Silvercrest Asset Management Group Inc (SAMG) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Silvercrest Asset Management Group, Inc. Q1 2026 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. Before we begin, let me remind you that during today's call, certain statements made regarding our future performance are forward-looking statements.

早安，歡迎參加 Silvercrest Asset Management Group, Inc. 2026 年第一季（Q1 2026）財報電話會議。（接線員指示）請注意，本活動將被錄音。在開始之前，提醒各位，今天電話會議中關於我們未來表現的某些陳述屬於前瞻性陳述。

They are based on current expectations and projections, which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from statements that are made. Risk factors are disclosed in our filings with the SEC under the caps and risk factors. For all such forward-looking statements, we claim protection provided by the Litigation Reform Act of 1995.

這些陳述係基於目前的預期與推估，並受多項風險與不確定性影響，且許多因素可能導致實際結果與所作陳述出現重大差異。風險因素已於我們向美國證券交易委員會（SEC）提交的文件中之「標題與風險因素」章節揭露。就所有此類前瞻性陳述而言，我們主張適用 1995 年《私人證券訴訟改革法》（Litigation Reform Act of 1995）所提供之保護。

All forward-looking statements and maintenance call are as of the date hereof and Silvercrest S&Ms no obligation to update them. And now I'd like to turn the conference over to Rick Hough, Chairman and CEO of Silvercrest. Please go ahead.

所有前瞻性陳述以及本次電話會議相關內容均以本日為準，Silvercrest 不承擔更新之義務。現在我想把電話會議交給 Silvercrest 董事長兼執行長 Rick Hough。請開始。

Thank you, and thanks for joining us for this conference call for the first quarter of 2026. Silvercrest entered its 25 year in business at the beginning of the second quarter with clear strategic momentum, even as our first quarter results reflected near-term headwinds as we have anticipated and communicated. Discretionary assets under management, which primarily drives the firm's revenue, decreased 3.7% to $23.1 billion at March 31, 2026, from $24 billion as of December 31st, primarily attributable to net institutional outflows.

謝謝，也感謝各位參加我們 2026 年第一季的財報電話會議。Silvercrest 在第二季初邁入營運第 25 年，策略動能明確；儘管我們第一季的結果如先前預期並已對外溝通，仍反映了短期逆風。主要驅動本公司營收的全權委託管理資產（AUM）於 2026 年 3 月 31 日降至 231 億美元，較 12 月 31 日的 240 億美元減少 3.7%，主要歸因於機構資金淨流出。

Organic new client account flows into the firm were $81 million for the first quarter, primarily from high-net-worth investors. Year-over-year, discretionary AUM grew nearly 2% from $22.7 billion as of the end of March last year. Year-over-year, total AUM grew 1.1% to $35.7 billion, up from $35.3 billion as of March 31, 2025.

第一季公司新增客戶帳戶的有機資金流入為 8,100 萬美元，主要來自高淨值投資人。以年增率來看，全權委託 AUM 較去年 3 月底的 227 億美元成長近 2%。以年增率來看，總 AUM 成長 1.1% 至 357 億美元，高於 2025 年 3 月 31 日的 353 億美元。

Non-discretionary AUM are associated with a very small portion of our overall revenue and can substantially change with little revenue effect. As we have previously announced, we will adjust how the firm reports non-discretionary AUM in the future quarter, which will substantially lower reported non-discretionary AUM on a one-time basis without any revenue effect, providing investors with a clearer picture of the AUM and economics that drive our business.

非全權委託 AUM 僅與我們整體營收中非常小的一部分相關，且即使大幅變動，對營收的影響也可能不大。如先前所公告，我們將在未來季度調整公司對非全權委託 AUM 的揭露方式；此調整將在一次性基礎上大幅降低所報告的非全權委託 AUM，但不影響營收，並使投資人更清楚了解驅動我們業務的 AUM 與經濟性。

As we conveyed in our annual report throughout 2025, Silvercrest has embarked on the most significant investment program in its history to build a more enduring and globally capable firm for our next 25 years. We began these investments in earnest about a year and a half ago, and it takes time for those investments, primarily intellectual capital, and headcount, to bear fruit. Our earnings and adjusted EBITDA continue to reflect the deliberate cost of this program.

正如我們在 2025 年年度報告中所述，Silvercrest 已啟動公司史上最重要的投資計畫，旨在為未來 25 年打造更具持久性且具全球能力的公司。我們約在一年半前開始認真推動這些投資，而這些投資（主要為智識資本與人力編制）需要時間才能開花結果。我們的獲利與調整後 EBITDA 仍持續反映此計畫所帶來的刻意成本投入。

We continue to execute on our strategic priorities in the first quarter, and we are fully committed to its rationale and will continue to be transparent about the effect on our financial results. Our new business pipeline remains particularly robust with regards to the firm's global and international equity strategies, bolstered by exceptional investment performance across the board.

第一季我們持續執行策略優先事項，並對其合理性完全承諾，也將持續就其對財務結果的影響保持透明。在全方位卓越投資績效的支撐下，本公司的新業務案源（pipeline）依然特別強勁，尤其是在全球與國際股票策略方面。

The firm continues to generate strong interest from institutional consultants and allocators globally, and our primary institutional objective for 2026 is to convert that pipeline into consultant approvals and funded mandates. We have reorganized our international business development effort and now have professionals in London and Australia dedicated to the effort.

公司持續在全球範圍內獲得機構顧問與資產配置者的高度關注；我們 2026 年的主要機構目標，是將該案源轉化為顧問核准（consultant approvals）與實際撥款的委任（funded mandates）。我們已重整國際業務開發工作，目前在倫敦與澳洲配置專職人員投入此項工作。

Our Dublin office is on track to open later in 2026, following expected Bank of Ireland regulatory approval, and which will allow us to proactively market our capabilities in Europe. We have created investment trusts in both Ireland and Australia together materially expanding our distribution opportunity across Europe and Oceania.

在預期取得愛爾蘭銀行（Bank of Ireland）監管核准後，我們的都柏林辦公室預計將於 2026 年稍晚開幕，並使我們能在歐洲主動行銷我們的能力。我們已在愛爾蘭與澳洲設立投資信託，從而在歐洲與大洋洲大幅擴大我們的銷售與通路機會。

These milestones represent the culmination of a multi-year build that we expect to contribute meaningfully to positive flows in 2026 and beyond. Finally, we opened our Atlanta and Singapore offices during the first quarter of 2026 and are beginning to see business development as a result. The firm continues to invest in talent across the organization and to execute on next-generation portfolio management transitions designed to protect our investment process and preserve our culture, as well as deepen the bench for the years ahead.

這些里程碑代表多年建置的成果，我們預期將在 2026 年及其後對正向資金流入作出實質貢獻。最後，我們已於 2026 年第一季開設亞特蘭大與新加坡辦公室，並開始看到由此帶來的業務開發成果。公司持續在組織各層面投資人才，並推動新一代投資組合管理交接，旨在保護我們的投資流程並維持企業文化，同時為未來多年深化人才梯隊。

These transitions are deliberate and central to our long-term competitive positioning as we approach our 25 anniversary in 2027. As previously discussed, Silvercrest will continue to adjust our compensation ratio to match compelling opportunities to organically grow the firm and build return on invested capital. With significant initiatives underway for marketing and distribution in Europe, Oceania, and Asia, as well as in US-based personnel, our compensation ratio remains elevated.

這些交接是審慎規劃的，並且在我們邁向 2027 年 25 週年之際，對長期競爭定位至關重要。如先前所討論，Silvercrest 將持續調整薪酬比率，以配合具吸引力的有機成長機會，並提升投入資本報酬率。隨著歐洲、大洋洲與亞洲的行銷與通路重大計畫，以及美國本土人員相關措施同步推進，我們的薪酬比率仍維持在較高水準。

Total compensation and benefits expense was $21.1 million, representing 67.2% of revenue for the three months ended March 31, 2026, compared to $18.9 million or 60.2% of revenue for the same period of the prior year. We expect the compensation ratio to remain elevated as these investments mature and begin contributing to revenue growth.

