{"id":7026,"date":"2019-08-18T16:15:32","date_gmt":"2019-08-18T13:15:32","guid":{"rendered":"https:\/\/super-news.info\/vi\/tinh-canh-song-con-cua-cac-nha-quan-ly-quy\/"},"modified":"2019-08-18T16:15:33","modified_gmt":"2019-08-18T13:15:33","slug":"tinh-canh-song-con-cua-cac-nha-quan-ly-quy","status":"publish","type":"post","link":"https:\/\/super-news.info\/vi\/tinh-canh-song-con-cua-cac-nha-quan-ly-quy\/","title":{"rendered":"T\u00ecnh c\u1ea3nh ‘s\u1ed1ng c\u00f2n’ c\u1ee7a c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9"},"content":{"rendered":"

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Trong nhi\u1ec1u n\u0103m, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01a1n l\u1ebb lu\u00f4n c\u1ea3m th\u1ea5y b\u1ee9c x\u00fac v\u1edbi m\u1ee9c ph\u00ed cao c\u0169ng nh\u01b0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n so v\u1edbi k\u1ef3 v\u1ecdng khi tin t\u01b0\u1edfng trao ti\u1ec1n cho c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u00f3 t\u00ean tu\u1ed5i. Nh\u01b0ng th\u1eddi th\u1ebf \u0111\u00e3 thay \u0111\u1ed5i. H\u1ecd \u0111ang d\u1ea7n chuy\u1ec3n sang \u0111\u1ea7u t\u01b0 ti\u1ec1n v\u00e0o c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u00f3 m\u1ee9c ph\u00ed th\u1ea5p h\u01a1n v\u1edbi l\u1ee3i nhu\u1eadn thu v\u1ec1 th\u00f4ng qua c\u00e1c danh m\u1ee5c \u0111\u1ea7u t\u01b0 d\u1ef1a nhi\u1ec1u v\u00e0o c\u00e1c ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n v\u00e0 tr\u00e1i phi\u1ebfu. Ng\u01b0\u1eddi ta g\u1ecdi \u0111\u00e2y l\u00e0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 th\u1ee5 \u0111\u1ed9ng. V\u00e0 d\u01b0\u1eddng nh\u01b0, th\u1eddi ho\u00e0ng kim c\u1ee7a h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng \u0111\u00e3 lui d\u1ea7n v\u00e0o d\u0129 v\u00e3ng.<\/p>\n

\u0110\u1ea7u ti\u00ean, r\u1ea5t \u00edt ng\u01b0\u1eddi \u0111\u1ec3 \u00fd \u0111\u1ebfn vi\u1ec7c d\u00f2ng ti\u1ec1n \u0111ang d\u1ea7n ch\u1ea3y kh\u1ecfi c\u00e1c qu\u1ef9 qu\u1ea3n l\u00fd b\u1edfi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n h\u00e0ng \u0111\u1ea7u trong ng\u00e0nh. \u0110\u00edch \u0111\u1ebfn c\u1ee7a d\u00f2ng ti\u1ec1n n\u00e0y l\u00e0 c\u00e1c lo\u1ea1i h\u00ecnh c\u00f3 chi ph\u00ed th\u1ea5p h\u01a1n. Vi\u1ec7c d\u1ecbch chuy\u1ec3n v\u1ed1n t\u1eeb c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 theo h\u00ecnh th\u1ee9c ch\u1ee7 \u0111\u1ed9ng \u0111\u00e3 \u0111\u1ea9y m\u1ee9c ph\u00ed d\u1ecbch v\u1ee5 xu\u1ed1ng r\u1ea5t th\u1ea5p, d\u1eabn \u0111\u1ebfn h\u1ec7 qu\u1ea3 l\u00e0 h\u00e0ng ngh\u00ecn ng\u01b0\u1eddi b\u1ecb m\u1ea5t vi\u1ec7c, \u0111\u00f2i h\u1ecfi s\u1ef1 li\u00ean k\u1ebft tr\u00ean quy m\u00f4 l\u1edbn gi\u1eefa c\u00e1c c\u00f4ng ty. Th\u1ef1c tr\u1ea1ng \u0111\u00f3 \u0111\u00e3 \u0111\u1ea9y ng\u00e0nh c\u00f4ng nghi\u1ec7p n\u00e0y, v\u1edbi v\u1ed1n h\u00f3a l\u00ean \u0111\u1ebfn 74.000 t\u1ef7 USD, theo t\u00ednh to\u00e1n c\u1ee7a Boston Consulting Group, \u0111\u1ebfn g\u1ea7n h\u01a1n t\u1edbi b\u1edd v\u1ef1c \u0111\u1ed5 v\u1ee1, n\u01a1i ch\u1ec9 m\u1ed9t c\u00f4ng ty m\u1ea1nh nh\u1ea5t trong ng\u00e0nh m\u1edbi c\u00f3 th\u1ec3 tr\u1ee5 l\u1ea1i.<\/p>\n

