普信集團 (TROW) 2025 Q2 法說會逐字稿

Good morning. My name is Daniel, and I will be your conference facilitator today. Welcome to T. Rowe Price's Second Quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes.

早安.我叫丹尼爾，今天將擔任各位的會議主持人。歡迎參加普信集團2025年第二季財報電話會議。 （操作員指示）溫馨提示：本次電話會議正在錄音，會議結束後不久即可在普信集團網站上重播。

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 second quarter earnings call. The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes.

大家好，感謝您今天參加我們的第二季財報電話會議。新聞稿和補充資料文件可在我們投資者關係網站 investors.troweprice.com 上找到。今天的電話會議將持續約 45 分鐘。

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 to 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 participants.

我們的董事長兼執行長兼總裁 Rob Sharps 和財務長 Jen Dardis 將用大約 15 分鐘討論公司業績。之後，我們將開放提問環節，屆時全球投資主管 Eric Veiel 將與我們一同提問。我們希望每位參加者只限提問一個問題。

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.

我想提醒您，在本次電話會議中，我們可能會做出一些前瞻性陳述，並引用某些非公認會計準則 (GAAP) 財務指標。請參閱補充資料、新聞稿和 10-Q 報表中的前瞻性陳述措詞及其與 GAAP 的對帳表。

Discussion related to the funds is intended to demonstrate their contributions to the organization's results and are not recommendations. All investment performance references to peer groups on today's call are using Morningstar peer groups and for the quarter that ended June 30, 2025.

有關基金的討論旨在展示其對機構績效的貢獻，而非建議。今日電話會議所有投資績效參考均採用晨星同類投資業績，且以截至2025年6月30日的季度為準。

Now I'll turn it over to Rob.

現在我將把話題交給 Rob。

Thank you, Linsley, and thank you all for joining today's call. Despite a challenging quarter, we are building momentum for the long term, growing our ETF business, leveraging partnerships to extend our reach and expanding our leadership in Retirement. We have developed a broad and ongoing plan to reduce our expense growth over time while continuing to invest in capabilities and client reach. Jen will discuss these efforts in more detail in a moment.

感謝Linsley，也感謝各位參加今天的電話會議。儘管本季充滿挑戰，我們仍在為長期發展積蓄動力，不斷拓展ETF業務，利用合作關係拓展業務範圍，並鞏固我們在退休領域的領導地位。我們制定了一項廣泛且持續的計劃，旨在逐步降低費用成長，同時繼續投資於能力建立和客戶拓展。 Jen稍後將更詳細地討論這些舉措。

We believe that our plan will drive efficiency to fund investment in the future of the business. While we acknowledge the short-term headwinds, we are confident that we are positioned to take advantage of the opportunities ahead. I will turn now to investment performance.

我們相信，我們的計劃將提高效率，為未來業務的投資提供資金。儘管我們承認短期內存在一些不利因素，但我們有信心抓住未來的機會。現在，我將談談投資績效。

Equity markets began the quarter with a sharp selloff in April, followed by strong gains in May and June. It was a return to growth outperforming value and large-cap outperforming small cap while the margin of international outperforming US narrowed from the first quarter. This environment proved a challenging quarter for some of our strategies. However, long-term performance remains solid with over half on beating their peer groups for the three, five and 10-year time periods.

本季開始，股市在4月遭遇大幅拋售，隨後在5月和6月強勁上漲。成長股的表現重回價值股之上，大盤股的表現也優於小盤股，而國際市場優於美國市場的差距較第一季縮小。對於我們的部分策略而言，這樣的環境是一個充滿挑戰的季度。然而，長期表現依然穩健，超過一半的策略在3年、5年和10年期表現優於同類策略。

And on an asset-weighted basis, results were stronger with 65%, 58% and 70% of assets beating peer group medians on a three, five and 10-year basis. Within our equity division, US equity research, diversified mid-cap growth, international value and integrated global equity all added to their strong three, five and 10-year track records.

以資產加權計算，業績表現更為強勁，65%、58% 和 70% 的資產在三年、五年和十年期表現均優於同業中位數。在我們的股票部門，美國股票研究、多元化中型成長型、國際價值型和一體化全球股票均延續了其強勁的三年、五年和十年業績記錄。

We saw continued improvement in blue chip growth, which is now in the top quartile versus peers over three years, and Japan equity is in the first quartile versus peers for the one-year time period. That said, a number of our value strategies underperformed this quarter.

我們看到藍籌股成長持續改善，三年內已位居同類股票前四分之一，而日本股票一年內也位居同類股票前四分之一。不過，我們的一些價值策略本季表現不佳。

The long-term performance of our Target Date funds is strong. the near-dated vintages, which make up the bulk of our AUM and where our glide path approach is more differentiated than peers, continue to have top quartile performance versus peers for the three, five and 10-year time periods. In fixed income, performance remained strong versus peers with the majority of funds beating their peer group medians over all time horizons, led by the high yield and low duration segments.

我們的目標日期基金的長期表現強勁。近期基金構成了我們資產管理規模的主體，我們的下滑路徑策略也比同業更具差異化，這些基金在三年期、五年期和十年期的表現均優於同業。固定收益基金的表現依然強勁，大多數基金在所有時間範圍內均優於同業中位數，其中高收益和短久期基金表現尤為突出。

Our Emerging Markets segment had a weaker quarter versus peers, but over a long time period performed better versus the benchmark. Shifting to alternatives, where credit markets posted solid returns in the quarter, our private credit and credit portfolio has produced strong gains while liquid strategy portfolios performed largely in line with benchmarks. New deal flow has been muted due to limited private equity activity. However, the near-term pipeline are starting to see some positive developments.

我們的新興市場部門本季表現遜於同行，但長期來看優於基準。轉向另類投資領域，信貸市場在本季度取得了穩健的回報，我們的私募信貸和信貸投資組合實現了強勁增長，而流動性策略投資組合的表現基本上與基準持平。由於私募股權活動有限，新交易流有所減弱。然而，近期的待完成交易開始出現一些正面的進展。

Across our business, we continue to see progress in the areas where we are investing for growth. Fixed income is growing with six consecutive quarters of positive net flows. We remain a leader in retirement. Our Target Date suite surpassed $0.5 trillion in assets under management, ending the quarter with over $520 billion across our broad range of offerings. We continue to see strong momentum in our retirement solutions and added 20-70 vintages to our retirement suite.

縱觀我們的業務，我們在投資成長領域持續取得進展。固定收益持續成長，連續六個季度實現淨流入。我們依然是退休領域的領導者。我們的目標日期產品組合的資產管理規模超過0.5兆美元，本季末，我們廣泛的產品組合資產管理規模超過5,200億美元。我們的退休解決方案持續保持強勁成長勢頭，並新增了20至70個年份的退休產品組合。

Outside the United States, we have seen increased client interest in our US equity research strategy after launching with a large online broker in Japan and winning a mandate from a top Swiss bank. In the first half of the year, we saw over $6 billion in inflows to our ETF products, bringing AUM or ETF franchise to $16.2 billion as of June 30. 11 of our ETFs have scaled to over $500 million in AUM.

在美國以外，我們與日本一家大型線上經紀商合作，並獲得瑞士頂級銀行的授權，之後客戶對我們美國股票研究策略的興趣日益濃厚。今年上半年，我們的ETF產品流入資金超過60億美元，截至6月30日，資產管理規模（AUM）或ETF特許經營權已達162億美元。其中11隻ETF的資產管理規模已超過5億美元。

We are also growing our ETF product line with the recent launch of two diverse equity ETFs, global equity and international equity research, and three sector ETFs, financials, health care and natural resources. This brings our ETF range to 24 with more in the pipeline. We continue to expand private market alternatives in our wealth channel and evaluate the potential to bring private market alternatives to the retirement channel.

