June 20, 2025 11:35 AM GMT Cross-Asset Flows and Allocations Where Are Equity Flows Going? Demand for US equities is weakening to almost the sole benefit of European stocks. Section 899 concerns can sustain these trends, but we think the narrative of foreign investors deserting US stocks is overdone. Flows are not a zero-sum game; the US market should still see inflows, just less of them. Key Takeaways Exhibit 1: Net flows to ex US 'international' funds have increased dramatically since end-2024 -3 -2 -1 0 ...

J P M O R G A N North America Emerging Markets Research 13 June 2025 EM Flows Weekly Scaling new heights: EM bond funds see inflows surpass last week's yearly high EM Flows Weekly includes fund flow data, non-resident EM portfolio flow data, weekly retail fund flow models, EM-dedicated retail bond fund beta trackers, and historical cross-asset fund flows. – Within local currency, EM ex-China saw inflows of +$314mn (from + $375mn), while China-focused funds saw outflows of -$15mn (from +$27mn). – Within hard ...

Group 1 - Buy-write equity funds are primarily designed to extract dividends from equities rather than to outperform the market through smart alpha plays [1] - Binary Tree Analytics (BTA) focuses on providing transparency and analytics for capital markets instruments, particularly in closed-end funds (CEFs), exchange-traded funds (ETFs), and special situations [2] - BTA aims to deliver high annualized returns with a low volatility profile, leveraging over 20 years of investment experience [2]

Federated Hermes Inc. (FHI Quick Quote - Free Report ) is well-positioned to gain from its steady improvement in assets under management (AUM). Backed by a diverse asset mix and strategic acquisitions, the company continues to expand its market presence. Additionally, its decent liquidity position supports sustainable capital distribution activities, reinforcing shareholder value. Franklin Resources Inc. (BEN Quick Quote - Affiliated Managers Group (AMG Quick Quote - Over the last year, shares of FHI ...

运营模式优化与投资者绑定方面，建立浮动管理费收取机制，这一机制将基金业绩和公司的收入挂钩， 让基金经理更加注重长期的业绩表现，而不是博弈短期业绩来增加规模。在产品设计的时候也要设定合 理的业绩标准，防止出现业绩基准偏差较大的现象。 方案要求强化投资者盈亏情况在考核中的权重，这也会让基金经理在选股上和基金管理上更加注重长期 的业绩表现，而不是短期博弈，这更符合巴菲特的价值投资理念，从长期做时间的朋友。 行动方案强调以投资者为本，从"重规模"向"重投资者回报"转型，针对当前出现的一些突出问题，行动 方案给出了具体要求。对于基金公司来说，不仅要看重短期的规模增长，更要看重长期的投资者回报， 这样才能更加长久，所以这次方案最关键的机制突破在基金经理薪酬、基金公司收入以及基金经理考核 等方面，更加强调业绩考核，而不是规模考核。这样可以让基金经理、基金公司更加注重给投资者的长 期回报，从而让公募基金成为投资者实现长期财产性收入的一个渠道。 方案提出，力争用三年左右时间形成行业高质量发展的拐点，这也是针对当前行业存在的经营理念偏 差、投资者获得感不强的问题来提出的。未来三年，一个是在发行新的产品上增加浮动管理费收取机制 的 ...

【环球网财经综合报道】2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（简称《行动方案》），是为通过 全面深化改革，强化公募基金行业与投资者的利益绑定，增强公募基金投资行为的稳定性，提升公募基金服务投资者的能力，发展 壮大权益类公募基金，进而更好发挥行业功能。 近年来，行业主动管理权益类基金业绩波动较大，部分产品频繁追逐热点，甚至出现风格漂移等现象，《行动方案》就是要强化业 绩比较基准的约束作用，解决这一问题。 "对主动管理权益类基金，推行与基金业绩表现挂钩的浮动管理费率收取模式"是《行动 方案》的要点之一。 根据《行动方案》，对于符合一定持有期要求的投资者，根据其持有期间产品业绩表现适用差异化的管理费率。业绩明显低于比较 基准的，须少收管理费，有力扭转基金公司"旱涝保收"的现象。 据悉，对主动管理权益类基金大力推行浮动管理费率，是本次公募基金改革的一个积极探索，为确保改革符合市场情况，证监会将 稳慎推进具体落地工作。 薪酬管理方面，《行动方案》提出系统完善基金公司考核评价制度，强化基金公司、高管、基金经理与投资者的利益绑定，督促行 业机构牢固树立以投资者最佳利益为核心的经营理念。 《行动 ...

参考中信建投报告的统计，截至一季度末，主动权益基金收益平均值为4.09%，中位数为3.31%，约85%左 右跑赢沪深300（同期沪深300指数-1.21%）。 超额回归，作为整体的公募基金，在一季度究竟有何变化？ 最受市场所关注的，一定是权益仓位的变化。不过，由于统计口径和计算方式上的差异，对于这个数据， 各家券商报告并没有完全一致的数据结论。 如华西证券的报告中提到，剔除一季度新成立基金，普通股票型和偏股混合型基金仓位中位数为 89.60%，灵活配置型基金仓位中位数为84.26%。而国信证券的报告中则提到，普通股票型基金仓位中位 数为90.62%，偏股混合型基金仓位中位数为89.21%，与上一季度相比基本持平。 近期不少媒体的报道中都提到，主动权益基金"满血复活"，今年以来又跑出了相对指数较为明显的超额收 益。 除此之外，还有一个关于 持股集中度持续抬升 的现象值得关注。光大证券的报告中提到，偏股型基金前 10、前30、前50、前100大重仓股持股市值占重仓股持股总市值的比重分别为20.6%、34.5%、42.5%、 54.7%，除前30大重仓股占比以外各个口径下的持股集中度均持续抬升。基金重仓股集中度小幅 ...

Analyst Update Data as of March 31, 2025 Federated Hermes, Inc. 1 25-30034 Forward-looking information This presentation is provided as of the date on the cover and contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking, including those related to product performance, the potential for business ...

V i e w p o i n t | 18 Apr 2025 22:37:44 ET │ 31 pages Fund Flow Insights Equity Fund Flows Stay Volatile, Bond Funds See Huge Redemptions CITI'S TAKE US$7.9bn inflows into equity funds — In the week ended 16 April, bond funds suffered another huge redemption of US$20.1bn while equity funds attracted US$7.9bn of inflows. US funds registered US$6.3bn of outflows as MSCI US was the only negative region last week with a 3% loss. MSCI Europe, on the other hand, gained up to 11% and its funds saw US$6.0bn of inf ...