Nagpur Investment：Overseas asset management institution monthly report [Guoxin Jingong]

(Source: Market Investment Research Information)

Newspaper Abstract

1. Monthly income of the US public fund market

In September 2024, the US stock fund performance was stronger than bond funds, weaker than international stock funds and asset allocation funds.Specifically, the median income of US stock funds, international stock funds, bond funds, and asset allocation funds in September was 1.55%, 1.91%, 1.16%, and 1.6%, respectively.

2. U.S. Non -Monetary Fund Flowing

Management method: In September 2024, the overall net outflow of the active management fund was $ 5.1 billion, and the overall net inflow of passive funds was 59.9 billion US dollars.

According to the type of assets: In September 2024, among the open funds in the US market, the net inflow of stock funds was more than 48.5 billion US dollars; the net inflow of bond funds was 16.5 billion US dollars.

In September 2024, in the US market ETF, the net inflow of stocks and bond ETF funds had a large net inflow of funds, reaching 59.5 billion and $ 28.8 billion, respectively.

It is worth noting that in stock funds, open funds are opposite to ETF funds, which is manifested as capital outflow of stock -type open funds and flowing into ETF.

Third, the net inflow of funds of head asset management institutions

Statistics the US market in the size of the TOP10 asset management institution under the scale of the US market in September 2024. The net inflow of funds: TOP10 asset management institutions funds except JPMORGAN and PIMCO in September 2024, of which Franklin Templeton Investments and Vanguard funds netsThere are more outflows, and net outflow of 131 and 10.7 billion US dollars, respectively.

In terms of ETF, in September 2024, the US ETF scale TOP10 asset management institutions all had net inflows, of which Vanguard had a net inflow of the most, reaching $ 28 billion.

Fourth, the new product of the US public fund market

In September 2024, there were 77 new funds in the US fund market, including 64 ETFs and 13 open funds products. According to the type, 7 asset allocation funds.

5. Sure views of overseas asset management institutions

Focusing on the recent themes that overseas heads asset management agencies are more concerned, we will organize the market viewpoints and allocation recommendations of overseas head asset management institutions from the reports and articles published by the asset management institution.The hot theme of this month includes: European and American policy trends, foreign investment in the stock market, etc.

According to Morning Star statistics, as of the end of 2023, the total size of the US market common funds reached US $ 18.4 trillion, and the total size of ETF reached 8.2 trillion US dollars. It is one of the world’s largest public fund markets.The latest performance has important reference significance for global investors.

In this report, based on monthly data, we observe and summarize the monthly trends of public funds in the US market from multiple dimensions such as income performance, fund scale, capital flow, and product distribution.The viewpoints are sorted out for investors’ reference.

Based on the US fund income data, the overall income of various types of asset -funded funds in the US market, and conducts detailed comparison and analysis of the performance of various types of funds in accordance with the category of fund detailed categories.

In September 2024, the US stock fund performance was stronger than bond funds, weaker than international stock funds and asset allocation funds.Specifically, the median income of US stock funds, international stock funds, bond funds, and asset allocation funds in September was 1.55%, 1.91%, 1.16%, and 1.6%, respectively.

By subdivided asset type

Among the US stock funds, according to the fund style, in September 2024, the five -type style fund in September 2024 is better than the middle and small disks.Ren 1.9%.From the beginning of 2024 to the end of September, the market growth style stock fund performed well, with a median income of 22.78%.

Among the international stock funds, according to the regional direction, it is positive as the median of each classification of various categories in September 2024. Among them, Greater China has the highest income, with a median income of 21.95%.From the beginning of 2024 to the end of September, the funds invested in India performed well, with a median income of 19.91%.

In bond funds, according to geographical division, the US emerging market bond funds have relatively good performance, and the median income is 2%in September 2024.

Among the asset allocation funds, according to the proportion of stock bond allocation, it is divided into four categories: cautious, stable, aggressive, and flexible, and listed the target date -type fund as one category. In September 2024, the target date fund was high, and the income of the target date was high, and the income of the target date was high.The number of digits is 1.7%; from early 2024 to the end of September, the aggressive configuration type and target date have better performance, and the median income is 14.33%and 14.14%, respectively.

Non -monetary fund scale and capital flow

Based on the monthly net inflow data of the US fund, the inflows of capital inflows from the U.S. and passive funds and different funds types, thereby comparing the favors of fund investors in different periods after the peeling market.

As of the end of September 2024, non -monetary public fund funds in the US market (including open funds [refer to Morning Star Category, eliminating currency market funds, FOF, connecting funds.] And ETF), the total scale of open funds was US $ 2.059 trillion, and the total ETFs totalThe scale is 997 trillion US dollars.Among them, about 68%of the open funds are active management products, and 32%are passive management products; about 92%of ETFs are passive management ETFs, and active management ETFs accounted for only 8%.

