SFDR第8條和第9條資金：Q4 2024在評論中

在2024年的最後一個季度，第8條環境，社會和治理開放式資金和交易所貿易資金記錄了520億歐元的淨流入

Article 8 environmental, social, and governance open-end funds and exchange-traded funds recorded EUR 52 billion in net inflows in the last quarter of 2024, marking the highest quarterly intake of 2024 and the largest since late 2021.

第8條的環境，社會和治理開放式基金和交易所交易的基金在2024年的最後一個季度記錄了520億歐元的淨流入，標誌著2024年的季度最高攝入量，是2021年底以來最大的。

The Sustainable Finance Disclosure Regulation classifies all funds in the EU as either Article 6, 8, or 9, describing different levels of sustainability. Article 8 funds, also called “light green” funds, promote environmental and/or social characteristics. Article 9 funds, or “dark green” funds, have a sustainable-investment objective. Funds within the scope of the SFDR that are neither Article 8 nor Article 9 are Article 6 funds.

可持續金融披露法規將歐盟中的所有資金分類為第6、8或9條，描述了不同級別的可持續性。第8條的資金，也稱為“淺綠”資金，促進了環境和/或社會特徵。第9條基金或“深綠”資金具有可持續的投資目標。 SFDR範圍內的資金既不是第8條也不是第9條的第6條資金。

By comparison, the rest of the EU fund market, represented by Article 6 funds, continued to dominate flows, attracting about EUR 85.0 billion in net subscriptions during the fourth quarter, building on the EUR 82.5 billion garnered in the previous three months.

相比之下，由第6條基金代表的歐盟基金市場的其餘部分繼續佔據流動，在第四季度吸引了約850億歐元的淨訂閱，在前三個月中以825億歐元的價格建立。

Overall, investor sentiment toward Article 8 and Article 9 funds was mixed last year, shaped by elevated interest rates, geopolitical risks, greenwashing accusations, and regulatory uncertainty.

總體而言，去年對第8條和第9條基金的投資者情緒是混合的，這是由利率升高，地緣政治風險，綠色洗滌的指控和監管不確定性所塑造的。

Fixed-income funds were the main beneficiaries of Article 8 funds’ inflows. As inflationary pressures remained subdued and the market priced in modest rate cuts, bonds offered an attractive balance between carry and yield stability. By contrast, equity funds in the Article 8 and Article 9 categories experienced net redemptions. In the 2024 bull market, investors simply preferred conventional equity strategies.

固定收入資金是第8條基金流入的主要受益者。隨著通貨膨脹壓力仍然柔和，市場定價適中，債券在攜帶和收益穩定之間提供了有吸引力的平衡。相比之下，第8條和第9條類別中的股本基金經歷了淨贖回。在2024年的牛市中，投資者只是首選常規股權策略。

Active Article 8 Funds Recover

活躍的第8條資金恢復

Actively managed Article 8 fund flows continued their recovery, attracting a net EUR 36.3 billion—their best quarter since late 2021. Passively managed Article 8 funds also maintained steady growth with EUR 15.7 billion in inflows.

積極管理的第8條基金流量繼續恢復，吸引了363億歐元的淨資金，這是自2021年下半年以來的最佳季度。被動管理的第8條基金也以157億歐元的流入量保持穩定的增長。

However, active Article 9 funds continued to struggle, experiencing record outflows of EUR 9.7 billion, reflecting investors’ reduced appetite for active dark green strategies, in a context of underperformance. Passive Article 9 funds, however, bucked the trend, posting a modest net inflow of EUR 2.0 billion.

但是，活躍的第9條基金繼續掙扎，經歷了97億歐元的創紀錄的流出，反映了投資者在表現不佳的情況下對積極的深綠色策略的胃口減少。但是，第9條的資金使這一趨勢震驚，其淨流入量為20億歐元。

Article 8 and Article 9 Fund Assets Rise to a Record EUR 6.1 Trillion

第8條和第9條基金資產升至創紀錄的6.1萬億歐元

Combined assets in Article 8 and Article 9 funds reached EUR 6.1 trillion, accounting for 60% of the total EU fund market. This marks a slight increase from the previous quarter as inflows into Article 8 funds helped offset continued redemptions from Article 9 products.