截至 2026 年 3 月 31 日止三個月，薪酬與福利費用合計為 2,110 萬美元，占營收 67.2%；相較之下，前一年度同期為 1,890 萬美元，占營收 60.2%。我們預期在這些投資逐步成熟並開始帶動營收成長之前，薪酬比率仍將維持在較高水準。

Our balance sheet continues to support our strategic growth initiatives and our ongoing commitment to capital returns to shareholders. On May 6, 2026, the company's Board of Directors declared a quarterly dividend of $0.21 per share of Class A common stock. The dividend will be paid on or about June 19 to stockholders of record as of the close of business on June 12. With that, I'll turn things over to Scott Gerard, our CFO, to discuss the financial results, and then we will take questions.

我們的資產負債表持續支持策略性成長計畫，以及我們對股東資本回饋的持續承諾。2026 年 5 月 6 日，公司董事會宣告 A 類普通股每股 0.21 美元的季度股利。該股利預計於 6 月 19 日左右支付給截至 6 月 12 日營業結束時之登記在冊股東。接下來我把時間交給我們的財務長 Scott Gerard 說明財務結果，之後我們將進行問答。

So as disclosed in our earnings release for the first quarter, again, discretionary AUM as of March 31, 2026, was $23.1 billion and total AUM as of the same period was $35.7 billion. Revenue for the quarter was $31.4 million and reported consolidated net income for the quarter was $0.5 million. Revenue basically remained flat for the quarter compared to the first quarter of 2025.

如我們第一季財報新聞稿所揭露，截至 2026 年 3 月 31 日，全權委託 AUM 為 231 億美元，同期總 AUM 為 357 億美元。本季營收為 3,140 萬美元，本季報告之合併淨利為 50 萬美元。與 2025 年第一季相比，本季營收基本持平。

Expenses for the quarter increased year-over-year by $3.6 million, or 13.5%, primarily driven by increased compensation and benefits expense and general and administrative expenses. Compensation and benefits expense for the quarter increased year-over-year by $2.3 million, or 12%, primarily due to increases in salaries and benefits expense, primarily as a result of merit-based increases and new hires, including new staff in Ireland, and an increase in the accrual for bonuses.

本季費用年增 360 萬美元（增幅 13.5%），主要由薪酬與福利費用增加，以及一般與行政費用增加所帶動。本季薪酬與福利費用年增 230 萬美元（增幅 12%），主要由薪資與福利費用上升所致，主要原因包括績效調薪與新增聘僱（包含愛爾蘭新進人員），以及獎金提列增加。

General and administrative expenses increased by $1.3 million, or approximately 17.3%, primarily due to increases in professional fees, occupancy, and travel and entertainment expenses. Reported net income attributable to Silvercrest or to Class A shareholders for the first quarter was approximately $0.2 million or $0.03 per basic and diluted Class A share.

一般與行政費用增加 130 萬美元（約 17.3%），主要由專業服務費、場地／辦公室使用成本，以及差旅與交際費用增加所致。第一季歸屬於 Silvercrest 或 A 類股東的報告淨利約為 20 萬美元，A 類普通股每股基本及稀釋盈餘為 0.03 美元。

Adjusted EBITDA, which we define as EBITDA without giving effect to equity-based compensation expense and non-core, non-recurring items was approximately $3.7 million or 11.8% of revenue for the quarter. Adjusted net income, which we define as net income without giving effect to non-core, non-recurring items, and income tax expense assuming a corporate rate of 26% was approximately $1.5 million for the quarter or $0.13 and $0.12 per adjusted basic and diluted EPS, respectively.

調整後 EBITDA（我們定義為未計入股權基礎薪酬費用及非核心、非經常性項目影響之 EBITDA）本季約為 370 萬美元，占營收 11.8%。調整後淨利（我們定義為未計入非核心、非經常性項目影響，並假設公司稅率為 26%且未計入所得稅費用影響之淨利）本季約為 150 萬美元；調整後每股基本及稀釋盈餘分別為 0.13 美元與 0.12 美元。

Adjusted EPS is equal to adjusted net income divided by the actual Class A and Class B shares outstanding as of the end of the reporting period for basic adjusted EPS. And to the extent dilutive, we had unvested restricted stock units. And non-qualified stock options to the total shares outstanding to compute diluted adjusted EPS. On the balance sheet, total assets were approximately $133 million as of the end of March of this year, compared to $166.6 million as of the end of last year.

