41%。這反映了我們與交易商及避險基金在多個模組上的一些大型交易，包括我們的客製化指數模組。

These help power the custom index organic subscription run rate growth to 23%, excluding contributions from the Compass acquisition. And the retention rate among hedge funds within our index product line was in line with the overall index retention rate at more than 97%.

這些因素推動客製化指數的有機訂閱 run rate 成長達 23%，不含 Compass 併購的貢獻。而在我們的指數產品線中，避險基金客戶的留存率與整體指數留存率一致，均超過 97%。

Additionally, we saw another quarter of very strong growth in asset-based fees, with the ABF run rate reaching nearly $950 million and growing 25% year-over-year. This growth was fueled by close to $40 billion of cash inflows in the quarter, driving AUM and ETFs linked to our indexes up to more than $2.8 trillion. The asset growth and cash inflows predominantly occurred in clients' products linked to our developed markets ex U.S. and all country indexes, some of which carry lower fees. Within Analytics, we had organic subscription run rate growth of 7% driven by demand for our factor content and factor solutions, where we continue to innovate rapidly.

此外，我們的資產基礎費用（ABF）也再度出現非常強勁的成長，本期 ABF run rate 接近 9.5 億美元，年增 25%。此成長由本季接近 400 億美元的資金淨流入所帶動，推升與我們指數連結的 AUM 與 ETF 規模至超過 2.8 兆美元。資產成長與資金流入主要發生在客戶連結我們「已開發市場（不含美國）」與「全國家」指數的產品上，其中部分產品的費率較低。在分析（Analytics）業務方面，我們的有機訂閱 run rate 成長為 7%，主要由對我們因子內容與因子解決方案的需求所驅動；我們在此領域持續快速創新。

We are also seeing steadily growing demand for multi-asset class total portfolio solutions, including for front office use cases. Analytics organic revenue growth was 7% tracking with run rate growth. In Private Capital Solutions, subscription run rate growth accelerated to over 16%. During the quarter, we had solid traction across existing solutions like our transparency, private capital intel and total plan offerings. We also see growing demand with new offerings like our data platform and our asset and deal level metrics.

我們也看到對多資產類別的整體投資組合解決方案需求穩步成長，包括前台（front office）使用情境。Analytics 的有機營收成長為 7%，與 run rate 成長一致。在私募資本解決方案（Private Capital Solutions）方面，訂閱 run rate 成長加速至超過 16%。本季我們在既有解決方案（如透明度、private capital intel 與 total plan 方案）上取得穩健進展。我們也看到對新產品（如數據平台，以及資產與交易層級指標）的需求正在增加。

The acceleration is supported by both our deep private asset insights and our strong multi-asset class total portfolio capabilities.

這波加速同時受惠於我們深厚的私募資產洞察，以及強大的多資產類別整體投資組合能力。

Additionally, we are seeing success with Vantage having already closed a few sales of our diligent solutions offering. In real assets, organic subscription run rate growth accelerated modestly as we benefited from recent product and service enhancements. And we won a large deal to be the exclusive provider to a large property technology firm that will leverage RCA content and our global index intel offering delivered through Snowflake. In the Sustainability and Climate reportable segment, we drove nearly $6 million of new recurring sales and sustainability in Q2 and over $3 million of new recurring sales in Climate.

此外，我們也看到 Vantage 的成功，已經完成了幾筆 diligent solutions 方案的銷售。在實體資產（real assets）方面，有機訂閱 run rate 成長小幅加速，受惠於近期的產品與服務強化。我們也贏得一筆大型交易，成為一家大型不動產科技公司的獨家供應商；該公司將透過 Snowflake 交付的 RCA 內容與我們的全球 index intel 方案加以運用。在「永續與氣候」可報導分部中，我們在第二季於永續業務帶來近 600 萬美元的新經常性銷售，並在氣候業務帶來超過 300 萬美元的新經常性銷售。

However, cancels, particularly in the Americas, were a significant headwind as clients are rightsizing their sustainability spend. As Henry mentioned, we are capturing share gains in a consolidating market and are strongly positioned from a competitive standpoint based on our trusted reputation for quality, depth and breadth of coverage as well as the broad suite of interoperable solutions that we offer. Meanwhile, in Climate, run rate growth across MSCI product lines was nearly 12%. And we are seeing significant demand for physical risk solutions, which are increasingly woven into the investment process.

然而，取消（cancels）—特別是在美洲—成為顯著的逆風，因為客戶正在縮減其永續支出規模。如 Henry 所提到，我們在市場整併中持續取得市占提升；從競爭角度來看，我們憑藉對品質、深度與廣度覆蓋的可信聲譽，以及我們所提供的可互通解決方案的完整套件，而具備強勢定位。同時，在氣候業務方面，MSCI 各產品線的 run rate 成長接近 12%。我們也看到對實體風險解決方案的顯著需求，且這些解決方案正日益被納入投資流程之中。

In the quarter, we won several physical risk deals, including a large deal for a geo-spatial and asset location solution with the European bank. And MSCI's announced acquisition of First Street, a company which has developed a truly unique climate forecasting models, enables us to capture the increasing demand for physical risk and broader climate solutions across a wider range of client segments and use cases.

本季我們贏得了數筆實體風險交易，包括與一家歐洲銀行就地理空間與資產位置解決方案達成的一筆大型交易。此外，MSCI 宣布收購 First Street；該公司開發了真正獨特的氣候預測模型，使我們能在更廣泛的客戶區隔與使用情境中，掌握對實體風險及更廣泛氣候解決方案日益增加的需求。

Upon the close of the acquisition in Q3, we would expect First Street to add about $10 million of subscription run rate to the SNC reporting segment. Between the significant emerging opportunities and the pressure on parts of the sustainability franchise, we expect recurring net new sales to be roughly 0 to slightly negative for the combined sustainability and climate reporting segment across the next 2 quarters. As always, we remain intensely focused on driving strong capital returns to shareholders, and we will continue driving value creation through capital allocation, as we have done year-to-date between our disciplined repurchases and acquisitions.

在第三季完成收購後，我們預期 First Street 將為 SNC 報導分部增加約 1,000 萬美元的訂閱 run rate。在顯著的新興機會與永續業務部分領域的壓力之間，我們預期未來兩個季度合併後的永續與氣候報導分部之經常性淨新增銷售將約為 0 或略為負值。一如既往，我們仍高度專注於為股東創造強勁的資本回報，並將持續透過資本配置推動價值創造；今年迄今，我們已透過嚴謹的庫藏股回購與併購做到這一點。

On expense guidance, we've seen strong AUM growth within investment products linked to MSCI indexes. These AUM levels have been higher than the assumption we noted last quarter. When we released earnings in April, we indicated that we would be towards the high end of the expense guidance ranges based on the assumption of relatively flat markets in Q2. Given the strong top line momentum and very attractive opportunities, we've been investing in key growth areas.

在費用指引方面，我們看到與MSCI指數連結的投資產品之資產管理規模（AUM）強勁成長。這些AUM水準高於我們上季所提到的假設。我們在4月發布財報時曾表示，基於對第二季市場相對持平的假設，我們的費用將落在費用指引區間的高端。鑑於營收端的強勁動能以及非常具吸引力的機會，我們一直在關鍵成長領域加大投資。

Additionally, there are a few notable factors driving the increased expense guidance range. Firstly, the impact of the recent acquisitions with the largest impact expected from First Street. Secondly, performance stock-based comp and bonus accruals related to the significant increase in AUM and products linked to MSCI indexes. The adjustment to the D&A guidance is driven by the First Street acquisition and the increase in the interest expense is driven by the higher revolver balances related to the First Street acquisition and recent share repurchases. Importantly, we have the levers to flex investments up and expenses down based on the environment and business performance, which allows us to consistently deliver strong results.

此外，還有幾個值得注意的因素推動費用指引區間上調。第一，是近期併購的影響，其中預期影響最大的是First Street。第二，是與AUM大幅增加以及與MSCI指數連結產品相關的績效型股票酬勞與獎金提列。折舊與攤銷（D&A）指引的調整來自First Street併購案，而利息費用增加則是由於與First Street併購及近期股票回購相關的循環信貸（revolver）餘額較高所致。重要的是，我們具備可依環境與業務表現彈性調整的槓桿，能在加大投資的同時降低費用，從而讓我們持續交出強勁成果。

We remain well positioned and committed to delivering attractive profitability growth in all environments while investing for the long term. Overall, I'm incredibly excited by our growing momentum and a strong pipeline across the business. We are only just starting to see the benefits of the new and enhanced solutions that we've recently introduced and which are adding to our momentum. We look forward to keeping you posted on our progress.

