海外资管机构月报【国信金工】

Group 1: Monthly Performance of US Public Funds - In September 2025, the median performance of US equity funds was 1.81%, outperforming bond funds at 0.93%, but underperforming international equity funds at 2.44% and asset allocation funds at 2.25% [1][7][10]. Group 2: Fund Flows and Trends - In September 2025, the US fund market saw a total of 78 new funds established, including 71 ETFs and 7 open-end funds, with 57 being equity funds and 20 being bond funds [3][39][43]. - Active management funds experienced a net inflow of $7.9 billion, while passive funds saw a much larger net inflow of $78.5 billion [8][21]. - Open-end bond funds had a significant net inflow of $33.3 billion, while equity funds faced a net outflow of $87.7 billion [27][30]. Group 3: Insights from Leading Asset Management Firms - Recent themes of interest among leading overseas asset management firms include the trajectory of US and European policies and foreign capital perspectives on the stock market [4][45]. - PIMCO highlighted the impact of tariffs and technology on the market, suggesting that while large tech companies are benefiting from AI investments, certain sectors may face pressure due to tariff impacts [49]. - Fidelity noted that despite tariff fluctuations, the stock market remains strong, driven by optimism and AI-related investments [49]. Group 4: Fund Issuance Observations - The issuance of new funds in the US market has been dominated by ETFs, with 71 new ETFs launched in September 2025 compared to only 7 open-end funds [39][43].