Virtus Investment Partners, Inc. (VRTS) 2026 Q1 法說會逐字稿

Good morning. My name is Didi, and I will be your conference operator today. I would like to welcome everyone to the Virtus Investment Partners Quarterly Conference Call. The slide presentation for this call is available in the Investor Relations section of the Virtus website at www.virtus.com.

早安。我叫 Didi，今天將擔任各位的電話會議接線員。歡迎各位參加 Virtus Investment Partners 季度電話會議。本次電話會議的簡報投影片可於 Virtus 網站（www.virtus.com）之投資人關係專區取得。

This call is being recorded and will be available for replay on the Virtus website. (Operator Instructions)

本通話將被錄音，並將於 Virtus 網站提供重播。（接線員指示）

I will now turn the conference to your host, Sean Rourke.

現在我將把會議交給主持人 Sean Rourke。

Thanks, Didi, and good morning, everyone. Welcome to Virtus Investment Partners discussion of our first quarter 2026 financial and operating results. Joining me today are George Aylward, our President and CEO; and Mike Angerthal, our Chief Financial Officer.

謝謝你，Didi，各位早安。歡迎參加 Virtus Investment Partners 對我們 2026 年第一季財務與營運成果的說明。今天與我一同出席的有我們的總裁暨執行長 George Aylward，以及財務長 Mike Angerthal。

After their prepared remarks, we will open the call for questions. Before we begin, I'll refer you to the disclosures on Slide 2. Today's comments may include forward-looking statements, which involve risks and uncertainties described in our news release and SEC filings. Actual results may differ materially.

在他們的準備發言之後，我們將開放提問。在開始之前，請各位參閱投影片第 2 頁的揭露事項。今天的評論可能包含前瞻性陳述，涉及我們新聞稿與向 SEC 提交文件中所述之風險與不確定性。實際結果可能有重大差異。

We will also reference certain non-GAAP financial measures. Reconciliations to the most strictly comparable GAAP measures are available in today's news release and financial supplement on our website.

我們也將提及若干非 GAAP 財務衡量指標。與最具可比性的 GAAP 指標之調節表，已載於今日新聞稿以及我們網站上的財務補充資料。

Now I'd like to turn the call over to George.

現在我想把電話交給 George。

George?

George？

Thank you, Sean, and good morning, everyone.

謝謝你，Sean，各位早安。

I'll start today with an overview of the results we reported this morning, and then Mike will provide more detail.

我今天先概述我們今早公布的結果，接著 Mike 會提供更多細節。

Although the first quarter was challenging from a net flow perspective, reflecting our meaningful exposure to quality-oriented equity strategies, which have remained out of favor, we had several areas of strength during the quarter that were overshadowed, and we also advanced key growth initiatives.

雖然第一季從淨資金流向的角度來看充滿挑戰，反映我們對偏重品質取向的股票策略有相當曝險，而該類策略仍不受市場青睞；但本季我們也有數個被掩蓋的亮點，同時推進了關鍵成長計畫。

Key highlights of the quarter included an 8% increase in sales with growth in US retail funds, separate accounts and global funds, positive net flows in several strategies, including high conviction growth equity, multi-sector fixed income, listed real assets and event-driven, positive net flows in ETFs and global funds, expansion into private markets with our investment in Keystone National Group and continued return of capital, including $10 million of share repurchases.

本季重點包括：銷售額成長 8%，其中美國零售基金、全權委託帳戶與全球基金均呈成長；多項策略出現正向淨流入，包括高信念成長股、多元債券、上市實質資產與事件驅動；ETF 與全球基金亦為正向淨流入；透過投資 Keystone National Group 擴展至私募市場；以及持續回饋資本，包括回購 1,000 萬美元股票。

We remained active in broadening our product offerings to meet the evolving client demand and expand our growth opportunities over time.

我們持續積極擴充產品供給，以因應客戶需求的演變，並隨時間推進擴大我們的成長機會。

The investment in Keystone on March 1 added a differentiated asset-centric private credit capability, and our sales teams are actively focused on expanding distribution of their compelling strategies to retail institutional clients.

3 月 1 日對 Keystone 的投資，新增了具差異化、以資產為核心的私募信貸能力；我們的銷售團隊正積極著力，將其具吸引力的策略擴大推廣至零售與機構客戶。

Keystone focuses on senior secured amortizing fixed rate financings backed by tangible assets. We believe their approach offers attractive stability and defensive characteristics for investors seeking a private credit allocation or a broader income-oriented solution with a different risk profile than many traditional direct lending vehicles.

