普信集團 (TROW) 2023 Q3 法說會逐字稿

Good morning. My name is Norma, and I'll be your conference facilitator today. Welcome to T. Rowe Price's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes. I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations. Please go ahead.

早安.我叫諾瑪，今天我將擔任你們的會議主持人。歡迎參加 T. Rowe Price 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，本次通話正在錄音，通話結束後不久即可在 T. Rowe Price 的網站上重播。我現在將電話轉給 T. Rowe Price 投資者關係總監 Linsley Carruth。請繼續。

Hello, and thank you for joining us today for our third quarter earnings call. The press release and supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes. Our CEO and President, Rob Sharps and CFO, Jen Dardis, will discuss the company's results for about 15 minutes, and then we'll open it up to your questions. We ask that you limit it to 1 question per participant. We also have Eric Veiel, T. Rowe Price Associates Head of Global Equity here with Rob and Jen today for the question-and-answers portion of the call.

您好，感謝您今天參加我們的第三季財報電話會議。新聞稿和補充資料文件可在我們的投資者關係網站 Investors.troweprice.com 上找到。今天的通話將持續約 45 分鐘。我們的執行長兼總裁 Rob Sharps 和財務長 Jen Dardis 將討論公司的業績約 15 分鐘，然後我們將回答您的問題。我們要求您將每位參與者的問題限制為 1 個問題。今天，T. Rowe Price Associates 全球股票主管 Eric Veiel 與 Rob 和 Jen 一起參與了電話會議的問答部分。

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. All investment performance references to peer groups on today's call are using Morningstar peer groups.

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公認會計準則財務指標。請參閱補充資料以及我們的新聞稿和 10-Q 中的前瞻性聲明語言和 GAAP 調節表。今天電話會議上對同儕團體的所有投資績效參考均使用晨星同儕團體。

Now I'll turn it over to Rob.

現在我會把它交給羅布。

Thank you, Linsley, and thanks to all of you for joining us today. Third quarter trends were largely similar to what we experienced earlier in the year. Relative investment performance was solid and particularly strong in our largest franchises. We made progress on our strategic initiatives and we executed on planned cost savings efforts. At the same time, we haven't seen any improvement in net flows and don't expect to for the balance of the year.

謝謝林斯利，也謝謝大家今天加入我們。第三季的趨勢與我們今年稍早的經驗基本相似。相對投資績效穩健，尤其是我們最大的特許經營權。我們的策略性舉措取得了進展，並執行了計劃的成本節約工作。同時，我們還沒有看到淨流量有任何改善，預計今年剩餘時間也不會出現這種情況。

That said, we do expect flow trends to recover somewhat in 2024 as improved performance takes the pressure off of redemptions from U.S. large cap equity products, investors come off the sidelines, and we realize the impact of our strategic investments.

儘管如此，我們確實預期流量趨勢將在 2024 年有所恢復，因為業績的改善緩解了美國大盤股產品的贖回壓力，投資者不再觀望，而且我們意識到了戰略投資的影響。

Turning now to investment performance. As you know, most equity and fixed income markets fell in the third quarter as investors grew increasingly concerned about a prolonged period of higher interest rates. During these choppy markets, we posted another quarter of solid investment performance relative to peers, particularly in many of our U.S. equity and multi-asset strategies. Our U.S. equity products were resilient with more than 70% of the mutual funds outperforming their peer group medians. All 3 of our large-cap growth products were above the median and beat their benchmarks in the quarter and each have top quartile performance for the year-to-date time period.

現在轉向投資績效。如您所知，大多數股票和固定收益市場在第三季下跌，因為投資者越來越擔心利率長期處於較高水平。在這些動盪的市場中，我們的投資績效相對於同業又實現了一個季度的穩健，特別是在我們的許多美國股票和多元資產策略方面。我們的美國股票產品具有彈性，超過 70% 的共同基金的表現優於同業中位數。我們的所有 3 個大型成長型產品均高於中位數，並在本季度超過了基準，並且每種產品在今年迄今為止的時間段內都有最高四分之一的表現。

Other strong performers in our U.S. equity range included all Cap opportunities U.S. Large Cap Core and science and technology, which all had top quartile performance versus peers for the quarter, adding to their solid multiyear track records.

我們的美國股票系列中其他表現強勁的股票包括美國大盤股核心股和科技股的所有資本機會，這些股票在本季度的表現與同業相比均名列前茅，進一步鞏固了其多年以來的良好業績記錄。

International equity products continued to have solid long-term relative peer results despite losing some ground during the quarter.

儘管國際股票產品在本季有所下降，但長期相對同產業績仍保持穩健。

We launched 5 new active ETFs in June and our 4 active U.S. equity ETFs got off to a strong start with all beating their benchmarks in the first full quarter since launching.

我們在 6 月推出了 5 隻新的主動 ETF，我們的 4 隻主動美國股票 ETF 開局強勁，自推出以來的第一個完整季度均超過了基準。

Our capital appreciation fund continues to deliver consistent outperformance relative to peers and is in the top decile versus peers in the 1-, 3-, 5- and 10-year time periods.

我們的資本增值基金持續表現優於同行，並且在 1 年、3 年、5 年和 10 年期間均處於同行前列。

Our target date products added another strong quarter, largely driven by our active security selection and differentiated portfolio construction. All vintages of the flagship retirement funds were in the top quartile versus peers, adding to their strong long-term track record.

我們的目標日期產品又增加了一個強勁的季度，這主要得益於我們積極的證券選擇和差異化的投資組合建構。旗艦退休基金的所有年份與同業相比均處於前四分之一，這增加了它們強勁的長期業績記錄。

Fixed income performance was solid with over 60% of our mutual funds outperforming their peer group meetings. Topping the list were our dynamic credit bond fund, which was recently added to our target date building blocks and the Global High Income Bond Fund, both of which were top decile performers in the quarter.

固定收益表現穩健，超過 60% 的共同基金表現優於同業。位居榜首的是我們的動態信用債券基金（最近被添加到我們的目標日期構建模組中）和全球高收入債券基金，這兩個基金都是本季表現最好的十分之一。

Alternative strategies generated solid absolute and relative performance during the quarter with strong results in private market strategies. OHA liquid credit strategies outperformed their benchmarks as well.

另類策略在本季產生了穩健的絕對和相對業績，私募市場策略表現強勁。 OHA 流動信用策略的表現也優於其基準。

While I'm encouraged by improvements in our investment performance, as I mentioned at the outset, we continue to see net outflows. Third quarter flows and negative $17.4 billion were largely consistent with recent levels. The asset class trends remain the same, with U.S. large cap equity accounting for a majority of the net outflows.

儘管我對投資績效的改善感到鼓舞，但正如我在一開始提到的，我們仍然看到淨流出。第三季流量和負 174 億美元與近期水準基本一致。資產類別趨勢保持不變，美國大盤股佔淨流出的大部分。

Looking ahead, we expect fourth quarter flows to be worse than recent trends with further weakness concentrated in November and December. Our forecast considers that December has been particularly weak over the last few years, and reflects notified terminations and redemptions, including those related to a handful of large sub-advisory mandates.

展望未來，我們預期第四季的流量將比近期趨勢更差，進一步疲軟集中在 11 月和 12 月。我們的預測認為，過去幾年 12 月的表現尤其疲弱，反映了已通知的終止和贖回，包括與少數大型次級諮詢任務相關的終止和贖回。

We continue to proactively manage expenses to create a cost structure appropriate for the size and scale of the firm today and to allow for continued investment in our strategic priorities. Jen will talk more about these expense efforts in a moment. But first, I'd like to highlight a few of our accomplishments during the quarter.