“Ch\u00fang ta r\u00f5 r\u00e0ng \u0111ang \u1edf m\u1ed9t th\u1eddi \u0111i\u1ec3m mang t\u00ednh b\u01b0\u1edbc ngo\u1eb7t”, theo Philips Darling, tr\u01b0\u1edfng b\u1ed9 ph\u1eadn quan h\u1ec7 \u0111\u1ed1i t\u00e1c t\u1ea1i Buy-Side Club. \u00d4ng c\u0169ng \u0111\u1ed3ng th\u1eddi l\u00e0 m\u1ed9t chuy\u00ean gia t\u01b0 v\u1ea5n trong l\u0129nh v\u1ef1c qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0.<\/p>\n

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C\u00e1c c\u00f4ng ty c\u00f9ng quy m\u00f4 t\u00e0i s\u1ea3n \u0111ang qu\u1ea3n l\u00fd (AUM) n\u0103m 2018 v\u00e0 thay \u0111\u1ed5i AUM giai \u0111o\u1ea1n 2014 – 2018.<\/p>\n<\/div>\n<\/div>\n

\u0110\u1ec3 c\u00f3 c\u00e1i nh\u00ecn r\u00f5 n\u00e9t nh\u1ea5t v\u1ec1 nh\u1eefng di\u1ec5n bi\u1ebfn trong t\u01b0\u01a1ng l\u1ea1i, ai s\u1ebd l\u00e0 k\u1ebb th\u1eafng, ng\u01b0\u1eddi thua,\u00a0Bloomberg\u00a0\u0111\u00e0o s\u00e2u v\u00e0o c\u00e1c kh\u00eda c\u1ea1nh chi ph\u00ed, nh\u00e2n s\u1ef1 c\u0169ng nh\u01b0 t\u00ecnh h\u00ecnh ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c doanh nghi\u1ec7p trong ng\u00e0nh. C\u00e1c chuy\u00ean gia ph\u00e2n t\u00edch ti\u1ebft l\u1ed9 r\u1eb1ng t\u00ecnh h\u00ecnh \u0111ang r\u1ea5t kh\u00f3 kh\u0103n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u t\u01b0 theo h\u00ecnh th\u1ee9c ch\u1ee7 \u0111\u1ed9ng, khi h\u1ecd kh\u00f4ng duy tr\u00ec \u0111\u01b0\u1ee3c quy m\u00f4 c\u0169ng nh\u01b0 thi\u1ebfu \u0111\u1ed9ng l\u1ef1c \u0111\u1ec3 tr\u1ee5 l\u1ea1i v\u1edbi th\u1ecb tr\u01b0\u1eddng.<\/p>\n

S\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 cu\u1ed9c chi\u1ebfn v\u1ec1 ph\u00ed, chi ph\u00ed t\u0103ng c\u00f9ng v\u1edbi t\u1ed1c \u0111\u1ed9 gia t\u0103ng t\u00e0i s\u1ea3n \u0111ang t\u1ea1o ra m\u1ed9t s\u1ee9c \u00e9p “ch\u01b0a t\u1eebng c\u00f3 ti\u1ec1n l\u1ec7” \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9, theo Ben Phillips, qu\u1ea3n l\u00fd ki\u00eam tr\u01b0\u1edfng b\u1ed9 ph\u1eadn ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 t\u1ea1i c\u00f4ng ty t\u01b0 v\u1ea5n Casey Quirk, m\u1ed9t \u0111\u01a1n v\u1ecb th\u00e0nh vi\u00ean c\u1ee7a Deloitte Consulting LLP.<\/p>\n

