Qontigo

2022年12月27日

过去一年的市场波动和宏观冲击对主题投资热潮提出了挑战，但也为重新评估这种投资方式的好处提供了机会。总体而言，主题基金继续吸引着净流入，因为投资者在寻求长期表现优于传统行业的投资组合之外寻找其他选择。无论是对更广泛的行业，还是对STOXX和DAX指数的管理者Qontigo来说，主题策略都是近年来增长最快的投资领域之一。主题基金占全球股票基金管理资产总额的2.7%，高于十年前的0.8%。与此同时，Qontigo的STOXX主题系列现在有二十多个指数，针对的是扰乱我们现代社会的结构性和前瞻性主题。主题的选择考虑到它们的范围和持久性，并避免流行。每一个都代表了一个跨行业的概念，可以分为社会人口统计学、环境和未来技术三大支柱。这些指数试图利用创新的选择方法，根据与相关主题相关的收入或知识产权等标准，确定潜在结构性变化(大趋势)的受益者。事实证明，2022年的市场波动和宏观经济动荡对投资者来说是一个相当大的挑战，但对更具成长性、以科技为重点的主题投资组合来说尤其如此。从本质上讲，主题投资组合也比更广泛的策略具有更高的风险，因此在市场压力下可能更不稳定。性价比一直是一个难题。 On average, the 28 STOXX thematic indices lost almost 10 percentage points more than the benchmark STOXX Global 1800 in 2022, after outperforming in five of the previous six years. But volatility can work both ways, which means that many of the themes have the potential to outperform the market in the eventual recovery. Also, the adjusted equal weighting of constituents in many ETFs ensures that the thematic portfolios are often more diversified than corresponding sector or market indices. (Qontigo) Moreover, the market turmoil of 2022 did not fully dent investor interest. Through November, passive ETFs that invest in themes received net inflows of $13.9 billion in 2022. Importantly, the segment continued to break new ground with innovative solutions that respond to investors’ specific needs. On June 20, Eurex, a leading global derivatives exchange, listed its first futures on thematic strategies, which track the STOXX Global Breakthrough Healthcare, STOXX Global Digitalisation and STOXX Global Digital Security indices. A total of 160 passive thematic ETFs were launched between January and the end of November 2022, just under a quarter of all funds introduced over the period, according to Qontigo data. Meanwhile, the availability of ever more sophisticated data sources will continue to generate new possibilities in thematics, regardless of the market backdrop. The index category has shown some of the most ingenious combinations of data inputs, selection methodologies and sustainability criteria. No longer cutting it The past year’s market volatility has nonetheless offered a chance to reappraise the benefits of thematic investment. Specifically, it is important to remember that a thematic approach is for the long term. Moreover, investing along themes appears to be more fitting for our era of technological advances and macro shocks than is implementing the traditional sector-focused approach. A sector-based allocation no longer cuts it in the current environment, as we wrote in a white paper published in March. What we need is something that is more targeted and that really captures trends. Related articles: