普信集團 (TROW) 2025 Q3 法說會逐字稿

Good morning. My name is Daniel, and I will be your conference facilitator today. Welcome to T. Rowe Price's third-quarter 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，今天我將擔任你們的會議主持人。歡迎參加 T. Rowe Price 2025 年第三季財報電話會議。（操作員說明）提醒各位，本次通話正在錄音，通話結束後不久即可在 T. Rowe Price 的網站上重播。

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

現在我將把電話交給 T. Rowe Price 的投資者關係總監 Linsley Carruth。

Hello, and thank you for joining us today for our third-quarter earnings call. The press release and the supplemental materials documents can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes.

大家好，感謝各位今天參加我們的第三季財報電話會議。新聞稿和補充資料可在我們的投資者關係網站 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, will be joined by Head of Global Investments, Eric Veiel. We ask that you limit it to one question per participant.

我們的董事長、執行長兼總裁羅伯夏普斯和財務長珍達迪斯將討論公司業績約 15 分鐘。接下來我們將開放提問環節，屆時全球投資主管艾瑞克維爾也將加入討論。我們要求每位參與者只能提一個問題。

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. Discussions related to the funds is intended to demonstrate their contribution 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 September 30, 2025.

我想提醒各位，在本次電話會議期間，我們可能會做出一些前瞻性陳述，並提及某些非GAAP財務指標。請參閱補充資料中的前瞻性聲明語言以及與 GAAP 的調節表，以及我們的新聞稿和 10-Q 表格。與資金相關的討論旨在說明這些資金對組織成果的貢獻，而不是提出建議。今天電話會議上所有關於投資績效與同業群體的比較均採用晨星同業群體數據，並參考截至 2025 年 9 月 30 日的季度數據。

I'll now turn it over to Rob.

現在我把麥克風交給羅布。

Thank you, Linsley, and thank you for joining today's call. Third-quarter returns were strong across equity markets with concentration in mega cap growth sectors remaining near peak levels. We reached an end-of-period high of $1.77 trillion in assets under management as of September 30 and created an opportunity to bring innovative new solutions to market for our clients, with our recently announced strategic collaboration with Goldman Sachs. I'll talk in more detail about this collaboration in a minute, but first, I'll share an update on investment performance.

謝謝你，林斯利，也謝謝你參加今天的電話會議。第三季股市整體表現強勁，大型成長型板塊的集中度仍接近高峰。截至 9 月 30 日，我們的資產管理規模達到 1.77 兆美元，創下期末新高。透過最近宣布與高盛集團的策略合作，我們為客戶創造了將創新解決方案推向市場的機會。稍後我會更詳細地談談這次合作，但首先，我想分享一下投資績效的最新情況。

Our long-term investment performance is solid with 50% or more of our funds beating their peer groups on the 3-, 5- and 10-year basis. On an asset-weighted basis, results were stronger with 64%, 57% and 78% of our fund assets beating their peer groups on the 3-, 5-, and 10-year basis.

我們的長期投資表現穩健，50% 或以上的基金在 3 年、5 年和 10 年的表現均優於同類基金。以資產加權計算，業績表現更為強勁，我們基金資產中有 64%、57% 和 78% 在 3 年、5 年和 10 年的業績上均優於同類基金。

While we have always believed that focusing on the long term is the right lens for investment performance, I want to call out improvement in our one-year numbers with 53% of fund assets now beating their peer groups. We're encouraged by this improvement and the momentum we are building.

雖然我們一直認為專注於長期績效才是衡量投資績效的正確視角，但我還是要特別指出，我們一年期的表現有所改善，目前 53% 的基金資產表現優於同類基金。這項進步以及我們正在建立的勢頭令我們倍感鼓舞。

I'd like to share a few other highlights. On an asset-weighted basis, over half of our equity fund assets beat their peer groups for the one-, three- and five-year time periods and over 70% beat their peers over 10 years. Fixed income performance is even stronger with over 70% of fund assets beating their peer groups in all reported time periods.

我還想分享一些其他亮點。以資產加權計算，我們超過一半的股票基金資產在一年、三年和五年期間的表現優於同類基金，超過 70% 的股票基金資產在十年期間的表現優於同類基金。固定收益表現更為強勁，超過 70% 的基金資產在所有報告期間內均跑贏同類基金。

In our target date franchise, 81%, 71%, and 98% of fund assets beat their peer groups on a 3-, 5- and 10-year basis. One-year results were weaker with 43% of target date fund assets beating their peers as underlying security selection in some of the equity building blocks impacted performance.

在我們的目標日期基金系列中，分別有 81%、71% 和 98% 的基金資產在 3 年、5 年和 10 年的業績上跑贏了同類基金。一年期業績表現疲軟，僅有 43% 的目標日期基金資產跑贏同類基金，原因是部分股票構建模組的基礎證券選擇影響了業績。

Across alternatives, performance in senior direct lending strategies was strong and distressed mandates outperformed their targets. Liquid credit strategies generally performed in line with their benchmarks, while results in certain opportunistic funds were modestly below target. Importantly, individual credit selection continue to be strong, and portfolios did not have any exposure to the high-profile credit issues that have dominated headlines.

在各種另類投資中，高級直接貸款策略表現強勁，不良資產投資策略的表現也超過了預期目標。流動性信貸策略整體表現符合其基準，而某些機會型基金的表現略低於預期。重要的是，個別信貸選擇依然穩健，投資組合沒有受到佔據新聞頭條的高調信貸問題的影響。

While private credit deployment was roughly similar with the prior quarter, there was a noticeable acceleration in deal activity leading to a more robust pipeline of pending transactions. I'd like to spend a few minutes on our strategic collaboration with Goldman Sachs, a collaboration that aims to deliver a range of diversified public and private market solutions designed for the unique needs of retirement and wealth investors.

雖然私人信貸部署與上一季大致相似，但交易活動明顯加速，從而形成了更強勁的待處理交易管道。我想花幾分鐘時間談談我們與高盛的策略合作，這項合作旨在提供一系列多元化的公共和私人市場解決方案，以滿足退休和財富投資者的獨特需求。

Initially, we will focus on four areas: a co-branded sister series for the Target Date franchise, model portfolios, multi-asset offerings, and personalized advice solutions and adviser managed accounts. Given that the sister series for the Target Date franchise and the retirement opportunity have been covered broadly since the announcement, I thought I would focus on the products we're designing for the wealth channel, starting with model portfolios.

