普信集團 (TROW) 2025 Q1 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 first quarter 2025 earning's conference call.

早安.我的名字是丹尼爾。今天我將擔任你們的會議主持人。歡迎參加普信集團 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

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

現在我將電話轉交給 T. Rowe Price 投資者關係總監 Linsley Carruth。

Hello, and thank you for joining us today for our first quarter earning's call. The press release and 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一季財報電話會議。新聞稿和補充資料文件可以在我們的 IR 網站 investors.troweprice.com 上找到。

Today's call will last approximately 45 minutes. Our Chair, CEO and President, Rob Sharpe; and CFO, Jen Dardis will discuss the company's results for about 15 minutes. Then we'll open it up for your questions, at which time we'll 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。我們的董事長、執行長兼總裁 Rob Sharpe 和財務長 Jen Dardis 將用約 15 分鐘的時間討論公司的表現。然後我們將開始回答您的問題，屆時全球投資主管 Eric Veiel 也將加入我們。我們要求您將每個參與者的問題限制為一個。

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

我想提醒您，在本次電話會議期間，我們可能會做出一些前瞻性陳述並參考某些非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與 GAAP 的對帳。

Discussion related to the funds intended to demonstrate their contribution to the organization's results and are not recommendations. All investors performance references the peer group on today's call are using Morningstar peer group and for the quarter that ended March 31, 2025. Now I'll turn it over to Rob.

與基金相關的討論旨在展示其對組織成果的貢獻，而非建議。所有投資者在今天的電話會議上的業績參考同儕群體均採用晨星同業群體，並且是截至 2025 年 3 月 31 日的季度。現在我將把話題交給 Rob。

Thank you, Linsley. And thank you all for joining our first quarter update. Despite policy-driven market volatility, pressuring our assets under management revenues, we are making important progress. Our world-class investment platform, powered by broad and deep active research makes us uniquely well positioned to navigate periods of uncertainty and to help our clients do the same.

謝謝你，林斯利。感謝大家參與我們的第一季更新。儘管政策驅動的市場波動對我們的管理資產收入帶來壓力，但我們仍在取得重要進展。我們擁有世界一流的投資平台，以廣泛而深入的主動研究為後盾，這讓我們在應對不確定時期方面具有獨特的優勢，並幫助我們的客戶也做到這一點。

We are extending our reach by leveraging our leadership position in retirement, say on the strength of our brand. I'd like to start with investment performance, which versus peers improved meaningfully from the fourth quarter with gains across asset classes.

我們正在利用我們在退休領域的領導地位，也就是我們品牌的實力，擴大我們的影響力。我想先從投資績效開始，與同業相比，投資績效從第四季開始顯著改善，各資產類別均有所成長。

Over 60% of our funds beat their peer groups for the one, three, five and 10-year time periods. Results were even stronger on an asset-weighted basis were 61% for the one-year time period, 73% for the three year, 68% for the five year, and 87% for the tenure.

我們有超過 60% 的基金在一年、三年、五年和十年的時間內表現優於同類型基金。以資產加權計算的結果更為強勁，一年期為 61%，三年期為 73%，五年期為 68%，長期為 87%。

In equity, value outperformed growth in the quarter amid a shift in sentiment driven by tariff concerns and to sell off in the technology sector. Against this backdrop, most of our value products delivered with strong performance across the franchise, including the equity income, large-cap value and value funds.

在股票方面，由於關稅擔憂和科技板塊拋售導致市場情緒轉變，本季價值表現優於成長。在此背景下，我們的大多數價值產品在整個特許經營中都表現強勁，包括股票收益、大盤價值和價值基金。

Each moved from the bottom quartile in the prior quarter to the top quartile in the first quarter, boosting their one three, five, and 10-year performance track records. International Value and small value also delivered strong performance in the quarter, improving their long-term track records as well.

每家公司都從上一季的最低四分位數躍升至第一季的最高四分位數，提升了其三年、五年和十年的業績記錄。國際價值股和小額價值股在本季也表現強勁，也改善了其長期業績記錄。

In contrast, new horizons, mid-cap value, US equity research, and a few of our sector funds had more challenging quarters. Target date performance was strong. 99% of our target date assets beat their peer groups for the three, five, and 10-year time periods.

相比之下，新視野、中型股價值、美國股票研究以及我們的一些行業基金經歷了更具挑戰性的季度。目標日期表現強勁。 99% 的目標日期資產在三年、五年和十年期間的表現都優於同類資產。

Our retirement strategies benefited from an overweight to and strong outperformance within value as well as the tactical overweight to international and real assets and strong security selection.

我們的退休策略受益於價值的超重和強勁表現，以及對國際和實體資產的戰術超重和強大的安全選擇。

However, the glide path overall level of equity exposure detracted across vintages. Fixed income performance was solid with 64% of funds beating their peer group median on a one-year basis and 65% on a five-year basis.

然而，股票曝險的整體下滑路徑水準在各年份都有所下降。固定收益表現穩健，64% 的基金在一年期表現優於同類型基金中位數，65% 的基金在五年期表現優於同類型基金中位數。

We had more mixed results for the three-year time period with 50% of funds beating their medians. The best performing fixed income segment in the quarter was US taxable bonds. Alternative portfolios produced mixed results in the first quarter.

我們在三年期間取得了好壞參半的結果，其中 50％ 的基金超過了中位數。本季表現最好的固定收益部分是美國應稅債券。第一季另類投資組合的表現好壞參半。

Private lending strategies generated the strongest gains followed by structured strategies, which benefited from timely monetization. Performance of opportunistic and liquid strategies was mix driven by negative developments in certain positions. Deployment of capital and private lending funds was muted due to the generally slow M&A environment.

私人借貸策略產生了最強勁的收益，其次是結構性策略，受益於及時的貨幣化。機會主義和流動性策略的表現受到某些職位的負面發展的影響。由於併購環境整體低迷，資本和私人貸款資金的部署較為低迷。

In addition to improved investment performance, we also strengthened our leadership position in retirement in the first quarter, including expanding our reach beyond the United States. We launched the [sub-devised] retirement date fund series in partnership with the Japanese asset manager, marking the first time we've offered our customized glide path design expertise in this market.

除了投資績效的提升之外，我們還在第一季鞏固了在退休領域的領導地位，包括將業務範圍擴大到美國以外。我們與日本資產管理公司合作推出了[子設計的]退休日期基金系列，這標誌著我們首次在這個市場上提供客製化的滑行路徑設計專業知識。

We were selected as one of four external asset managers to partner with a leading global banking institution to develop a series of custom retirement-related funds to be distributed in Asia, the UK, and the Middle East.

我們被選為四家外部資產管理公司之一，與一家全球領先的銀行機構合作開發一系列客製化的退休相關基金，並在亞洲、英國和中東發行。

We are growing our long-standing custom target date relationship in Korea with increased net flows in the quarter. Outside of Asia Pacific, we were notified of our first client commitment for the newly launched T. Rowe Price retirement date series in Canada.

我們正在韓國發展長期的客製化目標日期關係，本季淨流量有所增加。在亞太地區以外，我們收到了加拿大新推出的 T. Rowe Price 退休日期系列的首批客戶承諾的通知。

In the US, we launched Social Security analyzer, a tool designed to help financial advisors optimize their clients' benefits by building custom strategies, conducting an in-depth analysis, and providing side-by-side comparisons among various Social Security claiming strategies.

