普信集團 (TROW) 2026 Q2 法說會逐字稿

Good morning. My name is Howard, and I will be your conference facilitator today. Welcome to T. Rowe Price's second-quarter 2026 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 short after the call concludes.

早安。我叫 Howard，今天將擔任本次會議的主持人。歡迎參加普信集團（T. Rowe Price）2026 年第二季財報電話會議。（接線員指示）提醒各位，本次通話將被錄音，並將於通話結束後不久在普信集團網站提供重播。

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普信集團投資人關係總監 Linsley Carruth。

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

各位好，感謝今天加入我們的第二季財報電話會議。新聞稿、補充資料與文件可於我們的投資人關係網站 investors.troweprice.com 查閱。

We'll start the call with our Chair and CEO, Rob Sharps; CFO, Jen Dardis; and President, Co-Head of Global Investments, and CIO, Eric Veiel discussing the company's results. Then we'll open it up to your questions. We ask that you limit it to one question per participant.

我們將先由董事長兼執行長 Rob Sharps、財務長 Jen Dardis，以及總裁、全球投資共同主管兼投資長 Eric Veiel 討論公司業績。接著我們將開放提問。請每位與會者將問題限制為一題。

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 and 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 recognitions. All investment performance references to peer groups on today's call are using Morningstar peer groups and for the quarter that ended June 30, 2026.

提醒各位，在本次通話過程中，我們可能會發表若干前瞻性陳述，並提及某些非 GAAP 財務衡量指標。請參閱新聞稿與 10-Q 中的前瞻性陳述說明文字、與 GAAP 的調節表，以及補充資料。與基金相關的討論旨在說明其對本組織業績的貢獻，並非認可或背書。本次通話中所有與同業群組相關的投資績效引用，均採用 Morningstar 同業群組，並以截至 2026 年 6 月 30 日的季度為準。

Now I'll turn it over to Rob.

現在我把時間交給 Rob。

Thank you, Linsley. I'm joined today by Jen Dardis, Chief Financial Officer; and Eric Veiel, Co-Head of Global Investments, Chief Investment Officer, and newly named President of T. Rowe Price.

謝謝你，Linsley。今天與我一同出席的有財務長 Jen Dardis，以及全球投資共同主管、投資長，並新任命為普信集團總裁的 Eric Veiel。

Before Jen and Eric provide an overview of our financials and investment performance, I'd like to share a few thoughts on the quarter and the progress we are seeing across the business. Markets rebounded in the second quarter after a difficult start to the year. We ended the quarter with $1.9 trillion in assets under management and $6.5 billion in Q2 net outflows.

在 Jen 與 Eric 概述我們的財務狀況與投資績效之前，我想先分享幾點對本季以及我們在各項業務上所見進展的看法。在年初艱難開局之後，市場於第二季反彈。我們在季末的資產管理規模為 1.9 兆美元，第二季淨流出 65 億美元。

Fundamental active equity remains under pressure. We expect that to continue in the second half of the year. Positive flows in May and June, including a large sub-advisory win, reflect client demand in areas where we are investing and gaining traction. For example, we are seeing growing demand for strategies that integrate our fundamental and quantitative platforms and directly leverage our equity research platform.

基本面主動式股票策略仍面臨壓力。我們預期此情況將在下半年持續。5 月與 6 月的正向資金流入（包含一筆大型次投顧業務勝出）反映出客戶在我們持續投入並逐步取得進展的領域中存在需求。例如，我們看到對於整合基本面與量化平台、並直接運用我們股票研究平台的策略之需求正在增加。

Our integrated equity and fixed income strategies combine fundamental research, quantitative insights, and aim to generate differentiated, consistent returns. Earlier this year, we extended this franchise with two lower tracking error active core equity ETFs. We have also expanded our long-standing equity research franchise, applying our analyst-driven fundamental investment approach across a broader set of markets and asset classes.

我們的整合型股票與固定收益策略結合基本面研究與量化洞見，並以創造具差異化且穩健一致的報酬為目標。今年稍早，我們以兩檔追蹤誤差較低的主動式核心股票 ETF 擴展了此一產品線。我們也擴大了長期深耕的股票研究版圖，將由分析師驅動的基本面投資方法應用至更廣泛的市場與資產類別。

In addition to our flagship US strategy, the platform now includes international, global, emerging markets, US mid-cap, and SMID strategies. We believe these integrated and risk-controlled active approaches, offered through a variety of investment vehicles, appeal to clients seeking the benefits of active management with lower tracking error. Together, these approaches account for about $200 billion of our assets under management and have added $16 billion of net inflows year to date.

除我們的旗艦美國策略外，該平台目前亦涵蓋國際、全球、新興市場、美國中型股，以及 SMID（小型與中型股）策略。我們相信，這些整合且風險控管的主動式投資方法，透過多元投資工具提供，能吸引希望在較低追蹤誤差下仍享有主動管理優勢的客戶。合計而言，這些方法約占我們資產管理規模的 2,000 億美元，且今年迄今已帶來 160 億美元的淨流入。

We are also seeing momentum in active ETFs and SMAs, where we're expanding to meet the evolving needs of clients, primarily in the wealth channel. In June, we launched the T. Rowe Price Capital Appreciation Market Opportunities ETF, further extending one of our well-established investment suites. In mid-July, we launched the T. Rowe Price Active Crypto ETF, which is an actively managed multi-token exchange-traded product and our first non-investment company ETF.

我們也在主動式 ETF 與 SMA（分離管理帳戶）方面看到動能；我們正擴張以滿足客戶不斷演變的需求，主要聚焦於財富管理通路。6 月，我們推出 T. Rowe Price Capital Appreciation Market Opportunities ETF，進一步延伸我們一套成熟的投資產品系列。7 月中旬，我們推出 T. Rowe Price Active Crypto ETF，這是一檔主動管理的多代幣交易所交易產品，也是我們第一檔非投資公司型 ETF。

With these launches, our ETF business has grown to 34 funds and $30 billion in assets under management. In addition, we celebrated the three-year anniversary of our first four fully transparent ETFs. Our SMA platform now includes 43 products and $20 billion in assets under management.

隨著這些新基金推出，我們的 ETF 業務已成長至 34 檔基金、資產管理規模達 300 億美元。此外，我們也慶祝首批四檔完全透明 ETF 上市滿三週年。我們的 SMA 平台目前包含 43 項產品、資產管理規模達 200 億美元。

We're also advancing our strategic alliance with Goldman Sachs. On July 1, we launched the T. Rowe Price Goldman Sachs Private Markets Fund, our first interval fund in collaboration with Goldman Sachs. We completed the first filing for the second fund, a public-private equity interval fund that we expect to launch later this year. And we are hearing positive client feedback on the target date sister series and are operationally ready to launch as a CIT when client demand materializes.

我們也在推進與高盛（Goldman Sachs）的策略聯盟。7 月 1 日，我們推出 T. Rowe Price Goldman Sachs Private Markets Fund，這是我們與高盛合作的第一檔區間基金（interval fund）。我們已完成第二檔基金的首次申報，該基金為公私募股權區間基金，預計於今年稍晚推出。同時，我們也聽到客戶對目標日期姊妹系列的正面回饋，並已在營運上準備就緒，可在客戶需求成形時以 CIT（集合投資信託）形式推出。

Finally, we continue to see strong interest in our T. Rowe Price Managed Late-Stage Venture Fund and expect to exceed our target fund size later this year, providing a foundation to build on this platform with a second fund anticipated in 2027.