調整後每股盈餘（Adjusted EPS）等於調整後淨利除以報導期末實際流通在外的 A 類與 B 類股份數，用以計算基本調整後每股盈餘。此外，在具稀釋性的範圍內，我們將尚未歸屬的限制性股票單位（RSU）以及非合格股票選擇權納入總流通在外股數，以計算稀釋後調整後每股盈餘。在資產負債表方面，截至今年 3 月底總資產約為 1.33 億美元，相較於去年底的 1.666 億美元。

Cash and cash equivalents were approximately $11.6 million. As of March 31, of this year compared to $44.1 million at the end of last year. Borrowings total approximately $10 million as of the end of the first quarter. Total Class A stockholders' equity was approximately $46.9 million at the end of the first quarter. During the first quarter of this year, we repurchased Class A shares totaling approximately $1.9 million. Which represented the completion of our previously announced $25 million stock repurchase plan.

現金及約當現金約為 1,160 萬美元。截至今年 3 月 31 日，相較於去年底的 4,410 萬美元。截至第一季末借款總額約為 1,000 萬美元。第一季末 A 類股東權益總額約為 4,690 萬美元。今年第一季期間，我們回購的 A 類股份合計約 190 萬美元。這代表我們先前公告的 2,500 萬美元股票回購計畫已完成。

That concludes my remarks, and we'll go into Q&A.

以上是我的發言，接下來我們進入問答。

(Operator Instructions)

（接線員指示）

Sandy Mehta, Evaluate Research.

Sandy Mehta，Evaluate Research。

Yes, good morning. The global strategy, you mentioned that you're quite optimistic on that. Could you possibly give some more color on inflows in the pipeline, what sort of inflows you might see this year for the balance of this year?

是的，早安。關於全球策略，您提到對此相當樂觀。能否請您再多補充一些關於管線中的資金流入（inflows），以及今年剩餘期間可能看到何種規模的流入？

Let me just start by saying not just the global value strategy, but our global strategy as well as emerging markets and international strategies all have outstanding top tier, well beyond top quartile performance, which of course all consultants and institutions can see in the available databases, and that is proving to be a sustainable record and so that bodes very well for potential inflows, especially as some of our competitor active managers have had some difficulties in that area.

我先說明，不只是全球價值策略（global value strategy），我們的全球策略，以及新興市場與國際策略，全部都有非常出色的一線（top tier）表現，遠遠超過前四分位（top quartile），當然所有顧問與機構都能在可取得的資料庫中看到，而這也正逐步證明是一項可持續的紀錄，因此對潛在資金流入非常有利，尤其是在我們一些競爭對手的主動型管理人於該領域遇到困難之際。

It takes a long time to see fruition of inflows. Sandy, you have to introduce the capabilities to the consultants, they have to do their homework, they want to watch it, get to know the team and institution. Just to give you one example, an extremely large allocator has had, I think, seven or eight meetings with the team, including here in New York, as well as elsewhere.

要看到資金流入開花結果需要很長時間。Sandy，你必須先把能力介紹給顧問，他們要做功課、想觀察、認識團隊與機構。舉一個例子，一家規模極大的資金配置者（allocator）我想已經與團隊開了七、八次會議，包括在紐約這裡以及其他地方。

The strategies are being rated by the large consultants. That is absolutely necessary in order to make those strategies acceptable to those allocators. That is a near-term project and should be completed very shortly. So that makes me optimistic about flows this year. And then finally, we completed our trusts in both Europe and Australia, which took quite a significant amount of time. And those will be rated as soon as we have a regulatory approval from the Bank of Ireland, we can start distributing that trust in Europe.

這些策略正在接受大型顧問的評等。這絕對是必要的，才能讓這些策略被那些配置者所接受。這是一個短期專案，應該很快就會完成。因此我對今年的資金流向感到樂觀。最後，我們已在歐洲與澳洲完成我們的信託（trust）架構，這花了相當多時間。而一旦我們取得愛爾蘭銀行（Bank of Ireland）的監管核准，就能開始在歐洲銷售／分銷該信託。

Our trust in Australia is up and running and is looking to be rated. And we would expect inflows from both investors that handle monies for high-net-worth investors or at least retail asset management, as well as from the larger institutions. Now, what does that mean for 2026? I can't firmly tell you. We're working on how to measure this pipeline because it's either a lot of money or zero money in terms of a decision-making, right, and quite binary. But I can tell you that the pipeline we're looking at is in the billions of dollars.

