普信集團 (TROW) 2024 Q2 法說會逐字稿

Good morning. My name is Daniel. And I will be your conference facilitator today. Welcome to T. Rowe Price's second-quarter 2024 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.

早安.我的名字是丹尼爾。今天我將擔任你們的會議主持人。歡迎參加 T. Rowe Price 的 2024 年第二季財報電話會議。 （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。

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

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

Hello. And thank you for joining us today for our second quarter earnings call. The press release and a supplemental materials document can be found on our IR website at investors.troweprice.com.

你好。感謝您今天參加我們的第二季財報電話會議。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。

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 10 minutes. Then we'll open it up to your questions, at which time will be joined by Head of Global Investments, Eric Veiel. We ask that you limit it to one question per participant.

今天的通話將持續約 45 分鐘。我們的執行長兼總裁 Rob Sharps；財務長 Jen Dardis 將討論公司業績約 10 分鐘。然後我們將接受您的提問，屆時全球投資主管 Eric Veiel 也將加入。我們要求您將每個參與者限制為一個問題。

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. All investment performance references to peer groups on today's call are using Morningstar peer groups, and are for the quarter that ended June 30, 2024.

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業群體的所有投資績效參考均使用晨星同業群體，並且適用於截至 2024 年 6 月 30 日的季度。

Now, I'll turn it over to Rob.

現在，我將把它交給羅布。

Linsley, thank you. And thank you all for joining us today. As we shared in our earnings release, we ended the quarter with just under $1.57 trillion in assets under management and $3.7 billion in net outflows. While market gains continued to support our financial results, I'm pleased to say that we are making steady progress in flows and investment performance. Our sales pipeline is healthy, redemption pressure is stabilizing, and our associates are driving our strategic initiatives forward.

林斯利，謝謝你。感謝大家今天加入我們。正如我們在財報中分享的那樣，本季結束時，我們管理的資產略低於 1.57 兆美元，淨流出為 37 億美元。雖然市場收益繼續支持我們的財務業績，但我很高興地說，我們在流量和投資業績方面正在穩步取得進展。我們的銷售管道健康，贖回壓力穩定，我們的員工正在推動我們的策略舉措向前發展。

We continue to be on track to substantially reduce net outflows this year. Overall, our investment performance remained solid in the second quarter, with two-thirds of our funds beating their peer group one-year medians and over 40% of our funds in the top quartile.

我們今年仍有望大幅減少淨流出。整體而言，我們第二季的投資表現依然穩健，三分之二的基金超過了同業一年中位數，超過 40% 的基金位居前四分之一。

In our equity franchise, US equity research, US mid-cap value, international value, financial services, integrated US small mid-cap core equity, and integrated global equity are all top quartile performers for the one-, three-, and five-year time periods. The transparent equity ETFs we launched last year are demonstrating strong performance with the growth, value and small mid-cap ETFs, all top quartile performers versus peers for the one-year time period.

在我們的股票特許經營權中，美國股票研究、美國中型股價值、國際價值、金融服務、綜合美國中小型股核心股票和綜合全球股票均在一級、三級和五級表現中名列前茅。時間段。我們去年推出的透明股票 ETF 在成長型、價值型和小型中型 ETF 中表現出了強勁的表現，與同類基金相比，所有基金在一年內的表現均名列前茅。

In our fixed income franchise, several of our muni funds as well as our institutional floating rate and credit opportunities funds have one-, three-, and five-year top quartile performance. Both our flagship retirement funds and the newer retirement blend version of the strategy continued to deliver strong performance across multiple time periods. Returns across alternative strategies continue to be strong with alpha generated across the portfolios, primarily due to effective individual credit selection.

在我們的固定收益特許經營中，我們的幾隻市政基金以及機構浮動利率和信貸機會基金的一年、三年和五年業績均名列前茅。我們的旗艦退休基金和該策略的新退休混合版本繼續在多個時期內表現強勁。另類策略的回報持續強勁，投資組合中產生阿爾法，這主要歸功於有效的個人信用選擇。

Jim will discuss our flows and financials in more detail shortly, but I wanted to take a moment to highlight our ETF business. As of June 30, we reached $5.3 billion in assets under management, up from $1.2 billion in June 2023. In the first half of this year, we've had $2.4 billion of inflows to our ETFs.

吉姆很快就會更詳細地討論我們的流量和財務狀況，但我想花點時間重點介紹一下我們的 ETF 業務。截至 6 月 30 日，我們管理的資產達到 53 億美元，高於 2023 年 6 月的 12 億美元。

We are excited by this growth in our ETFs and that we are attracting diverse investors across wealth management, institutional, direct retail, and investors outside the United States. We expect that the appetite for our ETFs will continue to grow throughout the year as five of our 16 ETFs, including US equity research and blue-chip growth, have each grown to over $300 million in assets, which is the size eligible for many platforms.

我們對 ETF 的成長感到興奮，我們正在吸引來自財富管理、機構、直接零售和美國以外投資者的多元化投資者。我們預計，全年對 ETF 的需求將繼續增長，因為我們 16 檔 ETF 中的 5 檔（包括美國股票研究和藍籌股成長）的資產已成長至超過 3 億美元，這是許多平台符合條件的規模。

Our transparent equity ETFs now have a one-year track record, a requirement for most platforms. We are broadening the product lineup, including the recently launched T. Rowe Price Intermediate Municipal Income ETF, which is our sixth fixed income ETF and our first federal tax-free fixed income ETF. And we are planning to make additional investment strategies available as ETFs over time.

我們透明的股票 ETF 現在擁有一年的追蹤記錄，這是大多數平台的要求。我們正在擴大產品陣容，包括最近推出的 T. Rowe Price Intermediate Urban Income ETF，這是我們的第六個固定收益 ETF 和我們的第一個聯邦免稅固定收益 ETF。我們計劃隨著時間的推移以 ETF 形式推出更多投資策略。

Our associates are driving this progress, and it extends beyond our ETF business. I'll highlight a few recent milestones. We filed the launch of the T. Rowe Price OHA Flexible Credit Income Fund, or OFLEX, our first interval fund. We were named a strategic partner to one of the largest independent broker-dealers in the United States, allowing us to bring our products and insights to their more than 10,000 financial advisers and their 2 million end clients.