最後，我們持續看到市場對 T. Rowe Price Managed Late-Stage Venture Fund 的高度興趣，並預期將於今年稍晚超越我們的目標基金規模，為在此平台上持續發展奠定基礎；第二檔基金預計於 2027 年推出。

We are making meaningful progress in how we use artificial intelligence across the firm. We are moving beyond isolated use cases and tools and embedding AI directly into end-to-end business workflows with more than 130 AI solutions deployed across the firm and over 70% associate adoption.

我們在全公司運用人工智慧方面正取得實質進展。我們正從零散的使用情境與工具，邁向將 AI 直接嵌入端到端的業務工作流程；目前全公司已部署超過 130 項 AI 解決方案，且員工採用率超過 70%。

We are scaling advanced agent-driven capabilities from AI-powered investment research and portfolio insights to sales and client workflows, enhancing decision-making speed and consistency while keeping investment judgment and fiduciary responsibility firmly with our associates. Importantly, this progress is supported by a robust governance framework, strong controls, and ongoing associate upskilling so we can scale AI responsibly.

我們正擴大以代理（agent）驅動的進階能力，從 AI 驅動的投資研究與投組洞見，到銷售與客戶工作流程，提升決策速度與一致性，同時將投資判斷與受託責任牢牢掌握在我們同仁手中。重要的是，這些進展有健全的治理架構、強而有力的控管機制，以及持續的同仁技能提升作為支撐，使我們能負責任地擴大 AI 的應用。

Before I turn to Jen, I want to highlight several recent leadership appointments. As I mentioned, Eric Veiel has been named President. In his expanded role, Eric will help drive enterprise execution of our most critical initiatives and strengthen connection across investments, global distribution, and technology data and operations. He will retain his leadership responsibilities in global investments.

在我把時間交給 Jen 之前，我想強調幾項近期的領導人事任命。如我所提，Eric Veiel 已被任命為總裁。在其擴大的職責中，Eric 將協助推動公司最關鍵計畫的企業層級落實，並強化投資、全球通路，以及科技、資料與營運之間的連結。他將保留其在全球投資方面的領導職責。

And Sébastien Page, Head of Global Multi-Asset, is now Co-Head of Global Investments. With his deep multi-asset experience, Séb is well-positioned to advance our work on solutions and outcomes. As we approach our 90th anniversary next year, these changes will sharpen execution across our highest priority initiatives and position the firm for continued growth in the years ahead.

此外，全球多元資產主管 Sébastien Page 現已擔任全球投資共同主管。憑藉其深厚的多元資產經驗，Séb 已具備良好條件推進我們在解決方案與成果導向方面的工作。隨著我們明年即將迎來 90 週年，這些變動將強化我們在最高優先事項上的執行力，並使公司在未來數年持續成長。

Finally, I want to thank our associates for their focus, teamwork, and commitment to our clients. Their work is building momentum and strengthening the firm for the long-term.

最後，我要感謝我們的同仁專注投入、團隊合作，以及對客戶的承諾。他們的努力正在累積動能，並強化公司長期競爭力。

With that, I will ask Jen to cover our financials.

接下來，我請 Jen 說明我們的財務狀況。

Thank you, Rob. And hello, everyone. I'll review our second quarter financial results before turning it over to Eric for comments on investment performance.

謝謝你，Rob。各位好。在交給 Eric 就投資績效發表評論之前，我將先回顧我們第二季的財務結果。

Our adjusted diluted earnings per share for Q2 2026 was $2.57, up from $2.52 in Q1 2026 and $2.24 in Q2 2025. The increase over both prior periods was driven primarily by higher average AUM and higher investment advisory revenue, coupled with lower share count, offset in part by higher expenses.

我們 2026 年第二季（Q2 2026）的調整後稀釋每股盈餘為 2.57 美元，高於 2026 年第一季（Q1 2026）的 2.52 美元，以及 2025 年第二季（Q2 2025）的 2.24 美元。相較於前兩個期間的增長，主要由較高的平均資產管理規模（AUM）與較高的投資顧問收入所帶動，並受惠於較低的股數；部分被較高的費用所抵銷。

As previously reported, we had $6.5 billion in net outflows in Q2. While we experienced elevated outflows in April, we saw positive flows in both May and June. May flows were driven by a large defined contribution investment-only win into our hybrid target date series, and June flows benefited from a large sub-advisory win into two of the research and integrated equity strategies that Rob discussed.

如先前所報告，我們在第二季出現 65 億美元的淨流出。雖然 4 月的流出偏高，但我們在 5 月與 6 月均看到正向資金流入。5 月的資金流入來自一筆大型確定提撥（defined contribution）僅投資（investment-only）案，導入我們的混合型目標日期系列；6 月的資金流入則受惠於一筆大型次顧問（sub-advisory）案，導入 Rob 所提及的兩項研究與整合型股票策略。

We also saw positive flows from clients in both EMEA and APAC during the quarter. Fixed income, multi-asset, and alternatives each delivered positive net flows in Q2, continuing to demonstrate the breadth of client demand across several areas of our business.

本季我們也看到來自 EMEA 與 APAC 客戶的正向資金流入。固定收益、多元資產與另類投資在第二季皆錄得正的淨流入，持續展現客戶需求在我們業務多個領域的廣度。

Within our growing ETF business, we had $4.4 billion in net inflows. We also continue to see success in our hybrid and blend retirement strategies, which now account for about 25% of our overall target date assets.

在我們持續成長的 ETF 業務中，我們錄得 44 億美元的淨流入。我們的混合型與混搭式（blend）退休策略也持續取得成功，目前約占我們整體目標日期資產的 25%。

Our Q2 adjusted net revenue was $1.9 billion, up 2.7% from Q1 2026 and up 8.5% from Q2 2025. The increase was driven by higher AUM, partially offset by a lower change in accrued carried interest, which now includes the carry earned on our late stage venture fund, in addition to the private credit strategies.

我們第二季調整後淨營收為 19 億美元，較 2026 年第一季成長 2.7%，較 2025 年第二季成長 8.5%。增長主要由較高的 AUM 所帶動，但部分被應計附帶權益（carried interest）變動幅度較小所抵銷；目前該項目除私募信貸策略外，也納入我們後期創投基金所賺取的 carry。

Investment advisory revenue for the quarter was $1.7 billion, up from both the prior quarter and the prior year quarter on higher AUM levels. Our annualized effective fee rate, excluding performance-based fees, was 38.1 basis points, compared with 38.4 basis points in Q1 2026. The ongoing trend in our effective fee rate continues to reflect changes in asset and vehicle mix, including client demand for lower fee strategies and vehicles, as well as continued pressure from redemptions in higher fee equity strategies and mutual funds.

本季投資顧問收入為 17 億美元，因 AUM 水準較高，較前一季與去年同期均有所增加。我們的年化有效費率（不含績效型費用）為 38.1 個基點，較 2026 年第一季的 38.4 個基點略降。有效費率的持續趨勢仍反映資產與載體（vehicle）組合的變化，包括客戶對較低費率策略與載體的需求，以及較高費率股票策略與共同基金持續面臨贖回壓力。

Turning to expenses, Q2 adjusted operating expenses were $1.2 billion, up 4.2% from Q1 2026 and up 4.9% from Q2 2025. Compared to both prior periods, higher market-driven expenses, product and record keeping, and non-recurring G&A costs were primary drivers of the increase.

接著看費用，第二季調整後營運費用為 12 億美元，較 2026 年第一季增加 4.2%，較 2025 年第二季增加 4.9%。相較於前兩個期間，增幅主要由較高的市場驅動型費用、產品與紀錄保存（record keeping）費用，以及一次性的一般及行政（G&A）成本所帶動。

As a reminder, market-driven expenses correlate to changes in AUM or revenue and include variable compensation and costs related to assets distributed through third-party intermediaries. The increase in product and record-keeping costs is largely related to costs reimbursed from our products and offset in administrative fee revenue.

