Group 1: Monthly Performance of US Public Funds - In June 2025, US equity funds outperformed international equity funds, bond funds, and asset allocation funds, with median returns of 4.48%, 3.59%, 1.10%, and 3.32% respectively [1][7][9]. Group 2: Fund Flows and Trends - In June 2025, the US fund market saw a net inflow of $696 billion into passive funds, while active funds experienced a net outflow of $231 billion [8][21]. - The total number of new funds established in June 2025 was 94, comprising 79 ETFs and 15 open-end funds, with 65 new equity funds, 21 bond funds, and 8 asset allocation funds [3][44]. Group 3: Insights from Leading Asset Management Firms - Key themes from leading asset management firms include the outlook on US macroeconomic conditions, stock market perspectives, and the impact of geopolitical events on inflation and investment strategies [4][46][49]. - Firms like PIMCO and Capital Group emphasize the importance of maintaining a balanced portfolio amid economic uncertainties and market volatility [49][50].

证券研究报告 | 2025年07月20日 海外资管机构月报 6 月美国股票型基金涨幅中位数 4.5%，大盘成长风格基金持 续领涨 美国公募基金市场月度收益 2025 年 6 月，美国股票型基金业绩强于国际股票基金、债券基金和资产配 置基金。具体来看，6 月美国股票型基金、国际股票型基金、债券型基金、 资产配置型基金收益中位数分别为 4.48%、3.59%、1.10%、3.32%。 美国非货币公募基金资金流向 按管理方式：2025 年 6 月，主动管理型基金整体净流出 231 亿美元，被动 基金整体净流入 696 亿美元。 按资产类型：2025 年 6 月美国市场开放式基金中，债券型基金资金净流 入较多，为 283 亿美元，股票型基金资金净流出较多，为 727 亿美元。 2025 年 6 月，美国市场 ETF 中，股票型、债券型 ETF 资金净流入较多， 分别达 620 亿、232 亿美元。 值得注意的是，在股票型基金中，开放式基金与 ETF 资金流向相反，表现 为资金流出开放式基金并流入 ETF。 头部资管机构资金净流入 美国开放式基金规模 Top10 资管机构除了 Fidelity Investments、 ...

The provided content does not contain any quantitative models or factors, nor does it include any related construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on fund performance, asset flows, and market observations without delving into quantitative finance methodologies.

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].

Core Viewpoint - The "Action Plan for Promoting High-Quality Development of Public Funds" outlines policies aimed at reforming the public fund industry and enhancing its quality, focusing on optimizing fund operation models, improving industry assessment systems, increasing equity investment scale and proportion, and ensuring risk management [1][2]. Group 1: Fund Operation Model - The plan proposes establishing a floating fee rate mechanism linked to fund performance, enhancing the constraint of performance benchmarks, and creating a binding mechanism between fund company income and investor returns [1][2]. - The introduction of floating fee products is seen as a beneficial exploration of charging models, promoting a healthier industry development and aligning investor interests [2]. Group 2: Performance Benchmarking - The plan emphasizes strengthening the role of performance benchmarks by developing regulatory guidelines for their setting, modification, disclosure, and evaluation, which will guide industry institutions in selecting benchmarks rigorously [3]. - This will help ensure product style stability and assist investors in better evaluating fund performance [3]. Group 3: Industry Assessment and Investment Scale - The plan includes specific requirements for improving industry assessment systems, significantly increasing the scale and proportion of equity investments, and accelerating the establishment of top-tier investment institutions [4]. - Companies are encouraged to innovate and launch more floating fee products that are linked to fund performance and investor returns, promoting long-term holding [4]. Group 4: Compliance and Risk Management - Companies are expected to enhance compliance and risk management proactively, ensuring that all business operations run smoothly and securely [4]. - The focus will be on creating a virtuous cycle of "increased returns - inflow of funds - market stability" [3][4]. Group 5: Commitment to Investor Interests - Companies like E Fund are committed to prioritizing investor interests and promoting a financial culture that aligns with China's modernization goals, contributing to the stability of the capital market and high-quality economic development [5].

报 告 摘 要 一、美国公募基金市场月度收益 2025年3月，美国股票型基金业绩弱于国际股票基金、债券基金和资产配置基金。 具体 来看，3月美国股票型基金、国际股票型基金、债券型基金、资产配置型基金收益中位 数分别为-5.65%、-1.62%、-0.27%、-2.62%。 二、 美国非货币基金资金流向 三、 头部资管机构资金净流入 四、美国公募基金市场新发产品 2025年3月， 美国基金市场新成立基金共58只，其中包括48只ETF和10只开放式基金产品； 按资产类别区分，2025年3月新成立股票型基金38只、债券型基金8只、资产配置型基金2 只。 2025年3月， 美国股票型基金业绩弱于国际股票基金、债券基金和资产配置基金。 具体来看，3月美国股票型基金、国际股票型基金、债券型基金、资产配置型基金收益中位数 分别为-5.65%、-1.62%、-0.27%、 -2.62%。 按管理方式： 2025年3月，主动管理型基金整体净流出307亿美元，被动基金整体净流入 544亿美元。 按资产类型： 2025年3月， 美国市场开放式基金中，股票型基金资金净流出较多 ，达 582亿美元。 2025年3月， 美国市场ETF中 ...