我們也不斷擴展 ETF 產品線，近期推出了兩檔多元化股票 ETF（全球股票和國際股票研究），以及三隻產業 ETF（金融、醫療保健和自然資源）。這使得我們的 ETF 產品線增至 24 只，未來也將推出更多產品。我們將持續拓展財富管道中的私募市場另類投資，並評估將私募市場另類投資引入退休管道的潛力。

Before I turn to Jen, I want to take a moment to recognize David Giroux. For the third time in his 19 years as a portfolio manager at T. Rowe Price, David was named US. Morningstar outstanding portfolio manager for the allocation category. Well done to David and the entire capital appreciation team.

在向 Jen 致謝之前，我想先感謝 David Giroux。 David 在普信擔任投資組合經理的 19 年裡，第三次榮獲晨星美國傑出投資組合經理人獎（配置類別）。 David 和整個資本增值團隊都表現出色。

We are grateful for our associates' steadfast focus on delivering value for our clients. It is their commitment that is powering our progress.

我們感謝同事們始終如一地專注於為客戶提供價值。正是他們的奉獻精神推動著我們的進步。

And now Jen will discuss our second quarter financial results.

現在 Jen 將討論我們的第二季財務表現。

Thanks, Rob, and hello, everyone. I'll review our second quarter results before opening the line for questions. Our adjusted diluted earnings per share of $2.24 for Q2 2025 is in line with prior quarter's $2.23 and our Q2 2024 EPS of $2.26.

謝謝，Rob，大家好。在開始提問之前，我會先回顧一下我們第二季的表現。我們2025年第二季的調整後稀釋每股收益為2.24美元，與上一季的2.23美元和2024年第二季的每股收益2.26美元持平。

As previously reported, we had $14.9 billion in net outflows, which, similar to last quarter, were driven by US equities, along with the timing of a few client redemptions and rebalancing activity that coincided with the snapback in equity markets.

如前所述，我們的淨流出量為 149 億美元，與上一季類似，主要是受美國股市的推動，以及一些客戶贖回和再平衡活動的時機與股市的反彈相吻合。

We had positive net flows across fixed income, multi-asset and alternatives. And within our growing ETF suite, we saw $2.5 billion of net flows into our products. This quarter also included two multi-asset solutions wins of about $15 billion that are reported in assets under advisement.

固定收益、多元資產和另類投資均實現了正淨流入。在我們不斷成長的ETF產品組合中，我們見證了25億美元的淨流入。本季度，我們也獲得了兩項多元資產解決方案的訂單，總額約150億美元，這些訂單已計入管理資產。

For these solutions, T. Rowe Price leverages our Target Date insights to recommend strategic asset allocation, but does not select the underlying assets, which is why we do not report these assets and flows as AUM.

對於這些解決方案，普信利用我們的目標日期洞察來推薦策略資產配置，但不選擇基礎資產，這就是我們不將這些資產和流量報告為 AUM 的原因。

At June 30, the assets under advisement in these multi-asset solutions portfolios totaled a little over $24 million. Despite a challenging backdrop for flows in the second quarter, July had a stronger start and included a large managed account model delivery win for our US equity research strategy. This is a result of our efforts to expand the delivery options for our strategies, allowing us to more effectively meet the needs of some of our largest clients.

截至6月30日，這些多元資產解決方案投資組合的受託管理資產總額略高於2,400萬美元。儘管第二季資金流動面臨挑戰，但7月開局強勁，並為我們美國股票研究策略贏得了一筆大額託管帳戶模式的交付訂單。這得益於我們努力拓展策略交付選項，從而能夠更有效地滿足一些最大客戶的需求。

The model delivery accounts mirror the holdings and other versions of strategy and are priced similarly to model types where we have discretion. Given the increasing size of this capability and its similarities to other model types, we will start including model delivery assets and flows in our AUM, beginning with the July AUM release on August 12. This mix shift between asset classes combined with flows into lower-priced products, lowered our Q2 annualized effective fee rate, excluding performance-based fees to 39.6 basis points.

模型交付帳戶反映了持倉及其他策略版本，其定價與我們可自行決定的模型類型類似。鑑於該功能規模的不斷擴大及其與其他模型類型的相似性，我們將從8月12日發布的7月份AUM開始，開始將模型交付資產和資金流納入我們的AUM。這種資產類別之間的組合轉換，加上資金流向低價產品，使我們第二季的年化有效費率（不包括基於績效的費用）降至39.6個基點。

As all our investment advisory fees decreased 2% compared to Q1 2025 while adjusted deferred carried interest of $36.5 million was up from $9.2 million in the same period. Our Q2 2025 adjusted net revenue of $1.76 billion is flat to Q2 2024 and down marginally from Q1 2025.

由於我們所有投資諮詢費用與2025年第一季相比均下降了2%，而調整後的遞延附帶權益為3,650萬美元，高於同期的920萬美元。我們2025年第二季的調整後淨收入為17.6億美元，與2024年第二季持平，較2025年第一季略有下降。

Looking at our expenses, our Q2 2025 adjusted operating expenses of a little over $1.1 billion were up 1% from Q1 2025 and up 3.7% from Q2 2024. Notably, adjusted compensation and related costs of $662 million in Q2 2025 were essentially flat to Q1 2025 as higher deferred carry compensation more than offset the decrease in compensation benefits and other costs. Technology, occupancy and facility costs were up 7% from Q1 2025, driven by increases in technology costs, including depreciation and hosted solutions and costs related to the first full quarter in our new headquarters.

綜觀我們的支出，2025年第二季調整後營運支出略高於11億美元，較2025年第一季成長1%，較2024年第二季成長3.7%。值得注意的是，2025年第二季調整後的薪酬及相關成本為6.62億美元，與2025年第一季基本持平，因為遞延持有補償的增加足以抵銷薪資福利和其他成本的下降。技術、佔用和設施成本較2025年第一季成長7%，這主要是由於技術成本（包括折舊和託管解決方案）以及新總部第一個完整季度相關成本的增加。

We now expect 2025 adjusted operating expenses, excluding carry interest expense to be up 2% to 4% over 2024, $4.46 billion. Recent market increases and the associated impact on our market-related expenses alone would have resulted in a higher range, but expense reduction efforts offset this in part. As Rob mentioned, we have developed a broad and ongoing plan to further align our expense growth with our anticipated revenue growth. This will allow us to continue investing in our future while keeping our nonmarket-driven expense growth rate in the low single digits in 2026 and 2027.

我們目前預計，2025 年調整後營運費用（不含利息支出）將比 2024 年成長 2% 至 4%，達到 44.6 億美元。僅近期市場上漲及其對市場相關費用的影響就可能導致更高的預期，但費用削減措施部分抵消了這一影響。正如 Rob 所提到的，我們已經制定了一項廣泛且持續的計劃，以進一步使我們的費用成長與預期的收入成長保持一致。這將使我們能夠繼續投資未來，同時在 2026 年和 2027 年將非市場驅動的費用成長率保持在較低的個位數。

As a reminder, these expenses make up about two-third of our total expense base. This expense management program will enable us to realign resources to our areas of strength while also helping to offset ongoing inflationary pressure on salaries and contractual spending. As part of this work, we eliminated a number of roles in mid-July.

提醒一下，這些支出約占我們總支出基數的三分之二。這項支出管理計畫將使我們能夠將資源重新配置到我們的優勢領域，同時有助於抵消持續的通膨對薪資和合約支出造成的壓力。作為這項工作的一部分，我們在7月中旬裁減了一些職位。

While these reductions affected all business areas, there was limited impact on our investment professionals and client-facing roles. We are also leveraging trusted vendor partnerships to outsource and expand some of our technology capabilities in our efforts to modernize how we work and deliver for our clients.

