普信集團 (TROW) 2023 Q1 法說會逐字稿

Good morning. My name is Shannon, and I will be your conference facilitator today. Welcome to T. Rowe Price's First Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded and will be available for replay on T. Rowe's website shortly after the call concludes.

早上好。我叫香農，今天我將擔任你們的會議主持人。歡迎來到 T. Rowe Price 的第一季度收益電話會議。 （操作員說明）提醒一下，此通話正在錄製中，通話結束後不久即可在 T. Rowe 的網站上重播。

I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations.

我現在將把電話轉給 T. Rowe Price 的投資者關係總監 Linsley Carruth。

Hello, and thank you for joining us today for our first quarterly earnings call. The press release and a new supplemental materials document can be found on our IR website at investors.troweprice.com and from the download link in the upper right of the webcast platform. Today's call will last 45 minutes. Our CEO and President, Rob Sharps and CFO, Jen Dardis, will discuss the company's results for a little over 15 minutes and then we'll open it up to your questions. We ask that you limit it to 1 question per participant.

您好，感謝您今天加入我們的第一次季度財報電話會議。新聞稿和新的補充材料文件可在我們的 IR 網站 investors.troweprice.com 和網絡廣播平台右上角的下載鏈接中找到。今天的通話將持續 45 分鐘。我們的首席執行官兼總裁 Rob Sharps 和首席財務官 Jen Dardis 將用 15 分鐘多一點的時間討論公司的業績，然後我們將公開回答您的問題。我們要求您將每個參與者限制為 1 個問題。

I'd like to remind you that during the course of this call, we may make a number of forward-looking statements and reference certain non-GAAP financial measures. Please refer to the forward-looking statement language and the reconciliations to GAAP in the supplemental materials as well as in our press release and 10-Q.

我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述並參考某些非 GAAP 財務指標。請參閱補充材料以及我們的新聞稿和 10-Q 中的前瞻性聲明語言和與 GAAP 的調節。

Now I'll turn it over to Rob.

現在我將把它交給 Rob。

Thank you, Linsley. And welcome to everyone joining us today for our inaugural earnings call. I'd like to start by saying that in rapidly evolving market conditions like the ones we experienced this quarter, what we deliver for our clients matters more than ever.

謝謝你，林斯利。歡迎大家今天加入我們，參加我們的首次財報電話會議。首先，我想說的是，在我們本季度所經歷的快速變化的市場條件下，我們為客戶提供的服務比以往任何時候都更加重要。

Our clients have entrusted us with over $1.3 trillion of assets, and we are deeply focused on helping them meet their long-term financial objectives. I'm pleased by how our teams have responded in these times, staying close to our clients, sharing insights and helping them navigate uncertainty. Our first quarter shows some encouraging signs. Markets posted gains and our investment performance showed signs of improvement. However, the market environment remains uncertain, and our flows remain under pressure. In light of this uneven backdrop, we continue to carefully manage our financials to preserve our ability to invest in long-term initiatives to support growth. I remain confident in the long-term fundamental value that a global active investment management firm like T. Rowe Price can deliver, no matter the environment.

我們的客戶已將超過 1.3 萬億美元的資產託付給我們，而我們則專注於幫助他們實現長期財務目標。我很高興我們的團隊在這些時候的反應，與我們的客戶保持密切聯繫，分享見解並幫助他們應對不確定性。我們的第一季度顯示出一些令人鼓舞的跡象。市場上漲，我們的投資表現出現改善跡象。然而，市場環境仍不明朗，我們的資金流仍面臨壓力。鑑於這種不平衡的背景，我們繼續謹慎管理我們的財務狀況，以保持我們投資於支持增長的長期計劃的能力。無論環境如何，像 T. Rowe Price 這樣的全球主動投資管理公司都能提供長期基本面價值，我對此充滿信心。

With that, I'll provide an overview of the market context and our investment performance as well as an update on our strategic priorities before turning it over to Jen to review the quarterly financial results. Stocks in the U.S. and most other major equity markets recorded solid gains in the first quarter, although returns were trimmed by the banking turmoil in the U.S. and later Switzerland. Bonds also offered good returns as growth and interest rate expectations moderated. A flight to safety following the banking turmoil led to a sharp decrease in U.S. treasury yields, especially in the 2-year yield. The yield curve stayed inverted, however, which may be an indicator of the coming recession.

有了這個，我將提供市場背景和我們的投資業績的概述，以及我們戰略重點的最新情況，然後再交給 Jen 審查季度財務業績。美國和大多數其他主要股票市場的股票在第一季度錄得穩健上漲，儘管美國和後來瑞士的銀行業動盪削減了回報。隨著增長和利率預期放緩，債券也提供了良好的回報。銀行業動盪後避險資產導緻美國國債收益率急劇下降，尤其是 2 年期國債收益率。然而，收益率曲線仍然倒掛，這可能是即將到來的衰退的一個指標。

Stock returns in the U.S. varied markedly. Turmoil in the banking sector and signs of ebbing growth and inflation pressures led to lower treasury yields and boosted gross shares by increasingly implied value of future earnings. The NASDAQ Composite Index jumped nearly 17% and technology shares within the S&P 500 Index returned nearly 22%, including dividends during the first quarter. Conversely, declines in bank stocks and oil prices contributed to a modest overall decline in the small-cap Russell 2000 Value Index. Monetary and fiscal tightening, healing supply chains and easing energy prices helped lower inflation in most major economies, even if not yet to central banker satisfaction. The annual headline inflation rate fell from 6.4% to 5% over the quarter in the U.S. and from 9.2% to 6.9% in the Eurozone with U.K. inflation being an outlier in both direction and magnitude.

美國的股票回報率差異很大。銀行業的動盪以及增長放緩和通脹壓力的跡象導致國債收益率下降，並通過未來收益隱含價值的增加提振總股。納斯達克綜合指數上漲近 17%，標準普爾 500 指數中的科技股回報近 22%，其中包括第一季度的股息。相反，銀行股和油價下跌導致羅素 2000 小型股價值指數整體溫和下跌。貨幣和財政緊縮、修復供應鍊和放寬能源價格有助於降低大多數主要經濟體的通脹，即使尚未令央行行長滿意。美國本季度的年度總體通貨膨脹率從 6.4% 下降到 5%，歐元區從 9.2% 下降到 6.9%，英國的通貨膨脹率在方向和幅度上都是異常值。

In this choppy market environment, we saw our investment performance improve for some of our equity and fixed income strategies that struggled last year. While it was reassuring to see performance rebound in a number of key strategies in the first quarter, we are keenly aware that 1 quarter does not make a trend, especially in such an unsettled macro environment. Periods of market transition and elevated uncertainty can work to the advantage of quality active managers. Near-term dislocations often create long-term opportunities as the market refocuses on fundamental drivers such as valuation and earnings quality. Our firm has navigated both sides of the investment performance cycle before. We persevered by adhering to our rigorous investment process and leveraging the insights generated by our global research platform. The solid long-term track record of our target date franchise reflects these strengths as does the performance of our value and core equity strategies last year. And I'm encouraged by the resilience of our U.S. equity research strategy, where more than 25 of our TRPA research analysts contribute to the portfolio in their focused area of expertise. As a fundamental research-driven investment organization, our deep sector expertise and long-standing engagement with management teams is pivotal to understanding the long-term strategy and goals of the companies we invest in.