Keystone 專注於以有形資產作為擔保的優先擔保、攤還型固定利率融資。我們相信，其方法能為尋求私募信貸配置的投資人，或尋求具不同風險輪廓、以收益為導向之更廣泛解決方案的投資人，提供具吸引力的穩定性與防禦特性，且不同於許多傳統直接放貸工具。

Keystone expands our private market capabilities, which also include those of Crescent Cove as well as our overall alternative offerings that include managed futures and event-driven strategies. We continue to launch attractive actively managed ETFs, including emerging markets dividend ETF from our systematic team, our real estate income ETF from Duff & Phelps and a growth equity ETF from Silvant.

Keystone 擴展了我們的私募市場能力；我們亦包含 Crescent Cove 的相關能力，以及整體另類投資產品（包括管理期貨與事件驅動策略）。我們持續推出具吸引力的主動式管理 ETF，包括由系統化團隊推出的新興市場股利 ETF、由 Duff & Phelps 推出的不動產收益 ETF，以及由 Silvant 推出的成長股 ETF。

We expect to continue to be active in developing and introducing new products over the upcoming quarters.

我們預期在接下來幾個季度，仍將持續積極開發並推出新產品。

Looking at our first quarter results. Assets under management were $149 billion at March 31, down from $159 billion due to net outflows and market performance.

回到我們第一季的結果。截至 3 月 31 日，管理資產規模為 1,490 億美元，較 1,590 億美元下降，主因為淨流出與市場表現。

Total sales increased 8% to $5.8 billion with a 26% increase in sales of equity strategies in large part from some of our strategies that do not have a quality orientation. By product, we had higher sales of US retail funds, retail separate accounts and global funds. Retail separate account sales increased 19% with higher sales in each month of the quarter. And on April 1, we reopened the SMID-cap core strategy that had soft closed in 2024.

總銷售額成長 8% 至 58 億美元，其中股票策略銷售額成長 26%，主要來自我們部分不具品質取向的策略。按產品別來看，美國零售基金、零售全權委託帳戶與全球基金的銷售較高。零售全權委託帳戶銷售成長 19%，且本季每個月的銷售均較高。此外，我們於 4 月 1 日重新開放 2024 年曾軟性關閉的 SMID-cap 核心策略。

Total net outflows were $8.4 billion, and across products, the outflows were almost entirely driven by equities.

總淨流出為 84 億美元；就各產品而言，流出幾乎完全由股票所驅動。

I would note that the majority, over 80% of the net outflows were in the first 2 months of the quarter as net outflows improved significantly in March.

我想指出，淨流出的大多數（超過 80%）發生在本季前兩個月，因為 3 月的淨流出已明顯改善。

Looking at flows across asset classes, the equity net outflows largely reflected the continued style headwind for quality-oriented strategies, including a meaningful institutional global equity redemption and the previously disclosed rebalancing of a lower fee retail separate account model-only mandate to a passive strategy.

從資產類別的資金流向來看，股票淨流出主要反映品質取向策略持續受到風格逆風影響，其中包括一筆具規模的機構全球股票贖回，以及先前已揭露：一項費率較低、僅限模型的零售全權委託帳戶委任案，因再平衡而轉至被動式策略。

Fixed income net flows were essentially breakeven for the quarter as positive net flows in multi-sector convertibles and preferreds were offset by net outflows in investment grade and leveraged finance.

固定收益本季淨流量基本持平；多元可轉債與特別股的正向淨流入，被投資等級與槓桿融資的淨流出所抵銷。

Multi-asset strategies were also essentially breakeven, while alternative strategies had net outflows of $0.4 billion, primarily driven by managed futures.

多元資產策略亦基本持平；另類策略淨流出 4 億美元，主要由管理期貨所驅動。

In terms of what we saw in April, as previously mentioned, overall trends improved over the course of the first quarter and April flows were more similar to March.

就我們在 4 月所見而言，如先前所提，整體趨勢在第一季期間逐步改善，而 4 月的資金流向更接近 3 月。

For US retail funds, both sales and flows improved in April over March and ETF sales and net flows were at their highest level since September.

就美國零售基金而言，4 月的銷售與資金流向均較 3 月改善；而 ETF 銷售與淨流入則達到自 9 月以來的最高水準。

For retail separate accounts, while we do not have as much transparency given a large portion is model only, we do anticipate better flows in the second quarter and are pleased to have recently reopened the SMID-cap core strategy.

就零售全權委託帳戶而言，由於其中相當大一部分僅限模型，我們的透明度較低；但我們預期第二季資金流向將更佳，並很高興近期已重新開放 SMID-cap 核心策略。

On the institutional side, known wins actually modestly exceed known redemptions for the first time in a long time. Though as always, institutional flows can be very lumpy and hard to predict.

