彭博：美国股市惨淡的一年引发万亿美元基金外流

Core Insights - Approximately $1 trillion has flowed out of actively managed equity mutual funds this year, marking the 11th consecutive year of net outflows, while passive equity ETFs have attracted over $600 billion [1][3] - A small group of technology super stocks has generated a disproportionate amount of returns, continuing a trend observed over the past decade, which has made it increasingly difficult for active fund managers to achieve good performance [2][4] - 73% of equity mutual funds have underperformed their benchmark indices this year, the fourth highest rate since data collection began in 2007 [5][6] Fund Performance - The concentration of returns among a few tech giants has led to challenges for diversified fund managers, as only seven tech companies dominate the performance landscape [4][5] - The S&P 500 index has outperformed its equal-weighted version throughout the year, indicating a preference for large-cap stocks [5][15] - Only 27% of large-cap equity mutual funds have outperformed the market, highlighting the difficulties faced by active managers [8] Market Trends - The ongoing trend of investor withdrawals from active funds reflects a reassessment of the value of divergent investment strategies, especially when such divergence does not yield returns [4][16] - The performance of active managers has been hindered by a low participation rate in the market, with less than 20% of stocks rising in line with the broader market on many days this year [4][5] - The Nasdaq 100 index has seen its price-to-earnings ratio exceed 30, indicating high valuations that may cause concern among investors [10] Successful Strategies - Some active managers have found success by focusing on macro themes or specific sectors, such as the Dimensional Fund Advisors LP, which has outperformed benchmarks by investing in international small-cap value stocks [9][10] - The Allspring Diversified Capital Builder Fund has achieved approximately 20% returns this year by investing in semiconductor companies [10] - The VanEck Global Resources Fund has also performed well, with returns close to 40%, benefiting from demand in alternative energy, agriculture, and basic metals [10][11]