Fund Flows Reflect Tech-Stock Domination—Before Investors Rotated
基金流向反映了科技股的统治地位——投资者进行了轮换

Investment flows into mutual funds and exchange-traded funds reinforce the degree to which large technology stocks have dominated the U.S. stock market this year—that is, until this month's well-documented rotation out of those stocks.
投资流入共同基金和交易所交易基金，加强了大型科技股今年在美国股票市场的主导地位——直到本月的众所周知的轮动。

Technology funds attracted $4.2 billion in net inflows in the second quarter, wrapping up a first half in which when they gathered $17 billion, according to an LPL analysis of Morningstar data.1 Of the 10 market sectors composing the benchmark S&P 500 Index, only two others—industrials and financials—had net positive flows.
第二季度，技术基金吸引了 42 亿美元的净流入，完成了今年上半年总计 170 亿美元的净流入，根据 LPL 分析晨星数据。构成标准普尔 500 指数的 10 个行业板块中，只有工业和金融两个板块有净正流入。

As investors focused on large, growth-oriented tech stocks, they largely ignored smaller and value-oriented stocks. Large value stocks suffered net outflows of $7.8 billion and $18.1 billion in the second quarter and first half, respectively, more than any other Morningstar category. Mid-cap value, mid-cap growth and small growth stocks all ranked in the top 10 for most net outflows in the first half.
投资者关注大型、成长导向的科技股，忽略了小型和价值导向的股票。第二季度和今年上半年，大型价值股分别遭遇 78 亿美元和 181 亿美元的净流出，是晨星所有类别中最多的。今年上半年，中盘价值、中盘成长和小型成长股都位列前十大净流出板块。

The direction of flows reflect a U.S. stock market in which just three large tech stocks—Nvidia (NVDA), Alphabet (GOOGL) and Microsoft (MSFT)—accounted for almost half the S&P 500's 15% gain in the first half of the year.2
流向方向反映了今年上半年美国股市的情况，其中三只大型科技股——Nvidia（NVDA）、Alphabet（GOOGL）和 Microsoft（MSFT）占标准普尔 500 指数 15%的涨幅的近一半。

Those three stocks, though, have tumbled since July 10, when a rotation into small-cap stocks began in earnest as investors placed bets that smaller companies stand to benefit from interest rate cuts that are widely expected in the coming months. The Russell 2000 Index of small-cap stocks has surged 9% in the same period.
虽然如此，自 7 月 10 日以来，小盘股轮动开始后，这三只股票已下跌。投资者押注利率剪刀将有利于小型公司。道琼斯小盘指数在此期间上涨 9%。

Boon for Bond Funds  债券基金受益

Flows into equity funds have paled in comparison to those that bond funds have enjoyed. In the second quarter, fixed-income funds attracted $68.4 billion in net inflows, almost five times more than the net positive flows of $14 billion for equity funds and $7.9 billion for money market funds.
股票基金的流入远不及债券基金。第二季度，固定收益基金吸引了 684 亿美元的净流入，几乎是股票基金和货币市场基金净正流入的 5 倍。

Bond funds continued benefiting both from a cautious outlook for the U.S. economy and expectations the Federal Reserve will begin cutting interest rates later this year. Intermediate core bond funds led all Morningstar categories in the first half with $69.1 billion in net inflows, and bond funds accounted for six of the top 10 categories in net positive flows.3
债券基金继续受益于对美国经济的谨慎预期和对美联储今年晚些时候开始降息的预期。中间核心债券基金在第一季度以 691 亿美元的净流入领先晨星所有类别，债券基金占前十名净正流入类别的六个。

Rate cuts would reduce yields on money market funds, whose net inflows fell in the second quarter.
利率剪刀将降低货币市场基金的收益，第二季度其净流入下降。

ETF Flows Keep Veering Toward Active Management
ETF 流动资金持续偏向主动管理

Actively managed ETFs continued to gain market share versus passive ETFs in the second quarter, with investors' focus on bond funds playing a key role.
第二季度，主动管理 ETF 继续在市场份额上超越被动 ETF，投资者对债券基金的关注起到了关键作用。

Active ETFs had $56.8 billion of net inflows in the second quarter, pushing their total assets to $650.8 billion. Passive ETFs that track a stated index still have 10 times more assets. But active ETFs captured a third of all ETF net inflows during the quarter and now have 7.1% of all ETF assets, up 58 basis points from the end of the first quarter.45

Active ETFs accounted for 35% of all net inflows into fixed-income ETFs in the second quarter. Among equity ETFs, active strategies constituted 27% of all equity ETF net inflows.
第二季度，主动 ETF 在固定收益 ETF 净流入中占比 35%。在股票 ETF 中，主动策略构成全部股票 ETF 净流入的 27%。