我們的員工正在推動這一進步，並且它超出了我們的 ETF 業務範圍。我將重點介紹最近的一些里程碑。我們提交了推出 T. Rowe Price OHA 靈活信貸收入基金 (OFLEX) 的申請，這是我們的第一個區間基金。我們被美國最大的獨立經紀交易商之一指定為策略合作夥伴，使我們能夠將我們的產品和見解帶給他們的 10,000 多名財務顧問和 200 萬最終客戶。

Our SMA franchise grew to more than $8 billion in assets as of June 30, with $1 billion in net flows year-to-date. After seeing strong demand for the ETF version of capital appreciation equity, we launched this strategy as an SMA. We unveiled our Retirement Income Solutions 5D framework. This new patent-pending framework will help define contribution plan sponsors evaluate retirement income offerings and quantify which solutions may best fit the needs and preferences of their plan participates.

截至 6 月 30 日，我們的 SMA 特許經營資產已增至超過 80 億美元，年初至今淨流量達 10 億美元。在看到對 ETF 版本資本增值股票的強勁需求後，我們推出了該策略作為 SMA。我們推出了退休收入解決方案 5D 框架。這個正在申請專利的新框架將有助於定義供款計劃發起人評估退休收入產品，並量化哪些解決方案最適合其計劃參與者的需求和偏好。

I'd like to finish by noting that I spent time in Europe, Asia and the Middle East in the second quarter. The constant across our offices is our associates' deep commitment to delivering results for our clients and to advancing our strategic initiatives. We are seeing their efforts reflected in our results, and I want to thank associates across all of our locations for their hard work to deliver value for our clients and our firm.

最後我想指出，第二季我在歐洲、亞洲和中東度過了時光。我們辦公室的一貫宗旨是我們的員工堅定地致力於為客戶提供成果並推進我們的策略計劃。我們看到他們的努力反映在我們的成果中，我要感謝我們所有地點的員工辛勤工作，為我們的客戶和我們的公司創造價值。

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

我現在請 Jen 詢問我們的財務表現。

Thank you, Rob. And hello, everyone. I'll review our second quarter results before opening the line for questions.

謝謝你，羅布。大家好。在開始提問之前，我將回顧我們第二季的業績。

Our adjusted earnings per share of $2.26 was up nearly 12% from Q2 2023, driven by higher operating income and a lower effective tax rate. As Rob mentioned, we reported $3.7 billion in Q2 net outflows. Results this quarter included a large, fixed income win from an insurance client that funded in May. While these types of flows can be lumpy, we are pleased it's in the space where we've been building client relationships to help grow and diversify our business.

在營業收入增加和有效稅率降低的推動下，我們的調整後每股收益為 2.26 美元，較 2023 年第二季度增長近 12%。正如 Rob 所提到的，我們報告第二季淨流出 37 億美元。本季度的業績包括來自 5 月份資助的保險客戶的巨額固定收益收益。雖然這些類型的流程可能不穩定，但我們很高興在這個領域中我們一直在建立客戶關係，以幫助我們的業務發展和多元化。

We had net inflows in fixed income, multi-asset, and alternatives this quarter. Within alternatives, net inflows were primarily driven by deployments across several private credit funds and from CLOs. Outflows remain concentrated in our equity products. However, we had several equity products with strong inflows, including our US equity research, US all-cap opportunities, and global focused growth strategies.

本季固定收益、多元資產和另類投資有淨流入。在替代方案中，淨流入主要是由多個私人信貸基金和抵押貸款債券的部署所推動的。資金外流仍集中在我們的股票產品上。然而，我們擁有多種流入強勁的股票產品，包括我們的美國股票研究、美國全盤股機會和全球重點成長策略。

Our target date franchise had another strong quarter with net inflows of $3.7 billion. In the first half of the year, we've recorded $10.5 billion in net inflows to target date strategies. During the quarter, we also saw positive net flows from clients outside the US.

我們的目標日期特許經營權又一個強勁的季度，淨流入達 37 億美元。今年上半年，我們已記錄目標日期策略淨流入 105 億美元。在本季度，我們也看到來自美國以外客戶的正淨流量。

Looking at our income statement, Q2 adjusted net revenues were $1.8 billion, an 8.5% increase from Q2 2023, driven by higher average AUM. Compared with Q1 2024, adjusted net revenues were essentially flat as higher investment advisory fees were offset by a decline in accrued carried interest. Our annualized effective fee rate for Q2 2024 was 41.6 basis points, which is down from the prior quarter as client flows and transfers led to a mix shift in assets under management to lower fee products and asset classes. Investment advisory revenue of $1.6 billion included $16.8 million of performance-based fees, predominantly from certain alternatives products.

從我們的損益表來看，第二季調整後淨收入為 18 億美元，較 2023 年第二季成長 8.5%，主要得益於平均 AUM 的提高。與 2024 年第一季相比，調整後淨收入基本持平，因為投資諮詢費用的增加被應計附帶利息的下降所抵消。我們 2024 年第二季的年化有效費率為 41.6 個基點，較上一季下降，因為客戶流動和轉移導致管理資產混合轉向較低費用的產品和資產類別。 16 億美元的投資諮詢收入包括 1,680 萬美元的績效費用，主要來自某些另類產品。

Our Q2 adjusted operating expenses of $1.1 billion is up 7.8% from Q2 2023 due primarily to an increase in market-driven expenses including a higher interim bonus accrual and distribution and servicing fees. This quarter also included an increase in advertising and promotional spend as we continue executing on the investment in our brand to support future growth and higher professional fees and travel and entertainment. Our adjusted operating income increased 9.8% from Q2 2023 to $655 million.

我們第二季調整後的營運費用為 11 億美元，比 2023 年第二季成長 7.8%，這主要是由於市場驅動費用的增加，包括較高的中期獎金應計費用以及分配和服務費用。本季還包括廣告和促銷支出的增加，因為我們繼續對我們的品牌進行投資，以支持未來的成長和更高的專業費用以及旅行和娛樂。調整後營業收入較 2023 年第二季成長 9.8%，達到 6.55 億美元。

We now expect 2024 adjusted operating expenses excluding carried interest expense to be up 6% to 8% over the comparable full year 2023 amount of $4.19 billion. The increase in the range is entirely due to the sustained rise in equity markets and the impact on our market-driven expenses.

我們現在預計，2024 年調整後的營運費用（不包括附帶利息費用）將比 2023 年全年的 41.9 億美元增加 6% 至 8%。幅度的增加完全是由於股市的持續上漲以及對我們的市場驅動成本的影響。

Additionally, we are tightening our prior tax rate guidance for the full year 2024. We now anticipate our non-GAAP effective tax rate will be in the range of 23.5% to 25.5%.