提醒一下，市場驅動型費用與 AUM 或營收的變動相關，包含變動薪酬，以及透過第三方中介機構分銷資產所產生的成本。產品與紀錄保存成本的增加，主要與由我們產品報銷的成本相關，並在行政費收入中予以抵銷。

Also, contributing to the increase from Q2 last year were higher technology occupancy and facilities expenses, partially offset by cost savings initiatives. As we noted in Q1 2026, to better reflect technology spend executed by third parties, we began reporting technology-related professional fees in technology occupancy and facilities, and we adjusted all prior periods presented.

此外，相較去年第二季增加的因素還包括較高的科技使用（technology occupancy）與設施費用，但部分被成本節省措施所抵銷。如我們在 2026 年第一季所提到，為更貼近由第三方執行的科技支出，我們開始將與科技相關的專業服務費列入科技使用與設施項下，並已調整所有呈列的前期期間數據。

Based on the sustained average AUM and revenue trend in the first half of the year, we now expect full-year adjusted operating expenses, excluding carried interest expense, to be up 4% to 7% over 2025's $4.6 billion. This increase, coupled with ongoing savings efforts, will allow us to continue to invest in areas of future growth, including ETFs and SMAs, delivering outcome-oriented solutions for clients, enhancing our advice-led offerings, and investing in AI to improve research, decision-making, and operational efficiency.

基於上半年平均 AUM 與營收趨勢的持續表現，我們目前預期全年調整後營運費用（不含附帶權益費用）將較 2025 年的 46 億美元增加 4% 至 7%。此一增幅加上持續的節省努力，將使我們得以持續投資於未來成長領域，包括 ETF 與 SMA（分離管理帳戶），為客戶提供以成果為導向的解決方案，強化我們以建議為主導的產品，並投資 AI 以提升研究、決策與營運效率。

Turning to capital management, during Q2, we bought back $157 million worth of shares, bringing year-to-date buybacks to over $497 million, or nearly 2.5% of our outstanding shares. This brought our share count at the end of Q2 to 213.3 million shares.

在資本管理方面，第二季我們回購了 1.57 億美元的股份，使年初至今的回購金額超過 4.97 億美元，約占我們流通在外股份的近 2.5%。這使得第二季末的股數為 2.133 億股。

Our balance sheet remains strong with $4.4 billion of cash and discretionary investments. Our ample cash position gives us the ability to invest in the business and also pursue opportunities that strengthen our long-term competitive position.

我們的資產負債表仍然穩健，持有 44 億美元的現金與可自由運用的投資。充裕的現金部位使我們能夠投資於業務，同時把握可強化我們長期競爭地位的機會。

And now I'll turn it over to Eric for comments on investment performance.

接下來我將交給 Eric，就投資績效發表評論。

Thank you, Jen. I'll start by saying that our investment platform remains strong with deep research capabilities, a long-term track record of outperformance, and expanding capabilities across equities, fixed income, multi-asset, and alternatives. Powered by world-class talent and driven by a steadfast commitment to clients, investment excellence remains our top priority.

謝謝你，Jen。我先說明，我們的投資平台依然強勁，具備深厚的研究能力、長期超越基準的績效紀錄，並在股票、固定收益、多元資產與另類投資等領域持續擴展能力。在世界級人才的支持下，並以對客戶的堅定承諾為驅動，投資卓越仍是我們的首要任務。

Turning to performance, in the second quarter, over half of our funds beat their peer groups for the 1-, 3-, and 10-year time periods, while the five-year missed this mark with 44% of funds beating their peer groups. On an asset-weighted basis, 10-year performance remained strong with 79% of funds outperforming on a one-, three-, and five-year basis, 44%, 57%, and 43% outperformed respectively.

談到績效，第二季我們超過一半的基金在 1 年、3 年與 10 年期間的表現優於同業群組；但在 5 年期間未達此門檻，僅有 44% 的基金優於同業。以資產加權計算，10 年期績效仍然強勁；在 1 年、3 年與 5 年期間分別有 44%、57% 與 43% 的基金表現優於同業，而 10 年期則有 79% 的基金表現優於同業。

Our equity funds mirrored the overall fund range with over half of the equity funds beating their peers for the 1-, 3-, and 10-year time periods, while the five-year time period fell below this threshold. On an asset-weighted basis, equity funds continued to deliver strong performance for the 10-year time period, while the nearer-term time periods are more challenged. Within our equity franchise, US equity research, global stock, global value, and midcap value stood out as strong performers with top-quartile performance for the 3-, 5-, and 10-year time periods.

我們的股票型基金與整體基金範圍一致，超過一半的股票型基金在 1 年、3 年與 10 年期間的表現優於同業，但 5 年期間低於此門檻。以資產加權計算，股票型基金在 10 年期間持續交出強勁表現，而較近期間的表現則較具挑戰。在我們的股票投資體系中，美國股票研究、全球股票、全球價值與中型股價值表現突出，在 3 年、5 年與 10 年期間均達到同業前四分位（top-quartile）的表現。

Our fixed income funds continued to deliver strong performance. On an asset-weighted basis, over 75% of the funds outperformed for all reported time periods. Within our fixed income franchise, global multi-sector, institutional floating rate, and several of the muni strategies stood out as strong performers with top-quartile performance for the three, five, and 10-year time periods.

我們的固定收益基金持續交出強勁績效。以資產加權計算，超過 75% 的基金在所有揭露期間皆表現優於同業。在我們的固定收益投資體系中，全球多元券種（global multi-sector）、機構型浮動利率（institutional floating rate）以及數項市政債（muni）策略表現突出，在 3 年、5 年與 10 年期間均達到同業前四分位的表現。

In our target date franchise, long-term performance remained strong with 80%, 54%, and 98% of AUM outperforming their peers on a 3-, 5-, and 10-year basis. The one-year TDF performance rebounded with 80% of AUM outperforming peers, driven by strong performance in the second quarter when 79% of AUM outperformed peers. Last quarter's strong performance was due to our retirement glide path's higher relative equity exposure, as well as our tactical asset allocation decisions.

在我們的目標日期（target date）體系中，長期績效仍然強勁，分別有 80%、54% 與 98% 的 AUM 在 3 年、5 年與 10 年基礎上表現優於同業。一年期 TDF 績效回升，有 80% 的 AUM 表現優於同業，主要受第二季強勁表現帶動，當季有 79% 的 AUM 表現優於同業。上季的強勁表現源於我們退休滑行路徑（glide path）相對較高的股票曝險，以及我們的戰術性資產配置決策。

Turning to alternatives, despite the negativity continuing to surround private credit, OHA's funds generated gains across both institutional and wealth products. CLO strategies rebounded following challenging performance in Q1 but remained down on a year-to-date basis. Distressed and opportunistic funds mostly generated losses in Q2 and had mixed first-half results reflecting the uneven market environment. OHA's liquid credit funds and mandates generated gains on an absolute basis but underperformed their benchmarks, largely driven by several high-conviction positions that experienced increased volatility.

轉向另類投資方面，儘管私募信貸周遭的負面情緒仍在延續，OHA 的基金在機構與財富產品上均錄得收益。CLO 策略在第一季表現艱困後出現反彈，但年初至今仍為下跌。困境與機會型基金在第二季多數產生虧損，上半年表現好壞參半，反映市場環境不均衡。OHA 的流動性信貸基金與委託投資在絕對報酬上錄得收益，但落後其基準，主要受數個高信念部位波動加劇所致。

Before we take questions, I want to say a word about the 2026 Russell reconstitution. What we saw with the reconstitution in June was not a routine rebalance. It was a significant reshaping of benchmark risk characteristics.