最初，我們將專注於四個領域：目標日期系列的聯名姊妹系列、模型投資組合、多元資產產品、個人化建議解決方案和顧問管理帳戶。鑑於目標日期系列產品和退休機會的姊妹系列自發布以來已得到廣泛報道，我想重點介紹我們正在為財富管道設計的產品，首先從模型投資組合開始。

We are developing a co-branded series of asset allocation model portfolios with alternative investment allocations with plans underway to be on the first platform before year-end, followed by other platforms in 2026. Goldman Sachs will be the adviser, providing tactical and strategic allocation for the models and some of the underlying products. OHA will provide the private credit exposure and T. Rowe Price will provide the balance of the other underlying products.

我們正在開發一系列聯合品牌的資產配置模型投資組合，採用另類投資配置，計劃在年底前上線第一個平台，隨後在 2026 年上線其他平台。高盛將擔任顧問，為模型和一些基礎產品提供戰術和策略配置。OHA 將提供私人信貸敞口，而 T. Rowe Price 將提供其他基礎產品的剩餘部分。

We are also working on multi-asset public private market solutions that will allow advisers to easily incorporate alternative investments into their clients' portfolios. The first two offerings, a public private equity strategy and a multi-alternative strategy, are expected to launch by mid-2026. T. Rowe Price will be the adviser on these solutions, which will incorporate capabilities from T. Rowe Price, OHA, and Goldman Sachs.

我們也正在開發多元資產公私市場解決方案，讓顧問能夠輕鬆地將另類投資納入客戶的投資組合。首批兩項產品，即公開私募股權投資策略和多元另類投資策略，預計將於 2026 年年中推出。T. Rowe Price 將擔任這些解決方案的顧問，這些解決方案將整合 T. Rowe Price、OHA 和高盛的能力。

Moving to our third focus area. We will offer a managed account platform for independent advisers so they can deliver participant advice in plans on T. Rowe Price's recordkeeping platform and for retirement savers out of plan in the latter half of 2026. These personalized accounts will combine T. Rowe Price's investment and advice capabilities and Goldman Sachs Asset Management's digital planning and personalized management account technology, enabling independent advisers to manage individual accounts at scale. These solutions will include allocations to both T. Rowe Price and Goldman Sachs products.

接下來，我們進入第三個重點領域。我們將於 2026 年下半年為獨立顧問提供管理帳戶平台，以便他們能夠為 T. Rowe Price 記錄保存平台上的計劃參與者和計劃外的退休儲蓄者提供建議。這些個人化帳戶將結合 T. Rowe Price 的投資和諮詢能力以及高盛資產管理的數位化規劃和個人化管理帳戶技術，使獨立顧問能夠大規模地管理個人帳戶。這些解決方案將包括對 T. Rowe Price 和高盛產品的配置。

Finally, and as I mentioned at the start, the co-branded sister series for the Target Date franchise, which will include allocations to T. Rowe Price public equities and fixed income, OHA private credit and other alternatives from Goldman Sachs, has received significant attention. Work is ongoing, and we expect to launch in mid-2026. We believe that exposure to high-quality alternatives at the right price in professionally managed retirement accounts can improve results for retirement savers by providing diversified sources of returns. And we believe our co-branded Target Date series will be a highly competitive solution in the marketplace.

最後，正如我在開頭提到的，Target Date 系列的聯名姊妹系列受到了廣泛關注，該系列將包括對 T. Rowe Price 公開股票和固定收益、OHA 私募信貸以及高盛其他另類投資的配置。相關工作正在進行中，預計 2026 年中推出。我們相信，透過專業管理的退休帳戶，以適當的價格投資高品質的另類投資產品，可以提供多元化的收益來源，從而改善退休儲戶的收益。我們相信，我們共同推出的 Target Date 系列產品將成為市場上極具競爭力的解決方案。

Before I hand it to Jen, I want to share a few additional highlights from the quarter. We introduced two new retirement allocation funds with a strategic partner in Asia, marking the first time a US asset manager is making retirement-focused products available to retail investors in Hong Kong and Singapore. We continue to grow our ETF business, with $19 billion in AUM as of September 30. 12 of our ETF surpassed $500 million with 5 reaching over $1 billion.

在把稿子交給Jen之前，我想分享一下本季的一些其他亮點。我們與亞洲的策略夥伴推出了兩隻新的退休配置基金，這標誌著美國資產管理公司首次向香港和新加坡的零售投資者提供以退休為重點的產品。我們的 ETF 業務持續成長，截至 9 月 30 日，資產管理規模達 190 億美元。其中 12 檔 ETF 的規模超過 5 億美元，5 檔超過 10 億美元。

Together with the International Finance Corporation, a member of the World Bank Group, we launched the emerging markets Blue Economy bond strategy, aiming to address water challenges by investing in corporate blue bonds in emerging markets. With over $200 million in commitments from partners, the strategy supports projects such as clean water infrastructure.

我們與世界銀行集團成員國際金融公司共同推出了新興市場藍色經濟債券策略，旨在透過投資新興市場的企業藍色債券來應對水資源挑戰。該策略獲得了合作夥伴超過 2 億美元的承諾，用於支持清潔水基礎設施等項目。

And we hosted our inaugural investor development program, a week-long investment training program for large strategic clients. Over the course of a week, we provided insight into our investment process and research platform, while also gaining a better understanding of what matters to them as clients.

我們還舉辦了首屆投資者發展計劃，這是一個為期一周的投資培訓計劃，面向大型策略客戶。在一週的時間裡，我們向他們詳細介紹了我們的投資流程和研究平台，同時也更了解了他們作為客戶最關心的問題。

We are focused on delivering excellent investment performance while partnering more closely with our clients and developing broader solutions that meet their financial objectives. At the same time, we are running our business efficiently and keeping pace with the change in our industry.

我們致力於提供卓越的投資業績，同時與客戶建立更緊密的合作關係，並開發更廣泛的解決方案以滿足他們的財務目標。同時，我們有效率地經營業務，並與產業變化保持同步。

I want to thank our dedicated and talented associates for their continued work on behalf of our clients. And with that, I will ask Jen to share an update on the third-quarter financial results.

我要感謝我們敬業且才華橫溢的同事們，感謝他們一直以來為我們的客戶所做的工作。接下來，我將請Jen介紹一下第三季的財務表現。

Thanks, Rob, and hello, everyone. I'll review our third-quarter results before opening the line for questions. Our adjusted diluted earnings per share of $2.81 for Q3 2025 is up over the prior quarter and Q3 2024 from higher revenue driven by higher average AUM. As previously reported, we had $7.9 billion of net outflows in Q3. Outflows in our retail and intermediary channels were partially offset by several large institutional wins.