雖然這些裁員影響了所有業務領域，但對我們的投資專業人員和客戶導向的職位影響有限。我們也利用值得信賴的供應商合作夥伴關係，將部分技術能力外包和擴展，以努力實現我們為客戶提供現代化的工作和交付方式。

We are in the process of closing a small number of subscale strategies which will be phased over the coming months. These strategies combined have less than $100 million of external client assets, so we expect limited client impact from their closure. And finally, we are continuing to evaluate our global real estate footprint to provide optionality in how we leverage our space and slow our occupancy and facility expense growth.

我們正在關閉少量規模較小的策略，並將在未來幾個月分階段完成。這些策略的外部客戶資產總額不足1億美元，因此我們預期關閉這些策略對客戶的影響有限。最後，我們將繼續評估我們的全球房地產佈局，以提供如何利用空間的自主選擇，並減緩入住率和設施費用的成長。

Shifting to capital management. Our balance sheet remains strong with $3.8 billion of cash and discretionary investments. We returned over $395 million to stockholders in the first half of 2025 with $286 million supporting the quarterly dividend of $1.27. This quarter, we bought back $109 million worth of shares, bringing our average weighted share count to 220.4 million. We continued to buy back in July, purchasing almost $23 million worth of additional shares.

轉向資本管理。我們的資產負債表依然強勁，擁有38億美元的現金和可自由支配的投資。 2025年上半年，我們向股東返還了超過3.95億美元，其中2.86億美元支持了1.27美元的季度股息。本季度，我們回購了價值1.09億美元的股票，使我們的平均加權股數達到2.204億股。 7月份，我們繼續回購，額外購買了價值近2,300萬美元的股票。

This brings our year-to-date total to nearly $349 million, which exceeds our full year 2024 buybacks of $334.5 million. Delivering new capabilities and executing on behalf of our clients is a key area of focus for our business. We are confident in our plan to reduce expense growth over time, which will allow to continue investing in growth opportunities in the market.

這使得我們年初至今的回購總額接近3.49億美元，超過了我們2024年全年3.345億美元的回購額。提供新功能並代表客戶執行是我們業務的重點領域。我們對逐步降低費用成長的計畫充滿信心，這將使我們能夠繼續投資於市場中的成長機會。

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

現在我請接線生開立問答專線。

(Operator Instructions)

（操作員指示）

Brian Bedell with Deutsche Bank.

德意志銀行的 Brian Bedell。

Oh great. Thanks. Good morning, Rob Jen and Eric, hope as well. Thanks for taking the question. Maybe just to start conversation on the 401(k) business. Obviously, T. Rowe is a leader in defined contribution, maybe some updated thoughts, Rob, on this? I know you spoke about this on the first quarter call, but we've had some obviously additional information since then in terms of partnerships and speculation around the executive order. So maybe just your view on potential timing of adoption in private markets. What some of the large plan sponsors really need to see to begin allowing those products in.

哦，太好了。謝謝。 Rob Jen 和 Eric，早安，希望你也是。感謝你們回答這個問題。或許可以先聊聊 401(k) 業務。顯然，T. Rowe 是固定繳款型退休金計畫的領導者，Rob，關於這一點，你能分享一些最新的看法嗎？我知道你在第一季電話會議上談到了這一點，但自那以後，我們顯然獲得了一些額外的信息，包括合作夥伴關係以及圍繞行政命令的猜測。所以，請問您對於私募市場採用這些產品的潛在時機有何看法？一些大型計劃發起人真正需要看到什麼才能開始允許這些產品進入市場？

And then your plan in particular, given your really strong position, not only in the 401(k) business, but obviously, the Target Dates how you see potentially weaving private products into those? And would that be exclusively through OHA or are you looking at other partnerships as well? I know you have the spira partnership with Ares, but that -- I don't know if that can be expanded to 401(k)s or not.

那麼，鑑於你們在401(k)業務以及目標日期方面都佔據著非常強大的地位，你們的計劃具體是什麼？你們如何看待將私人產品融入其中的可能性？這會完全透過OHA進行，還是你們也在考慮其他合作？我知道你們與Ares有Spira的合作，但我不知道這是否可以擴展到401(k)業務。

Thanks. Brian, good morning, thank you for the question. We talk a lot about being applying a first organization. And that means our guiding principle, we deliver the best outcome for our clients. And in the 401(k) channel, that means plan sponsors and participants. We really think about ourselves as a retirement solutions provider globally, and we're constantly evolving and improving our offerings and solutions.

謝謝。 Brian，早安，謝謝你的提問。我們經常談論如何成為一流的機構。這意味著我們的指導原則是，為客戶提供最佳結果。在401(k)頻道，這意味著計劃發起人和參與者。我們真正將自己視為全球退休解決方案提供商，並且我們不斷發展和改進我們的產品和服務。

So our range of retirement date offerings, custom models like PRM and through various retirement income offerings. As we evaluate the evolution of each of those offerings, there's no reason whatsoever that we wouldn't consider enhancing those solutions with private assets.

因此，我們提供一系列退休日期產品、PRM 等客製化模型以及各種退休收入產品。在評估每項產品的演變時，我們完全有理由考慮利用私人資產來增強這些解決方案。

I'd say with the benefit of three more months of work on both the investment and commercial case, we remain encouraged, I'd say, perhaps even more so on the long-term potential to improve participant outcomes.

我想說，透過在投資和商業案例上再進行三個月的工作，我們仍然感到鼓舞，我想說，也許對改善參與者結果的長期潛力更加鼓舞。

Our work shows that the investment case for select exposure to private investments as an option in DC plans, and in particular, as a building block in retirement date funds is pretty sound. So given that, we continue to do more work on product design and answering important questions like which private assets, what would the allocations look like at various stages along the glide path.

我們的研究表明，在固定收益型退休計畫中，選擇性投資私募投資，尤其是將其作為退休日期基金的組成部分，其投資案例非常合理。因此，我們將繼續在產品設計方面投入更多精力，並解答一些重要議題，例如哪些私募資產值得投資，以及在滑行路徑的各個階段，其配置如何。

We're also -- we also continue to do work on a commercial case. And it's clear to me that there are still concerns about fees and fiduciary risks. Our sense is that we'll get more clarity on those issues in coming months, which could inform our next steps.

我們也在繼續處理一個商業案件。我很清楚，仍然存在關於費用和信託風險的擔憂。我們認為，未來幾個月這些問題將會更加明朗，這將為我們的下一步提供參考。

As you referenced, it's highly speculated that we're likely to get an executive order from the Trump administration to the DOL and SEC to provide more guidance to fiduciaries with regard to their responsibility around including private assets and defined contribution plans.

正如您所提到的，人們普遍猜測，我們很可能會收到川普政府向勞工部和證券交易委員會發出的行政命令，要求他們為受託人提供更多有關私人資產和固定繳款計劃等責任的指導。

We're going to have to wait and see what the DOL and SEC provide. I think our team's view is that in the end, legislation would be preferable to agency guidance because it would be more likely to endure changing administrations.

我們將拭目以待，看看勞工部和證券交易委員會會提供什麼。我認為我們團隊的觀點是，最終立法會比機構指導更可取，因為立法更有可能經受政府更迭的考驗。

So for that reason, my view is that plan sponsors will be interested in this, but they'll continue to approach it somewhat cautiously. We're okay not having the first product in market or issuing the first press release. We think this is going to take some time to play out. But we do think that this is the direction of travel and what we really want is to have the very best product.

因此，我認為計劃發起人會對此感興趣，但他們會繼續保持謹慎。我們並不介意沒有第一個產品上市，也沒有發布第一份新聞稿。我們認為這需要一些時間才能見效。但我們確實認為這是發展的方向，我們真正想要的是打造最好的產品。

If the investment case is compelling and there's demand, we're going to be there with the solution. In terms of how we would deliver it, we'll absolutely consider OHA's private credit capabilities. And beyond that, we're going to look for a best-in-class partner or partners and we're having those discussions right now.

