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Investors withdrew a record of $ 533 million from European dominant themes FNB in February, according to ETFBook data. Withdrawals added to the gloom of a poor 2023, when the sector bled $ 1.1 billion, the first annual outing after at least one decade of net purchase.
However, the figures would have been worse without the attraction of artificial intelligence. Four of the first six thematic funds per entrances during the first two months of 2024 were AI vehicles, show data ETFBook – not bad since the continent has only five of these ETFs with combined assets of $ 5.1 billion.
Since the beginning of 2023, these ETF AI has attracted a net of 2.1 billion dollars, which means that the themes I AI have sent more than $ 3 billion. The first three best -selling themes in Europe during this 14 -month period were all linked to AI: XTRACKERS Artificial Intelligence and Big Data Ucits ETF (Xaix), WisdomTree Artificial Intelligence Ucits ETF (Wtai) and L&G Artificial Intelligence Ucits ETF (AIAI).
“Great history is AI,” said Kenneth Lamont, principal analyst of passive strategies in Morningstar. “It was the Day themeBy taking over from the energy transition “, which dominated European thematic flows for a few years before returns began to go south in 2021.
“The AI will change the world,” added Lamont. “Do we know exactly how and who will benefit from it?” No, but only a fool would bet against the big winners in this space. »»
A similar trend took place in the United States, where ETF AI was a brilliant tag despite the overall thematic FNB assets which slide 24.3%, from $ 112 billion to $ 85 billion, from the year to the end of January, according to Global X, an ETF house.
The Global X Robotics & Artificial Intelligence of 2.7 billion dollars (ETF of artificial intelligence (Bootz), the largest IA fund on its behalf in the United States has attracted $ 672 million since the start of 2023, according to Vettafi data, a council.
The global ETF of artificial intelligence and artificial intelligence and technology technology of $ 1.4 billion (AIQ) Aspired $ 1.1 billion over the same period, without a single week of outings since February 2023.
Ishares Robotics and Artificial Intelligence ETF Multisectoral Ishares and ETF of artificial intelligence (Irbo) attracted an additional $ 322 million to an even more coherent pace, without weeks of outings since November 2022.
The ETF of artificial intelligence and robotics of artificial intelligence and robotics of $ 540 million.Robt), is not far behind, with $ 314 million in net admissions.
“Artificial intelligence was a key investment theme in 2023 and remains at the center of the first quarter of 2024,” said Todd Rosenbluth, research manager in Vettafi.
Pawel Janus, head of analysis at Etfbook, said that “thematic investments are not long -term purchase and maintenance strategies. Investors seek to turn from one to the other. »»
Consequently, the level of media coverage can propel investors from an unpopular theme, such as clean energy, in fashion, such as AI.
“Everyone has been talking about AI for two years, especially since the liberation of Chatgpt,” said Janus. “The theme has just exploded.”
Morningstar has not always been the greatest defender of thematic investment. He published research In November, indicating that investors lost more than two -thirds of potential thematic funds in the five years to June 2023 due to their tendency to buy and sell low.
However, Lamont thought that “the last two years have been an argument to see the world thematically. The story that has motivated the world markets was the seven magnificent (the biggest American technology actions) and what stimulates is AI. If there is a time and a place of thematic funds, it is time and place. »»
His analysis of AI funds in the world has shown that the 10 best holders include six of the magnificent seven, with Apple the only exception.
Unsurprisingly, this weighting towards the seven magnificent has helped performs. In the past year, the five European ETFs are in the third best of thematic funds in terms of return, according to data from the ETFBook.
Their median yield, at 35.8%, is almost three times higher than the median return of 13.9% for themed ETFs in Europe. During the same period, the largest ETF AI domiciled by the United States increased an average yield by 28.1%.
As for the broader thematic ETFs, a victim, at least in Europe, seems to be the Ishares brand of BlackRock Leader of the market.
Three of the four thematic ETFs that have undergone the highest outings since the beginning of 2023 are the world’s own energy of Ishares, the world infrastructure and digital security FNBs, with collective outings of $ 1.8 billion to reduce their assets combined to $ 6.3 billion. The aging ETFs of the population and the innovation of the company’s health care also fell into disgrace, alongside the FNB L&G Cyber Security Ucits.
“Market dynamics played a big role in flows in themed FNB. The largest companies, the Magnifice Seven, have led the market above, “said a Blackrock spokesperson.
“The financial markets are adapted to the new greater volatility, uncertainty and divergence of market performance regime. This has led to increased dispersion in certain markets. »»
However, the top of the flops was the ETF UBS Gender Equality Ucse. In its various equity classes, it has sent $ 1.1 billion since the start of 2023, according to ETFBook data, exceeding the remaining assets of $ 741 million.