2022-06-08-ICI-美国基金业年鉴2022（EN）_262页_2mb

2022 Investment Company Fact Book Summary

Core Content

The 2022 Investment Company Fact Book provides a comprehensive overview of the global investment company industry, focusing on trends, statistics, and the role of regulated open-end funds. It highlights the significance of these funds in managing and diversifying investments for individuals and institutions, emphasizing their growth and the factors influencing their demand.

Main Points and Key Information

Global Overview

• Total worldwide assets in regulated open-end funds reached $71.1 trillion at year-end 2021.
• The U.S. accounted for $34.2 trillion, Europe for $23.3 trillion, Asia-Pacific for $10.0 trillion, and the rest of the world for $3.6 trillion.
• The U.S. retirement market held $39.4 trillion in assets, with 63% of households having tax-advantaged retirement savings.
• $12.6 trillion of retirement and education savings were invested in mutual funds and ETFs.

Fund Types and Distribution

• Mutual funds held $27.0 trillion in assets.
• Exchange-traded funds (ETFs) had $7.2 trillion in assets.
• Closed-end funds totaled $309 billion.
• Unit investment trusts (UITs) totaled $95 billion.
• At year-end 2021, there were 131,808 regulated funds globally.
  • 45% were in Europe.
  • 29% in Asia-Pacific.
  • 8% in the U.S.
  • 19% in the rest of the world.
• 47% of regulated funds were mixed/other funds.
• 35% were equity funds.
• 17% were bond funds.
• 2% were money market funds.

Growth and Trends

• Total net assets of regulated funds increased by 12.7% in 2021, from $63.0 trillion to $71.1 trillion.
• Equity funds saw the largest growth, rising by 18.8% to $33.6 trillion.
• Bond funds increased by 5.1% to $13.7 trillion.
• Mixed/other funds grew by 11.3% to $14.9 trillion.
• Money market funds increased by 6.2% to $8.8 trillion.
• U.S. total net assets increased by 16.4% to $34.2 trillion.
• Europe increased by 7.2% to $23.3 trillion.
• Asia-Pacific increased by 13.9% to $10.0 trillion.
• Rest of the world increased by 12.9% to $3.6 trillion.

Factors Influencing Demand

• Strong stock market returns in the U.S. (26.7%) and Europe (17.0%) in 2021 drove demand for equity funds.
• Bond market returns were negative in the U.S. and Europe but positive in the Asia-Pacific (5.9%).
• Exchange rate fluctuations impacted the U.S. dollar value of assets held by worldwide regulated funds, particularly when major currencies depreciated against the dollar.
• Aging population and increased focus on low-risk investments have influenced the demand for bond and mixed funds.

UCITS in the European Union

• UCITS (Undertakings for Collective Investment in Transferable Securities) have become a global success story.
• At year-end 2020, EU-domiciled UCITS had €10.9 trillion in net assets.
• UCITS offer professional management, access to global markets, and regulatory oversight.
• Passporting allows UCITS to be sold across borders, enhancing their reach and diversity.

Costs and Fees

• Ongoing charges for UCITS cover services like portfolio management, compliance, and distribution.
• Average ongoing charges for equity UCITS decreased from 1.49% in 2013 to 1.24% in 2020.
• Fixed-income UCITS saw a drop from 0.98% to 0.73%.
• Mixed funds had relatively stable ongoing charges, around 1.45% in 2013 and 1.40% in 2020.
• Investors tend to concentrate assets in lower-cost funds, as shown by the difference between simple average and asset-weighted average charges.

Structure and Authors

• The book is led by Judy Steenstra, Shelly Antoniewicz, Sarah Holden, and Sean Collins.
• Sean Collins is the Chief Economist and oversees the research and data collection.
• Shelly Antoniewicz focuses on industry structure and financial market trends.
• Sarah Holden leads research on retirement and investor behavior.
• Judy Steenstra manages statistical data for open-end and closed-end funds.

Methodology and Notes

• Data covers U.S.-registered investment companies only, with 98% of industry assets included.
• Funds of funds are excluded to avoid double-counting.
• Rounding may cause discrepancies in dollar and percentage totals.
• Exchange rates affect the U.S. dollar value of assets held by non-U.S. funds.
• Data is subject to revision and is sourced from ICI, Bloomberg, MSCI, and Wilshire Associates.

Conclusion

The 2022 Investment Company Fact Book illustrates the growth and diversity of the global investment company industry, emphasizing the role of regulated open-end funds in capital markets and investor behavior. It also highlights the importance of data in understanding market trends and the evolving needs of investors, particularly in the context of retirement savings and global economic conditions.