如果投資案例引人注目且有需求，我們就會提供解決方案。至於如何達成目標，我們絕對會考慮OHA的私人信貸能力。除此之外，我們還將尋找一流的合作夥伴，目前我們正在進行這方面的洽談。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good morning. Thanks for taking the question. Maybe just picking up on some of the commentary around the expense initiatives. Just curious, given all the advancements and new technology from AI to blockchain, also for stable coins.

嘿，早安。感謝您回答這個問題。我想補充一些關於費用支出計劃的評論。我只是好奇，考慮到從人工智慧到區塊鏈的所有進步和新技術，穩定幣也是如此。

And I guess just as you look out over the next five to 10 years, just curious how you see the industry evolving given the advancements here. Curious how you're adjusting your business model. Maybe you can impact some of the initiatives underpinning the expense you look forward to? And what steps are you taking in the coming years? And what this might all mean for your business?

我想，您展望未來五到十年，我很好奇，鑑於目前的進步，您如何看待這個行業的發展？您如何調整商業模式？或許您可以對一些支撐您預期支出的措施進行一些調整？未來幾年您將採取哪些措施？這一切對您的業務意味著什麼？

Yeah, Mike, thank you. I'll start on expenses, maybe make a few comments with regard to AI and then ask Eric and Jen for their perspective. In terms of expenses, we're laser-focused on driving long-term value for clients, associates and shareholders. And that means delivering compelling net of fee investment solutions and outcomes for our clients, but it also means running our business as efficiently as we can.

是的，麥克，謝謝你。我先從費用談起，或許會就人工智慧發表一些評論，然後問問艾瑞克和珍妮佛的看法。在費用方面，我們專注於為客戶、員工和股東創造長期價值。這意味著我們要為客戶提供極具吸引力的淨費用投資解決方案和成果，同時也意味著我們要盡可能有效率地經營我們的業務。

To assure we're doing that, as Jen referenced in her opening comments, we're implementing a multiyear plan that will involve improving processes and really driving efficiencies to fund incremental investment in the business that will allow us to hold our expenses to low single digits over the next couple of years.

為了確保我們做到這一點，正如 Jen 在開場白中提到的那樣，我們正在實施一項多年計劃，其中包括改進流程和真正提高效率，為業務的增量投資提供資金，這將使我們能夠在未來幾年內將支出控制在較低的個位數。

The elements of that include reassessing our org and workspaces, streamlining processes and leveraging technology, including AI as well as partnerships. And I think much of this work will play out this year and next. But my expectation is that will develop a discipline that will drive continuous improvement beyond that.

其中包括重新評估我們的組織架構和工作空間，精簡流程，並利用包括人工智慧在內的技術以及合作夥伴關係。我認為大部分工作將在今年和明年完成。但我的期望是，這將形成一種能夠推動持續改進的紀律。

And specifically, as it relates to AI, I think we're really just scratching the surface. AI can clearly help drive productivity and cost savings. And beyond that, I think if it's adopted in the right way and incorporated it into our strategy, it can help us drive growth.

具體來說，就人工智慧而言，我認為我們目前還只是觸及皮毛。人工智慧顯然有助於提高生產力和節約成本。除此之外，我認為，如果以正確的方式採用它並將其納入我們的策略，它就能幫助我們推動成長。

I mean as an example, I think AI can have a very good impact on how we create investment solutions, deliver real-time, curated advice and service across channels, whether that's to major intermediary partners and institutions or individual investors or DC plan participants.

舉個例子，我認為人工智慧可以對我們如何創建投資解決方案、跨通路提供即時、精心策劃的建議和服務產生非常好的影響，無論是向主要的中介合作夥伴和機構，還是個人投資者或 DC 計劃參與者。

I think it's going to allow much greater customization at scale, and we see the potential there and some of what we're doing around decumulation with Retiree Inc.'s underlying technology. There are a number of examples internally where AI tools are making us faster, sharper or more efficient.

我認為它將允許更大程度的大規模定制，我們看到了它的潛力，並且我們正在利用Retiree Inc.的底層技術在去累積化方面開展一些工作。我們內部有許多例子表明，人工智慧工具讓我們變得更快、更敏銳、更有效率。

And one example would be in the way we respond to RFPs. I think it's important to note that none of this will just happen, right? You have to test and adopt the right tools, make them available to your associates to build with use cases and then drive adoption.

一個例子就是我們回應RFP的方式。我認為需要注意的是，這一切都不會自然而然地發生，對吧？你必須測試並採用正確的工具，讓你的同事能夠使用它們來建立用例，然後推動採用。

And it's a challenge to keep pace with how quickly these tools and capabilities are evolving. I do think it's going to have a huge impact on how investment research is done as well.

跟上這些工具和功能的快速發展步伐是一項挑戰。我認為這也會對投資研究的方式產生巨大的影響。

And maybe I'll let Eric talk a little bit about that.

也許我會讓埃里克談論一下這個問題。

Yeah. Thanks, Michael. Good question. So thinking about AI first. From an investments perspective, I think it's a grand venture. And I would put it into three categories. The first is productivity gains. The second is alpha generation. And then the third would finally get to cost savings as we think about it from an investment perspective.

是的。謝謝，麥可。好問題。所以首先考慮一下人工智慧。從投資的角度來看，我認為這是一項偉大的事業。我會把它分成三類。第一類是生產力提升。第二類是阿爾法收益的產生。第三類是從投資角度來看，最終是成本節約。

Along productivity gains, I mean, you're going to see increased speed of the more mundane tasks that we've all done over time from note writing to model updating to industry trend analysis, meeting prep, et cetera, the list goes on.

隨著生產力的提高，我的意思是，你會看到我們所做的更平凡的任務的速度隨著時間的推移而提高，從寫筆記到模型更新到行業趨勢分析、會議準備等等，不勝枚舉。

Where it really gets exciting, I think, is in the alpha generation space, where we'll all have access to lots and lots of data, but proprietary data and how you use it, I think, will be a key source of differentiation. With a 400-plus person global research team digging up unique insights and a 20-year history of notes and decisions to look at.

我認為真正令人興奮的是阿爾法世代（Alpha Generation）領域，我們每個人都可以存取大量數據，但我認為專有數據及其使用方式將成為差異化的關鍵。我們擁有一支400多人的全球研究團隊，致力於挖掘獨特的見解，並參考20年來的記錄和決策歷史。

We have a robust and unique data set to draw upon. So yes, it's going to help us in processing all that data that we have, but also in helping us analyze how we make decisions. And I think that will be a really powerful tool for us as we think about generating alpha for clients.

我們擁有一個強大而獨特的數據集可供利用。所以，它不僅能幫助我們處理所有數據，還能幫助我們分析決策過程。我認為，當我們考慮為客戶創造阿爾法收益時，這將是一個非常強大的工具。

And then ultimately, we'll get to cost savings, I think, over time, and there may be some in labor, but there could also be some in other places like how we source external data and how we use it. Your question also gets to blockchain and stable coin as well.

最終，我認為隨著時間的推移，我們會節省成本，其中可能包括勞動力方面的節省，但也可能會在其他地方節省一些，例如我們如何獲取外部數據以及如何使用這些數據。您的問題也涉及區塊鏈和穩定幣。

And if you just kind of bucket that into tokenization more broadly, we've been developing our digital asset capability since 2022, where we started building our own unique proprietary research. We continue to build that funnel research. And we follow the tokenization very closely over the past several years.