我們在澳洲的信託已經上線運作，並正尋求取得評等。我們預期資金流入將同時來自為高淨值投資人管理資金的投資者（或至少零售資產管理端），以及更大型的機構投資人。那麼，這對 2026 年意味著什麼？我無法很確定地告訴你。我們正在研究如何衡量這條管線，因為就決策而言，它要嘛是很多錢、要嘛是零，結果相當二元（binary）。但我可以告訴你，我們正在看的管線規模是數十億美元。

The issue with giving you that number, that is the high potential right now, but. The expected return out of that is a little bit unknown since we are newly entered into the field with these capabilities. I remain highly optimistic to show progress in both AUM and revenue as a result, but I'm having a little difficulty, to be honest with timing. So that's about as far as I can go comfortably to give you some idea about what we're trying to measure and where we are with the process.

給你那個數字的問題在於，那是目前的高潛力，但。由於我們是帶著這些能力新進入該領域，從中可望實現的轉化率（expected return）仍有些不確定。我仍然非常樂觀，認為因此在資產管理規模（AUM）與營收上都能展現進展，但老實說，在時間點上我有點難以掌握。所以在我能夠較有把握的範圍內，大概就只能說到這裡，讓你對我們試圖衡量的內容以及目前流程進度有些概念。

Okay. Small-cap stocks in the US are doing better this year. So are you seeing some more interest from a marketing perspective in small-cap strategies, growth, and value?

好的。美國小型股今年表現較佳。那麼從行銷角度來看，你們是否看到市場對小型股策略（成長與價值）有更多興趣？

Yes. So I think that in our small-cap, I did quite well since September of last year, which is when small-caps rallied. There has been performance issues, because we are a higher quality manager, we have had some performance lagging, as you would expect, like most higher quality active managers or active managers in general, given what has been performing in the marketplace. I think the improved performance of small cap has helped us preserve some AUM rather than necessarily attracting new AUM at this point.

是的。我認為我們的小型股自去年 9 月以來表現相當不錯，當時小型股開始反彈。但也確實存在績效方面的問題，因為我們是偏高品質（higher quality）的管理人，在市場上當前領漲的標的類型之下，我們的表現會有些落後，這也符合你對多數高品質主動型管理人、或一般主動型管理人的預期。我認為小型股表現改善，更多是幫助我們守住部分 AUM，而不一定是在此刻吸引新的 AUM。

I think we have to show some sustained better performance, as well as get through, what we've been very clear about a transitionary period between the senior managers on those capabilities. As I have mentioned in prior calls and in our annual update, that part of the investments that we're making across the firm have been to make sure that we have clear succession planning for our capabilities. Which we have been executing over the past year and a half or so.

我認為我們必須展現更持續的較佳績效，同時也要度過我們一直很清楚說明的過渡期，也就是這些能力的資深經理人之間的交接期。如我在先前電話會議與年度更新中提到的，我們在全公司所做的投資之一，就是確保各項能力都有清楚的接班規劃。而這項規劃在過去一年半左右我們一直在執行。

It's great to see the share count down 15% year-over-year. And I think it was mentioned that the prior authorization has been completed. What are your thoughts on further buybacks, please?

很高興看到股數年減 15%。而且我想也提到先前的授權已經完成。請問你們對於進一步回購有何看法？

Yes, so I will appreciate that. I will mention that. We have been and remain committed to returning capital to shareholders, whether that is through our dividend, which remains quite high, or through buybacks, of which we have done approximately $87 million over the past five years. If you look at our shareholder yield, which would be buybacks plus dividends relative to the market cap.

