普信集團 (TROW) 2024 Q3 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 third quarter 2024 earnings conference call.

早安.我叫丹尼爾，今天我將擔任你們的會議主持人。歡迎參加 T Rowe Price 2024 年第三季財報電話會議。

(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.

（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 third quarter earnings call. The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com.

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。

Today's call will last approximately 45 minutes. Our Chair, CEO, and President, Rob Sharps and CFO, Jen Dardis, will discuss the company's results for about 15 minutes, then we'll open it up for your questions. We ask that you limit it to one question per participant.

今天的通話將持續約 45 分鐘。我們的董事長、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，然後我們將開放供您提問。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 for the quarter that ended September 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以及截至 2024 年 9 月 30 日的季度。

Now I'll turn it over to Rob.

現在我會把它交給羅布。

Thank you, Linsley, and thank you all for joining our third quarter earnings call. We closed the quarter with $1.63 trillion in assets under management, up 3.9% from June 30 despite $12.2 billion in net outflows. While net outflows increased in the third quarter, we are seeing encouraging signs that we are on the right path. Our active ETF franchise is expanding. We are deepening our retirement leadership position with the launch of innovative retirement solutions, and our associates are advancing our strategic initiatives across the business. We remain on track to reduce net outflows this year.

謝謝林斯利，也謝謝大家參加我們第三季的財報電話會議。儘管淨流出 122 億美元，但本季末我們管理的資產為 1.63 兆美元，較 6 月 30 日成長 3.9%。儘管第三季淨流出增加，但我們看到令人鼓舞的跡象，表明我們正走在正確的道路上。我們的主動 ETF 業務正在擴大。透過推出創新的退休解決方案，我們正在深化我們的退休領導地位，我們的員工正在整個業務範圍內推進我們的策略性舉措。我們今年仍有望減少淨流出。

I'll now turn to investment performance. Our long-term investment performance remains solid despite softer results this quarter. In our equity franchise, US mid-cap value, US equity research, integrated US small mid-cap core equity, and integrated global equity, all continue to be top quartile performers for the one, and five year time periods.

我現在談談投資績效。儘管本季業績疲軟，我們的長期投資業績仍穩健。在我們的股票特許經營權中，美國中型股價值、美國股票研究、綜合美國小型中型股核心股票和綜合全球股票在一年和五年期間均繼續位列前四分之一。

In our ETF franchise, our semitransparent US equity research ETF now has top quartile performance for both the one and three year time periods, and in our more recently launched transparent equity ETFs, the growth and small mid-cap ETFs remain top quartile performers for the one year time period. In fixed income, our Muni-Strategies continue to be strong performers as do our floating rate and ultra short-term bond ETFs, both of which have top quartile performance across multiple time periods. While underlying stock selection and an overweight towards US equities were detractors to relative performance in the third quarter, our flagship retirement funds and the new retirement blend funds continue to have strong long-term performance.

在我們的ETF 特許經營權中，我們的半透明美國股票研究ETF 目前在一年和三年期間的表現均名列前四，而在我們最近推出的透明股票ETF 中，成長型和中小型股ETF仍然是全年表現最佳的四分之一。在固定收益領域，我們的市政策略持續表現強勁，我們的浮動利率和超短期債券 ETF 也表現強勁，兩者在多個時期的表現均名列前茅。雖然標的股票的選擇和對美國股票的增持是第三季度相對錶現的不利因素，但我們的旗艦退休基金和新的退休混合基金繼續保持強勁的長期表現。

Over 90% of our target date assets are in the top quartile for the 5, 10, and 15 year time periods on an AUM basis. Returns across alternative strategies were positive during the quarter, and broadly consistent with the constructive market backdrop. Private, structured, and liquid strategies generated stronger results while distressed and special situations lag.

以 AUM 計算，我們超過 90% 的目標日期資產在 5 年、10 年和 15 年期間處於前四分之一。本季另類策略的報酬率為正，與建設性的市場背景基本一致。私人、結構化和流動性策略產生了更強的結果，而困境和特殊情況則滯後。

As I shared earlier, third quarter net outflows totaled $12.2 billion. We do expect further increases in debt outflows during the fourth quarter, reflecting seasonal trends and a large sub-advised variable annuity termination now expected in late Q4. Even with this loss, we remain on track to reduce net outflows this year, although not as significantly as we had previously expected.

正如我之前分享的，第三季淨流出總額為 122 億美元。我們確實預計第四季度債務流出將進一步增加，這反映了季節性趨勢，目前預計第四季末將終止大規模的次級建議可變年金。即使出現這種損失，我們今年仍有望減少淨流出，儘管幅度沒有我們之前預期的那麼大。

Excluding the VA termination, we estimated 2024 net outflows to be less than half of 2023 levels. Jen will share more detail in a moment. But I want to underscore that while this unanticipated loss was deeply disappointing, it doesn't undo the progress we have made in other areas.

如果不包括 VA 終止，我們估計 2024 年的淨流出將不到 2023 年水準的一半。 Jen 稍後將分享更多細節。但我想強調的是，雖然這一意外損失令人深感失望，但這並不會抵消我們在其他領域的進展。

We are expanding our ETF business and deepening our leadership in retirement with innovative new strategies. With our recently launched technology ETF, we provide investors our first sector-focused fully transparent portfolio with the tax efficient, convenient, and cost-effective benefits of the ETF wrapper.

我們正在透過創新的新策略擴大 ETF 業務並深化我們在退休領域的領導地位。透過我們最近推出的技術 ETF，我們為投資者提供了第一個以行業為中心的完全透明的投資組合，並具有 ETF 包裝器的節稅、便利性和成本效益優勢。

We also recently launched two new retirement offerings. Personalized Retirement Manager and Manage Lifetime Income. Personalized Retirement Manager is the industry's first managed account designed to create a unique asset allocation tailored for the individual, incorporating personal data into the proven life cycle investment philosophy and process that underpin our leading target date strategies.

我們最近也推出了兩項新的退休產品。個性化退休經理和管理終身收入。個人化退休經理是業界首個管理帳戶，旨在為個人量身定制獨特的資產配置，將個人資料納入經過驗證的生命週期投資理念和流程中，支撐我們領先的目標日期策略。

Managed Lifetime Income is a new retirement solution designed to provide retirees in a defined contribution plan with stable and predictable monthly income for life. Managed Lifetime Income combines a managed payout investment from T Rowe Price with a qualifying longevity and annuity contract from Pacific Life to offer a unique union of professional asset management and guaranteed monthly payouts.

