ETF Market Overview - The ETF market has seen net inflows of over $855 billion this year and is on pace for another $1 trillion year [1][2] - ETFs are attractive to investors due to their liquidity, cost efficiency, and transparency [2] Emerging Markets Debt (EMD) - EMD ETFs experienced flat flows for the year but have seen a reversal with approximately $20 billion in inflows in the last four and a half months, following over three years of sustained outflows [3] - The macro backdrop for emerging markets is considered benign, supporting potential investment [4] - A weaker USD and the Fed initiating a rate hiking cycle have historically been supportive of EMD [5] Active vs Passive EMD ETFs - Historically, around 70% of actively managed EMD funds have outperformed passive ones over the last 10 years [7] - Newberger Berman has an active ETF hard currency sovereign vehicle [7] EMD Market Dynamics - Approximately $150 billion, representing 15-16% of all assets in dedicated vehicles, had left the EMD asset class until April of this year, indicating substantial capacity for investors to re-enter the space [8] - Emerging markets are growing at stronger rates with better fundamental and fiscal dynamics, including lower public debt to GDP ratios compared to developed markets [9] - Mexico's public debt to GDP is expected to be around 55% in 2026 [9]

ETF Market Overview - ETF 市场持续增长，预计将再次迎来万亿美元的流入年份 [2][3] - ETF 作为投资工具越来越受欢迎，财富分配渠道对 ETF 的接受度更高 [3][4] - 投资者寻求相对价值、多元化和投资组合优势 [6] Investor Sentiment & Flows - 投资者涌入黄金 ETF (GLD)，因金价创历史新高 [5] - 投资者对 Vanguard Total International ETF (VXUS) 和 Russell 1000 ETF (IWB) 表现出兴趣 [5] - 投资者正在寻找估值更具吸引力的其他市场和地区 [7] Investment Strategy & Recommendations - Cohen & Steers 认为全球经济良好，但投资者可能低估了通胀加速的风险 [9] - Cohen & Steers 建议配置能够应对通胀环境的资产，例如实物资产 [9] - Cohen & Steers 推出 Natural Resources Active ETF (CSNR)，专注于能源、农业、金属和矿业领域的股票 [9][12] - Natural Resources Active ETF (CSNR) 在经济表现强劲和通胀意外上涨时表现良好，具有很高的通胀 Beta [13] - Natural Resources 板块的估值相对于更广泛的股票市场而言非常便宜 [14]