在這種動蕩的市場環境中，我們看到去年苦苦掙扎的一些股票和固定收益策略的投資業績有所改善。雖然第一季度許多關鍵策略的業績反彈令人欣慰，但我們敏銳地意識到，1 季度並沒有形成趨勢，尤其是在如此動蕩的宏觀環境下。市場轉型期和不確定性增加可能有利於優質的主動管理人。隨著市場重新關注估值和盈利質量等基本驅動因素，短期錯位通常會創造長期機會。我們公司以前曾在投資績效週期的兩邊進行過導航。我們堅持嚴格的投資流程，並利用我們全球研究平台產生的見解，堅持不懈。我們目標日期特許經營權的長期可靠記錄反映了這些優勢，以及我們去年的價值和核心股權戰略的表現。我對我們美國股票研究策略的彈性感到鼓舞，我們超過 25 名 TRPA 研究分析師在他們專注的專業領域為投資組合做出貢獻。作為一家基礎研究驅動的投資機構，我們深厚的行業專業知識和與管理團隊的長期合作對於理解我們投資的公司的長期戰略和目標至關重要。

We are proud that among more than 330 asset management firms nominated, we came in a very close second in institutional investors inaugural 2023 ranking of America's top asset management firms. I am pleased that so many corporate voters recognized our differentiated research and corporate access model. Despite these bright spots, net flows continue to be under pressure. As we reported, net outflows for the first quarter were $16.1 billion. The primary driver was net outflows in our large-cap growth equity strategies, reflecting both continued weak industry demand and the lagging impact of investment performance challenges in these strategies. While those net outflows were broad based, they were particularly apparent in our United States defined contribution investment only and broker-dealer channels. We continue to face headwinds with net flows to our large-cap growth strategies, but we expect that they will abate with sustained investment performance and time.

我們感到自豪的是，在 330 多家被提名的資產管理公司中，我們在機構投資者 2023 年美國頂級資產管理公司排名中名列第二。我很高興有這麼多企業選民認可我們差異化的研究和企業訪問模型。儘管有這些亮點，但淨流量繼續面臨壓力。正如我們報導的那樣，第一季度的淨流出為 161 億美元。主要驅動因素是我們大盤股增長股票策略的淨流出，反映出行業需求持續疲軟以及這些策略中投資業績挑戰的滯後影響。雖然這些淨流出的基礎廣泛，但在我們的美國限定供款投資和經紀自營商渠道中尤為明顯。我們繼續面臨淨流入大盤股增長策略的不利因素，但我們預計隨著持續的投資業績和時間的推移，這些因素將會減弱。

On the positive side, we recorded $7.5 billion of net inflows into the Target Date franchise and over $250 million in net flows in each of global multi-sector bond, U.S. dividend growth, U.S. taxable cash management, U.S. all-cap opportunities and U.S. short-term bond strategies during the quarter. We expect that we will return the firm to positive organic growth over time with a combination of more constructive markets, sustained improved performance in key strategies, traction with a broader range of vehicles and continued progress with our strategic initiatives. Although excellent investment performance is central to our long-term success, our industry has gotten more competitive. We are committed to investing in the areas where we have scaled businesses such as our leading retirement franchise and to building capabilities to support future growth. We see an opportunity to elevate our focus on areas where we have already invested resources over many years and where we believe we have the greatest opportunity for growth and long-term success.

從積極的方面來看，我們記錄了 75 億美元的淨流入目標日期特許經營權和超過 2.5 億美元的淨流入全球多部門債券、美國股息增長、美國應稅現金管理、美國全市值機會和美國空頭- 本季度的長期債券策略。我們預計，隨著時間的推移，我們將通過更具建設性的市場、關鍵戰略的持續改善績效、更廣泛的車輛的吸引力以及我們的戰略舉措的持續進展，使公司恢復正有機增長。儘管出色的投資業績對我們的長期成功至關重要，但我們的行業已變得更具競爭力。我們致力於投資我們已經擴大業務的領域，例如我們領先的退休特許經營權，並致力於建設支持未來增長的能力。我們看到了一個機會，可以將重點放在我們已經投入資源多年的領域，以及我們認為我們有最大機會實現增長和長期成功的領域。

I would like to highlight some areas of focus and our progress against our strategic initiatives. We are bolstering our U.S. intermediary wealth channel, leveraging and extending the partnerships we have built. This quarter, we were named a top tier provider to another one of the largest intermediary firms in the industry. With this decision, we are now a top-tier partner with 6 of the 10 largest intermediary firms in this space. We are also broadening our range of products to ensure we deliver our investment strategies in the vehicle of choice. As more advisers look to do more with fewer investment management partners, we are well positioned to build on these deep partnerships.

我想強調一些重點領域以及我們在戰略舉措方面取得的進展。我們正在加強我們的美國中介財富渠道，利用和擴展我們已經建立的伙伴關係。本季度，我們被業內另一家最大的中介公司評為頂級供應商。通過這一決定，我們現在是該領域 10 家最大中介公司中 6 家的頂級合作夥伴。我們還在擴大我們的產品範圍，以確保我們在選擇的工具中提供我們的投資策略。隨著越來越多的顧問希望與越來越少的投資管理合作夥伴一起做更多的事情，我們已經做好了建立這些深度合作夥伴關係的有利條件。

We are accelerating growth in international markets with a focus on unlocking growth in select countries where we have existing businesses that offer the greatest opportunity. During this quarter, I spent 2 weeks in Asia where we have 365 associates and clients representing $50 billion of assets under management. I had a chance to spend time with several of our clients and it reinforced for me the depth of relationships that we are building in the region and the opportunity that we have to do much more with them over time. In our direct retail business, we are enhancing our individual investor client experience through an improved digital experience and differentiated service offering. We recently completed the acquisition of Retiree, Inc. , a fintech firm that offers innovative retirement income planning software. This acquisition will complement and expand our retirement income capabilities across our audiences with planning tools for individuals and practitioner tools for financial professionals. We expect to use the technology in our retail direct defined contribution and wealth management channels.

我們正在加速國際市場的增長，重點是在我們擁有提供最大機會的現有業務的特定國家/地區釋放增長。在本季度，我在亞洲待了 2 週，我們有 365 名員工和客戶，管理著 500 億美元的資產。我有機會與我們的幾個客戶共度時光，這對我來說加強了我們在該地區建立的關係的深度，以及隨著時間的推移我們必須與他們做更多事情的機會。在我們的直接零售業務中，我們正在通過改進的數字體驗和差異化服務來增強我們的個人投資者客戶體驗。我們最近完成了對 Retiree, Inc. 的收購，這是一家提供創新退休收入規劃軟件的金融科技公司。此次收購將通過面向個人的規劃工具和麵向金融專業人士的從業者工具，補充和擴大我們在受眾中的退休收入能力。我們希望在我們的零售直接固定供款和財富管理渠道中使用該技術。

Finally, we are expanding our private markets and alternative capabilities by leveraging our distribution channels and OHA's investment capabilities. As we previously shared, we acquired OHA to accelerate our expansion into alternative investments. Our first joint co-branded product, T. Rowe Price OHA Select Private Credit Fund, or OCredit, is advancing. This business development company is a retail product developed to leverage OHA's private credit investment expertise with T. Rowe Price's distribution capabilities. We expect to close the seed round in the second quarter and launch OCredit more broadly later this year. I am grateful to our associates around the world for focusing on delivering for our existing clients and for continuing to find new ways to bring what we do to a broader, more global base of clients.

最後，我們正在通過利用我們的分銷渠道和 OHA 的投資能力來擴大我們的私人市場和替代能力。正如我們之前分享的那樣，我們收購了 OHA 以加速我們向另類投資領域的擴張。我們的第一個聯合品牌產品 T. Rowe Price OHA Select Private Credit Fund，即 OCredit，正在推進中。這家業務開發公司是一種零售產品，旨在利用 OHA 的私人信貸投資專業知識和 T. Rowe Price 的分銷能力。我們預計將在第二季度結束種子輪融資，並在今年晚些時候更廣泛地推出 OCredit。我很感謝我們在世界各地的同事專注於為我們現有的客戶提供服務，並繼續尋找新的方式將我們所做的工作帶給更廣泛、更全球化的客戶群。

I will now turn to Jen to cover our financial results for Q1.

我現在將請 Jen 來介紹我們第一季度的財務業績。

Thank you, Rob, and hello, everyone. Today, I'll provide a summary of our financial results and key drivers, including assets under management and flows, revenue and operating expenses, and I'll conclude with a few comments on capital management before we take questions.