“\u0110i\u1ec1u \u0111\u00f3 t\u1ea1o ra ‘m\u1ed9t ly cocktail \u0111\u1eafng ng\u1eaft’ cho ng\u00e0nh c\u00f4ng nghi\u1ec7p ch\u01b0a t\u1eebng bao gi\u1edd b\u1eadn t\u00e2m v\u1ec1 chi ph\u00ed c\u1ed1 \u0111\u1ecbnh, m\u1ee9c ph\u00ed c\u0169ng nh\u01b0 kh\u1ea3 n\u0103ng thanh kho\u1ea3n”, Phillips cho bi\u1ebft.<\/p>\n

“T\u1ea5t c\u1ea3 m\u1ecdi ng\u01b0\u1eddi \u0111\u1ec1u c\u1ea3m th\u1ea5y b\u1ea5t ng\u1edd. Kh\u00f4ng ai c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n tr\u01b0\u1edbc \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0111\u00f3. T\u01b0\u1edfng ch\u1eebng nh\u01b0 r\u1ea5t \u0111\u01a1n gi\u1ea3n nh\u01b0ng kh\u00f4ng ai c\u00f3 th\u1ec3 l\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u01b0\u1ee3c”.<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3n \u1ee9ng b\u1eb1ng c\u00e1ch \u0111\u1ed5 x\u00f4 v\u00e0o c\u00e1c h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 b\u1ecb \u0111\u1ed9ng trong m\u1ed9t v\u00e0i n\u0103m tr\u1edf l\u1ea1i \u0111\u00e2y. C\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1 (index funds) \u0111\u01b0\u1ee3c cho r\u1eb1ng s\u1ebd “d\u1eabn tr\u01b0\u1edbc” c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng t\u1ea1i M\u1ef9 v\u00e0o n\u0103m 2021, theo m\u1ed9t t\u00ednh to\u00e1n c\u1ee7a Moodys c\u00f4ng b\u1ed1 h\u1ed3i th\u00e1ng 3 v\u1eeba qua.<\/p>\n

Quan \u0111i\u1ec3m cho r\u1eb1ng h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng c\u00f3 th\u1ec3 b\u1ecb \u0111\u00e1nh gi\u00e1 cao qu\u00e1 m\u1ee9c kh\u00f4ng h\u1ec1 m\u1edbi. Burton Malkiel, nh\u00e0 kinh t\u1ebf h\u1ecdc thu\u1ed9c \u0110\u1ea1i h\u1ecdc Princetion, t\u00e1c gi\u1ea3 c\u1ee7a cu\u1ed1n s\u00e1ch g\u1ed1i \u0111\u1ea7u kinh \u0111i\u1ec3n v\u1ec1 ng\u00e0nh qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 “A Random Walk Down Wall Street”, t\u1eebng so s\u00e1nh s\u1ef1 cam \u0111\u1ea3m c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1ed1ng nh\u01b0 m\u1ed9t ch\u00fa kh\u1ec9 b\u1ecbt m\u1eaft n\u00e9m phi ti\u00eau khi l\u1ef1a ch\u1ecdn c\u00e1c m\u00e3 c\u1ed5 phi\u1ebfu.<\/p>\n

Jack Bogle, nh\u00e0 s\u00e1ng l\u1eadp c\u1ee7a Vanguard Group, ng\u01b0\u1eddi \u0111\u00e3 t\u1ea1o d\u1ef1ng n\u00ean s\u1ef1 ph\u1ed5 bi\u1ebfn cho c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1, l\u1ea1i t\u1ecf ra ki\u00ean \u0111\u1ecbnh r\u1eb1ng ph\u1ea7n l\u1edbn c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng kh\u00f4ng x\u1ee9ng \u0111\u00e1ng v\u1edbi m\u1ee9c ph\u00ed m\u00e0 h\u1ecd l\u1ea5y t\u1eeb t\u00fai kh\u00e1ch h\u00e0ng.<\/p>\n

Tuy nhi\u00ean quan \u0111i\u1ec3m tr\u00ean ch\u1ec9 th\u1ef1c s\u1ef1 thu h\u00fat \u0111\u01b0\u1ee3c s\u1ef1 ch\u00fa \u00fd c\u1ee7a d\u01b0 lu\u1eadn sau khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ea5p ph\u1ea3i thi\u1ec7t h\u1ea1i l\u1edbn \u0111\u1ed1i v\u1edbi danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u v\u00e0o n\u0103m 2008. Ngay c\u1ea3 khi th\u1ecb tr\u01b0\u1eddng h\u1ed3i ph\u1ee5c tr\u1edf l\u1ea1i sau khi ch\u1ea1m \u0111\u00e1y v\u00e0o \u0111\u1ea7u n\u0103m 2009, nhi\u1ec1u nh\u00e0 qu\u1ea3n l\u00fd \u0111\u00e3 kh\u00f4ng th\u1ec3 tr\u1ee5 l\u1ea1i.<\/p>\n