我們仍處於有利位置，並承諾在各種環境下，在為長期投資的同時，提供具吸引力的獲利成長。整體而言，我對我們日益增強的動能以及全公司強勁的商機管線感到非常振奮。我們才剛開始看到近期推出、且已強化的新解決方案所帶來的效益，這些方案正在進一步推升我們的動能。我們期待持續向各位更新我們的進展。

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

接下來，請接線生開放提問。

(Operator Instructions)

（接線生指示）

Manav Patnaik, Barclays.

Manav Patnaik，巴克萊。

Henry, I guess, in your commentary, you talked about a lot of record new sales and categories and so forth. So just broadly, in terms of the environment for subscription sales, like looking forward, how would you characterize the momentum there versus maybe the numbers this quarter, I guess, fell a little short of expectations. Just curious on anything seasonal or any other characteristics you would call out?

Henry，我想在你的評論中，你提到很多創紀錄的新銷售與各類別等。所以更廣泛地看，關於訂閱銷售的環境，往前看，你會如何形容那裡的動能？相較之下，本季的數字似乎略低於預期。想請教是否有任何季節性或其他你會特別指出的特徵？

We are pretty bullish on our outlook and you know me well, Manav, that I speak my mind and I basically tell exactly what I believe. And we have introduced a very large number of new products, 80-plus in the last 2 quarters compared to 40 plus in all of '24. Many of those new products are just beginning to show traction in sales because in our business, it takes time. It's an institutional budget, it's an institutional setting. So it takes time to go showcase it, discuss it, go through the use cases, go through the approval processes in our clients, et cetera.

我們對前景相當樂觀，你也很了解我，Manav，我向來直言不諱，基本上會說出我真正相信的事情。我們推出了非常多的新產品，過去兩個季度超過80項，而2024年全年也就40多項。其中許多新產品才剛開始在銷售上展現牽引力，因為在我們的業務中，這需要時間。這是機構預算、機構場景。因此需要時間去展示、討論、走完使用案例、走完客戶端的核准流程等等。

So that is why I have -- Dan and I have made the specific comments a few times in our remarks about a very good pipeline in the next few quarters. I think we need to look at this quarter in the context of the progression that we have seen in the last few quarters, starting mid last year, and I think we had 3 quarters of outperformance relative to consensus. And the feeling by us that our prospects and the pipeline are pretty good.

所以這也是為什麼我——以及Dan——在我們的發言中多次特別提到，未來幾個季度會有非常不錯的商機管線。我認為需要把本季放在我們過去幾季所看到的進展脈絡中來看，從去年年中開始，我們有三個季度的表現優於市場一致預期。而我們也感覺到，我們的前景與管線相當不錯。

And therefore, 1 quarter in a process like ours of reigniting much higher growth in the run rate, we're selling what we got and also with a lot of new products at launch, I think we need to be cognizant that there will be more variability quarter-by-quarter because many of the new products we're launching have high ticket items, high value adding. So they may -- if they fall in 1 line versus another line of the day, at the end of the quarter, then we flip from one place to another.

因此，在像我們這樣重新點燃更高成長、提升經常性成長率（run rate）的過程中，一個季度的表現，我認為需要留意：我們一方面在銷售既有產品，另一方面也有大量新產品剛上市；我們必須意識到季度之間的波動可能會更大，因為許多新產品屬於高客單價、高附加價值。所以它們可能——如果在季度末落在某一條產品線而非另一條產品線——就會使我們的表現從一邊切換到另一邊。

Lastly, Manav, what I would say is we're very aggressive risk takers but we're a very prudent financial manager -- prudent financial management. The reason why we are indicating a higher expense guidance is not because things are being forced upon us is because we voluntarily feel that we will want to invest more in the business because we remain more positive than we have in the past.

最後，Manav，我想說的是，我們在承擔風險方面非常積極，但在財務管理上非常審慎——審慎的財務管理。我們之所以給出較高的費用指引，不是因為有什麼外力迫使我們，而是因為我們自願認為應該在業務上投入更多，因為我們對前景的正面程度比過去更高。

Alvise Munari, one of our key senior managers was telling us this morning is if we have the pipeline that we have to -- if we have had the pipeline that we have today, last year, we have felt a lot better, right, meaning it's -- a lot of things have changed. And of course, the overall environment is pretty positive among hedge funds and traders and given the active managers, I think we are making more progress than in the last few years because we're putting in new products.

我們的一位關鍵資深主管Alvise Munari今天早上跟我們說，如果我們去年就有現在這樣的商機管線，我們會覺得好很多，對吧？也就是說——很多事情都改變了。當然，整體環境在避險基金與交易員之間相當正面；考量到主動型管理人，我認為我們比過去幾年取得更多進展，因為我們正在推出新產品。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

I wanted to follow up, Henry, on you just mentioned maybe higher volatility because of the higher ticket price products, higher-priced products. I was wondering if you could maybe talk about your having really good success selling to hedge fund clients. You mentioned the tripling of net new sales there. Does that inherently lead to revenue volatility in the future? I know right now, it seems like that's not an issue, but does that lead to volatility?

Henry，我想追問你剛提到的，可能因為高客單價產品、較高定價產品而帶來較高波動性。我想請你談談你們在向避險基金客戶銷售方面取得很好的成功。你提到那裡的淨新增銷售成長了三倍。這是否會在未來本質上導致營收波動？我知道目前看起來不是問題，但這會帶來波動嗎？

And then maybe also -- like are you getting traction and adoption on selling data through MCP and does that lead to increased pricing this year, but then when you lap it in the future, does that sort of add some volatility as well?

另外也想問——你們透過MCP銷售資料是否正在獲得牽引力與採用？這是否會在今年帶來更高的定價，但未來當基期對比（lap）後，是否也會增加一些波動？

Toni, I believe that there will be some, not a lot, but some volatility quarter-by-quarter as we ramp up growth. But I don't think that, that volatility will necessarily come from traders and hedge funds. Historically, when you come back quite a few years, there was a meaningful amount of volatility in that segment. And a lot of it was because there was a long tail of hedge funds that we were selling into, which would disappear or I go out of business or they would cancel.

Toni，我認為在我們加速成長的過程中，季度之間會有一些——不會很多，但會有一些——波動。但我不認為那種波動一定會來自交易員與避險基金。從歷史來看，如果回溯到很多年前，那個分部確實有相當程度的波動。其中很大一部分原因是，我們當時銷售的對象包含一長串尾端的避險基金，這些基金可能會消失、倒閉，或是取消訂閱。

Our strategy today is much more focused on the largest hedge funds that are multi-strategy, much more stable than has been in the past. So that is one factor that I don't think will lead to volatility. The other strategic factors that I would want to mention is, for a very long period of time, we had MSCI in our index franchise, we're very focused on the assets, the AUM levels of our clients our price increases with the active managers were kind of correlated to that, our solutions were correlated to that. And of course, the ASPs were highly correlated to to the level of assets. What we have discovered in the last few years that there is a large trading and liquidity ecosystem around the AUM, which we were not strategically focused on as much.

我們目前的策略更聚焦於最大的多策略避險基金，它們比過去更穩定。因此，這是一個我認為不會導致波動的因素。我還想提到的另一個策略性因素是：在很長一段時間裡，我們在指數業務中擁有MSCI，我們非常聚焦於資產，也就是客戶的AUM水準；我們對主動型管理人的漲價某種程度上與此相關，我們的解決方案也與此相關。當然，平均售價（ASP）也與資產水準高度相關。而我們在過去幾年發現，在AUM周邊存在一個龐大的交易與流動性生態系，而我們過去在策略上並沒有那麼聚焦於此。

And that's what we've started to do in the last year or so, and we have started launching new products and the like.

這正是我們在過去一年左右開始著手的方向，我們也開始推出新產品等等。

So I think that, that is a secular and consistent source of profitability of sales, of course, but profitability for us, and it's not like a yoyo, it doesn't go up and down. It's very secular, very structural.

因此我認為，這是一個長期（secular）且一致的銷售獲利來源——當然是銷售，但對我們而言更是獲利——而且它不像溜溜球一樣上下起伏。它非常長期、非常結構性。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，RBC資本市場。

I wanted to drill down further on the analytics front. Particularly, you talked about really strong demand for factor content and factor solutions, but if you look at the subscription sales growth there, that was a bit soft. So I was just wondering any particular puts or takes that you would call out? Is it mostly around tougher comps? And how do we think about the pipeline and analytics going forward?

我想在分析（analytics）這一塊再深入一些。特別是，你提到因子內容與因子解決方案的需求非常強勁，但如果看那邊的訂閱銷售成長，表現有點偏弱。所以我想請教，有沒有什麼特別的正負因素你會點出來？主要是因為比較基期更具挑戰嗎？以及我們該如何看待未來的管線與分析業務？

It's all lumpiness. The pipeline going into the second half of the year is pretty strong in analytics. And therefore, I would really advise you not to focus too much attention in this quarter's softness, so to speak, in the analytics results because it's very, very largely lumpiness from one quarter to the next.

這完全是因為波動性（lumpiness）。進入下半年時，分析業務的銷售管線相當強。因此，我會建議你不要把太多注意力放在本季分析業績所謂的疲軟上，因為這在很大程度上只是季度之間的波動性，非常、非常明顯。

Alex Kramm, UBS.

Alex Kramm，瑞銀（UBS）。

Hopefully, this is not a repeat, my phone just dropped. But I wanted to come back to the index sales, in particular from hedge funds because you did point out strong demand, and I think this was mentioned again just now in terms of the multi-managers, but there's obviously been a bunch of articles around how much money some of these firms are minting in terms of index arbitrage strategies, et cetera. So just wondering, do you think there's a large TAM for this? Do you think there's a lot of firms that you're talking to that want to get bigger in that space? Because clearly, there's money to be made?

希望這不是重播，我的手機剛剛掉了。不過我想回到指數銷售，特別是來自避險基金的部分，因為你確實指出需求強勁，而且我想剛才在談多經理人（multi-managers）時也再次提到；但顯然有不少文章在談這些公司透過指數套利策略等賺了多少錢。所以我想問，你認為這裡的可服務總市場（TAM）很大嗎？你覺得有很多你正在洽談的公司想在這個領域做得更大嗎？因為很明顯，這裡有錢可賺？

Or do you think it's a very concentrated group of folks that you can sell to here? And then hopefully, at some point, do you meet that demand, but maybe it's finite.

還是你認為這是一個非常集中的客群，你們能賣的對象其實就那一小群？然後希望在某個時間點你們能滿足那個需求，但也許它是有限的。

Alex, I think it's both. Definitely both as I was saying, probably when your phone dropped. The very strategic sort of breakthrough that we have had in the last kind of 12, 18 months of MSCI is that we used to sell to the traders and hedge funds as a derivative almost like we would take the products that we will sell to the active managers and sell it to them. And we started recognizing that in addition to the very large AUM levels of active and passive managed AUM linked to our indices. There is a very large ecosystem around that.

Alex，我覺得兩者皆是。確實兩者都有，就像我剛才說的——可能在你手機掉線的時候。過去大概12到18個月，MSCI 有一個非常策略性的突破：我們以前賣給交易員和避險基金，幾乎是以衍生的方式——就像把我們賣給主動型經理人的產品再賣給他們。而我們開始意識到，除了與我們指數連結的主動與被動管理資產（AUM）規模非常龐大之外，在那之上還存在一個非常大的生態系。

trading ecosystem, liquidity ecosystem around that, that needs lubrication that needs products, data products and models and all of that to make it flow better, and we're the ones that can provide that because we help create that AUM levels. So I think the large hedge funds, we're definitely getting paid too little for the index arbitrage, right? (inaudible) For sure. And there are a number of other hedge funds that are obviously wanting to get into that, especially given the recent good news about the profitability there.

也就是圍繞其上的交易生態系、流動性生態系，需要「潤滑」——需要產品、資料產品、模型等等，讓它運作得更順暢；而我們正是能提供這些的人，因為我們協助創造了那些 AUM 規模。所以我認為，對於大型避險基金而言，我們在指數套利上確實收得太少了，對吧？（聽不清）確實如此。而且還有一些其他避險基金顯然也想進入這個領域，尤其是考量到近期關於其獲利能力的好消息。

But there are a lot of other venues for growth in terms of custom index. One of the things we've been highlighting to our hedge fund clients is they are focused very much on the market cap index arbitrage, but 30-plus percent of the AUM of the ETFs linked to MSCI indices are not in market cap. They are factors and ESG and climate and many of them are more customized.

但在客製化指數方面，還有很多其他成長途徑。我們一直向避險基金客戶強調的一點是：他們非常聚焦在市值加權指數套利，但與 MSCI 指數連結的 ETF 資產（AUM）中，有30%以上並不是市值加權。而是因子、ESG、氣候，且其中很多更偏向客製化。

So we're creating those data sets for them to do to the index arbitrage. Now remember, the index arbitrage also helps the active managers and passive manager, particularly (inaudible) managers because somebody's got to supply the shares in that 1 last hour of trading in the quarter when people are rebalancing. And the people that do that are the hedge funds and the broker dealers. So there is a big ecosystem that we're just beginning to scratch the surface area.

因此我們正在為他們建立那些資料集，讓他們可以進行指數套利。另外要記得，指數套利也有助於主動型與被動型經理人，特別是（聽不清）經理人，因為在季度最後一小時交易、大家在再平衡時，必須有人提供股票供給。做這件事的人就是避險基金與券商自營商（broker dealers）。所以這是一個很大的生態系，而我們才剛開始觸及其表面。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

Could you please add more color on the drivers of the fee compression for the asset-based fee in the last 2 quarters. The drop was quite meaningful for 2 quarters compared to last year. How much of that was because of your kind of like the tier pricing structure? And how much of it is driven by competitive dynamics? And how should we think about this fee rate going forward?

可否請你更詳細說明，過去兩季資產基礎費（asset-based fee）出現費率下壓（fee compression）的驅動因素？相較去年，連續兩季的下滑幅度相當明顯。其中有多少是因為你們類似分級定價（tier pricing）結構？又有多少是由競爭態勢所驅動？以及我們該如何看待未來的費率走勢？

Sure, sure. Yes. So Owen, first and foremost, it is important to keep in mind that our primary focus is on driving overall run rate growth and revenue growth and maximizing the AUM capture with our ETF partners. And you've seen tremendous success on that front with nearly $1 trillion of AUM growth and 30% growth in ETF run rate over the last year, 25% overall growth in asset-based fee run rate and so that is our predominant focus. As we commented on with the year-end earnings, around the new BlackRock agreement, the extension of the BlackRock agreement.

當然，當然。是的。所以 Owen，首先最重要的是要記住，我們的主要重點是推動整體經常性收入（run rate）成長與營收成長，並與我們的 ETF 合作夥伴一起最大化 AUM 的捕捉。你也看到我們在這方面取得巨大成功：過去一年 AUM 增加近1兆美元，ETF run rate 成長30%，資產基礎費 run rate 整體成長25%——因此這是我們最主要的關注點。如同我們在年終財報中提到的，關於新的 BlackRock 協議、以及 BlackRock 協議的延長。

There was a change to the floors on certain products, which caused the drop in the first quarter of basis points.

某些產品的最低費率門檻（floors）有所調整，這導致第一季以基點（bps）計的費率下滑。

When you look at the second quarter, it was predominantly driven by tremendous asset growth and mix shift. And so we saw significant growth in AUM skewed towards developed markets outside the U.S. and all country products where we tend to have a wider range of pricing schedules, particularly relative to emerging market exposure. Correspondingly, you saw far less cash flows in emerging markets in the second quarter relative to what we've seen in the past year recently. And so there were a number of dynamics at play.

再看第二季，主要是由非常強勁的資產成長與組合轉移（mix shift）所驅動。因此我們看到 AUM 的顯著成長偏向美國以外的已開發市場，以及全國家（all country）產品；而在這些產品上，我們的定價級距範圍通常更廣，特別是相較於新興市場曝險。相對地，你也看到第二季新興市場的資金流入遠少於我們在過去一年近期所看到的水準。所以當中有多個動態因素同時在發生。

In this case, it was heavily mixshift driven. I do want to highlight, and we mentioned this at year-end, we do now have lower floors on certain large products and we've got a somewhat dynamic framework built around the pricing.

在這個案例中，主要是由組合轉移所驅動。我也想強調——我們在年終時提過——我們現在確實在某些大型產品上設定了更低的最低費率門檻（floors），並且在定價上建立了一個相對動態的架構。

So the overall basis points are going to be dynamic and a function of how much growth we see and where we see that growth. And if you do see significant growth in lower fee products, you can see a higher contribution from mix shift as we saw in the second quarter here. The opposite can be true as well, where when you see a higher contribution from the higher fee products. You can see stability or even increases in the basis points. So it really is path-dependent here, but overall, our focus is on driving overall run rate growth and we continue to be very bullish about the opportunity here.