終身管理收入是一種新的退休解決方案，旨在為固定繳款計畫中的退休人員提供穩定且可預測的終身月收入。終身管理收入將 T Rowe Price 的管理支付投資與 Pacific Life 的合格長壽和年金合約相結合，提供專業資產管理和保證每月支付的獨特結合。

We are also seeing increased client interest in co-developing and customizing our target date capabilities and were notified of a sizable custom glide path win expected next year. We are reaching key milestones in areas beyond retirement as well. We had our first close for OLEND, our Senior Private Lending Fund, which drove much of this quarter's $3 billion increase in unfunded capital commitments. Our focus on US Wealth resulted in new relationships that are launching this year, new placements in home office models, and more partnerships focused on ETFs and SMAs.

我們也看到客戶對共同開發和客製化我們的目標日期功能的興趣不斷增加，並獲悉明年預計將獲得相當大的客製化滑行路徑勝利。我們在退休以外的領域也正在達到重要的里程碑。我們的高級私人借貸基金 OLEND 首次完成交割，本季未融資資本承諾增加了 30 億美元，其中大部分都由該基金推動。我們對美國財富的關注促成了今年推出的新關係、家庭辦公室模式的新佈局以及更多專注於 ETF 和 SMA 的合作夥伴關係。

Finally, despite the VA termination I noted earlier, our weighted net pipeline grew quarter-over-quarter, suggesting that elevated fourth quarter outflows are not indicative of the underlying trajectory of our business. I want to recognize the tremendous work our associates are doing on behalf of our clients, our firm, and our stockholders. It's their focus on continuous improvement in their agile mindset that are driving our progress.

最後，儘管我之前提到了 VA 終止，但我們的加權淨管道仍按季度增長，這表明第四季度流出量的增加並不表明我們業務的基本軌跡。我想表彰我們的員工為我們的客戶、我們的公司和我們的股東所做的巨大工作。正是他們對敏捷思維方式的持續改進推動了我們的進步。

I'll now turn to Jen to provide an overview of our financial results.

我現在請 Jen 概述我們的財務表現。

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

謝謝你，羅布，大家好。在開始提問之前，我將回顧我們第三季的業績。

Our adjusted earnings per share of $2.57 for Q3 2024 is up over 18% from Q3 of last year, driven by higher average AUM, higher adjusted operating income, and a lower effective tax rate. These factors also drove a nearly 14% increase in EPS from Q2 of this year.

由於平均資產管理規模較高、調整後營業收入較高以及有效稅率較低，我們 2024 年第三季的調整後每股收益為 2.57 美元，較去年第三季增長超過 18%。這些因素也推動每股盈餘較今年第二季成長近14%。

We reported $12.2 billion in net outflows this quarter, which is an improvement from Q3 2023, but higher than the first half of 2024. US equity products remain the primary driver of outflows, particularly in our growth strategies. Our US equity research strategy, however, had net inflows of over $1.5 billion this quarter.

我們報告本季淨流出 122 億美元，比 2023 年第三季有所改善，但高於 2024 年上半年。然而，我們的美國股票研究策略本季淨流入超過 15 億美元。

We also had positive net inflows across fixed income, multi-asset, and alternatives. Within multi-asset, we had another strong quarter in our target date franchise with net inflows of $3.6 billion. Our year-to-date inflows of $14.1 billion outpaces the active industry growth rate, particularly in the blend category. Our ETF business had just under $1 billion of net inflows in the quarter, bringing our September 30 AUM to over $6.5 billion. And outside the US, we had positive net inflows driven by global equity in the APAC region and alternatives in the EMEA region.

固定收益、多元資產和另類投資也有正淨流入。在多元資產領域，我們的目標日期特許經營權又迎來了一個強勁的季度，淨流入達 36 億美元。我們今年迄今的流入額為 141 億美元，超過了活躍產業的成長率，特別是在混合飲料類別中。我們的 ETF 業務本季淨流入略低於 10 億美元，使我們 9 月 30 日的資產管理規模超過 65 億美元。在美國以外，亞太地區的全球股票和歐洲、中東和非洲地區的另類投資推動了我們的淨流入正值。

As Rob mentioned, we were recently notified of a large sub-advised variable annuity termination. We expect that nearly all of the assets related to this termination will be redeemed during the fourth quarter. Given the size of this outflow, I want to provide some background on our VA business, which you'll find on page 15 of the supplement. At a high level, we provide investment management services for VA products sold by insurance company sponsors. In some cases, we are the sole manager and the product may be branded as T Rowe Price, while in other cases, we're one sleeve of a multi-manager product.

正如羅布所提到的，我們最近收到了一項大型次級建議可變年金終止的通知。我們預計幾乎所有與此終止相關的資產都將在第四季贖回。考慮到資金外流的規模，我想提供一些有關我們 VA 業務的背景信息，您可以在補充材料的第 15 頁上找到這些背景信息。在高水準上，我們為保險公司發起人銷售的 VA 產品提供投資管理服務。在某些情況下，我們是唯一的經理，產品可能被標記為 T Rowe Price，而在其他情況下，我們是多經理產品的袖子。

Our VA assets are $104 billion or a little over 6% of our total AUM, which is down from 9% in 2019. Similar to the overall VA industry, our VA business has experienced net outflows for the past several years, and we don't expect that trend to change meaningfully. That said, given the large fourth quarter termination, the level of VA outflows for the full year 2024 will be higher than we would have otherwise expected. While this area is not an organic growth driver for the firm, this book of business has many long-standing and important clients and we will continue to deliver on their behalf.

我們的 VA 資產為 1040 億美元，佔總 AUM 的 6% 多一點，低於 2019 年的 9%。不希望這種趨勢發生有意義的改變。也就是說，鑑於第四季度的大規模終止，2024 年全年的 VA 流出水準將高於我們原本的預期。雖然這一領域並不是公司的有機成長動力，但該業務擁有許多長期且重要的客戶，我們將繼續代表他們提供服務。

Shifting to our financials. Our Q3 adjusted net revenues were $1.8 billion, which is up 7% from last year and up 3% from the second quarter, driven by higher investment advisory revenue from higher average AUM.

轉向我們的財務。我們第三季調整後淨收入為 18 億美元，比去年增長 7%，比第二季度增長 3%，這主要得益於平均資產管理規模 (AUM) 增加帶來的投資諮詢收入增加。

Our Q3 annualized effective fee rate of 40.9 basis points declined from Q3 2023 and Q2 2024 as assets continue to shift into lower fee vehicles and asset classes. This quarter's investment advisory revenue of $1.6 billion included $5.6 million in performance-based fees from alternatives products, primarily from the BDC.