如果你把它更廣泛地歸類到代幣化領域，我們自2022年以來一直在發展我們的數位資產能力，並開始建立我們自己獨特的專有研究。我們將繼續建構這種漏斗式研究。過去幾年，我們一直密切關注代幣化的發展。

We participated in several tokenization proof of concepts and pilots and are comfortable with the technology and the infrastructure. It's advanced significantly, and we're seeing the regulatory framework change as well.

我們參與了多個代幣化概念驗證和試點項目，對相關技術和基礎設施感到滿意。它取得了顯著進展，我們也看到了監管框架的變化。

So tokenization is a tool and our focus on how we can best use that tool strategically to be accretive for clients and for the firm.

因此，標記化是一種工具，我們的重點是如何最好地策略性地使用該工具來為客戶和公司帶來增值。

And I'd just make one more point, going back to the expansion initiative. While we are developing our expense growth outlook for the year, I think it's important to remember that markets up mid-teens since we gave guidance and that we've always said that we have roughly a one-third of our expenses that are market driven. So if you model that, it's pretty clear that the market-driven expenses explain more than all of the increase in the annual expense guidance.

關於擴張計劃，我再強調一點。在我們制定年度支出成長預期的同時，我認為重要的是要記住，自從我們發布指引以來，市場已經上漲了15%左右，而且我們一直表示，我們大約三分之一的支出是由市場驅動的。所以，如果以此為模型，很明顯，市場驅動的支出解釋了年度支出指引成長的大部分原因。

Glenn Schorr, Evercore ISI.

格倫·肖爾（Glenn Schorr），Evercore ISI。

Thank you very much. Looking at slide 13, I appreciate the breakdown, and it really highlights the success you've had on the retirement channel. So with two-third of AUM being environment related, looking at USCC is up the most. It's up almost like 50% in 2.5 years.

非常感謝。請看第13張投影片，我很欣賞你提供的細分數據，它確實凸顯了你在退休基金領域的成功。鑑於三分之二的資產管理規模與環境有關，USCC的增幅最大。它在兩年半內增長了近50%。

My question is, when we look at the ongoing equity outflows that we've been working through over the last couple of years, is there a story to tell in terms of -- is there any concentration of that in the other accounts versus all the retirement accounts? Does it matter from a fee rate perspective?

我的問題是，當我們回顧過去幾年持續的股票資金外流時，是否存在一個值得探討的問題——相對於所有退休帳戶，其他帳戶中的資金是否集中？從費率的角度來看，這是否重要？

Is there less churn in certain parts of the retirement channel? Just curious if we can parse through some of that. Thanks very much.

退休通路某些部分的流失率是否降低了？我只是好奇我們能否分析其中的一些問題。非常感謝。

Yeah, Glenn, I'll start and then get some perspective from Eric and Jen. And maybe I'll zoom out a little bit and talk about flows more broadly and then specifically address equity in the retirement channel. I think we're not satisfied with where things stand overall or even at the pace of improvement from a flow perspective. And we do continue to face elevated outflows in our equity franchise with impacts from both rebalancing and performance in certain strategies.

是的，格倫，我先開始，然後聽聽艾瑞克和珍的看法。或許我會稍微拉遠一點，更廣泛地談談資金流動，然後具體談談退休管道中的股權。我認為我們對整體情況並不滿意，甚至對資金流動方面的改善速度也不滿意。我們的股權業務確實持續面臨資金流出增加的問題，這既受到再平衡的影響，也受到某些策略表現的影響。

Regardless, I do think we're making substantial progress beneath the surface. So in the second quarter, we had $1.7 billion in retirement date inflows. As we noted in the prepared remarks, our sixth consecutive quarter of inflows in fixed income and over $1 billion in alternative flows. We're also seeing very strong flows in our ETF franchise, which continues to build momentum with over $2 billion of inflows this quarter and $6 billion year-to-date.

無論如何，我確實認為我們在幕後取得了實質進展。第二季度，我們的退休日資金流入量為17億美元。正如我們在準備好的演講稿中所提到的，這已是固定收益類資產連續第六個季度流入，另類投資類資產流入量超過10億美元。我們的ETF業務也呈現強勁成長勢頭，本季流入量超過20億美元，年初至今流入量已達60億美元。

Looking ahead, we do expect outflows to continue in the second half, although our leading indicators would suggest that second half outflows will be lower than first half levels. Global distribution weighted pipeline improved modestly.

展望未來，我們預計下半年資金流出將持續，儘管我們的領先指標顯示下半年資金流出將低於上半年水準。全球分銷加權投資管道略有改善。

But I'm confident that we will get there with strong performance and continued growth in the retirement franchise in fixed income and vehicles like ETF SMA, growth in alternatives and the strong global equity franchise featuring strategies like capital appreciation and US equity research and integrated equity.

但我有信心，憑藉固定收益和 ETF SMA 等投資工具的退休特許經營權的強勁表現和持續增長、另類投資的增長以及以資本增值、美國股票研究和綜合股票等策略為特色的強勁全球股票特許經營權，我們將實現這一目標。

So I do think there is improvement beneath the surface, and we're making substantial progress. Specifically, as it relates to retirement and DC and equity flows, the substantial majority of flows in defined contribution really since the Pension Protection Act in 2006 have gone to QDIA and retirement date funds. So you've seen less loads in the stand-alone strategies. I would also say with a lag, the DC investment-only channel is very performance-sensitive.

所以我確實認為表面之下確實存在改善，而且我們正在取得實質進展。具體來說，就退休、固定繳款和股票資金流動而言，自2006年《退休金保護法》頒布以來，固定繳款型基金的絕大部分資金都流向了合格退休日期基金（QDIA）和退休日期基金。所以你會看到獨立策略的負載減少。我還想說，由於存在滯後性，固定繳款型純投資管道對績效非常敏感。

So we've seen over the course of the last couple of years, the impact of periods of subpar performance impact our flows in equities in that defined contribution channel. Broadly, I do think our biggest opportunity in the channel is with retirement solutions and retirement date funds. But stable values also of a meaningful opportunity. And there are instances where we continue to get new placements for stand-alone equity strategies as defined contribution options.

因此，我們在過去幾年中看到，業績不佳的時期對我們在該固定繳款額管道中的股票資金流產生了影響。總體而言，我確實認為我們在該管道中最大的機會在於退休解決方案和退休日期基金。但穩定的價值也是一個有意義的機會。在某些情況下，我們會繼續以固定繳款額選擇權的形式取得獨立股票策略的新配售。

So it is an area that has been under pressure, I would say, kind of perhaps more so than other areas over, call it, a three or four-year time period. And that's a trend that I would say, given the trend toward retirement date fund is probably likely to continue going forward.

所以，我想說，在過去的三、四年裡，這個領域一直承受著壓力，或許比其他領域更大。而且，鑑於退休日期基金的趨勢很可能會持續下去，我認為這是一個趨勢。

Yeah, I think the only thing I would add is that you asked about concentrations, and we've had the strategy to make sure that even though the -- within the Target Date franchise, we've been diversifying both our client base by type of client, size of client and whether it's clients that we could keep versus ones that we are going through other defined contribution investment-only channels.

是的，我想我唯一要補充的是，您問到的是集中度問題，我們已經制定了策略來確保即使在目標日期特許經營權內，我們也一直在根據客戶類型、客戶規模以及我們可以保留的客戶與我們正在通過其他固定繳款投資渠道保留的客戶來分散我們的客戶群。

We serve clients with Target Date products all the way from very small kind of small handfuls of employees all the way up to very, very large mega plans on a DCIO basis. And then within the investment strategies, we've expanded from the flagship to a blend strategy and others in between so that we're able to access many different parts of the market and different client outcomes.

