2025年5月ESG基金资金流向更新

SpecialReport 6June2025 SustainableInvestingResearch ESGfundflowupdate:May2025 MaysawareturntoinflowsforbothESGfixedincomeandequityfunds,withthelatterreturningtopositiveterritoryforthefirsttimesinceOctober2024.Inflowswerebroad-based,withparticularlystronginflowsintoUSDandEURCorpfunds,aswellasAsiaandEMequityfunds. Fixedincomesummary:ESGbondfundflowsbouncedbackinMay,withnetinflowsof$4bn(0.6%ofAUM)markingasharpreversalfollowingApril'soutflows.Thiscameamidstronginflowsintowidermarketbondfunds(0.9%ofAUM),asassetclassrotationintocreditcontinuestobuildmomentuminresponsetoequitymarketvolatility.ESGfundinflowswerebroad-basedacrossthefundgroupswetrack,mostpronouncedinEURandUSDCorp(both1.1%ofAUM),althoughtherewereoutflowsfromGBPCorp(-0.5%ofAUM)andAsiacreditfunds(-1.1%ofAUM).Overall,May'sreboundbringsYTDnetinflowsbackto$5bn(0.7%ofAUM),somewaybelowYTD2024'srecordinflows($28bn)butstillaboveYTD2022($4bn).Clickheretoskiptothefixedincomesection. Equitysummary:ESGequityfundflowsturnedpositiveforthefirsttimesincelastOctoberwithinflowsof$1bn(0.04%ofAUM).ThiscameevenasbroaderequitymarketinflowssloweddownafterthespikeinApril.TheturnaroundinESGflowsweredrivenmainlybyGlobalfunds($0.8bn,0.1%ofAUM)experiencinginflowsforthefirsttimethisyear.Similarly,USESGfundoutflows($1.3bn,-0.3%ofAUM)slowedsharplyinMay,aftersignificantoutflowssinceFebruary.Ontheotherhand,EuropeanandJapanESGflowswereneutrallastmonth.FlowsintoEM($1.2bn,0.7%ofAUM)andAsiaESGfunds($0.7bn,0.8%ofAUM)remainedsteadyversusApril.Overall,YTDESGoutflowsnowstandatc.$20bn(1%ofAUM),withoutflowsmoremutedthanin 2024.Clickheretoskiptotheequitysection. SustainableInvestingResearch JordanIsvy(i) +44(0)2077731733 jordan.isvy@barclays.comBarclays,UK MaggieO'Neal(iii) +44(0)2077736924 maggie.oneal@barclays.comBarclays,UK EquityStrategy MageshKumarChandrasekaran,CFA +44(0)2031345983 magesh.kumarchandrasekaran@barclays.comBarclays,UK CreditStrategy BradfordElliott,CFA(i) +12125266704 bradford.elliott@barclays.comBCI,US BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision. ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA. ThisisaSpecialReportthatisnotanequityoradebtresearchreportunderU.S.FINRARules2241-2242. (i)ThisauthorisadebtresearchanalystintheFixedIncome,CurrenciesandCommoditiesResearchdepartmentandisneitheranequityresearchanalystnorsubjecttoalloftheindependenceanddisclosurestandardsapplicabletoanalystswhoproducedebtresearchreportsunderU.S.FINRARule2242. (iii)ThisauthorisamemberoftheEMEAEquityResearchdepartmentwhomaypublishequityanddebtresearch FORANALYSTCERTIFICATION(S)PLEASESEEPAGE24. FORIMPORTANTEQUITYRESEARCHDISCLOSURES,PLEASESEEPAGE24. FORIMPORTANTFIXEDINCOMERESEARCHDISCLOSURES,PLEASESEEPAGE25. Completed:05-Jun-25,16:14GMTReleased:06-Jun-25,03:00GMTRestricted-External Chartsofthemonth:MaywasastrongmonthforESGfundflowsacrossfixedincomeandequities(Figure1).ThereturnofpositivenetinflowswasperhapsmoreofasurpriseforESGequityfunds,aftersixconsecutivemonthsofoutflows.Equityfundinflowswerebroad-based,withallfundgroupswetrackexperiencinginflowsexceptforUSequityfunds,whereoutflowsdampened.WealsosawstronginflowsintoequityfundsinAsiaandEM,whereESGmomentumhasgatheredpaceoverthepastyear.Fixedincomefundsalsosawstrongflow performance,reversingApril'soutflowswhich,inourview,validatesthepositionwearticulatedlastmonththattheseoutflowshadbeentheproductofwidermarketvolatilityratherthanofastructuralsentimentreversal. FIGURE1.ESGfundflowsinMayvs12mrange %ofAUMflowsbasedonBarclaysmethodology.Source:EPFR,BarclaysResearch AlldatainthisreportarebasedonmutualfundsandETFsthatreporttheirflowsandAUMtoEPFR.Dataareasofend-May.Forinformationonourmethodologyforcalculatingfundflowsanddefinitionsofourchosenuniverses,pleaseseethemethodologysectionattheendofthereport. ForallpublishedSustainableInvestingreportsandtosubscribetoBarclays'suiteofSustainableInvestingResearchpleaseclickhere. Cross-assetcharts Mayfundflows FIGURE2.ESGfundflowsinMayvs12mrange %ofAUMflowsbasedonBarclaysmethodology.Source:EPFR,BarclaysResearch FIGURE3.FlowsintoESGfundsinMay 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 Lastmonthfundflows,$bn EUR Corp EM Equity GlobalEquity AsiaEquity USD Corp GlobalCorp EUR Agg EM Credit USD Agg JapanEquity EuropeEquity AsiaCredit GBP Corp US Equity Globalfundsinvestgloballyandarenotthesameasallfunds(seemethodologyforfurtherdetails).Source:EPFR,BarclaysResearch 2025YTDfundflows FIGURE4.2025flowsintoESGfunds Globalfundsinvestgloballyandarenotthesameasallfunds(seemethodologyforfurtherdetails).Source:EPFR,BarclaysResearch FIGURE5.2025flowsaspercentageofAUM,ESGvsallfunds 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% YTDfundflows,%ofstartingAUM ESGAll AsiaEquity EUR Agg EM Equity Glob