ICI-2021年美国基金业年鉴（英文）-2021.5-337页_3mb

2021 Investment Company Fact Book Summary

Core Content

The 2021 Investment Company Fact Book is a comprehensive review of trends and activities in the investment company industry, focusing on the United States and globally. It highlights the role of investment funds in the financial system, their evolution, and their impact on investors, particularly during the unprecedented challenges of the 2020 COVID-19 pandemic.

Key Statistics

Total Assets in Regulated Open-End Funds (2020)

• Worldwide: $63.1 trillion
  • United States: $29.3 trillion
  • Europe: $21.8 trillion
  • Asia-Pacific: $8.8 trillion
  • Rest of the world: $3.2 trillion

US-Registered Investment Company Total Net Assets (2020)

• Mutual Funds: $23.9 trillion
• Exchange-Traded Funds (ETFs): $5.4 trillion
• Closed-End Funds: $279 billion
• Unit Investment Trusts (UITs): $78 billion

Share of US-Registered Investment Companies in Financial Markets

• US Corporate Equity: 30%
• US and Foreign Corporate Bonds: 23%
• US Treasury and Government Agency Securities: 15%
• US Municipal Securities: 29%
• Commercial Paper: 22%

US Household Ownership of Funds (2020)

• Number of households owning funds: 60.9 million
• Number of individuals owning funds: 106.3 million
• Percentage of households owning funds: 47.4%
• Median mutual fund assets of mutual fund-owning households: $126,700
• Median number of mutual funds owned: 4

US Retirement Market (2020)

• Total retirement market assets: $34.9 trillion
• Percentage of households with tax-advantaged retirement savings: 64%
• DC plan and IRA assets invested in mutual funds: $11.1 trillion

Main Trends and Activities

Impact of the 2020 Pandemic

• The March 2020 market turmoil was primarily driven by uncertainty around the virus and economic shutdowns, rather than actions of specific market participants or sectors.
• Investment companies played a critical role in maintaining liquidity and supporting investors during the crisis.
• ICI provided data and analysis to policymakers and stakeholders, helping to correct misimpressions and guide responses to the financial challenges.

Evolution of the Investment Industry

• The industry has evolved to meet changing investor demands, with index funds and ETFs gaining significant traction.
• Fee-based advisers are increasingly allocating client portfolios to ETFs due to their cost-effectiveness and flexibility.
• ESG investing has grown, with more funds incorporating environmental, social, and governance criteria.

Fund Ownership and Behavior

• Mutual fund ownership is widespread among US households, with 46% owning mutual funds in 2020.
• Retirement savings are a major focus for investors, with 64% of households having tax-advantaged retirement savings.
• Retirement savers largely maintained their course during the pandemic, with 90% of mutual fund-owning households expressing confidence in mutual funds.

Fund Expenses and Fees

• Mutual fund expense ratios have substantially declined since 2000, with index funds and ETFs generally having lower fees.
• Long-term mutual fund share classes experienced aggregate outflows in 2020, with no-load share classes dominating gross sales.

ETF Trends

• The US has the largest ETF market in the world, with $5.4 trillion in total net assets.
• ETF secondary market trading averaged 26% of daily US stock trading in 2020.
• Net share issuance surged in 2020, with large-cap domestic stocks being the most common investment focus.
• ETF-owning households are more willing to take investment risk and are more likely to research investments.

Closed-End Fund Trends

• Closed-end fund assets totaled $279 billion at year-end 2020.
• Structural leverage is commonly used, with preferred shares being the primary form.
• Closed-end fund investors tend to have higher household incomes and financial assets.

Key Personnel and Structure

• Sean Collins (Chief Economist): Leads research on financial markets, retirement, and investor behavior.
• Rochelle Antoniewicz (Senior Director of Industry and Financial Analysis): Focuses on mutual fund and ETF industry trends.
• Sarah Holden (Senior Director of Retirement and Investor Research): Tracks retirement and investment behaviors.
• Judy Steenstra (Senior Director of Statistical Research): Manages data collection and publication.

Publications and Resources

• The Fact Book includes 20 research and policy publications and over 300 statistical reports from 2020.
• Statistical releases cover various aspects of the industry, including mutual fund flows, ETF net issuance, money market fund assets, and retirement market data.
• ICI Viewpoints provides analysis and commentary on the industry, including insights on bond fund outflows, ETF performance, and ESG investing.

Conclusion

The 2021 Investment Company Fact Book underscores the resilience and adaptability of the investment company industry, particularly in the face of the 2020 pandemic. It highlights the growing importance of mutual funds and ETFs in retirement and education savings, as well as the evolving investor behavior and cost trends. The data and analysis provided by ICI continue to be vital resources for understanding the role of funds in the global economy.