此外，我們正在收緊 2024 年全年的先前稅率指引。

Our long-term capital management philosophy remains unchanged. Returning capital to stockholders through the recurring dividend remains our top priority, and our strong balance sheet provides ample liquidity to also fund our seed capital program, buybacks, and select future M&A should the opportunity arise.

我們的長期資本管理理念保持不變。透過經常性股利向股東返還資本仍然是我們的首要任務，我們強大的資產負債表提供了充足的流動性，可以為我們的種子資本計劃、回購以及在機會出現時選擇未來的併購提供資金。

We remain opportunistic in our approach to buybacks and repurchased $112 million worth of shares during the second quarter, reducing shares outstanding to less than $223 million. Combined with our quarterly dividend of $1.24 per share, we have returned nearly $761 million to stockholders during the first half of the year.

我們在回購方面仍然採取機會主義態度，並在第二季度回購了價值 1.12 億美元的股票，將流通股減少至不足 2.23 億美元。加上每股 1.24 美元的季度股息，我們在今年上半年向股東返還了近 7.61 億美元。

We continue to thoughtfully manage expenses while sustaining our core investment in our associates and delivering new capabilities to best serve our clients and expand in growth areas of the market. While we have more work to do, we are encouraged by the year-over-year improvement in overall flow trends, driven by the combination of a more positive market environment, improved investment performance in certain strategies leading to lower redemptions and increasing sales pipeline and our strategic initiatives yielding results.

我們繼續深思熟慮地管理費用，同時維持我們對員工的核心投資，並提供新的能力，以最好地服務我們的客戶並擴大市場的成長領域。雖然我們還有更多工作要做，但我們對整體流量趨勢同比改善感到鼓舞，這是由更積極的市場環境、某些策略的投資績效改善導致贖回減少和銷售管道增加以及我們的戰略舉措取得了成果。

And now I'll ask the operator to open the line for questions.

現在我將要求接線員開通提問線路。

(Operator Instructions) Glenn Schorr, Evercore ISI.

（操作員說明）Glenn Schorr，Evercore ISI。

Hi, there. How are you? So a question on cash and retirement account and target date funds. I'm sure you've seen there's been a heightened focus in the wealth management community in terms of what options and what people are getting paid on their cash. So I'm curious on your thought process on how you handle it, are there multiple options for clients or is this all client driven? I'm just curious, you have obviously a different business lien and I just want to see your approach. Thank you.

你好呀。你好嗎？關於現金和退休帳戶以及目標日期基金的問題。我相信您已經看到，財富管理界對有哪些選擇以及人們可以用現金獲得什麼回報方面給予了高度關注。所以我很好奇你如何處理它的思考過程，是否為客戶提供了多種選擇，或者這都是由客戶驅動的？我只是很好奇，你顯然有不同的商業留置權，我只是想看看你的方法。謝謝。

Yeah, Glenn. This is Rob. I'll start. It's predominantly client-driven. In our individual investor business, clients have multiple options for money market funds. We don't have a big sweep business in the retirement plan services business, where we're the recordkeeper and also on other platforms.

是的，格倫。這是羅布。我開始吧。它主要是客戶驅動的。在我們的個人投資者業務中，客戶對貨幣市場基金有多種選擇。我們在退休計畫服務業務中沒有大規模的清掃業務，我們是該業務的記錄保存者，在其他平台上也是如此。

If the plan sponsor elects, we offer stable value as a short duration option and a highly liquid option. And we also offer money market funds. So I think the issue that you're referring to is one that really doesn't touch us as much as it does many of the wealth platforms that have sweep approaches.

如果計劃發起人選擇，我們將提供穩定價值的短期選擇權和高流動性選擇權。我們也提供貨幣市場基金。因此，我認為您所指的問題對我們的影響並不像許多採取全面方法的財富平台那麼大。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. Good morning. Rob, I was hoping you could just expand upon the sales pipeline that you've talked about. Clearly, flows are getting better. You had a large institutional fixed income win. But I was hoping you could talk about the breadth, maybe of the sales pipeline, some of the geographical differences you had inflows outside the US. So just a little more granularity around not so much the quarter, but the conversations and the prospective outlook around the sales and how that compares to previous periods.

謝謝。早安.羅布，我希望您能夠擴展您所談論的銷售管道。顯然，流量正在變得更好。您在機構固定收益方面獲得了巨大的勝利。但我希望你能談談廣度，也許是銷售管道，以及美國以外的資金流入的一些地理差異。因此，更多的粒度不是圍繞著季度，而是圍繞銷售的對話和預期前景以及與之前時期的比較。

Yeah. Maybe I'll zoom out a little bit and talk about flows broadly and then also talk about the pipeline. In terms of flows, I'm really pleased with the magnitude of improvement that we've had in the first half of the year. Our net outflows were $24 billion less in the first half of '24 than they were in '23. And I think we demonstrated in the second quarter a lot of progress in really important areas.

是的。也許我會縮小一點範圍，廣泛地討論流程，然後也討論管道。就流量而言，我對今年上半年的改善感到非常滿意。 24 年上半年我們的淨流出比 23 年減少了 240 億美元。我認為我們在第二季度在非常重要的領域展示了很多進展。

The target date flows were strong in the first half at $10.5 billion, which was better than last year's very strong $9.9 billion. That's also an area where, from a pipeline perspective, we continue to see strength. There's an element of seasonality to target date flows, but nonetheless, I really like what we're seeing, both in the flagship retirement date funds as well as with our blend offerings in retirement date.

上半年目標日期流量強勁，達到 105 億美元，優於去年非常強勁的 99 億美元。從管道的角度來看，這也是我們繼續看到優勢的領域。目標日期流量有季節性因素，但儘管如此，我真的很喜歡我們所看到的，無論是旗艦退休日期基金還是我們的退休日期混合產品。

I think within alternatives, fee basis AUM was up 11% year-over-year, but I think there's also a lot of interesting momentum in terms of new capital commitments and opportunities with OHA, whether it's in the wealth channel as we steadily build momentum with OCREDIT, where we had $172 million of flows in the quarter and continue to bring some new platforms on and are well placed to continue to build momentum there to OLEND, which is a dedicated senior private lending facility, where there's been very strong interest. We had a first close this month. And I think also, we'll continue to help us to show improved or accelerated growth in the alternatives area.

