BackendB-2021年第一季度机器人报告（英文）-2021.5-55页_2mb

Robo Report™ First Quarter 2021 Summary

Core Content Overview

This edition of the Robo Report™ provides a comprehensive analysis of robo advisors, tracking 91 accounts across 42 providers. It evaluates performance, market trends, and the effectiveness of tax-loss harvesting strategies, offering insights for both investors and professionals in the digital advice industry.

Main Highlights

• Value stocks outperformed growth stocks in Q1 2021, benefiting robo advisors with value-oriented strategies.
• Schwab Domestic Focus was a top performer in Q1 for equity and total portfolio returns.
• Titan Invest and Morgan Stanley Robotics retained top positions for 1-year performance due to strong technology exposure.
• Morgan Stanley SRI led in 3-year returns, with a focus on ESG funds.
• Zacks Advantage and Wells Fargo Intuitive Investor excelled in 3-year equity performance by favoring domestic and small-cap stocks.
• SigFig maintained its lead in 5-year total and equity performance, leveraging a straightforward, domestic-focused strategy.
• Fixed-income performance was driven by municipal bonds, with Fidelity Go and Fifth Third Bank OptiFi leading in Q1.
• Tax-loss harvesting varied significantly among providers, with TD Essential Portfolios and Schwab Intelligent Portfolios being the most aggressive.
• New platforms like Marcus Invest (Goldman Sachs), Stash Smart Portfolios (Stash), and Walmart Hazel (with Ribbit Capital) entered the market, increasing competition.
• BangNiTou, a Chinese robo advisor backed by Vanguard and Ant Group, surpassed 1 million users, indicating global growth in the sector.

Performance Breakdown

Q1 2021 Performance

• Total Portfolio: Schwab Domestic Focus, TD Ameritrade Managed Risk, Wealthfront
• Equity: Schwab Domestic Focus, Schwab, Qcapital
• Fixed Income: Fidelity Go, Fifth Third Bank OptiFi, Betterment Income

1-Year Trailing Performance

• Total Portfolio: Titan Invest, Morgan Stanley Robotics, Wells Fargo Intuitive Investor
• Equity: Titan Invest, Morgan Stanley Robotics, Schwab Domestic Focus
• Fixed Income: Interactive Advisors Legg Mason, Fidelity Go, Fifth Third Bank OptiFi

3-Year Trailing Performance

• Total Portfolio: Morgan Stanley SRI, Wells Fargo Intuitive Investor, Axos Invest
• Equity: Zacks Advantage, Wells Fargo Intuitive Investor, Morgan Stanley SRI
• Fixed Income: E*Trade Core, Axos Invest, SigFig & Wealthfront

5-Year Trailing Performance

• Total Portfolio: SigFig, Axos Invest, Vanguard P.A.S.
• Equity: SigFig, Vanguard P.A.S., Axos Invest
• Fixed Income: Schwab, SigFig, Vanguard P.A.S.

Market Trends and Outlook

• The U.S. market saw significant growth in robo assets, with Betterment, Schwab, Vanguard, and M1 Finance reporting substantial AUM increases.
• Value stocks dominated Q1 2021, with small-cap and mid-cap stocks leading the recovery.
• Municipal bonds outperformed other fixed-income options, especially in the context of rising yields and improved economic conditions.
• Socially Responsible Investing (SRI) remains a key trend, with Morgan Stanley SRI outperforming standard portfolios over the 3-year period.
• Tax-loss harvesting was more effective in newer accounts, with TD and Schwab showing the highest realized losses, while SigFig, Citizens Bank, and UBS had minimal impact.

Key Industry Developments

• Walmart Hazel (partnered with Ribbit Capital) aims to bring robo investing to its 240 million weekly customers.
• Stash Smart Portfolios launched, focusing on long-term, diversified investing.
• Goldman Sachs Marcus Invest introduced with a low advisory fee and accessible minimum investment.
• Morgan Stanley and Betterment expanded their SRI offerings, showing a growing interest in ESG investing.
• BangNiTou in China reached 1 million users, signaling a potential global shift towards robo investing.

Tax-Loss Harvesting Study

• TD Essential Portfolios and Schwab Intelligent Portfolios were the most aggressive in tax-loss harvesting, realizing over 8% in net losses.
• SigFig, Citizens Bank, and UBS had nearly zero net losses, indicating less active tax-loss harvesting strategies.
• Aggressive tax-loss harvesting led to lower cost basis, potentially improving future after-tax returns.
• Newer accounts had more opportunities for tax-loss harvesting due to lower cost basis and higher volatility.

Conclusion

The first quarter of 2021 marked a shift towards value stocks and municipal bonds, with Schwab and Titan leading in performance. Robo advisors continue to grow rapidly, driven by the pandemic's impact on digital engagement. While SRI and tax-loss harvesting are becoming more prominent, their effectiveness varies by provider. The industry is evolving, with new entrants and innovations shaping the future of automated investing.