在美國，我們推出了社會安全分析器，該工具旨在幫助財務顧問透過制定客製化策略、進行深入分析以及對各種社會安全索賠策略進行並排比較來優化客戶的福利。

And we are examining how allocations to private market alternative investments could add to our target date franchise. So we are ready if or when plan sponsor demand materializes. We remain the largest provider of active target date products and continue our work to adapt the target date franchise and to bring this capability to new clients in new markets.

我們正在研究如何透過分配私人市場另類投資來增加我們的目標日期特許經營權。因此，如果計劃發起人的需求實現，我們已經做好準備。我們仍然是最大的活躍目標日期產品提供商，並將繼續努力調整目標日期特許經營權，並將此功能帶給新市場的新客戶。

Beyond our strengths in global retirement, we built momentum with our ETF and SMA offerings. We launched two transparent equity ETFs, hedges' equity, and capital appreciation premium income, our latest addition to the capital appreciation suite.

除了在全球退休領域的優勢之外，我們還透過 ETF 和 SMA 產品建立了發展勢頭。我們推出了兩檔透明的股票 ETF、對沖股票和資本增值溢價收入，這是我們對資本增值套件的最新補充。

Both ETFs integrate our strong equity research platforms with hedging strategies. These additions bring our roster to 19 ETFs with over $12.5 billion in assets under management as of March 31, including allocations from our multi-asset products. Nine of our ETFs have surpassed $500 million with three reaching over $1 billion.

這兩隻 ETF 都將我們強大的股票研究平台與對沖策略結合。這些新增基金使我們的 ETF 名單增至 19 只，截至 3 月 31 日，管理的資產超過 125 億美元，其中包括來自我們多元資產產品的配置。我們的 9 檔 ETF 的市值已超過 5 億美元，其中 3 隻的市值超過 10 億美元。

We also broadened our lineup of SMA offerings with the launch of integrated US small-cap growth and integrated US small mid-core, which combined our fundamental and quantitative processes in this Taylor vehicle structure.

我們也擴大了 SMA 產品線，推出了綜合美國小型股成長型基金和綜合美國小型中型核心基金，將我們的基本流程和定量流程融入 Taylor 工具結構中。

In the first quarter, we continued to be recognized for our people, our products and services, and our workplace. The T. Rowe Price show OHA select private credit fund, referred to as OCREDIT, was named 2024 BDC of the year Americas by private debt investor.

在第一季度，我們的員工、產品和服務以及工作場所繼續獲得認可。T. Rowe Price 旗下 OHA 精選私人信貸基金（簡稱 OCREDIT）被私人債務投資者評為 2024 年度美洲最佳 BDC。

For the 15th consecutive year, we were named one of Fortune Magazine's World's Most Admired Companies. And for the third year in a row, our firm placed in the top 10 and [Extel's] 2024 ranking of America's top asset management firms.

我們連續 15 年被《財星》雜誌評為全球最受讚賞的公司之一。我們公司連續第三年躋身美國頂級資產管理公司前 10 名，並在 [Extel] 2024 年排名中名列前茅。

T. Rowe Price Associates maintained its number two position among the over 350 asset managers nominated. And this was the first year that T. Rowe Price Investment Management was recognized in the corporate survey at seven flights.

T. Rowe Price Associates 在 350 多家獲得提名的資產管理公司中保持第二的位置。這是普信投資管理公司首次在七家航空公司的企業調查中獲得認可。

We also officially opened our global headquarters at Harbor Point in Baltimore, designed to support our culture of collaboration and enhance the associate experience. Despite this important investment, we are being thoughtful about controllable expenses to preserve our ability to invest in our strategic initiatives and strengthen our right to win.

我們也在巴爾的摩的 Harbor Point 正式開設了全球總部，旨在支持我們的協作文化並增強員工體驗。儘管這是一項重要的投資，但我們仍在認真考慮可控的開支，以保持我們投資策略計畫的能力並增強我們的獲勝能力。

Finally, our balance sheet remains strong with $3.3 billion of cash and discretionary investments. We continue to prioritize returning capital to our stockholders and recently announced a quarterly dividend of $1.27, which increased for the 39th consecutive year.

最後，我們的資產負債表依然強勁，擁有 33 億美元的現金和可自由支配的投資。我們繼續優先考慮向股東返還資本，並最近宣布季度股息為 1.27 美元，這是連續第 39 年增加。

We will be opportunistic in our approach to stock repurchases, strategically leveraging market downturns for selective buying opportunities.

我們將採取機會主義的方式進行股票回購，策略性地利用市場低迷時期進行選擇性購買。

Before I turn to Jen, I want to thank our associates for their resilience and their steadfast commitment to clients. From nearly 90 years, our associates have been trusted to help people navigate the ups and downs of the markets, and they continue to build on that legacy today.

在轉向 Jen 之前，我想感謝我們的同事的堅韌和對客戶的堅定承諾。近 90 年來，我們的員工一直致力於幫助人們應對市場的起伏，而今天他們仍在繼續發揚這項傳統。

Now, Jen will share review of our first quarter financial results.

現在，Jen 將分享我們第一季財務業績的回顧。

Thank you, Rob. And hello, everyone. I'll review our first quarter results before turning to Q&A. Our adjusted earnings per share of $2.23 for Q1 2025 is down from $2.38 in Q1 2024, but up from $2.12 in Q4 2024. This quarter's $8.6 billion in net outflows are largely driven by US equities and rebalancing activity later in the quarter.

謝謝你，羅布。大家好。在進入問答環節之前，我將回顧我們的第一季業績。我們 2025 年第一季的調整後每股收益為 2.23 美元，低於 2024 年第一季的 2.38 美元，但高於 2024 年第四季的 2.12 美元。本季 86 億美元的淨流出主要是受美國股市和本季後期再平衡活動所推動。

However, we saw a few positive areas. Our target date franchise had $6.3 billion of net inflows, led by the continued success of our blend products. In fixed income, we had strong net inflows of $5.4 billion, primarily from institutional clients, global multisector floating rate bank loan and global government on high-quality, each had over $1 billion of net inflows.

然而，我們也看到了一些正面的方面。我們的目標日期特許經營權淨流入 63 億美元，這主要得益於我們的混合產品的持續成功。在固定收益方面，我們的淨流入強勁，達到 54 億美元，主要來自機構客戶、全球多部門浮動利率銀行貸款和全球政府高品質貸款，每項淨流入均超過 10 億美元。

And our ETF business had another successful quarter with net inflows of $3.26 billion. Notably, eight of our ETFs each had inflows of over $100 million and capital appreciation equity had almost $1 billion of inflows.

我們的 ETF 業務本季再次取得成功，淨流入達 32.6 億美元。值得注意的是，我們的 8 檔 ETF 的流入資金均超過 1 億美元，資本加值股權的流入資金接近 10 億美元。

We will report our April assets and flows on May12, but it's worth highlighting that the rebalancing we saw in late March accelerated in the first two weeks of April with equity market declines in volatility. This increased our retail outflows from recent trend, but that pattern normalized in the second half of April.