因此，整體基點（bps）會是動態的，取決於我們看到多少成長，以及成長發生在哪些產品上。如果你看到低費率產品出現顯著成長，就可能像本次第二季一樣，組合轉移的影響占比更高。反過來也可能成立：當你看到較高費率產品的貢獻更高時，你可能會看到基點維持穩定，甚至上升。所以這確實是路徑依賴（path-dependent）；但整體而言，我們的重點仍是推動整體 run rate 成長，而我們也持續對這裡的機會非常看多。

And even over the last few weeks in the third quarter, we've continued to see exceptional cash flows in the ETFs linked to our indexes. And so continue to believe there's a long trajectory of upward movement there.

而且即使在第三季過去幾週，我們仍持續看到與我們指數連結的 ETF 出現非常亮眼的資金流入。因此我們仍相信那裡有一條長期向上的成長軌跡。

Alex Hess, JPMorgan.

Alex Hess，摩根大通（JPMorgan）。

Could you briefly refresh us how much -- what is your AUM level to end the quarter in non-ETF products? And then shifting to the active ETF discussion. I know you guys threw out some points there. But just maybe give us an update on how active ETF penetration is going. Should we expect more attach of subscription products in the back half of the year for nascent active ETFs.

可否請你簡要幫我們更新一下：截至本季末，你們在非 ETF 產品上的 AUM 規模大約是多少？接著轉到主動式 ETF 的討論。我知道你們剛才提到了一些觀點。但能否請你們更新一下主動式 ETF 的滲透率進展如何？對於仍在起步階段的主動式 ETF，我們是否應該預期在下半年會有更多訂閱型產品的搭售（attach）？

Any sort of dynamics about how that should flow through your P&L in the back half of the year and just the momentum in that business would be really helpful.

關於這些因素在今年下半年應如何反映到你們的損益表（P&L）上，以及該業務的動能走勢，若能提供一些看法會非常有幫助。

Sure. So the non-ETF passive AUM is around $5 trillion as of June 30. It continues to be an area where we see tremendous growth across a number of dimensions. The revenue growth can deviate from ETF growth because of a number of factors, including different AUM growth dynamics, less impact from inflows, contract adjustments through ups true-downs in certain cases, we can have mandates that shift their assets, which can cause impact to run rate and revenue, which is why you've seen some lower growth in non-ETF passive relative to the ETF growth, but we do expect this to continue to be an attractive longer-term growth opportunity for us.

當然可以。截至 6 月 30 日，非 ETF 的被動式 AUM 約為 5 兆美元。這仍然是我們在多個面向看到強勁成長的領域。營收成長可能會因多項因素而與 ETF 的成長不同步，包括 AUM 成長動能差異、資金流入影響較小、在某些情況下透過 ups true-downs 進行的合約調整；我們也可能有委任案（mandates）將資產移轉，進而影響 run rate 與營收。這也是為什麼你會看到非 ETF 被動式的成長相較於 ETF 成長略低；但我們確實預期這將持續是我們具吸引力的長期成長機會。

On the active ETF front, this is an exciting area for us. As you know, we've got a notable presence as a benchmark provider to many of the -- actually, most of the managers that are launching active ETFs, and we are increasingly having dialogues with them about how we can help them beyond just being the benchmark and play an integral role in the active portfolio construction through using our content sets, our tools, our analytics.

在主動式 ETF 方面，這對我們而言是一個令人振奮的領域。如你所知，我們作為基準（benchmark）提供者，在許多——其實是大多數——推出主動式 ETF 的管理人之中都具有相當顯著的存在感；而且我們也愈來愈多與他們對話，討論我們如何不僅僅作為基準提供者，還能透過運用我們的內容資料集、工具與分析，在主動式投資組合建構中扮演關鍵角色。

And so we have started to get traction there. So we actually recently launched our active financial product license, which is a specific license to an active ETF manager where they have the ability to use our content as a key input into the active management of their strategies. And so we have had some wins on that front in the second quarter, and we are in active dialogues with many organizations to do more for them on that front. So this is something that's benefiting us both on the subscription side and we believe over time should help play a role on the asset-based fee side of the equation as well.

因此我們已開始在那裡取得進展。我們最近實際上推出了主動式金融產品授權（active financial product license），這是一種針對主動式 ETF 管理人的特定授權，使其能將我們的內容作為其策略主動管理的重要輸入。因此我們在第二季在這方面取得了一些勝利（wins），並且正與許多機構進行積極對話，以在這方面為他們提供更多支援。所以這不僅在訂閱端讓我們受益，我們也相信隨著時間推進，這也應能在資產基礎費用（asset-based fee）這一端的方程式中發揮作用。

Kelsey Zhu, Autonomous.

Kelsey Zhu，Autonomous。

Analytics margin was a bit softer than expected this quarter. Could you maybe talk about the main drivers there? And how we should think about the margin trajectory in the second half of the year?

本季 Analytics 的利潤率比預期稍弱。你能否談談主要驅動因素？以及我們應如何看待下半年利潤率的走勢？

Yes. As you know, firstly, I would say we don't focus heavily on the margin in any specific segment or even in a quarter. Our overall goal is allocating our investment dollars and our resources towards the highest returning areas. So I wouldn't read too much into one quarter's margin or expense growth just to provide a bit more color on analytics expenses. I would highlight that a year ago in the second quarter, we had a sizable contingent consideration reversal associated with the contingent consideration on the Fabric acquisition.

好的。如你所知，首先我想說的是，我們不會特別聚焦於任何單一分部、甚至單一季度的利潤率。我們的整體目標是把投資資金與資源配置到回報最高的領域。因此我不會對單一季度的利潤率或費用成長做過度解讀；我補充一些關於 Analytics 費用的背景。我想強調的是，一年前的第二季，我們針對收購 Fabric 所產生的或有對價（contingent consideration），曾有一筆相當可觀的或有對價回轉（reversal）。

That skewed a little bit the year-over-year expense comparison and ultimately, the margin comparison.

那使得年對年費用比較、以及最終的利潤率比較，出現了一些偏移。

We did also have, as I mentioned in the prepared remarks, we had elevated comp accruals and performance stock expense impacts, a chunk of those end up hitting analytics. And beyond that, there are factors like FX and capitalization in any given quarter that can cause the margin to swing around. But within analytics, as Henry alluded to, we continue to see very attractive opportunities, we continue to invest behind areas like or factor franchise areas like our total portfolio solutions integrating our private asset capabilities. But there are parts of the analytics where we are much more measured on our investments. But overall, as I said, I wouldn't focus too much on the margin or expense growth in any one quarter.

另外，如我在事先準備的講稿中提到，我們也有較高的薪酬提列（comp accruals）以及績效股票費用（performance stock expense）的影響，其中有一部分會反映在 Analytics。除此之外，像是匯率（FX）與資本化（capitalization）等因素，在任何一個季度都可能造成利潤率波動。但在 Analytics 內部，正如 Henry 所提到的，我們仍看到非常具吸引力的機會，並持續加大投資在例如因子（factor）系列領域、以及我們的整體投資組合解決方案（total portfolio solutions），並整合我們的私募資產能力。不過在 Analytics 的某些部分，我們對投資會更為審慎。但總體而言，如我所說，我不會過度聚焦於任何單一季度的利潤率或費用成長。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

I want to focus on all other private assets segment. What do you guys think these change here to sort of get out of this. You have about 8% subscription run rate growth this last quarter, yes, that's an acceleration from recent quarters. Although it's not strong as I think you think the potential is long term or what it used to grow historically for some quarters. What needs to change in the marketplace?

我想聚焦在「其他私募資產」分部。你們認為需要有哪些改變才能走出目前的狀況？你們上季的訂閱 run rate 成長大約 8%，是的，這比最近幾季有所加速。但它仍不如你們認為長期潛力應有的強度，或不如過去某些季度的歷史成長。市場上需要改變什麼？

Is it more the product? Is it the sales effort and sales team size or some of the change in the marketplace? Is it an education to the marketplace? What do you think is a change to accelerate that even further?