我認為在其他選擇中，收費資產管理規模同比增長了 11%，但我認為在新的資本承諾和 OHA 的機會方面也有很多有趣的勢頭，無論是在我們穩步建立勢頭的財富渠道中與OCREDIT 合作，本季我們的資金流量為1.72 億美元，並繼續推出一些新平台，並有能力繼續為OLEND 建立勢頭，OLEND 是一家專門的高級私人貸款機構，人們對該機構的興趣非常濃厚。這個月我們第一次結束了。我還認為，我們將繼續幫助我們在替代品領域展示改進或加速的成長。

As I noted in the prepared remarks, we had $2.4 billion of inflows year-to-date in our ETFs, with two-thirds of that in the second quarter. And I would expect the momentum there to continue to build given platform placements for several of our ETFs that either happen late in Q2 or are expected to happen in Q3.

正如我在準備好的發言中指出的那樣，今年迄今為止，我們的 ETF 已有 24 億美元的資金流入，其中三分之二是在第二季。我預計該勢頭將繼續為我們的幾隻 ETF 建立特定的平台配置，這些配置要么在第二季末發生，要么預計在第三季度發生。

I see improvement broadly. Gross sales were up in most channels and most asset classes. We had net inflows in our Americas institutional business and our EMEA business and in our APAC business. I think if you look at the net sales pipeline, it does continue to improve broadly across channels and most geographies. One element of that, though, is not just new business opportunity. I'd say it's a sharp decrease in at-risk assets corresponding largely to stronger investment performance in a lot of our well-distributed strategies.

我看到了廣泛的改善。大多數通路和大多數資產類別的總銷售額均有所成長。我們的美洲機構業務、歐洲、中東和非洲業務以及亞太地區業務都有淨流入。我認為，如果你看看淨銷售管道，它確實在各個管道和大多數地區繼續廣泛改善。不過，其中之一不僅僅是新的商業機會。我想說，這是風險資產的急劇下降，很大程度上與我們許多分佈均勻的策略的投資績效增強相對應。

As you said, Q2 did benefit from a sizable insurance mandate. I think we have very strong positioning with scale buyers, whether it be in insurance, in retirement, in wealth or OCIO, and I think that's likely to lead to additional large mandates down the road. In fact, we had six new wins of greater than $1 billion in the quarter. But these will be lumpy and the one that came in, in May was particularly outsized.

正如您所說，第二季確實受益於大量的保險授權。我認為我們在規模買家中擁有非常強大的定位，無論是在保險、退休、財富或 OCIO 領域，我認為這可能會導致未來額外的大規模委託。事實上，本季我們獲得了 6 筆價值超過 10 億美元的新勝利。但這些會是塊狀的，五月進來的那一個特別大。

So I'd say that kind with some seasonality would suggest to me that outflows are likely to be somewhat higher than the Q2 run rate in the third and the fourth quarter, but still well below the levels that we saw last year. We're making meaningful progress, but I think we have more work to do to get to our goal of returning to positive flows at some point in calendar 2025. Hopefully, that answers the question, Dan.

因此，我想說，這種具有一定季節性的情況表明，第三季和第四季的資金流出可能會略高於第二季的運行速度，但仍遠低於我們去年看到的水平。我們正在取得有意義的進展，但我認為我們還有更多工作要做，才能實現在 2025 年某個時候恢復正向流動的目標。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

Great. Good morning. Thanks for taking the question. I believe you said you're partnering with a new distribution broker. I think you said 10,000 representatives. A couple of questions here. Like first, can you talk about what this means, what you expect to get from the relationship, what are the costs of partnering on this platform? And are there other larger distribution relationships that you aspire to work with that may actually be your partners in the not-so-distant future?

偉大的。早安.感謝您提出問題。我相信您說過您正在與新的分銷經紀人合作。我想你說的是一萬名代表。這裡有幾個問題。首先，您能否談談這意味著什麼，您期望從這種關係中得到什麼，在這個平台上合作的成本是多少？您是否希望與其他更大的分銷關係合作，在不久的將來實際上可能成為您的合作夥伴？

Yeah, Ken, we have partnership arrangements with most of the large wealth platforms in the US. Each of them is bespoke, and I'm not going to get into the particular terms. But needless to say, I think given our breadth of offering, our scale, our investment performance and brand, we've got a big opportunity as we've continued to build out our field coverage to further penetrate those accounts. We assess each of these individual opportunities stand-alone and kind of ultimately engage where we think there's a win-win and where it's mutually beneficial. This particular opportunity is a platform that we've worked with in the past.

是的，肯，我們與美國大多數大型財富平台都有合作關係。它們中的每一個都是定制的，我不打算討論特定的術語。但不用說，我認為考慮到我們產品的廣度、我們的規模、我們的投資績效和品牌，我們有一個巨大的機會，因為我們繼續擴大我們的領域覆蓋範圍，以進一步滲透這些客戶。我們單獨評估每一個機會，並最終在我們認為雙贏且互惠互利的地方參與。這個特殊的機會是我們過去合作過的一個平台。

But this will give us additional shelf space and placement and additional opportunity to engage with their advisers, which should allow us to grow our share. It's a relationship where I think historically, our share isn't what it could be. And I think this gives us the opportunity to meaningfully gain share over time. I'm optimistic about the impact of it. But again, this is one of many of these sorts of relationships. I think we simply called it out because it's a new one.

但這將為我們提供更多的貨架空間和安置，以及與他們的顧問接觸的更多機會，這將使我們能夠擴大我們的份額。我認為從歷史上看，這種關係中我們的份額並沒有達到應有的水平。我認為這讓我們有機會隨著時間的推移有意義地獲得份額。我對其影響持樂觀態度。但同樣，這只是眾多此類關係中的一種。我想我們之所以把它叫出來只是因為它是新的。

Great. Thank you.

偉大的。謝謝。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

Hi. Good morning, everyone. Thank you. On the bond mandate, could you give us the actual size so we have a better idea of what the flows look like without it. And you mentioned six new wins of $1 billion plus. Should we take that to mean that those are still to fund or were those funded in the first half? Thank you.

你好。大家，早安。謝謝。關於債券授權，您能否告訴我們實際規模，以便我們更了解沒有債券授權時的流動情況。您提到了 6 項新的勝利，金額超過 10 億美元。我們是否應該認為這意味著這些仍然需要資助，還是上半年就已經資助了？謝謝。

Specifically to the latter part of the question, they funded in the second quarter. Again, I call that out partly just to say that I think we're really well positioned with buyers of scale, and our pipeline would suggest that there are additional opportunities. But again, they'll be uneven.