我們將於 5 月 12 日報告 4 月的資產和流量，但值得強調的是，隨著股市波動性下降，我們在 3 月底看到的再平衡在 4 月的前兩週加速。這增加了我們近期零售流出的趨勢，但這種模式在 4 月下半月恢復正常。

Turning our attention to the income statement, our Q1 adjusted net revenue of $1.8 billion increased marginally from Q1 2024 and is down 3.6% from Q4 2024. This quarter investment advisory revenue of $1.6 billion, increased 4% compared to the first quarter of last year due to higher average AUM. The impact of higher AUM was offset in part by lower effective fee rate.

將注意力轉向損益表，我們第一季的調整後淨收入為 18 億美元，較 2024 年第一季略有增加，但較 2024 年第四季下降 3.6%。本季投資諮詢收入為 16 億美元，由於平均 AUM 較高，較去年第一季成長 4%。較低的有效費率部分抵銷了較高 AUM 的影響。

Performance-based advisory fees from certain equity and alternative strategies for the quarter were $10 million. The increase in investment advisory revenues was offset by lower change in accrued carried interest.

本季來自某些股票和另類策略的基於績效的諮詢費為 1000 萬美元。投資諮詢收入的增加被應計附帶權益的較低變動所抵銷。

The Q1 annualized effective fee rate, excluding performance-based fees, was 40 basis points, which declined from the prior quarter and Q1 2024. This decrease continues to be driven by a mix shift in assets, both from market and flow impact.

第一季的年化有效費率（不包括基於績效的費用）為 40 個基點，較上一季和 2024 年第一季有所下降。這種下降繼續受到資產組合變化（包括市場和流量影響）的影響。

Regarding the full impact, gross sales are concentrated in strategies and vehicles that have lower than average fee rate or a large portion of redemptions, occurring any equity asset class and the mutual fund vehicle, which have higher than average fee rate.

就整體影響而言，總銷售額集中在具有低於平均費率或大量贖回的策略和工具中，發生在任何股票資產類別和共同基金工具中，其費率高於平均費率。

Our Q1 2025 adjusted operating expenses, excluding carried interest expense, totaled $1.1 billion, a 7.4% increase from Q1 2024. This rise was primarily due to higher marketing expenses resulting from the growth in AUM throughout 2024, as well as increased compensation costs.

我們 2025 年第一季的調整後營運費用（不包括附帶權益費用）總計 11 億美元，比 2024 年第一季成長 7.4%。這一增長主要是由於 2024 年全年 AUM 成長導致的營銷費用增加以及薪酬成本增加。

Additionally, Q1 2024 included a one-time cost benefit related to our firm's UK facility that didn't recur in Q1 2025. Our adjusted operating expenses were down 7.2% from Q4 2024 for a few expense categories and seasonally higher in the fourth quarter.

此外，2024 年第一季包括與我們公司英國工廠相關的一次性成本效益，該效益在 2025 年第一季不會再次出現。我們的調整後營運費用（部分費用類別）較 2024 年第四季下降 7.2%，且第四季出現季節性成長。

We moved into our new global headquarters in Baltimore at the end of Q1. Given the timing of our move, there was minimal expense impact during the first quarter.

我們於第一季末搬入了位於巴爾的摩的新全球總部。考慮到我們採取這項措施的時機，第一季的費用影響微乎其微。

Depreciation began in April and our lease at our former location also ended in April. We now expect 2025 adjusted operating expenses, excluding carried interest expense to be up 1% to 3% over 2024 to $4.46 billion, which is down from the 4% to 6% range given in February.

折舊從四月開始，我們先前地點的租約也於四月結束。我們現在預計，2025 年調整後的營業費用（不包括附帶權益費用）將比 2024 年上漲 1% 至 3%，達到 44.6 億美元，低於 2 月給出的 4% 至 6% 的範圍。

The lower range is largely driven by market-driven expenses. So we are also taking steps to more closely manage other expense categories.

較低的範圍主要是由市場驅動的支出所驅動。因此，我們也正在採取措施更嚴格地管理其他支出類別。

As Rob mentioned, our balance sheet remains strong, and we continue to prioritize redistributing capital. We've returned over $500 million to stockholders in the first quarter was $289 million, supporting the quarterly dividend of $1.27.

正如羅布所提到的，我們的資產負債表依然強勁，我們繼續優先考慮重新分配資本。我們第一季向股東返還了超過 5 億美元，達到 2.89 億美元，支持了 1.27 美元的季度股息。

We also bought back $217.5 million worth of shares in Q1, bringing out weighted average share count to $222.6 million. Under our share repurchase plan in April, we bought back an additional $65.4 million worth of shares, bringing the total buybacks through April 30 to $283 million. [With the place] of market volatility, we will continue to focus on execution for our clients and on investing in opportunities to drive growth.

我們也在第一季回購了價值 2.175 億美元的股票，使加權平均股數達到 2.226 億美元。根據我們4月份的股票回購計劃，我們額外回購了價值6,540萬美元的股票，截至4月30日，回購總額已達2.83億美元。 [鑑於]市場波動的影響，我們將繼續專注於為客戶提供執行力，並投資於能夠推動成長的機會。

At the same time, we will carefully prioritize our expenses to reflect the market environment. And now, I'll ask the operator to open the line for questions.

同時，我們將仔細安排支出的優先順序，以反映市場環境。現在，我請接線生開立問答專線。

(Operator Instructions)

（操作員指示）

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hi, good morning. Thanks for taking the question. Maybe just to kick off on ETFs, great to see the expanded flows and reaching $12.5 billion of AUM there.

嗨，早安。感謝您回答這個問題。也許只是為了啟動 ETF，很高興看到資金流的擴大以及資產管理規模達到 125 億美元。

I just hope you can elaborate that on the steps that you're taking to drive this early success. How you see your ETF business progressing over the next 12 to 24 months?

我只是希望您能詳細說明您為推動這一早期成功所採取的步驟。您認為您的 ETF 業務在未來 12 到 24 個月內會如何發展？

I just want broadly on ETFs, are you thinking about the opportunity set for each share class on logistics strategies of bank, our size of the ETFs, your costs expired?

我只是想廣泛地談論 ETF，您是否考慮過銀行物流策略中每個股票類別的機會集、我們的 ETF 規模、您的成本到期了？

Maybe just talk about the opportunity set that you see for the industry and for T Rowe, how you might see that playing out once the path of timing look like from that? Thank you.

也許只是談談您在行業和 T Rowe 中看到的機會集，一旦時機的路徑看起來是這樣的，您會如何看待它發揮作用？謝謝。

Yes, Mike. Good morning. This is Rob. Thanks for your questions. I'm really excited about our opportunity in ETFs.

是的，麥克。早安.這是羅布。感謝您的提問。我對我們在 ETF 領域的機會感到非常興奮。

As you know, we are really building momentum. We've broadened our range of offerings. We've got 19 in the market now, and I think a number of them are compelling and differentiated. We've also got several on the roadmap as we scale the funds and build track records, excise about the placement that we're getting on a number of wealth platforms.

正如你們所知，我們確實正在累積力量。我們擴大了產品範圍。目前我們在市場上有 19 種產品，我認為其中許多產品都很引人注目且具有差異化。隨著我們擴大資金規模、建立業績記錄，我們也在路線圖上製定了多項計劃，以了解我們在多個財富平台上的佈局。

We're investing in specialist sales capabilities to drive sales in the field and to reach more ETF users. With regard to your question, with regard to the keys to success so far, I'd point out a handful of things, one strong performance from our investments team to being able to scale the products.

