2023年投资公司报告（英）-156页_4mb

Key Insights from the 2023 Investment Company Fact Book:

Global & US Market Overview:

• Global regulated fund assets reached $60.1T ($28.6T US + $19.1T Europe + $9.1T Asia-Pacific + $2.3T Rest of World)
• US investment companies managed $28.9T (mutual funds: $22.1T, ETFs: $6.5T, closed-end funds: $0.3T, UITs: $0.0T)
• ETFs grew 30% YOY, accounting for 22% of US fund assets

Major Trends:

1. ETF Dominance:

   • ETF assets rose ~33% since 2020 to $6.5T
   • Index funds doubled from 2020 ($2.1T → $4.8T)
   • Institutional adoption surged: 68% of ETF sponsors (2023) saw net share issuance

2. ESG Integration:

   • 881 mutual funds & ETFs ($460B AUM) now formally use ESG criteria
   • Broad focus areas included climate change (39% of shareholder proposals), governance (36%), and social issues (25%)

3. Retirement Market:

   • DC/retirement assets reached $33.6T (IRA assets: $9.5T, DC plans: $24.1T)
   • 94% of households held mutual funds in retirement accounts
   • Target-date funds saw cumulative inflows $405B since 2013

4. Investor Behavior:

   • Retail investors increased allocations to:
     • Pioneer fund types: ETFs (72% of households with mutual funds)
     • Low-cost strategies: Equity funds maintained through market declines
     • Tax-advantaged accounts: Education savings increased 14% YOY to $388B

Infrastructure Advances:

• DTC settlements: Nearly all trades settled in <2 days
• Digital access: 90% of funds offered mobile/instant access
• Fee transparency: 93% of mutual fund households reviewed fund fees before investing

Market Structure:

• Regulatory modernization completed on ETFs under Rule 6c-11
• Leverage limits: 300% asset coverage required for borrowing
• Geographic diversification: 64% of households held international funds

Methodology Note: Data compiled from ICI's proprietary research database using consistent survey methodologies across report periods. Comparisons based on 2022 benchmark year reflect post-market volatility conditions.