我們繼續積極管理開支，以創建適合公司當今規模和規模的成本結構，並允許對我們的策略重點進行持續投資。 Jen 稍後將詳細討論這些支出工作。但首先，我想強調一下我們在本季取得的一些成就。

We launched our first joint investment offering with OHA, the T. Rowe Price OHA select to Private Credit Fund, offered as a non-traded perpetual life business development company or BDC structure. We are focused on building a durable and repeatable process to deliver alternative investments to the wealth management channel. OCREDIT launched with $1.5 billion of investable capital, making it 1 of the industry's largest nontraded BDC launches. This includes over $600 million raised in equity commitments from T. Rowe Price in a group of global institutional investors in addition to $875 million in credit facility commitments.

我們與 OHA 推出了首個聯合投資產品，即 T. Rowe Price OHA 選擇私人信貸基金，作為非交易永續壽險業務開發公司或 BDC 結構提供。我們致力於建立一個持久且可重複的流程，為財富管理管道提供另類投資。 OCREDIT 推出時擁有 15 億美元的可投資資本，使其成為業內最大的非交易 BDC 推出之一。其中包括 T. Rowe Price 在一群全球機構投資者中籌集的超過 6 億美元的股權承諾，以及 8.75 億美元的信貸額度承諾。

Our ETF franchise is expanding with AUM totaling $1.7 billion as of September 30. Our new capital appreciation equity, ETF, or TCAP has attracted strong interest since launching in June with over $190 million in net flows and placement with 12 broker-dealer clients.

我們的ETF 業務正在不斷擴大，截至9 月30 日，資產管理規模總計17 億美元。自6 月推出以來，我們新的資本增值股票、ETF 或TCAP 吸引了濃厚的興趣，淨流量和安置額超過12 家經紀交易商客戶，超過1.9 億美元。

In the third quarter, associates in London moved to our new office in Warwick Court on Pattern Oster Square, and we marked the end of exterior construction of our new global headquarters at Harbor Point in Baltimore, Maryland, with a ceremonial beam signing. Both offices are an investment in the associate experience and have been designed to foster collaboration, a cornerstone of our culture. It's our culture and the dedication and hard work of our associates that are driving our progress on our path to return the firm to organic growth. We have some of the best talent in the industry, and we're squarely focused on delivering consistently strong long-term investment performance and world-class service for our clients, sustaining our culture of excellence and collaboration and carefully managing our financial results through this environment. I'm grateful to our teams for keeping our clients at the center of all we do.

第三季度，倫敦的員工搬到了位於Pattern Oster Square 的Warwick Court 的新辦公室，並且我們在馬裡蘭州巴爾的摩Harbour Point 舉行了儀式性的簽字儀式，標誌著我們位於馬裡蘭州巴爾的摩Harbour Point 的新全球總部外部施工的結束。這兩個辦事處都是對員工體驗的投資，旨在促進合作，這是我們文化的基石。正是我們的文化以及員工的奉獻和辛勤工作推動我們在公司回歸有機成長的道路上取得進步。我們擁有業內最優秀的人才，我們專注於為客戶提供持續強勁的長期投資業績和世界一流的服務，維持我們的卓越和協作文化，並透過此方式謹慎管理我們的財務表現環境。我感謝我們的團隊將客戶置於我們一切工作的中心。

I'll now turn to Jen to cover our financial results for the quarter.

我現在請 Jen 介紹我們本季的財務表現。

Thank you, Rob, and hello, everyone. I'll review our financial results, and then we will open the line for questions. Our adjusted earnings per share of $2.17 for Q3 2023, was up from $2.02 in Q2 2023, driven by higher investment advisory revenues and higher carried interest-related income. A decline in markets following a peak at the end of July, led to Q3 end-of-period AUM of $1.35 trillion, down 3.8% from Q2. But our Q3 average AUM of $1.4 trillion was 2.7% higher than Q2 and 3.4% higher than Q3 2022, driving the higher investment advisory revenues this quarter.

謝謝你，羅布，大家好。我將審查我們的財務業績，然後我們將開通提問熱線。由於投資諮詢收入和附帶利息相關收入增加，我們 2023 年第三季的調整後每股收益為 2.17 美元，高於 2023 年第二季的 2.02 美元。市場在 7 月底達到高峰後下滑，導致第三季期末資產管理規模為 1.35 兆美元，較第二季下降 3.8%。但我們第三季的平均資產管理規模為 1.4 兆美元，比第二季高出 2.7%，比 2022 年第三季高出 3.4%，推動了本季投資顧問收入的成長。

As Rob mentioned, we had $17.4 billion in net outflows for the quarter, including a previously disclosed sub-advisory mandate termination in August. Consistent with last quarter, our 3 U.S. large-cap growth equity strategies drove the majority of the net outflows. Outflows from equity products were partially offset with inflows in our multi-asset fixed income and alternative asset classes, and our Asia Pacific business posted positive flows for the quarter as well.

正如 Rob 所提到的，我們本季的淨流出為 174 億美元，其中包括先前披露的 8 月終止的次級顧問授權。與上季一致，我們的 3 隻美國大盤成長型股票策略推動了大部分淨流出。股票產品的流出被我們的多元資產固定收益和另類資產類別的流入部分抵消，我們的亞太業務本季也出現了正流量。

Within multi-asset, target date net inflows were $2.9 billion for the quarter, bringing year-to-date inflows to $12.8 billion. When thinking about the rest of the year, keep in mind, we historically have seen some plan-driven seasonality in the DC channel with some plans departing in December and new ones onboarding in January.

在多元資產中，本季目標日期淨流入為 29 億美元，使年初至今的流入達到 128 億美元。在考慮今年剩餘時間時，請記住，我們歷史上在 DC 渠道中看到了一些計劃驅動的季節性，一些計劃於 12 月出發，新計劃於 1 月加入。

Other highlights from the quarter included net inflows into capital appreciation, all cap opportunities equity, international core equity and blended emerging market bond. In September, we reopened our international small-cap equity and our high-yield bond strategies to new clients, which we expect will support future sales. Both strategies have solid long-term performance track records.

本季的其他亮點包括資本增值、所有上限機會股票、國際核心股票和混合新興市場債券的淨流入。九月份，我們向新客戶重新開放了國際小型股和高收益債券策略，我們預計這將支持未來的銷售。這兩種策略都有可靠的長期績效記錄。

Turning to the income statement, Q3 adjusted net revenues were nearly $1.7 billion, including over $1.4 billion in investment advisory revenue. Our annualized effective fee rate was 41.7 basis points in Q3 2023, down from 42.3% in Q2. The effective fee rate decrease is primarily driven by the timing of performance-based fee earnings on certain equity and alternatives products that were realized in Q2, along with mix shift towards lower fee asset classes and vehicles.

轉向損益表，第三季調整後淨收入接近 17 億美元，其中投資諮詢收入超過 14 億美元。 2023 年第三季度，我們的年化有效費用率為 41.7 個基點，低於第二季的 42.3%。有效費率下降主要是由於第二季度實現的某些股票和另類產品基於績效的費用收益的時機，以及向較低費用資產類別和工具的組合轉變所推動的。

Q3 adjusted net revenues also included over $90 million in accrued carried interest related revenue, reflecting strong absolute and relative performance in those alternative products with carried interest paying structures. This was a higher level of carried interest-related revenue than previous quarters, and this will likely continue to vary widely quarter-to-quarter, in line with absolute and relative returns in the products.