是產品的問題嗎？是銷售投入、銷售團隊規模，或是市場環境的一些變化嗎？是需要對市場進行教育嗎？你認為要有哪些改變才能讓成長進一步加速？

So Craig, in some much higher growth rate and all of the above. We're just getting started on the acceleration of private assets. And we took control of Burgiss on 3-plus years ago. It took us maybe 1.5 years to make sure that we were totally comfortable with the data sets, with the collection processes, with the existing client base and all of that. And then it took another year so to change the management team of the business.

Craig，我想答案是：成長率會高得多，而且上述全部都是因素。我們才剛開始推動私募資產加速成長。我們在 3 年多前取得 Burgiss 的控制權。我們花了大約 1.5 年，確保我們對資料集、資料蒐集流程、既有客戶基礎等各方面都完全放心。接著又花了大約一年左右來調整該業務的管理團隊。

These kinds of people are not easy to find. So over the last, say, 18 months, we put a new management team and with, let's say, half a dozen to a dozen senior leaders there. We started innovating significantly launching a lot of new products. And all of that, at the moment, it's only beginning to show -- only beginning to show in the growth rate of what we call PCS.

這類人才並不容易找到。因此在過去大約 18 個月，我們建立了一個新的管理團隊，並配置了大約半打到一打的資深主管。我們開始大幅創新，推出許多新產品。而這一切目前才剛開始——才剛開始反映在我們所稱的 PCS 的成長率上。

On real estate, I think that the approach we have been taking before, which was not the right one was we had a management team there and it was basically focused on all places, all things and all that. So we've brought in a great new leader to that space about maybe 3, 4 months ago. We're beginning to show the results of that to revamp the strategy. Real estate is a huge asset class, and there are a lot of subsegments of real estate, some of which are growing pretty fast, like private debt into real estate and infrastructure and some of which are challenged like (inaudible) City office space, right? So it's a question of picking your spots and creating new products for that.

在不動產方面，我認為我們先前採取的做法並不正確；當時我們的管理團隊基本上是「什麼都做、到處都做」。因此我們在大約 3、4 個月前為該領域引進了一位非常優秀的新領導者。我們正開始看到他重塑策略所帶來的成果。不動產是一個龐大的資產類別，且包含許多子領域，其中一些成長相當快，例如流向不動產與基礎建設的私募債；也有一些面臨挑戰，例如（聽不清）城市辦公室空間，對吧？因此關鍵在於選對切入點，並為此打造新產品。

So overall, we feel that the growth rate, so in saying all of the above is new products, new management, new management team, expansion into new client segments.

總體而言，我們認為成長率——所以我說「上述全部」——包括新產品、新管理層、新管理團隊，以及拓展到新的客戶細分市場。

So for example, in PCS, the older business, we were very much focused on the institutional LP, you saw our announcement on -- with UBS on focusing on the wealth LP. One of the biggest contributions we can make is creating transparency and valuations and private asset funds for the wealth segment, the wealth channel, that will significantly increase the allocations in wealth, and we will do that starting with our lead client, UBS, and talking to -- all the talking and subscribing all the big wealth managers in the world. So that's a significant opportunity. And then we have also taken significant steps of creating products and penetrating the GPs in which our run rate for private assets and GPs is extremely small compared to the potential that exists there, which is very, very large.

例如在 PCS（較早期的業務）方面，我們過去非常聚焦於機構型 LP；你也看到我們與 UBS 的公告，聚焦於財富端 LP。我們能做出的最大貢獻之一，是為財富客群／財富通路的私募資產基金建立透明度與估值，這將顯著提高財富端的配置比例；我們會先從我們的領先客戶 UBS 開始，並與——與全球所有大型財富管理機構洽談並促成訂閱。因此這是一個重大的機會。此外，我們也採取了重要步驟來打造產品並滲透 GP；目前我們在私募資產與 GP 端的 run rate 相較於其潛在空間仍非常小，而那個潛在空間非常、非常大。

Faiza Alwy, Deutsche Bank.

Faiza Alwy，德意志銀行（Deutsche Bank）。

I wanted to ask about new product traction. I know historically, you've given us some metrics around the percentage contribution from new products. And I was hoping if you could get some metrics like that. But I guess more broadly, I'm trying to understand the new product traction from maybe your nonhedge fund trading ecosystem. And just trying to disaggregate sort of how much of your growth is really being driven by, again, that hedge fund ecosystem versus incremental new products?

我想詢問新產品的推進（traction）。我知道過去你們曾提供一些指標，例如新產品貢獻占比。我希望你們能提供類似的指標。但更廣泛地說，我想了解新產品推進的來源，可能是來自你們非避險基金的交易生態系。並且想拆解一下，你們的成長究竟有多少是由——再次強調——那個避險基金生態系所驅動， versus 由新增的新產品所帶來的增量成長？

So let me answer the second part, and then Andy will give you the second -- the first part, which is the more quantitative answer. As you know, every quarter, we try to focus attention on specific area so that we don't diffuse in all effort, right? So this quarter, obviously, we've been focused on traders and hedge funds especially index analytics products in order for you to see the potential of that. But there is a very large potential that -- on index across the whole spectrum. I mean we're doing a lot of -- we're ramping up significantly the custom index factory for institutional investors that want customized indices or portfolios and the like.

那我先回答第二部分，接著 Andy 會給你第二——第一部分，也就是比較偏量化的答案。如你所知，每一季我們都會嘗試把注意力聚焦在特定領域，這樣才不會把所有努力分散掉，對吧？所以本季很明顯地，我們特別聚焦在交易員與避險基金，尤其是指數分析（index analytics）產品，讓你能看到其潛力。但指數在整個光譜上其實有非常大的潛力。我的意思是，我們正在做很多事——我們正大幅加速為機構投資人打造「客製化指數工廠」，因為他們想要客製化的指數或投資組合等等。

So obviously, we're customizing this for EPS and all of that. So that's an area that we are only beginning to see the fruits of the expansion in custom indices.

所以很明顯地，我們也在為 EPS 以及所有相關需求做客製化。因此，這是我們才剛開始看到客製化指數擴張所結出的成果的一個領域。

On analytics, we've talked a lot about AI in analytics. We've been very successful. We are pushing pretty hard the total portfolio solutions capabilities with the PPA approach, the total portfolio approach that the Canadians have allocated, a lot of pension funds are coming to us and discussing what of the ways that our infrastructure, our models and our data and our technology can help them achieve that PPA approach to investing for pension funds and (inaudible) funds.

在分析（analytics）方面，我們談了很多把 AI 用在分析上。我們做得非常成功。我們正相當用力推動以 PPA 方法為核心的整體投資組合解決方案能力，也就是加拿大人所採用的「整體投資組合方法」。許多退休基金正來找我們，討論我們的基礎設施、模型、資料與技術，能如何協助他們達成退休基金與（聽不清）基金的 PPA 投資方法。

So that we're only beginning to see traction there. It takes time, as I said. And on private capital solutions and real estate solutions will launch a lot of new products that have not yet stated contributing because it's early. I mean the launching of these new products have been in the last 6 to 9 months. So it's just beginning -- we're beginning to obviously discuss with our clients to do testing, do a lot of trials and it will help the user convince their management and they should spend a lot more on this, et cetera.

所以我們在那裡也才剛開始看到動能。如我所說，這需要時間。而在私募資本解決方案與不動產解決方案方面，我們將推出許多尚未開始貢獻的新產品，因為還在早期。我的意思是，這些新產品的推出大多是在過去 6 到 9 個月內。所以才剛開始——我們顯然才剛開始與客戶討論、做測試、做大量試用，並協助使用者去說服他們的管理層應該在這上面投入更多預算，等等。

it's very early days on that for both what we call PCS and what we call real estate (inaudible).

無論是我們所稱的 PCS，或是我們所稱的不動產（聽不清），目前都還在非常早期的階段。

Faiza, just to dimension it, when we look at the contribution to new sales from new products in the first half of this year, it's up around 40% compared to a year ago. And so we have seen a bigger and bigger contribution from new products. As Henry alluded to and you're asking about the area we've seen the most impact is with the traders and hedge funds scenario where there is generally a shorter sales cycle and path to monetization but we are seeing traction across a broader range of index areas, particularly custom indexes as well as on the private asset front, we are seeing some good traction and there are a whole host of really impactful new solutions that we are just -- have just rolled out recently and are coming out with in the near future across both private assets and index as well as within analytics.

