Aktives Versus Passives Asset Management Wo Geht Der Trend Hin?
In den letzten Jahren ist eine stetige Verlagerung von Fondsvermögen aus aktiv gemanagten Fondsstrategien zu passiven Strategien zu beobachten. Dies ist insbesondere auf die Tatsache zurückzuführen, dass die Performance von aktiv gemanagten Fonds in der Vergangenheit weit hinter den Erwartungen der Anleger zurückgeblieben ist.
Auswirkungen der Digitalisierung
Auch in Zukunft sind hohe Mittelzuflüsse in die passiven Index-Fonds (Exchange Traded Funds (ETFs)) insbesondere in den traditionellen Anlageklassen, wie beispielsweise Aktien und Anleihen zu erwarten. Zudem wird dieser Trend zunehmend durch neue Technologien, wie Robo-Advice und die Digitalisierung des Fondsvertriebs verstärkt. Informationen über die Fonds, ihre Wertentwicklung sowie ihre Anlagestrategien sind heute bereits leicht über das Internet für jederman zugänglich. Dies erhöht die Transparenz und damit die Effizienz des Marktes. In einem solch effizienten Marktumfeld ist es schwierig für Fondsmanager durch ein aktives Management des Fonds einen zusätzlichen Nutzen für den Investor zu erwirtschaften.
Der Ruf nach Kostentransparenz wird immer lauter
Ein weiterer Grund für den Anstieg der passiven Fondsstrategien gegenüber den aktiv gemanagten Fonds ist, dass die Investoren sensibel auf die mit ihrer Investition verbundenen Kosten reagieren. Der Ruf nach Kostentransparenz wird immer lauter - MiFid II lässt grüßen! Die Gebühren eines aktiv gemanagten Fonds verringern die Performance des Fonds in einem nicht unerheblichen Maß. Dabei handelt es sich nicht nur um die reine Fondsmanagementgebühr und gegebenfalls an einen unabhängigen Anlageberater gezahlte Provisionen, sondern auch um die, verbunden mit einer Umschichtung des Investmentportfolios, höheren Transaktionskosten. Diese hohe Gebührenstruktur führt oftmals dazu, dass die aktiv gemanagten Fonds Schwierigkeiten haben ihren eigenen Vergleichsindex zu schlagen. In dem Jahresbrief an die Aktionäre seiner Beteiligungsgesellschaft Berkshire Hathaway schreibt der...
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