In September 2024, the overall net outflow of the active management fund was US $ 5.1 billion, and the overall net inflow of passive funds was 59.9 billion US dollars.

According to product types, in September 2024, in the US market open funds, active open -end fund funds totaled $ 31 billion in net outflows, and passive open funds net outflow of US $ 9.8 billion; active ETF net inflow of $ 25.9 billion, passive ETF ETFNet inflow of $ 69.7 billion.

As of the end of September 2024, among the U.SNagpur Investment. market open funds, the scale of stocks, bonds, and asset allocation products accounted for a relatively large scale, reaching 14 trillion, 4.9 trillion, and $ 1.5 trillion, respectively.The ratio is 68%, 24%, and 7%, respectively.

As of the end of September 2024, in the US market ETF, the scale of stocks and bond products accounted for a large scale, reaching 78 trillion yuan and US $ 1.8 trillion, respectively, accounting for 78%and 18%of ETFs in the market.

In September 2024, among the open funds of the US market, stock funds had a net outflow of more than 48.5 billion US dollars; the net inflow of bond funds was 16.5 billion US dollars.

In September 2024, in the US market ETF, the net inflow of stocks and bond ETF funds had a large net inflow of funds, reaching 59.4 billion and US $ 28.8 billion, respectively.

It is worth noting that in stock funds, open funds are opposite to ETF funds, which is manifested as capital outflow of stock -type open funds and flowing into ETF.

The net inflow of funds of head asset management institutionsJaipur Investment

Statistics the US market in the size of the TOP10 asset management institution under the scale of the US market in September 2024. The net inflow of funds: TOP10 asset management institutions funds except JPMORGAN and PIMCO in September 2024, of which Franklin Templeton Investments and Vanguard funds netsThere are more outflows, and net outflow of 131 and 10.7 billion US dollars, respectively.

In terms of ETF, in September 2024, the US ETF scale TOP10 asset management institutions all had net inflows, of which Vanguard had a net inflow of the most, reaching $ 28 billion.

Net inflow of funds into TOP10 products

In September 2024, the net inflow of the US market funds in the TOP10 Open Fund included 2 stock funds and 8 bond funds.Among them, the net inflow of American Funds Bond Fund of Amer was 2.8 billion U.S. dollars, the highest inflow scale, and the net inflow of Principal High Yield Fund accounted for the highest ratio of the fund scale, 32.19%.

In September 2024, the net inflow of US market funds in TOP10 ETF included 5 stock funds and 5 bond funds.Among them, SPDR S & P 500 ETF Trust net inflow of US $ 16 billion, the highest inflow scale; Ishares MSCI EAFE VALUE ETF net inflow accounted for the highest ratio of the fund scale, at 20.77%.

Monthly distribution observation of US funds

Statistics for the launch of public funds in the United States market in the past 12 months: ETF Fund has accelerated in the past six months. In September 2024, 64 new ETFs were established; open -end funds were deserted.It does not exceed ETF, and 13 open funds were established in September 2024.

Statistics the new production of products in the US market. In September 2024, there were 77 new funds in the US fund market, including 64 ETFs and 13 open funds products. According to the asset category, in September 2024, a new stock type was established.40 funds, 30 bond funds, and 7 asset allocation funds.

September 2024 Overseas Asset Management Overseas Perspective

This section focuses on the recent themes that overseas heads management institutions are more concerned about. From the reports and articles released by the asset management institutions, the market viewpoints and allocation suggestions of overseas head asset management institutions are organized.From European and American policy trends and the dimension of foreign investment in the stock market views, the analysis viewpoints of overseas institutions are classified and summarized.

Note: Related investment views are streamlined from the articles published by the official website of various asset management institutions. The article’s point of view only represents the view of the author at the time of the article, and the source and the author’s information are attached to the corresponding point of view.

American macroeconomic outlook

BLACKROCK

The yield of 10 -year Treasury bonds in the United States has further climbed to the highest level since July, close to 4.1%, and has increased by about 50 basis points in the past month.The core inflation in the United States in September exceeded expectations, and the service industry’s inflation was high.We believe that the Fed will not significantly cut interest rates as market expectations. Labor aging, continuous fiscal deficit, and geopolitics will push high inflation and policy interest rates during the medium term.

BLACKROCK: Wei li, Roelof Salomons, Ben Powell, Devan Nathwani (2024.10.14): Weekly Market Commentary

Capital Group

As the level of inflation is close to 2%, the Fed has enough space to cut interest rates faster.Historically, the bonds performed the strongest during the interest rate cut.We believe that the current decline in inflation provides considerable potential for fixed income and is a good time for bond investment.