謝謝羅布，大家好。在開放提問環節之前，我會先回顧我們第三季的表現。我們 2025 年第三季的調整後稀釋每股收益為 2.81 美元，高於上一季和 2024 年第三季度，主要原因是平均資產管理規模 (AUM) 增加，從而帶動收入成長。正如之前報導的那樣，第三季度我們出現了 79 億美元的淨流出。我們的零售和中介通路資金外流被幾筆大型機構客戶的成功交易部分抵銷。

This quarter, we saw strong net inflows for our US equity research strategy from multiple clients, including a large SMA model delivery win in July that we mentioned last quarter. However, US equities overall continue to drive net outflows.

本季度，我們的美國股票研究策略獲得了來自多個客戶的強勁淨流入，其中包括我們在上個季度提到的 7 月份贏得的一筆大型 SMA 模型交付訂單。然而，美國股市整體上仍是資金淨流出的主要驅動因素。

Fixed income, multi-asset and alternatives had positive net flows this quarter and we also saw positive net flows from clients in EMEA and APAC. Fixed income included a large institutional win for our global multisector bond strategy. Our Target Date franchise had $2.6 billion of net inflows as our blend products continue to generate strong client demand. And within our growing ETF business, we saw nearly $2 billion of net inflows into our products.

本季固定收益、多元資產和另類投資均實現了正淨流入，我們也看到來自歐洲、中東和非洲以及亞太地區的客戶實現了正淨流入。在固定收益方面，我們的全球多產業債券策略獲得了一筆大額機構投資者的收益。由於我們的混合產品持續產生強勁的客戶需求，我們的目標日期特許經營業務淨流入 26 億美元。在我們不斷成長的 ETF 業務中，我們看到近 20 億美元的資金淨流入我們的產品。

Investment advisory fees of $1.7 billion were up over 4% from Q3 2024 and over 8% from the prior quarter on higher average AUM. Adjusted deferred carried interest revenue of $56.2 million was up from the prior quarter, reflecting higher relative investment returns.

投資諮詢費為 17 億美元，比 2024 年第三季成長超過 4%，比上一季成長超過 8%，主要原因是平均資產管理規模 (AUM) 增加。經調整後的遞延收益分成營收為 5,620 萬美元，較上一季有所成長，反映出相對投資回報較高。

In Q3, we began including SMA model delivery assets in our reported AUM. As a result, related revenue is now reported as investment advisory fees. This change was the primary driver behind the decline in administrative, distribution, service, and other fees from prior quarters.

第三季度，我們開始將SMA模式交付資產納入我們報告的資產管理規模。因此，相關收入現在被計入投資諮詢費。這項變更是導致行政費、分銷費、服務費和其他費用較前幾個季度下降的主要原因。

Total adjusted revenues of $1.9 billion were up 6% over Q3 2024 and up almost 10% from the prior quarter. The Q3 effective fee rate, excluding performance-based fees of 39.1 basis points was down from Q2 2025 due to the continued shift to lower-priced vehicles and strategies. This is driven primarily by ongoing outflows in US equities and mutual funds, which have higher than average fees and the growth of our Target Date Trust and the [blend] series.

經調整後的總收入為 19 億美元，比 2024 年第三季成長 6%，比上一季成長近 10%。由於持續轉向價格較低的工具和策略，第三季實際費率（不包括 39.1 個基點的績效費）較 2025 年第二季下降。這主要是由於美國股票和共同基金的資金持續外流（這些基金的費用高於平均水平），以及我們的目標日期信託和[混合]系列的增長所致。

Turning to expenses. Q3 2025 adjusted operating expenses of $1.1 billion were up a little over 3% from Q3 2024, largely from higher technology and depreciation costs, but down 1.1% from the prior quarter on lower compensation and related costs and lower advertising and promotional expenses. We continue to expect 2025 adjusted operating expenses, excluding carried interest expense, to be up 2% to 4% over 2024, $4.46 billion.

接下來談談費用。2025 年第三季調整後的營運支出為 11 億美元，比 2024 年第三季成長略高於 3%，主要原因是技術成本和折舊成本增加；但比上一季下降 1.1%，原因是薪資及相關成本降低以及廣告和促銷支出減少。我們繼續預期 2025 年調整後的營運支出（不包括附帶權益支出）將比 2024 年成長 2% 至 4%，達到 44.6 億美元。

Similar to recent years, in Q4, we anticipate increases in our long-term incentive compensation expense, reflecting the timing of our annual grants in December and seasonally higher advertising and promotional and G&A expenses. These increases will not carry into the Q1 2026 run rate.

與往年類似，我們預計第四季度長期激勵薪酬支出將會增加，這反映了我們每年 12 月份的年度獎勵發放時間以及季節性較高的廣告、促銷和一般管理費用。這些成長不會延續到 2026 年第一季的運行速度。

As we discussed last quarter, we developed a broad and ongoing expense management program that will allow us to continue investing in our future, while keeping our controllable expense growth rate in the low single digits in 2026 and 2027. We have taken several steps to execute on this plan, including eliminating a number of roles across the firm in July, and outsourcing and expanding some of our technology capabilities through trusted vendor partnerships. As a result, headcount as of September 30 is down 4% from December 31, 2024.

正如我們上個季度所討論的，我們制定了一項廣泛而持續的費用管理計劃，這將使我們能夠繼續投資未來，同時將2026年和2027年的可控費用增長率保持在個位數低位。為了執行這項計劃，我們採取了多項措施，包括在 7 月裁減公司內部的一些職位，並透過與值得信賴的供應商合作，外包和擴展我們的一些技術能力。因此，截至 2024 年 9 月 30 日，員工人數比 2024 年 12 月 31 日減少了 4%。

In Q3, we incurred $28.5 million in nonrecurring costs, primarily severance and related compensation associated with these actions. These onetime costs were excluded from our adjusted operating expenses. The reduction in average headcount also contributed to a decline in compensation, benefits and related costs to $632.5 million in Q3 compared to prior quarters.

第三季度，我們產生了 2,850 萬美元的非經常性成本，主要是與這些行動相關的遣散費和相關補償。這些一次性成本已從我們調整後的營運費用中剔除。平均員工人數的減少也導致第三季薪資、福利及相關成本下降至 6.325 億美元，與前幾季相比有所下降。

We have also identified several opportunities to better manage our real estate portfolio, including transitioning over time from owning to leasing certain properties. In some smaller locations, we will also transition to serviced offices.

我們還發現了一些更好地管理我們房地產投資組合的機會，包括隨著時間的推移，將某些房產從擁有過渡到租賃。在一些較小的地點，我們也將過渡到服務式辦公室。

As part of this effort, we've made the decision to exit two of the six buildings on our Owings Mills campus, which are currently unoccupied. This will result in a nonrecurring charge of approximately $100 million in Q4, which will be excluded from our non-GAAP measures.