謝謝你，羅布，大家好。今天，我將總結我們的財務業績和主要驅動因素，包括管理資產和流量、收入和運營費用，在我們提問之前，我將對資本管理髮表一些評論作為總結。

Our adjusted earnings per share was $1.69 for Q1 2023 versus $1.74 in Q4 2022 and $2.62 in Q1 2022. Compared with Q4 2022, adjusted operating income was up 3.7% to $528 million, primarily on a decline in expenses. A higher effective tax rate in the quarter drove the modest decline in adjusted EPS from Q4 2022. The change versus Q1 2022 reflects the decline in AUM and revenues from sharply lower markets and net outflows over the last 12 months. Looking at the drivers behind these results, we ended the quarter with $1.3 trillion in AUM, an increase of $67 billion from December 31, 2022. Improving markets in Q1 increased assets by $83 billion, offset by $16 billion in net outflows. Our average assets for the quarter were $1.3 trillion, which was up 3% from Q4 2022, but down 15.2% from Q1 2022.

我們調整後的每股收益在 2023 年第一季度為 1.69 美元，而 2022 年第四季度為 1.74 美元，2022 年第一季度為 2.62 美元。與 2022 年第四季度相比，調整後的營業收入增長 3.7% 至 5.28 億美元，這主要是由於費用下降。本季度較高的有效稅率導致調整後每股收益較 2022 年第四季度略有下降。與 2022 年第一季度相比的變化反映了 AUM 的下降以及過去 12 個月急劇下跌的市場和淨流出帶來的收入。看看這些結果背後的驅動因素，我們在本季度結束時的資產管理規模為 1.3 萬億美元，比 2022 年 12 月 31 日增加了 670 億美元。第一季度改善的市場使資產增加了 830 億美元，被 160 億美元的淨流出所抵消。我們本季度的平均資產為 1.3 萬億美元，比 2022 年第四季度增長 3%，但比 2022 年第一季度下降 15.2%。

We've provided some detail on flows on Page 6 of the supplemental materials, but as Rob mentioned, outflows in Q1 were concentrated. We posted $23.5 billion of outflows in global equities with the majority of the net amount attributable to our U.S. large-cap growth equity strategies. On a channel view, outflows were largely focused in our U.S. DCIO and broker-dealer channels and with a few institutional clients. We experienced net outflows across all regions with the percentage of AUM sourced from outside the U.S., ending the quarter at 8.9%. There were a few notable areas of strength in the quarter, including $7.5 billion of net inflows into the Target Date franchise, $1.3 billion of net inflows into international fixed income strategies and nearly $200 million of net inflows into alternatives. During Q1, we typically see some seasonality in Target Date flows in part due to planned sponsor lineup activity around the turn of the year. We've provided an AUM inflows breakdown by institutional and retail client type, which replaces the vehicle views we have provided in the past. The assets and flows for global institutions and DC plans, including those we record keep and those we manage on an investment-only basis are reflected in the institutional bar. The retail assets and flows include both direct and intermediary sold retail accounts, including our platform and broker-dealer channels.

我們在補充材料的第 6 頁提供了一些有關流量的詳細信息，但正如 Rob 所提到的，第一季度的資金流出是集中的。我們在全球股票上公佈了 235 億美元的資金流出，其中大部分淨額歸因於我們的美國大盤股增長股票策略。從渠道來看，資金流出主要集中在我們的美國 DCIO 和經紀自營商渠道以及一些機構客戶。我們在所有地區都經歷了淨流出，資產管理規模的百分比來自美國以外，本季度末為 8.9%。本季度有幾個值得注意的領域，包括 75 億美元淨流入目標日期特許經營權、13 億美元淨流入國際固定收益策略和近 2 億美元淨流入替代品。在第一季度，我們通常會在目標日期流量中看到一些季節性，部分原因是計劃中的讚助商陣容活動在年初前後進行。我們提供了按機構和零售客戶類型劃分的 AUM 流入明細，這取代了我們過去提供的車輛視圖。全球機構和 DC 計劃的資產和流量，包括我們記錄保存的和我們僅在投資基礎上管理的那些，都反映在機構欄中。零售資產和流量包括直接和中介銷售的零售賬戶，包括我們的平台和經紀自營商渠道。

Our effective fee rate of 42.7 basis points for the quarter was a slight uptick from Q4 2022. This reflects a bit of noise from mix shift during the quarter. Over time, we continue to see modest downward fee pressure in line with new vehicle adoption and overall industry pricing headwinds.

我們本季度的有效費用率為 42.7 個基點，比 2022 年第四季度略有上升。這反映了本季度混合轉變帶來的一些噪音。隨著時間的推移，我們繼續看到適度的下行費用壓力與新車的採用和整體行業定價逆風相一致。

Turning to revenues. Our Q1 adjusted net revenues were $1.5 billion, with $1.4 billion from investment advisory revenues. We saw a small increase in net investment advisory revenues from Q4 2022 on higher average assets versus the fourth quarter. Compared with Q1 2022, investment advisory revenues were down 16.3%, reflecting the decline in average AUM. Capital allocation based income for the quarter was $16.9 million. And as a reminder, capital allocation-based income includes the change in accrued carried interest from some of our alternative funds along with acquisition-related amortization. Additionally, accrued carried interest will fluctuate quarter-to-quarter based on the underlying portfolio company-specific performance, along with the market environment at the end of each quarterly period. This quarter was down from Q1 2022 due to a more challenging market environment than a year ago. It was also down from Q4 2022 as that period included additional accrued carried interest to cover required tax distributions. Typically, 50% to 60% of accrued carried interest is expected to be retained in operating income as the remainder is passed through to fund partners who are also employees and recognized as compensation expense. We've included additional details about accrued carried interest on Page 11 of the supplemental materials.

談到收入。我們第一季度調整後的淨收入為 15 億美元，其中 14 億美元來自投資諮詢收入。從 2022 年第四季度開始，由於平均資產高於第四季度，我們看到淨投資諮詢收入略有增加。與 2022 年第一季度相比，投資諮詢收入下降了 16.3%，反映了平均 AUM 的下降。本季度基於資本配置的收入為 1690 萬美元。提醒一下，基於資本配置的收入包括我們一些另類基金的應計附帶權益的變化以及與收購相關的攤銷。此外，應計附帶權益將根據基礎投資組合公司的特定業績以及每個季度末的市場環境每季度波動。由於市場環境比一年前更具挑戰性，本季度低於 2022 年第一季度。它也低於 2022 年第四季度，因為該時期包括額外的應計附帶權益以支付所需的稅收分配。通常，應計附帶權益的 50% 至 60% 預計將保留在營業收入中，因為其餘部分將轉嫁給也是僱員的基金合作夥伴，並確認為補償費用。我們在補充材料的第 11 頁包含了有關應計附帶權益的更多詳細信息。

Now shifting to expenses. Adjusted operating expenses were about $1 billion, which is a decrease of 1.6% from Q1 2022 and down 4.7% from Q4 2022. The decline from Q4 2022 is largely driven by the declines in compensations, benefits and related along with the accrued carried interest related compensation. Compensation benefits and related costs, which excludes the carried interest-related compensation, was $593 million for the quarter, which was in line with Q1 2022 and down about $31 million from Q4 2022. Lower compensation expenses in Q1 primarily reflect lower stock-based compensation expense related to the firm's annual equity grant as well as the absence of severance and other costs associated with the workforce reduction action recognized in Q4 2022, which more than offset the Q1 impact of annual increases. As a reminder, about 1/3 of our adjusted operating expenses excluding compensation related to carried interest, are driven by AUM and revenues. This is predominantly cash and stock-based incentive compensation and distribution expenses. For the balance of the year, we maintain the prior guidance that we expect our adjusted operating expenses, excluding capital allocation-based income to grow in the range of 2% to 6% over the comparative full year 2022 amount of $4.1 billion. Though we have started the year below the 2% to 6% range, the savings associated with the workforce reduction action in late 2022 will be offset through the year as we rehire for new skill sets aligned to our strategic initiatives. Based on the current market environment, we are trending to land at or below the midpoint of that range. Our Q1 non-GAAP tax rate of 30.3% was outside the annual range we gave in January as we increased the valuation allowances recognized on certain foreign-based deferred tax assets, including net operating losses. Currently, we estimate our non-GAAP effective tax rate for the full year 2023 will be in the range of 26.5% to 29.5%.

