海外资管机构月报【国信金工】

Group 1: Monthly Performance of US Public Funds - In May 2025, US equity funds outperformed international equity funds, bond funds, and asset allocation funds, with median returns of 5.59%, 4.57%, 0.08%, and 3.31% respectively [1][7][12] Group 2: Fund Flows and Trends - In May 2025, there was a net outflow of $2.3 billion from actively managed funds, while passive funds saw a net inflow of $593 billion [9][19] - The top 10 asset management firms in the US experienced net outflows from their open-end funds, except for Fidelity and PIMCO, with American Funds and Vanguard seeing significant outflows of $8.3 billion and $7.8 billion respectively [31] - In the ETF segment, the top 10 firms, except for State Street, also faced net outflows, with iShares and Vanguard having the highest inflows of $25.8 billion and $21.8 billion respectively [31] Group 3: New Fund Issuance - In May 2025, a total of 42 new funds were established in the US market, including 37 ETFs and 5 open-end funds, with 32 being equity funds, 8 bond funds, and 2 asset allocation funds [3][42] Group 4: Insights from Overseas Asset Management Institutions - Key themes from overseas asset management firms include the outlook on US macroeconomic policies and foreign capital perspectives on the stock market [4][43] - BlackRock and Capital Group provided insights on the potential impacts of tariffs on inflation and economic growth, suggesting that tariffs could lead to higher inflation and slower growth in the short term [47][48]