作為這項工作的一部分，我們決定撤出位於歐文斯米爾斯校區的六棟建築中的兩棟，這兩棟建築目前無人居住。這將導致第四季度產生約 1 億美元的非經常性支出，該支出將從我們的非 GAAP 指標中排除。

Looking at capital management. Our financial position remains strong with over $4.3 billion in cash and discretionary investments on our balance sheet. As a reminder, the third quarter is often a high watermark for cash prior to paying our variable compensation in December. We bought back $158 million worth of shares during the third quarter, bringing buybacks through September 30 to $484 million or 4.8 million shares.

著眼於資本管理。我們的財務狀況依然穩健，資產負債表上擁有超過 43 億美元的現金和可自由支配的投資。提醒一下，第三季通常是現金流的高峰期，之後我們會在 12 月支付浮動薪酬。我們在第三季回購了價值 1.58 億美元的股票，截至 9 月 30 日，股票回購總額達到 4.84 億美元，即 480 萬股。

Notably, this figure is twice the number of shares repurchased in the full year 2023. We continued to buy back in October and have surpassed $525 million worth of shares year to date.

值得注意的是，這一數字是 2023 年全年回購股份數量的兩倍。10月我們繼續買進股票，今年迄今已累計買進價值超過5.25億美元的股票。

We're pleased with the progress we have made to advance several initiatives in our ongoing expense management program, allowing us to better align our revenue and expense growth and preserve capacity to attract and retain talent, enhance our client experience, and invest in strategic growth opportunities. And now I'll ask the operator to open the line for questions.

我們很高興在持續推進費用管理計劃的幾項舉措方面取得了進展，這使我們能夠更好地協調收入和支出增長，並保持吸引和留住人才、提升客戶體驗以及投資戰略增長機會的能力。現在我請接線生開通提問專線。

(Operator Instructions) Michael Cyprys, Morgan Stanley.

（操作說明）邁克爾·西普里斯，摩根士丹利。

I wanted to ask about digital assets, I saw that you filed for a multi token crypto ETF. So I was hoping you could talk about how you see crypto fitting into client portfolios, how you're seeing demand trends evolve. And if you could talk about your strategy, aspirations and the steps that you are taking in the digital asset space? Thank you.

我想諮詢數位資產方面的問題，我看到你們申請了多代幣加密 ETF。所以我希望您能談談您如何看待加密貨幣在客戶投資組合中的定位，以及您如何看待需求趨勢的演變。如果您能談談您的策略、願景以及您在數位資產領域正在採取的措施，那就太好了？謝謝。

Yeah. Michael, this is Eric. I'll be happy to take that question. We started on the journey in digital assets back in 2022, working on our investment capabilities with the premise that the digital asset space will have both operational and investment alpha available there. And we've been focusing on building our expertise internally before launching a product, investing a small amount of our internal seed capital across multiple tokens and blockchains, really using our own fit-for-purpose digital asset platform.

是的。邁克爾，這位是埃里克。我很樂意回答這個問題。早在 2022 年，我們就開始涉足數位資產領域，致力於提升我們的投資能力，因為我們相信數位資產領域將同時帶來營運和投資上的超額收益。在推出產品之前，我們一直專注於內部專業知識的積累，將少量內部種子資金投資於多個代幣和區塊鏈，真正利用我們自己的、適合用途的數位資產平台。

The ETF that we're going to launch technically in ETP, we're confident will be an important building block across different parts of the value chain for our clients. Ultimately, we're a solutions provider. And we think that digital assets will be a growing part of what clients are interested in and will play a role in different portfolios. Our team, our multi-asset team has studied momentum, volatility, tail risk characteristics of these assets, and we think it will be a part of these portfolios over time.

我們即將推出的這款 ETF（技術上屬於 ETP 範疇）我們相信將成為我們客戶價值鏈各個環節的重要組成部分。歸根結底，我們是解決方案提供者。我們認為，數位資產將成為客戶越來越感興趣的部分，並在不同的投資組合中發揮作用。我們的團隊，我們的多元資產團隊，已經研究了這些資產的動量、波動性和尾部風險特徵，我們認為隨著時間的推移，它將成為這些投資組合的一部分。

In terms of demand, it's certainly growing. We see it when we talk to advisers and gatekeepers. And so we're really happy to be a part of it and think that we've got something innovative here.

就需求而言，它肯定是在成長。我們在與顧問和把關人交談時就能感受到這一點。所以我們很高興能參與其中，並認為我們在這裡創造了一些創新的東西。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Rob, you gave some helpful detail on the partnership with Goldman Sachs in your prepared remarks. I was wondering if you could unpack a little bit more -- any details you can share on the economic arrangements, T. Rowe will be acting as an adviser. There will be some OHA credit assets. I know it's probably still early, perhaps those discussions are still ongoing, and it will obviously be some time before these products launch. But anything you can share there in terms of how we should think about the ultimate economic impact given an assumed level of flows would be helpful. Thank you.

羅布，你在事先準備好的演講稿中詳細介紹了與高盛的合作關係。我想請您再詳細說明一下—關於經濟安排，您能否分享一些細節？ T. Rowe 將擔任顧問。會有一些 OHA 信貸資產。我知道現在可能還為時過早，相關討論或許仍在進行中，而且這些產品顯然還需要一段時間才能上市。但如果您能分享一些關於在假定的資金流動水平下我們應該如何思考最終經濟影響方面的見解，那將非常有幫助。謝謝。

Sure. I'm not going to get into the specifics with regard to the economics for obvious reasons. I will say that the economics are balanced and equitable and appropriately incent both our team and Goldman to put resources behind the collaboration. I think the collaboration really will feature strong capabilities across a range of liquid public and private market alternative offerings including capabilities from OHA. OHA private credit is incorporated into the offerings across wealth and retirement.

當然。出於顯而易見的原因，我不會深入探討具體的經濟問題。我想說的是，經濟方面的考量是平衡且公平的，能夠適當地激勵我們的團隊和高盛雙方投入資源支持這項合作。我認為這項合作將真正展現出在流動性強的公共和私人市場另類投資產品方面的強大能力，包括來自 OHA 的能力。OHA 私人信貸已納入財富管理和退休產品系列。

So kind of overall, I would characterize the economics as balanced. And I'm really enthusiastic about this opportunity. I think Goldman is going to be a great partner. They do bring strong capabilities and returns across a range of private market alternative offerings. They bring complementary distribution. They bring additional expertise around things like advice and technology.

總的來說，我認為當前的經濟狀況是平衡的。我對這個機會感到非常興奮。我認為高盛將會是個很棒的合作夥伴。它們在各種私募市場另類投資產品中都展現了強大的能力和回報。它們帶來了互補的分銷管道。他們帶來了諮詢和技術等方面的專業知識。

In terms of your question with regard to who will be the adviser. On the sister series, T. Rowe Price will be the adviser. On the multi-asset solutions, T. Rowe Price will be the adviser. On the model accounts, Goldman Sachs will be the adviser, and we'll work together on the advice offerings.

