2021年美国基金业年鉴.pdf

2021Investment CompanyFACT BOOKA Review of Trends and Activities in the Investment Company Industrywww.icifactbook.org2020 Facts at a GlanceTotal worldwide assets invested in regulated open-end funds:*$63.1 trillionUnited StatesEuropeAsia-PacificRest of the world$29.3 trillion$21.8 trillion$8.8 trillion$3.2 trillionUS-registered investment company total net assets:$29.7 trillionMutual fundsExchange-traded fundsClosed-end fundsUnit investment trusts$23.9 trillion$5.4 trillion$279 billion$78 billionUS retirement marketTotal retirement market assetsPercentage of households with tax-advantaged retirement savingsDC plan and IRA assets invested in mutual funds$34.9 trillion64%$11.1 trillionUS-registered investment companies share of:US corporate equityUS and foreign corporate bondsUS Treasury and government agency securitiesUS municipal securitiesCommercial paper30%23%15%29%22%US household ownership of US-registered fundsNumber of households owning fundsNumber of individuals owning fundsPercentage of households owning fundsMedian mutual fund assets of mutual fundowning householdsMedian number of mutual funds owned60.9 million106.3 million47.4%$126,7004*Regulated open-end funds include mutual funds,exchange-traded funds(ETFs),and institutional funds.2021Investment CompanyFACT BOOKA Review of Trends and Activities in the Investment Company Industry61st Edition2021Investment CompanyFACT BOOKA Review of Trends and Activities in the Investment Company Industrywww.icifactbook.orgThe Investment Company Institute(ICI)is the leading association representing regulated funds globally,including mutual funds,exchange-traded funds(ETFs),closed-end funds,and unit investment trusts(UITs)in the United States,and similar funds offered to investors in jurisdictions worldwide.ICI seeks to encourage adherence to high ethical standards,promote public understanding,and otherwise advance the interests of funds,their shareholders,directors,and advisers.ICI carries out its international work through ICI Global,with offices in London,Brussels,Hong Kong,and Washington,DC.Sixty-first editionCopyright 2021 by the Investment Company Institute.All rights reserved.Contents vi Letter from the Chief Economist ix ICI Research Staff and PublicationsPART ONEAnalysis and Statistics 2 LIST OF FIGURES 12 PREFACEThe Spread and Impact of COVID-19 16 CHAPTER ONEWorldwide Regulated Open-End Funds 38 CHAPTER TWOUS-Registered Investment Companies 64 CHAPTER THREEUS Mutual Funds 92 CHAPTER FOURUS Exchange-Traded Funds 116 CHAPTER FIVEUS Closed-End Funds130 CHAPTER SIXUS Fund Expenses and Fees150 CHAPTER SEVENCharacteristics of US Mutual Fund Owners170 CHAPTER EIGHTUS Retirement and Education SavingsPART TWOData Tables210 SECTION ONEUS Mutual Fund Totals218 SECTION TWOUS Closed-End Funds,Exchange-Traded Funds,and Unit Investment Trusts224 SECTION THREEUS Long-Term Mutual Funds244 SECTION FOURUS Money Market Funds251 SECTION FIVEAdditional Categories of US Mutual Funds269 SECTION SIX Institutional Investors in the US Mutual Fund Industry272 SECTION SEVENRetirement Account Investing in US Mutual Funds274 SECTION EIGHTWorldwide Regulated Open-End Fund Totals280 APPENDIX AHow US-Registered Investment Companies Operate and the Core Principles Underlying Their Regulation304 APPENDIX BSignificant Events in Fund History308 GlossaryviLetter from the Chief EconomistLetter from the Chief Economist2020.What a year.Im writing this letter sitting in my basement,which has served as my office this past year.Its March 15,2021,almost one year to the day from March 13,2020,when vast swathes of the US economy began shutting down because of the COVID-19 pandemic.How things have changed from that fateful Friday the 13th!Delivering in Extraordinary CircumstancesSome things,of course,remain much the same.Throughout this challenging period,ICIs Research Departmentas with all ICI departmentsmaintained its intense focus on supporting registered investment companies and the more than 105 million shareholders they serve.As the crisis unfolded,market participants rightly became deeply concernedand highly uncertainabout the effects of the economywide shutdown on businesses,households,and governments.In this environment,all types of investors around the world scrambled to raise cash,a development that quickly morphed into a liquidity crisis.During this time,ICI Research worked tirelessly to provide critical perspective and data to policymakers to help them navigate and respond to the rapidly moving events.Providing Important Analysis to the Discourse of Funds Experiences During the CrisisAs the financial markets began to settle,we turned to providing more in-depth analyses of funds experiences during March 2020,in no small part to help ensure that emerging narratives were based on facts,not supposition.For example,in late May,I was invited to present a detailed analysis to the Securities and Exchange Commissions Asset Management Advisory Committee on funds experiences in March.In