在機構端，已知的得標案實際上首次在很長一段時間內略高於已知的贖回。不過一如既往，機構資金流向可能非常不均勻，且難以預測。

Turning now to our financial results.

接著談我們的財務結果。

The operating margin was 24% and reflected the impact of seasonally higher employment expenses. Excluding those items, the operating margin was 30.3%. Earnings per share as adjusted of $5.38 declined from the fourth quarter, primarily due to $1.26 per share of seasonal employment expenses. Excluding those items, earnings per share as adjusted declined 6%.

營業利益率為 24%，反映季節性較高的人事費用影響。排除該等項目後，營業利益率為 30.3%。調整後每股盈餘為 5.38 美元，較第四季下降，主要因每股 1.26 美元的季節性人事費用。排除該等項目後，調整後每股盈餘下降 6%。

Turning to investment performance. As we've previously discussed, recent performance reflects our overweight in quality equity. However, we did see improving relative performance in the first quarter in our equity strategies.

接著談投資績效。如我們先前所討論，近期績效反映我們在品質股上的超配。不過，我們確實看到第一季我們的股票策略相對績效有所改善。

Fixed income and alternative strategies have consistently strong performance with 78% and 71%, respectively, beating benchmarks for the 3-year period.

固定收益與另類策略的表現一貫強勁，分別有78%與71%在3年期間跑贏基準。

Over the longer 10-year period, 54% of our equity, 73% of our fixed income and 71% of alternative strategies beat their benchmarks.

在較長的10年期間內，我們的股票策略有54%、固定收益策略有73%、另類策略有71%跑贏其基準。

In terms of our balance sheet and capital, we ended the quarter with cash and equivalents of $137 million, other investments of $269 million and $200 million of undrawn capacity on our revolving credit facility. Cash was lower sequentially as the first quarter of each year is our highest period of cash utilization.

就我們的資產負債表與資本而言，本季末我們持有現金及約當現金1.37億美元、其他投資2.69億美元，並在循環信用額度下有2億美元的未動用額度。現金較前一季下降，因為每年第一季是我們現金使用量最高的期間。

In addition to first quarter seasonal expenses, cash usage included the $200 million closing payment for the Keystone investment and $23 million representing the majority of our remaining revenue participation obligation.

除第一季的季節性費用外，現金使用亦包括Keystone投資案的2億美元交割付款，以及2,300萬美元（代表我們剩餘收入分成義務中的大部分）。

During the quarter, we repurchased approximately 73,000 shares for $10 million and paid our quarterly dividend. We continue to have financial flexibility to balance our capital priorities of investing in the business, returning capital to shareholders and maintaining appropriate leverage.

本季我們以1,000萬美元回購約73,000股，並支付了季度股利。我們仍具備財務彈性，可在投資業務、回饋股東以及維持適當槓桿等資本優先事項之間取得平衡。

And with that, I'll turn the call over to Mike to provide more detail on the financial results.

接下來，我把電話交給Mike，請他就財務結果提供更多細節。

Mike?

Mike？

Thank you, George. Good to be with you all this morning.

謝謝你，George。很高興今天早上與各位一同參與。

Starting with our results on Slide 7, assets under management. Our total assets under management at March 31 were $149 billion, and average assets declined 4% to $158.2 billion. Our AUM continues to be well diversified across products and asset classes.

先從投影片7的結果開始，管理資產規模（AUM）。截至3月31日，我們的管理資產總額為1,490億美元，平均管理資產下降4%至1,582億美元。我們的AUM在產品與資產類別上仍維持良好分散。

By product, institutional accounts were 33% of AUM. US retail funds represented 27% and retail separate accounts, including wealth management, represented 25%. The remaining 15% consisted of closed-end funds, global funds and ETFs.

按產品別來看，機構帳戶占AUM的33%。美國零售基金占27%，零售分離帳戶（含財富管理）占25%。其餘15%由封閉式基金、全球基金與ETF構成。

Within open-end funds, ETF AUM increased to $5.4 billion, up $0.2 billion sequentially on continued strong net flows and up 58% year-over-year. We are also well diversified by asset class with broad representation across domestic and international equities, including mid, small and large-cap strategies and fixed income offerings diversified across duration, credit quality and geography.

在開放式基金中，ETF的AUM增加至54億美元，較前一季增加2億美元，主要受持續強勁的淨流入帶動，且年增58%。我們在資產類別上亦高度分散，涵蓋國內與國際股票（包含中型、小型與大型股策略）以及固定收益產品（在存續期間、信用品質與地理區域上均有分散）。

With the addition of Keystone during the quarter, which added $2.3 billion of AUM, alternatives now represent over 12% of assets, up from 9.7% last quarter and 9% a year ago.

