在9月份流入价值ETF的资金中，超过一半的资金流向了iShares MSCI EAFE Value ETF(EFV.US)，该ETF是贝莱德调整其模型投资组合策略的受益者。贝莱德减少了对美国股票和成长型股票的投资，转而青睐价值股和固定收益产品。With the market expecting the Fed to cut interest rates, investors are beginning to turn to undervalued stocks in hopes of a recovery.
According to Bloomberg industry research data, since September, exchange-traded funds (ETFs) focused on value stocks have attracted $6.9 billion in inflows, making it the best-performing month this year. At the same time, growth stock ETFs, which typically invest in large tech companies, have seen a decrease of approximately $13 million in funds.
Figure 1
More than half of the funds flowing into value ETFs in September went to the iShares MSCI EAFE Value ETF (EFV.US), which has been a beneficiary of BlackRock's adjusted model portfolio strategy. BlackRock has reduced its investments in US stocks and growth stocks in favor of value stocks and fixed-income products.
Tushar Yadava, a strategist at BlackRock, said of EFV, "We believe this ETF has the best profit potential." While they still remain bullish on growth stocks, they are balancing their investments by increasing the proportion of value stocks in their portfolios.
Other notable value funds in September include the $25 billion SPDR Portfolio S&P 500 Value ETF (SPYV.US), which saw record-high inflows last week. Additionally, the $3.2 billion iShares Russell Top 200 Value ETF (IWX.US) has attracted over $0.8 billion in funds this month.
It is understood that traders on Wall Street are selling off technology stocks, which were the main driving force behind this year's bull market. As market expectations for the Federal Reserve to lower borrowing costs to stimulate economic growth, investors are turning to traditional industries such as utilities and real estate to find new growth points.
In the past two years, technology giants such as Nvidia and Microsoft have led the stock market, attracting a large number of investors. But now, due to concerns about slowing economic growth and the possibility of the Federal Reserve starting to cut interest rates as early as this Wednesday, traders are turning to industries such as real estate, utilities, and consumer staples.
Since July 16th, when the S&P 500 index reached its peak, the so-called seven major technology stocks - Nvidia, Microsoft, Apple, Alphabet Inc., Amazon, Meta Platforms, and Tesla - have mostly declined, with the Bloomberg seven major technology stocks index falling by 5.3%. In contrast, the broader stock benchmark index fell by less than 1% during this period, mainly due to the overweighting of these fast-growing technology giants in the S&P index. However, industries such as real estate and utilities have significantly outperformed this index, with respective increases of 11%.
These data also include the rise of the S&P 500 index last week, with technology stocks leading the way.
Figure 2
Matt Maley, Chief Market Strategist at Miller Tabak + Co., said, 'This positive market performance seems to indicate that investors now have more confidence that the rate cuts to be taken will help economic growth next year and contribute to more balanced profit growth.'
The market widely expects the Federal Reserve to start an interest rate cut cycle on Wednesday, with a possible reduction of 50 basis points. On Tuesday morning, despite the latest economic data showing resilient U.S. consumers, the market estimates the possibility of policymakers announcing a 50 basis point interest rate cut to be around 55%.