具體到問題的後半部分，他們在第二季提供了資金。再次強調，我之所以這麼說，部分原因是我認為我們在規模買家方面確實處於有利地位，而且我們的管道表明還有更多機會。但同樣，它們會不均勻。

I'm not going to talk about the size of a particular mandate. But it was quite substantial. And I don't know, Jen, if we've said more about it.

我不會談論特定任務的規模。但這是相當可觀的。我不知道，Jen，我們是否對此進行了更多討論。

No, we haven't. I mean, I think you can get a sense by looking at our fixed income assets quarter-over-quarter and you can get a sense for general size.

不，我們沒有。我的意思是，我認為您可以透過逐季查看我們的固定收益資產來了解整體規模。

Brian Bedell, Deutsche Bank.

布萊恩·比德爾，德意志銀行。

Hey. Great. Good morning, folks. Thanks for taking my question. Maybe, Rob, if you can talk about the distribution channels that you think are most sensitive to the improved performance where you may be able to more quickly leverage the performance improvement. And in conjunction with that, the platforming of the equity ETFs and maybe just talk about the pipeline of adding new products there? And to what extent do you think these will be -- can be more bought products rather than sold products on online channels and whether that might be more sensitive to improve performance?

嘿。偉大的。早安，夥計們。感謝您提出我的問題。 Rob，也許您可以談談您認為對效能改進最敏感的分銷管道，您可以在其中更快地利用效能改進。與此結合的是，股票 ETF 的平台化，也許只是談論在那裡添加新產品的管道？您認為這些產品在多大程度上會是更多的購買產品而不是在線上通路上銷售的產品，這是否對提高績效更敏感？

Sure. I think in general, look, all underlying investors are sensitive to performance, right? That's our value proposition as an active manager, but the cadence tends to happen differently in different channels.

當然。我認為總的來說，你看，所有底層投資者都對業績敏感，對吧？這是我們身為主動管理者的價值主張，但節奏在不同管道中往往會有所不同。

What I've observed is that in the -- our direct to individual and in the wealth business, the reaction tends to happen a little bit more quickly. And in the institutional or large intermediary mandate channel, it tends to happen with more of a lag. I think we've observed in some of the areas where we had a performance challenge improvement in those areas that tend to leverage funds or commingled vehicles first, and then subsequently have started to see some improvement on the institutional or large mandate size.

我觀察到，在我們直接面向個人的業務和財富業務中，反應往往發生得更快一些。而在機構或大型中介授權管道中，這種情況的發生往往有較多的滯後性。我認為我們已經觀察到，在一些領域，我們在那些往往首先利用資金或混合工具的領域中遇到了績效挑戰的改善，然後開始看到機構或大型委託規模的一些改善。

So if you think about institutional separate account, whether it's defined benefit -- whether it's defined benefit mandate or defined contribution, investment only where it's on somebody else's recordkeeping platform or a big sub-advised mandate, those tend to react a little bit more slowly. So we first began to see improvement in the funds portion that tends to be leveraged in the wealth channel, and now we're beginning to see some improvement as well in the institutional channel.

因此，如果你考慮機構獨立帳戶，無論是固定福利——無論是固定福利授權還是固定繳款，僅在其他人的記錄保存平台上進行投資，還是大型的次級建議授權，這些賬戶的反應往往會慢一些。因此，我們首先開始看到財富管道中傾向槓桿化的資金部分有所改善，現在我們開始看到機構管道也有所改善。

We've talked before about the fact that you'll see redemptions pick up. When you have a performance cycle, you'll see redemptions pick up. Our sales flow first, then redemptions pick up, then you'll see redemptions start to slow, and then you'll finally see sales start to pick up.

我們之前已經討論過這樣一個事實，即您會看到贖回增加。當你有一個績效週期時，你會看到兌換量增加。我們的銷售流量首先增加，然後贖回量增加，然後您會看到贖回開始放緩，然後您最終會看到銷售量開始增加。

I'd say on the redemption cycle, we're very far through seeing the improvement in redemptions, getting much closer to what our more traditional levels of redemptions in those products. I'd say on the sales cycle, we're much earlier in seeing the improvement in sales.

我想說的是，在贖回週期上，我們已經遠遠看到贖回的改善，越來越接近這些產品的傳統贖回水準。我想說的是，在銷售週期上，我們更早看到了銷售的改善。

Yeah. And then with regard to ETFs and the pipeline, we launched, I think, just recently, our 16 ETF, which is intermediate muni bond ETF offering. We've got a handful of others that we're working on launching. And we'll continue to evaluate where there is a sizable opportunity and where we believe we can deliver a differentiated or compelling offering. It would be my intention to broaden the number of strategies that we offer as ETFs over time.

是的。然後，關於 ETF 和管道，我認為就在最近，我們推出了 16 ETF，這是中間市政債券 ETF 發行。我們正在努力推出其他一些產品。我們將繼續評估哪裡有相當大的機會，以及我們相信我們可以提供差異化或引人注目的產品。我打算隨著時間的推移擴大我們提供的 ETF 策略的數量。

But I think we'll do it in a thoughtful way. We want to do it kind of in areas that our clients value and where we can deliver something that's differentiated and durable.

但我認為我們會以深思熟慮的方式來做這件事。我們希望在客戶重視的領域以及我們能夠提供差異化且持久的產品的領域開展業務。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great. Thank you. Maybe just continuing with the ETF topic here. You seem to be having some good traction and success there. So I just want to drill down a little more. Hoping you could elaborate on your sales and distribution approach with ETFs. How that differs from your approach to sale of more traditional mutual funds for you.

偉大的。謝謝。也許這裡只是繼續 ETF 主題。您似乎在那裡取得了一些良好的吸引力和成功。所以我只想再深入一點。希望您能詳細說明您的 ETF 銷售和分銷方法。這與您銷售更傳統的共同基金的方式有何不同。

And then more broadly, if you could just comment on your strategy and approach, including the way that you are going to market with, in some cases, replications of what you already offer in mutual funds versus opportunities with other strategies that are different from what you already have. How you think about that and approach and navigate certain challenges in the marketplace that may or may not create. Thank you.