在我們開始提問之前，我想先談一下 2026 年 Russell 指數重整。我們在 6 月看到的這次重整並非例行性的再平衡。它是對基準風險特徵的一次重大重塑。

There was over $300 billion of turnover, but more importantly, there was a substantial migration of AI-related exposures, momentum factors, and technology leadership across benchmarks. As a result, in the Russell large and mid-cap growth benchmarks, AI-related exposure increased materially, while small cap and value benchmarks simultaneously lost exposure to many of the recent market's strongest performance drivers.

換手金額超過 3,000 億美元，但更重要的是，與 AI 相關的曝險、動能因子以及科技領導地位在各基準之間出現了大幅遷移。因此，在 Russell 大型與中型成長型基準中，AI 相關曝險顯著提高；同時，小型股與價值型基準則失去了對近期市場最強勁績效驅動因素中許多項目的曝險。

The rebalance did not simply reshuffle stocks. It effectively reassigned exposures to some of the most influential themes and factors. That reassignment brought new buyers and sellers into stocks, moving across benchmarks, adding volatility to both the broader market and individual names. When benchmark changes are this abrupt and risk profiles shift meaningfully, it creates opportunity for active management to assess changes through a research-driven lens.

這次再平衡不只是重新排列股票。它實際上重新分配了對一些最具影響力主題與因子的曝險。這種重新分配使新的買方與賣方進入股票，跨基準移動，增加了整體市場與個股的波動。當基準變動如此突然、風險輪廓出現明顯轉移時，便為主動式管理提供了機會，能以研究驅動的視角評估這些變化。

And now we'll open the line up for questions.

現在我們開放提問。

(Operator Instructions) Bill Katz, TD Securities.

(接線員指示) Bill Katz，TD Securities。

Eric, once again, congratulations on a new position. Maybe a big picture question for you. As I listened to your prepared comments, I hear a lot of growth in lower fee vehicles, and your comments that active equity is going to remain under pressure. So how are you thinking strategically to reshape the business given the fee rate is going down and the expense growth is still pretty high, all else being equal? And how might M&A help shape that thought process?

Eric，再次恭喜你升任新職。我想從宏觀角度問你一個問題。聽你事先準備的發言，我聽到很多低費率載體的成長，以及你提到主動式股票將持續承壓。因此，在費率下滑、而在其他條件不變下費用成長仍相當高的情況下，你在策略上如何思考重塑業務？另外，併購（M&A）可能如何協助形塑這樣的思考？

Yes, Bill, I'll start. From a strategic perspective, we want to make sure that we're delivering world-class investment capabilities in ways that are aligned with our clients' needs. I would acknowledge that over a relatively long period of time, active equities lost meaningful share to passive and you've had a pretty meaningful vehicle migration away from open-ended mutual funds in the taxable wealth channel, in particular, to ETF and SMA, which has put pressure on fees. In retirement, I would say we're seeing a similar trend where you have a shift from fully active to blended hybrid, which also is putting pressure on fees.

好的，Bill，我先回答。從策略角度來看，我們希望確保以符合客戶需求的方式，提供世界級的投資能力。我也承認，在相當長的一段時間裡，主動式股票明顯被被動式產品侵蝕市占；而在應稅的財富通路，尤其是從開放式共同基金轉向 ETF 與 SMA 的載體遷移也相當顯著，這對費率造成壓力。在退休領域，我會說我們也看到類似趨勢，也就是從完全主動轉向混合式（hybrid）配置，這同樣對費率造成壓力。

I think, strategically, what we'd really like to do is, first of all, invest in maintaining our world-class capabilities from an investment perspective and make sure that we can deliver on our existing client commitments, that we have the talent and resources to continue to generate great results. The active equity business, even though it's been in outflow, is extraordinarily important to us. $900 billion of our AUM is in direct active equity, and it also has an impact on the underlying target date fund business. So we're in no way, shape or form going to deemphasize that business. We think it's going to continue to be important for a very, very long period of time.

我認為，從策略上我們真正想做的是：首先，從投資角度持續投入以維持我們世界級的能力，並確保我們能履行對既有客戶的承諾，具備人才與資源以持續創造優異成果。主動式股票業務即使出現資金流出，對我們仍極其重要。我們約 9,000 億美元的 AUM 來自直接主動式股票，且也會影響到底層的目標日期基金業務。因此，我們絕不會以任何方式淡化這項業務。我們認為它在非常、非常長的一段時間內都會持續重要。

That said, we do want to grow in fixed income, which is balancing just from a market exposure perspective, active fixed income continues to grow. And I think we're making very substantial progress there. We want to grow in alternatives. And we've talked about our approach to that, whether it's organic with our late-stage venture capability, whether it's through acquisition, for example, OHA or through partnership with our Goldman collaboration.

話雖如此，我們確實希望在固定收益方面成長，從市場曝險的平衡角度來看，主動式固定收益仍在持續成長。我認為我們在這方面已取得非常實質的進展。我們也希望在另類投資方面成長。我們談過我們的做法，無論是透過我們後期創投能力的有機成長，或是透過收購（例如 OHA），或是透過與高盛合作的夥伴關係。

And in each of those instances, I feel we're making substantial progress. I would say, strategically, we also want to invest in our direct platforms. We see having modern digital interfacing capability advice in our direct to individual and our recordkeeping platforms as increasingly important and as a substantial opportunity. Advice is an opportunity to diversify the revenue stream of the organization.

在上述每一項上，我都覺得我們正在取得顯著進展。我會說，從策略上我們也希望投資於我們的直營平台。我們認為，在面向個人客戶的直營平台與我們的紀錄保存（recordkeeping）平台上，具備現代化的數位互動與建議能力，正變得愈來愈重要，且是一個相當大的機會。投資建議（advice）是分散組織營收來源的一個機會。

And I would say in each of those priorities, whether it's diversification from an asset class and capability perspective, fixed income and alternatives, whether it's diversification from a vehicle perspective, ETF and SMA, or as we lean into our direct platforms, there will be organic investment in those businesses and that may be part of what you're referring to with regard to expense growth, and we can go into that in a little bit more detail to the extent that there is interest. But we'll also continue to evaluate inorganic opportunities.

我會說，在這些優先事項上，無論是從資產類別與能力角度的多元化（固定收益與另類投資），或是從載體角度的多元化（ETF 與 SMA），或是我們加大投入直營平台，都會對這些業務進行有機投資；而這可能就是你提到費用成長的部分，我們也可以在大家有興趣的情況下再更深入說明。但我們也會持續評估非有機的機會。

Industry consolidation continues at pace. We see a lot of things. We have a very high bar, but to the extent that there are things that we think are financially compelling and strategically aligned with those objectives, then I can certainly see strategic M&A playing a part in reshaping the business.

產業整併仍在加速進行。我們看到很多機會。我們的門檻很高，但只要有我們認為在財務上具吸引力、且在策略上與上述目標一致的事項，我完全可以想像策略性併購（M&A）會在重塑業務上扮演一部分角色。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，Morgan Stanley。

With the launch of your actively managed crypto ETF, you're taking a big step in building your digital asset capabilities. As you look out over the next several years, how do you see that strategy evolving alongside potential emergence of tokenize stocks and bonds? And have tokenized assets become more widely adopted? Do you expect digital wallets to become an important client interface? And how does that influence your long-term distribution and wallet strategy?