本季納入Keystone後，新增23億美元AUM，使另類投資目前占資產比重超過12%，高於上季的9.7%以及一年前的9%。

Turning to Slide 8, asset flows.

接著看投影片8，資金流向。

Total sales increased 8% to $5.8 billion, up from $5.3 billion in the fourth quarter. The increase was led by sales of equity strategies, which increased 26% with the growth broadly across domestic, international and global equity. Reviewing by product.

總銷售額成長8%至58億美元，高於第四季的53億美元。成長主要由股票策略銷售帶動，股票策略銷售成長26%，且成長廣泛分布於國內、國際與全球股票。按產品別檢視。

Institutional sales were $1.2 billion versus $1.4 billion last quarter, with higher equity and multi-asset sales offset by lower fixed income and alternatives. Retail separate account sales increased to $1.4 billion from $1.2 billion in the fourth quarter, primarily due to a 30% increase in sales in the intermediary sold channel across strategies.

機構銷售為12億美元，低於上季的14億美元；其中較高的股票與多元資產銷售，被較低的固定收益與另類投資所抵銷。零售分離帳戶銷售由第四季的12億美元增至14億美元，主要因透過中介通路銷售的各策略銷售成長30%。

Open-end fund sales increased 11% to $3.1 billion and included $0.6 billion of ETF sales. Open-end fund sales were higher in equities, fixed income and multi-asset strategies, with much of the increase in equity sales in style-agnostic and growth strategies.

開放式基金銷售成長11%至31億美元，其中包含6億美元的ETF銷售。開放式基金銷售在股票、固定收益與多元資產策略均較高；股票銷售增量多集中於不拘風格（style-agnostic）與成長型策略。

Total net outflows were $8.4 billion compared with $8.1 billion last quarter. And as previously mentioned, the outflows improved meaningfully in the last month of the quarter. Reviewing by product.

總淨流出為84億美元，較上季的81億美元略增。如先前所提，本季最後一個月的流出情況明顯改善。按產品別檢視。

Institutional net outflows of $3.2 billion were again primarily due to redemptions of quality-oriented global equity strategies. Retail separate accounts had net outflows of $3.9 billion, which included a $1.4 billion redemption of a lower fee model-only account that we previously disclosed.

機構淨流出32億美元，主要仍因偏重品質的全球股票策略遭到贖回。零售分離帳戶淨流出39億美元，其中包含我們先前揭露的一個低費率、僅模型（model-only）帳戶的14億美元贖回。

Open-end fund net outflows of $1.3 billion improved from $2.5 billion last quarter and included positive net flows in fixed income and global equity. For closed-end funds, which include Keystone's tender offer fund, we reported modestly negative net flows.

開放式基金淨流出13億美元，較上季的25億美元改善，且固定收益與全球股票出現正向淨流入。至於封閉式基金（包含Keystone的要約收購基金），我們呈報小幅負向淨流入。

I would point out that while Keystone's fund had positive net flows for the quarter, our results reflect just 1 month of their sales, but a full quarter of redemptions given the fund's quarterly tenders take place in March. ETFs continued to deliver solid growth, generating $0.3 billion of positive net flows and sustaining a strong double-digit organic growth rate.

我想指出，雖然Keystone的基金本季呈現正向淨流入，但我們的結果僅反映其1個月的銷售，然而由於該基金的季度要約收購在3月進行，因此贖回則反映了整季。ETF持續帶來穩健成長，產生3億美元的正向淨流入，並維持強勁的兩位數有機成長率。

Turning to Slide 9.

接著看投影片9。

Investment management fees as adjusted were $163.5 million, down 3% due to lower average AUM, partially offset by a higher average fee rate. The average fee rate was 41.9 basis points, up from 40.6 basis points last quarter and included approximately 0.6 basis points of incentive fees from one month of Keystone.

調整後投資管理費為1.635億美元，因平均AUM較低而下降3%，部分被較高的平均費率所抵銷。平均費率為41.9個基點，高於上季的40.6個基點，其中包含約0.6個基點、來自Keystone 1個月的績效費（incentive fees）。

For modeling purposes, an average fee rate in the range of 43 to 45 basis points is reasonable for the second quarter, reflecting a full quarter of Keystone. As always, the fee rate will vary with market levels and asset mix.

就建模而言，第二季平均費率落在43至45個基點區間是合理的，反映Keystone完整一季的貢獻。一如既往，費率將隨市場水準與資產組合而變動。

Slide 10 shows the five-quarter trend in employment expenses.

投影片10顯示員工相關費用的五季趨勢。

Total employment expenses as adjusted of $106.2 million increased 11% sequentially, reflecting $11.4 million of seasonal employment expenses related to the timing of annual incentives, primarily incremental payroll taxes and benefits. On the more comparable year-over-year basis, employment expenses declined 3%. Excluding the seasonal items, employment expenses also decreased on a sequential basis.