第三季調整後的淨收入還包括超過 9,000 萬美元的應計附帶利息相關收入，反映了具有附帶利息支付結構的替代產品的絕對和相對強勁表現。與前幾季相比，與附帶利息相關的收入水平較高，根據產品的絕對和相對回報，每季的收入可能會繼續存在很大差異。

Our adjusted operating expenses were nearly $1.1 billion, up a little over 3% from both Q2 2023 and Q3 2022. The Q3 included severance costs related to our July reduction in force and higher carried interest-related expense, partially offset by a nonrecurring benefit in G&A.

我們調整後的營運費用接近11 億美元，比2023 年第二季和2022 年第三季成長略多於3%。第三季包括與7 月裁員相關的遣散費和更高的附帶利息相關費用，部分被2023 年第二季的非經常性收益所抵銷。一般及行政費用。

For full year 2023, we are narrowing our guidance range for adjusted operating expense, excluding the carried interest related compensation to be 2% to 4% over the comparable full year 2022 amount of nearly $4.1 billion. With adjusted operating expense growth, excluding carried interest compensation of just under 1% year-to-date, we do expect higher expenses in a few categories in Q4, several of which are seasonal or timing related so will not fully carry forward into 2024. Specifically, we expect G&A to be higher than typical run rate as we have higher professional fee spend in Q4 that spilled over from Q3. Stock-based compensation is typically higher in Q4 as our annual grant date falls in December. Advertising and promotion is also typically highest in Q4 to support seasonal campaigns.

對於 2023 年全年，我們將調整後的營運費用指引範圍（不包括附帶權益相關補償）縮小為 2022 年全年可比金額近 41 億美元的 2% 至 4%。隨著調整後的營運費用成長（不包括年初至今略低於1% 的附帶利息補償），我們預計第四季度某些類別的費用將會增加，其中一些費用與季節性或時間相關，因此不會完全結轉到2024 年。具體來說，我們預計一般行政費用將高於典型運行率，因為我們在第四季度的專業費用支出較高，並從第三季度溢出。由於我們的年度授予日期為 12 月，第四季度的股票薪酬通常較高。廣告和促銷通常在第四季度最高，以支持季節性活動。

And finally, we will realize a full quarter of higher technology, occupancy and facilities costs related to our new London location. As we mentioned last quarter, we have been focused on managing our expense growth and driving efficiency to allow us to continue to invest in the strategic initiatives that we believe will result in future growth.

最後，我們將實現與倫敦新地點相關的整整一個季​​度的更高技術、佔用和設施成本。正如我們上季度所提到的，我們一直專注於管理費用成長和提高效率，以便我們能夠繼續投資於我們認為將帶來未來成長的策略性舉措。

As part of this effort and in light of our hybrid working environment, we have been reviewing our real estate usage with the dual goals of enhancing in-person collaboration and reducing real estate costs. As a result of this review, we made the decision to consolidate associates at our Owings Mills, Maryland campus into 4 buildings down from 6 and to reduce the amount of space occupied in our Colorado Springs buildings by year-end. This is a change in office configuration, not a change in location or workforce strategy.

作為這項工作的一部分，並考慮到我們的混合工作環境，我們一直在審查我們的房地產使用情況，以實現加強面對面協作和降低房地產成本的雙重目標。根據這次審查，我們決定在年底前將馬裡蘭州奧因斯米爾斯園區的員工從 6 棟大樓合併到 4 棟大樓，並減少科羅拉多斯普林斯大樓的佔用空間。這是辦公室配置的變化，而不是地點或勞動力策略的變化。

We have also been focused on enhancing our business, data and technology architecture to ensure we have the foundational support to underpin our strategic initiatives and drive efficiency going forward. As we shared last quarter, our cost savings efforts over the last 12 months have removed or reallocated over $200 million in operating expenses versus the run rate for 2024. We continue to expect 2024 adjusted operating expenses, excluding carried interest compensation will grow in the low single-digit range. This growth rate will depend on final 2023 adjusted operating expense levels. And as always, this estimated growth rate is based on current market levels, and we may choose to adjust it if markets rise or fall significantly.

我們也致力於增強我們的業務、數據和技術架構，以確保我們擁有基礎支援來支撐我們的策略計劃並提高未來的效率。正如我們上季度分享的那樣，與2024 年的運行率相比，我們過去12 個月的成本節約工作已消除或重新分配了超過2 億美元的營運費用。我們繼續預計2024 年調整後的營運費用（不包括附帶利息補償）將在較低水準成長個位數範圍。這一成長率將取決於 2023 年最終調整後的營運費用水準。像往常一樣，這個估計的成長率是基於當前的市場水平，如果市場大幅上漲或下跌，我們可能會選擇調整它。

Spending a moment on capital management. We repurchased over 977,000 shares in the third quarter at an average price of about $108 for a total of $106 million. Year-to-date, we have repurchased a little under 1.4 million shares for just over $150 million. As of September 30, we had 223.5 million shares outstanding. Our recurring dividend remains a top priority through buybacks and dividends year-to-date, we have returned about $992 million to stockholders while maintaining ample liquidity to support our seed capital program, opportunistic share buybacks and potential M&A.

花點時間討論資本管理。第三季度，我們以約 108 美元的平均價格回購了超過 977,000 股股票，總金額為 1.06 億美元。今年迄今為止，我們已回購了近 140 萬股股票，花費略高於 1.5 億美元。截至 9 月 30 日，我們已發行股票 2.235 億股。透過今年迄今的回購和股息，我們的經常性股息仍然是重中之重，我們已向股東返還約9.92 億美元，同時保持充足的流動性以支持我們的種子資本計劃、機會性股票回購和潛在的併購。

As we complete the year and plan for 2024, we will continue to invest in our strategic priorities to pursue excellent investment performance and client service and to drive growth over time. We are also executing on our plans to reduce costs to fund these initiatives and maintain a low single-digit expense growth into 2024.

在我們完成 2024 年和計劃的同時，我們將繼續投資於我們的策略重點，以追求卓越的投資績效和客戶服務，並隨著時間的推移推動成長。我們也正在執行計劃，以降低為這些措施提供資金的成本，並在 2024 年之前保持較低的個位數費用成長。

While flows will remain challenged through the fourth quarter, we are confident that we will start to see the benefits of these efforts in 2024.

儘管第四季的資金流動仍將面臨挑戰，但我們有信心在 2024 年開始看到這些努力的好處。

With that, I'll ask the operator to open the line for questions.

然後，我會要求接線員開通提問線路。

(Operator Instructions) Our first question comes from the line of Alexander Blostein with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的亞歷山大·布洛斯坦（Alexander Blostein）。

So maybe starting on the last point, Jen just made and Rob, you alluded to that as well earlier around confidence and improvement flows into 2024. Can you spend a minute on maybe some of the key strategies and initiatives you expect to contribute to flows in '24 that will start to move the needle? I'm not sure if it's ETFs or the private credit strategy. So anything you can help us to better frame the opportunities that you see for next year?

因此，也許從最後一點開始，Jen 剛剛提出，Rob，您早些時候也提到過關於2024 年信心和改進流動的問題。您能否花一點時間討論一下您希望為2024 年流動做出貢獻的一些關鍵策略和措施？ '24 這會開始改變現狀嗎？我不確定是ETF還是私人信貸策略。那麼您有什麼可以幫助我們更好地規劃您明年看到的機會嗎？

Yes, Alex, thank you for the question. Look, I did note in the prepared remarks that we expect November and December to have elevated outflows. And November, in particular, is impacted by a single large mandate.

是的，亞歷克斯，謝謝你的提問。我確實在準備好的發言中指出，我們預計 11 月和 12 月的資金流出將會增加。尤其是 11 月，受到一項重大任務的影響。

But December should be consistent with what we've seen in December for the last couple of years. So I do think it's logical to ask given that weakness, why are we confident that outflows should be lower next year? And the first thing I would say is that we're already seeing some year-over-year improvement in flows in certain channels, In particular, channels that tend to respond a little more quickly to changes in performance. And that's despite what I would characterize as a pretty challenging industry backdrop. That is specific -- that improvement, I'd say you can point to a number of areas.

但 12 月的情況應該與我們過去幾年在 12 月看到的情況一致。因此，我確實認為，考慮到這種疲軟，我們為什麼有信心明年的資本外流會更低？我要說的第一件事是，我們已經看到某些管道的流量較去年同期有所改善，特別是那些傾向於對績效變化做出更快反應的管道。儘管我認為這是一個相當具有挑戰性的行業背景。這是具體的——我想說你可以指出很多方面的改進。

If you -- just look at trends in Q3. Right? We had just under $3 billion of inflows in the retirement date funds and gross sales up 10% year-over-year. We have positive flows in fixed income, multi-asset broadly and alternatives. You mentioned ETFs. We had our best quarter for ETF sales. It's still small in building. I think it can be a contributor in 2024, but I don't think it will be the most meaningful driver of performance or of improvement in flows. I think the most meaningful driver will be One, I think if some of the money on the sidelines from an industry perspective extends their time horizon or risk appetite, and you have the more flows in equities broadly.

如果您—只需看看第三季的趨勢即可。正確的？我們的退休日期基金流入額接近 30 億美元，總銷售額年增 10%。我們在固定收益、廣泛的多元資產和另類投資方面都有積極的資金流動。您提到了 ETF。我們經歷了 ETF 銷售最好的季度。建築規模仍然很小。我認為它可以在 2024 年做出貢獻，但我不認為它會成為效能或流程改進的最有意義的驅動因素。我認為最有意義的驅動因素將是一個，我認為，如果從行業角度來看，一些持觀望態度的資金延長了他們的時間範圍或風險偏好，並且股票市場上的資金流動量更大。

Two, I think a broadening of performance in the U.S. equity market would be helpful for active relative to passive.

第二，我認為美國股市表現的擴大將有助於主動股票相對於被動股票。

Three, you kind of ultimately, the longer-term performance numbers as they flow through will really begin to impact flows.

第三，最終，長期績效數據將真正開始影響流量。

And four, we've highlighted a number of different strategic initiatives that we're working on. Alternatives being 1 of them. So we do think that OCredit will contribute next year. But in the overall scale of our organization, I wouldn't necessarily say that I think either OCredit or ETF will be a predominant driver of improved flows. I think they'll be additive. But we're going to have to see improvement in the core asset classes and in the core channels to really have '24 kind of be a better picture with regard to flows than 2023.

第四，我們強調了我們正在進行的許多不同的策略舉措。替代方案是其中之一。所以我們確實認為 OCredit 明年將會做出貢獻。但就我們組織的整體規模而言，我不一定認為 OCredit 或 ETF 將成為改善流量的主要驅動力。我認為它們會起到補充作用。但我們必須看到核心資產類別和核心管道的改善，才能真正讓 24 年的流量狀況比 2023 年更好。

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

我們的下一個問題來自美國銀行的克雷格·西根塔勒 (Craig Siegenthaler)。

Rob. Eric, Hope everyone is doing well. We have a question on another flow question, but focusing more on the redemption side of the equation. Most of your key equity flagship funds, and we're looking at blue-chip gross stock and mid-cap growth, they generated very strong performance over the last 12 months. And you're actually seeing this translate into month-over-month improvement in the flows from June to September. So my question is, how is this impacting client discussions, the better 12-month numbers? And if you strip out the large institutional sub-advisory redemptions that you're expecting at year-end, why can't this lead to continued monthly net flow improvement into 2024?

搶。艾瑞克，希望每個人都一切順利。我們有一個關於另一個流量問題的問題，但更專注於等式的贖回方面。大多數主要股票旗艦基金，我們正在關注藍籌股總股票和中型股成長，它們在過去 12 個月中產生了非常強勁的業績。實際上，您會看到這轉化為 6 月至 9 月流量的逐月改善。所以我的問題是，這對客戶討論、更好的 12 個月數字有何影響？如果剔除預計在年底進行的大型機構次級諮詢贖回，為什麼這不能導致 2024 年月度淨流量持續改善？

Sure, Craig. Nice to hear your voice, and good morning. I would say a couple of things as it relates to these strategies. First of all, we're definitely encouraged by the improved performance over the year-to-date period and we're encouraged because it's come broadly and it's come with the support of really strong performance from our underlying research platform. Our analyst managed portfolio had a really strong year and continues to support our overall performance, which is key to what we do. But client conversations vary a lot depending upon the type of clients. As you know, we're in basically every channel, every geography around the world with these strategies. What we're seeing as it relates to flows, as you discussed, those channels that tend to respond more quickly to performance, we are starting to see some better numbers. But we have to continue to deliver the performance that we delivered year-to-date, over continued time periods because we will see eventually those 1, the 3 and the 5 get better as we do that. And more and more channels are focused on those 3 and those 5. So we're encouraged in the short term, but we are far from complacent about it and recognize that we still have many more quarters and years of strong performance to deliver to get those 3- and 5-year numbers where we want them to be.

當然，克雷格。很高興聽到你的聲音，早安。我想說一些與這些策略相關的事情。首先，我們肯定對今年迄今為止的業績改善感到鼓舞，我們感到鼓舞是因為它的範圍廣泛，並且得到了我們基礎研究平台真正強勁業績的支持。我們的分析師管理的投資組合今年表現非常強勁，並將繼續支持我們的整體業績，這是我們所做工作的關鍵。但根據客戶類型的不同，客戶對話也有很大差異。如您所知，我們基本上在世界各地的每個管道、每個地區都採用了這些策略。正如您所討論的，我們所看到的與流量相關的內容，即那些傾向於對效能做出更快響應的管道，我們開始看到一些更好的數字。但我們必須在持續的時間內繼續提供今年迄今為止的表現，因為我們最終會看到，當我們這樣做時，1、3 和 5 會變得更好。越來越多的管道專注於這 3 個和這 5 個。因此，我們在短期內受到鼓舞，但我們遠非自滿，並認識到我們仍然有更多季度和多年的強勁業績來實現我們希望的3 年和5 年數字。

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

我們的下一個問題來自帕特里克·戴維特（Patrick Davitt）與 Autonomous 的對話。

You mentioned the kind of a few chunky sub-advisory losses that have been announced over the last couple of months. So could you frame the AUM base specifically exposed to that particular issue and more broadly frame the risk that this is becoming a more regular trend?

您提到了過去幾個月宣布的一些巨額諮詢損失。那麼，您能否建立專門針對該特定問題的資產管理規模基礎，並更廣泛地建立這正在成為更常見趨勢的風險？

I'll start and then Jenn or Eric can add any perspective. Look, our sub-advisory business is broad. We have sub-advisory opportunities in the wealth channel and we have a meaningful variable annuity sub-advisory business. The variable annuity sub-advisory business over time is likely to be under more pressure. In terms of sizing it, it is meaningful, but kind of well less than 10% of our overall book. Overall, sub-advisory is a very, very good business for us and a business that we are committed to. We think it's a channel that values our brand. We think it's a channel that values performance. We do see some additional opportunity over the long term, in sub-advisory, particularly in the wealth channel, but we don't anticipate that there'll be much opportunity for growth outside of perhaps consolidating some market share, which is really dependent on very good service as well as excellent performance in that VA channel.

我先開始，然後 Jenn 或 Eric 可以添加任何觀點。你看，我們的諮詢業務很廣泛。我們在財富管道有次級諮詢機會，我們有有意義的可變年金次級諮詢業務。隨著時間的推移，可變年金輔助諮詢業務可能會面臨更大的壓力。就其規模而言，它是有意義的，但遠低於我們整本書的 10%。總的來說，分諮詢對我們來說是一項非常非常好的業務，也是我們致力於發展的業務。我們認為這是一個重視我們品牌的管道。我們認為這是一個重視績效的管道。從長遠來看，我們確實看到了一些額外的機會，在次級諮詢領域，特別是在財富管道，但我們預計除了鞏固一些市場份額之外，不會有太多增長機會，這實際上取決於VA 頻道的服務非常好，性能也非常出色。

Yes. I would note quickly with regard to the VA channel, the challenges in the VA channel, something that we've navigated for a very long period of time. So that's not something that's new or specific to the elevated outflows this year. It may be in a particular month or a particular quarter. But it's a part of the book that we've navigated some pressure over a relatively long period of time.

是的。我想快速指出有關 VA 渠道的問題、VA 渠道面臨的挑戰，我們已經解決了很長一段時間的問題。因此，這並不是什麼新鮮事，也不是今年資金外流增加所特有的。它可能是在特定月份或特定季度。但這是本書的一部分，我們在相對較長的時間內應對了一些壓力。

Our next question comes from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩‧比德爾 (Brian Bedell)。

Maybe just one on the investment process, good to see the improved performance. But if you can comment on -- have there been any major changes to how you incorporate ESG risks? I know that's something that's been -- you've been working on for several years, particularly this year, and given the political backlash against ESG, is that changing how you incorporate that into the investment process? And then similarly, what are you hearing from distribution partners in terms of demand for either ESG products or the inclusion within the investment process. Particularly, I know in Europe, it was -- it has always been table stakes there. Are you seeing any change in the institutional demand in Europe?

也許只是投資過程中的一件事，很高興看到績效的改善。但如果您可以評論一下——您納入 ESG 風險的方式是否發生了重大變化？我知道這是您多年來一直致力於的事情，特別是今年，考慮到對 ESG 的政治抵制，這是否會改變您將其納入投資流程的方式？同樣，您從分銷合作夥伴那裡聽到了對 ESG 產品或納入投資流程的需求。特別是，我知道在歐洲，它一直是那裡的賭注。您認為歐洲的機構需求有任何改變嗎？

Yes. Brian, very good question. Look, we incorporate ESG into our investment decision-making process consistently and we don't let near-term or long-term political issues affect it. Our process is very much based on using insights generated by our fundamental analysts our -- using our fixed income team using our responsible investing team. And what the RI team specifically does it helps our portfolio managers and analysts identify risks and opportunities understand the parts of the company's long-term strategy that could be materially affected by changes across ESG and then incorporating that into our investment decision-making process. So it is not affected by short-term political wins, and it leads us to better outcomes for our clients in all environments.

是的。布萊恩，非常好的問題。看，我們始終如一地將 ESG 納入我們的投資決策過程，我們不會讓短期或長期的政治議題影響它。我們的流程在很大程度上是基於使用我們的基本分析師產生的見解——使用我們的固定收益團隊和我們負責任的投資團隊。 RI 團隊的具體工作是幫助我們的投資組合經理和分析師識別風險和機遇，了解公司長期策略中可能受到 ESG 變化重大影響的部分，然後將其納入我們的投資決策流程。因此，它不會受到短期政治勝利的影響，並且可以讓我們在各種環境下為客戶帶來更好的結果。

In terms of demand, the ESG set broadly defined still grew in 2023 across the channels geographically. If you look at EMEA, APAC and even North America, if you exclude 1 very large reallocation that was done by a competitor firm within their retirement set. So we still think that there's commercial opportunity here and we work with clients to meet them where they want to be. We have the capabilities to do that across fixed income and equities. And we feel really good about that -- the capability that we've built over many years.

就需求而言，廣泛定義的 ESG 集合在 2023 年仍會在各個地區的通路中成長。如果你看看歐洲、中東和非洲、亞太地區甚至北美，如果你排除競爭對手公司在其退休集合中進行的一次非常大的重新分配。因此，我們仍然認為這裡有商業機會，我們與客戶合作，在他們想去的地方滿足他們的需求。我們有能力在固定收益和股票領域做到這一點。我們對此感覺非常好——我們多年來建立的能力。

One moment for our next question, please. Our next question comes from the line of Ken Worthington with JPMorgan.

請稍等一下我們的下一個問題。我們的下一個問題來自肯·沃辛頓與摩根大通的對話。

You seem to have critical mass in your active ETF offering with the recent launches. A couple of questions here. One, can you talk about how you're marketing the ETFs and what resources you're dedicating here? Maybe second, where is distribution today versus your goals? And then the bigger picture question is certain active managers like a JPMorgan have been particularly successful in taking in pretty significant assets into relatively new active equity ETF offerings. Do you see a path forward for similar success at T. Rowe or is there something fundamentally different with your approach and others that you're seeing in the industry?

最近推出的主動型 ETF 產品似乎已經達到了臨界點。這裡有幾個問題。第一，您能談談您如何行銷 ETF 以及您在這裡投入了哪些資源嗎？也許第二，今天的分銷與您的目標相比在哪裡？然後更大的問題是，像摩根大通這樣的某些主動型基金經理人在將相當大的資產納入相對較新的主動型股票 ETF 產品方面特別成功。您認為 T. Rowe 是否有類似成功的道路，或者您的方法與您在行業中看到的其他方法是否存在根本不同？

Ken, this is Eric. I'll start, and then Rob or Jen may want to come in as well. The way we've approached this market has been, I think, a very thoughtful one. As you know, we started first with 5 semitransparent active ETFs, which were clones of existing strategies that we're well known for. we then added 5 fixed income fully transparent ETFs and then this year launched 5 fully transparent active equity ETFs. Our approach to marketing these is to target the channels where we think that there's the most uptake for the improved structure that the ETF offers, especially for taxable accounts. So that would be ideally the U.S. wealth channel. And within that, the RIA channels as well as now we're starting to gain some traction on the larger broker-dealers as we get to our 12-month track records across this different suite.

肯，這是埃里克。我先開始，然後 Rob 或 Jen 可能也想加入。我認為，我們進入這個市場的方式是一種非常深思熟慮的方式。如您所知，我們首先從 5 個半透明主動 ETF 開始，它們是我們眾所周知的現有策略的克隆。然後我們增加了 5 檔完全透明的固定收益 ETF，今年又推出了 5 檔完全透明的主動股票 ETF。我們行銷這些產品的方法是瞄準我們認為 ETF 提供的改進結構最容易被接受的管道，尤其是應稅帳戶。因此，這將是理想的美國財富管道。其中，隨著我們在這個不同套件中獲得 ​​12 個月的追蹤記錄，RIA 管道以及現在我們開始在大型經紀交易商中獲得一些吸引力。

In the case of TCAP, because the capital appreciation strategy and the portfolio manager, David Drew, are quite well known. We've been able to accelerate some of the placements with that specific strategy. We've also backed this with targeted marketing campaigns and some dedicated sales function as well. So we feel good about the approach that we're taking. And I think long term, over the next, call it, 3 to 5-plus years. There's no reason why this can't be a very large and important business for us, and I think we'll grow meaningfully. I'm not going to comment about how we'll do versus other specific competitors. I'm very comfortable with the approach that we're taking, and I'm bullish on our long-term prospects here.

就 TCAP 而言，因為其資本增值策略和投資組合經理 David Drew 相當出名。透過該特定策略，我們已經能夠加速一些展示位置。我們也透過有針對性的行銷活動和一些專門的銷售職能來支持這一點。因此，我們對我們正在採取的方法感到滿意。我認為從長遠來看，在接下來的三到五年以上。這對我們來說沒有理由不是一項非常龐大且重要的業務，而且我認為我們將會實現有意義的成長。我不會評論我們與其他特定競爭對手相比的表現。我對我們正在採取的方法感到非常滿意，並且我看好我們在這裡的長期前景。

I would just add quickly, we do think there's a big opportunity for active ETFs in the wealth channel. We do have some ETF specialists that support our regional investment consultants and home offices teams that engage with our broker-dealer and advisory clients. We think there's a big opportunity given our multi-asset capabilities in models over time to use our ETFs as components of those underlying models. And I do think longer term, given the -- some of the traits of the ETF vehicle that there will be more for us to do with regard to evaluating opportunities where we can deliver our unique investment capabilities and address needs that clients have. So I think I'm encouraged that we're making some progress, but I do think we've got much more to do here.

我想快速補充一下，我們確實認為財富管道中的主動型 ETF 存在巨大機會。我們確實有一些 ETF 專家為我們的區域投資顧問和與我們的經紀自營商和諮詢客戶打交道的家庭辦公室團隊提供支援。我們認為，鑑於我們在模型中的多資產能力，隨著時間的推移，我們將有很大的機會使用我們的 ETF 作為這些基礎模型的組成部分。我確實認為，從長遠來看，考慮到 ETF 工具的一些特徵，我們在評估機會方面將有更多工作要做，在這些機會中，我們可以提供我們獨特的投資能力並滿足客戶的需求。因此，我認為我們正在取得一些進展，這讓我感到鼓舞，但我確實認為我們還有更多工作要做。

I'd also add. I think thematically, as Eric talked about ESG and being able to be a point we can talk with clients about their needs and meeting whereever they are, ETFs are similar in the sense it's another capability where we can have conversations with clients about where they have gaps in their lineups and how we can meet those with the capabilities that we can develop, given the suite of products we already have.

我還要補充一下。我認為，從主題上講，正如埃里克談到ESG 以及我們能夠與客戶討論他們的需求並滿足他們在任何地方的需求一樣，ETF 是相似的，因為它是我們可以與客戶討論他們在哪裡的另一種功能。他們的產品陣容存在差距，以及考慮到我們已經擁有的產品套件，我們如何能夠滿足那些具有我們可以開發的能力的人的需求。

One moment for our next question, please. Our next question comes from the line of Brennan Hawken with UBS.

請稍等一下我們的下一個問題。我們的下一個問題來自瑞銀集團 (UBS) 的布倫南·霍肯 (Brennan Hawken)。

I was hoping you spoke to a 4Q uplift in some expenses. So it would be helpful if you can maybe size that versus the 1% year-to-date expense growth exit carry, you also said that it's seasonal and shouldn't carry it in 2024. So just hoping to clarify, are you saying that you don't expect a seasonal uplift in 4Q '24 from similar items because of your expense efforts? Or were you just saying that it won't carry into the first quarter of '24?

我希望您談到第四季度某些支出的增加。因此，如果您能根據年初至今1% 的費用增長退出結轉來衡量這一規模，那將會很有幫助，您還說這是季節性的，不應該在2024 年進行結轉。所以只是希望澄清一下，您是在說嗎由於您的支出努力，您預計 24 年第 4 季類似商品不會出現季節性增長？還是你只是說它不會延續到 24 年第一季？

Sure. So from an overall perspective, that's what we tried to give the 2% to 4% range for the full year to give you a sense for what the fourth quarter would be to fill in against the actuals through the first 3 quarters. And then with regard to the seasonal items, some are seasonal and would be similar in fourth quarter this year and fourth quarter next year, some are more onetime in nature. But the comment that you made about carrying over into Q1, certainly things that are seasonal in Q4, we would expect it wouldn't go into the Q1 number.

當然。因此，從整體角度來看，這就是我們試圖給出全年 2% 到 4% 的範圍，以便讓您了解第四季度將與前三個季度的實際情況相比的情況。然後就季節性的項目來說，有些是季節性的，今年第四季和明年第四季會類似，有些是一次性的。但您關於延續到第一季的評論，當然是第四季度的季節性因素，我們預計它不會進入第一季的數字。

Just to dimensionalize it, first of all, we mentioned a onetime item. This was an operating item that we mentioned was a recovery of prior period costs. That's about $20 million, so you would expect that would not recur and then that benefit would not recur. And then the other items are a little bit more evenly split in terms of an increase in professional fees the long-term incentive plans. This is the stock-based compensation, and we have retirement vesting that are recognized in December when we do those grants. So that creates a pop every quarter, every fourth quarter.

為了對其進行維度化，首先，我們提到了一個一次性項目。這是我們提到的營運項目，是前期成本的回收。這大約是 2000 萬美元，所以您會期望這種情況不會再次出現，那麼這種好處不會再次出現。然後，其他項目在專業費用增加和長期激勵計劃方面的分配更加平均。這是基於股票的薪酬，我們在 12 月發放這些補助金時會確認退休歸屬。因此，每季、每季都會出現流行。

(Operator Instructions) Our next question comes from the line of Michael Cyprys with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的 Michael Cyprys。

Just a question on retail SMAs. I was hoping you could update us on the traction that you're seeing in your approach to the marketplace there with retail SMAs? And how much is it contributing to flows today. Maybe you can just remind us how many strategies you currently offer in SMAs and where you'd like to see that in 3 years and some of the hurdles you guys may have to overcome so you kind of want to bring more to the marketplace, particularly over on the fixed income side?

只是一個關於零售 SMA 的問題。我希望您能向我們介紹一下您透過零售 SMA 進入市場的方式所看到的吸引力的最新情況？它對今天的流量有多大貢獻？也許您可以提醒我們您目前在 SMA 中提供了多少策略，以及您希望在 3 年內看到哪些策略，以及您可能必須克服的一些障礙，因此您希望將更多策略推向市場，特別是固定收益方面呢？

Yes. Brennan (sic) [Michael], this is an important element of our strategic initiative with regard to U.S. wealth. And we've worked pretty hard to bring a broader number of strategies to market. Today, we are over 20% in terms of the number of investment strategies that we offer in retail SMA, and we are getting traction as we broaden the availability and broaden our offering. It's going to take some time. This is a part of the market where manager rosters and lineups are, in many instances, reasonably well established. I do think that many of our wealth partners want T. Rowe Price strategies available in SMA and are looking for opportunities for us to get new placements. We have seen a number of new placements this year. So it is a focus.

是的。布倫南（原文如此）[麥可]，這是我們關於美國財富的戰略舉措的重要組成部分。我們非常努力地將更多的策略推向市場。如今，我們在零售 SMA 中提供的投資策略數量超過 20%，並且隨著我們擴大可用性和產品範圍，我們越來越受到關注。這需要一些時間。這是市場的一部分，在許多情況下，經理名冊和陣容都相當完善。我確實認為我們的許多財富合作夥伴希望 SMA 提供 T. Rowe 價格策略，並正在為我們尋找獲得新配置的機會。今年我們看到了一些新的職位。所以這是一個重點。

Jen, any specifics with regard to AUA or flows that we share?

Jen，關於 AUA 或我們共享的流程有什麼具體資訊嗎？

No, there hasn't been. It's not a significant number in the flows at this point. Again, I think this is part of an overall plan. If you think about the wealth strategy that we've been talking about for the last year, newer vehicles are part of that broader plan and some clients prefer ETF just based on their clients and how they buy, some prefer SMAs and obviously, some platforms still have a fairly large mutual fund complex. And so as we think about being able to provide our products for clients, we want to just make sure we have that broad suite of vehicles available for whatever type of clients that are buying from them.

不，還沒有。目前，這在流量中並不是一個重要的數字。再說一次，我認為這是整體計劃的一部分。如果你想想我們去年一直在談論的財富策略，更新的工具是更廣泛計劃的一部分，一些客戶僅根據他們的客戶和他們的購買方式更喜歡 ETF，一些客戶更喜歡 SMA，顯然，一些平台仍然有相當大的共同基金綜合體。因此，當我們考慮能夠為客戶提供我們的產品時，我們只想確保我們為從他們那裡購買的任何類型的客戶提供廣泛的車輛套件。

Yes. With regard to specific successes or launches this year, we did bring a muni SMA that was developed specifically for a single distribution partner. We also launched earlier this year, 2 additional equity SMAs, U.S. all-cap opportunities and global focused growth. As I said, this continues to be a big opportunity. I think we disclosed an AUA number that is roundly $10 billion. But you have to remember that, that includes not only model account submission in retail SMA but also where we do glide path advisory and custom target date funds. So that wouldn't all be the sort of SMA that you're necessarily referring to or that we're talking about in terms of addressing the channel -- the opportunity in the wealth channel.

是的。關於今年的具體成功或推出，我們確實帶來了專為單一分銷合作夥伴開發的市政 SMA。今年早些時候，我們還推出了另外 2 個股票 SMA、美國全盤股機會和全球重點成長股。正如我所說，這仍然是一個巨大的機會。我認為我們揭露的 AUA 數字約為 100 億美元。但您必須記住，這不僅包括零售 SMA 中的模型帳戶提交，還包括我們進行下滑路徑諮詢和客製化目標日期基金的情況。因此，這不一定都是您所指的 SMA，或是我們在解決管道（財富管道中的機會）所討論的 SMA。

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

我們的下一個問題來自 Evercore ISI 的 Glenn Schorr。

I guess, straightforward one that -- Target date allocations to you all have normally or traditionally been very long equity. It's helped you have great performance, your flows are great, kind of no complaints. But I'm curious if you've made or contemplated making any shifts in allocation given the rise in yields and flows into fixed income. Just curious how you're thinking about that as the world has obviously shifted some?

我想，簡單地說——對你們所有人的目標日期分配通常或傳統上都是非常長期的股權。它幫助你取得了出色的表現，你的流程也很棒，沒有什麼好抱怨的。但我很好奇，鑑於收益率和固定收益資金流入的增加，您是否已經或考慮進行任何配置調整。只是好奇，隨著世界明顯發生了一些變化，你是如何看待這個問題的？

Yes, Glenn, maybe less straightforward than you think. First, we offer our flagship series, which is a higher equity glide path. We also offer a target series which is a lower equity glide path for those clients whose participant base has a lower risk tolerance or for clients that prefer that as part of their overall plan design. That's the first point I would make.

是的，格倫，也許沒有你想像的那麼簡單。首先，我們提供我們的旗艦系列，這是一個更高的股本下滑路徑。我們還提供了一個目標系列，該系列是較低的淨值下滑路徑，適合那些參與者基礎風險承受能力較低的客戶或喜歡將其作為整體計劃設計一部分的客戶。這是我要指出的第一點。

The second point I would make is that while the strategic portfolio design determines the equity allocation at a certain point along the glide path, we also have the ability to make tactical allocations to asset classes and underlying building blocks. And we've actually been underweight equities over the course of this year from a tactical asset allocation perspective. So our asset allocation committee has the flexibility to -- within bands, reallocate funds along that glide path. I also would say that within our equity allocation, there are building blocks that are more or less conservative, and we've worked on developing and introducing a hedged equity component that ultimately has a little less equity beta.

我要說的第二點是，雖然策略性投資組合設計決定了下滑路徑上某一點的股票配置，但我們也有能力對資產類別和基礎建構模組進行戰術配置。從戰術資產配置的角度來看，我們今年實際上一直在減持股票。因此，我們的資產配置委員會可以靈活地在區間內沿著下滑路徑重新分配資金。我還想說，在我們的股票配置中，有一些或多或少保守的構建模組，我們一直在努力開發和引入對沖股票成分，最終其股票貝塔值會稍低一些。

Finally, I would point out that in Q3, while the markets were down, we had excellent performance within our target date series across low and high equity glide path and across vintages and that was driven at the margin a little bit by that underweight of equities, but I would say more so by the strategic portfolio design in some of the building blocks that we have in fixed income and just very strong security selection in the underlying strategies. So beneath the surface, there's a lot going on there. You're right that philosophically, we do believe, particularly for longer-dated vintages that a high equity component is really important. But there are other ways to drive value in terms of the strategic portfolio design and the building blocks, the tactical asset allocation and the security selection of the underlying portfolios. And so far this year, I think we've been hitting on all cylinders.

最後，我要指出的是，在第三季度，雖然市場下跌，但我們在目標日期系列中在低和高股票下滑路徑以及跨年份中取得了出色的表現，這在一定程度上是由股票減持所推動的，但我想說更多的是透過我們在固定收益方面的一些構建模組的戰略投資組合設計以及基礎策略中非常強大的證券選擇。所以在表面之下，有很多事情正在發生。從哲學上來說，你是對的，我們確實相信，特別是對於較長期的年份，高淨值成分非常重要。但在策略性投資組合設計和建構模組、戰術資產配置和基礎投資組合的安全選擇方面，還有其他方法可以推動價值。今年到目前為止，我認為我們已經全力以赴。

Our final question comes from the line of Daniel Fannon with Jefferies.

我們的最後一個問題來自丹尼爾·範農和傑弗里斯的對話。

I wanted to follow up on the Target Date franchise. I think, Rob, you mentioned gross sales were up 10% year-over-year. And then, Jen, you also mentioned some of the year-end dynamics that sometimes happens with plan sponsors. And so I was hoping to talk about the near-term opportunity associated with some of the strong performance you just highlighted and what that means for gross sales. But also maybe longer term, as you think about the passive dynamic within this asset class or this channel and ultimately, how conversations are happening with plan sponsors and how you think that develops over the next kind of 12 months?

我想跟進《目標日期》系列。 Rob，我想您提到總銷售額比去年同期成長了 10%。然後，Jen，您還提到了計劃發起人有時會發生的一些年終動態。因此，我希望談談與您剛才強調的一些強勁表現相關的近期機會，以及這對銷售意味著什麼。但也可能是更長期的，當您考慮該資產類別或該管道內的被動動態以及最終與計劃發起人的對話如何進行以及您認為在接下來的 12 個月內會如何發展？

Yes. Dan, thank you for the question. Look, we feel like our flagship retirement date funds are the best offering in the business. If you look at the strategic portfolio design, if you look at the underlying building blocks, a number of alpha-rich diversifiers in there, areas like bank loan, areas like high yield. It's been a big focus for us. We made a substantial investment in 2021 in the competitiveness of our fees. And we also have a broad range. For those plans that are particularly fee sensitive. We have a blend series that does use passive in U.S. -- in large cap U.S. equity and in core fixed income. So we really believe we have a great value proposition to take on passive. And I think if you look at the performance of the T. Rowe Price fund, whether it's the flagship or whether it's blend and you compare that to passive. I think the numbers really stand for themselves. It's an important area for us. It's an area that we dedicate specific marketing dollars and support to and it's an area where we have momentum right now. We have record flows on a year-to-date basis in the Target Date franchise. There are always some planned dynamics around year-end, where you might have a plan that's terminated oftentimes, new ones on board in January. So I'm not going to comment on -- and sometimes there's not even a lot of visibility as you go into year-end with regard to whether or not something kind of either going out or coming in will land in December or land in January. But if you take the longer view, we feel really good about the value proposition. We feel really good about our momentum. It feels like our retirement franchise as a whole is really resonating in the marketplace, and we're excited to carry that momentum forward into 2024.