是的，我很感謝你提到這點。我也補充說明一下。我們一直以來、也仍然致力於把資本回饋給股東，不論是透過股利（我們的股利水準仍相當高），或是透過回購；過去五年我們回購金額約 8,700 萬美元。如果你看我們的股東報酬率（shareholder yield），也就是回購加上股利相對於市值的比例。

It was 23% for 2025, maybe even a touch over, 21% or so on a fully diluted basis. So it does reflect the aggressive share repurchase that you just mentioned. We have repurchased out of that $52 million Class A shares over the past five years. And the current yield is. I think about 10.5%, maybe on a fully diluted basis, closer to 10%, maybe just over 9.5%.

2025 年是 23%，甚至可能略高；以完全稀釋基礎（fully diluted basis）計算大約是 21% 左右。因此確實反映了你剛提到的積極股票回購。在過去五年中，我們在上述金額裡回購了 5,200 萬美元的 A 類股份。而目前的報酬率是。我想大約 10.5%；若以完全稀釋基礎計算，接近 10%，可能略高於 9.5%。

And the current yield is 6.1%, which we've continued to grow. The reason I give those statistics is, one, we have a record of this. I think people should be well apprised of it. Given the small-cap nature of our stock and where we are in the investment cycle, I think it's really important as the leader of the firm to pay investors to own our shares and to see a regular return via either buybacks or an accretion or through that nice dividend yield.

而目前的殖利率是 6.1%，我們也持續提高。我之所以提供這些統計數據，第一，是因為我們在這方面有紀錄可循。我認為大家應該充分了解。考量到我們股票的小型股（small-cap）特性以及我們所處的投資循環位置，我認為作為公司領導者，讓投資人持有我們的股票能獲得回報非常重要，並能透過回購、每股價值增厚（accretion）或是那個不錯的股息殖利率，看到規律性的回報。

We're at a low in cash right now, Sandy, because we just completed our bonus compensation payments, and now we're building cash up through the next year. As of year-end, to give you an idea where that stood, before bonuses, I think it was about $44 million. It's probably down to about $11 million now. We've taken on some debt. We just thought that was prudent to have that facility being used and capable here for working capital as we make these investments.

Sandy，我們目前現金處於低點，因為我們剛完成獎金薪酬的支付，接下來會在未來一年逐步累積現金。以年底的狀況來讓你了解一下，在發放獎金之前，我想大約是 4,400 萬美元。現在可能降到約 1,100 萬美元。我們也承擔了一些負債。我們認為動用並保有這項融資額度是審慎之舉，可在我們進行這些投資時作為營運資金之用。

However, our cash flow, even though we have cut into it quite heavily over the past year and a half, and our facilities all mean that we can support both our ongoing growth initiatives as well as capital returns. I'm likely to take a slight pause with regards to capital returns right now as we wait for some of these investments to show progress and come to fruition. But it is high on our mind, something that we think is fundamentally important for shareholders, which is why I gave you the history and wanted to re-emphasize my commitment to it as we make progress.

然而，我們的現金流——儘管在過去一年半我們已相當大幅度地動用——以及我們的各項設施，都意味著我們能同時支持持續的成長計畫與資本回饋。就資本回饋而言，我現在可能會稍作停頓，因為我們正在等待其中一些投資展現進展並開花結果。但這一直是我們高度關注的重點，我們認為這對股東而言在根本上非常重要；這也是為什麼我向各位說明了過往的歷史，並希望在我們取得進展之際，再次強調我對此的承諾。

Great. Thank you so much. All the best. Thank you.

很好。非常感謝。祝一切順利。謝謝。

(Operator Instructions)

（接線員指示）

Jim Maroni, Cingular.

Jim Maroni，Cingular。

Yes, good morning, Dean. My question is just for regards to the increase in the expenses, given that the revenue is flat and the kind of put pressure on your profit margin. So, yes, can you just shed some light? Yes, can you just shed some light how much of that is just attributed to increase the value of the equity markets, and given that the equity markets continue to churn at a high in the second quarter, can we expect the same kind of pressure with regards to expenses and on the margin in the next quarter?