然後更廣泛地說，如果您能評論一下您的策略和方法，包括您在某些情況下透過複製您在共同基金中已經提供的產品與其他策略的機會進行行銷的方式，這些策略與現有策略不同你已經擁有了。您如何看待這一點，以及如何應對和應對市場中可能會或可能不會產生的某些挑戰。謝謝。

Sure. This is Eric. I'll take a first cut at that one. In terms of how we go to market with our ETFs, it is, as Rob mentioned, we have 16 different strategies across asset classes. We have a specialist ETF capability where we have dedicated expertise from a sales perspective to support our field team as they're out talking to different parts of the USI or the US intermediary channel across the wealth advisers specifically, but also to target parts of the market where, historically, we haven't done as much because prior to the last several years, we didn't have much of an ETF offering.

當然。這是埃里克。我會先剪掉那個。就我們如何將 ETF 推向市場而言，正如 Rob 所提到的，我們在資產類別上有 16 種不同的策略。我們擁有專業的 ETF 能力，從銷售角度來看，我們擁有專門的專業知識來支持我們的現場團隊，因為他們正在與 USI 的不同部分或美國中間渠道的財富顧問進行具體交談，但也針對部分從歷史上看，我們並沒有在這個市場上做太多的事情，因為在過去幾年之前，我們並沒有提供太多的ETF 產品。

So there are dedicated advisers out there who solely use ETFs, and we've been working to discover those advisers and reach out to them with our capabilities. That's coincided with increased interest in active ETFs from a market perspective, and we've benefited from our capabilities as an active manager and the brand that we have in building our presence there. I think there's plenty more to do and we're still in, what I would say, the early stages of identifying and penetrating that unique market opportunity.

因此，有專門的顧問專門使用 ETF，我們一直在努力發現這些顧問，並利用我們的能力與他們接觸。同時，從市場角度來看，人們對主動型 ETF 的興趣不斷增加，我們作為主動型基金經理人的能力以及我們在市場上建立的品牌使我們受益匪淺。我認為還有很多工作要做，而且我想說的是，我們仍處於識別和滲透這個獨特市場機會的早期階段。

In terms of the second part of your question, where we offer clones or similar clones to our existing strategies as well as new capabilities. We want to be able to bring, as Rob said before, our full set of investment capabilities to our clients. We started with the semi-transparent active equity ETF suite because that is what we were well known for, strategies that we believe that the market would embrace and they did up to a point.

關於您問題的第二部分，我們提供現有策略的克隆或類似克隆以及新功能。正如羅布之前所說，我們希望能為客戶帶來我們全套的投資能力。我們從半透明的主動股票 ETF 套件開始，因為這是我們眾所周知的策略，我們相信市場會接受這些策略，而且他們在某種程度上也做到了。

We then wanted to make sure that we were able to bring new capabilities using our research platform to offer strategies that brought even more capabilities across the ETF suite, meaning full transparency, maximize tax efficiency into that market, and we were able to do that also then to get into categories that we weren't able to do before with semi-transparent, specifically the international area where the semi-transparent doesn't allow you to do some of the holdings. So that allowed us to broaden our suite out.

然後，我們希望確保能夠利用我們的研究平台帶來新的功能，提供能夠為ETF 套件帶來更多功能的策略，這意味著完全透明，最大限度地提高該市場的稅收效率，我們也能夠做到到這一點然後進入我們以前無法使用半透明進行的類別，特別是半透明不允許您進行某些控股的國際區域。這樣我們就可以擴大我們的套房。

Yeah. I'd just add, we find that there are certain clients that really value the clone semi-transparent approach because they're able to access known strategy with a long-tenured track record in the ETF vehicle. I think there are other clients that are much more familiar and comfortable with the fully transparent approach. And I think we are now in a place where we are comfortable delivering a range of investment strategies across both approaches and feel both approaches have merit.

是的。我想補充一點，我們發現某些客戶真正重視克隆半透明方法，因為他們能夠存取在 ETF 工具中具有長期追蹤記錄的已知策略。我認為還有其他客戶對完全透明的方法更加熟悉和適應。我認為我們現在可以輕鬆地透過這兩種方法提供一系列投資策略，並且認為這兩種方法都有優點。

And I think back to the earlier point of those relationships with larger platforms and clients, we use those relationships to help inform where people have gaps. I mean we want to understand where things can get placement as early as possible because I think you've seen with a number of offerings in market, it's really important to try to get those scale -- those strategies scale as quickly as you possibly can to make sure that they can cut through the noise. And so our focus has really been on both getting those products launched, but also getting them above those important sort of $100 million to $200 million asset raises.

我回想起之前與更大平台和客戶的關係，我們利用這些關係來幫助了解人們在哪些方面有差距。我的意思是，我們希望盡快了解可以在哪裡進行佈局，因為我認為您已經看到了市場上的許多產品，嘗試擴大規模非常重要 - 這些策略盡可能快地擴大規模以確保他們能夠消除噪音。因此，我們的重點實際上是既要推出這些產品，又要讓它們超過 1 億至 2 億美元的重要資產籌集。

I'd tell you, I've been pleased and maybe a little surprised that the range of investors that the ETFs have appealed to. As Eric said, we're targeting a number of RIAs that are ETF power users as well as more traditional wealth platforms and broker-dealers, and we've got some interesting placements that I think kind of really present a big opportunity. But we've also had some institutional investors and some investors based outside the US that have been attracted to the ETF vehicle.

我想告訴你，我對 ETF 所吸引的投資者範圍感到高興，也許還有點驚訝。正如艾瑞克所說，我們的目標是一些 ETF 高級用戶以及更傳統的財富平台和經紀交易商的 RIA，我們有一些有趣的佈局，我認為這確實提供了一個巨大的機會。但我們也有一些機構投資者和一些美國以外的投資者被 ETF 工具所吸引。

So I think it's encouraging. It's still relatively small in the context of our overall AUM base. But I think it's a huge and compelling opportunity for us and one we're really leaning into.

所以我認為這是令人鼓舞的。就我們的整體資產管理規模而言，它仍然相對較小。但我認為這對我們來說是一個巨大且引人注目的機會，也是我們真正傾向於的機會。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Good morning. Thanks for taking my questions. I actually have a request and then a question. So one thing just to consider, many of your peers provide an adjusted income statement, which really would reduce the potential for misunderstandings and errors around interpreting your results. And I'd like to just please ask you to request putting that together because the way the disclosure now is a little -- I'm worried it could lead to some confusion.