關於您提出的誰將擔任顧問的問題。在姊妹劇集中，T. Rowe Price 將擔任顧問。在多元資產解決方案方面，T. Rowe Price 將擔任顧問。在模擬帳戶中，高盛將擔任顧問，我們將共同合作提供諮詢服務。

I might just add from a timing perspective, we're moving at pace. A lot of the discussion -- we had a lot of the discussions ahead of time on product construction and how the fees might work. And so we're moving at pace to try to get some of the first offerings into market over the next six months. Obviously, those take time to scale, but we are moving at pace.

我還要補充一點，從時間安排的角度來看，我們正在快速前進。我們事先就產品結構和費用運作方式進行了許多討論。因此，我們正在加快步伐，爭取在未來六個月內將首批產品推向市場。顯然，這些都需要時間才能擴大規模，但我們正在快速前進。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Rob, I was hoping you could just talk a little bit more broadly about flows and kind of trends. We obviously have the seasonal impacts going into year-end and maybe how that might transpire in terms of the near-term momentum. But also then looking into next year, you've highlighted improving performance. I guess, areas where you think there could be emerging strength and then obviously, the US equity headwinds, do you see that persisting at a similar rate as you look ahead? Or is there some changes underneath that maybe are a little more encouraging?

羅布，我希望你能更廣泛地談談市場流動和趨勢。顯然，年底的季節性因素會對市場產生影響，而這可能會對近期的發展動能產生影響。但展望明年，您也強調了提高業績的重要性。我想問的是，您認為哪些領域可能會出現新的成長點？當然，美國股市也面臨逆風，您認為展望未來，這種逆風會以類似的速度持續下去嗎？或者，底層隱藏著一些更令人鼓舞的改變？

Yeah, Dan, thanks for the question. A number of puts and takes. At this point, our outlook for Q4 flows is weaker at the margin. The month of October is looking more like August than July or September. And the weakness can largely be attributed to higher redemptions in equities.

是的，丹，謝謝你的提問。多次出手和拿下。目前來看，我們對第四季資金流動的預期略顯疲軟。十月看起來更像八月份，而不是七月或九月。而這種疲軟態勢很大程度上可以歸因於股票贖回量的增加。

We're seeing rebalancing after strong equity market returns. I think given the concentration of returns and the benefit to the cap-weighted benchmarks, it's continued to drive passive share gains. And our institutional pipeline right now is softer than it's been when we've given updates in previous quarters.

我們看到，在股市強勁反彈後，市場正在重新平衡。我認為，鑑於收益集中度以及對市值加權基準的利好，它持續推動被動型股票上漲。目前我們的機構融資管道比我們之前幾季發布更新時的情況要疲軟。

To your point about kind of some of the positives, I think there are a number of positives. From a gross sales perspective, our gross sales were up substantially in the quarter relative to Q3 '24, and we're up in every channel. As Jen pointed out in her prepared remarks, we've had strong flows year to date in Retirement Date fund, in global fixed income. I would say our suite of ETFs and SMA are also building momentum. In alternatives, OHA is having a record capital raising year with particular success in private credit.

關於你提到的某些積極方面，我認為確實有一些積極方面。從銷售總額來看，本季我們的銷售總額較 2024 年第三季大幅成長，且每個通路的銷售額都有所成長。正如Jen在她準備好的演講稿中指出的那樣，今年以來，退休日期基金和全球固定收益領域的資金流入強勁。我認為我們的一系列 ETF 和 SMA 產品也正在積蓄力量。另類投資方面，OHA 今年的融資額創下歷史新高，尤其是在私募信貸方面取得了巨大成功。

They have raised over $6 billion of gross capital commitments in the quarter on an unlevered basis. Kind of ultimately, that will convert to flow and fee basis AUM as they selectively deploy it.

本季度，他們以無槓桿方式籌集了超過 60 億美元的總資本承諾。從某種意義上說，最終這將轉化為基於流量和費用的資產管理規模，因為他們會選擇性地部署它。

So I think there are a number of positives. But I would say in the near to intermediate term, those need to continue to build and become a bigger portion of the book, before we get to a point that growth in those areas will be significant enough to offset what we're seeing from an equity redemption perspective.

所以我認為這其中有很多積極的方面。但我認為，在中短期內，這些領域需要繼續發展壯大，並在帳簿中佔據更大的比例，才能使這些領域的成長足以抵消我們從股權贖回角度看到的情況。

Craig Seigenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

We have a follow-up on the potential migration of privates into 401(k)s in your newly formed partnership with Goldman. So I heard your commentary that a co-branded sister series will be launched very soon. But when will you start marketing these strategies to DC plan sponsors, both via your DCIO relationships and also with plans where T. Rowe Price is the record keeper? And from your recent conversations with clients, do you have an idea of the level of substituting that you would expect with the new strategy from your legacy target date strategies?

我們想跟進一下您與高盛新成立的合作關係中私人投資者可能遷移到 401(k) 計劃的情況。我聽您說過，很快就會推出聯名姊妹系列。但是，您何時開始向 DC 計劃發起人推廣這些策略，既包括透過您與 DCIO 的關係，也包括透過 T. Rowe Price 擔任記錄保管人的計劃？從您最近與客戶的交流來看，您是否了解新策略與您原有的目標日期策略相比，預計會出現多大的替代程度？

So in terms of timing, the sister series will be launched in collective trust. And ultimately, the launch will coincide with the initial client. Look, in terms of interest, our engagement with clients suggest that they understand and embrace the investment case. But fees and fiduciary risk remain a very meaningful concern.

因此，就時間安排而言，這部姊妹劇集將在大家的共同信任下推出。最終，產品發布將與首批客戶同時進行。從興趣方面來看，我們與客戶的互動顯示他們理解並接受了這個投資理念。但費用和信託風險仍然是非常重要的考量。

So I would say particularly among large plan sponsors where ERISA is a meaningful consideration, this is going to develop slowly, and a lot will depend on what we hear in response to the executive order from the DOL and the SEC coming at some point after the first of the year.

因此，我認為，尤其是在《僱員退休收入保障法》(ERISA) 是一個重要考慮的大型計劃發起人中，這種情況的發展將會很緩慢，而且很大程度上取決於我們從勞工部和證券交易委員會在新年過後某個時候發布的行政命令中聽到的回應。

I think to the extent that you get clarity from a Safe Harbor perspective, interest will build in time, but my sense is that that uptake will be relatively slow at the outset. Our objective with the sister series is to be in market with a best-in-class product, building and demonstrating track records. So ultimately, as enthusiasm for this builds, we have something that can be a leader in the market.