隨著資產繼續轉向費用較低的工具和資產類別，我們第三季的年化有效費率為 40.9 個基點，較 2023 年第三季和 2024 年第二季有所下降。本季的投資諮詢收入為 16 億美元，其中包括來自另類產品（主要來自 BDC）的 560 萬美元績效費用。

Our adjusted operating expenses of $1.1 billion were up 3.6% from Q3 2023 due mainly to increases in compensation, benefits and related costs and distribution and servicing fees on higher AUM. While G&A is also up from last year, Q3 2023 included a $20 million non-recurring cost recovery.

調整後的營運支出為 11 億美元，較 2023 年第三季成長 3.6%，主要是由於管理資產增加導致薪酬、福利和相關成本以及分銷和服務費用增加。雖然一般管理費用也比去年有所增長，但 2023 年第三季包括 2,000 萬美元的非經常性成本回收。

Our adjusted operating income of $718 million was up 13% from Q3 2023 and almost 10% from last quarter. For the balance of the year, we continue to expect 2024 adjusted operating expenses, excluding carried interest expense to be 6% to 8% over the comparable full year 2023 amount of $4.19 billion.

我們調整後的營業收入為 7.18 億美元，比 2023 年第三季成長 13%，比上季成長近 10%。今年剩餘時間，我們繼續預計 2024 年調整後營運費用（不包括附帶利息費用）將比 2023 年全年可比金額 41.9 億美元增加 6% 至 8%。

While we're at the bottom end of this range through nine months, similar to last year, we anticipate an increase in the number of expense categories in Q4, some of which are due to seasonal factors and timing and will not carry into the 2025 run rate. Notably, our stock-based compensation is typically higher in December, given the timing of our annual grants, and we expect advertising and promotion expenses to be higher due to the seasonality of our advertising efforts. We are also forecasting higher professional fees as we complete projects before the close of the year.

雖然我們在九個月內處於該範圍的底部，與去年類似，但我們預計第四季度的費用類別數量將會增加，其中一些是由於季節性因素和時間安排造成的，並且不會延續到2025年運行率。值得注意的是，考慮到我們年度撥款的時間，我們的股票薪酬通常在 12 月較高，而且由於我們廣告工作的季節性，我們預計廣告和促銷費用也會較高。隨著我們在年底前完成項目，我們也預計專業費用會更高。

Turning our attention to capital management. We repurchased $71 million worth of shares during the third quarter, bringing the year-to-date value of buybacks to nearly $264 million. We feel comfortable with our current pace of buybacks as we evaluate repurchases through the remaining months of 2024. Combined with the quarterly dividend of $1.24 per share, we have returned over $1.1 billion to stockholders in the first nine months of the year. Our balance sheet remains strong with over $3.6 billion in cash and discretionary investments at the end of Q3.

將我們的注意力轉向資本管理。我們在第三季回購了價值 7,100 萬美元的股票，使年初至今的回購價值接近 2.64 億美元。我們對目前的回購速度感到滿意，因為我們評估了2024 年剩餘幾個月的回購情況。 。我們的資產負債表依然強勁，截至第三季末現金和可自由支配投資超過 36 億美元。

As we approach year-end, our teams are focusing on 2025 and identifying the areas where we will invest to drive future growth and deliver new capabilities to best serve our clients. We will continue to balance this investment with the need for ongoing expense discipline.

隨著年底的臨近，我們的團隊將重點放在 2025 年，並​​確定我們將投資的領域，以推動未來成長並提供新功能，以最好地為我們的客戶服務。我們將繼續平衡這項投資與持續的費用紀律的需要。

And now I'll ask the operator to open the line for Q&A.

現在我將要求接線員開通問答線路。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示）Alex Blostein，高盛。

Rob, would love to get your perspective on the organic growth to start a good perspective on the VA business on slide 15. I think you mentioned that, you guys obviously made progress on the business, excluding the VA sub-advisory outflows expected to be, I guess, less than half of the apples you sell last year. That still, I think, implies a pretty meaningful step-up in outflows in Q4, excluding the VA sub-advisory issue. So maybe just on PAC, what you're seeing in the fourth quarter and whether or not the outflows there on a core basis are also a bit more elevated than normally. And any thoughts you have for '25, but would be appreciated as well.

Rob，很想了解您對有機成長的看法，以便對幻燈片15 上的VA 業務有一個良好的看法。流出。我認為，這仍然意味著第四季的資本外流將出現相當有意義的成長，不包括 VA 的次級諮詢問題。因此，也許就 PAC 而言，您在第四季度看到的情況以及核心基礎上的資金外流是否也比正常情況要高一些。如果您對 25 年有任何想法，我們也將不勝感激。

Alex, Specifically, as it relates to '24, I would say that what we're seeing outside of specific VA mandate is pretty consistent with typical seasonal patterns. We tend to have a little bit more in the way of redemption pressure in the fourth quarter and particularly near year-end. Outside of that, I think the underlying trends are pretty clearly headed in the right direction. So if I take a step back, as you said and as I noted earlier, that -- excluding the VA loss, '24 outflows would have been less than half of '23 levels. I think that reflects pretty substantive progress relative to where we were.

亞歷克斯，具體來說，因為它與 24 相關，我想說的是，我們在特定的 VA 任務之外看到的情況與典型的季節性模式非常一致。第四季度，特別是接近年底，我們往往面臨更多的贖回壓力。除此之外，我認為潛在趨勢非常明顯地朝著正確的方向發展。因此，如果我退一步，正如您所說和我之前指出的那樣，如果不包括VA損失，24年的資金流出將不到23年水準的一半。我認為這反映了相對於我們所處的位置取得了相當實質的進步。

Regarding '25, I would say we expect sizable further improvement as we trend toward positive flows. And if you take a step back and think about the trends and drivers, Active equities as an asset class and mutual funds as a vehicle or in outflow and have been for some time. That said, I think there's meaningful room for improvement in active equities given performance improvement in a few of our key franchises, notably large cap growth, where we're seeing both gross sales and redemptions following improved performance and trending in the right direction.