我們為客戶提供目標日期產品，從規模極小的少數員工到規模龐大的基於DCIO的超級計劃，不一而足。在投資策略方面，我們已經從旗艦策略擴展到混合策略，並推出了介於兩者之間的其他策略，以便我們能夠觸及市場的不同領域，並實現不同的客戶成果。

Daniel Fannon, Jefferies.

丹尼爾‧範農 (Daniel Fannon)，傑富瑞集團。

Oh great, thanks. Good morning. I wanted to just kind of follow up on that last question in the areas where you're seeing some demand and strength. And think about the fee rate associated with those products. You also made in the prepared remarks, model delivery, so SMAs are also part of it.

哦，太好了，謝謝。早安.我想跟進最後一個問題，談談您認為需求和實力較強的領域。請考慮這些產品相關的費率。您在準備好的發言中也提到了模型交付，因此SMA也是其中的一部分。

So can you talk about just the kind of impact of the fee rate over time based on where the business is today and where it's going with ETFs and these other kind of products versus the back book and how we should think about fees in that context.

那麼，您能否根據當前的業務狀況以及 ETF 和其他類型的產品與帳簿的發展情況，談談費率隨時間推移會產生怎樣的影響，以及我們應該如何在這種背景下考慮費用。

Yeah, Dan, thanks for the question. The fee rate in Q2 was pressured mostly by mix. So equity as a percent of our average AUM was lower in Q2 than it was in Q1 or last year's Q2, driven both by market and by flows. Specifically to your question, I think we're planning and running the business with the assumption that these will trend down at a steady or declining rate. And it's related to many of the things that you pointed out in the question.

是的，Dan，謝謝你的提問。第二季的費率主要受到資產組合的影響。因此，第二季股權資產占我們平均資產管理規模（AUM）的百分比低於第一季或去年第二季度，這既受到市場因素的影響，也受到資金流動的影響。具體到你的問題，我認為我們在規劃和運營業務時，假設這些費用將以穩定或下降的速度下降。這與你在問題中指出的許多情況有關。

The areas that are growing, whether it's by asset class or vehicle, bring lower fees than the areas that have been under pressure and in particular, active equity and mutual funds.

無論是以資產類別還是按投資工具計算，那些正在成長的領域收取的費用都低於那些面臨壓力的領域，尤其是主動型股票和共同基金。

For many of our ETFs, the management fee rate is largely similar to what it would be for a mutual fund, particularly for our semitransparent clone strategies. For model account submission in SMAs, the fee is also largely consistent with what we would get from other vehicle offerings or other approaches with those strategies. The biggest impact is the shift from funds to trust in defined contribution.

對於我們的許多ETF，其管理費率與共同基金大致相同，尤其是我們的半透明克隆策略。對於SMA中的模型帳戶提交，其費用也與我們透過其他投資工具或其他方式獲得的費用大致相同。最大的影響是從基金轉向固定繳款信託。

So as plan sponsors scale, they qualify for trust minimums. And then as they grow, the trusts have breakpoints. So unlike mutual funds, you pass on more of the benefit of scale and a trust to the underlying clients. So the shift from fund to trust is one thing that we think will continue to bring the fee rate down.

因此，隨著計劃發起人規模的擴大，他們有資格獲得信託最低限額。然後，隨著規模的擴大，信託會設定分界點。因此，與共同基金不同，信託會將規模和信託的更多收益傳遞給底層客戶。因此，我們認為，從基金到信託的轉變將會持續降低費率。

I think there are puts and takes from a mix perspective, right? I mean, equity markets tend to go up over time. So that's helpful from a mix perspective. Obviously, not going to be true in each and every period. As we grow our Alternatives business, that's fee enhancing but fixed income is significantly lower fee than equity as an asset class. So kind of as the relative growth of fixed income from a flow perspective is higher than equity, that will have an impact.

我認為從組合角度來看，有看跌期權和看漲期權，對吧？我的意思是，股票市場往往會隨著時間的推移而上漲。所以從組合角度來看，這很有幫助。顯然，並非每個時期都如此。隨著我們另類投資業務的成長，這會增加費用，但作為一種資產類別，固定收益的費用明顯低於股票。因此，從流動性角度來看，固定收益的相對成長率高於股票，這將產生影響。

I would say the other impact is overall from a mix perspective, across our retirement date suite, the fee level is less than what it is in equity. So there are a lot of puts and takes here. But in general, I think it's a fair characterization that the areas where we're bringing new assets in have slightly lower fees than the areas where we're facing outflows. It's an important point that -- I really feel that our net of fee value proposition is resonating with clients because we're growing our gross sales on a year-over-year basis.

我想說的是，從組合角度來看，總體而言，在我們整個退休日期週期內，費用水平低於股票。所以這裡有很多看跌期權和看漲期權。但總的來說，我認為我們引入新資產的領域的費用略低於我們面臨資金流出的領域的費用，這是合理的。重要的是——我真心覺得我們的淨費用價值主張引起了客戶的共鳴，因為我們的總銷售額正在逐年增長。

The pressure on flows is elevated redemptions. And as I've said before, we understand kind of what's driving that and kind of ultimately, I think there are things that we can do to mitigate it. But those elevated redemptions are in areas where the fee rate is rich. Again, that's largely active equity and in mutual funds.

資金流的壓力來自於贖回率的上升。正如我之前所說，我們了解造成這種情況的原因，並且最終我認為我們可以採取一些措施來緩解這種情況。但贖回率上升的領域往往是費率較高的領域。這些領域主要是主動型股票和共同基金。

I think it's also worth pointing out that Rob talked about the institutional pricing and how some of these model delivered accounts are more in the institutional pricing space versus retail. We're also serving those clients differently.

我認為還值得指出的是，Rob 談到了機構定價，以及其中一些模型交付帳戶如何更偏向機構定價而非零售定價。我們也為這些客戶提供不同的服務。

So the cost to serve those large institutional accounts at scale is lower than an individual retail account that you would service -- and as well on model delivery, we're not executing or distributing those on behalf of individual clients. So those are costs we don't have to incur that we might in other channels. So it's just worth thinking about the cost to serve as well as the revenue.

因此，大規模服務這些大型機構帳戶的成本低於服務單一零售帳戶的成本——而且在模型交付方面，我們不會代表單一客戶執行或分發這些模型。因此，我們無需像在其他管道那樣承擔這些成本。所以，除了收入之外，我們還需要考慮服務成本。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Good morning. This is Ivory Gall on for Craig. On the call, you've noted you're growing ETF pipeline with your recent ETFs launched in June, and your growth in active ETF has been strong. Is some of the growth cannibalization coming from investors in the legacy funds? Or is it mostly new investors including from channels like RIs where it was tougher to penetrate with a traditional mutual fund.

早安.我是 Ivory Gall，為您帶來 Craig 的節目。在電話會議上，您提到，隨著 6 月新推出的 ETF 的不斷湧現，貴公司的 ETF 儲備正在不斷擴大，而且主動型 ETF 的成長也十分強勁。成長的蠶食部分是來自傳統基金的投資者嗎？也是主要來自新投資者，包括來自 RI 等管道的投資者，因為傳統的共同基金很難滲透這些管道。

Thanks for the question. I'll start. I'd say it's a combination of both. It's difficult for us, in many cases, to see a direct tie from a client moving from one vehicle to another. In many cases, it's someone has left one and then when they reenter the market or rebalance, they're coming back in an ETF rather than a mutual fund format.

謝謝你的提問。我先說說。我覺得兩者兼具。很多情況下，我們很難看到客戶從一個投資工具轉向另一個投資工具，這和投資工具本身沒有直接關係。很多情況下，客戶離開了一個投資工具，然後當他們重新進入市場或進行再平衡時，會選擇ETF而不是共同基金的形式。

Some of the industry data that we've seen would suggest that about 25% of it is clients that move over time and it's recaptured in an ETF format. But I'd say, for us, we see both.