我們正在投資專業銷售能力，以推動該領域的銷售並接觸更多的 ETF 用戶。關於您的問題，關於迄今為止成功的關鍵，我想指出幾點，一是我們投資團隊的出色表現，二是我們能夠擴大產品規模。

A lot of clients were require a minimum level of AUM in order to put them on their platform, driving platform placement, which of our USI team is doing a very good job with.

許多客戶都要求達到最低水平的 AUM 才能將其納入他們的平台，從而推動平台佈局，而我們的 USI 團隊在這方面做得非常出色。

I think, again, having of compelling and differentiated offering is obviously helpful. This is a scenario that is intensely competitive. And then I would say, falling as you bring that all together with more scale than well-placed ETFs, it will make sense for us to put more marketing muscle and invest more dollars behind our ETF suite.

我認為，再次強調，提供引人注目且差異化的產品顯然是有幫助的。這是一個競爭激烈的局面。然後我想說，當你把所有這些與比定位良好的 ETF 更大的規模結合起來時，我們投入更多的營銷力量並在我們的 ETF 套件上投入更多的資金是有意義的。

If you look ahead as we round the suite out, one [areo], where I think there's a big opportunity that we have a largely tapped into yet is third-party asset allocation models.

如果你展望未來，你會發現，在我們完成整個套件的過程中，我認為我們已經在很大程度上挖掘了一個巨大的機會，那就是第三方資產配置模型。

I think adoption of T. Rowe Price asset allocation models using T. Rowe Price ETFs as an underlying building. Why? It's a big opportunity and it's an important offering for many advisors. So again, the more building blocks we have that are scaled with a compelling track record, the more the underlying opportunity we have to build attractive models.

我認為採用 T. Rowe Price 資產配置模型以 T. Rowe Price ETF 作為基礎構建。為什麼？對許多顧問來說，這是一個巨大的機會，也是一個重要的機會。所以，我們擁有的具有令人信服的業績記錄的構建模組越多，我們構建有吸引力的模型的潛在機會就越多。

It was a longer term. There is also really accelerating demand for ETFs outside of the US, so that can drive another leg of growth. I think for us that will be more of a 26 and beyond story.

這是一個較長的期限。美國以外地區對 ETF 的需求也不斷加速，因此這可以推動新一輪的成長。我認為對我們來說，這更像是一個 26 歲及以後的故事。

But yes, I think we've got a very long way to go in the US. Regarding your question on ETF is the share class, we -- our Washington research folks believe that it is likely. And my perspective is that it will create some opportunity to offer an ETF version of an existing open ended fund, which is helpful in the sense that you're already scaled and you already have a track record.

但是是的，我認為我們在美國還有很長的路要走。關於您關於 ETF 是股票類別的問題，我們——我們華盛頓的研究人員認為這是有可能的。我的觀點是，它將創造一些機會來提供現有開放式基金的 ETF 版本，這很有幫助，因為你已經擴大了規模並且已經有了業績記錄。

That said, we'll be really thoughtful about where we choose to do this. Our understanding is that will only be available for ETFs that are offered in the fully transparent format.

話雖如此，我們會認真考慮選擇在哪裡做這件事。我們的理解是，這僅適用於以完全透明格式提供的 ETF。

So we'll have intellectual property considerations since you can't close in ETF will also have capacity considerations. And finally, I would say there are other client-oriented considerations that we'll need to take into account.

因此，我們會考慮智慧財產權，因為您無法在 ETF 中關閉，也會考慮容量。最後，我想說我們還需要考慮其他以客戶為導向的因素。

So it's unlikely that we would utilize ETF as a share class for certain of our funds, but we've identified a number of them where we think it's an attractive opportunity.

因此，我們不太可能將 ETF 作為某些基金的股票類別，但我們已經確定了其中一些基金，我們認為這是一個有吸引力的機會。

Hey, Mike. This is Eric. I would just add to what Rob said around innovation. The two most recently launched ETFs, the capital appreciation premium income ETF and the hedged equity ETF, we think are really differentiated in the market and fill an important need.

嘿，麥克。這是埃里克。我只是想補充 Rob 關於創新的說法。我們認為，最近推出的兩檔 ETF，即資本增值溢價收入 ETF 和對沖股票 ETF，在市場上確實具有差異化，滿足了重要的需求。

We're excited about those -- they came with some additional complexity from a process perspective, and the teams internally did an excellent job getting them ready. So we're really excited about those out in the market. We also have a rich pipeline of additional ETFs coming, some of which we've already filed for, including building out our suite of spec or ETFs.

我們對此感到興奮——從流程角度來看，它們帶來了一些額外的複雜性，而內部團隊在準備這些方面做得非常出色。因此，我們對市場上的產品感到非常興奮。我們還有豐富的額外 ETF 即將推出，其中一些我們已經提交了申請，包括建立我們的 spec 或 ETF 套件。

And then we have more behind that on both the fixed income side as well as additional equity ETFs coming.

然後，我們在固定收益方面以及即將推出的額外股票 ETF 方面還有更多工作要做。

Ben Theurer, Barclays.

巴克萊銀行的 Ben Theurer。

Hi, good morning. And thanks for taking the question. Rob, you talked a little bit about OCREDIT in your prepared remarks and the sort of private lending environment.

嗨，早安。感謝您提出這個問題。羅布，你在準備好的演講中談到了 OCREDIT 以及私人借貸環境。

Could you perhaps remind us how much of your AUM is related to direct lending? And then for OCREDIT, I was wondering, can you give us an update in terms of what you're seeing in April? Any sort of change investor appetite would be helpful? Thank you.

您能否提醒我們一下，您的資產管理規模中有多少與直接貸款有關？然後對於 OCREDIT，我想知道，您能否向我們介紹一下 4 月份的最新消息？任何改變投資人興趣的行為都會有幫助嗎？謝謝。

So our private market alternatives is roughly $20 billion, and that's largely private credit, always been very successful with raising capital commitments in the senior private lending area over the course of the last couple of years.

因此，我們的私人市場替代方案約為 200 億美元，其中大部分是私人信貸，在過去幾年中，我們在高級私人貸款領域籌集資本承諾方面一直非常成功。

The deployment has been more limited, given the relatively soft LBO and M&A environment. So there's a lot of dry powder there that ultimately can go from committed capital into the fee-basis AUM, which is what drives flows for us with OAJ.

由於槓桿收購和併購環境相對疲軟，部署受到了更多限制。因此，那裡有大量的乾粉，最終可以從承諾資本轉變為費用基礎 AUM，這就是推動我們通過 OAJ 流動的動力。

In terms of OCREDIT specifically, it's been slower than we would have liked. It's an intensely competitive area. We had $54 million of flows in the quarter, but it's building. We're adding more placements were on eight platforms now. We're in advanced discussions with a few others.

具體來說，就 OCREDIT 而言，其進展比我們所希望的要慢。這是一個競爭非常激烈的領域。本季我們的資金流入為 5,400 萬美元，但仍在增加。我們現在正在八個平台上添加更多展示位置。我們正在與其他一些人進行深入討論。

We're building out our field sales coverage in our team of regional investment consultants. Our wholesalers are at this point up to speed on OCREDIT.