關於 25 年，我想說，隨著我們趨於積極的流動，我們預計會有進一步的大幅改善。如果你退一步思考趨勢和驅動因素，活躍股票作為一種資產類別，共同基金作為一種工具或流出，已經有一段時間了。也就是說，我認為，鑑於我們的一些關鍵特許經營權的業績改善，特別是大盤股的增長，我認為主動股票還有很大的改善空間，我們看到隨著業績的改善和朝著正確方向發展的趨勢，銷售和贖回都出現了。

Outside of that, we have positive flows in all of the other asset classes in most other vehicles. Gross sales are up in all but one of our channels and geographies year-over-year so far in '24, we continue to expect strong growth in retirement date funds in '25 and beyond. So this year, year-to-date is up relative to last year. We expect the year to be up and feel very good about the momentum that we have across the retirement date franchise. In '25, you can expect that we'll have a larger contribution from alternatives, ETFs, and SMAs.

除此之外，我們在大多數其他工具的所有其他資產類別中都有積極的流動。 24 年到目前為止，除一個通路和地區外，我們所有通路和地區的總銷售額均同比增長，我們繼續預計 25 年及以後的退休日期基金將強勁增長。所以今年，年初至今相對於去年有所上升。我們預計這一年即將結束，並對退休日期系列的勢頭感到非常滿意。 25 年，您可以預期另類投資、ETF 和 SMA 將為我們帶來更大的貢獻。

I also think we have opportunity to build further momentum in fixed income, especially in areas like insurance. And we have work to do to bring those opportunities to fruition, but they're out there, and I think we're well positioned to capitalize on.

我還認為我們有機會在固定收益領域建立進一步的勢頭，特別是在保險等領域。為了實現這些機會，我們還有很多工作要做，但它們就在那裡，我認為我們已經做好了充分利用的準備。

It -- flows are really hard to predict. I'd say it's very difficult to say whether all of this will be enough to move us into positive territory in '25. My base case at this point, based on our most current forecast is that we will make meaningful further progress. But won't get there for the full year. Regardless, I think we'll demonstrate that we're on a path that will take us back to organic growth, whether we get there in 2025 or not.

流量確實很難預測。我想說，很難說所有這些是否足以讓我們在 25 年進入積極的領域。根據我們最新的預測，我目前的基本情況是，我們將取得有意義的進一步進展。但一整年都達不到那裡。無論如何，我認為我們將證明我們正走在一條回歸有機成長的道路上，無論我們能否在 2025 年實現這一目標。

Jen, would you add anything?

珍，你能補充點什麼嗎？

No, I think you covered it.

不，我想你已經涵蓋了。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

I just want to ask about retirement. I was hoping maybe you could just update us on the -- your views there on the retirement market, competitive landscape. Some of the steps you guys are taking to drive growth in the retirement channel, including the new lifetime managed payout product. Maybe you could talk about how that works your go-to-market strategy for that, how you plan to build traction. And then I think you mentioned a Glide Path win for next year. Maybe you can help quantify that.

我只是想問一下退休的事。我希望您能向我們介紹您對退休市場、競爭格局的最新看法。你們正在採取一些措施來推動退休管道的成長，包括新的終身管理支付產品。也許你可以談談你的上市策略是如何運作的，你計劃如何建立吸引力。然後我想你提到了明年的滑行路徑勝利。也許你可以幫助量化這一點。

So the specific win that we referenced is a custom Glide Path win. So as we have a tremendous amount of research behind our life cycle investing approach, and we have a glide path that underlies the asset allocation of our target date funds. There are certain instances where you have a plan sponsor that wants a Glide Path that is designed specifically to the demographics of their participant pool. And for us, typically, a fee for that would be relatively small, and it would come in the as AUA, so it wouldn't come in the investment advisory fee line. So that was what that specific reference was.

因此，我們引用的具體勝利是自訂滑行路徑勝利。因此，我們在生命週期投資方法背後進行了大量研究，並且我們有一條滑行路徑作為目標日期基金資產配置的基礎。在某些情況下，您的計劃發起人希望有一個專門針對其參與者群體的人口統計數據設計的滑行路徑。對我們來說，通常情況下，這方面的費用相對較小，並且會以 AUA 的形式出現，因此不會出現在投資諮詢費用中。這就是那個特定的參考。

In terms of broad trends, I would say we've got a lot of momentum across our set of offerings, flagship retirement date fund, but also blend. Our pipeline there is very strong. Specifically as it relates to the two new products that were launched, they are launched on our recordkeeping system, which I think shows the strategic benefit of having a record keeper. Personalized retirement manager is a managed account strategy that's customized based on input from the participant in addition to just their estimated retirement date. And we think it's particularly compelling.

就大趨勢而言，我想說，我們的一系列產品、旗艦退休日期基金以及混合產品都有很大的動力。我們在那裡的管道非常強大。具體來說，因為它與已推出的兩款新產品相關，所以它們是在我們的記錄保存系統上推出的，我認為這顯示了擁有記錄管理員的策略優勢。個人化退休經理是一種管理帳戶策略，除了根據參與者的預計退休日期之外，還根據參與者的輸入進行客製化。我們認為這特別引人注目。

It uses a lot of the research and assumptions that underlie the core target date franchise, but custom tailor it to the particular interest and positioning of the underlying participant. I would also say that the fees on that are attractive relative to other managed account offerings in retirement overall. Finally, with regard to the lifetime income product that incorporates a QLAC, we think it's a compelling design structure. It's also initially being launched on the T Rowe Price record-keeping platform. Both products are new to market. But in time, as we build scale and demonstrate the attractiveness, we expect to be able to extend them to other record-keeping platforms in time.

它使用了作為核心目標日期特許經營權基礎的大量研究和假設，但根據基礎參與者的特定興趣和定位進行客製化。我還想說，相對於整體退休中的其他管理帳戶產品，該費用很有吸引力。最後，對於包含 QLAC 的終身收入產品，我們認為這是一個引人注目的設計結構。它最初也是在 T Rowe Price 記錄保存平台上推出的。這兩種產品都是新上市的。但隨著時間的推移，隨著我們擴大規模並展示吸引力，我們希望能夠及時將它們擴展到其他記錄保存平台。

I might just add. I mean you asked about the go-to-market strategy and many of the things that Rob highlighted, as you just mentioned are on our record-keeping platform. But we serve retirement plans not only on our own recordkeeping platform, but even more so on what we call DCIO, our DC investment-only strategy. And we have opportunities to either provide our target date products. over time to be able to sell some of these more extended strategies, but also to be able to participate as a sleeve in certain cases of other people's products that they're developing.

