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ETF market smashes through $5tn barrier after record month

来源:FT中文网    2018-02-12 11:34

        Investors ploughed more than $100bn in new cash into exchange traded funds in January, a record monthly inflow that helped drive assets held in ETFs globally above the $5tn mark for the first time.        投资者今年1月新购入交易所交易基金(ETF)的金额超过1000亿美元,创下了新的月度资金流入记录,帮助推动全球ETF资产首次突破5万亿美元大关。
        The surge in January follows four consecutive years of record breaking inflows into ETFs, a tectonic shift that is sending shockwaves across the entire asset management industry.        在1月份ETF规模飙升之前,ETF流入资金已连续四年刷新历史纪录,这是在整个资产管理行业引发冲击波的结构性转变。
        Rising disenchantment with the high fees and inconsistent performance of traditional mutual funds that try to pick winning stocks is encouraging investors worldwide to move into low-cost trackers that follow a broad index. This growing shift is forcing some asset managers to pursue acquisitions to defend their business models and is driving up closures of actively managed mutual funds.        人们日益认识到,试图挑选绩优股的传统共同基金收费高且表现时好时坏,这促使全球投资者转向追捧跟踪大盘指数的低成本的追踪产品。这种日益明显的转变迫使一些资产管理公司寻求通过收购来捍卫它们的商业模式,并导致主动管理式共同基金清盘增多。
        Net new inflows into exchange traded funds and products reached $105.7bn in January, according to preliminary data from ETFGI, a London-based consultancy. The final total is expected to be higher when January data from the Australian ETF market become available.        伦敦咨询公司ETFGI的初步数据显示,1月份交易所交易基金及产品的净流入资金达到1057亿美元。预计在澳大利亚ETF市场的1月份数据发布后,最终总额将会更高。
        “The ETF industry has passed the $5tn mark for assets far more quickly than almost anyone anticipated,” said Deborah Fuhr, co-founder of ETFGI. “But ETFs represent only a small fraction of invested assets worldwide. We are still only in the early stages of ETF adoption in many regions and there is huge potential for further ETF growth in fixed income markets globally.        ETFGI联合创始人黛博拉•富尔(Deborah Fuhr)表示:“ETF行业资产规模突破5万亿美元关口的速度远远超过几乎所有人的预期。但ETF在全球只占投资资产的一小部分。在很多地区,ETF仍然只是处于初期发展阶段。ETF在全球固定收益市场还有进一步增长的巨大潜力。
        “Progress toward the $10tn milestone may also prove faster than currently expected if market conditions remain favourable.”        “如果市场状况仍然有利,突破10万亿美元里程碑的时间也可能比目前预期的要快。”
        BlackRock, the world’s largest asset manager, attracted net inflows of just over $28bn into its iShares ETF arm in January, up 46 per cent on the same month a year ago.        全球最大资产管理公司贝莱德(BlackRock)旗下的安硕ETF(iShares ETF)业务在今年1月吸引了逾280亿美元的资金净流入,比去年同期增长46%。
        Pennsylvania-based Vanguard, the world’s second largest asset manager, had a quieter start to 2018 with net ETF inflows of just over $11bn in January, down around 30 per cent on the same month last year.        总部位于美国宾夕法尼亚州的全球第二大资产管理公司Vanguard开年表现较为平淡,1月ETF净流入额略高于110亿美元,较去年同期下降30%左右。
        The four-year surge in ETF inflows has coincided with an extended rally in the US stock market, with the benchmark S&P 500 index hitting an all-time high on January 26.        在ETF资金流入连续四年激增的同时,美国股市持续上涨,标准普尔500指数在1月26日创下历史新高。
        The first US listed ETF, known as SPY, tracks the S&P 500 index.        美国第一只上市的ETF被称为SPY,它跟踪标准普尔500指数。
        SPY, which is run by State Street Global Advisors, marked its 25th anniversary in January by breaking above the $300bn milestone.        由道富环球投资(State Street Global Advisors)运营的SPY在今年1月迎来了25周年纪念日,其规模突破了3000亿美元的里程碑。
        That threshold was passed after State Street registered net ETF inflows of just under $30bn in January, more than 10 times higher than the same month last year.        今年1月道富ETF净流入金额接近300亿美元,比去年同期高出10倍以上。
        Market strategists have been paying close attention to ETF and mutual fund flows as a barometer of the health of the prolonged bull market in US equities, which have traded towards the top of their historic valuation range.        市场策略师一直在密切关注ETF和共同基金的资金流动状况,把它们作为反映美股长期牛市健康状况的晴雨表,此前美国股市已接近历史估值区间的高点。
        Increases this year in long-term US interest rates towards 3 per cent have encouraged investors to pull money out of US Treasuries and high-yield corporate bonds and to rotate into equities. More than $3bn was withdrawn from high-yield bond ETFs in January alone, while more than $41bn flowed into ETFs that track North American equities.        今年美国长期利率将迈向3%的水平,这一上升趋势促使投资者将资金撤出美国国债和高收益企业债券,转投股市。单单今年1月,就有超过30亿美元的资金从高收益债券ETF撤出,逾410亿美元流入追踪北美股市的ETF。
        Bank of America Merrill Lynch warned at the start of February that its proprietary Bull and Bear indicator had surged to an extreme level, delivering a clear “sell” signal for equities. BofAML has warned for months that a correction in US equities was increasingly likely and the Dow Jones Industrial Average suffered its largest ever one-day points fall on February 5, a day of wild volatility on Wall Street that was followed by further sharp falls across stock markets worldwide last week.        美银美林(Bank of America Merrill Lynch)在2月初警告称,其自有的“牛熊指标”飙升至极端水平,发出明显的股市“卖出”信号。数月以来,美银美林一直警告称,美国股市越来越有可能出现调整。2月5日,道琼斯工业平均指数(Dow Jones Industrial Average)遭遇最大单日点位下跌。而那天华尔街出现疯狂波动后,上周全球各地的股市紧跟着大幅下跌。
        Michael Hartnett, chief investment strategist at BofAML, said corporate earnings reports would act as a crucial determinant as to whether the equity sell off was a temporary correction or the start of a bear market.        美银美林首席投资策略师迈克尔•哈奈特(Michael Hartnett)表示,此次股市下跌是暂时调整还是熊市开始,企业财报将是关键的决定因素。
        “The best sign that companies do not believe that profits have peaked would be resumption of strong corporate buybacks in coming weeks,” said Mr Hartnett.        哈奈特表示:“假如未来几周企业再次大举回购股票,那就是说明企业不认为利润已经见顶的最佳迹象。”
        BlackRock said the US stock market slide was “mainly driven by an unwinding of popular trades betting on low equity volatility”. Although the short-term outlook for equities was highly uncertain, the correction provided “an opportunity to add risk to portfolios,” said BlackRock.        贝莱德表示,美国股市下滑“主要是大量押注股市波动性较低的交易平仓所致”。贝莱德表示,尽管股市短期前景极其不明朗,但市场调整提供了“一个在投资组合中加入风险的机会”。
        Mark Haefele, global chief investment officer of UBS Wealth Management, said “while volatility may persist in the very near term, we remain confident that the [equity] bull market remains intact.        瑞银财富管理(UBS Wealth Management)全球首席投资官马克•黑费尔(Mark Haefele)表示:“尽管近期内波动性可能继续存在,但我们仍相信,(股票)牛市仍完好无损。
        “We may have moved from being ‘overdue’ for a pullback to approaching ‘overdone’ with this sell-off.”        “经过这次下跌,我们可能已经从‘早该’回调变成接近于‘过度’调整了。”

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