是的。丹，謝謝你的提問。看，我們覺得我們的旗艦退休日期基金是業界最好的產品。如果你看看策略性投資組合設計，如果你看看底層的建構模組，裡面有一些富含阿爾法的多元化因素，例如銀行貸款、高收益等領域。這一直是我們關注的焦點。 2021 年，我們在費用競爭力方面進行了大量投資。我們的產品範圍也很廣泛。對於那些對費用特別敏感的計劃。我們有一個混合系列，確實在美國使用了被動型——美國大盤股和核心固定收益。所以我們真的相信我們有一個偉大的價值主張來承擔被動。我認為，如果你看看 T. Rowe Price 基金的表現，無論它是旗艦基金還是混合基金，你都會將其與被動基金進行比較。我認為這些數字確實代表了自己。這對我們來說是一個重要的領域。這是我們投入特定行銷資金和支援的領域，也是我們目前勢頭強勁的領域。今年迄今為止，我們在「目標日期」特許經營業務中的流量創下了紀錄。年底前後總會有一些計劃中的動態，你可能會有一個經常被終止的計劃，一月份就會有新的計劃。所以我不會評論——有時候，當你進入年底時，關於某種東西是否會在 12 月或 1 月落地，甚至沒有太多的可見性。 。但如果你從更長遠的角度來看，我們對這個價值主張非常滿意。我們對我們的勢頭感覺非常好。感覺我們的退休系列作為一個整體在市場上確實引起了共鳴，我們很高興能將這種勢頭延續到 2024 年。

Yes. I think we've talked in previous times. If you think about the flows into Target Dates, there are 2 components. There's the participant flows that go in that are kind of more regular. These are the paycheck additions or distributions for people who are in retirement those don't add significantly to the balances year-end and throughout the year. But -- so when you see the flows into target dates on a net basis, those are actual new plan wins typically. And so when we talk about pressure at year-end. That's about plan changes, not about participant changes. And so this is a good sign for us as we look at positive flows that we're continuing to add new plans to the stable of clients that we have.

是的。我想我們以前已經談過。如果您考慮目標日期的流量，則有兩個組成部分。參與者的流動更加規律。這些是退休人員的薪資增加或分配，不會顯著增加年底和全年的餘額。但是，因此，當您看到目標日期的淨流入量時，這些通常是實際的新計劃勝利。所以當我們談論年底的壓力時。這是關於計劃的改變，而不是關於參與者的改變。因此，這對我們來說是一個好兆頭，因為我們看到積極的流量，我們正在繼續為我們擁有的穩定客戶添加新計劃。

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。

A question for OCREDIT. Can you give an update on your progress with distribution partners and maybe how you're seeing monthly or quarterly sales starting out in the context of what the industry is doing? And then maybe how do you consider the puts and takes in rolling out additional direct lending vehicles for retail in the registered fund format?

向 OCREDIT 提問。您能否介紹一下您與分銷合作夥伴的最新進展，以及您對行業現狀背景下的月度或季度銷售額的看法？然後，也許您如何考慮以註冊基金形式推出更多零售直接貸款工具的投入和投資？

Yes. Finian. Thank you for the question. Okay, in terms of trends, we actually just reached effectiveness at the end of the third quarter. So this is really our first month. And our current focus is on building a wide distribution syndicate of wealth platforms by leveraging our strong existing relationships in the wealth channel. So we have regional investment consultants in the field that have relationships with brokers and advisers. We've got the home office relationships, and we're really just getting started. I think what we've heard is that the combination of OHA's 30-year history of delivering great performance in alternative credit and T. Rowe Price's presence in the wealth channel and resources in the wealth channel should be pretty powerful. Before we worry about kind of thinking about what we're going to do next. I think we're really, really focused on executing with regard to OCREDIT. We think it is a very well-designed excellent value proposition in a way to bring the OHA capabilities to the wealth channel. We will, in time, think about what our product pipeline is and kind of ultimately, I think, build on the success of this with follow-on offerings and we'll engage with our wealth clients to see where there are opportunities to do some things that are unique and it will be in demand. We -- as we go out, we do have a handful of top advisory platforms that we're launching on in Q4 and have some visibility with regard to launch with regard to other partners as we get into early 2024. So for now, we're really excited about OCREDIT. I'd say much too early to comment on kind of monthly flows, but we're encouraged by the platforms that we're launching on. And our team will be working hard on what the right follow-on will be in this marketplace, but it will be some time until our focus pivots from being really successful with OCREDIT to what the next offering will be.

是的。菲尼安.感謝你的提問。好吧，就趨勢而言，我們實際上在第三季末才達到了有效性。所以這確實是我們的第一個月。我們目前的重點是利用我們在財富管道中現有的強大關係，建立一個廣泛的財富平台分銷集團。因此，我們在該領域擁有與經紀人和顧問有關係的區域投資顧問。我們已經建立了家庭辦公室關係，而且我們真的才剛開始。我認為我們聽到的是，OHA 在另類信貸領域 30 年的卓越業績歷史與 T. Rowe Price 在財富管道的影響力和財富管道的資源相結合應該非常強大。在我們擔心之前，先思考一下我們下一步要做什麼。我認為我們真的非常專注於 OCREDIT 的執行。我們認為這是一個精心設計的卓越價值主張，能夠將 OHA 功能帶入財富管道。我們將及時考慮我們的產品線是什麼，我認為最終會在成功的基礎上推出後續產品，我們將與我們的財富客戶互動，看看哪裡有機會做一些事情獨特的東西將會受到需求。當我們走出去時，我們確實擁有一些頂級諮詢平台，我們將在第四季度推出這些平台，並且在進入 2024 年初時，我們對其他合作夥伴的推出有一定的了解。所以現在，我們我們對OCREDIT感到非常興奮。我想說現在評論月度流量還為時過早，但我們對我們正在推出的平台感到鼓舞。我們的團隊將努力研究在這個市場上正確的後續產品，但我們的重點從 OCREDIT 的真正成功轉向下一個產品將需要一段時間。

Thank you. I would now like to turn the conference back to Rob Sharps for closing remarks.

謝謝。現在我想請羅布夏普斯 (Rob Sharps) 致閉幕詞。

All right. Very good. Thank you for joining us and for your interest in T. Rowe Price. As we've talked about, our investment performance continued to show signs of strength this quarter, particularly in our largest franchises, our associates are working hard to make progress on our strategic initiatives, and we're very, very focused on executing against our cost-saving efforts.

好的。非常好。感謝您加入我們以及您對 T. Rowe Price 的興趣。正如我們所說，本季度我們的投資業績繼續顯示出強勁的跡象，特別是在我們最大的特許經營權中，我們的員工正在努力工作，以在我們的戰略舉措上取得進展，我們非常非常專注於執行我們的目標節約成本的努力。

While we continue to face elevated net outflows, we are very optimistic that the flow picture will improve in 2024. And I'm very confident in the work our associates are doing and our plan to make progress toward returning to organic growth. Really appreciate the dedication and hard work of our associates, and that's kind of really what's behind that progress. So thank you again.

雖然我們繼續面臨淨流出增加的問題，但我們對 2024 年的流量狀況將會改善感到非常樂觀。我對我們​​的員工正在做的工作以及我們在恢復有機增長方面取得進展的計劃非常有信心。非常感謝我們員工的奉獻和辛勤工作，這才是進步背後的真正原因。所以再次感謝你。

This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。