Faiza，為了量化一下，當我們看今年上半年新產品對新銷售的貢獻時，相較一年前大約成長了 40%。因此，我們確實看到新產品的貢獻愈來愈大。如 Henry 所提到、而你也在問的，我們看到影響最大的是交易員與避險基金這個情境，因為通常銷售週期較短、變現路徑也較快；但我們也在更廣泛的指數領域看到動能，特別是客製化指數；同時在私募資產方面，我們也看到不錯的進展，而且有一整套非常有影響力的新解決方案——我們最近才剛推出，並且在不久的將來還會陸續推出——涵蓋私募資產與指數，以及分析領域。

So things like -- we've talked about before, basket build or signal library advanced factor insights. These are areas where it's very fertile new product introduction. They do oftentimes have a longer sales cycle, as Henry said earlier, but these are areas where we're very encouraged and bullish about the opportunity set on the impact of new products moving forward here.

所以像是——我們之前談過的 basket build（籃子建構）或 signal library（訊號資料庫）、advanced factor insights（進階因子洞察）。這些都是非常適合導入新產品的肥沃領域。它們往往確實有較長的銷售週期，如 Henry 先前所說，但這些領域讓我們非常受到鼓舞，對於未來新產品所帶來的影響機會集，我們也相當樂觀、偏多。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

I just want to ask a more high-level question. We have seen this elevated level of subscription run rate growth and traction from the hedge funds and the traders. I'm just wondering if you can maybe share your thoughts on what what inning you believe we are in sort of the kind of demand and product uptake cycle with these 2 end markets and if and how long we could potentially see this elevated level of growth for?

我想問一個更高層次的問題。我們看到訂閱 run rate（年化續訂/運行）成長與來自避險基金和交易員的動能都處在較高水準。我想知道你能否分享一下，你認為在這兩個終端市場的需求與產品採用週期中，我們大概處於第幾局（inning）；以及我們可能還能在多長時間內看到這種較高水準的成長？

In 9 inning baseball game, the first 2, 3 innings would be my guess. Now I can translate that into 90 minutes of soccer, but I won't do that. You can do it (inaudible) right. But we're very -- on that segment, we're very bullish, but it's not the only segment we're very bullish. We're very bullish on wealth managers as it relates to private assets.

如果用九局棒球賽來比喻，我猜大概是在前 2、3 局。我也可以把它翻成 90 分鐘的足球比賽，但我就不那麼做了。你可以（聽不清）對吧。但在那個細分市場上，我們非常看多；不過我們看多的不只那一個細分市場。在與私募資產相關的財富管理機構方面，我們也非常看多。

As I said, we're only getting started with the UBS announcement, of course, which is not in the numbers, by the way. The announcement is just the agreement -- the sort of term sheet agreement to proceed, which we thought it was important to publicize so that we can get traction with other wealth managers in the world. So we feel very good about that. We feel very good about the custom index ecosystem. We feel very good about analytics of accelerating the growth rate of analytics gradually.

如我所說，隨著 UBS 的公告，我們其實才剛開始，當然，那並沒有反映在數字裡，順帶一提。那個公告只是協議——某種條款清單（term sheet）式的協議，表示將繼續推進；我們認為把它公開很重要，這樣我們才能在全球其他財富管理機構那裡取得更多動能。所以我們對此感覺非常好。我們對客製化指數生態系也感覺非常好。我們也很有信心能逐步加速分析業務的成長率。

Nothing comes suddenly and the like. We feel very good about physical risk in climate, we -- what ESG and transition risk and then physical risk did to us with a major sort of strategic breakthrough what all these things are, are nontraditional -- nontraditional sources of risk and return. So we started focusing on that because they have significant effects on portfolios, tariffs, energy supplies, energy dependence, energy transition, obviously, AI impact on companies, other supply chain impacts and the like. Our client base is clamoring for data sets and models that help them understand. So for example, with the closure of the Strait of Hormuz, clients have come to us and say, can you get us data set to understand the electric utilities in East Asia that depend on gas coming from Qatar or oil coming from Kuwait and therefore, try to assess the risk and the opportunity associated with the shares of those companies or the depth of those companies.

沒有什麼事情是突然發生的，諸如此類。我們對氣候中的實體風險（physical risk）非常有信心；我們——ESG 與轉型風險（transition risk），再加上實體風險，為我們帶來了一次重大的、某種戰略性突破：這些東西本質上都是非傳統——非傳統的風險與報酬來源。因此我們開始聚焦在這些議題上，因為它們對投資組合有顯著影響：關稅、能源供應、能源依賴、能源轉型，當然還有 AI 對公司的影響、其他供應鏈影響等等。我們的客戶群正迫切需要能幫助他們理解的資料集與模型。例如，隨著荷姆茲海峽（Strait of Hormuz）關閉，客戶來找我們說：你們能否提供資料集，讓我們了解東亞依賴來自卡達的天然氣或來自科威特的石油的電力公用事業公司，並因此嘗試評估這些公司股票所伴隨的風險與機會，或是這些公司的深度（聽不清）。

So of course, one of the highest products in demand right now is can we use a ranking of companies that are going to have a good positive impact from AI and the companies that are going to have a negative impact on AI. Well, the first thing that I told them is MSCI is in the category of very positive impact from AI. But they're looking for the broader sets across all securities.

所以當然，目前需求最高的產品之一是：我們能否用一個排名來區分哪些公司會從 AI 受到正面影響、哪些公司會從 AI 受到負面影響。嗯，我第一個告訴他們的是：MSCI 屬於會從 AI 受到非常正面影響的那一類。但他們想要的是涵蓋所有證券的更廣泛集合。

So we're very busy at work extremely busy trying to do that. So I mean, look, I think that one other thing that I would say is that we -- we try not to have company speak or in my case, CEO speak. We tried to tell you like it is, like we see. I stood here almost a year ago exactly and telling you things were not looking that great because we haven't launched a lot of new products, the active management segment was a little more challenged, and we were not in a great trajectory in sustainability. But we have taken a lot of big steps.

所以我們正非常忙碌地投入工作，極其忙碌，試著把這件事做出來。所以我的意思是，你看，我想我還會補充一點：我們——我們盡量不講公司套話，或在我這裡就是 CEO 套話。我們試著把事情如實告訴你，就像我們所看到的一樣。我幾乎正好在一年前站在這裡告訴你，當時情況看起來並不那麼好，因為我們沒有推出很多新產品，主動管理（active management）這個細分市場比較具挑戰，而我們在永續領域的軌跡也不算理想。但我們已經採取了很多重大步驟。

Well, those big steps began to show the way in the third quarter, in the fourth quarter and in the first quarter of this year, and I'm, therefore, telling you the opposite right now. The opposite is that we see a big trajectory here. And I know and respect people that have a different view and and they want to sell their shares. And that's capitalism and free markets and listed company for Randy. But given our conviction and our franchise and the growth prospects that we see, we're prepared to put a bid on the other side of that rate.

而那些重大步驟在第三季、第四季以及今年第一季開始顯現成效，因此我現在要告訴你的是相反的情況。相反的是，我們在這裡看到一條很大的成長軌跡。我也理解並尊重有不同看法、並且想賣出股票的人。那就是資本主義、自由市場，以及對 Randy 來說的上市公司機制。但基於我們的信念、我們的特許經營優勢（franchise）以及我們所看到的成長前景，我們願意在那個價格的另一側出價承接。

Surinder Singh, Jefferies.

Surinder Singh，Jefferies。

For the Sustainability segment regarding the challenges that you're seeing, is this something that we can get through mostly this year? Or is this something that you're going to have to digest maybe over a longer period of time? And then maybe related to that, can Europe and maybe the rest of the world just continue to offset here? Or how should we think about the longer-term dynamics?

關於永續（Sustainability）部門你們所看到的挑戰，這是否是我們大多能在今年內度過的情況？還是說這是你們可能需要在更長一段時間內消化的問題？另外也許相關的是，歐洲以及可能世界其他地區是否能持續在這裡形成抵消？或者我們應該如何看待較長期的動態？

Well, I used to think that it was going to be like a couple of year process. Overreaction is not panning out to be that. I think the -- we're in a protractive cyclical downturn on the use of sustainability, but I want to emphasize, cyclical, not secular. I think sooner or later, there will be more demand for these factors that create opportunities and risk in portfolios, but it's only logical. I mean think about -- let us think about this.