Capital Group: Paroline Jones (2024.09.23): The Fed Just Cut Interest Rates. Now What?

We believe that the US economy is about to achieve rare soft landing.We expect that as the central bank decreases its short -term interest rates, the yield curve will be steeper, creating a favorable environment for fixed income investment.Historically, high -quality bonds often perform well when soft landing.In addition, bonds have recently restored the reverse relationship with the stock tradition, which can disperse the risk of investment portfolios.

Pimco: Tiffany Wilding, Andrew Balls (2024.10.09): Security The Soft Landing

Stock market view

Schroders

We expect the Fed to continue to cut interest rates, and US political uncertainty will gradually fade, so the US stock market will rise in the fourth quarter.Despite the slowdown of the profit expectations of American companies, we believe that the rise in the rise is still continuing.In addition, low unemployment, strong consumption and healthy family balance sheet support our basic assumptions of the economic soft landing. We believe that the current market’s expectations for interest rate cuts are too optimistic.Indore Investment

SCHRODERS: Multi-Asset Investments (2024.09.26): Our Multi-Asset Investment Views-SEPTEMIMBER 2024

Capital Group

We will pay more attention to the income, cash flow and dividend of the enterprise, and technology is not the only industry that can bring benefits.Many companies in all walks of life have reliable cash flow and profit growth potential. We believe that investors will pay more and more attention to companies related to long -term growth themes. Such companies can generate free cash flow in the short term and pay dividends.We may currently be in the early stages of re -paying dividends.

Capital Group: Eric Stern, Gerald Du Manoir, Caroline Randall (2024.09.15): Has Stock Market Concentration Reached A Tipping PointNew Delhi Investment?

BLACKROCK

As the income of technology companies continues to exceed expectations, the valuation of artificial intelligence -related industries has been further supported. On this basis, we have increased the stocks of artificial intelligence themes, and we believe that the optimism of artificial intelligence can continue to expand.In addition, the decline in inflation is also alleviating the pressure on corporate profits.Lucknow Investment

BLACKROCK: Wei Li, Roelof Salomons, Ben Powell, Devan Nathwani (2024.10.14): Weekly Market

Appendix: Introduction to related overseas asset management companies

· BLACKROCK: Blackrock is one of the world’s largest asset management companies. Founded in 1988.The company manages a huge asset portfolio globally, including stocks, bonds, diversified investment products and index funds.

· Capital Group: Capital Group is a US asset management company founded in 1931, headquartered in Los Angeles.The company is famous for its subsidiary American Funds’s series of products, and provides extensive investment choices for individuals and institutional investors.

Fidelity: Fidelity Investments is a global financial service company established in 1946, headquartered in the United States.The company provides extensive investment solutions for individual and institutional customers.Fidelity is famous for its innovative research and investment tools, providing customers with diversified products such as stocks, bonds, funds, and retirement plans.

· LGIM: Legal & General Investment Management (referred to as Lgim) is a British asset management company founded in 1970, headquartered in London.LGIM cooperates with many global customers, including pension plans, sovereign wealth funds, fund distributors, and individual investors. The company’s core business includes various asset management services such as stocks, bonds, and diversified funds.

· PIMCO: Pacific Investment Management Company (Pimco) is a world -renowned asset management company, established in 1971, headquartered in New Potter Beach, California, USA.The core business of PIMCO is bond investment. It is one of the world’s largest bond investment management companies. Its investment strategy covers government bonds, corporate bonds, emerging market bonds, mortgage loan support securities and other varieties., Interest rate risk management, etc.

· Schroders: Schroders is a British asset management company established in 1804, headquartered in London.The company provides individual and institutional customers with global investment management services and covers products such as stocks, bonds, and diversified funds.Schroders is known for its long -term investment and sustainable development concepts, and provides customers with diverse investment options.

· Western Asset: WESTARN Asset Management is a US asset management company established in 1971, headquartered in California.The company focuses on bond investment to provide a series of bonds and bond solutions for individuals, institutions and government customers.Western Asset is famous for its professional bond investment capabilities and manages a large amount of assets worldwide.

This article is selected from the research report published on October 19, 2024, "There are 70 new Fund in the United States in September, and the issuance of the issuance of the issuance"

Analyst: Zhang relieved S0980520060001

Analyst: Yang Lihua S0980521030002

Contact: Yang Xinyu

Risk Tips: The market environment changes risk, and the style switch risk.This report is organized from historical data and does not constitute investment advice.Product historical performance does not represent future returns.

Agra Stock