Miller \u0111\u1ebfn t\u1eeb Legg Mason Inc, ng\u01b0\u1eddi \u0111\u00e3 ki\u1ebfm b\u1ed9n ti\u1ec1n th\u00f4ng qua nh\u1eefng di\u1ec5n bi\u1ebfn c\u1ee7a ch\u1ec9 s\u1ed1 S&P 500 trong v\u00f2ng 14 n\u0103m li\u00ean ti\u1ebfp t\u00ednh t\u1eeb n\u0103m 1991, \u0111\u00e3 g\u1eb7p v\u00f4 v\u00e0n kh\u00f3 kh\u0103n v\u00e0 kh\u00f4ng th\u1ec3 ki\u1ebfm l\u1eddi th\u00f4ng qua ch\u1ec9 s\u1ed1 Legg Mason Value Trust trong 4 tr\u00ean 5 n\u0103m t\u00ednh t\u1eeb n\u0103m 2005. \u00d4ng kh\u00f4ng bao gi\u1edd c\u00f3 th\u1ec3 quay tr\u1edf l\u1ea1i th\u1eddi k\u1ef3 \u0111\u1ec9nh cao tr\u01b0\u1edbc \u0111\u00f3 n\u1eefa. Gross \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh ngh\u1ec9 h\u01b0u v\u00e0o n\u0103m nay sau khi kh\u00f4ng th\u1ec3 t\u00ecm l\u1ea1i \u0111\u01b0\u1ee3c \u00e1nh h\u00e0o quang c\u1ee7a s\u1ef1 nghi\u1ec7p ki\u1ec7t xu\u1ea5t k\u00e9o d\u00e0i 4 th\u1eadp k\u1ef7, qu\u00e3ng th\u1eddi gian \u0111em l\u1ea1i cho \u00f4ng bi\u1ec7t danh “\u00f4ng vua tr\u00e1i phi\u1ebfu”.<\/p>\n

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M\u1ef9 l\u00e0 khu v\u1ef1c c\u00f3 t\u1ef7 l\u1ec7 ti\u1ec1n trong c\u00e1c qu\u1ef9 th\u1ee5 \u0111\u1ed9ng cao nh\u1ea5t n\u0103m 2018.<\/p>\n<\/div>\n<\/div>

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Tr\u00f2 ch\u01a1i quy m\u00f4<\/h3>\n

Trong di\u1ec5n bi\u1ebfn m\u1edbi n\u00e0y, b\u00ean h\u01b0\u1edfng l\u1ee3i l\u00e0 c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n t\u1ea7m c\u1ee1 tr\u00ean th\u1ebf gi\u1edbi. Nh\u1eefng \u0111\u01a1n v\u1ecb ng\u00e0y c\u00e0ng c\u00f3 t\u1ea7m \u1ea3nh h\u01b0\u1edfng l\u1edbn v\u00e0 thu h\u00fat \u0111\u01b0\u1ee3c l\u01b0\u1ee3ng v\u1ed1n l\u1edbn h\u01a1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. H\u1ecd t\u1eadn d\u1ee5ng l\u1ee3i th\u1ebf theo quy m\u00f4 \u0111\u1ec3 gi\u1ea3m c\u00e1c lo\u1ea1i chi ph\u00ed v\u00e0 \u0111\u01b0a ra m\u1ee9c ph\u00ed h\u1ea5p d\u1eabn h\u01a1n. M\u1ed9t \u0111i\u1ec1u h\u1ebft s\u1ee9c quan tr\u1ecdng l\u00e0 h\u1ecd v\u1eeba c\u00f3 th\u1ec3 cung c\u1ea5p c\u00e1c d\u1ecbch v\u1ee5 qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 th\u1ee5 \u0111\u1ed9ng, \u0111\u1ed3ng th\u1eddi h\u1ecd c\u0169ng \u0111\u00f3ng vai tr\u00f2 l\u00e0 m\u1ed9t qu\u1ef9 qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a r\u1eb1ng nh\u1eefng c\u00f4ng ty l\u1edbn nh\u1ea5t trong ng\u00e0nh l\u1ea1i c\u00e0ng l\u1edbn m\u1ea1nh h\u01a1n. Ch\u1ec9 ri\u00eang hai c\u00f4ng ty l\u1edbn nh\u1ea5t t\u1ea1i M\u1ef9 l\u00e0 BlackRock v\u00e0 Vanguard \u0111ang qu\u1ea3n l\u00fd kh\u1ed1i t\u00e0i s\u1ea3n l\u00ean \u0111\u1ebfn 12.000 t\u1ef7 USD t\u00ednh \u0111\u1ebfn n\u0103m 2019, t\u0103ng 4.000 t\u1ef7 USD so v\u1edbi 5 n\u0103m tr\u01b0\u1edbc.<\/p>\n