我可能只是補充一下。我的意思是，您詢問了上市策略以及 Rob 強調的許多內容，正如您剛才提到的，這些內容都在我們的記錄保存平台上。但我們不僅在我們自己的記錄保存平台上提供退休計畫服務，更在我們所謂的 DCIO（我們的 DC 投資策略）上提供服務。我們有機會提供我們的目標日期產品。隨著時間的推移，我們不僅能夠銷售一些更廣泛的策略，而且還能夠在某些情況下參與他們正在開發的其​​他人的產品。

Yes, we've really leaned in to build our partnership with a number of the leading retirement franchises, both firms that focus on retirement consulting, but also the record-keeping platforms. We worked hard with co-development. And as a result of that, I think we're very, very well positioned with our suite of retirement day products as well as some of the things that we're doing for retirement income across recordkeepers, not just on the dealer price recordkeeping platform.

是的，我們確實傾向於與許多領先的退休特許經營公司建立合作夥伴關係，這兩家公司都專注於退休諮詢，但也專注於記錄保存平台。我們努力共同開發。因此，我認為我們在退休日產品套件以及我們為記錄保存者的退休收入所做的一些事情方面處於非常非常有利的位置，而不僅僅是在經銷商價格記錄保存平台上。

Benjamin Budish, Barclays Capital.

本傑明·布迪什，巴克萊資本。

I wanted to ask about private credit. I guess maybe a two-parter. First, can you remind us how much of the business is related to senior direct lending, just thinking about sort of the opportunity set going into next year if has -- what the market seems to be expecting happens, which is that we see a big pickup in transacting activity. How are you positioned for that? And then Rob, you mentioned something about doing more on the fixed income side in insurance. I'm curious to what extent could that perhaps be related to private credit or what else did you mean there?

我想問一下關於私人信貸的問題。我想也許是兩人吧。首先，您能否提醒我們，有多少業務與高級直接貸款相關，只要考慮一下明年的機會集，如果有的話——市場似乎預期會發生什麼，那就是我們看到了一個巨大的機會。的回升。你對此有何定位？然後，羅布，您提到了在保險領域的固定收益方面採取更多措施。我很好奇這在多大程度上可能與私人信貸有關，或者你的意思是什麼？

Yeah, Ben, I'll take the latter part of the question first. Specifically with regard to opportunities in insurance, it's really across our fixed income business. Fixed insurance general account tends to have very, very sizable investments in investment-grade corporate credit and we see some opportunity there. We also would see opportunity to offer private credit and alternative strategies to insurance investors. I think many insurance investors are looking to increase yield on their underlying portfolio and looking to private strategies as a way to do that attractively on a risk-adjusted basis.

是的，本，我先回答問題的後一部分。特別是在保險領域的機會，它確實貫穿我們的固定收益業務。固定保險普通帳戶往往在投資等級企業信貸方面有非常非常大的投資，我們在那裡看到了一些機會。我們還將看到向保險投資者提供私人信貸和替代策略的機會。我認為許多保險投資者都希望提高其基礎投資組合的收益率，並尋求私人策略作為在風險調整的基礎上有吸引力的方式。

That would basically improve their own economics, but also improve the attractiveness of their underlying products. So it certainly would incorporate opportunities with OHA, but wouldn't be exclusive or limited. I think it would also include opportunities on the liquid side, potentially both with OHA, but also with the T Rowe Prices fixed income platform. Specifically as it relates to private credit dedicated senior private lending is not an area that OHA historically had operated -- had offered to their clients. They've got a lot of experience in private credit broadly, but they have actually closed their first dedicated senior private lending fund.

這將從根本上改善他們自身的經濟狀況，同時也提高其基礎產品的吸引力。因此，它肯定會包含 OHA 的機會，但不會是排他性或限制性的。我認為這也包括流動性方面的機會，可能包括 OHA，也包括 T Rowe Price 固定收益平台。具體來說，因為它涉及私人信貸，專用高級私人貸款不是 OHA 歷史上經營的領域 - 也沒有向其客戶提供過。他們在私人信貸方面擁有豐富的經驗，但他們實際上已經關閉了第一個專門的高級私人貸款基金。

If you zoom out a little bit, OHA had a record quarter of capital raising, [$5.5 trillion] of new capital commitments this quarter, bringing the year-to-date number to over $9 billion. And I would say a meaningful portion of that, a notable portion was in private credit. So they closed their first close on their senior private lending fund, which was $2 billion. So these increased capital commitments will boost flows as the capital is deployed. So that will be based on where there's origination and where OHA sees opportunities, but I'm pretty confident based on what we're seeing from a capital commitment perspective, that alternatives flow should accelerate into 2025.

如果你把範圍縮小一點，OHA 本季的融資規模創歷史新高，本季新增資本承諾 [5.5 兆美元]，使年初至今的數字超過 90 億美元。我想說其中很有意義的一部分，值得注意的一部分是私人信貸。因此，他們完成了 20 億美元高級私人貸款基金的首次募集。因此，這些增加的資本承諾將隨著資本的部署而增加流動。因此，這將取決於起源地以及 OHA 在哪裡看到機會，但根據我們從資本承諾的角度看到的情況，我非常有信心，替代方案的流動應該會加速到 2025 年。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Rob, I wanted to follow up on your comments around the institutional backlog building ex the sub-advised mandate. So can you put some context around that in terms of the products and ultimately, how you think about, I guess, the sales cycle here today? Is that the funding is that looking into next year? Or is that more of the three, four months window?

羅布，我想跟進您對機構積壓建設（除次級建議任務）的評論。那麼，您能否就產品以及最終您如何看待今天的銷售週期提供一些背景資訊？這是明年的資金嗎？或者說這只是三、四個月的時間窗口？

Yeah. Thank you for the question. It is over a year, it is a weighted pipeline. It's not just institutional. It is really across our book of business, and it's across asset classes. So basically, we have mandates that are risk-weighted and marked at risk as well as opportunities that are risk weighted. And I think it was very notable that despite the fact that we were notified of this sizable termination that the risk-weighted pipeline actually increased on a quarter-over-quarter basis.

是的。謝謝你的提問。已經一年多了，是一個加權的管道。這不僅僅是製度上的。它確實跨越了我們的業務範圍，也跨越了資產類別。基本上，我們有經過風險加權和標記為風險的任務，以及經過風險加權的機會。我認為非常值得注意的是，儘管我們收到了大規模終止的通知，但風險加權管道實際上逐季增加。

Now this particular mandate was partially marked at risk but not fully kind of marked that risk, which it clearly is now given that we've been notified of termination. But we were able to, on a risk-weighted basis, bring in enough new opportunity that we think will close over the course of the next 12 months that despite taking that to full loss that the pipeline has increased. And I would say that it's broad based.