早安.感謝您回答我的問題。我實際上有一個請求，然後有一個問題。因此，需要考慮的一件事是，您的許多同行提供了調整後的損益表，這確實會減少在解釋您的結果時誤解和錯誤的可能性。我想請您要求將其放在一起，因為現在的披露方式有點 - 我擔心這可能會導致一些混亂。

My question is on OCRED. So we hear it's a bit of a me-too product and given that it came after some firmly established products in the marketplace. I'd love to hear you lay out for me the case for how it's differentiated from established offerings such as BCRED and maybe how you're explaining that differentiation to your distribution partners. Thanks.

我的問題是關於 OCRED 的。所以我們聽說它有點像模仿產品，因為它是在市場上一些穩固的產品之後推出的。我很想聽聽您向我闡述它與 BCRED 等成熟產品的區別，以及您如何向您的分銷合作夥伴解釋這種區別。謝謝。

Yeah. I think it's differentiated in a handful of ways. Look, it is a competitive marketplace, and there are a number of established offerings. I think our approach is compelling, one, because we bring OHA's 30-year track record to delivering private credit strategies. Two, we bring T. Rowe Prices relationships with the wealth platforms and our relationships in the field. If you think about our regional investment consultants, they work with a lot of brokers and advisers that may not have used alternatives or a BDC in the past. And when I engage with the big wealth platforms, one of their key objectives is to broaden the penetration of alternatives within their adviser and client base.

是的。我認為它在幾個方面有所不同。看，這是一個競爭激烈的市場，並且有許多成熟的產品。我認為我們的方法令人信服，第一，因為我們將 OHA 30 年的業績記錄用於提供私人信貸策略。第二，我們帶來 T. Rowe Price 與財富平台的關係以及我們在該領域的關係。如果您考慮我們的區域投資顧問，您會發現他們與許多過去可能沒有使用過替代方案或 BDC 的經紀人和顧問合作。當我與大型財富平台合作時，他們的主要目標之一是擴大替代方案在其顧問和客戶群中的滲透率。

So I think what's differentiated about our approach is we can use the depth of our relationships in the field to help them further penetrate their base with a product that is being managed by a team that has a very compelling standout track record in running private credit strategies.

因此，我認為我們的方法的與眾不同之處在於，我們可以利用我們在該領域的深度關係，幫助他們進一步滲透他們的基礎，而該產品由一個在運行私人信貸策略方面擁有非常引人注目的傑出記錄的團隊管理。

So look, I do think that it is difficult to stand out, particularly in an environment credit defaults have been extraordinarily low from an investment performance perspective. And I think it's fair to say that you really have to work hard to differentiate and get attention. I think there's a tremendous amount of power in the combination of T. Rowe Price's presence and relationships in the wealth channel, particularly with advisers that might -- where this might be a first experience or a first opportunity to engage in alternatives. So that's the approach and the part of the market that we're really starting to attack.

因此，我確實認為很難脫穎而出，特別是在從投資績效角度來看信用違約率非常低的環境下。我認為可以公平地說，你確實必須努力工作才能脫穎而出並獲得關注。我認為 T. Rowe Price 的存在和財富管道中的關係結合起來具有巨大的力量，特別是與顧問的關係，這可能是第一次體驗或第一次有機會參與替代方案。這就是我們真正開始攻擊的方法和市場部分。

Look, I think this is a first offering. We're also working on OFLEX, which is an interval fund. We're taking feedback from the wealth platforms on where there is interest and where something might be more differentiated or more attractive, and I think are hopeful that as we roll those out and build those relationships that we'll be able to leverage them and establish more momentum going forward.

看，我認為這是第一個產品。我們還在研究 OFLEX，這是一種區間基金。我們正在從財富平台獲取回饋，了解哪些地方有興趣，哪些東西可能更具差異化或更有吸引力，我認為，當我們推出這些並建立這些關係時，我們將能夠利用它們並建立更多前進動力。

(Operator Instructions) Alexander Blostein, Goldman Sachs.

（操作員指示）Alexander Blostein，高盛。

Hey, Rob. And good morning, everybody. Question for you guys on the fee rates. It looks like the pace of fee rate compression picked up a little bit sequentially. And I know you talked about most kind of the mix of flows and just some of the transfers. So can you help kind of go through that a little more? And as you think about the difference in the fee rates amongst some of the larger kind of transfer buckets, where does that stand today? And how do you expect that to evolve over the next couple of quarters?

嘿，羅布。大家早安。請教大家一個關於收費標準的問題。看起來費率壓縮的步伐逐漸加快。我知道您談到了大多數類型的流量組合和一些轉移。那你能幫忙再詳細說明一下嗎？當您考慮一些較大類型的傳輸桶之間的費率差異時，今天情況如何？您預計未來幾季會如何發展？

Yeah. Thanks, Alex. I'll start. We've said that over time, we see fee compression of about 1% to 1.5%. That's what we've seen over the past several years. Quarter-to-quarter, you can see some noise. And so in any given quarter, we can see the impact of clients choosing lower fee products, which could be vehicles or asset classes or individual strategies.

是的。謝謝，亞歷克斯。我開始吧。我們說過，隨著時間的推移，我們會看到費用壓縮約 1% 至 1.5%。這就是我們過去幾年所看到的。每季度，你都會看到一些噪音。因此，在任何特定季度，我們都可以看到客戶選擇較低費用產品的影響，這些產品可能是工具、資產類別或個人策略。

You can also see periodically, we'll do some realignments of clients into vehicles, so there will be existing clients moving from one vehicle to another, and that can create kind of more noise in the specific quarter. We saw both of that during this quarter. And again, so I think over longer periods of time, we've seen that continued trend, but this particular quarter, you saw both of those things.

您還可以定期看到，我們會定期將客戶重新調整為車輛，因此現有客戶將從一輛車轉移到另一輛車，這可能會在特定季度產生更多噪音。我們在本季看到了這兩點。再說一次，我認為在更長的時間內，我們已經看到了這種持續的趨勢，但在這個特定的季度，你看到了這兩件事。

Yeah. Alex, as Jen said, a lot of factors impact the fee rate, asset class mix, vehicle mix, performance fees, each of those can move around a lot in any one quarter. So I wouldn't read too much into a quarter's results favorable or unfavorable.

是的。 Alex，正如 Jen 所說，影響費率、資產類別組合、車輛組合、績效費用的因素有很多，其中每個因素在任何一個季度都可能發生很大變化。因此，我不會過度解讀一個季度的業績是有利還是不利。

We want to continue to share some of the benefits of scale with our clients and invest in our value proposition and hope to win sizable new mandates, grow in fixed income, grow in some other lower fee areas, including integrated equity and with our blend RDF strategy. So I mean the arithmetic is that success in those areas will pressure the fee rate, but it's still very good business.