我們正在區域投資顧問團隊中擴大我們的現場銷售覆蓋範圍。我們的批發商目前已經熟悉 OCREDIT。

So what we think there is of very big opportunity over time to deliver OAJ's capabilities through a range of different, whether its evergreen vehicles are more traditional GPLP structures to the wealth area. But it's been intensely competitive and slower than we would have liked, given the recognition of OHA is BDC of the year.

因此，我們認為，隨著時間的推移，OAJ 有很大機會透過一系列不同的方式發揮其能力，無論其常青載體是財富領域的更傳統的 GPLP 結構。但鑑於 OHA 被認可為年度最佳 BDC，競爭一直非常激烈，而且進展比我們想像的要慢。

I think that will be helpful. I think some of the placements on a few of the big wealth platforms that came late last year or early this year, will also help to help us to see meaningfully better momentum as we work our way through 2025 and into 2026.

我認為這會有幫助。我認為，去年年底或今年年初推出的一些大型財富平台的配置，也將有助於我們在 2025 年和 2026 年的發展過程中看到更顯著的更好發展勢頭。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning, Rob. Our question is on the potential for alternative investments to gain access to the US retirement channel. So we've all seen several announcements from some of your biggest competitors, forming partnerships with private markets firm.

早安，羅布。我們的問題是另類投資進入美國退休管道的可能性。我們都看到了你們一些最大競爭對手發布的幾份公告，它們與私人市場公司建立了合作夥伴關係。

So what are your updated thoughts on forming a private market partnership do you need to? And also, what are your thoughts on ought to gain share pretty much from zero in foreign K. plans and target date funds? Thank you.

那麼，您對建立私人市場夥伴關係有何最新想法？另外，您認為應該如何從零開始增加外國 K. 計劃和目標日期基金的份額？謝謝。

Yes, Craig, thanks for the question. But I think if you zoom out the defined contribution market in parts of the wealth market at this point have not had broad access to private market alternatives, there are really the only big pools of capital that that remain untapped.

是的，克雷格，謝謝你的提問。但我認為，如果你縮小財富市場的固定繳款市場，你會發現目前部分財富市場尚未廣泛進入私人市場替代品，實際上只有大量資本尚未開發。

In my mind, there's no question that eventually it will happen. I think you can debate timing and magnitude, but at some point and to some degree defined contribution, more traditional high net worth and mass affluent will get access to private market alternatives.

在我看來，毫無疑問這最終會發生。我認為你可以討論時間和幅度，但在某個時間點和某種程度上，確定貢獻，更傳統的高淨值和大眾富裕階層將獲得私人市場替代品。

These are obviously really important end markets to us that they're big channels and we are close to clients. So we understand their direction of travel and are anticipating their needs.

這些顯然對我們來說是非常重要的終端市場，它們是龐大的管道，而且我們與客戶關係密切。因此我們了解他們的旅行方向並預測他們的需求。

If ultimately, we can help them by creating offerings that have compelling risk reward that the right fee point that provide the right amount of liquidity will do that. I do think that some of these solutions will combine liquid public and private market alternatives.

如果最終我們可以透過創建具有引人注目的風險回報的產品來幫助他們，那麼提供適當流動性的正確費用點就可以做到這一點。我確實認為其中一些解決方案將結合流動性公共和私人市場替代方案。

So if there are a crossover portfolios that makes sense for our clients regardless of channel where we're going to evaluate offering them, I would say depending on the underlying asset classes were open to partnering.

因此，如果存在對我們的客戶有意義的交叉投資組合，無論我們評估透過哪個管道向他們提供產品，我都會說，這取決於基礎資產類別是否願意合作。

And we have we had substantial discussions with a number of alternative investment firms. The best partnerships work -- are the best partnerships are formed when you have alignment on both sides and both sides bring something compelling to the partnership.

我們已經與多家另類投資公司進行了實質討論。最好的合作關係是有效的——當雙方都達成一致並且雙方都為合作夥伴關係帶來一些引人注目的東西時，就會形成最好的合作夥伴關係。

As I've said on an earlier call regarding credit specifically, we have very broad team capabilities across public and private markets at OHA and within two or price fixed income division, where that's not to say, there are things that we don't do were that we might not partner with somebody.

正如我在之前關於信貸的電話會議上所說的那樣，我們在 OHA 的公共和私人市場以及兩個或價格固定收益部門擁有非常廣泛的團隊能力，這並不是說，有些事情我們不會做，我們可能不會與某人合作。

But it's really important for me to point out that OHA. has a long and distinguished track record of running credit portfolios that incorporate both our private credit and liquid non-investment grade. And it's an important part of our strategy to bring OHA's capabilities to the wealth channel to retirement and to the insurance channel.

但我必須指出，OHA 在營運信貸組合方面擁有長期且卓越的業績記錄，這些組合既包括我們的私人信貸，也包括流動性非投資級信貸。將 OHA 的能力引入財富管道、退休管道和保險管道是我們策略的重要組成部分。

In the other parts of -- in other asset classes from an alternative perspective, whether it's private investment grade infrastructure, real estate, PE secondaries will certainly consider partnerships. Regarding retirement specifically, tier prices of retirement solutions provider, I think it's one of our great strengths as a firm.

在其他部分——從另一個角度來看，在其他資產類別中，無論是私人投資等級基礎設施、房地產、PE 二級市場肯定會考慮合作關係。具體到退休方面，退休解決方案提供者的分級價格，我認為這是我們公司的一大優勢。

If you look at how we've evolved our retirement dates, we're constantly evaluating ways to improve our range of offerings and innovating our product design. We talked about previous quarters about personalized retirement manager, a model account which offers a customized glide path. We talked about managed lifetime income, which allows participants to guarantee a portion of their income.

如果你觀察我們是如何調整退休日期的，你會發現我們正在不斷評估改進產品範圍和創新產品設計的方法。我們在前幾季討論了個人化退休經理，這是一個提供客製化滑行路徑的模型帳戶。我們討論了管理終身收入，它允許參與者保證其部分收入。

So as a solutions provider of our market research and our investment research shows that incorporating private market alternatives into DC offerings result in visibly better outcomes for 401(k) plans and participants will offer that.

因此，作為解決方案提供者，我們的市場研究和投資研究表明，將私人市場替代品納入 DC 產品中，可以為 401（k）計劃帶來明顯更好的結果，參與者也會提供這種服務。

At a very high level, I think it does make sense that 401(k) participants in retirement investors would trade liquidity for return, given the very long-time horizons that retirement investors have. That said, I think our engagement with plan sponsors would suggest that they're taking a go-slow approach here.

從非常高的層面來看，我認為，考慮到退休投資者的長期眼光，401（k）退休投資者會用流動性換取回報，這是有道理的。話雖如此，我認為我們與計劃發起人的接觸表明他們在這裡採取了緩慢的態度。

I think there's concern about fiduciary risk. There's concern about liquidity. There's concern about daily pricing, and there's concern about fees. I'm confident that we can address those in time.

我認為人們擔心受託風險。人們對流動性感到擔憂。人們擔心每日定價，也擔心費用。我相信我們能夠及時解決這些問題。

But whatever we do, it will be based on investment research. Our conviction that it will result in a better risk reward profile for the underlying portfolios that we offer and that will be able to solve through these challenges.