addition,under the guidance and assistance of senior leaders from throughout the fund industry,ICI published the Report of the COVID-19 Market Impact Working Groupa series of papers discussing developments in the spring of 2020 in the financial markets broadly,as well as in ETFs,money market funds,and UCITS.We also produced a series of blog posts discussing the experiences of bond mutual funds in March 2020.The preface in this years Fact Book summarizes some of that work and provides a link to the full suite of COVID-19 papers and blog posts.The key theme of this work is that the March 2020 turmoil was driven not by the actions of individual market participants or market sectors,but by uncertainty about how the virus and the shuttering of world economies would play out.In light of the COVID-19 turmoil,regulators are now pondering reforms for many sectors of the financial markets,including ours.As they do so,they must keep the true drivers of the March 2020 turmoil at the forefront of their minds,and must remain cognizant of the benefits regulated funds provide to the worlds economies.Funds are an important source of financingto businesses,consumers,and governments at all levelsand a chief way that tens of millions of investors save for long-term goals.ICI Researchs Solid FoundationAll of this extraordinary work over the past year is built on the solid foundation ICI Research has built over decades,which is also reflected in the data and analysis we offer throughout the entire Fact Book.For example,Fact Book chapters 1 to 6 provide detail on the remarkable range of products our industry has created to help investors save for their goals,on how our industry is evolving(both in the United States and in other jurisdictions)to meet investors changing demands,and on the substantial declines in fund fees Main Street investors incur to gain exposure to stocks and bonds through pooled,professionally managed funds.The many figures,tables,and analyses you will find here reflect the efforts of Shelly Antoniewicz and her staff.2021 INVESTMENT COMPANY FACT BOOKviiiFact Book chapters 7 and 8 provide considerable detail,derived from ICI surveys and data collections,about the tens of millions of US households that use funds to save for their goals and how funds support them as they save for retirement and education.These data are collected by Sarah Holden and her staff,and are a key feature of ICIs efforts to foster and reinforce the reputation of funds before policymakers,the media,and other stakeholders.As just one example,in the past year,a range of commentators voiced concerns that retirement savers were pulling back from 401(k)plans because of challenges related to COVID-19.Evidence provided by ICI Research,however,consistently demonstrated throughout the year that retirement savers were staying the course.The Fact Book also contains a wealth of information in the data tables,which immediately follow chapter 8.These summary tables,and the more detailed data underlying them,provide the backbone of ICI Researchs ability to accurately depict trends in the fund industry and to use facts to correct misimpressions or misinterpretations about the role and importance of funds to the USeconomy.The updated data tables are the culmination of a years worth of work by JudySteenstra and her staff.In sum,on behalf of the entire Research Department,I hope you will find our 61st Fact Book as helpful and enlightening as ever.And for those of you who want the printed version of the book,it will be available later this summer.Thank you,best wishes,and I hope that we in ICI Research will be able to see many of youin personin the coming year.Sean CollinsICI Chief EconomistixICI RESEARCH STAFF AND PUBLICATIONSICI Research Staff and PublicationsICI Senior Research StaffChief EconomistSean Collins leads the Institutes Research Department.He oversees statistical collections and research on US and global funds,financial markets,the US retirement market,financial stability,and investor demographics.Before joining ICI in 2000,Collins worked at the US Federal Reserve Board of Governors and the Reserve Bank of New Zealand.He is a member of the Group of Economic Advisers(GEA)to the European Securities and Markets Authority(ESMA).He has a PhD in economics from the University of California,Santa Barbara,and a BA in economics from Claremont McKenna College.Senior Director of Industry and Financial AnalysisRochelle(Shelly)Antoniewicz leads the Institutes research efforts on the structure and trends of the exchange-traded fund and mutual fund industries and on the financial markets in the United States and globally.Before joining ICI,Antoniewicz spent 13 years at the Federal Reserve Board of Governors.She earned a BA in management science from the University of California,San Diego,and an MS and PhD in economics from the University of WisconsinMadison.Senior Director of Retirement and Investor ResearchSarah Holden leads the Institutes research efforts on retirement