SFDR第8条和第9条资金：Q4 2024在评论中

在2024年的最后一个季度，第8条环境，社会和治理开放式资金和交易所贸易资金记录了520亿欧元的净流入

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条的环境，社会和治理开放式基金和交易所交易的基金在2024年的最后一个季度记录了520亿欧元的净流入，标志着2024年的季度最高摄入量，是2021年底以来最大的。

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.

可持续金融披露法规将欧盟的所有资金分类为第6、8或9条，描述了不同级别的可持续性。第8条的资金，也称为“浅绿”资金，促进了环境和/或社会特征。第9条基金或“深绿”资金具有可持续的投资目标。 SFDR范围内的资金既不是第8条也不是第9条的第6条资金。

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条基金代表的欧盟基金市场的其余部分继续占据流动，在第四季度吸引了约850亿欧元的净订阅，在前三个月中以825亿欧元的价格建立。

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.

总体而言，去年对第8条和第9条基金的投资者情绪是混合的，这是由利率升高，地缘政治风险，绿色洗涤的指控和监管不确定性所塑造的。

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.

固定收入资金是第8条基金流入的主要受益者。随着通货膨胀压力仍然柔和，市场定价适中，债券在携带和收益稳定之间提供了有吸引力的平衡。相比之下，第8条和第9条类别中的股本基金经历了净赎回。在2024年的牛市中，投资者只是首选常规股权策略。

Active Article 8 Funds Recover

活跃的第8条资金恢复

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.

积极管理的第8条基金流量继续恢复，吸引了363亿欧元的净资金，这是自2021年下半年以来的最佳季度。被动管理的第8条基金也以157亿欧元的流入量保持稳定的增长。

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，活跃的第9条基金继续挣扎，经历了97亿欧元的创纪录的流出，反映了投资者在表现不佳的情况下对积极的深绿色策略的胃口减少。但是，第9条的资金使这一趋势震惊，其净流入量为20亿欧元。

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

第8条和第9条基金资产升至创纪录的6.1万亿欧元

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条和第9条的合并资产达到6.1万亿欧元，占欧盟基金总市场的60％。这比上一季度的略有增加，因为流入第8条的资金有助于抵消了第9条产品的持续赎回。

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.

从第6条到第8条或第9条的持续产品重新分类可以部分解释第8条和第9条资产中的绝对和相对增加。

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.

尽管积极的策略继续在第8条和第9条基金宇宙中占据主导地位，但被动策略使他们的市场份额在第四季度进一步增长。他们现在占第8条资产资产的12.5％，占第9条资产资产的近17.0％。随着投资者寻求低成本接触可持续投资，ESG ETF和指数基金的扩展一直是一种持续的趋势。在第8条和第9条基金宇宙中，以巴黎一致和气候转变为基准跟踪巴黎和气候过渡基准的资金很大程度上为被动策略的增长做出了贡献。

A Large Number of Name Changes on the Horizon

大量名称在地平线上更改

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，除了基金发布（802）和关闭（521）外，第8条和第9条产品的景观也通过更名的活动来塑造，如更改的基金名称所示。超过170个资金在整整一年中更改了名称，许多资金删除或更改了与ESG相关的条款。

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).

基于我们对数据的分析，对各种策略的了解以及与资产经理的对话，我们预计欧盟ESG基金的30％至50％将在未来几个月内更改名称，代表1,200至2,200个资金。更改将包括与ESG相关的术语删除，增加和掉期，但也合并（较小和表现不佳的资金可以与其他ESG或非ESG资金合并）。

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.

一些资产经理借此机会对其基金范围以及如何细分产品进行了完整的审查。对于某些人来说，基金名称的更改将影响其ESG基金范围的100％，而对于其他人来说，重新品牌将受到限制，因为他们已经在最近或大多数投资组合中进行了更改，只需要少量调整。一些经理还借此机会增强了某些策略的可持续性特征，并简化了其ESG基金范围。

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

基金名称更改将主要影响使用诸如“可持续”或