但無論我們做什麼，都將基於投資研究。我們堅信，這將為我們提供的底層投資組合帶來更好的風險回報狀況，並能夠解決這些挑戰。

I do think that is reasonably likely that if and when we incorporate a broader range of private market alternative offerings that will do it with at least one, if not a number of partners.

我確實認為，如果我們納入更廣泛的私人市場替代產品，那麼至少會有一個合作夥伴（如果不是多個合作夥伴的話）來實現這一目標，這是很有可能的。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Good morning. Wanted to talk about flows and really the gross sales versus gross redemptions kind of backdrop and clearly a lot of volatility in the market.

早安.想要談論流量以及總銷售額與總贖回額的背景，顯然市場存在很大波動。

But as you think about what we saw in the first quarter and then here in April. But then more importantly, like discussions in backlog and kind of sales momentum as you think about this year, any color on either from a product asset class or channel would be helpful?

但想想我們在第一季和四月看到的情況。但更重要的是，就像您今年討論積壓訂單和銷售勢頭時所考慮的那樣，來自產品資產類別或管道的任何資訊都會有幫助嗎？

Yes, good morning, Dan. I didn't think we get that question. So all in all seriousness, thank you for the question.

是的，早安，丹。我沒想到我們會問到這個問題。總而言之，我很嚴肅地感謝您的提問。

Our flow outlook for the year is largely unchanged. There are a lot of puts and takes, right? If you look at where things stand through the end of April, we're basically in line with last year.

我們對今年的流量預測基本上沒有改變。有很多事情要做，對吧？如果你看一下截至四月底的情況，你會發現情況基本上與去年持平。

Q1 was very slightly behind last year's first quarter. And while April was soft, it was still a meaningful improvement from April 2024. What we saw in April was a meaningful spike in retail-oriented outflows in the first few weeks of the month.

第一季比去年第一季略微落後。儘管 4 月表現疲軟，但與 2024 年 4 月相比仍有顯著改善。我們看到，四月前幾週零售類資金流出量大幅增加。

But that's normalized. I think it's basically gone back to what I would characterize as run rate levels over the last few weeks. And it was partially offset by solid flows on the institutional side.

但這是正常化的。我認為它基本上已經回到了過去幾週我所描述的運行率水平。但這成長被機構方面的穩健流動部分抵銷了。

On a more positive side, our net pipeline for large mandates continue to develop favorably during the quarter. So when you net it all out, our base case is still for full year '25 to improve relative to 2024, which is encouraging, given the challenging backdrop.

從正面的一面來看，本季我們大額授權的淨通路持續保持良好發展動能。因此，當你把所有因素都考慮進去時，我們的基本預測仍然是 2025 年全年的表現將比 2024 年有所改善，考慮到充滿挑戰的背景，這是令人鼓舞的。

Look, given the environment though, I think it's hard to have a lot of conviction on how the rest of the year will play out. But I would point out that while we're fighting some pretty intense headwinds in open-ended mutual fund is a vehicle and active equity as an asset class.

不過，考慮到目前的環境，我認為很難對今年剩餘時間的走勢有太清晰的判斷。但我想指出的是，雖然我們正在應對開放式共同基金中一些相當激烈的阻力，但它是一種投資工具，而主動股票則是一種資產類別。

We've got a lot to be excited about, very strong momentum in fixed income, especially our global strategies, continued strong momentum across retirement solutions. OAJ capital commitments, which eventually will come into the fee basis, AUM, and drive flows there.

我們有很多令人興奮的事情，固定收益勢頭非常強勁，特別是我們的全球策略，退休解決方案繼續保持強勁勢頭。OAJ 資本承諾最終將進入費用基礎、AUM，並推動資金流動。

We talked about ETFs, we're growing our capital appreciations. We have a suite of what I would characterize as low fee, low-risk budget on alternatives to passive that have a very compelling value proposition where our pipeline is robust and where we're really leaning in.

我們討論了 ETF，我們正在增加資本增值。我們有一套我稱之為低費用、低風險預算的被動替代方案，這些方案具有非常引人注目的價值主張，我們的管道非常強大，我們真正傾向於此。

So I'm confident that we have a path back to positive flows. I think it's unlikely to be in '25, but I think '25, we'll take another step, back in that direction.

因此，我相信我們能夠恢復正向流動。我認為這不太可能在 25 年實現，但我認為 25 年，我們會再邁出一步，回到那個方向。

The only thing I might add, Rob, talked about channel, just from an asset class perspective, we did see some rebalancing, not surprisingly given the market volatility in the late part of March in the early part of April. So that would have been more relatively more outflows in equities, more in inflows into fixed income. And from a geographic perspective, we saw more strength outside the US than inside.

我唯一想補充的是，羅布談到了管道，僅從資產類別的角度來看，我們確實看到了一些重新平衡，考慮到 3 月底 4 月初的市場波動，這並不奇怪。因此，相對而言，股票市場的資金流出會更多，而固定收益市場的資金流入會更多。從地理角度來看，我們看到美國境外的實力比美國境內的實力更強。

Yes. I would say broadly, our experience has been consistent with the industry there earlier in the quarter, there were some rebalancing, given the strength of equity markets in '23 and '24, it was just some normal rebalancing from equity to fixed income.

是的。我想說的是，總體而言，我們的經驗與本季早些時候的行業情況一致，考慮到 23 年和 24 年股市的強勁表現，出現了一些重新平衡，這只是從股票到固定收益的一些正常重新平衡。

And then later in the quarter, you actually saw some de-risking activity from equity to fixed income. So on that, given our overall equity heavy mix, I think we faced some cyclical headwind in addition to the ongoing headwinds that I outlined earlier.

在本季後期，你實際上看到了一些從股票到固定收益的去風險活動。因此，考慮到我們的整體股票組合偏重，我認為除了我之前概述的持續阻力之外，我們還面臨一些週期性阻力。

So I'm proud of the work that our team has done to be able to say that at this point, our outlooks largely unchanged.

因此，我為我們團隊所做的工作感到自豪，可以說，目前我們的前景基本上沒有改變。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Hi, good morning. This is Matthew on for Bill. So Craig front end, my question on the [alts] partnership. So maybe I'll ask a question about fee rate dynamics in the quarter?

嗨，早安。這是馬修，代替比爾。所以 Craig 前端，我的問題是關於 [alts] 合作關係。所以也許我會問一個關於本季費率動態的問題？

What did the equity rate look like coming out of the quarter? What are you seeing in April? And maybe how should we think about those dynamics going into the rest of 2025?

本季的股票利率狀況如何？四月你看到了什麼？那麼，我們該如何看待 2025 年剩餘時間的這些動態呢？

Thanks for the question. And if we think about fee rate, given the breadth of our asset classes, strategies, and vehicles that we offer, a lot goes into the effective fee rate, and it can really vary quarter to quarter. So I'll give you some context for what happened this quarter.

謝謝你的提問。如果我們考慮費率，考慮到我們提供的資產類別、策略和工具的廣度，實際費率會受到很大影響，而且每季的費率實際上都會有所不同。因此，我將向您介紹本季發生的一些事情的背景。

But I think it's always better to think about it on a multi-quarter basis as opposed to kind of one quarter to the next. In Q1, about 60% of the impact in the decrease in effective fee rate came from more structural shifts in the type of investment strategies and vehicle that we're selling at the margin.