隨著你們推出主動管理的加密貨幣 ETF，你們在建立數位資產能力方面邁出了一大步。展望未來幾年，隨著股票與債券代幣化可能逐步出現，你如何看待這項策略的演進？代幣化資產是否已被更廣泛採用？你是否預期數位錢包會成為重要的客戶介面？這又將如何影響你們長期的通路與錢包策略？

Yes. Mike, this is Eric. Happy to take that one. We think tokenization represents a structurally important evolution investment management industry overall. And our digital assets group, which we stood up four years ago, is actively engaging with industry groups, partners and intermediaries as we explore opportunities into organization.

是的。Mike，我是 Eric。很樂意回答這題。我們認為代幣化代表整體投資管理產業在結構上的重要演進。我們四年前成立的數位資產團隊，正積極與產業團體、合作夥伴與中介機構互動，同時探索將相關機會導入組織。

To your question, specifically, if tokenized assets become more widely adopted, then yes, I think digital wallets will become an increasingly important client interface? The direction of travel here seen in the growth of tokenize stocks and the work that the DTCC is pursuing towards tokenizing underlying securities and ultimately, funds, I think, is real.

就你的問題而言，若代幣化資產被更廣泛採用，那麼是的，我認為數位錢包將成為愈來愈重要的客戶介面。從代幣化股票的成長，以及 DTCC 正推動將底層證券、最終乃至基金代幣化的工作來看，我認為這個趨勢是真實存在的。

We have hands on digital asset capabilities. We've been working with digital asset wallets, and we see the potential here. Ultimately, as with our broader digital assets approach, our goal is to align our tokenization strategy with our broader firm-wide objectives.

我們具備實作層面的數位資產能力。我們一直在與數位資產錢包合作，也看到了其中的潛力。最終，如同我們更廣泛的數位資產做法，我們的目標是讓代幣化策略與公司整體目標保持一致。

That means identifying ways to use this technology, I would say, in three ways: first, helping us to meet the needs of our clients; second, reaching new investors; and then third, increasing operational efficiency. And I think there's opportunities in all of these areas. Digital asset wallets and tokenized assets and funds will ultimately, I think, allow us to deliver more customized solutions across client relationships. So we recognize this is going to take time, but we do think it's an incredibly promising area, and we are investing behind it.

這意味著找出運用這項技術的方式，我會說有三個面向：第一，協助我們滿足客戶需求；第二，觸及新的投資人；第三，提高營運效率。我認為這三個領域都有機會。數位資產錢包以及代幣化資產與基金，最終我認為將使我們能在客戶關係中提供更客製化的解決方案。因此，我們理解這需要時間，但我們確實認為這是一個極具前景的領域，並且正在投入資源。

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

So I guess a question wrapping up some of the flow stuff. So maybe you had the large D.C. win in May, you had the big equity strategies in June. Maybe you could size those as we build towards -- getting towards the second half outlook, meaning active equity, less outflow is good, but you do have some seasonality potentially in rebalancing in the back half in equity land. And then a little color on July flows, the institutional pipeline and your thoughts on second half overall, that would be great.

所以我想問一個把一些資金流向相關事項做個收尾的問題。也許你們在5月拿下了大型的華盛頓特區（D.C.）案子，6月又有大型股票策略的進帳。在我們逐步建立——走向下半年展望時，你能否幫我們量化一下這些？也就是說，主動式股票的流出減少是好事，但在股票領域下半年可能會因再平衡而出現一些季節性因素。另外也請你補充一下7月的資金流向、機構端的案子管線，以及你對整體下半年的看法，謝謝。

Yes, Glenn, thank you for the question. We're pleased that we made some progress and brought some substantial new relationships on to -- into the organization in the second quarter. But I would say we clearly have more work to do. We expect net flows in the second half of the year to be meaningfully more challenging than the first half, primarily due to a number of the things that you've cited. Ongoing outflows in active equity, especially in open-ended mutual funds and a handful of our growth strategies. The absence of those outsized mandates, which funded in May and June and benefited first half flows.

好的，Glenn，謝謝你的提問。我們很高興在第二季取得了一些進展，並為組織帶來了一些重要的新合作關係——加入到公司之中。但我會說，我們顯然還有更多工作要做。我們預期今年下半年的淨流量將比上半年明顯更具挑戰，主要是因為你提到的幾個因素。主動式股票持續流出，尤其是在開放式共同基金，以及我們少數幾個成長型策略上。此外也缺少那些在5月與6月到位、並帶動上半年資金流向的超大型委託案。

As you alluded to, portfolio rebalancing away from equities, reflecting the significant year-to-date gains, and that will largely impact flows in the third quarter. And then finally, I'd note that despite the fact that our overall target date pipeline is up substantially, there's an air pocket in the late-stage pipeline, which would suggest that we'll see a lull in RDF flows in the second half. So that should kind of give you a sense for what we see in Q3 and Q4.

如你所提到的，投資組合因年初至今的顯著漲幅而從股票再平衡轉出，這將主要影響第三季的資金流向。最後我也要指出，儘管我們整體目標日期（target date）管線大幅上升，但在後期管線出現一段空窗，這意味著我們下半年在RDF（退休日期基金）資金流向上可能會看到一段低潮。所以這應該能讓你大致了解我們對Q3與Q4的看法。

I do want to highlight, though, that we see significant positives. We expect 2026 to be a record year for gross flows, reflecting strong interest in a broad range of our investment strategies. As I talked about in my earlier remarks, we have very strong interest in our lower tracking offerings, integrated equity and our equity research suite. We're seeing substantial progress in active ETFs, and we think there's a very long runway there.

不過我確實想強調，我們也看到一些顯著的正面因素。我們預期2026年將是總流入（gross flows）的創紀錄一年，反映市場對我們廣泛投資策略的強勁興趣。如我先前談到的，我們在低追蹤誤差（lower tracking）的產品、整合型股票（integrated equity）以及我們的股票研究套件方面，需求非常強勁。我們也看到主動式ETF有實質進展，且我們認為這是一條非常長的成長跑道。

In fixed income, I think we're anticipating consistent and sustained net flows across a range of strategies and vehicles. We're anticipating building momentum in alternatives as OHA and our late-stage venture capability, invest committed capital and continue to raise additional capital, and we begin to scale the T. Rowe Price Goldman Sachs public private strategies.

在固定收益方面，我認為我們預期在多種策略與載體上，將出現一致且持續的淨流入。我們也預期另類投資將逐步建立動能，因為OHA與我們的後期創投能力正在投入已承諾資本並持續募集更多資本，同時我們也開始擴大T. Rowe Price與高盛（Goldman Sachs）的公私市場（public private）策略規模。

I'd also note the good work that our EMEA and APAC teams are doing and the fact that we have had positive net flows in those geographies. So there's a lot of good in a number of areas, but kind of given the size of our active equity book and our mutual fund book, as I said at the outset, we've got substantial more work to do.

我也要提到我們EMEA與APAC團隊所做的良好工作，而且我們在這些地區已出現正的淨流入。所以在多個領域都有不少好消息，但考量到我們主動式股票與共同基金業務的規模，如我一開始所說，我們還有相當多的工作要做。

Alexander Blostein, Goldman Sachs.

Alexander Blostein，高盛。

I wanted to get your perspective on maybe longer-term expense management approach, especially in light of some of the advances we see with technology and AI. Broadly, TROW had a fairly consistent framework. I think about one-third of your expense base is variable, about two-thirds is fixed. You guys are investing in the business, obviously, to improve the growth.

我想請教你們對較長期費用管理方法的看法，特別是在我們看到科技與AI帶來一些進展的背景下。整體而言，TROW一直有相當一致的框架。我理解你們的費用基礎大約三分之一是變動的，約三分之二是固定的。你們也正在投資業務，顯然是為了改善成長。

But in light of your comments around the top line and we obviously know the organic growth challenges there, are there more significant actions you could take to bring down the pace of expense growth more structurally?

