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In Europa aufgelegte ETFs erlebten ein starkes Jahr 2020 mit Nettozuflüssen in Höhe von 118 Mrd. USD und erreichten damit fast den Wert von 2019 (125 Mrd. USD). Im Vergleich zum Vorjahr gab es jedoch keine allzu großen Unterschiede: Die beiden Haupttreiber dieser Zuflüsse tauschten die Plätze, da 54 Prozent der Nettozuflüsse 2020 auf Aktien entfielen (63,6 Mrd. USD), während 32 Prozent der gesamten Zuflüsse auf festverzinsliche Anlagen entfielen (38 Mrd. USD). Rohstoff-Engagements nahmen um 15,9 Mrd. USD zu, hauptsächlich getrieben durch Gold-Engagements, da das Edelmetall Anfang des Jahres für einige Zeit Allzeithochs über 2.000 USD pro Unze erreichte.
Die Entwicklung der Zuflüsse in ETFs spiegelte die Performance und die Marktstimmung im Laufe des Jahres wider. Nach einem starken Januar und gedämpften, aber immer noch positiven Zuflüssen im Februar sahen wir im März, als die Märkte einbrachen, beispiellose Nettoabflüsse in Höhe von 23 Mrd. USD. Das war auch die Zeit, in der sich Edelmetallaktien massiver Nettozuflüsse erfreuten und die Anleger nach relativer Sicherheit suchten.
Als sich die Situation stabilisierte, sahen wir zunächst starke Zuflüsse in festverzinsliche Engagements und eine Fortsetzung der Zuflüsse in Edelmetalle im zweiten Quartal. Der zweite Teil des Jahres war jedoch durch ein spektakuläres Comeback von Aktien gekennzeichnet, die seit Juli Nettozuflüsse in Höhe von 63 Mrd. USD verzeichneten, angeheizt durch die steigenden Aktienkurse. Nachrichten über Impfstoffe beschleunigten diesen Trend der Zuflüsse und lösten auch einige Abflüsse aus Edelmetallen aus, da die Märkte stark auf Risiko gingen.
Globale Engagements dominierten die Aktienflüsse im Jahr 2020 und erreichten 36 Mrd. USD - oder mehr als 50 Prozent aller Aktienflüsse. Anleger, die sich nicht global engagierten, bevorzugten die USA gegenüber Europa und Großbritannien aufgrund des geringeren Ausmaßes von Lockdowns und lokalen Unsicherheiten wie dem Brexit.
Die Schwellenländer litten zunächst unter Nettoabflüssen, da COVID-19 insbesondere für Länder wie Indien und Brasilien schwerwiegende Folgen hatte. Als jedoch die Rallye und die Hoffnung auf einen Impfstoff voranschritten und die Volkswirtschaften sich deutlich zu erholen begannen, kehrten die Zuflüsse in die Schwellenländer zurück und brachten, angeführt von China, für das Gesamtjahr Nettozuflüsse in Höhe von 8,3 Milliarden USD.
Innerhalb der Sektoren sammelte der Technologiesektor 5,5 Milliarden USD ein, da Technologieunternehmen sowohl Wachstum als auch eine gewisse Risikoabsicherung boten - die Nachfrage nach Software und Hardware blieb robust. Das Gesundheitswesen folgte zunächst, aber die Zuflüsse in diesen Sektor verloren in der zweiten Jahreshälfte an Kraft, da sich die Stimmung verbesserte und die Anleger nach Renditen in anderen Bereichen suchten.
Staats- und Unternehmensanleihen verzeichneten 2020 Nettomittelzuflüsse in Höhe von insgesamt 28,7 Milliarden USD und machten damit mehr als 75 Prozent der gesamten Nettomittelzuflüsse in festverzinsliche Produkte aus. Dies war ein weiteres starkes Jahr, in dem das Angebot an festverzinslichen Produkten erweitert wurde, insbesondere im ESG-Bereich. Genauso wichtig ist jedoch, dass sich festverzinsliche ETFs als widerstandsfähig gegenüber tiefgreifenden Marktschocks erwiesen und als Preisfindungsinstrument dienten, wenn kein Preis für den zugrunde liegenden Vermögenswert verfügbar war - zum Beispiel als die Märkte die COVID-19-Krise im März 2020 erstmals verdauten. Die Krise stellte einen großen Test für festverzinsliche ETFs dar - und die ETFs haben bestanden.
Sources: Bloomberg Finance L.P., for the period 28-31 December 2020. Flows are as of date indicated and should not be relied upon as current thereafter. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.
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2015149.157.1.EMEA.INST
Exp. Date: 31/01/2022