海外资管机构月报【国信金工】

Core Viewpoint - The U.S. mutual fund market showed mixed performance in April 2025, with equity funds underperforming compared to international equity, bond, and asset allocation funds [1][7]. Group 1: U.S. Mutual Fund Market Monthly Returns - In April 2025, the median returns for U.S. equity funds, international equity funds, bond funds, and asset allocation funds were -1.55%, 0.97%, 0.01%, and 0.11% respectively [1][7]. - Among U.S. equity funds, large-cap growth style funds performed the best with a median return of 1.66%, while large-cap value funds had the largest decline with a median return of -3.28% [8]. - International equity funds focused on Latin America performed well, with a median return of 6.9% for April 2025 and 19.22% year-to-date [8]. Group 2: U.S. Fund Flows - In April 2025, active management funds experienced a net outflow of $81.6 billion, while passive funds saw a net inflow of $36.1 billion [9][15]. - Open-end funds in the U.S. saw significant net outflows in both bond and equity categories, amounting to $61.9 billion and $33.3 billion respectively [24]. - Conversely, ETFs in the U.S. experienced net inflows of $31.1 billion for equity and $12.9 billion for bond ETFs [24]. Group 3: New Fund Issuance - In April 2025, a total of 42 new funds were established in the U.S. market, including 36 ETFs and 6 open-end funds [41][36]. - The new funds included 30 equity funds, 8 bond funds, and 4 asset allocation funds [41]. Group 4: Insights from Leading Asset Management Firms - Leading asset management firms are focusing on themes such as U.S. and European policy trends and foreign investment perspectives on the stock market [4][42]. - BlackRock anticipates that tariffs will increase inflation and hinder economic growth, while also identifying opportunities in developed market equities [44]. - Schroders highlights the potential for a strong bull market in gold due to geopolitical tensions and high sovereign debt levels [47].