調整後員工相關費用總額為1.062億美元，較前一季增加11%，反映與年度獎酬發放時點相關的1,140萬美元季節性員工費用，主要為額外的薪資稅與福利。以較可比的年對年基礎來看，員工相關費用下降3%。若排除季節性項目，員工相關費用在季對季基礎上亦下降。

Employment expenses were 58.3% of revenues as adjusted, with the sequential increase primarily due to the seasonal expenses. Excluding those items, employment expenses were 52% of revenues, higher than the fourth quarter, largely due to lower revenues.

調整後員工相關費用占營收比為58.3%，季對季上升主要由季節性費用所致。排除該等項目後，員工相關費用占營收比為52%，高於第四季，主要因營收較低。

For modeling purposes, it's reasonable to assume employment expenses as adjusted will be in the 51% to 53% range as a percentage of revenues and at the high end of that range in the second quarter, primarily due to the decline in equity assets under management. And as always, results will vary with flows and market performance.

就建模而言，假設調整後員工相關費用占營收比落在51%至53%區間是合理的，且第二季將位於區間高端，主要因股票管理資產下降。一如既往，結果將隨資金流向與市場表現而變動。

Turning to Slide 11.

接著看第 11 張投影片。

Other operating expenses as adjusted were $30.6 million, up modestly from $30.2 million in part to the addition of Keystone during the quarter. For modeling purposes, a quarterly range of $31 million to $33 million is reasonable going forward to reflect the full quarter impact of Keystone.

調整後的其他營運費用為 3,060 萬美元，較 3,020 萬美元小幅增加，部分原因是本季納入 Keystone。就建模而言，未來每季以 3,100 萬至 3,300 萬美元的區間較為合理，以反映 Keystone 全季影響。

In addition, keep in mind that our annual Board of Directors' equity grant occurs in the second quarter and is incremental to the outlook.

另外請記得，我們董事會每年的股權授予發生在第二季，且屬於在展望之外的增量。

Slide 12 illustrates the trend in earnings.

第 12 張投影片說明獲利趨勢。

Operating income as adjusted of $43.8 million decreased from $61.1 million in large part due to seasonal expenses. Excluding those items, operating income decreased 10%, primarily due to lower average assets under management. The operating margin as adjusted of 24% compared with 32.4% in the fourth quarter. Excluding the seasonal employment expenses, the operating margin was 30.3%.

調整後營業利益為 4,380 萬美元，較 6,110 萬美元下降，主要原因是季節性費用。排除這些項目後，營業利益下降 10%，主要因平均管理資產（AUM）較低。調整後營業利益率為 24%，相較第四季的 32.4%。排除季節性人事費用後，營業利益率為 30.3%。

With respect to nonoperating items, interest and dividend income declined by $1.4 million due to a lower cash balance, reflecting the timing of the Keystone investment and seasonal cash obligations. Noncontrolling interest of $1.4 million were modestly lower than the prior quarter.

就非營運項目而言，利息與股利收入因現金餘額較低而減少 140 萬美元，反映 Keystone 投資時點以及季節性現金支出義務。非控制權益為 140 萬美元，較前一季小幅降低。

Looking ahead for modeling purposes, we believe that a reasonable range for noncontrolling interest will be $4 million to $5 million, which factors in a full quarter of Keystone.

展望未來、就建模而言，我們認為非控制權益的合理區間為 400 萬至 500 萬美元，已納入 Keystone 全季影響。

Turning to income taxes.

接著談所得稅。

As we recently announced, beginning with this quarter's results, we updated how we reflect income taxes in our non-GAAP presentation and have recast the relevant line items in prior quarters. Over time, through acquisitions, we have built a significant intangible tax asset that generates meaningful economic tax benefits.

如我們近期所公告，自本季業績起，我們更新了在非 GAAP 呈現中反映所得稅的方式，並已重編前幾季相關科目。隨著時間推進，透過併購，我們建立了可觀的無形稅務資產，可帶來顯著的經濟性稅務利益。

Given the size of this attribute and our expectation of realizing benefit, we believe it is appropriate to reflect it in earnings. For context, the tax benefit represented about $2.64 per share of earnings in 2025.

鑑於該屬性的規模以及我們預期可實現其利益，我們認為將其反映在盈餘中是適當的。作為背景，該稅務利益在 2025 年約相當於每股盈餘 2.64 美元。

For the first quarter, our effective tax rate of 14% was lower sequentially by approximately 400 basis points due to the impact of the amortization tax benefit on a seasonally lower level of pretax income. Beginning with the second quarter, an effective tax rate of 14% to 15% would be reasonable to expect.