現在，這項特定的任務被部分標記為有風險，但並未完全標記該風險，現在顯然我們已收到終止通知。但我們能夠在風險加權的基礎上帶來足夠的新機會，我們認為這些機會將在未來 12 個月內結束，儘管管道增加導致全部損失。我想說它的基礎廣泛。

Again, I think it is reflective of the trends that you see in the underlying business. It is less at risk and more opportunity in active equity in particular, large growth. It's continued momentum in equity in areas like structured research in certain of our global equity strategies. It shows some momentum in fixed income and clearly a very nice pipeline across the retirement date suite.

同樣，我認為這反映了您在基礎業務中看到的趨勢。主動股票的風險較小，機會較多，尤其是大幅成長。我們某些全球股票策略的結構化研究等領域的股票動能持續強勁。它顯示了固定收益的一些勢頭，並且顯然在退休日期套件中有著非常好的管道。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

In terms of your ETF franchise, to what extent is it expanding your customer reach and allowing you to get into different distribution channels? And to what extent is it just sort of cannibalizing your existing fund assets for an extra basis point? And in terms of the cost of distribution here for ETFs, is it any different than kind of what you're paying for access with the fund franchise?

就您的 ETF 特許經營權而言，它在多大程度上擴大了您的客戶範圍並允許您進入不同的分銷管道？它在多大程度上會蠶食您現有的基金資產以獲得額外的基點？就 ETF 的分銷成本而言，它與您為獲得基金特許經營權而支付的費用有什麼不同嗎？

So on the first part of the question, Ken, I would say there's some element of both, right? And in other words, I think there are some buyers that have historically used open-ended mutual funds that at the margin have a preference, particularly if the same strategy is available for ETF. That said, we have a number of strategies that we're offering in ETF, particularly the fully transparent suite that are not strategies that are available in open-ended fund. I'd also say that we're reaching a different set of buyers. There are a number of advisers that are exclusive to ETF.

所以，關於問題的第一部分，肯，我想說兩者都有一些元素，對吧？換句話說，我認為有些買家歷史上使用過開放式共同基金，他們在邊際上有偏好，特別是如果同樣的策略適用於 ETF。也就是說，我們在 ETF 中提供了許多策略，特別是完全透明的套件，這些策略不是開放式基金中提供的策略。我還想說，我們正在吸引不同的買家。有許多ETF專屬顧問。

So by definition, historically, they wouldn't have been involved in our open-ended fund. We actually just hosted a due diligence event for a number of ETF-focused advisers here. So I do think we are reaching new buyers. I think in particular with several of those strategies that aren't offered in open-ended fund, we can clearly ascribe that to being an incremental opportunity. But there has to be some element, particularly with the semi-transparent clone of cannibalization.

因此，根據定義，從歷史上看，他們不會參與我們的開放式基金。實際上，我們剛剛在這裡為一些專注於 ETF 的顧問舉辦了一次盡職調查活動。所以我確實認為我們正在接觸新買家。我認為，特別是對於開放式基金中未提供的幾種策略，我們可以清楚地將其歸因於增量機會。但一定有一些元素，特別是蠶食的半透明克隆。

I can't say that we see a lot of people moving from one to the other. You have to remember, a lot of the investors in the open-ended funds have sizable embedded gains. So it will be costly for them to sell the open-ended fund just to buy the ETF. I think there are a lot of wealth platforms that prefer not to offer the same strategy in both vehicles. So I think we can say with reasonable confidence that a substantial portion of what we're getting in the ETF business is new and incremental. But there clearly is some cannibalization.

我不能說我們看到很多人從一種轉向另一種。你必須記住，開放式基金的許多投資人都有相當大的內在利益。因此，他們出售開放式基金來購買 ETF 的成本將會很高。我認為有很多財富平台不願意在兩種工具中提供相同的策略。因此，我認為我們可以有理由有信心地說，我們在 ETF 業務中獲得的很大一部分是新的和增量的。但顯然存在一些蠶食。

With regard to cost to access, I would say it really is no different. I mean it really varies by platform. We have some partnerships with folks that are focused on ETF that we're developing. And I would say the same sort of distribution economics apply to ETFs that they do to open-ended funds with the exception being that you don't have kind of some of the non-management fee expense ratio opportunity with an ETF that you do with an open-ended fund.

至於訪問成本，我想說這確實沒有什麼不同。我的意思是它確實因平台而異。我們與專注於我們正在開發的 ETF 的人們建立了一些合作夥伴關係。我想說的是，同樣的分配經濟學適用於 ETF，就像適用於開放式基金一樣，但例外的是，您在 ETF 中沒有一些非管理費費用比率的機會。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hope you're all doing well. I have a follow-up to Mike's question on Managed Lifetime Income. So many view the rider as a positive by recreating a defined benefit like experience for retirees. But I was curious on the IRR math by adding an insurance guarantee onto our Foreign key investment product just given the added cost and they take away downside risk, but what is the annual cost of these riders? So essentially, how does it impact the long-term return math and given that foreign key plan sponsors are generally pretty fee-sensitive, how does the guarantee get around that constraint?

希望你們一切都好。我對麥克關於終身管理收入的問題進行了跟進。很多人認為附加險是一種正面的東西，可以為退休人員重新創造一種明確的福利，例如體驗。但我對 IRR 數學很好奇，考慮到增加的成本，在我們的外鍵投資產品上添加保險擔保，它們消除了下行風險，但這些附加險的每年成本是多少？因此，從本質上講，它如何影響長期回報數學，考慮到外國關鍵計劃贊助商通常對費用相當敏感，擔保如何繞過這一限制？

That's a pretty specific question. I think to get into the detailed specifics, I'll have you follow up with Linsley, but we think this is a really well-designed product. We think incorporating the QLAC and having the guaranteed payout start on a deferred basis creates a more optimal outcome for the plan participant. I think our team believes that marrying it with T Rowe Price to manage payout option gives a tremendous amount of flexibility in the early years of retirement when the participant is more active and may require greater flexibility, and then the guaranteed pay outcomes later in life where it ultimately becomes more important.

這是一個非常具體的問題。我想要了解詳細的細節，我會讓你跟進林斯利，但我們認為這是一個設計精良的產品。我們認為，納入 QLAC 並在延期的基礎上開始保證支付可以為計劃參與者創造更好的結果。我認為我們的團隊相信，將其與T Rowe Price 結合起來管理付款選項可以在退休初期提供巨大的靈活性，此時參與者更加活躍，可能需要更大的靈活性，然後在以後的生活中保證支付結果它最終變得更加重要。

Specifically with regard to the trade-offs and the economics, QLACs are quite affordable relative to other fixed annuity. So kind of ultimately, there is some cost to getting the guarantee, obviously. But in terms of the specific economics, I probably should have somebody from that team and Linsley follow up with you on that.