但我認為，以多個季度為單位來考慮這個問題總是比以一個季度到下一個季度來考慮要好。在第一季度，有效費率下降的影響中約有 60% 來自我們以邊際成本出售的投資策略和工具類型的結構性轉變。

And we're seeing that persistent trend toward lower cost vehicles such as ETFs, collective investment trusts, and separate accounts.

我們看到，ETF、集合投資信託和獨立帳戶等低成本投資工具的趨勢持續存在。

And on the investment strategy side, particularly within our targeted franchise, you're actually seeing the impact of both vehicle and investment strategy as we've seen uptake in our blend products and in the collective trusts vehicle, that other 40% is more cyclical with the overall mix of AUM and both from market and flow impacts.

在投資策略方面，特別是在我們的目標特許經營權內，您實際上看到了投資工具和投資策略的影響，因為我們已經看到混合產品和集體信託工具的吸收，其餘 40％ 的周期性更強，與 AUM 的整體組合以及市場和流量影響有關。

So as an example, this quarter, you'll see in the release, equity assets under management declined from about 52% to about 49% of AUM in the quarter, while fixed income and multi-asset both increased as a percentage.

舉例來說，您會在本季度的發布中看到，管理的股票資產佔 AUM 的比例從約 52% 下降到約 49%，而固定收益和多種資產的百分比均有所增加。

So you would say that this quarter the impact was more significant than typical because of the equity market decline. It's hard to predict going forward with that portion of it will be that's certainly the structural changes will be persistent.

因此，您可能會說，由於股市下跌，本季的影響比平常更為顯著。很難預測這部分的未來發展，但結構性變化肯定會持續下去。

Glenn Schorr with Evercore. Your line is now open.

Glenn Schorr 與 Evercore 合作。您的線路現已開通。

Glen, please check your mute button?

格倫，請檢查一下你的靜音按鈕？

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Good morning. Thanks for the question. I'm sorry how to ask a little bit of a boring question. But given the volatility in the market, I don't envy your ability to, I guess, budget right now given the swings we've seen.

早安.謝謝你的提問。抱歉，我問了一個有點無聊的問題。但考慮到市場的波動性，我並不羨慕你現在根據我們所看到的波動進行預算的能力。

So just maybe help us understand the drivers between sort of the original guide versus we are now? And as what point, I guess in April, did you guys’ study guide in terms of like what are you assuming for equity market returns that's baked into guidance?

那麼也許可以幫助我們了解原始指南與現在指南之間的驅動因素？那麼，我猜是在四月的什麼時候，你們的學習指南中是否包含對股票市場回報的假設，並將其納入指導範圍？

Thanks for the question. And I appreciate the sympathy for having to set budgets in this kind of an environment. And so with the back part of your question about what we took into account from market perspective, we took into account the volatility in April, both end markets and in assets under management in setting that 1% to 3% range, specifically as assets had been as of March 31, that $1.57 trillion expense growth with events where the higher end of that range.

謝謝你的提問。我很感激大家對在這種環境下制定預算的同情。因此，關於您問題的後半部分，我們從市場角度考慮了哪些因素，在設定 1% 到 3% 的區間時，我們考慮了 4 月份的波動性，包括終端市場和管理資產的波動性，具體來說是截至 3 月 31 日的資產，即 1.57 兆美元的支出增長，其中處於該區間的高端事件。

And I'd say when we're thinking about the move from four to six to one to three, it's two things. And it's supposed a natural adjustment of market-driven expenses and some intentional management of controllable expenses.

我想說，當我們考慮從四個到六個再到從一到三個的轉變時，有兩件事。這應該是市場驅動費用的自然調整和可控費用的一些有意管理。

And that's fairly things like selling the pace of hiring and variable expenses like internal travel. All of that said, as we've said in prior quarters, we're continuing to evaluate opportunities from our structural cost savings to limit expense growth in '26 and beyond.

這相當類似於銷售招募速度和內部旅行等變動費用。儘管如此，正如我們在前幾個季度所說的那樣，我們將繼續評估結構性成本節約帶來的機會，以限制 26 年及以後的費用增長。

Ken Worthington, JP Morgan.

肯‧沃辛頓，摩根大通。

Good morning. Thanks for taking the question. I wanted to take into the expansion of retirement outside the US that you had mentioned in your prepared remarks. So you mentioned expansion, retirement, and helpful countries in Asia, Canada, I think you mentioned Europe. You mentioned leveraging the glide path and structural expertise.

早安.感謝您回答這個問題。我想考慮一下您在準備好的演講中提到的美國以外退休制度的擴大。所以你提到了擴張、退休以及亞洲、加拿大等有幫助的國家，我想你提到了歐洲。您提到了利用下滑道和結構專業知識。

What exactly are you selling? Are you actually launching -- I think it's like Korean Japanese Canadian target date funds for is what you're doing there, more nuanced? I guess the second part is you leverage record-keeping in the US to kind of build out that US retirement business.

你到底賣什麼？您實際上是否正在推出——我認為這就像韓國、日本和加拿大目標日期基金，這就是您正在做的事情，更加細緻入微？我想第二部分就是利用美國的紀錄保存來拓展美國退休業務。

I know it's more [detailed] right now, but as I think it started with record keeping. And then lastly, one of the themes in US retirement is customization. Is this happening outside the US as well?

我知道現在更[詳細]了，但我認為它是從記錄保存開始的。最後，美國退休的主題之一是客製化。美國以外也發生這種事嗎？

Ken, it's Rob. I'll start with on this one. I think it's hard to generalize, defined contribution schemes in different countries are very different stages of development right now. If you look at, for instance, the superannuation scheme in Australia, it's very, very developed.

肯，我是羅布。我先從這個開始。我認為很難一概而論，不同國家的固定繳款計畫目前處於非常不同的發展階段。例如，如果你看看澳洲的退休金計劃，你會發現它非常非常發達。

Obviously, the US is very developed, but in a number of other places, it's evolving rapidly. The UK, Japan, Canada. And in many instances, those countries are less far along. And in each case, the structure is different.

顯然，美國非常發達，但在其他一些地方，它正在迅速發展。英國、日本、加拿大。在許多情況下，這些國家的進步程度還不夠。並且在每種情況下，結構都是不同的。

So if I basically went country by country, but in Korea, we are offering a target date series in partnership with a local investment manager. And we also have a retirement income series, which is really what drove much of the flow there this quarter.

因此，如果我基本上逐一前往各個國家，但在韓國，我們會與當地投資經理合作提供目標日期系列。我們也有退休收入系列，這其實是本季推動大部分資金流入的因素。

So it's two strategies partnered with a local investment manager where they manage the locals portion of the allocation and where we manage the more global portions of the allocation. In Japan, it will -- it is very early in terms of the development and evolution.

因此，這是與當地投資經理合作的兩種策略，他們管理分配的當地部分，而我們管理分配的更全球部分。在日本，這項技術的發展和演變還處於非常早期的階段。

I think there's a need to be a lot of market development and education, but we are partnered with a local investment management firm to provide a target date series, where again, they provide -- we provide the overall glide path and portfolio construction and design.