第一季有效稅率為 14%，較前一季約下降 400 個基點，原因是攤銷稅務利益在稅前收入季節性較低的水準下所產生的影響。自第二季起，預期有效稅率 14% 至 15% 會是合理的。

Net income as adjusted of $5.38 per diluted share, which included $1.26 per share of seasonal expenses compared with $7.16 in the fourth quarter and declined 16% from the prior year, primarily due to lower average AUM.

調整後淨利為每股稀釋後 5.38 美元，其中包含每股 1.26 美元的季節性費用；相較第四季為 7.16 美元，且較去年同期下降 16%，主要因平均 AUM 較低。

Slide 13 shows the trend of our capital, liquidity and select balance sheet items.

第 13 張投影片顯示我們的資本、流動性以及部分資產負債表項目的趨勢。

On March 1, we completed the 56% investment in Keystone for $200 million. As a reminder, there is up to $170 million of additional consideration over 2 years, a meaningful portion of which is subject to achievement of revenue targets. The estimated fair value of the deferred payments is recorded on the balance sheet as contingent consideration.

3 月 1 日，我們以 2 億美元完成對 Keystone 56% 的投資。提醒一下，未來 2 年最多還有 1.7 億美元的額外對價，其中相當一部分取決於是否達成營收目標。遞延付款的估計公允價值以或有對價的形式記錄於資產負債表。

Contingent consideration at March 31 totaled $126 million, with the sequential increase reflecting the addition of the Keystone deferred payments, partially offset by the payment of the majority of our remaining revenue participation obligation, which was $23 million.

截至 3 月 31 日，或有對價合計 1.26 億美元，較前一季增加主要反映新增 Keystone 的遞延付款，部分被我們支付大部分剩餘營收分成義務（2,300 萬美元）所抵銷。

As previously discussed, our transaction with Keystone includes increasing our ownership to 75% with the equity purchases taking place during years three through six after closing. The estimated value of those purchases is recorded in redeemable noncontrolling interest, which increased to $131 million at March 31.

如先前所述，我們與 Keystone 的交易包含在交割後第 3 至第 6 年期間透過股權購買將持股提高至 75%。這些購買的估計價值記錄於可贖回非控制權益，並於 3 月 31 日增加至 1.31 億美元。

The remaining 25% of Keystone is reflected in the manager noncontrolling interest liability, which totaled $152 million, the majority of which represents Keystone equity held by Keystone employees that will be recycled to future generations.

Keystone 剩餘 25% 反映在經理人非控制權益負債中，合計 1.52 億美元，其中大部分代表 Keystone 員工持有的 Keystone 股權，將回收並傳承給未來世代。

Cash and equivalents at March 31 were $137 million, down from December 31 due to the payment for Keystone, seasonal employment expenses and return of capital.

截至 3 月 31 日，現金及約當現金為 1.37 億美元，較 12 月 31 日下降，原因為支付 Keystone 對價、季節性人事費用以及資本返還。

In addition, we had $269 million of other investments, including seed capital to support future growth opportunities. Return of capital to shareholders in the first quarter included our quarterly dividend and the repurchase of 73,463 shares of common stock for $10 million.

此外，我們還有 2.69 億美元的其他投資，包括用以支持未來成長機會的種子資本。第一季對股東的資本返還包含季度股利，以及以 1,000 萬美元回購 73,463 股普通股。

Gross debt at the end of the quarter was $448 million, up from $399 million at December 31 due to a $50 million draw on our revolving credit facility.

季末總負債為 4.48 億美元，較 12 月 31 日的 3.99 億美元增加，原因是自循環信用額度動用 5,000 萬美元。

Net debt was $311 million or 1.1 times EBITDA.

淨負債為 3.11 億美元，約為 EBITDA 的 1.1 倍。

As a reminder, we typically prioritize repayments of amounts drawn on our credit facility over the short term. And with that, let me turn the call back over to George.

提醒一下，短期內我們通常會優先償還自信用額度動用的款項。接下來我把電話交回給 George。

George?

George？

Thank you, Mike. We will now take your questions. Didi, would you open up the lines, please?

謝謝你，Mike。我們現在開始回答各位的提問。Didi，麻煩你開放線路。

(Operator Instructions)

（接線員指示）

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Thank you. Good morning. I appreciate taking my questions. First, in the release and also on the call, you called out the 26% increase in sales of equity strategies. Can you just -- can you dig into that a little further? Was that partially buying the dip in the quarter, especially the March improvement in flows and then just any specific areas, value growth, value or growth. So just curious if you can detail that a little bit more and if that's continued in April?