Fidelity Investments t\u1eebng l\u00e0 qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi. Nh\u01b0ng qu\u1ef9 Fidelity Magellan, v\u1edbi s\u1ef1 ch\u00e8o l\u00e1i c\u1ee7a \u00f4ng ho\u00e0ng c\u1ed5 phi\u1ebfu Lynch, t\u1eeb s\u1ed1 v\u1ed1n \u00edt \u1ecfi v\u00e0o kho\u1ea3ng 20 tri\u1ec7u USD tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng ty t\u1ef7 USD, gi\u1edd \u0111\u00e2y th\u1eadm ch\u00ed c\u00f2n kh\u00f4ng n\u1eb1m trong danh s\u00e1ch top 25 qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi, theo Morningstar. Qua th\u1eddi gian, ch\u1ec9 c\u00f2n 3 trong s\u1ed1 10 qu\u1ef9 \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t to\u00e0n c\u1ea7u ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1edbi h\u00ecnh th\u1ee9c qu\u1ef9 \u0111\u1ea7u t\u01b0 theo h\u00ecnh th\u1ee9c ch\u1ee7 \u0111\u1ed9ng.<\/p>\n

Nh\u1eefng c\u00f4ng ty nh\u1ecf h\u01a1n nh\u01b0 Legg Mason v\u00e0 Franklin Resources c\u0169ng \u0111\u1ec1 cao ti\u1ebft ki\u1ec7m chi ph\u00ed v\u00e0 c\u1eaft gi\u1ea3m nh\u00e2n vi\u00ean. C\u00e1c c\u00f4ng ty kh\u00e1c c\u0169ng \u0111ang ti\u1ebfn h\u00e0nh h\u1ee3p nh\u1ea5t v\u1edbi nh\u1eefng k\u1ebft qu\u1ea3 tr\u00e1i chi\u1ec1u. Janus Henderson Group Plc v\u00e0 Standard Life Aberdeen Plc \u0111ang theo \u0111u\u1ed5i nh\u1eefng phi v\u1ee5 mua b\u00e1n s\u00e1p nh\u1eadp \u0111\u1ec3 gia t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng t\u00e0i s\u1ea3n. Tuy nhi\u00ean, c\u1ea3 hai c\u00f4ng ty n\u00e0y v\u1eabn ch\u01b0a th\u1ec3 k\u00ecm h\u00e3m d\u00f2ng ti\u1ec1n ch\u1ea3y ra ngay c\u1ea3 khi nh\u1eefng th\u01b0\u01a1ng v\u1ee5 \u0111\u00f3 th\u00e0nh c\u00f4ng.<\/p>\n

T\u1ea1i ch\u00e2u \u00c2u, Amundi SA l\u00e0 c\u00f4ng ty duy nh\u1ea5t s\u1edf h\u1eefu kh\u1ed1i t\u00e0i s\u1ea3n v\u01b0\u1ee3t qua m\u1ed1c 1.000 t\u1ef7 USD. Tuy nhi\u00ean con s\u1ed1 n\u00e0y v\u1eabn ch\u01b0a th\u1ea5m v\u00e0o \u0111\u00e2u so v\u1edbi kh\u1ed1i t\u00e0i s\u1ea3n 6.800 t\u1ef7 USD n\u1eb1m d\u01b0\u1edbi s\u1ef1 qu\u1ea3n l\u00fd c\u1ee7a BlackRock, t\u00ednh \u0111\u1ebfn th\u00e1ng 6 n\u0103m nay.<\/p>\n