是的，早安，Dean。我的問題是關於費用增加：在營收持平的情況下，這似乎對你們的利潤率造成壓力。所以，是的，你能否稍微說明一下？是的，你能否說明其中有多少是歸因於股權市場價值上升；並且鑑於第二季股市仍在高檔震盪，我們是否可以預期下季在費用與利潤率方面也會承受類似的壓力？

Yes, right. So, that the tailwinds for the equity markets with regards to our AUM were pretty significant for 2024 and 2025, I would even say '23 through '25. It was a definite negative as you might expect in 2022 for us. That is increasingly attenuated, in part because of where we are exposed in the market. You have to keep in mind, we're a diversified wealth management firm, 70% of our assets are going to be invested in a way that's quite balanced and not necessarily levered directly to hot running equity markets, number one.

是的，沒錯。因此，就我們的資產管理規模（AUM）而言，股權市場的順風在2024與2025年相當顯著，我甚至會說是從2023到2025。如你所料，2022年對我們而言則明顯是負面影響。這種影響正在逐漸減弱，部分原因在於我們在市場中的曝險位置。你必須記住，我們是一家多元化的財富管理公司，我們70%的資產會以相當均衡的方式投資，並不一定直接槓桿連動於火熱的股市，這是第一點。

Number two, as you well know, the hottest spot in the market are large cap technology stocks, very concentrated, way more concentrated than we would normally have a wealth management client who needs a diversification in assets and can't have that kind of exposed risk as much as it's enticing and creates a fear of missing out.

第二點，如你所知，市場最火熱的區域是大型科技股，非常集中，集中度遠高於我們一般會為需要資產分散的財富管理客戶所配置的水準；客戶也無法承擔那麼高的曝險風險，儘管它很誘人，並會造成「錯失恐懼」（FOMO）。

So we're just not going to run the same way as the equity markets and the capital gain, for example, at the firm over the first quarter was very small. And it probably ran at -- I'm just ballparking here, but I'm going to be very close in the fourth quarter for you to annualize that, it probably would have been closer to $1.2 million, $1 billion on an annualized basis. So a good bit down from total years of, say, 2024.

因此，我們的表現不會與股市同幅度波動；例如，公司第一季的資本利得非常小。而且它大概是——我這裡只是粗估，但應該很接近——若以第四季的水準來年化，年化後可能更接近12億美元、也就是以年化基礎約10億美元。因此，相較於例如2024年那樣的全年總額，確實下降不少。

And we're in a really unusual situation. The market could take a big hit from those large-cap stocks, they could decline meaningfully as they did at the beginning of the Iran war or when tariffs were announced, and it would have less an effect on this firm. We'll be much more stable. In general, if there's a flight to quality, we will benefit. So that's one way that you should think about and look at our AUM.

而且我們正處於一個非常不尋常的情況。市場可能因那些大型股而遭受重挫，它們可能像伊朗戰爭初期或宣布關稅時那樣出現明顯下跌，但對本公司的影響會較小。我們會穩定得多。一般而言，如果出現資金轉向優質資產（flight to quality），我們將受益。所以，這是你應該用來思考並觀察我們AUM的一種方式。

As for expenses. I should mention something else, sorry, which is that new client organic flows were very strong in 2024 for us, some of the strongest we had seen over the past several years. That was due to primarily new high net worth accounts as well as very large investment in our global value equity strategy. It was a pretty good quarter in the fourth quarter of last year on that basis, and it was okay for the first quarter of 2026.

至於費用。我還要補充一點，抱歉：2024年我們的新客戶自然流入（organic flows）非常強勁，是過去幾年中最強的水準之一。這主要來自新的高淨值帳戶，以及對我們全球價值型股票策略的非常大規模投資。基於這些因素，去年第四季表現相當不錯，而2026年第一季也還可以。

The drawback there is that we saw institutional outflows from other parts of the business due to some performance concerns, as well as fully funded pension plans and obligations. So, as the firm has diversified, the. The nature of our flows have become a little more complicated. Now on the expense side, we're seeing increases in G&A with travel, as you might expect, and a heavy marketing push, especially when we're going to further places in the globe.