謝謝。早安。感謝讓我提問。首先，在新聞稿以及電話會議中，你們提到股票策略銷售成長 26%。能否再深入說明一下？這是否部分來自本季逢低買進，特別是 3 月資金流改善，另外是否有特定領域，例如價值成長、價值或成長？所以我想了解你們能否更詳細說明，且這個趨勢在 4 月是否仍持續？

Sure. So again, while we've highlighted the fact that the majority of our equity AUM and strategies do have a quality orientation from the managers that have grown the business over the years that we had other strategies that did not have those same orientations.

當然。再重申一次，雖然我們強調過，我們大多數股票 AUM 與策略確實帶有品質導向，這來自多年來推動業務成長的經理人，但我們也有其他策略並不具備相同的導向。

And they were -- many of them were obviously a little smaller and had not previously been areas where we had seen significant growth. That -- those have been the strategies that we have continued to focus on and try to find additional opportunities for them.

而且它們——其中許多顯然規模較小，過去也不是我們看到顯著成長的領域。而這些——正是我們持續聚焦並嘗試為其尋找更多機會的策略。

So we were very pleased that with some of our strategies, which include some of the high conviction strategies, some of the more styleagnostic strategies or the other growth strategies that we've recently made available in SMAs, have increased our focus on some of the other wrappers they're in and including launching some ETFs recently, you may have noticed that are not with our quality-oriented strategies.Those have been the big drivers of that increase in assets.

因此我們非常高興，部分策略（包括一些高信念策略、一些較不受風格限制的策略，或我們近期以 SMA 形式提供的其他成長策略）帶動了資產增加；同時我們也加大對其所採用的其他包裝形式的投入，包括你可能注意到我們近期推出的一些 ETF，這些並非我們的品質導向策略。這些是資產成長的主要驅動因素。

We hope that, that will continue. Again, we still fully believe that the quality orientation strategies will come back into favor as well. But again, we have been focused on those other strategies and capabilities that we've had, which have been smaller, but now they have been growing and our hope would be to continue to make them available, particularly again in the retail separate accounts.

我們希望這種情況能夠持續下去。再次強調，我們仍然完全相信，以品質為導向的策略也會重新受到青睞。但同樣地，我們一直專注於我們所擁有的其他策略與能力，這些策略原本規模較小，但現在已經在成長；我們希望能持續提供這些策略，尤其是再次在零售獨立帳戶方面。

And very recently, now there'll be more available in the ETFs.

而且就在最近，ETF 方面也會有更多可供選擇的產品。

Mike, anything you would add other --

Mike，你還有什麼要補充的嗎--

Yes, I think you hit on the key points. I think we're starting to see contribution on the top line from some of those managers, and they have experienced growth. Obviously, it's been overshadowed by some of the larger managers who have a quality orientation, but we're seeing that growth. I think we called it out in the intermediary sponsored retail separate account platform.

是的，我認為你已經點出關鍵重點。我認為我們開始看到其中一些經理人對營收端（top line）的貢獻，而且他們也經歷了成長。顯然，這些表現被一些規模更大、以品質為導向的經理人所掩蓋，但我們確實看到這樣的成長。我想我們也在由中介機構贊助的零售獨立帳戶平台中特別提到過。

As George mentioned, we've seen expanded access at some of our key distribution partners, and that's benefiting the top line. So we're pleased to see that.

如 George 所提到的，我們在一些關鍵的通路合作夥伴那裡看到了更廣泛的可得性（access），這正在帶動營收端。所以我們很高興看到這一點。

Great. My second question is on net outflows, and you might have hit on a little bit of the answer and just that, but net outflows remain elevated, especially so after the last -- over the last few quarters. So curious on the longer-term trajectory that needs to be done. What needs to be done for that to improve first at a macro level and then on a micro level.

很好。我的第二個問題是關於淨流出（net outflows）。你們可能已經稍微回答到一部分，但淨流出仍然偏高，尤其是在過去幾個季度之後更是如此。因此我想了解需要採取哪些措施的長期走勢。在宏觀層面以及微觀層面，分別需要做什麼才能先改善？

On the micro side, it looks like you're making some progress there on some of those strategies outside of the quality orientation.

在微觀層面，看起來你們在一些非品質導向的策略上已經取得一些進展。

But I'm just trying to get to, okay, how do you get closer or more progress closer to more neutral? And I also -- I appreciate the comments on the improvement in March and April, but just thinking more on a longer-term broad basis on flows.

但我想釐清的是，好，如何讓淨流出更接近中性、或取得更多進展？另外——我也感謝你們對 3 月與 4 月改善的評論，但我更想從較長期、較廣泛的角度來看資金流向（flows）。

Sure. Yes. And I'll start with just reiterating again the largest percentage of the outflows, and again, we highlighted the 2 specific large mandates that drove that were in the earlier part of the first quarter and that March and then we've also indicated that April has been at a significantly lower level than that level in January or February or the fourth quarter. So we view that as positive.