現在轉向費用。調整後的運營費用約為 10 億美元，比 2022 年第一季度下降 1.6%，比 2022 年第四季度下降 4.7%。與 2022 年第四季度相比下降的主要原因是薪酬、福利和相關費用以及應計附帶權益相關費用的下降賠償。本季度的薪酬福利和相關成本（不包括附帶權益相關薪酬）為 5.93 億美元，與 2022 年第一季度持平，比 2022 年第四季度下降約 3100 萬美元。第一季度較低的薪酬支出主要反映了較低的股票薪酬與公司年度股權授予相關的費用，以及與 2022 年第四季度確認的裁員行動相關的遣散費和其他費用，這超過了年度增長對第一季度的影響。提醒一下，我們調整後的運營費用中約有 1/3 不包括與附帶權益相關的補償，是由 AUM 和收入驅動的。這主要是現金和基於股票的激勵補償和分配費用。對於今年的餘額，我們維持先前的指導，即我們預計調整後的運營費用（不包括基於資本配置的收入）將比 2022 年全年的 41 億美元增長 2% 至 6%。儘管我們年初的降幅低於 2% 至 6% 的範圍，但隨著我們重新招聘符合我們戰略計劃的新技能組合，與 2022 年底裁員行動相關的節省將在全年被抵消。根據當前的市場環境，我們傾向於落在或低於該範圍的中點。我們第一季度的非美國通用會計準則稅率為 30.3%，超出了我們在 1 月份給出的年度範圍，因為我們增加了對某些基於國外的遞延稅資產（包括淨經營虧損）確認的估值準備金。目前，我們估計 2023 年全年的非 GAAP 有效稅率將在 26.5% 至 29.5% 之間。

In a more cash-constrained environment, we continue to prioritize the recurring dividend, which we increased for the 37th consecutive year since the firm's initial public offering in 1986. Our near-term focus beyond the dividend is to balance the needs for seed capital and opportunistic buybacks over the long term to offset dilution from the equity incentive programs and to preserve cash for potential M&A. In Q1, we initiated minimal stock buybacks. We expect to repurchase some during the remainder of the year, though not at the same level as 2021 and 2022 when we were offsetting the shares issued for the OHA purchase. We've also been modestly rebuilding our cash position since the purchase of OHA in late 2021 to maintain our strong balance sheet. We added roughly $233 million in cash reserves in 2022. We are more focused than ever on prioritizing investment in our strategic initiatives, maintaining efficient operations and carefully managing our cash position. This financial discipline gives us the strength to navigate through market volatility and stay focused on the long term.

在現金更加緊張的環境中，我們繼續優先考慮經常性股息，自 1986 年公司首次公開募股以來，我們連續第 37 年增加股息。除股息外，我們近期的重點是平衡對種子資本和長期的機會性回購，以抵消股權激勵計劃的稀釋作用，並為潛在的併購保留現金。在第一季度，我們啟動了最低限度的股票回購。我們預計將在今年剩餘時間回購一些股票，儘管與 2021 年和 2022 年我們抵消為購買 OHA 發行的股票時的水平不同。自 2021 年底購買 OHA 以來，我們也一直在適度重建我們的現金狀況，以維持我們強勁的資產負債表。我們在 2022 年增加了大約 2.33 億美元的現金儲備。我們比以往任何時候都更加專注於優先投資我們的戰略計劃，保持高效運營並謹慎管理我們的現金狀況。這種財務紀律使我們有能力應對市場波動並專注於長期發展。

With that, I'll ask the operator to open the line for Q&A.

有了這個，我會要求接線員打開問答線路。

(Operator Instructions) Our first question comes from the line of Daniel Fannon with Jefferies LLC.

（操作員說明）我們的第一個問題來自 Jefferies LLC 的 Daniel Fannon。

I was hoping you could give us a broader progress report on the OHA transaction. You talked about a product that's coming to market here. But more broadly, can you talk about their performance, what growth has been stand-alone because we know they were growing reasonably well before you bought them, but AUM hasn't really moved that much. So maybe just a little bit more context around that business today and what it's done since you've owned it? And maybe what you see as the opportunity over the next 12 to 24 months?

我希望你能給我們一份關於 OHA 交易的更廣泛的進展報告。你談到了這裡即將上市的產品。但更廣泛地說，你能談談他們的表現，什麼增長是獨立的，因為我們知道他們在你購買之前增長得相當好，但 AUM 並沒有真正移動那麼多。因此，今天也許只是關於該業務的更多背景信息以及自您擁有它以來所做的事情？也許您認為未來 12 到 24 個月的機會是什麼？

Thank you for the question. I would characterize our first year with OHA at a high level as very successful. We've integrated the appropriate functions and worked really hard to identify distribution synergies, the ability to take their strategies to institutional clients and prospects around the globe and also to take OHA capabilities into the wealth channel. I think the specific product that you're referring to is our T. Rowe Price OHA Credit BDC. We've made a lot of progress with regard to the institutional seed and expect to launch it late this year in the wealth channel. In terms of their performance, it's remained quite strong. Their absolute results have been impacted by the difficult overall fixed income in credit markets over the course of the last year. And that's also impacted their incentive income and fees and carry, but their relative performance has remained very, very strong. So we're really pleased right now with the progress that we've made and feel very confident with regard to the opportunity and potential that our teams have together.

感謝你的提問。我認為我們在 OHA 的第一年在高水平上非常成功。我們已經整合了適當的職能，並非常努力地確定分銷協同效應，將他們的戰略帶給全球機構客戶和潛在客戶的能力，以及將 OHA 能力帶入財富渠道的能力。我認為您指的具體產品是我們的 T. Rowe Price OHA Credit BDC。我們在機構種子方面取得了很大進展，預計將在今年晚些時候在財富頻道推出。就他們的表現而言，它仍然非常強勁。他們的絕對業績受到去年信貸市場整體固定收益困難的影響。這也影響了他們的激勵收入、費用和收益，但他們的相對錶現仍然非常非常強勁。因此，我們現在對我們所取得的進展感到非常高興，並對我們團隊共同擁有的機會和潛力充滿信心。

Our next question comes from the line of Glenn Schorr with Evercore.

我們的下一個問題來自 Evercore 的 Glenn Schorr。

Maybe a follow-on on OHA and broadened a little bit. I'm curious on how OHA and the T. Rowe Price fixed income teams can work together, can learn from each other? And maybe any observations you might have on trends in private versus public credit markets? And how you can design products, how you can learn from each other from that?

也許是 OHA 的後續行動並擴大了一點。我很好奇 OHA 和 T. Rowe Price 固定收益團隊如何合作，如何相互學習？也許您對私人信貸市場和公共信貸市場的趨勢有什麼看法？以及如何設計產品，如何從中相互學習？

Yes, Glenn, we purposefully kept the investment teams largely separate. OHA had a 30-year track record of delivering great investment results for their clients in private credit and distressed in their liquid offerings. I do think there's some overlap in expertise, but we really wanted to minimize disruption in terms of the overall investment philosophy and process and in terms of the culture. We are exploring ways to leverage ideas across the 2 platforms and share perspectives, particularly at the industry level. But we don't have any intention of integrating the T. Rowe Price fixed income platform with the OHA platform. I think that was one of the tenants of the acquisition at the outset. We are really, really focused on driving distribution synergy. We see a very large opportunity long term. Again, to take OHA to institutions around the globe, but also to take them into the broker-dealer and advisory channel. And that's a place where T. Rowe Price has very strong relationships at the home office. It's a place where T. Rowe Price has very strong relationships and support in the field. Many of the wealth platforms have done business with OHA in the past and they are more traditional structures and vehicles. And we're really excited for the opportunity to use more evergreen vehicles to take their capabilities there. Again, we expect to show some progress in that regard later this year and think the opportunity will build. I will say that, in general, the demand for private credit broadly is a little softer than what it was 12 or 18 months ago. There's a denominator effect where people's allocation to private assets has risen as marks have lagged the decline in public markets. I think in general, particularly on the wealth platforms, a number of advisers and clients are more -- taking a more cautious approach. I think there's a lot on the sidelines. And I think if you look at where spreads and absolute rates are now, the return and risk return profile of a well-managed private credit strategy is really compelling. So we do see substantial opportunity there. But I think the current demand and the current capital raising is softer than the trends that you would have seen if you go back to 2020, 2021 or early '22.