特別是在權衡和經濟方面，QLAC 相對於其他固定年金來說是相當實惠的。因此，顯然，最終獲得保證需要一些成本。但就具體的經濟學而言，我可能應該讓該團隊和林斯利的某人與你跟進。

And part of the design of it is that it's not the full amount of the assets that the client has. So you're designed to do a small portion of it so that you're balancing the risk and cost trade-off.

它的部分設計是它不是客戶擁有的全部資產。因此，您被設計為只執行其中的一小部分，以便平衡風險和成本。

Glenn Schorr, Evercore ISI.

格倫·肖爾，Evercore ISI。

Quickie, how close do you think we are to seeing private market allocations inside target date funds and retirement plans? And maybe more importantly, how are you thinking about leveraging the great T Rowe Price brand and distribution network, specifically related to private markets?

快說，您認為我們距離看到目標日期基金和退休計畫內的私人市場配置還有多遠？也許更重要的是，您如何考慮利用偉大的 T Rowe Price 品牌和分銷網絡，特別是與私人市場相關的網絡？

Yes, Glenn, I'd say it's really hard to know. Obviously, we've got an election next week, and the results of that election will determine kind of where we're headed from a regulatory perspective. Look, I think there's a lot of discussion and potentially some interest. But until we get some regulatory clarity, I think it's unlikely to happen. So we don't have a lot of visibility on when that will happen, let alone how it would happen. I think we have a tremendous amount of flexibility, kind of once there is an interest among plan sponsors to incorporate private market alternatives into defined contribution offerings and things like target date funds to be thoughtful about how we would incorporate.

是的，格倫，我想說這真的很難知道。顯然，我們下週將舉行選舉，選舉的結果將決定從監管角度來看我們的方向。看，我認為有很多討論，並且可能會有一些興趣。但在我們明確監管之前，我認為這不太可能發生。因此，我們不太清楚這種情況何時會發生，更不用說如何發生了。我認為我們有很大的靈活性，一旦計劃發起人有興趣將私人市場替代方案納入固定繳款產品和目標日期基金之類的東西中，我們就會考慮如何納入。

What we would do that is related to OHA or T Rowe Price proprietary who we would partner with, we've had a lot of discussions and done a lot of work. And I think we have a really good sense of what our range of options are. But as things stand, I'll reiterate what I've said before. the defined contribution market is a fee-sensitive market, and the record-keeping platforms are not designed to deal with the lack of daily pricing, lack of liquidity that private market alternatives would introduce.

我們要做的事情與我們將與之合作的 OHA 或 T Rowe Price 專有相關，我們已經進行了很多討論並做了很多工作。我認為我們非常清楚我們的選擇範圍。但就目前情況而言，我會重申我之前說過的話。固定繳款市場是一個對費用敏感的市場，記錄保存平台的設計目的並不是為了解決缺乏每日定價以及私人市場替代方案可能帶來的缺乏流動性的問題。

I'll also say that, again, there is not any clarity at all from a regulatory perspective with regard to incorporating private market alternatives. And I think many plan sponsors are quite concerned with regard to litigation. So I think it's some ways out. I think even once you get regulatory clarity, getting the plan sponsors to buy in and getting the infrastructure in place to incorporate and accommodate it will take some amount of time, but what -- I guess, my message to you is that I think when that happens, we'll be an extraordinarily attractive partner. It will create an opportunity for us with some of the things that we do inside of T Rowe Price. And whatever we do, we'll make sure that it's attractive and compelling as part of our offering to plan sponsors and participants. That wasn't such a quickie.

我還要再說一遍，從監管角度來看，關於納入私人市場替代方案根本沒有任何明確性。我認為許多計劃發起人都非常擔心訴訟。所以我認為這是一些出路。我認為，即使監管明確，讓計劃發起人購買並建立基礎設施以整合和適應它也需要一定的時間，但我想，我想向您傳達的信息是，我認為當發生這種情況時，我們將成為一個非常有吸引力的合作夥伴。這將為我們在 T Rowe Price 內部所做的一些事情創造機會。無論我們做什麼，我們都會確保它作為我們為計劃贊助商和參與者提供的服務的一部分具有吸引力和吸引力。那可不是那麼快。

Patrick Davitt, Autonomous Research.

派崔克戴維特，自主研究。

Thanks for the VA disclosure helpful. Could you remind on the makeup of the client base of the other $85 billion and why that's stickier than the VA side?

感謝 VA 的揭露很有幫助。您能否提醒一下其他 850 億美元客戶群的組成以及為什麼這比 VA 方面更具黏性？

So the rest of the other $85 billion or thereabouts based on once we would have the outflow, they are VA, I just want to clarify, you said that outside of VA, but those are -- oh, I'm sorry, getting -- there are other $85 billion outside of the VA. I just want to clarify because there could be some discontinuity between those numbers. Yes. Sorry. So in other cases, we are the sub-advised carrier for other types of plans outside of variable annuity. And that could be in retirement, that could be in -- it's well primarily in retirement. And those assets tend to be more sticky that I would go into more detail than that.

因此，剩下的 850 億美元或大約是基於一旦我們流出，它們是 VA，我只是想澄清一下，你說的是 VA 之外的資金，但這些是 - 哦，對不起，正在 - - VA 之外還有其他850 億美元。我只是想澄清一下，因為這些數字之間可能會有一些不連續性。是的。對不起。因此，在其他情況下，我們是可變年金之外其他類型計劃的次級諮詢承運人。這可能是在退休時，這可能是在——主要是在退休時。這些資產往往更具黏性，我將對此進行更詳細的介紹。

I think we're not seeing the same trends across the sub-advisory platform that we're seeing within VA. VA is a business that several of our clients have deemphasized or within their portfolio have lost share to fixed index annuities, (inaudible) fixed annuities in a higher rate environment. So the underlying product is one that kind of -- while still important and still prioritized by certain of our clients across the book. That's not necessarily the case.

我認為我們在子諮詢平台上看到的趨勢與 VA 中看到的趨勢不同。 VA 是我們的一些客戶已經不再重視的業務，或者在他們的投資組合中已經失去了固定指數年金（在較高利率環境下的（聽不清楚）固定年金）的份額。因此，基礎產品就是這樣一種產品——儘管仍然很重要，並且仍然由我們的某些客戶優先考慮。情況不一定如此。

The rest of the sub-advisory business, which would be across wealth and retirement doesn't face some of that same underlying pressure. So the trends would not be consistent with what we're showing in VA.