但考量你們對營收端（top line）的評論，以及我們也清楚有機成長面臨挑戰，在結構上是否有更重大的行動，可以更大幅度地降低費用成長的速度？

Thanks for the question. So we'll start by saying we have been focused on purposeful expense management, looking at ways to drive productivity and efficiency. And as you mentioned, technology and AI are a critical part of that. What we've been doing, though, is allowing -- having steps to be able to allow us to both invest behind our strategic priorities and maintain controllable expense growth in the low single digits. We focused right now on '26 and '27. That was some guidance we gave last year, and we continue to stand behind those numbers.

謝謝你的提問。我們先說，我們一直專注於有目的的費用管理，尋找提升生產力與效率的方法。如你所提到的，科技與AI是其中非常關鍵的一部分。不過我們目前的做法是——採取一些步驟，使我們既能在策略優先事項上持續投資，同時也能將可控費用成長維持在低個位數。我們目前聚焦在2026年與2027年。這是我們去年提供的部分指引，我們也持續支持這些數字。

As you mentioned, about one-third of our expense base is market driven, and that will correlate with asset or revenue growth over time, those controllable expenses make up about two-thirds of our expense base. As we think about that one-third of expenses, the two biggest items in there, year-end variable compensation and expenses related to assets distributed through third parties, and the variability of those expenses is what's driven the guide to 4% to 7% in 2026.

如你所提到的，我們約三分之一的費用基礎是由市場驅動，長期而言會與資產或營收成長相關；而可控費用約占我們費用基礎的三分之二。在那三分之一的費用中，最大的兩項是年終變動薪酬，以及與透過第三方分銷的資產相關的費用；而這些費用的波動性，正是推動我們對2026年給出4%到7%指引的原因。

As we think about the expense management efforts we're taking, we do want that to be a balance, again, focused on things that will drive longer-term productivity and efficiency. Things that we've talked about over the last two years have been things like leveraging trusted third parties for tech functions where they can provide scale. These are things like our help desk and infrastructure.

在我們思考所採取的費用管理措施時，我們確實希望取得平衡，同樣聚焦於能帶來長期生產力與效率的事項。過去兩年我們談到的一些作法，包括在技術職能上善用可信賴的第三方，讓他們提供規模效益。例如我們的服務台（help desk）與基礎設施。

We've been doing broader reviews of processes to streamline and leverage technology to introduce automation. We've had a thoughtful review of certain vehicles and strategies where we have minimal client interest or impact to be able to close those, and then managing down some of our excess capacity in our real estate portfolio, to match our associate population where we've had changes in headcount.

我們也對流程進行更廣泛的檢視，以精簡作業並運用科技導入自動化。我們也審慎檢討某些載體與策略，對於客戶興趣或影響極小的部分，得以將其關閉；同時也下調我們不動產組合中的部分閒置產能，以配合員工人數因人力變動而產生的調整。

So I think we'll continue to take those steps to be able to balance. But again, the purpose of doing this is to allow us to continue to invest back in the business in areas for growth. So on a net basis, we think that puts us in a low single digit cost here for controllable expense.

所以我認為我們會持續採取這些步驟，以達到平衡。但再次強調，這樣做的目的，是讓我們能在成長領域持續回投資於業務。因此在淨額基礎上，我們認為這會使可控費用的成本成長維持在低個位數。

Yes. I'll add a little bit here. I mean we're balancing the short term and the long term. In the short term, we are laser-focused on using shareholder resources efficiently and continuing to drive cost savings. But we need to create the capacity to invest in our business. As Jen mentioned, we have a program underway, which we've talked about in the past from a cost savings perspective. And I think we're executing against that.

是的。我再補充一點。我們是在平衡短期與長期。短期來看，我們高度聚焦於有效率地使用股東資源，並持續推動成本節省。但我們也需要創造投資業務的能力。如Jen所提到的，我們正在推動一項計畫，從成本節省的角度來看，我們過去也談過。我認為我們正在按計畫執行。

And directly to your question, I believe we'll find ways to extend that, leveraging technology and in particular, AI. I think that should allow us to limit growth in our base expenses and free up resources for us to continue investing in the business. We want to invest in our talent. We want to invest in new capabilities. We want to invest in deeper connectivity with clients. We've talked about a number of those areas and a number of those priorities. And I think that AI is a differentiating technology that will allow us to accelerate the pace of improvement in those areas and with those priorities.

而直接回應你的問題，我相信我們會找到方法延伸這些作法，運用科技，特別是AI。我認為這應能讓我們限制基礎費用的成長，並釋放資源，使我們能持續投資於業務。我們想投資於人才。我們想投資於新能力。我們想投資於與客戶更深的連結。我們已談過其中多個領域與多項優先事項。我認為AI是一項具差異化的技術，將使我們能在這些領域與優先事項上加速改善的步伐。

Dan Fannon, Jefferies, LLC.

Dan Fannon，Jefferies, LLC。

So I wanted to talk about the SMA opportunity. I think you mentioned, Rob, you've got $20 billion in AUM. That's pretty small relative to your peers, and kind of we think about tax efficiency and the kind of growth and demand for that process or investment strategy. Can you talk about your go-to-market or how you expect or plan to kind of scale the SMA business for you over the next couple of years? .

所以我想談談 SMA 的機會。我想你提到過，Rob，你們的 AUM 有 200 億美元。相較於同業這算相當小，而我們在思考稅務效率，以及對該流程或投資策略的成長與需求。你能談談你們的上市策略（go-to-market），或你們預期／計畫在未來幾年如何把 SMA 業務規模做大嗎？。

Sure. Thank you for the question. We see a lot of interest and a lot of opportunity here. As you said, $20 billion in AUM, yes, may be small relative to peers. And I'd say we were a latecomer to this business, but we're building momentum rapidly. We've got 43 strategies in market, placed with 35 sponsors. We're available on a number of partner platforms.

當然。謝謝你的提問。我們看到這裡有很高的興趣與很多機會。如你所說，AUM 200 億美元，沒錯，相較於同業可能偏小。我會說我們算是較晚進入這個業務，但我們正在快速累積動能。我們已有 43 個策略在市場上，並已與 35 家贊助方合作配置。我們也在多個合作夥伴平台上提供。

From a tax efficiency perspective, next week, we will launch our own capability in conjunction with the vendor partner. And we are developing partnerships with most of the existing platforms. So T. Rowe Price managed SMAs will be available with tax optimization broadly as we work our way throughout the rest of this year and into next year. So this is a priority for us.

從稅務效率的角度來看，下週我們將與供應商合作夥伴共同推出我們自有的能力。同時我們也正在與大多數既有平台發展合作關係。因此，隨著我們在今年剩餘時間以及明年持續推進，T. Rowe Price 管理的 SMA 將可廣泛提供稅務最佳化功能。所以這是我們的優先事項。

As I said, I would acknowledge that it is comparatively small when you look at our overall business and perhaps some of our peers that have met with success. But we're getting very, very encouraging feedback and very encouraging reactivity as we place more emphasis on this and have invested behind it. We've made it a pretty significant priority. We brought on talent from the outside to focus on this. and I'm looking forward to the progress that we'll make going forward.

如我所說，我承認相較於我們整體業務規模，以及可能一些已取得成功的同業，這部分仍然相對小。但隨著我們更強調這一塊並投入資源，我們收到非常、非常令人鼓舞的回饋與反應。我們已把它列為相當重要的優先事項。我們也從外部延攬人才專注於此。我期待未來我們能取得的進展。

Ben Budish, Barclays.