我認為，隨著人們對「安全港」概念的理解不斷加深，隨著時間的推移，人們的興趣也會逐漸增長，但我的感覺是，這種接受度在初期會相對較低。我們推出此系列產品的目標是憑藉一流的產品進入市場，並建立和展示良好的業績記錄。所以最終，隨著人們對這項技術的熱情不斷高漲，我們將擁有一個能夠成為市場領導者的產品。

Ken Worthington, J.P. Morgan.

Ken Worthington，摩根大通。

Can you help us better gauge the potential sales you could generate from the three strategies you highlighted this morning? I think it's the co-branded, the public private and the managed account. I would think that the addressable market for these three are substantial. But if we look at a few years, what does success look like in terms of assets under management from these products?

您能否幫助我們更好地評估您今天早上重點介紹的三種策略可能帶來的潛在銷售？我認為是聯合品牌帳戶、公私合營帳戶和管理帳戶。我認為這三款產品的潛在市場相當大。但如果我們把時間跨度延長幾年，從這些產品的資產管理規模來看，成功又是什麼樣子呢？

Are we talking success looking like a couple of billion? Could it be far greater than that if we look at a couple of years? Help us sort of size what you're thinking with these three, I don't know, strategies.

我們說的成功是指擁有幾十億的財富嗎？如果把時間範圍擴大幾年，結果會不會比這大得多？請用這三種策略來幫助我們大致了解你的想法。

Yeah. Ken, as you point out, wealth and retirement are very large markets. We think these are well designed and compelling solutions. And in time, I would say our aspirations are meaningfully greater than a couple of billion dollars. I would caution you that we'll be launching them with the first model product available in market late this year but throughout the course of next year.

是的。肯，正如你所指出的，財富和退休市場是非常大的市場。我們認為這些都是設計精良且引人注目的解決方案。隨著時間的推移，我認為我們的目標遠遠不止幾十億美元。我要提醒各位，我們將在今年晚些時候，也就是明年全年，推出首款產品。

And ultimately, we'll have to build track record. We'll have to build scale. We'll have to get placement on platforms. But I would be really disappointed if you used a three-year time horizon if we'd only raised in these strategies a couple of billion dollars. I think my ambitions would be significantly greater than that.

最終，我們必須建立起良好的業績記錄。我們需要擴大規模。我們需要在平台上獲得曝光機會。但如果你以三年為時間跨度來衡量，而我們透過這些策略只籌集了幾十億美元，我會非常失望。我認為我的抱負遠不止於此。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

I appreciate the commentary. Just coming back to expenses a little bit. Just sort of wondering, as we look into next year, obviously, a really good belt tightening quarter this quarter. Can you maybe frame out some of the savings you could see on the real estate side? Or maybe just if you want to frame it out relative to the 2% to 4% growth rate that you still anticipate for this year? Thank you.

感謝您的評論。再稍微回到開支方面。我只是在想，展望明年，顯然，本季將會是一個非常嚴格的節約開支的季度。您能否列舉一下您在房地產方面可以節省的一些費用？或者，您是否想將其與您預計今年仍將保持的 2% 至 4% 的成長率進行比較？謝謝。

Thanks for the question. I'll start in. So we did say as part of my prepared remarks that we are -- we have had this broad expense management program that we've been executing. We're a few months into it. Obviously, we've seen some good success already in terms of our ability to execute into the third quarter. We have set the plans in place such that we would be able to have our controllable expenses, which as a reminder, make up about two-thirds of our expense base grow in the low single digits in 2026 and 2027.

謝謝你的提問。我先開始。因此，我在事先準備好的演講稿中提到，我們一直在執行一項廣泛的費用管理計劃。我們已經進行了幾個月了。顯然，我們在第三季的執行能力方面已經取得了一些不錯的成功。我們已經制定了計劃，以便我們的可控支出（提醒一下，這些支出約占我們支出基礎的三分之二）在 2026 年和 2027 年能夠以較低的個位數成長。

So there are a series of plans that we're continuing to execute. I'd highlight the ones that we've done thus far this year. Number one, we did the reduction in force in July. Number two, we've been refining our sourcing strategy, particularly in technology. And that's just executing in-house where we're differentiated and looking at using third parties where it makes sense to leverage scale and capabilities to better support our clients.

所以，我們正在繼續執行一系列計劃。我想重點介紹一下我們今年迄今為止已經完成的項目。第一，我們在7月進行了裁員。第二，我們一直在改進我們的採購策略，尤其是在技術領域。這只是我們在內部執行的優勢領域，而對於能夠利用規模和能力更好地支援客戶的情況，我們會考慮與第三方合作。

And then third, as you mentioned, our real estate portfolio, that will take some time to execute. The largest piece of which though is the Owings Mills campus change that I mentioned in my prepared remarks.

第三，正如您所提到的，我們的房地產投資組合需要一些時間才能執行。其中最大的一部分是我在準備好的演講稿中提到的歐文斯米爾斯校區的變化。

Yes. On expenses, I think it's important to understand that this is purposeful. And the objective here is to allow us to invest behind our strategic priorities. So the savings that were generated are going to be reinvested in extending our leadership in retirement with a focus on solutions and advice, broadening our investment capabilities, whether you look at it from a vehicle lens with ETF and SMA.

是的。關於開支，我認為重要的是要明白這是有目的的。我們的目標是讓投資能夠落實我們的策略重點。因此，節省下來的資金將重新投資於鞏固我們在退休領域的領先地位，重點關註解決方案和建議，並擴大我們的投資能力，無論從ETF和SMA等投資工具的角度來看都是如此。

When you look at our product roadmap, we continue to broaden our ETF offering and are confident that by the end of '26, we'll have ETFs in market that cover over three quarters of the Morningstar AUM universe, broadening our capabilities in alternatives, in digital and combining those capabilities to deliver solutions.

從我們的產品路線圖來看，我們不斷擴大 ETF 產品線，並有信心到 2026 年底，我們將推出覆蓋 Morningstar AUM 範圍四分之三以上的 ETF，從而擴大我們在另類投資和數位化方面的能力，並將這些能力結合起來提供解決方案。

I also would say that we are freeing up resources to invest in our AI capabilities enterprise-wide, which I think, to some extent, can give us payback from a productivity perspective but I think also can help us execute and deliver better on behalf of our clients over time. So what you characterize as belt tightening, I would say, is kind of very purposeful focus on driving productivity and efficiency in order to have the resources to invest in our strategic priorities.

我還想說，我們正在釋放資源，投資全公司的 AI 能力，我認為這在某種程度上可以從生產力的角度給我們帶來回報，而且我認為隨著時間的推移，這也有助於我們更好地為客戶執行和交付。所以，你所說的“勒緊褲腰帶”，我認為，實際上是非常有目的地專注於提高生產力和效率，以便有資源投資於我們的策略重點。

Alex Bond, KBW.

Alex Bond，KBW。

Hoping to drill down a bit on the ETF offerings. Wondering how traction has been here more recently and where you're seeing relative strength. And then also curious just to get your take on how big of an opportunity do you think this could be -- the active ETF space could be for both T. Rowe and the broader industry. Thank you.

希望能更深入了解ETF產品。想知道最近這裡的市場表現如何，以及您認為哪些方面相對強勁。另外，我也想聽聽您對主動型 ETF 領域對於 T. Rowe 和整個產業來說，可能蘊藏著多大的機會的看法。謝謝。

Yeah. Thanks, Alex. This is Eric. As we talked about, we've filed for eight new ETFs, active ETFs; four on the equity side; and four on the fixed income side. Two of those on the equity side open up a new market for us in the active core, the lower fee, lower tracking error piece of the market where we have not had an offering, and it's a very large and growing part of the market. And we feel like we have a right to win in that space. So we're moving into it with those two specific ETFs.

是的。謝謝你，亞歷克斯。這是埃里克。正如我們之前討論過的，我們已經提交了八隻新的 ETF（主動型 ETF）的申請；其中四隻投資於股票，四隻投資於固定收益。這兩隻股票為我們開闢了一個新的市場，即主動核心市場，這是一個費用較低、跟踪誤差較小的市場，我們之前從未涉足過，而且這是一個非常龐大且不斷增長的市場部分。我們覺得我們有權利在這個領域取得成功。所以我們決定重點關注這兩隻ETF。

In terms of our existing growth in the ETF arena, we're seeing it across both individual investors and RIAs and advisers. Increasingly, as we build track record and we build time and market, we're being added to platforms across a host of different strategies that we've launched. And as we look into 2026, we have over a dozen ETFs in plan that we have not filed yet but that we are working towards filing. So we have a lot more to go.

就我們在 ETF 領域的現有成長而言，我們看到個人投資者、註冊投資顧問和投資顧問都在成長。隨著我們累積業績記錄、贏得時間和市場份額，我們越來越多地被納入我們推出的各種不同策略的平台中。展望 2026 年，我們有十幾隻 ETF 正在計劃中，雖然尚未提交申請，但我們正在努力提交申請。所以我們還有很長的路要走。

In terms of the overall size, I mean, this can and should be a very big business for us through time. We're very much happy with the wrapper. We've learned how to use it well from an active management perspective, and so we think we have a right to win here and we should see growth continue.

就整體規模而言，我的意思是，隨著時間的推移，這可以而且應該成為我們非常重要的業務。我們對包裝非常滿意。我們已經學會瞭如何從積極管理的角度很好地利用它，因此我們認為我們有理由在這裡獲勝，並且我們應該會看到增長繼續下去。

I would add a handful of things. One, it's a growing market, and we've doubled our market share in each of the two previous years. We think we have about 1.5% share of the active ETF market in the US. I think in order to continue growing market share, we are going to need to have success with our third-party asset allocation models, incorporating a range of ETFs. We're going to need to continue to scale them and get placement across the wealth platforms and our wealth partners.

我還會補充幾點。第一，這是一個不斷成長的市場，我們在前兩年每年的市佔率都翻了一番。我們認為我們在美國活躍型 ETF 市場佔有約 1.5% 的份額。我認為，為了繼續擴大市場份額，我們需要在第三方資產配置模型方面取得成功，該模型應包含一系列 ETF。我們需要繼續擴大規模，並在財富管理平台和我們的財富管理合作夥伴處進行推廣。

We also see an opportunity in ETFs outside of the US in time. I don't expect that that will be a meaningful driver of flow for us in the near term. But there's potential kind of certainly in Europe and potentially also in Australia to offer ETF product in time. The appetite and demand for ETFs in those geographies also continues to grow.

我們也看到了未來在美國以外的ETF市場投資的機會。我不認為這會在短期內成為我們業務成長的重要驅動因素。但歐洲肯定存在推出 ETF 產品的潛力，澳洲也可能在不久的將來推出。這些地區對ETF的需求和興趣也持續增長。

I would also say that I think in order to accelerate our growth, we're going to need to have some success with some innovative and differentiated solutions. We talked earlier about the multi-token ETP. So digital could be an area that could be additive for us over time. We launched earlier this year TCAL, which I think is an innovative solution.

我還想說，為了加速我們的成長，我們需要在一些創新和差異化的解決方案方面取得一些成功。我們之前討論過多代幣ETP。因此，隨著時間的推移，數位化領域可能會為我們帶來好處。我們今年稍早推出了TCAL，我認為這是一個創新性的解決方案。

So look, I think, as Eric said, there is a very big opportunity here. And this should be a much bigger business for us in time across equity, fixed income, models, and innovative solutions.

所以你看，我認為，正如艾瑞克所說，這裡蘊藏著一個巨大的機會。隨著時間的推移，這應該會成為我們在股票、固定收益、模型和創新解決方案方面更大的業務。

I might only add is, as Rob talked about, investing in capabilities, we talked a lot about product and the wrapper itself. But we've also been investing in the distribution and marketing behind ETFs. It's a different ecosystem, and that's been part of our overall plan. We're seeing some uplift from those efforts.

我只想補充一點，正如羅布所說，投資於能力建設，我們談了很多關於產品和包裝本身的事情。但我們也一直在投資ETF的分銷和行銷。這是一個不同的生態系統，而這正是我們整體計畫的一部分。我們看到這些努力取得了一些成效。

So to support our regional investment consultants, we've got ETF specialists that ultimately can help them engage with advisers but also can focus on RIAs and power users of ETFs. So it's a very good point Jen makes that we're also making an investment, not just behind the investment capability, but our go-to-market approach in these areas that are more specialized.

因此，為了支持我們的區域投資顧問，我們配備了 ETF 專家，他們不僅可以幫助顧問與投資顧問互動，還可以專注於 RIA 和 ETF 的高級用戶。所以Jen提出的觀點非常好，我們不僅在投資能力方面進行投資，而且在這些更專業的領域進行市場推廣方法的投資。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

I totally appreciate that performance is a little hard to speak to. I know, Rob, you spoke to the improvement versus last quarter. But it's still down pretty substantially versus even just six months ago, the performance versus the benchmarks and the passive is also still rather weak and actually deteriorated.

我完全理解，表演很難評價。我知道，羅布，你剛才提到了與上個季度相比的進步。但即便與六個月前相比，其性能仍大幅下降，與基準測試相比表現不佳，被動散熱能力也仍然相當疲軟，實際上有所下降。

So is it possible to give some color around the sources and attribution around some of that weakness and possible -- and it's challenging to take steps, but possible steps that you could take to address that?