涉及財富和退休的其他子諮詢業務不會面臨同樣的潛在壓力。因此，這些趨勢與我們在 VA 中顯示的情況不一致。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

The performance this quarter seem to take a rather meaningful hit, especially on a one year basis. Could you maybe provide some color around what you think might have driven that? And any potential adjustments or actions you guys could be taken on the back of it?

本季的業績似乎受到了相當大的打擊，尤其是從一年來看。您能否提供一些您認為可能導致這種情況的原因？你們可以在此基礎上採取任何潛在的調整或行動嗎？

Yeah, sure. In terms of what drove it, I don't want to get into too much detail around one specific quarter, and I won't make -- I don't want to make too much of one quarter, but it wasn't a great quarter. I would say that there was a pretty meaningful risk on rallying once it became clear that was going to cut 50 basis points in September, and a lot of our portfolio is well positioned. For that, if you had to generalize, again, it's difficult to generalize across the range and breadth of what we do.

是的，當然。就推動它的因素而言，我不想對某個特定季度進行太多細節，而且我不會——我不想對某個季度做太多介紹，但這不是一個季度。我想說，一旦 9 月明確將降息 50 個基點，而我們的許多投資組合都處於有利位置，反彈就會面臨相當大的風險。為此，如果你必須再次進行概括，那麼很難在我們所做的事情的範圍和廣度上進行概括。

But look, I'm the first to acknowledge that the aggregate statistics as they stand today are soft and not where we want them. But I would say it's a moment in time. I'm really confident in our research platform and our portfolio managers. I think if you look at the year-to-date in the one year, there's clear continued improvement in important franchises, including US large cap growth. I think the performance of our US structured research strategy shows that the research platform is very strong.

但是你看，我是第一個承認目前的總體統計數據很軟並且沒有達到我們想要的水平的人。但我想說這是一個及時的時刻。我對我們的研究平台和投資組合經理非常有信心。我認為，如果你看看這一年迄今為止的情況，你會發現重要特許經營權明顯持續改善，包括美國大盤股的成長。我認為我們美國結構化研究策略的表現顯示我們的研究平台非常強大。

In my prepared remarks, I mentioned a number of places where the numbers are really good. There are clearly places we need to do better, but I'm confident that we have an approach that will deliver over time. And I don't think there are any kind of drastic measures or steps that we'll need to take in order to deliver performance. I'd also say that we're at a point now where if you look at the starting point for 3 and 5 year in particular, the very poor performance year in 2022 looms pretty large.

在我準備好的發言中，我提到了一些數字非常好的地方。顯然，我們還有一些地方需要做得更好，但我相信我們的方法能夠隨著時間的推移而取得成果。我認為我們不需要採取任何嚴厲的措施或步驟來實現績效。我還想說，我們現在正處於這樣一個階段，如果你特別關注 3 年和 5 年的起點，就會發現 2022 年表現非常糟糕的一年非常明顯。

That poor performance period actually started in Q4 of '21. So for a number of our big strategies, we start to begin to roll off that period where we were in a negative performance cycle. So as long as we do our job over the course of the next several quarters, I expect those aggregate metrics to steadily increase or improve.

業績不佳的時期實際上是從 21 年第四季開始的。因此，對於我們的一些重大策略，我們開始開始擺脫處於負面績效週期的時期。因此，只要我們在接下來的幾個季度中做好我們的工作，我預計這些整體指標將會穩定增加或改善。

Mike Brown, WFS.

麥克布朗，WFS。

Jen, I appreciate the expense comments for next quarter and for the full year. I guess I know it's early in probably the planning process. But as you look to 2025, how are you thinking about expense growth next year? And what are some key areas of investment that you'll be focusing on next year?

Jen，我很欣賞下個季度和全年的費用評論。我想我知道這可能還處於規劃過程的早期。但展望 2025 年，您如何看待明年的費用成長？明年您將重點放在哪些關鍵投資領域？

Thanks for the question. So we are still in the middle of our annual planning process, and I'm not prepared to give formal guidance on 2025 today. But -- and that said, similar to last year, our ingoing goal, as we've been going through the planning process has been to roughly try to align expense growth with forecasted revenue growth on a planned basis, assuming our current AUM trajectory and average market returns.

謝謝你的提問。因此，我們仍處於年度規劃過程中，我今天不准備就 2025 年給予正式指導。但是，與去年類似，我們正在進行的規劃過程中的目標是大致嘗試按計劃將費用增長與預測收入增長保持一致，假設我們當前的 AUM 軌跡和平均市場回報。

So last year, we started the year with 3% to 5% expense growth, excluding carried interest comp and have increased that range to 6% to 8% based on higher average market returns and the resulting higher market-driven expenses. If you think about where we are with revenue momentum from '24 into '25, it's stronger this time than last year.

因此，去年，我們年初的費用增加了3% 至5%（不包括附帶利息補償），並根據較高的平均市場回報率和由此產生的更高的市場驅動費用，將這一範圍增加至6% 至8%。如果你想想我們從 24 年到 25 年的收入動能，你會發現這次比去年更強。

So I would expect our opening expense guide would be a little bit higher than last year, but we won't get to a final number for you all until next quarter. We're mindful of balancing those areas of investment, as you mentioned, with the need to manage expense growth. If we think about the places where we've been investing, it's really behind the momentum that Rob mentioned earlier, investing in the ETF franchise, some of our other vehicles continuing to expand our marketing and reach outside of the US, continuing to invest behind our alternative sales plans and platforms and continuing to invest in ways to make sure that we can be more efficient in our core operating and operations and technology.

因此，我預計我們的開業費用指南會比去年高一點，但直到下個季度我們才會為大家提供最終數字。正如您所提到的，我們注意平衡這些投資領域與管理費用成長的需要。如果我們考慮一下我們一直在投資的地方，這確實是羅伯之前提到的勢頭背後的原因，投資於ETF 特許經營權，我們的一些其他工具繼續擴大我們的營銷並覆蓋美國以外的地區，繼續投資於背後我們的替代銷售計劃和平台，並繼續投資以確保我們的核心營運、營運和技術更有效率。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Rob Sharps for closing remarks.

謝謝。我目前沒有提出任何進一步的問題。現在我想請羅布夏普斯（Rob Sharps）發表結束語。

All right. Very good. Thank you all for your questions and your interest in T Rowe Price, and we look forward to speaking to you next quarter.

好的。非常好。感謝大家提出問題以及對 T Rowe Price 的興趣，我們期待下個季度與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。