嗯，我以前以為這會像是一個為期幾年的過程。但過度反應並沒有朝那個方向發展。我認為——我們正處於永續相關使用上的一段漫長的週期性下行，但我要強調，是週期性（cyclical），不是結構性／長期趨勢性的（secular）。我認為遲早，市場會對這些會在投資組合中創造機會與風險的因素有更多需求，這是合乎邏輯的。我的意思是想想看——讓我們想想這件事。

Who is going to say that in the future, governance is going to be less important. Who is going to think that in the future environmental matters are going to be less important. Who is going think that in the future, social issues where most developed market economies in the world, their local -- their local white population is declining and they need to bring peoples of color and people of all the religions in order to create economic growth and the adaptability of companies to a social system of multicultural society needs to be taken into account and the return of security. So I think we just -- we're seeing another reaction, which is prolonged and protracted. I don't know how long it will take, but it will take long.

誰會說未來公司治理會變得不那麼重要？誰會認為未來環境議題會變得不那麼重要？誰會認為未來社會議題會變得不那麼重要——在世界上多數已開發市場經濟體中，本地——本地白人人口正在下降，他們需要引入有色人種以及各種宗教背景的人，才能創造經濟成長；而企業對多元文化社會之社會體系的適應能力，需要被納入考量，並反映在證券的報酬之中。所以我認為我們只是——正在看到另一波反應，而且是延長且拖得很久的。我不知道會需要多久，但會需要很長時間。

And right now, for us, it's a consolidation play. We are consolidating -- our clients are consolidating to us because we're the committed player, we're the one putting some investment, we're the one servicing them. So our market share is increasing in this space, in some cases, rapidly. And we're going to be the last big entity standing when this all settle in this space. and benefit from the upswing when it comes.

而就我們目前而言，這是一個整併的局面。我們正在整併——我們的客戶也在向我們整併，因為我們是堅定投入的參與者，我們是投入資本的那一方，也是提供服務的那一方。因此我們在這個領域的市占率正在上升，在某些情況下甚至上升得很快。當這一切在這個領域塵埃落定時，我們將會是最後仍屹立不搖的大型機構，並在回升到來時受益。

The other part of this, as I said before, is sustainability of the old ESG terminology open our eyes to climate initially transition and then physical and we opened our eyes to this whole field of emerging risks. Most of what MSCI has done as help clients understand traditional sources of risk and return, market risk, credit risk, in some cases, operational risk, whether it's factor risk or stress testing risk or all of that. And what we have begun to realize is that the world is changing fast and therefore, there are nontraditional and emerging sources of risk and return that need to be captured into portfolios, and we are the player to help them do that.

另外一部分，如我先前所說，永續——用過去的 ESG 術語來說——最初讓我們把目光放到氣候：先是轉型風險，接著是實體風險；也讓我們看見整個新興風險的領域。MSCI 過去大多是在協助客戶理解傳統的風險與報酬來源：市場風險、信用風險，在某些情況下還有作業風險；不論是因子風險、壓力測試風險或其他。而我們開始意識到，世界變化很快，因此需要把非傳統與新興的風險與報酬來源納入投資組合中加以捕捉，而我們正是能協助他們做到這件事的參與者。

Curtis Nagle, Bank of America.

Curtis Nagle，美國銀行。

Great. Maybe just a quick one on the cash flow. So EBIT expenses, Op expenses is up a little bit, but you did raise the free cash flow guide. So just wondering, I guess, what the offsetting stronger conversion is related to?

了解。我想快速問一個關於現金流的問題。所以 EBIT 費用、營運費用（Op expenses）小幅上升，但你們提高了自由現金流指引。因此我想了解一下，抵消之後更強的轉換（conversion）主要是來自哪些因素？

Yes. So I mean it's driven by a pickup in collections. So we've seen really good traction across the business, as you know, some good top line momentum, and we've seen strong collection activity. That is somewhat offset by higher cash taxes some higher comp-related expenses as we've talked about with the expense guide. But overall, we're seeing strong business momentum, and that's trickling through to free cash flow.

是的。主要是由收款回升所帶動。如你所知，我們在整體業務上看到非常好的進展，有不錯的營收動能，同時也看到強勁的收款活動。這部分在某種程度上被較高的現金稅負，以及如我們在費用指引中談到的、較高的薪酬相關支出所抵消。但整體而言，我們看到強勁的業務動能，並逐步反映到自由現金流上。

As you know, free cash flow can be a bit lumpy because of items like tax, timing of expenses and collections. But overall, we see good momentum and continue to be confident about driving attractive trajectory of both free cash flow growth and free cash flow conversion and free cash flow per share are all things that we're confident in.

如你所知，自由現金流可能會因稅負、費用與收款的時間點等項目而呈現一定的波動。但整體而言，我們看到良好的動能，並持續有信心推動自由現金流成長、自由現金流轉換率，以及每股自由現金流的吸引人成長軌跡——這些都是我們有信心的方向。

Jason Haas, Wells Fargo.

Jason Haas，Wells Fargo。

This is Keegan on for Jason. I've got another one on the traction you're seeing with hedge funds has there been any step change in the underlying demand? Or would you categorize all of this acceleration is coming from your new product developments. And what I'm really trying to understand is you mentioned that your product development in 2026 has already doubled that of 2024, but you're only starting to see the benefits. So should we expect this to continue to accelerate as you continue to benefit from the accelerating new products on a lag?

我是 Keegan，代 Jason 提問。我還有一題關於你們在避險基金客群看到的進展：底層需求是否出現任何階段性的變化？或者你會把這些加速主要歸因於你們的新產品開發？我真正想理解的是，你提到你們 2026 年的產品開發已經是 2024 年的兩倍，但你們才剛開始看到效益。那麼，是否應該預期：隨著你們持續在一段滯後後受益於加速推出的新產品，這種加速會延續下去？

So the impact from new products, we expect to continue to grow, as Henry alluded to earlier, specifically within the hedge fund and trader community, that's the area where we've actually seen probably the most notable impact from new products so far. Those are areas where there is oftentimes a quicker path to monetization and shorter sales cycles. But as Henry alluded to earlier, we're in early innings there. And so these organizations are both growing the areas where they are growing and accelerating, we can help them, which is index rebalance strategies, systematic, more systematic strategies, things like basket trades understanding factors and signals in more detail coming up with custom factors. These are all areas where we're just releasing new capabilities and plan to release new capabilities in coming quarters.

新產品帶來的影響，我們預期會持續成長；如 Henry 先前提到的，特別是在避險基金與交易員社群之中，這是我們目前為止看到新產品影響最明顯的領域。這些領域通常有更快的變現路徑以及更短的銷售週期。但如 Henry 先前所說，我們仍在非常早期的階段。因此，這些機構一方面在其正在成長與加速的領域擴張，我們也能協助他們——例如指數再平衡策略、更系統化的策略、像是籃子交易（basket trades）、更深入理解因子與訊號、提出客製化因子等。這些都是我們正在釋出新能力、並計畫在未來幾季持續釋出新能力的領域。

So as Henry alluded to, we've got a long way to go. But hedge funds and (inaudible) is probably the area where we've already seen the most notable impact from new products. I think the comments generally were across many other areas as well where where there's longer sales cycles and many of the products that we've released, we should be monetizing going forward here, but haven't seen as big of an impact to this point.

所以如 Henry 所提到的，我們還有很長的路要走。但避險基金以及（聽不清）可能是我們已經看到新產品帶來最顯著影響的領域。我認為那些評論也大致適用於其他許多領域——在那些領域銷售週期更長，而我們已經推出的許多產品，未來應該會逐步變現，但到目前為止對業績的影響還沒有那麼大。

George Tong, Goldman Sachs.

George Tong，高盛。

You mentioned asset managers grew 6% in subscription run rate this quarter. Can you elaborate on the demand environment among active managers and whether you're seeing any catalysts that could drive an acceleration in growth?

你提到本季資產管理客戶的訂閱年化收入（subscription run rate）成長 6%。你能否進一步說明主動型管理人（active managers）的需求環境，以及你是否看到任何可能推動成長加速的催化因素？

Yes, George. I mean I think there is not a huge amount that has changed in active managers. Obviously, their AUM levels have risen, but the flows are still muted. And with indices like ours, of course, right, are performing well because of concentration in countries like the U.S. or concentrations in technologies like oversea technology in emerging markets and things like that, they will tend to underperform and have more pressure.

是的，George。我的意思是，我認為主動型管理人那邊並沒有太多改變。顯然，他們的資產管理規模（AUM）水位上升了，但資金流入流出仍然偏弱。而像我們這樣的指數，當然，因為在美國等國家的集中度，或是在科技等領域的集中度——例如新興市場中的海外科技等——表現會比較好；主動型管理人往往會相對落後，承受更大壓力。

So not a huge amount, it's stable. It's a stable kind of client base, but it's not a huge amount of change. I think the approach that we have taken is that this client segment, which we know very well needs our help in transforming themselves. And that is where we're extremely focused on. These are helping activity (inaudible) 80-plus percent of the active ETFs are actually quantitative.

