Small-Cap ETFs Enjoy Record Inflows Due To Optimistic Retail Investors: Is This The Decade Of 10% Annual Returns?
Small-Cap ETFs Enjoy Record Inflows Due To Optimistic Retail Investors: Is This The Decade Of 10% Annual Returns?
Small-cap exchange-traded funds (ETFs) have witnessed their largest weekly inflows since Bank of America began tracking the data in 2017.
自美國銀行於2017年開始追蹤數據以來，小型交易所交易基金（ETF）的每週流入量最大。
According to a note shared Wednesday, this surge is predominantly fueled by retail investors, marking a significant shift in market dynamics.
根據週三分享的一份報告，這種激增主要是由散戶投資者推動的，這標誌着市場動態的重大轉變。
Over the past 23 weeks, 22 have seen positive inflows, culminating in a record-breaking week that attracted over $3.5 billion into small-cap ETFs.
在過去的23週中，有22個出現了正流入，最終創下了創紀錄的一週，吸引了超過35億美元的小盤股ETF。
Data derived from Tradingview shows that the Pacer US Small Cap Cash Cows ETF (NYSE:CALF) has emerged as a frontrunner, drawing in over $3 billion in the last three months, closely followed by the Vanguard Small-Cap ETF (NYSE:VB) with $2.6 billion of inflows, of which $1.615 billion recorded in the last month alone.
來自Tradingview的數據顯示，Pacer美國小型股搖錢樹ETF（紐約證券交易所代碼：CALF）已成爲領跑者，在過去三個月中吸引了超過30億美元的收入，緊隨其後的是Vanguard小盤股ETF（紐約證券交易所代碼：VB），其流入量爲26億美元，其中僅上個月就有16.15億美元的流入。
Despite this record influx of funds, Bank of America highlights that small caps remain undervalued relative to their historical performance.
儘管資金湧入創紀錄，但美國銀行強調，相對於歷史表現，小盤股的估值仍然被低估。
Top 10 Small-Cap ETF By Inflows Over The Last Three Months
過去三個月流入量排名前十的小盤股ETF
| Small-Cap ETF | 1M Flows | 3M Flows |
| Pacer US Small Cap Cash Cows | 1.194B | 3.096B |
| Vanguard Small-Cap ETF | 1.615B | 2.608B |
| iShares Core S&P Small-Cap ETF (NYSE:IJR) | 116.003M | 1.651B |
| Avantis U.S. Small Cap Value ETF (NYSE:AVUV) | 695.473M | 1.646B |
| Vanguard Russell 2000 ETF (NYSE:VTWO) | 750.154M | 1.411B |
| SPDR Portfolio S&P 600 Small Cap ETF (NYSE:SPSM) | 417.995M | 915.308M |
| Vanguard Small-Cap Growth ETF (NYSE:VBK) | 440.327M | 741.54M |
| Schwab U.S. Small-Cap ETF (NYSE:SCHA) | 520.145M | 622.329M |
| Dimensional U.S. Small Cap ETF (NYSE:DFAS) | 131.079M | 507.818M |
| SSGA SPDR ETFS EUROPE II PLC (NYSE:SSEUF) | 184.185M | 484.932M |
| 小盤股ETF | 100 萬次流量 | 3M 流量 |
| Pacer 美國小盤股搖錢樹 | 1.194B | 3.096B |
| Vanguard 小盤股 ETF | 1.615B | 2.608B |
| iShares Core 標準普爾小盤股ETF（紐約證券交易所代碼：IJR） | 116.003 億 | 1.651B |
| Avantis美國小型股價值ETF（紐約證券交易所代碼：AVUV） | 695.473 億 | 1.646B |
| Vanguard Russell 2000 ETF（紐約證券交易所代碼：VTWO） | 750.154 億 | 1.411B |
| SPDR 投資組合標普600指數小型股ETF（紐約證券交易所代碼：SPSM） | 417.995 億 | 915.308 億 |
| Vanguard 小盤股成長型ETF（紐約證券交易所代碼：VBK） | 440.327 億 | 741.54 億 |
| 施瓦布美國小盤股ETF（紐約證券交易所代碼：SCHA） | 520.145 億 | 6223.29 億 |
| Dimensional 美國小盤股ETF（紐約證券交易所代碼：DFAS） | 131.079 億 | 507.818 億 |
| SSGA SPDR ETFS EUROPE II PLC（紐約證券交易所代碼：SSEUF） | 184.185 億 | 484.932 億 |
Small Caps: A Bullish Outlook For 2024
小盤股：2024年的看漲前景
Bank of America's analysis suggests a turning tide for small caps. Analyst Jill Carey Hall, CFA, maintains a bullish outlook, predicting that 2024 could mark the year when small caps outperform large caps for the first time in nearly a decade.
美國銀行的分析表明，小盤股出現了轉機。首席財務官分析師吉爾·凱里·霍爾保持看漲前景，他預測2024年可能是近十年來小盤股表現首次超過大盤股的一年。
This optimism stems from a resilient small-cap sector, which has priced in a recession that has yet to materialize, as evidenced by the Russell 2000's performance.
這種樂觀情緒源於富有彈性的小盤股板塊，該板塊的衰退尚未發生，羅素2000指數的表現就證明了這一點。
With investor sentiment improving and valuations becoming more attractive, small caps present a compelling opportunity for long-term investors. The Russell 2000's forward P/E ratio has dipped to 14.3x, positioning small caps as the only size segment that is historically inexpensive.
隨着投資者情緒的改善和估值變得更具吸引力，小盤股爲長期投資者提供了一個引人注目的機會。羅素2000指數的遠期市盈率已降至14.3倍，使小盤股成爲歷史上唯一價格低廉的細分市場。
According to Bank of America, the valuation gap between small and large caps is reminiscent of the disparity seen during the Tech Bubble, which preceded a decade of exceptional returns for small caps.
根據美國銀行的說法，小盤股和大盤股之間的估值差距讓人想起科技泡沫時期的差距，當時小盤股經歷了十年的豐厚回報。
Bank of America's analysis implies potential annualized returns of 10% over the next decade for the Russell 2000, compared to a modest 3% for the Russell 1000.
美國銀行的分析表明，未來十年羅素2000指數的潛在年化回報率爲10％，而羅素1000指數的年化回報率爲3％。
For 2024, Bank of America reinforces the strategy of focusing on value within the small and mid-cap spaces. This approach favors high-quality stocks over non-earners. Financials, Communication Services, and Industrials are identified as top sector overweights within small caps.
對於2024年，美國銀行加強了專注於中小型股領域價值的戰略。與非收入者相比，這種方法更有利於高質量的股票。金融、通信服務和工業股被確定爲小盤股中增持最大的板塊。
Read Now: Best Small Cap Stocks Right Now
立即閱讀： 目前最好的小盤股
譯文內容由第三人軟體翻譯。