第8條和第9條的合併資產達到6.1萬億歐元，佔歐盟基金總市場的60％。這比上一季度的略有增加，因為流入第8條的資金有助於抵消了第9條產品的持續贖回。

This absolute and relative increase in Article 8 and Article 9 assets can be partly explained by the continued product reclassification from Article 6 to Articles 8 or 9.

從第6條到第8條或第9條的持續產品重新分類可以部分解釋第8條和第9條資產中的絕對和相對增加。

While active strategies continue to dominate both Article 8 and Article 9 fund universes, passive strategies saw their market share grow further in the fourth quarter. They now account for 12.5% of Article 8 fund assets and nearly 17.0% of Article 9 fund assets. The expansion of ESG ETFs and index funds has been an ongoing trend as investors seek low-cost exposure to sustainable investments. Sizable funds tracking Paris-aligned and climate-transition benchmarks have largely contributed to the growth of passive strategies in both Article 8 and Article 9 fund universes.

儘管積極的策略繼續在第8條和第9條基金宇宙中佔據主導地位，但被動策略使他們的市場份額在第四季度進一步增長。他們現在佔第8條資產資產的12.5％，佔第9條資產資產的近17.0％。隨著投資者尋求低成本接觸可持續投資，ESG ETF和指數基金的擴展一直是一種持續的趨勢。在第8條和第9條基金宇宙中，以巴黎一致和氣候轉變為基準跟踪巴黎和氣候過渡基準的資金很大程度上為被動策略的增長做出了貢獻。

A Large Number of Name Changes on the Horizon

大量名稱在地平線上更改

In 2024, in addition to fund launches (802) and closures (521), the landscape of Article 8 and Article 9 products has also been shaped by rebranding activity as indicated by changed fund names. Over 170 funds changed names during the full year, with many removing or altering ESG-related terms.

在2024年，除了基金發布（802）和關閉（521）外，第8條和第9條產品的景觀也通過更名的活動來塑造，如更改的基金名稱所示。超過170個資金在整整一年中更改了名稱，許多資金刪除或更改了與ESG相關的條款。

Based on our analysis of the data, knowledge of the various strategies, and conversations with asset managers, we anticipate that between 30% and 50% of EU ESG funds will change names in the coming months, representing between 1,200 and 2,200 funds. Changes will include ESG-related term removals, additions, and swaps, but also mergers (small and underperforming funds could merge with other ESG or non-ESG funds).

基於我們對數據的分析，對各種策略的了解以及與資產經理的對話，我們預計歐盟ESG基金的30％至50％將在未來幾個月內更改名稱，代表1,200至2,200個資金。更改將包括與ESG相關的術語刪除，增加和掉期，但也合併（較小和表現不佳的資金可以與其他ESG或非ESG資金合併）。

Some asset managers have taken the opportunity of the ESMA guidelines to perform a complete review of their fund ranges and how they segment their product offerings. For some, fund name changes will affect 100% of their ESG fund ranges, while for others, rebranding will be limited as they have already made changes in the recent past or most of their portfolios just require small adjustments. Some managers have also taken this opportunity to enhance the sustainability characteristics of certain strategies and simplify their ESG fund ranges.

一些資產經理藉此機會對其基金範圍以及如何細分產品進行了完整的審查。對於某些人來說，基金名稱的更改將影響其ESG基金範圍的100％，而對於其他人來說，重新品牌將受到限制，因為他們已經在最近或大多數投資組合中進行了更改，只需要少量調整。一些經理還藉此機會增強了某些策略的可持續性特徵，並簡化了其ESG基金範圍。

Fund name changes will mostly affect funds that use terms such as “sustainable” or

基金名稱更改將主要影響使用諸如“可持續”或