Ben Budish，Barclays。

I wondered if you could talk maybe a little bit about the distribution strategy for the T. Rowe Goldman Sachs Fund. Just curious the marketing and distribution coordination will work, any kind of economic details you can share? I know it's still quite early, but just curious what we should maybe expect as we watch this hold out over the next couple of months.

我想請你談談 T. Rowe Goldman Sachs Fund 的通路策略。我很好奇行銷與通路的協作會如何運作，有沒有任何你能分享的經濟條款細節？我知道現在還很早，但我想了解在接下來幾個月觀察其推進時，我們大概應該期待什麼。

Yes. If you take a step back, there are a number of components to the work that we're doing with Goldman. And I would say that overall, we're very pleased with the joint progress. From a model-account perspective, we have five models launched. We're approaching $0.5 trillion -- or $0.5 billion in AUM. They continue to grow. We're very, very focused on platform placement. So kind of that was the product that was first to market and the one where I would say that we've made the most progress.

好的。如果先退一步看，我們與高盛合作的工作包含多個組成部分。整體而言，我們對雙方共同的進展非常滿意。就模型帳戶（model-account）而言，我們已推出五個模型。我們的 AUM 正接近 0.5 兆美元——或 5 億美元。它們仍在持續成長。我們非常、非常專注於平台上架。所以這算是最先上市的產品，也是我會說我們進展最多的一塊。

We are in market also with a T. Rowe Price Advised Multi-Alternative Interval Fund. So that really just went effective at the beginning of the month. We are -- we and Goldman are taking that directly to the wealth channel. We're kind of educating our regional investment consultants and the opportunity here, and feel like the feedback that we've gotten so far is encouraging, but it's very, very early days. We're also in registration for a public-private equity interval fund that we hope to bring to market later this year. And again, the distribution responsibility is joint, but as the adviser, T. Rowe Price will be on point for coordinating that. Goldman is more taken the lead with regard to the model accounts.

我們也已在市場上推出 T. Rowe Price Advised Multi-Alternative Interval Fund。這檔基金在本月初才剛生效。我們——我們與高盛——正直接把它推向財富通路。我們正在教育我們的區域投資顧問關於這個機會，並且覺得目前收到的回饋令人鼓舞，但現在仍是非常、非常早期。我們也正在註冊一檔公私募股權區間基金（public-private equity interval fund），希望在今年稍晚推出。同樣地，通路責任是共同承擔，但作為顧問方，T. Rowe Price 將負責主導協調。至於模型帳戶方面，則更多由高盛領頭。

And then the final component is the target date series, which will incorporate alternatives. We are -- T. Rowe Price is on point for that. It will launch as the CIT. We're operationally ready. And at this point, we've engaged with a number of clients and prospects. I would say the feedback is strong, and the clients are interested, so kind of stay tuned for more updates with regard to progress there.

最後一個組成部分是目標日期系列（target date series），其中將納入另類投資。我們——T. Rowe Price——將負責主導。它將以 CIT 的形式推出。我們在營運上已準備就緒。目前我們已與多位客戶與潛在客戶接洽。我會說回饋很強，客戶也有興趣，所以請持續關注後續在進展方面的更多更新。

I'm not sure if Eric or Jen, you'd have anything to add?

我不確定 Eric 或 Jen，你們是否要補充？

No. The only thing I might say, from an economic perspective, I mean we designed this so that we were each contributing both from an investment management perspective and from a distribution perspective, so that it would be fair and balanced in terms of the economics that are shared between the two firms.

沒有。我唯一想說的是，從經濟分配的角度來看，我們在設計時就讓雙方在投資管理與通路兩方面都有所貢獻，因此在兩家公司之間分享的經濟利益上會是公平且平衡的。

Yes, I do think we have some complementary strengths, which was one of the reasons that made Goldman Sachs an attractive partner here. There are a number of places in wealth where we have very deep relationships, in a number of places where Goldman has very deep relationships. So I think together, we should be able to drive adoption and get more attention than either of us would be able to individually.

是的，我確實認為我們有一些互補的優勢，這也是讓高盛成為此處具吸引力合作夥伴的原因之一。在財富管理領域有許多地方我們有非常深厚的關係，而也有許多地方高盛有非常深厚的關係。所以我認為結合起來，我們應該能推動採用並獲得比任何一方單獨行動更多的關注。

Alex Bond, KBW.

Alex Bond，KBW。

I wanted to ask around the ETF suite. You highlighted the $4 billion of flows in the quarter. And with momentum continuing to grow there, just wondering if you can update us on how you're thinking about the path forward here in terms of launching new funds versus focusing on scaling your existing funds? And also maybe if there are other areas here? I guess, in light of the recent launch of the actively managed crypto strategy, where you think you can provide differentiated products that can drive client demand?

我想問一下 ETF 產品線。你提到本季有 40 億美元的資金流入。在動能持續增長的情況下，我想了解你們對未來路徑的思考：是推出新基金，還是更專注於擴大既有基金的規模？另外也想問是否還有其他領域？我想，考量到最近推出主動式管理的加密策略，你認為你們在哪些方面能提供具差異化、可帶動客戶需求的產品？

Yes. Well, first, thank you for the question. I mean this is among our top priorities, and I would say, among our biggest opportunities. I mean active ETFs are -- it's a category that we still think is in relative early innings, has a very long runway and very substantial growth in an area where we believe we have the right to win. As you mentioned, $4.4 billion in flows in the quarter, over $30 billion in AUM. We have 34 ETFs in our lineup now with strong overall investment performance.

是的。首先，謝謝你的提問。這是我們最優先的事項之一，我也會說是我們最大的機會之一。主動式 ETF——我們仍認為這個類別相對仍在早期階段，具備很長的成長跑道與相當可觀的成長空間，而且我們相信我們有能力勝出。如你提到，本季資金流入 44 億美元，AUM 超過 300 億美元。我們目前產品線有 34 檔 ETF，整體投資績效表現強勁。

I would say from a product road map perspective, this is a priority that you should anticipate that the pace of launch will slow to an extent, particularly as it relates to the US, we're looking at ETFs in other geographies. And we're really going to focus on scaling our existing portfolios of ETFs. We feel like we're in a place where we have coverage of all of the key Morningstar categories. We have component building blocks for asset allocation models, which we think is a very big opportunity and a big driver of the growth of active ETFs. And we also have a number of innovative offerings, including satellite and thematic offerings.

我會說，從產品路線圖的角度來看，這是一項優先事項，你可以預期推出的速度會在某種程度上放緩，特別是在美國市場；我們也在關注其他地區的 ETF。而我們將更專注於擴大既有 ETF 投資組合的規模。我們覺得目前已涵蓋所有主要的 Morningstar 類別。我們也有可用於資產配置模型的組件型基礎模組（building blocks），我們認為這是非常大的機會，也是主動式 ETF 成長的重要驅動因素。此外，我們也有多項創新產品，包括衛星配置與主題型產品。

I would point to what we're doing in -- with our crypto offering, what we're doing in a number of sector-oriented or thematic ETFs with things like innovation leaders or in healthcare technology or in natural resources. So we think this is a very big opportunity. We think it's an area that we really can deliver differentiated performance and a differentiated value proposition. So ultimately, it's our objective to make this a much, much bigger business than it is today.

