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）的兴起、互联网巨头的霸主地位以及对美联储紧缩周期接近尾声的预期，正在推动成长型公司的表现优于价值股。
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.
由于激进的加息影响了科技和其他高估行业，成长型股票风格在 2022 年经历了挫折，在 2023 年的前五个月取得了显著的复苏。
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.
这个 先锋增长ETF 纽约证券交易所代码：VUG）的表现优于 先锋价值ETF （纽约证券交易所代码：VTV）今年迄今为止增长了29％。尽管以增长为导向的ETF上涨了26％，但以价值为导向的ETF却苦苦挣扎，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.
就在一个月前，增长与价值之间的业绩差距约为8％，这可以让人们了解最近几周增长相关公司的增长速度有多快。
Growth vs. Value in 2023
2023 年的增长与价值
Value's 2022 Outperformance vs. Growth: Wiped Out in 5 Months
Value 在 2022 年的跑赢大盘与增长：5 个月内被抹去
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.
价值股在 2022 年超过增长的大约 50% 的涨幅几乎被2023年短短五个月的增长跑赢大盘所抵消。
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.
自大金融危机以来，成长型股票相对于价值股的表现持续跑赢是美国股市反复出现的趋势。这一趋势得到了长期极低利率的支持，这推高了科技和增长板块的估值，同时压低了价值相关板块的股票。
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 年似乎表明这种模式可能发生逆转，能源股大幅上涨，科技相关股票急剧下跌。但是，这种逆转是短暂的，因为在人工智能和科技股强劲飙升的支持下，成长型股票在2023年重新占据了主导地位。
Chart: 15 Years Of Value Vs Growth
图表：15 年的价值与增长
Stock Movers: Gainers And Losers
股票走势者：赢家和输家
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今年迄今为止的表现中约有70％可以归因于七只股票： 苹果公司 纳斯达克股票代码：AAPL）的整体表现增加了4.7个百分点（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.
- 微软公司 （纳斯达克股票代码：MSF）4.2ppt
- 英伟达公司 （纳斯达克股票代码：NVDA）2.7ppt
- Alphabet公司 （纳斯达克股票代码：GOOG）（纳斯达克股票代码：GOOGL）2.2ppt
- 亚马逊公司 （纳斯达克股票代码：AMZN）1.9ppt
- 特斯拉公司 （纳斯达克股票代码：TSLA）1.2ppt
- 元平台公司 （纳斯达克股票代码：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、医疗保健和能源行业对第一共和国银行的贡献为负数， 辉瑞公司 （纽约证券交易所代码：PFE）， 强生公司 （纽约证券交易所：JNJ）， 查尔斯·施瓦布公司 （纽约证券交易所：SCHW）， 雪佛龙公司 （纽约证券交易所代码：CVX）和 美国银行 纽约证券交易所代码：BAC）是业绩的最大贡献者。
Image: Shutterstock
图片：Shutterstock
译文内容由第三方软件翻译。