我認為需要進行大量的市場開發和教育，但我們與當地一家投資管理公司合作，提供目標日期系列，再次，他們提供——我們提供整體下滑路徑和投資組合構建和設計。

We provide the building blocks for markets outside of Japan and they manage the Japanese equity and fixed income allocations within that. In Canada, it's largely -- were largely partnered with a local life insurer and are offering a series that's quite similar to our -- the series that we offer in the US where we referenced on other parts of Asia.

我們為日本以外的市場提供基礎，他們管理其中的日本股票和固定收益分配。在加拿大，我們主要與當地的人壽保險公司合作，提供與我們在美國提供的系列產品非常相似的產品，我們也參考了亞洲其他地區的情況。

In the UK, we're partnered with a large private bank on a retirement offering that will be distributed across Asia as well as in the UK and the Middle East. So that is actually not the target date product.

在英國，我們與一家大型私人銀行合作推出退休產品，該產品將在亞洲以及英國和中東地區銷售。所以這其實不是目標日期產品。

It's more of a target allocation product that's designed specifically for retirement-oriented investors and was custom designed based on the proposal that they gave us. We are one of four global asset managers that were chosen to participate in that, and we'll launch with them later this year.

它更像是一種目標配置產品，專為退休型投資者設計，並且是根據他們給我們的提案量身設計的。我們是被選中參與該專案的四家全球資產管理公司之一，我們將於今年稍後與他們一起推出該專案。

So it's really bespoke. It's different in each instance. But these opportunities are opening up. And most of them, I would say it's early days. I think the real impact for us, if we're successful, we'll build it in out years. I mean, I'm talking about three, four, five years. The most of these are meaningful drivers, right? Now perhaps with the exception of Korea and Canada.

所以它確實是定制的。每個實例都是不同的。但這些機會正在湧現。對於其中的大多數，我想說現在還處於早期階段。我認為，如果我們成功了，我們就能在未來幾年內達到真正的影響力。我的意思是，我說的是三、四、五年。其中大多數都是有意義的驅動因素，對嗎？現在也許除了韓國和加拿大。

So one thing I would add here, Ken, as well, is increasingly the mind shift is more about capabilities than products. And we've built out capabilities that allow us to partner in different regions, as Rob talked about on both the strategic asset allocation side, but increasingly on the local tactical asset allocation side of the regional, tactical asset allocation side, which is valuable to these partners.

因此，肯，我在這裡還要補充一點，那就是思維轉變越來越注重能力而不是產品。我們已經建立了使我們能夠在不同地區建立合作夥伴關係的能力，正如 Rob 談到的，這不僅包括戰略資產配置方面，而且越來越多地涉及區域戰術資產配置方面的本地戰術資產配置方面，這對這些合作夥伴來說很有價值。

It would obviously be different than just the traditional type of product that can be more of a consulting arrangement or something like that. So we're thinking about this as much from a capability’s perspective as a product perspective.

它顯然不同於傳統類型的產品，傳統類型的產品可能更像是諮詢安排或類似的東西。因此，我們從能力的角度和產品的角度來考慮這個問題。

Mike Brown, Wells Fargo Securities.

富國證券的麥克布朗。

Good morning. Thanks for taking my question. Just wanted to ask on the balance sheet. So we observed that the cash has now increased to about $2.8 billion.

早安.感謝您回答我的問題。只是想問一下資產負債表。因此我們觀察到現金現在增加到約 28 億美元。

And just wanted you to touch on capital allocation, how are you thinking about at this moment, did you think that given the opportunity, would you increase the share buybacks? How are you thinking about inorganic growth?

我只是想讓您談談資本配置，您現在是怎麼想的，您是否認為如果有機會，您會增加股票回購？您如何看待無機成長？

And when you think about the opportunities on the inorganic growth side, will be some of the areas that you would be kind of focused on? Do you still -- you still thinking about expanding the credit markets on capabilities or something that would be interesting to you as you think about inorganic growth? Thank you.

當您考慮無機成長方面的機會時，您會專注於哪些領域？您是否仍然——您是否仍然考慮擴大信貸市場的能力或您在考慮無機成長時感興趣的事情？謝謝。

Thanks for the question. I'll start and I'd say I think you referenced and $2.8 billion number. We look at a $3.3 billion cash and discretionary investments that we have available. And as we look at that, a portion of that is held in countries outside the US or for regulatory purposes, our buffer.

謝謝你的提問。我先開始，我想說我認為你提到了 28 億美元的數字。我們考慮了 33 億美元的可用現金和可自由支配的投資。我們看到，其中一部分存放在美國以外的國家或用於監管目的，作為我們的緩衝。

So I'd say when we think about that number, we think about it about half of that being available for strategic opportunities. So that could be things like, as you mentioned, share buybacks or M&A or really just general buffer as we think about the market environment.

所以我想說，當我們考慮這個數字時，我們會認為其中大約有一半可用於策略機會。因此，正如您所提到的，這可能是股票回購或併購，或者只是我們考慮市場環境時的一般緩衝。

And we mentioned is share buybacks that we did the first part of this year. And if we look at '24, '24 was higher than '23 and the first quarter run rate and into April has been higher than the pace that we were on in 2024.

我們提到了我們在今年上半年進行的股票回購。如果我們看一下 24 年，就會發現 24 年的運行率高於 23 年，而且第一季和 4 月的運行率都高於 2024 年的速度。

So I think all of those on the table, we do want to make sure we keep some cash available for potential opportunities on the inorganic side. And maybe I'll open it -- Rob if for you want to talk about the -- ?

因此，我認為，對於所有這些，我們確實希望確保保留一些現金，用於無機方面的潛在機會。也許我會打開它——羅布，如果你想談論-- ？

Yes. Look, I would just say with regard to the buyback, we've stepped up the pace and will continue to be opportunistic to the extent that on for the market presents a sort of opportunity is presenting right now. We want to take advantage of it. With regard to M&A, our frameworks largely unchanged, right?

是的。聽著，關於回購，我只想說，我們已經加快了步伐，並將繼續抓住機會，只要市場現在出現了某種機會。我們想利用這一點。關於併購，我們的框架基本上沒有變化，對嗎？

We've talked a lot about wanting to do acquisitions where we can bring new capabilities, capabilities that we don't otherwise have or would be difficult to build internally that are unique, compelling, differentiated, sustainable meat emerged and growing client demand or that allow us to access new clients or to gain market share with our existing clients?

我們已經多次討論過希望透過收購來獲得新的能力，這些能力是我們原本不具備的，或者很難在內部構建的，這些能力是獨特的、引人注目的、差異化的、可持續的，可以滿足不斷增長的客戶需求，或者使我們能夠接觸到新客戶或從現有客戶那裡獲得市場份額？

That's the framework, they need to be culturally aligned. They do make financial sense. So the bar is high on. Obviously, this is a consolidating industry. So we see and look at a lot of things, but I think our priorities are no different than they've been before.

這就是框架，它們需要在文化上保持一致。它們確實具有財務意義。所以標準很高。顯然，這是一個正在整合的行業。因此，我們看到並關注了很多事情，但我認為我們的優先事項與以前沒有什麼不同。

And certainly private market alternatives would fall into the category that I just described. But apropos to the conversation earlier, there also some things that we could achieve through partnerships. So we don't necessarily have to have to own everything.

當然，私人市場替代品也屬於我剛剛描述的類別。但關於之前的談話，我們也可以透過合作實現一些目標。所以我們不一定要擁有一切。

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

謝謝。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。