是的，格倫，我們有意讓投資團隊在很大程度上保持獨立。 OHA 擁有 30 年的往績記錄，為他們的客戶提供私人信貸的巨大投資成果，並在他們的流動產品中陷入困境。我確實認為在專業知識方面存在一些重疊，但我們真的希望在整體投資理念和流程以及文化方面盡量減少干擾。我們正在探索如何利用這兩個平台的想法並分享觀點，尤其是在行業層面。但我們無意將 T. Rowe Price 固定收益平台與 OHA 平台整合。我認為那是一開始收購的租戶之一。我們真的非常專注於推動分銷協同效應。從長遠來看，我們看到了一個非常大的機會。同樣，將 OHA 帶到全球各地的機構，同時也將它們帶入經紀自營商和諮詢渠道。這就是 T. Rowe Price 在家庭辦公室擁有非常牢固關係的地方。在這裡，T. Rowe Price 在該領域擁有非常牢固的關係和支持。許多財富平台過去都與 OHA 有過業務往來，它們是更傳統的結構和工具。我們真的很高興有機會使用更多常青樹來發揮他們的能力。同樣，我們預計今年晚些時候會在這方面取得一些進展，並認為機會將會增加。我要說的是，總體而言，對私人信貸的需求總體上比 12 或 18 個月前要弱一些。存在一種分母效應，即人們對私人資產的配置有所增加，因為馬克落後於公開市場的下跌。我認為總的來說，尤其是在財富平台上，許多顧問和客戶都採取了更加謹慎的態度。我認為場外有很多。而且我認為，如果你看看現在的利差和絕對利率，管理良好的私人信貸策略的回報和風險回報情況確實令人信服。所以我們確實在那裡看到了巨大的機會。但我認為當前的需求和當前的融資比你回到 2020 年、2021 年或 22 年初時看到的趨勢要疲軟。

Our next question comes from the line of Patrick Davitt with Autonomous Research.

我們的下一個問題來自 Autonomous Research 的 Patrick Davitt。

So I appreciate the strong seasonal target date flows. But in that channel more broadly, any sign that last year's performance issues are driving plans or consultants to rethink having to run the lineup? And secondly, remind us how active you can be in those discussions? Or do you just find out after they make the decision?

所以我很欣賞強勁的季節性目標日期流。但在更廣泛的渠道中，是否有任何跡象表明去年的績效問題正在推動計劃或顧問重新考慮不得不運行陣容？其次，提醒我們您在這些討論中有多積極？還是在他們做出決定後才知道？

Yes, I'll take the second part of the question first. We're very engaged and generally have the opportunity to share our outlook and give a performance update. I think that's not the case in every instance. We reach plans in a number of ways. In some instances, we are the record keeper and we have direct interaction. In some instances, we go directly to the plan sponsor. And in those instances, have -- through a direct DCIO opportunity on another record keepers platform have the opportunity to interact with the client or prospect. And in a number of instances, we work through aggregators or advisers. And there, we really are able to articulate our value proposition with those folks, and it's more indirect to the end client. When I think about the target date business, first thing I would say is that, in general, people are less sensitive to near-term performance than they might be with single strategies. People tend to focus much more on 3-, 5- and 10-year results just given the nature of the objective being retirement and the long-dated return objective of retirement investing and savings. If you look at our flows in Q1, as you mentioned, they were very strong. I think our pipeline remains very robust. Long-term performance is important. And when you have an active offering, ultimately, you're going to need to deliver it. I think if you look at our retirement date fund, it is -- it offers the strongest value proposition in the industry. We have a number of alpha-rich diversifiers in our building block lineup from noninvestment-grade credit to emerging markets in small and mid-cap equity areas where you can add a tremendous amount of value as an active manager. And I'm very confident that if you continue to look at rolling 3- and 5-year periods that our retirement date franchise will sort to the top and that we can continue to grow that franchise. And yes, I feel quite good about it.

是的，我先回答問題的第二部分。我們非常投入，通常有機會分享我們的前景並提供業績更新。我認為並非在所有情況下都是如此。我們以多種方式達成計劃。在某些情況下，我們是記錄員，我們有直接的互動。在某些情況下，我們直接去找計劃發起人。在這些情況下，通過在另一個記錄保管員平台上的直接 DCIO 機會，有機會與客戶或潛在客戶進行互動。在許多情況下，我們通過聚合器或顧問進行工作。在那裡，我們真的能夠與這些人闡明我們的價值主張，而且對最終客戶來說更間接。當我想到目標日期業務時，我首先要說的是，一般來說，人們對近期業績的敏感度低於對單一策略的敏感度。鑑於目標的性質是退休以及退休投資和儲蓄的長期回報目標，人們往往更關注 3 年、5 年和 10 年的結果。如果你看看我們在第一季度的流量，就像你提到的那樣，它們非常強勁。我認為我們的管道仍然非常強大。長期表現很重要。當你有一個活躍的產品時，最終，你將需要交付它。我想如果你看看我們的退休日期基金，它是——它提供了業內最強大的價值主張。從非投資級信貸到中小型股本領域的新興市場，我們的構建基石陣容中有許多阿爾法豐富的多元化產品，您可以在這些領域作為積極的經理增加巨大的價值。而且我非常有信心，如果您繼續查看滾動的 3 年和 5 年期，我們的退休日期特許經營權將排在首位，並且我們可以繼續發展該特許經營權。是的，我對此感覺很好。

Our next question comes from the line of Brennan Hawken with UBS.

我們的下一個問題來自瑞銀集團的 Brennan Hawken。

And thanks for hosting the earnings call. Really appreciate the increased transparency and chance to engage regularly. So on expenses, no change to the growth expectations. That's helpful and helpful to get the color around what the profile of the quarter -- the year will look like? Could you maybe give a breakdown of how much of this expense growth is tied to core inflation, maybe impact of the market-sensitive expenses? And then how much of the growth you are allocating to continued investments in the firm?

感謝主持財報電話會議。非常感謝透明度的提高和定期參與的機會。因此，在支出方面，增長預期沒有變化。這有助於了解本季度的概況 - 這一年會是什麼樣子？您能否詳細說明這種費用增長有多少與核心通貨膨脹有關，也許是市場敏感費用的影響？然後，您將多少增長分配給了對公司的持續投資？

So I'll start, as a reminder, we had in the commentary that about 1/3 of our expenses are market-driven in some way, either related to assets under management or revenues. And so we typically look at the fluctuations during the quarter in markets to give a sense for what the range might be for those market-driven expenses. So that would be built into the guide that we have with the 2% to 6%. As far as investments in strategic initiatives, we haven't broken it out specifically, but last -- when we had the earnings release at the end of the year, we talked about the fact that we had taken actions last year that accounted for about $85 million worth of spend, that we had taken out of the expense base run rate coming out of the end of the year to be able to reinvest this year. So that's about the level that we're looking at for investments in new things. Again, most of these are not new areas that we're investing in. There are extensions of existing places where we're already active either in a distribution sense or in a product construct. So again, not as many de novo investments, but further follow-on investments that we have in the business. If we think about the first part of your question about inflation, certainly, that's something that we saw midyear in the labor market context. We had announced that we had done an increase of 4% for 85% of our associates in salaries. And that impact has obviously rolled through into our expense base this year. But some of the steps we've taken have been to try to mitigate that headwind in the labor market. Obviously, we've also seen cost increases in other places where we have third-party spend. But again, trying to actively manage that as we go forward.