其缺點是，由於部分績效疑慮，以及已完全提撥資金的退休金計畫與相關義務，我們在業務的其他部分看到了機構資金流出。因此，隨著公司業務多元化，我們資金流動的性質變得更為複雜。現在在費用端，如你所料，我們看到一般及行政費用（G&A）因差旅而上升，並且有一波強力的行銷推進，尤其是當我們拓展到全球更多地區時。

So that's a meaningful increase. There's a meaningful increase as well with regards to the legal and other administrative expenses as we built these trusts. But the biggest needle mover with regards to expenses is in intellectual capital and headcount. And to give you an idea of the magnitude of that and where it's hitting our earnings and EBITDA, we were running a 60% of revenue for compensation a year ago. We're now at 67% of revenue.

所以這是一項顯著的增加。此外，隨著我們建立這些信託，法律及其他行政費用也有明顯增加。但在費用方面影響最大的，來自智識資本與人力編制。為了讓你了解其規模，以及它如何影響我們的盈餘與EBITDA：一年前，我們的薪酬約占營收的60%。現在已達營收的67%。

So while we've been making this investment for going almost two years, the real momentum was from the beginning of last year to this year in terms of the number of people and initiatives required to make this happen. I've mentioned in prior calls, filling out the analyst team, trading, operations, administration, of course. Marketing has been completely rebuilt, including professionals in Australia and London.

因此，雖然我們進行這項投資已將近兩年，但真正的動能是在去年年初到今年之間，體現在為了推動這件事所需的人數與各項計畫。我在先前的電話會議中提過：補齊分析師團隊、交易、營運、行政等，當然都在進行。行銷也已全面重建，包括在澳洲與倫敦的專業人員。

It includes internal marketing capabilities, among other initiatives. At the same time, we're concentrated on growing the high-net-worth business. We've opened in the LAN office. We hired a new senior portfolio manager there who was already seeing some inflows to the firm that will be reportable. So there's a lot going on, but the expense you're seeing has been primarily over the past year. It's early at the investment cycle.

其中也包含內部行銷能力等其他計畫。同時，我們也專注於擴大高淨值業務。我們已在LAN辦公室開業。我們在那裡聘請了一位新的資深投資組合經理，他已經為公司帶來一些可對外揭露的資金流入。所以有很多事情同時在推進，但你看到的費用主要是在過去一年發生的。目前仍處於投資週期的早期階段。

As I was alluding to with Sandy's question, this could change very quickly with only a couple of mandates. It's just a matter of doing that homework, getting it done, and being patient to see those flows as our capabilities get rated. So it's been a very significant and intentional investment. I remain highly excited about it. Hopefully, you've been on these calls long enough to know that I'm pretty conservative in my estimates overtime and careful about what I say.

正如我在回應Sandy的問題時所暗示的，只要拿下少數幾個委任案（mandates），情況就可能很快改變。這只是把功課做好、把流程完成，並耐心等待在我們能力獲得評級後資金流入的出現。因此，這是一項非常重大且有意為之的投資。我仍然對此感到非常振奮。希望你們參與這些電話會議夠久，知道我長期以來在預估上相當保守，也很謹慎地拿捏我所說的內容。

So what I hope to deliver, is starting to see progress on that revenue given what we started in earnest really only a year ago?

所以我希望能交付的成果，是在我們真正認真啟動（in earnest）其實才一年前的情況下，開始看到營收端的進展。

Okay. Thank you for that insight and clarity.

好的。謝謝你提供這些洞見與釐清。

(Operator Instructions) I would like to return the conference to Rick Hough for any closing comments.

（接線員指示）我想把會議交回Rick Hough，請他做任何結語。

Thank you. I very much appreciate you taking the time to join us today to talk about the first quarter of 2026. As I mentioned, we've accelerated our investments over the past year in earnest. We're excited about what we're building for the future to create a much more enduring and profitable business over the next 25 years. And I think we will see substantial progress in the quarters to come based on these investments that we have made, and I look forward to talking to you about them there. Thank you.

謝謝。非常感謝各位今天撥冗加入我們，一起討論2026年第一季。如我所提到的，過去一年我們已大幅加速投資並全力推進。我們對於正在為未來打造的內容感到興奮，目標是在未來25年建立一個更具持久性且更高獲利能力的企業。我認為，基於我們所做的這些投資，接下來幾個季度將會看到實質進展，我也期待到時再與各位討論。謝謝。

Thank you. The conference has now concluded. Thank you for attending today's presentation. We now disconnect your lines.

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。我們現在將中斷您的線路。