Taking a closer look at the long-term net outflows, ETFs were the only investment type with inflows, with $28.5 billion coming in during the quarter.
Retail funds saw $3.6 billion in outflows, but the biggest drag by far came from institutional investors.
Institutional accounts saw $37.6 billion in net outflows in the quarter.
The bulk of it came from $49 billion in equity index net outflows, with most of that coming from one international client that had a $19 billion redemption, Chief Financial Officer Martin Small said on the Q3 earnings call.
“So, just in assessing how we’re doing, the conversations with our clients, the momentum we have, we think the flows would have obviously been very positive, but for these re-balancings,” he said.
Taking a closer look at… 是現在分詞片語，放在句首，用來表示「仔細檢視……」、「進一步來看……」。
完整概念可以理解為： If we take a closer look at…
主句為： ETFs were the only investment type with inflows.
其中 the only + 名詞 + with… 表示「唯一具有……的……」。
with $28.5 billion coming in during the quarter 是 with + 名詞 + V-ing 結構，補充說明本季有 285 億美元流入。
take a closer look at：仔細檢視、深入了解
come in：流入。在財經文章中，資金、訂單或收入等都可能使用 come in。
本季有資金流入。
- long-term：長期的
- net outflows：淨資金流出
- investment type：投資類型
- inflows：資金流入
- quarter：季度、本季
- take a closer look at → examine more closely
- come in → flow in
- inflows → money flowing in
Retail funds saw $3.6 billion in outflows.
這裡的 see 並不是一般的「看見」，而是財經英文中很常見的「出現、經歷、錄得」。
常見結構為： see + 金額 + in + 名詞
該基金出現 50 億美元的資金流入。
the biggest drag by far 中，drag 表示「拖累因素」，而 by far 表示「遠遠地、大幅地」。
the biggest drag：最大的拖累因素
by far：遠遠地、大幅地
come from：來自
- retail funds：零售基金
- outflows：資金流出
- drag：拖累因素
- institutional investors：機構投資者
- drag → negative factor
- drag → headwind
- see → experience / record / report
- come from → originate from
句型為： 主詞 + saw + 金額 + in + 名詞
這裡的 saw 同樣表示「出現、經歷」，而不是字面上的「看見」。
see $X in outflows：出現 X 美元的資金流出
in the quarter：在本季度
- institutional：機構的
- account：帳戶
- net outflows：淨資金流出
- quarter：季度
- institutional investors → professional investors
- net outflows → net money leaving
The bulk of it 表示「其中大部分」。
with most of that coming from… 再次使用 with + 名詞 + V-ing 結構。
that 指前面提到的資金流出，而 coming from one international client 說明這些資金流出主要來自哪一個客戶。
that had a $19 billion redemption 是關係子句，修飾 one international client。
the bulk of：大部分
come from：來自
on the Q3 earnings call：在第三季財報電話會議上
- bulk：大部分、主要部分
- equity：股票、股權
- index：指數
- international：國際的
- client：客戶
- redemption：贖回
- Chief Financial Officer：財務長
- earnings call：財報電話會議
- the bulk of → most of / the majority of
- redemption → withdrawal of funds
- client → customer
assess 表示「評估、判斷」。
assessing how we’re doing 中的 how we’re doing 是名詞子句，作為 assessing 的內容。
how we’re doing 可以理解為「我們目前的表現如何」。
the momentum we have 中的 we have 是關係子句，修飾 the momentum，意思是「我們目前擁有的動能／發展勢頭」。
would have been 是 would have + 過去分詞，用來描述過去的假設情況。
but for these re-balancings 是非常重要的正式用法。 but for + 名詞 表示「如果不是……」。
如果不是這些再平衡操作，資金流向本來會非常正面。
assess how we’re doing：評估目前的表現
have momentum：具有動能、發展勢頭
but for：如果不是……、若非……
rebalancing：再平衡、重新調整資產配置
- assess：評估
- conversation：交流、溝通
- momentum：動能、勢頭
- flow：資金流向
- obviously：顯然地
- positive：正面的
- rebalancing：再平衡
- assess → evaluate / gauge / measure
- momentum → drive / progress / positive trend
- but for → without / if it were not for
- positive → favorable / encouraging
- take a closer look at — 仔細檢視
- come in — 流入
- see $X in outflows — 出現 X 美元資金流出
- the biggest drag — 最大的拖累因素
- by far — 遠遠地、大幅地
- the bulk of — 大部分
- redemption — 贖回
- assess — 評估
- momentum — 動能、勢頭
- but for — 如果不是……、若非……
- rebalancing — 再平衡