and tax policy and investor demographics and behavior.Holden,who joined ICI in 1999,heads efforts to track trends in household retirement saving activity and ownership of funds as well as other investments inside and outside retirement accounts.Before joining ICI,Holden served as an economist at the Federal Reserve Board of Governors.She has a PhD in economics from the University of Michigan and a BA in mathematics and economics from Smith College.Senior Director of Statistical ResearchJudy Steenstra oversees the collection and publication of weekly,monthly,quarterly,and annual data on open-end mutual funds,as well as data on closed-end funds,exchange-traded funds,unit investment trusts,and the worldwide fund industry.Steenstra joined ICI in 1987 and was appointed director of statistical research in 2000.She has a BS in marketing from ThePennsylvania State University.ICI Research Staff and Publications2021 INVESTMENT COMPANY FACT BOOKxICI Research DepartmentThe ICI Research Department consists of 42 members,including economists and research analysts.This staff collects and disseminates data for all types of registered investment companies,offering detailed analyses of fund shareholders,the economics of investment companies,and the retirement and education savings markets.2020 ICI Research and Statistical PublicationsICI is the primary source of analysis and statistical information on the investment company industry.In addition to the annual Investment Company Fact Book,the Institutes Research Department released 20 research and policy publications and more than 300 statistical reports in 2020.The Investment Company Fact Book remains one of ICI Researchs most visible products.In its 61st edition,this ICI publication continues to provide the public and policymakers with a comprehensive summary of ICIs data and analysis.The Fact Book is available at www.icifactbook.org in both PDF and HTML versions.The HTML version contains downloadable data for all charts and tables.PapersIndustry and Financial Analysis“Trends in the Expenses and Fees of Funds,2019,”ICI Research Perspective,March 2020“The Closed-End Fund Market,2019,”ICI Research Perspective,May 2020“Ongoing Charges for UCITS in the European Union,2019,”ICI Research Perspective,October 2020Retirement and Investor Research“American Views on Defined Contribution Plan Saving,2019,”ICI Research Report,January 2020“Defined Contribution Plan Participants Activities,First Three Quarters of 2019,”ICI Research Report,February 2020“Ten Important Facts About 401(k)Plans,”March 2020“What US Households Consider When They Select Mutual Funds,2019,”ICI Research Perspective,April 2020 The BrightScope/ICI Defined Contribution Plan Profile:A Close Look at ERISA 403(b)Plans,2016,April 2020“Defined Contribution Plan Participants Activities,2019,”ICI Research Report,April 2020 The Myth of Under-Annuitization:Managing Income and Assets in Retirement,April 2020“Who Participates in Retirement Plans,2017,”ICI Research Perspective,May 2020“Defined Contribution Plan Participants Activities,First Quarter 2020,”ICI Research Report,May 2020“Ten Important Facts About IRAs,”May 2020“The Economics of Providing 401(k)Plans:Services,Fees,and Expenses,2019,”ICI Research Perspective,July 2020 xiICI RESEARCH STAFF AND PUBLICATIONS“Defined Contribution Plan Participants Activities,First Half 2020,”ICI Research Report,August 2020 The BrightScope/ICI Defined Contribution Plan Profile:A Close Look at 401(k)Plans,2017,August2020“What Does Consistent Participation in 401(k)Plans Generate?Changes in 401(k)Plan Account Balances,20102018,”ICI Research Perspective,October 2020“Characteristics of Mutual Fund Investors,2020,”ICI Research Perspective,November 2020“Ownership of Mutual Funds,Shareholder Sentiment,and Use of the Internet,2020,”ICI Research Perspective,November 2020 “Defined Contribution Plan Participants Activities,First Three Quarters of 2020,”ICI Research Report,November 2020ICIs papers and more are available at www.ici.org/research.Analysis and Commentary:ICI ViewpointsIn addition to research papers,ICI staff produce analysis and commentary for the Institutes blog,ICI Viewpoints.Below are some examples of recent analysis by ICI staff,including a series of posts detailing the experiences of bond funds during the COVID-19 pandemic.Please visit www.ici.org/viewpoints to find these and more.Proxy Proposals Worth Supporting Mutual Fund Flows in the COVID-19 Crisis ETFs Are Passing the COVID-19 Crisis Test IRA Investors Are Concentrated in Lower-Cost Mutual Funds Market Turmoil and Liquidity Crunch Rooted in the COVID-19 Pandemic Value Is in the Eye of the UCITS Holder Bond Mutual Fund Outflows:A Measured Investor Response to a Massive Shock Whats in a Name,Redux:For Bond Mutual Funds,“Corporate”Matters Growth in Bond Mutual Funds:See the Whole Picture Growth in Bond Mutual Funds:A Question of Balance2021 INVESTMENT COMPANY FACT BOOKxiiStatistical ReleasesTrends in Mutual Fund InvestingMonthly repor