當然。是的。我先重申一下，流出中占比最大的部分——我們也特別指出了兩個在第一季前段、以及 3 月造成影響的特定大型委託案（mandates）；同時我們也表示，4 月的流出水準已顯著低於 1 月或 2 月、或第四季的水準。因此我們將其視為正面訊號。

Again, I think there's a couple of factors. You already indicated each of them. So for the quality-oriented strategies, again, as the cycle eventually will turn, we see that as a good opportunity. We do actually believe that there are currently certain investors, particularly more of the institutional investors that are fully cognizant of how out of favor growth equity, quality-oriented equity is and are looking -- hopefully looking at this as the opportunity because inevitably, at the turn of the cycle is usually when many managers, including ours, have generated some of their better performance.

再來，我認為有幾個因素。你其實已經提到每一項了。所以對於品質導向策略而言，隨著景氣循環最終轉向，我們認為這會是一個很好的機會。我們確實相信，目前有一些投資人——特別是較偏機構投資人——完全了解成長股、品質導向股票目前有多不受青睞，並且正在——希望正在——把這視為一個機會；因為景氣循環轉折點往往是許多經理人（包括我們）創造較佳績效的時點。

So we see that as an opportunity. But separate from that, over the last year, we have spent a considerable amount of time creating wrappers and enhancing our sales efforts on those other strategies from the first question, which is really for those individuals that are not interested in quality orientation, in particular, having more of our style agnostic or other growth strategies or other differentiated strategies.

所以我們把這視為一個機會。但除此之外，在過去一年，我們投入相當多時間去建立產品包裝（wrappers），並強化我們在第一個問題所提到那些其他策略的銷售推廣；這主要是針對那些對品質導向不感興趣的投資人，特別是提供更多風格中立（style agnostic）或其他成長策略，或其他具差異化的策略。

And again, we started to see some of that traction. It's nice to see those levels of growth. Those managers have compelling investment performance, and we increasingly are making them more and more available. Separate from that, we recently completed the Keystone transaction. And as I indicated in our talking points, our wholesaler force is very excited about offering that very differentiated strategy.

而且我們開始看到其中一些動能。看到這樣的成長水準令人欣慰。那些經理人有具吸引力的投資績效，而我們也正愈來愈多地讓這些策略更容易取得、覆蓋更廣。此外，我們最近完成了 Keystone 交易。正如我在重點說明中提到的，我們的通路銷售團隊（wholesaler force）對於提供這個高度差異化的策略感到非常興奮。

I think there's a great opportunity for that to be utilized in different portfolios. So we definitely see that as another area of continued opportunity for us to raise additional assets. And again, that would then hopefully complement what will eventually be the return of the higher level of demand for the quality-oriented strategies.

我認為這在不同投資組合中被運用有很大的機會。因此我們確實把這視為另一個持續的機會領域，讓我們能募集更多資產。同樣地，這也希望能與未來品質導向策略需求回升所帶來的成長相互補強。

We do also highlight the closed strategy that we had because one of the reductions in our flows over the last few quarters since 2024 was just the absence of having sales in that closed strategy. So I think we commented that we're pleased to have that strategy because, again, our quality-oriented strategies and one of those -- some of those managers are still some of our best-selling strategies.

我們也特別提到先前關閉（closed）的策略，因為自 2024 年以來過去幾個季度資金流向減少的原因之一，就是該封閉策略缺乏銷售所致。所以我想我們也評論過，我們很高興能有這個策略，因為再次強調，我們的品質導向策略以及其中一些經理人仍然是我們最暢銷的策略之一。

It's just the outflows are greater than the inflows at this point. So we want to bring in the -- increase the inflows and opening that strategy up will be helpful.

只是目前流出大於流入。因此我們希望提高流入，而重新開放該策略將會有所幫助。

Great. Thank you. I appreciate you taking my question.

很好。謝謝。感謝你們回答我的問題。

Thank you.

謝謝。

(Operator Instructions) This concludes our question-and-answer session. I would now like to turn the conference back over to Mr. Aylward.

(接線員指示) 問答環節到此結束。我現在想把電話會議交回給 Aylward 先生。

Okay. Well, thank you very much, and I want to thank everyone today for joining us. Obviously, certainly encourage you to reach out if you have any other further questions, and have a great day. Thank you very much.

好的。非常感謝，我也要感謝今天所有與會者加入我們。如果你們還有任何其他問題，當然也鼓勵你們隨時與我們聯繫。祝各位有美好的一天。非常感謝。

That concludes today's call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。