AI, Tech Fuel Rebound Of Vanguard Growth ETF, Eroding Value's 2022 Outperformance
AI, Tech Fuel Rebound Of Vanguard Growth ETF, Eroding Value's 2022 Outperformance
The surge of artificial intelligence (AI), the supremacy of the internet giants and expectations of the Fed's tightening cycle nearing its end are propelling growth companies to outperform value stocks.
人工智能（AI）的興起、互聯網巨頭的霸主地位以及對美聯儲緊縮週期接近尾聲的預期，正在推動成長型公司的表現優於價值股。
The growth equity style has made a remarkable recovery in the first five months of 2023, after experiencing a setback in 2022 due to aggressive interest rate hikes that impacted tech and other overvalued sectors.
由於激進的加息影響了科技和其他高估行業，成長型股票風格在 2022 年經歷了挫折，在 2023 年的前五個月取得了顯著的復甦。
The Vanguard Growth ETF (NYSE:VUG) has outperformed the Vanguard Value ETF (NYSE:VTV) by a remarkable 29% so far this year. While the growth-oriented ETF has risen 26%, the value-oriented ETF has struggled, registering a 3% decline year to date.
這個 先鋒增長ETF 紐約證券交易所代碼：VUG）的表現優於 先鋒價值ETF （紐約證券交易所代碼：VTV）今年迄今爲止增長了29％。儘管以增長爲導向的ETF上漲了26％，但以價值爲導向的ETF卻苦苦掙扎，今年迄今已下跌3％。
Only a month ago, the performance gap between growth and value was about 8%, which can offer an idea of how rapidly growth-related companies have surged in recent weeks.
就在一個月前，增長與價值之間的業績差距約爲8％，這可以讓人們瞭解最近幾周增長相關公司的增長速度有多快。
Growth vs. Value in 2023
2023 年的增長與價值
Value's 2022 Outperformance vs. Growth: Wiped Out in 5 Months
Value 在 2022 年的跑贏大盤與增長：5 個月內被抹去
The roughly 50% gain that value stocks had over growth in 2022 was almost entirely wiped out by the growth's outperformance in the just five months of 2023.
價值股在 2022 年超過增長的大約 50% 的漲幅幾乎被2023年短短五個月的增長跑贏大盤所抵消。
Since the Great Financial Crisis, the consistent outperformance of growth versus value stocks has been a recurrent trend in the U.S. stock market. This tendency has been supported by a protracted period of very low interest rates, which has pushed up valuations in the technology and growth sectors while depressing stocks in value-related sectors.
自大金融危機以來，成長型股票相對於價值股的表現持續跑贏是美國股市反覆出現的趨勢。這一趨勢得到了長期極低利率的支持，這推高了科技和增長板塊的估值，同時壓低了價值相關板塊的股票。
The year 2022 looked to suggest a potential reversal of this pattern, with energy stocks rising sharply and technology-related stocks falling precipitously. However, this reversal was short-lived, as growth stocks reasserted their dominance in 2023, supported by a robust surge in AI and tech stocks.
2022 年似乎表明這種模式可能發生逆轉，能源股大幅上漲，科技相關股票急劇下跌。但是，這種逆轉是短暫的，因爲在人工智能和科技股強勁飆升的支持下，成長型股票在2023年重新佔據了主導地位。
Chart: 15 Years Of Value Vs Growth
圖表：15 年的價值與增長
Stock Movers: Gainers And Losers
股票走勢者：贏家和輸家
About 70% of the Vanguard Growth ETF's year-to-date performance can be attributed to seven stocks: Apple, Inc. (NASDAQ:AAPL) added 4.7 percentage points (ppt) to the overall performance
Vanguard Growth ETF今年迄今爲止的表現中約有70％可以歸因於七隻股票： 蘋果公司 納斯達克股票代碼：AAPL）的整體表現增加了4.7個百分點（ppt）
- Microsoft Corp. (NASDAQ:MSF) 4.2ppt
- NVIDIA Corp. (NASDAQ:NVDA) 2.7ppt
- Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) 2.2ppt
- Amazon Inc. (NASDAQ:AMZN) 1.9ppt
- Tesla Inc. (NASDAQ:TSLA) 1.2ppt
- Meta Platforms Inc. (NASDAQ:META) 1ppt.
- 微軟公司 （納斯達克股票代碼：MSF）4.2ppt
- 英偉達公司 （納斯達克股票代碼：NVDA）2.7ppt
- Alphabet公司 （納斯達克股票代碼：GOOG）（納斯達克股票代碼：GOOGL）2.2ppt
- 亞馬遜公司 （納斯達克股票代碼：AMZN）1.9ppt
- 特斯拉公司 （納斯達克股票代碼：TSLA）1.2ppt
- 元平臺公司 （納斯達克股票代碼：META）1ppt。
The Vanguard Value ETF saw negative contributions from financials, health care and energy sectors with First Republic Bank, Pfizer Inc. (NYSE:PFE), Johson & Johnson (NYSE:JNJ), Charles Schwab Corp. (NYSE:SCHW), Chevron Corp. (NYSE:CVX) and Bank of America (NYSE:BAC) being the worst contributors to the performance.
Vanguard Value ETF的金融、醫療保健和能源行業對第一共和國銀行的貢獻爲負數， 輝瑞公司 （紐約證券交易所代碼：PFE）， 強生公司 （紐約證券交易所：JNJ）， 查爾斯·施瓦布公司 （紐約證券交易所：SCHW）， 雪佛龍公司 （紐約證券交易所代碼：CVX）和 美國銀行 紐約證券交易所代碼：BAC）是業績的最大貢獻者。
Image: Shutterstock
圖片：Shutterstock
譯文內容由第三人軟體翻譯。