我會指出我們正在做的事情——包括我們的加密貨幣產品，以及我們在多個以產業為導向或主題式的 ETF 上所做的努力，例如創新領導者、醫療保健科技或天然資源等。因此，我們認為這是一個非常大的機會。我們認為這是一個我們確實能夠提供差異化績效與差異化價值主張的領域。所以最終，我們的目標是把這項業務做得比今天大得多、非常多。

Yes. I would just add, specific to our crypto aspirations, we intentionally designed this strategy, TKNZ, to have an investable universe that can expand over time. to provide broad asset class exposure in this very rapidly evolving market. So we'll consider additional follow-on strategies there as and when we see the opportunity to add value through active management. We're also looking at different opportunities for ETF conversion, where we think that makes sense where it fits in with our existing clients and we can do it in a way that is beneficial both to them and to us. So we're looking at some other opportunities as well.

是的。我只想補充一點，針對我們的加密貨幣願景，我們刻意將這個策略 TKNZ 設計成其可投資範圍能隨時間擴大，以便在這個快速演變的市場中提供廣泛的資產類別曝險。因此，當我們看到有機會透過主動式管理創造價值時，我們也會考慮在那裡推出後續的額外策略。我們也在評估不同的 ETF 轉換機會；在我們認為合理、且符合既有客戶需求時，我們會以對客戶與我們雙方都有利的方式來推動。所以我們也在看一些其他機會。

I would think that one of the areas that we're really focused on unlocking is ETFs is building blocks in model accounts. There's a lot of work that we're doing here to make sure that we're partnered with the right platforms that we have the right sales specialists supporting our regional investment consultants in the field that we're leveraging our multi-asset and strategic portfolio design, tactical asset allocation capability. And this is a big opportunity for us to really bring all of our credentials as a solutions provider to our partners in the wealth channel and deliver kind of across a number of value drivers.

我認為我們真正聚焦、希望解鎖的一個領域，是把 ETF 作為模型帳戶中的基礎構件。我們在這方面做了大量工作，以確保我們與合適的平台合作、配置合適的銷售專家來支援我們在前線的區域投資顧問，並運用我們的多元資產與策略型投資組合設計、以及戰術性資產配置能力。這對我們而言是一個很大的機會，能把我們作為解決方案提供者的各項資歷帶給財富通路的合作夥伴，並在多個價值驅動因素上交付成果。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Jen, on the expense guide, I think you said it was based on first half average AUM. So if we're modeling off of end of period, which is 5% higher, should we be thinking like 1% to 2% higher than that guide? Or is that not the right way to think about it?

Jen，關於費用指引，我想你說是以今年上半年平均 AUM 為基礎。所以如果我們用期末數來建模，而期末數高出 5%，我們是否應該把費用想成比該指引高出大約 1% 到 2%？還是說這樣想不對？

No. Thanks for the question. I mean this is always tricky given volatility in markets, but we try to set the range based on the range of market levels that we see during the quarter. So we said -- we think about the middle based on the average and then there's a range around that.

不是。謝謝你的問題。我的意思是，考量市場波動，這一向很棘手，但我們會根據我們在該季度看到的市場水準區間來設定範圍。所以我們說——我們以平均值作為中位數來思考，然後在其周圍給出一個區間。

Michael Cho, JPMorgan.

Michael Cho，摩根大通。

I wanted to follow up on the active ETF discussion. You gave some color around the product focus and priorities. And I guess, as you think about demand and areas for incremental or further penetration from a distribution perspective, I also think you mentioned non-US as well, but -- and I was wondering if you have more opportunities or thinking about areas for deeper partnerships where TRO can actually drive more growth and take some more share?

我想追問一下主動式 ETF 的討論。你們對產品聚焦與優先順序提供了一些補充說明。我想，當你們從需求面與通路角度思考增量或進一步滲透的領域時，我也記得你提到非美國市場；但——我想問的是，你們是否有更多機會，或正在思考在更深度合作的領域上，讓 TRO 實際上能推動更多成長並取得更多市占？

Yes, Michael, thanks for the question. I think it's really important to just reemphasize something that we were discussing earlier, which is that when you look at the active ETF industry, a significant amount of that growth is coming through model delivery.

是的，Michael，謝謝你的問題。我認為很重要的是再次強調我們先前討論過的一點：當你觀察主動式 ETF 產業時，其中相當大一部分的成長是透過模型交付（model delivery）而來。

And in model delivery, you have both custom models, and you have off-the-shelf models. We're pushing hard on both of those areas. And in those areas, your relationships with the different technology providers is really important. So we're working hard on building out those relationships and developing those as deep as we can because that ultimately gets you access to those advisers.

而在模型交付中，既有客製化模型，也有現成（off-the-shelf）模型。我們在這兩個領域都在大力推進。在這些領域中，你與不同科技供應商之間的關係非常重要。因此我們正努力建立並盡可能深化這些關係，因為這最終能讓你接觸到那些理財顧問。

We're also working on some technology that will give our portfolio managers the ability to use that solutions capability that we have developed through the years, through our multi-asset team in a more effective and efficient way, we think, to really do well in the customized model area. So we are certainly looking at partnerships and engagements with different providers in the ecosystem to try to drive that ETF growth specific to models.

我們也在開發一些技術，讓我們的投資組合經理能以更有效率、更有效果的方式運用我們多年來透過多元資產團隊所建立的解決方案能力；我們認為這將有助於在客製化模型領域取得更好的表現。因此，我們確實正在尋求與生態系中不同供應商的合作與互動，以推動特別是與模型相關的 ETF 成長。

Yes. I would highlight a handful of other things. I mean, one, I think if you look at areas where we've got a very strong investment track record, and we've been strong in mutual funds and where there's a big opportunity in ETF, I would highlight, municipal, in fixed income is an area where we think there's a very, very substantial opportunity. I think our equity research offerings. We have the US equity research offering in market as an ETF. I think we'll look to expand that range over a period of time.

是的。我也想強調另外幾點。第一，我認為如果你看我們擁有非常強的投資績效紀錄、在共同基金表現強勢、且在 ETF 方面存在巨大機會的領域，我會特別指出固定收益中的市政債（municipal）是一個我們認為機會非常、非常可觀的領域。第二，我們的股票研究產品。我們已將美國股票研究產品以 ETF 形式在市場上推出。我認為我們會在一段時間內擴大這個產品範圍。

I want also to say where you've seen substantial growth or where you have category leaders with a unique investment proposition or a unique value proposition that kind of people access to risk-reward profile or an asset class that they otherwise might not be able to get access to as conveniently. And I do think we have a number of things that we're developing or have a launch but are yet to scale that would fit into that category.

我也想提到，你已經看到顯著成長的地方，或是你擁有具獨特投資主張或獨特價值主張的類別領導產品——這些產品能讓人們更容易取得某種風險報酬特性或某個資產類別，而在其他情況下他們可能無法如此便利地取得。而我確實認為，我們正在開發的一些產品，或已經推出但尚未規模化的產品，有不少都符合這一類。

So look, again, as I said at the outset, this is one of our biggest opportunities and one of our highest priorities. And I think the opportunity as it stands primarily is in the US wealth channel, but we are looking at opportunities outside of the US where kind of this is a trend in other geographies as well.

所以你看，再次如我一開始所說，這是我們最大的機會之一，也是我們最高優先事項之一。而我認為目前這個機會主要在美國財富通路，但我們也在尋找美國以外的機會，因為這在其他地區同樣是一個趨勢。

Thank you. I'm showing no additional questions in the queue at this time. Ladies and gentlemen, this concludes today's presentation. I'd like to thank you for your participation. You may now disconnect. Everyone, have a wonderful day. Speakers, stand by.

謝謝。我目前看到隊列中沒有其他問題。各位女士、先生，今天的簡報到此結束。感謝各位的參與。您現在可以斷線。祝各位有美好的一天。講者請稍候。