BlackRock, Inc. (NYSE:BLK) Q4 2022 Earnings Call Transcript

Robert Kapito: I would just add, Craig, one thing is I believe we are going into a period of time in fixed income where you can add alpha in your individual bond selection or where you are on the curve. And you can do it through both active and passive, as Larry is saying, but it will all come down to the ability to add alpha. I can give you an example now in the short end of the curve, which a year ago was very low-yielding. Today, we can find opportunities to earn a 5.5% to 6% in a very short duration. That is going to be active. So it is a combination of both, but it will depend on where our clients can find the most output to determine the split between both ETFs, index and active as you call active.

Operator: Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks?

Laurence Fink: I do, operator. I want to thank everybody for joining this morning and for your continued interest in BlackRock. Our fourth quarter and full year performance is a direct result of our commitment in serving our clients each and everyone individually, providing them choice and helping them through guidance with our fiduciary standards that help them evolve and build their needs for the long term. I’m incredibly excited about 2023 and the opportunities ahead of us. And I believe BlackRock is in a position unlike any other time in our history, I want to thank all of you and everyone, please have a great start to our new year.

Operator: This concludes today’s teleconference. You may now disconnect, and have a great day.