所以沒有太多變化，整體是穩定的。這是一個相對穩定的客戶基礎，但變化不大。我認為我們採取的做法是：這個我們非常熟悉的客戶族群需要我們協助他們進行轉型。而這正是我們極度聚焦的地方。這些正在協助主動型（聽不清）——其實 80% 以上的主動式 ETF 都是量化的。

So I would not quite. I would say systematic type of ETF as opposed to stop picking ETF. So we have a lot to add there for them and help them with that. We are -- a lot of them are generally going into parts of the private asset space like growth equity in private or private credit and the like, and we're helping them there as well.

所以我不會完全那麼說。我會說是系統化類型的 ETF，而不是停止挑選 ETF。因此我們在那方面有很多可以為他們增值並協助他們。我們——他們之中有很多通常會進入私募資產領域的某些部分，例如私募成長型股權、私募信貸等等，我們也在那方面協助他們。

A lot of them are trying to penetrate the wealth channel in addition to the institutional channel. So we have a lot of sales enablement tools there, et cetera. So I think you're going to see a gradual increase in the growth rate on this client segment because of the new strategies we're putting into place.

他們之中有很多也在嘗試除了機構通路之外，進一步打入財富通路。因此我們在那裡也提供許多銷售賦能工具等等。所以我認為，因為我們正在推行的新策略，你會看到這個客戶族群的成長率逐步提高。

David Motemaden, Evercore ISI.

David Motemaden，Evercore ISI。

So last quarter, you guys were talking about some of the clients -- some of your clients wanting to license more content through AI-enabled deliveries. So I'm wondering three months later, how those conversations are progressing? Are you seeing any signs of monetization of that content license -- licensing. And is that -- is any of that showing up here in the run rate yet? Or is that here coming here in the next few quarters? Or how do you think about the progression of that?

所以上一季你們提到有些客戶——你們的一些客戶希望透過 AI 賦能的交付方式授權更多內容。所以我想問三個月後，這些對話進展如何？你們是否看到內容授權——授權方面的任何變現跡象？而那——其中任何部分是否已經反映在目前的 run rate（運行率）裡？還是會在接下來幾季才會出現？或者你們如何看待這件事的推進節奏？

Yes, yes. So it is showing up. It's little today. We do expect this to be a nice tailwind for us. And so we actually very recently signed our first training license.

是的，是的。所以它確實已經開始反映出來。目前規模還小。我們確實預期這會成為對我們相當不錯的順風。因此我們其實最近剛簽下第一份訓練授權。

So this has actually given a client the right to train a model using certain content of ours. We think that's something and we see the demand across a wider range of clients that want to do the same thing, and that can be very attractive for us even beyond the training needs. We know, as Henry alluded to, our clients are becoming more quantitative. They are leaning on AI-driven tools and want broader access to more content sets across broader parts of their organizations. And so that piece has been fueling some of the growth across numerous client segments and fueling some of the demand for more content.

這實際上是讓某位客戶取得使用我們特定內容來訓練模型的權利。我們認為這是一件事，而且我們也看到更廣泛的客戶群有同樣需求；即便超出訓練需求本身，對我們也可能非常有吸引力。我們知道，正如 Henry 提到的，我們的客戶正變得更量化。他們倚重 AI 驅動的工具，並希望在其組織更廣泛的範圍內，取得對更多內容集合的更廣泛存取。因此這一塊正在推動多個客戶族群的部分成長，也推動了對更多內容的需求。

But in both cases, we're early in that journey. Those AI-driven investment processes are at a formative stage and we can play a critical role in helping our clients develop those and give them the key inputs that need to be more more risk-aware systematic, thoughtful and clear about what they're doing to create better outcomes. And so it's an area we are excited about, but it's been a relatively small contributor to this point.

但在這兩種情況下，我們都還在旅程的早期。那些 AI 驅動的投資流程仍處於成形階段，而我們可以在協助客戶發展這些流程方面扮演關鍵角色，並提供關鍵輸入，使其更具風險意識、更系統化、更周全，並清楚了解他們在做什麼，以創造更好的結果。因此這是我們感到興奮的領域，但截至目前它的貢獻仍相對較小。

Alex Hess, JPMorgan.

Alex Hess，摩根大通。

Just real quick. Can you give any color on pricing dynamics year-to-date and maybe what you expect prospectively, just to round out the picture on that net new.

很快問一下。你能否就今年迄今的定價動態提供一些說明，以及你對未來的預期，讓我們把淨新增（net new）的圖像補完整？

Yes, sure, Alex. So I would say, overall, the contribution from price increases to new recurring sales has been relatively stable for us. It fluctuates a bit up and down in different parts of the business, different client segments, but the overall contribution has been pretty consistent with what we've seen in recent quarters. I'd say the puts and takes related to things like client health, usage, innovations, and importantly, we are taking a long-term view with our clients.

好的，當然可以，Alex。我會說，整體而言，價格上調對新增經常性銷售的貢獻對我們來說相對穩定。在業務的不同部分、不同客戶族群之間會有些上下波動，但整體貢獻與我們近幾季看到的情況相當一致。我會說，與客戶健康度、使用情況、創新等相關的利弊權衡，以及很重要的一點是，我們對客戶採取長期視角。

And so in many areas where we could increase price more, we want to be a constructive partner to our clients and position ourselves to do a lot more with them going forward here and the enhancements, innovations that we are making are helping add additional value to our clients as well as supporting price increase here. And so we're confident about the trajectory of price increases. We think it's going to be a strategic and sustainable part of the growth algorithm for us.

因此在許多我們本可以更大幅提價的領域，我們希望成為客戶的建設性夥伴，並讓自己在未來能與他們做更多事情；而我們正在進行的強化與創新，既能為客戶增加額外價值，也能支持我們在此進行提價。因此我們對提價的走勢有信心。我們認為這將成為我們成長算法中具策略性且可持續的一部分。

But overall, it's been pretty stable, and we're being pretty measured around it, although in some areas where we are dramatically enhancing the value we're providing, we can use price as a mechanism to capture that value.

但整體而言，它一直相當穩定，我們在這方面也相當審慎；不過在某些我們大幅提升所提供價值的領域，我們可以把價格作為捕捉該價值的機制。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Henry Fernandez for closing remarks.

謝謝。各位女士先生，我這邊顯示隊列中沒有其他問題。現在我想把電話交回給 Henry Fernandez 作結語。

Thank you, everyone, for joining us. As we described, our footprint is growing across client segments in the investment ecosystem as we accelerate innovation to position us for higher levels of growth in the future. We have a tremendous franchise and are only in the early stages of unlocking the full potential of that franchise and especially through AI. We, of course, remain intensely focused on delivering compounding growth and long-term value creation for our shareholders. We are not a company that makes a break every quarter.

謝謝各位加入我們。如我們所述，隨著我們加速創新、為未來更高水準的成長做好定位，我們在投資生態系的各個客戶族群中的版圖正在擴大。我們擁有非常強大的特許經營（franchise），而我們仍處於釋放該特許經營全部潛力的早期階段，尤其是透過 AI。當然，我們仍高度專注於為股東帶來複利式成長與長期價值創造。我們不是一家每一季都要追求爆發的公司。

We're a company that would like to focus on the adding the addition of every single quarter over the year and over the years in order to create compounding growth year in, year out, year in, year out. In the short term, our sales pipeline seems strong, in terms of the number of opportunities, including some large potential deals that could benefit also in the second half of the year. We are very excited about all the opportunities in front of us, and we're laser-focused on capitalizing them. And again, thank you for joining us. And obviously, please reach out to our team in case you have other questions or comments.

我們是一家希望專注於在一年之內、以及在多年之間，把每一季的增量一點一滴累積起來，以便年復一年、年復一年地創造複利成長的公司。短期來看，我們的銷售管線看起來很強勁，就機會數量而言，包括一些大型潛在交易，也可能在今年下半年帶來助益。我們對眼前所有機會都感到非常興奮，並且高度聚焦於把握這些機會。再次感謝各位加入我們。而且很明顯地，如果你們還有其他問題或意見，請與我們團隊聯繫。

And we keep -- we look forward to keeping you posted on the tremendous progress we're making on the transformation of MSCI into a higher-growth company.

我們也——我們期待持續向各位更新我們在推動 MSCI 轉型為更高成長公司方面所取得的巨大進展。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。