因此，作為提醒，我將開始，我們在評論中提到，我們大約 1/3 的支出在某種程度上是由市場驅動的，與管理的資產或收入有關。因此，我們通常會查看本季度市場的波動，以了解這些市場驅動的費用的範圍。因此，這將納入我們擁有的 2% 至 6% 的指南中。至於對戰略計劃的投資，我們沒有具體說明，但最後 - 當我們在年底發布收益時，我們談到了一個事實，即我們去年採取的行動佔了大約價值 8500 萬美元的支出，我們從年底的費用基本運行率中扣除，以便能夠在今年進行再投資。這就是我們正在尋找的新事物投資水平。同樣，其中大部分都不是我們正在投資的新領域。在現有領域的擴展中，我們已經在分銷意義上或在產品結構方面都很活躍。同樣，不是那麼多的從頭投資，而是我們在業務中的進一步後續投資。如果我們考慮你關於通貨膨脹的問題的第一部分，當然，這是我們在勞動力市場背景下看到的年中情況。我們已經宣布我們已經為 85% 的員工增加了 4% 的薪水。這種影響顯然已經影響到我們今年的支出基礎。但我們已經採取的一些措施是試圖減輕勞動力市場的逆風。顯然，我們也看到在我們有第三方支出的其他地方成本增加。但同樣，在我們前進的過程中試圖積極管理它。

Yes. I would just say we really believe we have a big opportunity to drive share in U.S. wealth and in our focus markets around the world, but we also recognize that we need to drive efficiency and productivity in order to fund those investments going forward, and we're laser-focused on doing that.

是的。我只想說，我們真的相信我們有很大的機會來推動美國財富和我們在全球重點市場的份額，但我們也認識到我們需要提高效率和生產力，以便為未來的這些投資提供資金，我們're laser-focused on do that.

Our next question comes from the line of Alexander Blostein with Goldman Sachs.

我們的下一個問題來自 Alexander Blostein 與 Goldman Sachs 的對話。

Rob, a little bit maybe bigger picture question about sort of the firms or EPS and operating income growth algorithm over the next couple of years. So as you sort of think about your comments regarding organic growth and organic base growth being maybe challenged for some period of time, expense growth. Is it kind of like in this mid-single-digit range? So that obviously just kind of comes down to the market, but do you see areas where you could flex expenses more where the sort of earnings growth algorithm can improve given if organic growth remains challenged for some time?

Rob，關於未來幾年的公司類型或 EPS 和營業收入增長算法的問題可能有點大。因此，當您考慮有關有機增長和有機基礎增長的評論可能會在一段時間內受到挑戰時，費用增長。是不是有點像在這個中個位數範圍內？因此，這顯然只是歸結為市場，但如果有機增長在一段時間內仍面臨挑戰，您是否看到可以在哪些領域可以更多地調整支出，在哪些領域可以改善收益增長算法？

Yes. Alex, thanks for the question. The first thing I would say is that we see a path back to organic growth, but it is going to take some time. And in the interim, I do think we'll need to manage expenses in order to bridge that gap. So as I've said before, we do want to continue to invest in our strategic initiatives to get back to consistent organic growth. But we're -- we need to be very disciplined with regard to how we get there. Look, in terms of the algorithm, the market does play a big part when you have a $1.3 trillion AUM installed base and where kind of over half of that is in equities. That said, flows can play a part in time. Excess return and performance can play a part in time. Capital deployment can play a part in time. We have a number of areas that I think can drive longer-term growth, whether it's OHA or deep partnerships in the intermediary channel, whether it's continued growth in our focus markets. But, look, I think it's realistic to say during this period of time where our flows are under pressure and our organic growth is negative that we will have to be more focused on expenses and that there'll be just a less robust overall EPS growth algorithm. And that's just the arithmetic of it.

是的。亞歷克斯，謝謝你的提問。我要說的第一件事是，我們看到了一條回歸有機增長的道路，但這需要一些時間。在此期間，我確實認為我們需要管理開支以彌合這一差距。因此，正如我之前所說，我們確實希望繼續投資於我們的戰略計劃，以恢復持續的有機增長。但是我們 - 我們需要在如何到達那裡方面非常自律。看，就算法而言，當您擁有 1.3 萬億美元的 AUM 安裝基礎並且其中超過一半是股票時，市場確實發揮了重要作用。也就是說，流量可以及時發揮作用。超額回報和業績可以及時發揮作用。資本配置可以及時發揮作用。我認為我們有許多領域可以推動長期增長，無論是 OHA 還是中介渠道的深度合作，無論是我們重點市場的持續增長。但是，看，我認為在我們的流量承受壓力且我們的有機增長為負的這段時間裡，我們必須更加關注支出並且總體每股收益增長將不那麼強勁算法。這只是它的算術。

Our next question comes from the line of Kenneth Worthington with JPMorgan.

我們的下一個問題來自摩根大通的肯尼斯·沃辛頓 (Kenneth Worthington)。

Investors domiciled outside the U.S. was 9% in the quarter. This has historically been a faster-growing part of the business that got to, I think, 9.9% at the end of '21 after the OHA deal closed. I think you have allocated significant resources to this build-out outside the U.S. I guess, first, are you getting the results commensurate with the resources allocated? And second, can you talk about the outlook for returning the non-U.S. business growth towards better than enterprise growth period again?

本季度居住在美國以外的投資者為 9%。從歷史上看，這一直是業務中增長較快的部分，我認為在 OHA 交易結束後，到 21 年底達到了 9.9%。我認為你已經為美國以外的這個擴建項目分配了大量資源。我想，首先，你得到的結果是否與分配的資源相稱？第二，您能否談談非美國業務增長再次回到好於企業增長期的前景？

Thanks, Ken, and I appreciate the question. So as we look at the business outside the U.S., obviously, it's not a single market. Those are a number of individual markets, and we've been investing across a series of focused markets outside the U.S. I would say, over the long term, we continue to see growth out in those markets as an important leg of area for potential growth, particularly in core markets in Japan and Australia, the U.K., Italy, Germany and Canada as we think about opportunities to grow the business. If we think about the near term and you're referencing, I believe, the first quarter flows, you can see some lumpiness within that business because there are some institutional flows. And obviously, if we think about the intersection between the comments we made on the large cap equity business and the flows there, we have exposure to those asset classes in all of those markets as well. So in the short term, you can see the impact of the same trends that we saw across the broader part of the business. But over the long term, we expect that that's an opportunity for growth for us. And specifically about the results that we're seeing for what we've invested there, I think we've been very pleased with the places where we've made core investments. Rob mentioned during his comments, the client meetings that he had while he was in Asia, and we think there are some really good opportunities for us over the long term.

謝謝，肯，我很欣賞這個問題。因此，當我們審視美國以外的業務時，很明顯，它不是一個單一的市場。這些是許多單獨的市場，我們一直在美國以外的一系列重點市場進行投資。我想說，從長遠來看，我們繼續將這些市場的增長視為潛在增長的重要領域，特別是在日本和澳大利亞、英國、意大利、德國和加拿大的核心市場，因為我們正在考慮發展業務的機會。如果我們考慮近期，我相信你指的是第一季度的流量，你會看到該業務內部存在一些波動，因為存在一些機構流量。顯然，如果我們考慮我們對大盤股業務的評論與那裡的流量之間的交集，我們也會在所有這些市場中接觸到這些資產類別。因此，在短期內，您可以看到我們在更廣泛的業務領域看到的相同趨勢的影響。但從長遠來看，我們預計這對我們來說是一個增長的機會。特別是關於我們在那裡投資的結果，我認為我們對我們進行核心投資的地方非常滿意。 Rob 在他的評論中提到，他在亞洲時與客戶會面，我們認為從長遠來看，我們有一些非常好的機會。

Yes. I would say our pipeline in Japan and Australia, in particular, is encouraging, Ken. But again, this is a business where there are some sizable mandates. And I don't think you can necessarily read quarter in and quarter out. You can make a trend. I do expect that this business will grow more quickly than the rest of the business, probably more so APAC than EMEA. But kind of overall, I think we're reasonably confident that if you look at it, you kind of want a 2- or 3-year planning horizon that the growth rates will be meaningfully higher than the overall book.

是的。肯，我想說我們在日本和澳大利亞的管道尤其令人鼓舞。但同樣，這是一個有一些相當大的授權的業務。而且我認為您不一定可以一季度又一季度地閱讀。你可以創造一個趨勢。我確實預計這項業務將比其他業務增長得更快，亞太地區可能比歐洲、中東和非洲更快。但總的來說，我認為我們有理由相信，如果你看一下，你會想要一個 2 或 3 年的規劃範圍，即增長率將明顯高於整體賬面。

Our next question comes from the line of Bill Katz with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Bill Katz。

Thank you for hosting the call and the added disclosure. It's very helpful. Just focusing on Page 6 of the supplement and thank you for the extra detail. It would appear that you're losing share across vehicle product and geography and maybe distribution channel. And I appreciate it's one quarter, but the last 5 quarters, it sort of seems as to be the trend. So how do you think about the urgency to drive better growth versus M&A? You mentioned the focus on sort of rebuilding cash. You have a very strong balance sheet to begin with. How much cash is necessary? And then how you think about incremental M&A to maybe catalyze overall organic growth?