我們希望繼續與客戶分享規模帶來的一些好處，並投資於我們的價值主張，並希望贏得大量新委託，固定收益增長，在其他一些費用較低的領域增長，包括綜合股權和我們的混合 RDF戰略。所以我的意思是，這些領域的成功會對費率造成壓力，但它仍然是非常好的生意。

I would say that as we grow in alternatives, there should be some offset. And I think the net result is that we're likely to see kind of fee compression very consistent if you look over multiple quarters with what we've navigated in the past.

我想說，隨著替代品的增加，應該會有一些抵消。我認為最終的結果是，如果你回顧多個季度我們過去的經歷，我們可能會看到非常一致的費用壓縮。

Bill Katz, TD Cowen.

比爾·卡茨，TD·考恩。

Okay. Thank you very much for taking the question. And also, thank you for the abbreviated opening remarks. I hope that's a trend for your peers.

好的。非常感謝您提出問題。另外，感謝您簡短的開場白。我希望這對你們的同行來說是一種趨勢。

In terms of -- just a clarifying question, you mentioned that you expect seasonally a second half pickup in redemptions. Just wondering if you could sort of highlight the reason for that. But the broader question I have is, as you think about some of the changes that are happening in the competitive landscape, whether it be on the traditional side or more opportunity in the alternative side where I think the greater focus is, how are you thinking about the sort of attacking that on a de novo basis? And do alignments like KKR and Capital Group maybe shift your thinking about how to accelerate that opportunity? Thank you.

就一個澄清問題而言，您提到您預計下半年贖回量會出現季節性回升。只是想知道您是否可以強調原因。但我更廣泛的問題是，當你思考競爭格局中正在發生的一些變化時，無論是傳統方面還是另類方面的更多機會，我認為更關注的是，你是如何看待的關於從頭開始的攻擊方式？像 KKR 和 Capital Group 這樣的聯盟是否可能會改變您對如何加速這一機會的思考？謝謝。

Well, I think starting with the redemptions question, I think seasonally, we look at our flows, and so it's both sales and redemptions. And I think Robert specifically referenced earlier, the target date franchise, there it's less about redemptions, it's more about the pace of sales and the pipeline that we see in the second half of the year.

嗯，我認為從贖回問題開始，我認為按季節，我們會查看我們的流量，因此既包括銷售也包括贖回。我認為羅伯特之前特別提到了目標日期特許經營權，這與贖回無關，更多的是與我們在下半年看到的銷售速度和管道有關。

We've talked in the past about it's not fully seasonal, it's not that everything happens in the first quarter of the year, but you do see more activity in the first quarter of the year. You can see plan size changes in just smaller amounts through the balance of the year. I think, yes.

我們過去曾討論過，這並不完全是季節性的，並不是所有事情都發生在一年的第一季度，但你確實會在一年的第一季度看到更多的活動。您可以看到一年中剩餘時間中計劃規模的變化較小。我想是的。

Yeah. Bill, I think what I was trying to get across isn't that I expect redemptions to pick up in the back half of the year. It's that, if you think about net flows, it's gross sales and redemptions, and gross sales in the second quarter were inflated by a lumpy sizable mandate. So I wouldn't take the Q2 net flow rate and annualize it in the back half of the year. That's all I was really trying to say. We actually see a trend of redemption pressure easing in some of the places where we've had some performance struggles at this point over 1.5 years ago.

是的。比爾，我想我想要表達的並不是我預計贖回會在今年下半年回升。問題是，如果你考慮淨流量，那就是銷售總額和贖回，而第二季的銷售總額因龐大的委託而膨脹。所以我不會在下半年將第二季的淨流量進行年化。這就是我真正想說的話。實際上，我們在 1.5 年前的這一點上遇到過一些業績困難的一些地方，實際上看到了贖回壓力緩解的趨勢。

So again, I'm encouraged, both on the gross sales side and the redemption side with regard to the outlook, but there is a little bit of seasonality in the gross sales side of the target date fund business. And we did have the benefit of that sizable insurance mandate that funded in May. So that's really the only point that I was making there.

因此，我再次受到鼓舞，無論是在銷售方面還是在贖回方面的前景，但目標日期基金業務的銷售方面存在一些季節性。我們確實受益於 5 月資助的巨額保險授權。這確實是我在那裡提出的唯一觀點。

I think we are well positioned, whether it's across multi-asset with retirement date fund. We've got a big opportunity to grow outside of the United States. We've got a big opportunity to grow in fixed income. We've got a big opportunity to grow in ETFs. And we've got a big opportunity with OHA. I think we -- there are more things that we can do in alternatives.

我認為我們處於有利地位，無論是跨資產與退休日期基金。我們有一個在美國以外發展的巨大機會。我們有一個巨大的機會來增加固定收益。我們在 ETF 方面有很大的發展機會。 OHA 為我們帶來了巨大的機會。我認為我們—在替代方案中我們可以做更多的事情。

And I think we -- there are instances where we might be open to partnering, but only where I believe it would make sense. There are things that we can do de novo that we can develop organically, and we'll continue to evaluate doing additional acquisitions like OHA. There might be instances where there is an offering that we choose not to be the manager for and to marry as part of a multi-asset offering or otherwise. But I think my preferred approach would be to kind of ultimately have our distribution focus on selling T. Rowe Price or T. Rowe Price controlled strategies.

我認為，在某些情況下，我們可能願意合作，但僅限於我認為有意義的情況。有些事情我們可以從頭開始，我們可以有機地開發，我們將繼續評估進行其他收購，例如 OHA。在某些情況下，我們可能選擇不擔任某項產品的管理者，而是將其作為多元資產產品或其他產品的一部分結合。但我認為我首選的方法是最終讓我們的分銷重點放在銷售 T. Rowe Price 或 T. Rowe Price 控制的策略上。

I think it makes things cleaner and simpler than having two investment teams coordinate delivering a strategy. And obviously, it gives us a little bit more control over the caliber of outcome that we deliver on behalf of our clients.

我認為這比讓兩個投資團隊協調實施策略更乾淨、更簡單。顯然，它使我們能夠更好地控制我們代表客戶交付的結果的品質。

Thank you. This concludes the question-and-answer session and today's conference call. Thank you for participating. You may now disconnect.

謝謝。問答環節和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。