我們看到的一些行業數據表明，其中約25%是客戶隨著時間的推移而轉移，並以ETF的形式重新獲得。但我認為，對我們來說，兩者都有。

I'd just add as well that we did file eight new ETFs this morning, including four in equities and four in fixed income. Two of the equity strategies that we launched the new are probably active core US equity ETF and the T. Rowe Price active core international equity ETF specifically come in at lower price points targeting a part of the market where we have not been active, which we think will be incremental new business for us and we're really excited about what that opportunity could be.

我還要補充一點，我們今天早上提交了八隻新的ETF，包括四隻股票和四隻固定收益ETF。我們新推出的兩隻股票策略可能是主動核心美國股票ETF和普信主動核心國際股票ETF，這兩隻ETF專門以較低的價格定位，瞄準我們先前未涉足的市場領域。我們認為這將為我們帶來新的業務成長，我們對此機會感到非常興奮。

We also launched four new fixed income ETFs, really rounding out our municipal suite, which we're excited about as well in a multi-sector income ETF.

我們也推出了四隻新的固定收益 ETF，真正完善了我們的市政產品系列，我們對多行業收益 ETF 也感到非常興奮。

Yeah, I'd add a handful of things. One, I think we're just scratching the surface on the model opportunity. I think we really do expect momentum to continue to build is the ETF suite built track record, scales and gets platform placement. With the eight that we announced this morning, we have 32 in market with over $16 billion in AUM. And several of those are scaled, I think 11 of them are over $500 million in AUM.

是的，我想補充幾點。首先，我認為我們目前只是觸及了模型機會的表面。我們真正預期的動能持續增強，是因為ETF產品擁有良好的業績記錄、規模化發展以及平台佈局。加上我們今天早上宣布的8隻ETF，我們在市場上的ETF產品總數已達32只，資產管理規模超過160億美元。其中幾隻已經實現了規模化，我認為其中11隻的資產管理規模超過5億美元。

My sense is that much of this is new business that we're reaching RIAs or ETF user that historically would not have used our open-ended mutual funds. I also know that we have platform placements of many of our ETFs with strategies that aren't placed -- where we don't have placement with the mutual funds.

我感覺這其中很大一部分是新業務，我們正在接觸到一些註冊投資顧問（RIA）或ETF用戶，他們過去通常不會使用我們的開放式共同基金。我還知道，我們平台上有很多ETF的配置策略，但這些策略並沒有被配置——我們沒有在共同基金中配置。

So there are certain, whether it's broker-dealers or platforms where we're getting ETF placement where historically, they've not distributed our funds. So I mean that leads me to believe that we're reaching different clients with our ETF suite than we historically have reached with our open-ended 40 Act mutual funds.

所以，無論是券商或是我們進行ETF配售的平台，過去他們從未分銷過我們的基金。所以，我相信，我們透過ETF產品接觸到的客戶與我們過去透過開放式40 Act共同基金接觸到的客戶有所不同。

Ben Budish, Barclays.

巴克萊銀行的本‧布迪什 (Ben Budish)。

Hi, good morning and thank you for taking the question. Rob, in some of the earlier Q&A, you talked a little bit about blockchain and tokenization and you've clearly been doing a lot there on the research side. I'm just curious how about you think about additional opportunities in that space.

大家好，早安，謝謝您回答這個問題。 Rob，在先前的問答環節中，您談到了一些區塊鏈和代幣化，顯然您在研究方面做了很多工作。我很好奇，您如何看待這個領域的其他機會？

We've seen a number of your peers launch crypto ads in ETFs. We've seen a couple of launch tokenized funds. Where do you see the most interesting potential opportunities over the next couple of years as we continue to get more regulatory clarity?

我們看到許多同行在ETF中推出了加密貨幣廣告。我們也看到一些公司推出了代幣化基金。隨著監管越來越清晰，您認為未來幾年最有趣的潛在機會在哪裡？

Yes. I'll take that one. This is Eric. Look, we believe active management and, frankly, operational alpha will play an important role over time in digital asset investing. They are really currently only two digital assets approved for inclusion in retail products, Bitcoin and Ethereum.

是的，我接受這個。我是埃里克。你好，我們相信主動式管理型投資，也坦白說，營運阿爾法值（Operational Alpha）將在數位資產投資中發揮重要作用。目前，只有兩種數位資產獲準納入零售產品，即比特幣和以太坊。

We'd like to see a broader investable universe to generate value for clients. And when that happens, as I said earlier, we're building out the research capabilities to do that. So we're going to continue to monitor the area. We think that there over time will be opportunity there, but we want to do it in a way that's consistent with our core culture of a research-led product.

我們希望看到更廣闊的可投資領域，從而為客戶創造價值。正如我之前所說，當這種情況發生時，我們正在建立研究能力來實現這一目標。因此，我們將繼續關注該領域。我們認為，隨著時間的推移，該領域將蘊藏著機遇，但我們希望以符合我們以研究為主導的產品核心文化的方式來實現這一目標。

Patrick Davitt, Autonomous Research.

戴維特（Patrick Davitt），自主研究。

Hey, good morning, everyone. A follow-up on the model delivery points. Firstly, what kind of drove the shift in thinking on bringing that into AUM, given the fee rates are similar. Could you frame the organic growth of that $9 billion AUM base, given the size of the win in July? And then looking forward, is there now a bigger pipeline of these coming in?

大家早安。關於模型交付點的後續問題。首先，考慮到費率相似，是什麼促使您轉變思路，將其納入AUM？考慮到7月的獲利規模，您能否估算一下90億美元AUM基數的有機成長？然後展望未來，現在是否有更大的管道可以引入這些資金？

Thanks for the question. So I'll start with why we decided now to bring that into AUM. First of all, this was a smaller portion of the business when it started out for us and it's kind of built in slow ways over time. I'd say second, as we think about going forward, we've talked a lot about making sure that we're able to deliver for clients in whatever vehicle makes sense for us. And so we're agnostic in many ways, whether we deliver this in a model delivered format, in an SMA or in a packaged product, if that's what the client prefers.

謝謝你的提問。我先來談談為什麼我們現在決定將其納入AUM。首先，這在我們剛開始的時候只佔業務的一小部分，而且是慢慢累積的。其次，在考慮未來發展時，我們已經多次討論過如何確保能夠以任何對我們有意義的方式為客戶提供服務。因此，我們在許多方面都保持開放態度，無論是以模型交付的形式、SMA（單一市場協議）還是打包產品的形式交付，只要客戶喜歡就行。

So again, I think as the underlying value that we're delivering for the client, even though we're not exercising discretion, that was the line that we used before. We're delivering the same model delivered results that we would deliver if we were executing on an SMA fee is relatively similar.

所以，我再次強調，儘管我們沒有行使自由裁量權，但我認為我們為客戶提供的潛在價值與之前保持一致。我們提供的模式與以SMA收費模式交付的結果相對相似。

So if you think about us, we might get something that's in an SMA or offered in a model, that sale would result one side or the other. We just want to make sure we're giving you a sense for the health of that business and how it's growing over time.

所以，如果你考慮我們，我們可能會得到一些SMA（單一市場協議）或模型中提供的產品，那筆交易可能會帶來某種結果。我們只是想確保讓你了解這項業務的健康狀況以及它隨著時間的推移如何成長。

We were not intending to give the size of the win. You'll see it come into the assets under management when we release in July. So you'll see it in the asset flow number as it comes through built into that number. If others have to add.

我們原本不打算透露獲利規模。 7月份發布財報時，您會看到它計入管理資產。所以，您會在資產流量資料中看到它，因為它已經包含在這個數字中了。如果其他人需要補充的話。

I think it's important, ultimately, that we incorporated into the AUM and flow based because it's a meaningful trend in the market. Particularly in taxable accounts, technologies brought down minimums for SMA and allowed for customization, including tax loss harvesting. And increasingly, it's a vehicle that is preferred across the wealth channel.