感謝您主持電話會議和補充披露。這非常有幫助。只關注補充的第 6 頁，感謝您提供額外的詳細信息。看起來您正在失去整個汽車產品和地理區域以及可能的分銷渠道的份額。我很欣賞這是一個季度，但在過去的 5 個季度中，這似乎是一種趨勢。那麼，與併購相比，您如何看待推動更好增長的緊迫性？你提到了對重建現金的關注。你有一個非常強大的資產負債表開始。需要多少現金？那麼您如何看待增量併購以促進整體有機增長？

Thanks for the question, Bill. The first thing I would say is in terms of share, there's a meaningful element of it that is mix related. I'll note that we have had positive flows in fixed income overall, which is above category. I think our target date results continue to be robust. We've had positive flows turn in this category. But you're right, we have had meaningful outflows in parts of our equity franchise, and those parts of our equity franchise are a substantial part of the business. So kind of ultimately, I think if you look at that in aggregate, it has led to share loss over the more recent time horizon. Look, we want to manage this business with a very long-term lens. I think that we do want to have more exposure to parts of the business, whether it is product or vehicle or asset class or geography that have more tailwinds of growth, and we think we can do that organically. But we also will continue to look very seriously at acquisition opportunities. But I think we have a very high bar for acquisitions. They need to have minimal disruption to our ability to deliver on our existing commitments to clients and our culture. They have to be a strategic fit. They have to make financial sense. Most deals in this industry, the weight of the evidence would suggest that they haven't been compelling. So again, I think we will continue to look. And I think OHA and Retiree, were both examples of the sorts of things that can be meaningfully additive. OHA obviously much, much greater in scale and scope. But nonetheless, I mean, we think that M&A is a tool that can help us evolve our business mix and kind of help us build more growth into the business in time.

謝謝你的問題，比爾。我要說的第一件事是就份額而言，其中有一個有意義的元素與混合相關。我會注意到，我們的固定收益整體呈正向流動，高於類別。我認為我們的目標日期結果仍然強勁。我們在這一類別中有積極的流量轉變。但你是對的，我們的部分股權特許經營權出現了有意義的資金流出，而我們股權特許經營權的這些部分是業務的重要組成部分。所以最終，我認為如果你從總體上看，它會導致最近一段時間內的份額損失。看，我們想用非常長遠的眼光來管理這項業務。我認為我們確實希望更多地接觸業務的某些部分，無論是產品、車輛、資產類別還是地理區域，它們都有更多的增長動力，我們認為我們可以有機地做到這一點。但我們也將繼續非常認真地關注收購機會。但我認為我們的收購門檻很高。他們需要將對我們履行對客戶和我們的文化的現有承諾的能力的干擾降到最低。它們必須具有戰略意義。他們必須具有財務意義。這個行業的大多數交易，證據的重要性表明它們並不引人注目。所以，我想我們會繼續尋找。我認為 OHA 和退休人員都是可以有意義地添加的事物的例子。 OHA 顯然在規模和範圍上要大得多。但儘管如此，我的意思是，我們認為併購是一種工具，可以幫助我們發展我們的業務組合，並幫助我們及時在業務中實現更多增長。

Thank you. Our next question comes from the line of Michael Cyprus with Morgan Stanley.

謝謝。我們的下一個問題來自邁克爾塞浦路斯與摩根士丹利的合作。

You mentioned that you're looking to broaden out the range of products and vehicles. I was hoping you could elaborate on that where you see white space from a product standpoint and vehicle standpoint. And maybe you could talk a little bit about how you're building out the SMA platform and also active ETFs and some of the actions that you could take there to accelerate growth?

您提到您希望擴大產品和車輛的範圍。我希望你能從產品和車輛的角度詳細說明你看到空白的地方。也許你可以談談你如何構建 SMA 平台和活躍的 ETF 以及你可以在那裡採取的一些行動來加速增長？

Sure. I'll start with ETFs. We have been in market for a couple of years. We just crossed $1 billion in AUM in our ETFs and I would say that momentum is building. Our first offerings in the equity space were semitransparent, which was new. And I'd say it took a little while for advisers and investors to get comfortable with the semi-transparent approach. But as I say, we've been building substantial momentum with (inaudible) with TDBG. We also are in market with some transparent active fixed income ETFs, which are also beginning to build momentum. We will launch an additional series of ETFs toward the middle of this year and are really excited about the opportunity that those will bring. In mid-March, we filed registration statements with the SEC for 5 new active equity ETFs, a value ETF, a growth ETF, an international ETF, small and mid-cap ETF and the capital appreciation equity ETF and feel very good based on feedback that we've gotten from investors, advisers and kind of users of ETFs that these will -- can really allow us to meet the clearly strong demand in the ETF category, and ultimately will also allow us to be in market with ETF models using our asset allocation capabilities. So we'll be quite active and kind of really feel like we've got an approach that will allow us to continue to build momentum and have a bigger impact in ETFs.

當然。我將從 ETF 開始。我們已經進入市場幾年了。我們的 ETF 的 AUM 剛剛超過 10 億美元，我想說勢頭正在增強。我們在股票領域的第一批產品是半透明的，這是新的。我想說顧問和投資者花了一點時間才適應半透明的方法。但正如我所說，我們一直在與（聽不清）TDBG 建立巨大的勢頭。我們還在市場上投資了一些透明的主動型固定收益 ETF，這些 ETF 也開始蓄勢待發。我們將在今年年中推出一系列額外的 ETF，並對這些將帶來的機會感到非常興奮。 3 月中旬，我們向 SEC 提交了 5 只新的主動型股票 ETF、一隻價值型 ETF、一隻成長型 ETF、一隻國際 ETF、一隻中小型 ETF 和一隻資本增值股票 ETF 的註冊聲明，根據反饋感覺非常好我們從投資者、顧問和 ETF 用戶那裡了解到，這些將真正讓我們能夠滿足 ETF 類別明顯強勁的需求，最終也將使我們能夠使用我們的 ETF 模型進入市場資產配置能力。所以我們會非常積極，並且真的覺得我們有一種方法可以讓我們繼續建立勢頭並對 ETF 產生更大的影響。

In terms of SMA, we, last week -- or in late April, seeded 4 new muni SMAs, which will be available later in Q2. That will bring us to 20 strategies offered as SMAs. We have placement with all of the top 10 SMA distributors and kind of continuously hear feedback from the wealth platforms that they want to do more with fewer high-quality investment management firms and that they want strategies available across vehicle ranges. So mutual funds, ETFs, SMAs, model account delivery, et cetera. I also would add, globally, we'd continue to scale vehicles that will allow us to penetrate the intermediary market in those focused markets that Jen mentioned earlier. And then finally, the BDC is a new vehicle and a new product for us. So I think we're investing to be top of mind and very relevant with our intermediary partners globally, again, whether that's at the home office level or in the field.

就 SMA 而言，我們上週或 4 月下旬播種了 4 個新的 muni SMA，將在第二季度晚些時候推出。這將為我們帶來 20 種作為 SMA 提供的策略。我們與所有排名前 10 位的 SMA 分銷商都有合作，並且不斷聽到來自財富平台的反饋，他們希望通過更少的高質量投資管理公司做更多的事情，並且他們希望跨車輛範圍提供策略。所以共同基金、ETF、SMA、模型賬戶交付等等。我還要補充說，在全球範圍內，我們將繼續擴大車輛規模，使我們能夠滲透到 Jen 前面提到的那些重點市場的中介市場。最後，BDC 是我們的新工具和新產品。因此，我認為我們正在投資成為首要考慮因素，並且與我們在全球的中介合作夥伴非常相關，無論是在家庭辦公室層面還是在現場。

I would just add to that, beyond the products themselves and the vehicles that they're offered in, this intersects with the investments that Rob mentioned earlier, where we're making investments behind our distribution, sales, marketing teams with the U.S. wealth channel, where a lot of these vehicles are sold. And so it's not just developing the products and putting them out there but actually putting the marketing and sales resources behind it to make sure that we can pull those vehicles all the way through to the end client.