那麼，能否就某些弱點的來源和歸屬問題提供一些細節，並提出一些可能的措施——雖然採取措施很有挑戰性，但或許可以採取一些措施來解決這些問題？

Yeah. I'll ask Eric to start on that one.

是的。我會讓埃里克開始做這件事。

Yeah, for sure. Thanks for the question, Brennan. Obviously, delivering investment performance for our clients is the number one focus of the investment organization. No matter how much we talk about different products across the ecosystem, delivering alpha has to be the single biggest focus that we have, and it is.

是的，當然。謝謝你的提問，布倫南。顯然，為客戶帶來投資回報是投資機構的首要任務。無論我們談論生態系統中的各種產品多少，交付 alpha 版本都必須是我們最重要的關注點，而事實也的確如此。

When you look at the market environment that we've been operating in, especially since back to November of 2024, it's been a very narrow market. It's been one in which quality and value have been the worst performing factors and frankly, the riskiest quintile of stocks have been the best performers. That's not an environment that is particularly conducive to our longer-term investment approach. So that's been a bit of a headwind for us from a market backdrop.

縱觀我們所處的市場環境，特別是自 2024 年 11 月以來，這是一個非常狹窄的市場。一直以來，品質和價值都是表現最差的因素，坦白說，風險最高的五分之一股票反而表現最好。這種環境並不特別有利於我們的長期投資策略。所以，從市場角度來看，這對我們來說是一個不小的阻力。

But I would also tell you that we're being very introspective about the decisioning that we've made. And we have fallen short in some sectors where we've had some stock selection issues. We've had some errors of omission, some stocks that have really performed at exceptional levels that we were underweight or didn't own. And we're making sure that we're re-underwriting those decisions.

但我還要告訴你們，我們正在對我們所做的決定進行深刻的反思。在某些領域，由於選股問題，我們表現得不夠好。我們犯了一些疏忽錯誤，有些股票表現非常出色，但我們卻低配或沒有持有。我們正在確保對這些決定進行重新評估。

A lot of the fundamentals of those companies are hard to justify. When you look at -- or the valuation of those companies are hard to justify given where their fundamentals are. But we're not just throwing our hands up and saying, well, it's a hard market, and we have to really think about how we're making our decisions and the teams are incredibly focused on that.

這些公司的許多基本面都難以證實。當你審視這些公司時，你會發現，考慮到它們的基本面，它們的估值很難令人信服。但我們不會就此放棄，說“好吧，市場競爭很激烈”，我們必須認真思考如何做出決策，各個團隊也都非常關注這一點。

The last thing I would say is that in some situations, we have made some changes at the portfolio manager level where we felt like it was the right long-term decision for our clients.

最後我想說的是，在某些情況下，我們對投資組合經理進行了一些調整，因為我們認為這對我們的客戶來說是正確的長期決策。

Patrick Davitt, Autonomous Research.

Patrick Davitt，自主研究。

I have a follow-up on the sister targeted series. Any early read on how you think the mix between T. Rowe and GS managed products will look like? And if you're adding more higher fee alts to the mix, do you think you'll need to barbell that with more passive to keep the all-in costs more palatable for platforms? Or will they just be higher fee products? Thank you.

我還有後續報道，是關於姊妹篇的。您能否事先透露一下您對 T. Rowe 和 GS 管理型產品組合未來走向的看法？如果你在組合中加入更多高收費的替代選項，你認為是否需要透過更多被動收入來平衡這些費用，以使平台的總成本更容易被接受？或者它們只是收費更高的產品？謝謝。

Yeah. Maybe before we take that one, a handful of other points on performance that I would make. Our performance in fixed income right now is very, very strong. Performance in retirement date lend is very, very strong. There are a number of equity strategies with really compelling multiyear performance and a number with compelling near-term performance.

是的。或許在討論這個問題之前，我想先談談其他一些關於性能方面的問題。我們目前在固定收益領域的表現非常非常強勁。退休日期貸款表現非常非常強勁。有很多股票投資策略在多年內表現出色，也有很多策略在短期內表現出色。

We've got very good recent performance in global focused growth. I think if you look over a 3-, 5- and 10-year horizon, our structured research strategy is now over $100 billion, our US equity research strategy, the results are very compelling. We've gotten a lot of traction with international value.

我們近期在全球成長領域取得了非常好的業績。我認為，如果從 3 年、5 年和 10 年的角度來看，我們結構化的研究策略規模現在已經超過 1000 億美元，我們的美國股票研究策略，結果非常令人信服。我們在國際市場獲得了很大的認可。

So right now, it is a very difficult market backdrop. There is a lot of momentum in the hyperscalers where you have multitrillion dollar market cap dominating the benchmark weighted returns.

所以目前，市場環境非常艱辛。超大規模資料中心發展勢頭強勁，市值達數兆美元，在基準加權收益率中佔據主導地位。

My sense is there's a lot of idiosyncratic risk in going passive right now. And if you look at the opportunity for alpha generation, post concentration peaks in the past, whether you're looking at the Nifty 50, whether you're looking at Japan as a percent of EPA in the late '80s, whether you're looking at the TMT bubble, there's a very significant opportunity for alpha generation.

我的感覺是，現在採取被動投資策略有許多特殊風險。如果你看看過去集中度達到高峰後產生超額收益的機會，無論是 Nifty 50 指數，還是 80 年代末日本在 EPA 中的佔比，亦或是 TMT 泡沫，都會發現產生超額收益的機會非常大。

I'm not saying we're at a concentration peak. There are kind of obvious differences today relative to those periods of time. But the fact pattern would suggest that once concentration peaks, there will be a very significant alpha generation opportunity and that it will be kind of a period of time where active management can meaningfully outperform.

我並不是說我們現在正處於濃度高峰。現今的情況與那些時期相比，存在著一些顯而易見的差異。但事實模式表明，一旦集中度達到峰值，就會出現非常顯著的超額收益機會，而且這將是一段主動管理能夠顯著跑贏大盤的時期。

Going to the question with regard to Sister Series, the product design at this point is largely set. We think that the all-in fee can be very, very competitive. And the product design incorporates the underlying cost of the private market alternatives. So again, I think we'll be able to deliver something that is consistent with offerings in the marketplace today, despite having allocations that are kind of up to mid- to high teens in private market alternatives at certain points along the glide path.

關於姐妹系列的問題，目前產品設計基本上已經確定。我們認為總費用會非常有競爭力。產品設計中已考慮了私人市場替代方案的潛在成本。所以，我認為我們能夠提供與當今市場上的產品一致的產品，儘管在滑行路徑的某些階段，我們在私募市場另類投資方面的配置比例高達十幾到二十幾。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

With that, this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。