我認為，最終重要的是，我們將SMA納入AUM和流量導向，因為這是市場的重大趨勢。尤其是在應稅帳戶中，技術降低了SMA的最低限額，並允許定制，包括稅收損失收集。而且，SMA越來越成為財富管道中更受歡迎的工具。

Similar to ETF, we've been -- we've really prioritized over the last several years building out our SMA capability and offering. So again, as we develop track record and install those capabilities, we think and are seeing additional platform placement. And ultimately, as that grows, it will become a more meaningful and material part of the business.

與ETF類似，過去幾年我們一直非常重視SMA能力的建置和產品服務。因此，隨著我們累積業績並逐步應用這些能力，我們認為並正在看到更多平台的佈局。最終，隨著平台的不斷發展，它將成為我們業務中更有意義、更實質的一部分。

And as Jen noted, the economics -- I mean, we're largely indifferent from an economic perspective or a fee perspective. So we think it's appropriate that we incorporate it into our commentary with regard -- and disclosure with regard to flows and AUM.

正如 Jen 所說，經濟因素——我的意思是，我們基本上對經濟角度或費用角度漠不關心。因此，我們認為將其納入我們關於流量和資產管理規模 (AUM) 的評論和揭露中是合適的。

Maybe just to add from a relative size perspective, we mentioned that at June 30, before this new account came in, we had about $9 billion that would move from AUA to AUM. To put that into context, the SMA business that is already part of AUM is just over $10 billion. So you put those two things together.

或許從相對規模的角度補充一下，我們提到過，截至6月30日，也就是這個新帳戶開通之前，我們大約有90億美元將從AUA轉移到AUM。具體來說，已經包含在AUM中的SMA業務規模略高於100億美元。所以，把這兩件事放在一起比較。

Alexander Blostein, Goldman Sachs.

高盛的亞歷山大·布洛斯坦。

Hey, good morning everybody. Rob, I was hoping to get your latest views on acquisitions for T. Rowe with respect to both thinking about opportunities in the 401(k) channel eventually assuming that's the direction of travel as well as broadly to sort of accelerate organic growth for the platform as a whole.

大家早安。 Rob，我希望了解你對T. Rowe收購的最新看法，既包括對401(k)通路機會的思考，最終假設這是發展方向，也包括從整體上加速整個平台的有機成長。

OHA is obviously there and will be helpful as you sort of think about the 401(k) and the targeted opportunity for privates, but it's relatively narrow. So just curious how you're thinking about extension of that suite of products.

OHA 顯然存在，而且在您考慮 401(k) 計劃和針對私人投資者的定向投資機會時會有所幫助，但它的適用範圍相對較窄。所以，我很好奇您是如何考慮擴展這套產品的。

I'll start and then maybe ask Jen to add her perspective. We have a very, very high bar for M&A. And what we've said is that we don't believe that we need to do acquisitions for scale and that we won't do acquisitions that are disruptive to our ability to deliver on our commitments to our existing client base.

我先開始，然後或許可以請 Jen 補充她的觀點。我們對併購的門檻非常高。我們說過，我們不認為需要透過收購來擴大規模，也不會進行那些會破壞我們履行對現有客戶群承諾能力的收購。

But recognizing that the industry is consolidating, we've had a lot of discussions with our leadership team and with our Board with regard to what our role in industry consolidation would be. And what we've said is that we'll do deals that are culturally aligned, that are consistent with our strategy, that either bring us new capability or allow us to reach or further gain share -- reach new clients or further gain share with our existing client base. And I think if you think about OHA or retiree, both of those are very clear examples of new capabilities and an opportunity to more deeply penetrate client base or reach new clients.

但鑑於行業正在整合，我們與領導團隊和董事會就我們在行業整合中的角色進行了多次討論。我們表示，我們將進行符合我們文化、符合我們策略的交易，這些交易要麼能為我們帶來新的能力，要麼能讓我們獲得或進一步擴大市場份額——接觸新客戶，或進一步提升現有客戶群的份額。我認為，如果您考慮職業健康保險（OHA）或退休人員，這兩個領域都是新能力的明顯例子，也是更深入滲透客戶群或接觸新客戶的機會。

I do think that as we think about our strategy going forward, Retirement is very important. We would like to continue to enhance and evolve our advice capability. We're very, very interested in, again, how kind of customization at scale, can help us deliver investment solutions. So we evaluate a number of different things. But anything that we would do would be ultimately to bring new capability or to help us get closer to our end client.

我確實認為，在我們思考未來策略時，退休非常重要。我們希望繼續提升和發展我們的諮詢能力。我們非常非常感興趣的是，規模化的客製化如何幫助我們提供投資解決方案。因此，我們會評估許多不同的因素。但我們所做的一切最終都是為了帶來新的能力，或是幫助我們更貼近最終客戶。

And it may include any of the things, Alex, that you suggested.

它可能包括您建議的任何內容，亞歷克斯。

Yeah, the only thing I would add is, as Rob mentioned that he was talking about alternatives in DC that increasingly, if the conversations spanned the realm of kind of full acquisition all the way down to some level of minority investment in our partnership. So I think the range of options has certainly increased over time, and so we would consider any of those things to add to capabilities.

是的，我唯一想補充的是，正如Rob提到的，他在華盛頓討論的替代方案越來越多，如果討論的內容涵蓋了從全面收購到對我們合夥企業進行一定程度的少數股權投資的範疇。所以我認為隨著時間的推移，選擇的範圍肯定會擴大，所以我們會考慮任何一種方法來增強能力。

Yeah, I mean as I mentioned earlier, I mean we'll consider whether it's partnering, acquiring or doing thinly, and we've kind of demonstrated the capacity to do each of those in the past.

是的，正如我之前提到的，我們會考慮合作、收購還是精簡，而我們過去已經證明了我們有能力做到這些。

Ken Worthington, JPM.

肯‧沃辛頓，摩根大通。

Hi. Good morning. Thanks for taking the question. It's been five years of outflows in what's been a volatile but generally good period for investing, is organic growth necessary for T. Rowe price over time?

大家好，早安。感謝您回答這個問題。五年來，雖然市場波動較大，但整體而言是投資的好時期，但資金一直外流。請問，T. Rowe 股價的長期有機成長是否必要？

I think, Ken, it's a matter of defining the time frame. But my view is that for us to be a successful and dynamic organization and drive value for our shareholders, create opportunities for our associates and to be able to invest in the capabilities that will allow us to deliver great outcomes for our clients, we need to have some level of organic growth. I don't think that you can exist in perpetuity with a declining base of AUM or at least a declining flow rate.

肯，我認為這是一個時間框架的問題。但我認為，為了成為一個成功且充滿活力的組織，為股東創造價值，為員工創造機會，並能夠投資於那些能讓我們為客戶帶來卓越成果的能力，我們需要實現一定程度的有機成長。我認為，在資產管理規模（AUM）基數下降或至少流量下降的情況下，你不可能永遠生存下去。

I mean to some extent, I guess that would depend on what the market return looked like and what the fee rate. I mean the arithmetic is pretty straightforward. But philosophically, I don't think as -- I don't think our leadership team would be happy with a multiyear outlook that didn't give us a path to getting back to organic growth.

我的意思是，在某種程度上，我想這取決於市場回報率和費率。我的意思是，計算起來很簡單。但從哲學角度來看，我認為──我們的領導團隊不會對一個沒有為我們指明恢復有機成長之路的多年期前景感到滿意。

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

我們的問答環節和今天的電話會議到此結束。感謝您的參與。現在您可以斷開連線了。