我只想補充一點，除了產品本身和它們所提供的車輛之外，這與 Rob 之前提到的投資相交，我們正在通過美國財富渠道對我們的分銷、銷售、營銷團隊進行投資，其中出售了很多這些車輛。因此，這不僅僅是開發產品並將它們投放市場，而是實際上將營銷和銷售資源放在產品背後，以確保我們能夠將這些車輛一直拉到最終客戶手中。

Our next question comes from the line of Finian O'Shea with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Finian O'Shea。

Another for Oak Hill. Can you give us a sense of employee retention as the firm integrates into T. Rowe? And is OCredit intended to expand into direct lending as many of your peers focus on? Or might you draw on more of a mix of the firm's private credit capabilities.

橡樹山的另一個。當公司整合到 T. Rowe 時，你能給我們一個員工保留的感覺嗎？ OCredit 是否打算像許多同行關注的那樣擴展到直接貸款？或者您可以更多地利用公司的私人信貸能力。

With regard to OHA associate retention, there's really been no change. It's been very strong. That's a big part of the reason why we kept the investment platform separate again, to minimize disruption and to allow them to sustain their momentum. They've got great talent. And there's -- generally, in our business, some small amount of turnover, particularly among more junior associates. But we've seen -- we haven't have not seen any regrettable attrition at the more senior associate or partner level at OHA. OCredit will have the opportunity to invest in both private and liquid credit. I think the target for OCredit is -- will be more in private credit, but kind of really will have flexibility to make investments where the risk return is most compelling.

關於 OHA 員工保留，確實沒有變化。它非常強大。這是我們再次將投資平台分開的重要原因，以盡量減少干擾並讓他們保持勢頭。他們很有天賦。而且——一般來說，在我們的業務中，會有少量的營業額，尤其是在初級員工中。但我們已經看到——我們還沒有看到 OHA 更高級的助理或合夥人級別出現任何令人遺憾的流失。 OCredit 將有機會投資私人和流動信貸。我認為 OCredit 的目標是 - 將更多地關注私人信貸，但確實可以靈活地在風險回報最有吸引力的地方進行投資。

Our last question comes from the line of Craig Siegenthaler with Bank of America.

我們的最後一個問題來自美國銀行的 Craig Siegenthaler。

Rob, my question is a long-term one on the 401(k) business. From a timing standpoint, where do you think we are in the unbundling theme where 401(k) plan sponsors have been separating record keepers from asset manager? And I know this doesn't impact your bigger DCIO business, but we wanted your perspective on if the bulk of these migrations are now behind us?

Rob，我的問題是關於 401(k) 業務的長期問題。從時間的角度來看，您認為我們處於 401(k) 計劃發起人將記錄保管人與資產管理者分開的分拆主題中的什麼位置？我知道這不會影響您更大的 DCIO 業務，但我們希望您了解這些遷移中的大部分現在是否已經過去？

Craig, I think it's difficult to say. This is a trend that's been unfolding for a relatively long period of time, and there continues to be consolidation in the record-keeping business. Recordkeeping is a scale business. That said, I think T. Rowe Price has a very compelling value proposition in RPS. And particularly in core market, we're growing the number of plans. And continuing to get attractive economics with the majority of the AUM on the plan managed by T. Rowe Price and in particular, having very strong representation of our Target Date Funds. So, look, I think the trend towards consolidation and unbundling of asset management and record keeping is probably fairly far along. I also would say I think there will always be a place for a well done bundled recordkeeping offering in parts of the market, particularly in what we characterize as the core market, so below the large enterprise level, where I think you can really deliver a very compelling value proposition. And if you were to look at our plan count, if you were to look at our flows, I mean the core RPS market is a market that we're investing in. We're investing in our coverage and territories and one that we think will be a growth driver for us over the course of the next several years. So while the unbundling trend, I think, is particularly important at the very large enterprise level, I don't think it's something that is a meaningful threat to our business. Again, as you mentioned, we have a very sizable representation in DCIO. We interact with the 401(k) market in a number of different ways, right? DCIO direct to the plan sponsor, DCIO through consultants and advisers, record-keeping where we sell directly to the plan sponsor, record-keeping through aggregators and advisers, over 60% of our AUM is retirement related, and we've got a multipronged strategy to penetrate that opportunity. I think we've got a great value proposition with, as I've mentioned before, our range of retirement date funds. So this is a business that I'm pretty enthusiastic about. And I would say I don't spend a lot of time thinking about the disaggregation of recordkeeping and asset management at the very large plan level. And that's something that we've lived with for a decade or more.

克雷格，我認為這很難說。這種趨勢已經持續了相當長的一段時間，而且記錄保存業務仍在繼續整合。記錄保存是一項有規模的業務。也就是說，我認為 T. Rowe Price 在 RPS 中具有非常引人注目的價值主張。特別是在核心市場，我們正在增加計劃的數量。並繼續通過 T. Rowe Price 管理的計劃中的大部分 AUM 獲得有吸引力的經濟效益，特別是，我們的目標日期基金具有很強的代表性。所以，你看，我認為資產管理和記錄保存的整合和分拆趨勢可能相當遙遠。我還要說的是，我認為在部分市場中總會有一個很好的捆綁式記錄保存產品的位置，特別是在我們稱為核心市場的地方，在大型企業級別以下，我認為你可以真正提供非常引人注目的價值主張。如果你看一下我們的計劃數量，如果你看一下我們的流量，我的意思是核心 RPS 市場是我們正在投資的市場。我們正在投資我們的覆蓋範圍和地區，我們認為將成為我們未來幾年的增長動力。因此，雖然我認為分拆趨勢在超大型企業層面尤為重要，但我認為這不會對我們的業務構成重大威脅。同樣，正如您提到的，我們在 DCIO 中有非常大的代表性。我們以多種不同方式與 401(k) 市場互動，對嗎？ DCIO 直接面向計劃贊助商，DCIO 通過顧問和顧問，我們直接向計劃贊助商銷售的記錄保存，通過聚合商和顧問保存記錄，我們 AUM 的 60% 以上與退休相關，我們有一個多管齊下的策略來滲透這個機會。我認為，正如我之前提到的，我們的退休日期基金範圍具有很大的價值主張。所以這是一個我非常熱衷的行業。而且我會說我不會花很多時間考慮在非常大的計劃級別上分解記錄保存和資產管理。這是我們已經忍受了十年或更長時間的事情。

And if anything, that's benefited us over time because as we've been able to bring our Target Date to plans, we don't record keep because obviously, we're not among the largest record keepers in the business as that consolidation has happened. So if anything, this trend has helped us to build the Target Date franchise over time.

而且，如果有的話，隨著時間的推移，這使我們受益，因為我們已經能夠將目標日期納入計劃，我們不會保留記錄，因為很明顯，隨著整合的發生，我們並不是業內最大的記錄保存者之一.因此，如果有的話，這種趨勢幫助我們隨著時間的推移建立了 Target Date 特許經營權。

Okay. I think that was the last question. In closing, I just thank you all for joining us today and for your interest in T. Rowe Price. As we shared, I think Q1 showed promising signs in the market backdrop and also some improved investment performance as well as strong Target Date net flows. And while the market environment remains uncertain, I'm very pleased with how our associates and our teams are responding. And we remain deeply committed and focused on helping our clients meet their long-term financial objectives. So again, thank you.

好的。我認為這是最後一個問題。最後，感謝大家今天加入我們以及對 T. Rowe Price 的關注。正如我們分享的那樣，我認為第一季度在市場背景下顯示出有希望的跡象，投資業績有所改善，目標日期淨流量強勁。儘管市場環境仍然不確定，但我對我們的員工和團隊的反應非常滿意。我們仍然堅定地致力於並專注於幫助我們的客戶實現他們的長期財務目標。再次感謝您。

Thank you. That concludes today's call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連接。