L\u0129nh v\u1ef1c qu\u1ea3n l\u00fd qu\u1ef9 t\u1ea1i ch\u00e2u \u00c2u v\u1ed1n t\u1eeb l\u00e2u \u0111\u00e3 b\u1ecb chia c\u1eaft, m\u1ed9t ph\u1ea7n l\u00e0 b\u1edfi v\u00ec ng\u00e0nh n\u00e0y b\u1ecb \u00e1p \u0111\u1ea3o b\u1edfi c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn v\u00e0 s\u1ef1 li\u00ean k\u1ebft kh\u00f4ng l\u00e0 m\u1ed9t \u0111i\u1ec3m m\u1ea1nh v\u00ec c\u00e1c c\u00f4ng ty t\u00e0i ch\u00ednh \u00edt t\u1eadp trung v\u00e0o vi\u1ec7c x\u00e2y d\u1ef1ng c\u00e1c \u0111\u01a1n v\u1ecb qu\u1ef9, thay v\u00e0o \u0111\u00f3 h\u1ecd ch\u00fa tr\u1ecdng vi\u1ec7c ph\u00f2ng tr\u00e1nh c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng.<\/p>\n

“Li\u1ec7u ch\u00fang ta c\u00f3 th\u1ef1c s\u1ef1 c\u1ea7n s\u1ef1 hi\u1ec7n di\u1ec7n c\u1ee7a c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u t\u01b0 theo h\u00ecnh th\u1ee9c ch\u1ee7 \u0111\u1ed9ng?”, theo Kathrin Hamilton, \u0111\u1ed1i t\u00e1c c\u1ee7a Baillie Gifford, m\u1ed9t qu\u1ef9 qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 c\u00f3 tr\u1ee5 s\u1edf t\u1ea1i Edinburgh.<\/p>\n

“R\u1ea5t nhi\u1ec1u c\u00f4ng ty ch\u1ec9 ch\u0103m ch\u0103m t\u00ecm c\u00e1ch l\u00e0m gia t\u0103ng kh\u1ed1i t\u00e0i s\u1ea3n c\u1ee7a h\u1ecd h\u01a1n l\u00e0 vi\u1ec7c mang v\u1ec1 l\u1ee3i nhu\u1eadn cho kh\u00e1ch h\u00e0ng. N\u1ebfu qu\u1ea3 th\u1ef1c c\u00f3 m\u1ed9t bi\u1ebfn c\u1ed1 x\u1ea3y ra \u0111\u1ed1i v\u1edbi h\u1ecd, h\u00e3y ngh\u0129 \u0111\u00f3 l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u t\u1ed1t”.<\/p>\n

\u00c1p l\u1ef1c chi ph\u00ed<\/h3>\n

Khi cu\u1ed9c \u0111ua v\u1ec1 kh\u1ed1i l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u0111ang d\u1ea7n tr\u1edf n\u00ean gay c\u1ea5n, c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 l\u1ea1i b\u1ecb v\u01b0\u1edbng v\u00e0o cu\u1ed9c chi\u1ebfn v\u1ec1 ph\u00ed khi m\u1ee9c ph\u00ed th\u1eadm ch\u00ed b\u1ecb \u0111\u1ea9y v\u1ec1 g\u1ea7n 0 n\u1ebfu nh\u01b0 kh\u00e1ch h\u00e0ng c\u00f3 nhu c\u1ea7u ti\u1ebfp c\u1eadn v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1. Trong m\u1ed9t di\u1ec5n bi\u1ebfn thu h\u00fat \u0111\u01b0\u1ee3c nhi\u1ec1u s\u1ef1 ch\u00fa \u00fd v\u00e0o n\u0103m ngo\u00e1i, Fidelity \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh c\u00f4ng khai 4 ch\u1ec9 s\u1ed1 qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 m\u00e0 kh\u00f4ng thu ph\u00ed th\u01b0\u1eddng ni\u00ean c\u1ee7a kh\u00e1ch h\u00e0ng.<\/p>\n

Nh\u1eefng \u00e1p l\u1ef1c \u0111\u00f3 \u0111\u1ebfn t\u1eeb m\u1ed9t v\u00e0i c\u00f4ng ty nh\u01b0 Vanguard khi h\u1ecd tung ra nh\u1eefng s\u1ea3n ph\u1ea9m m\u1edbi v\u1edbi m\u1ee9c gi\u00e1 c\u00f3 th\u1ec3 n\u00f3i l\u00e0 r\u1ebb nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng. C\u00e1c \u0111\u1ed1i th\u1ee7 nh\u01b0 BlackRock, nh\u00e0 qu\u1ea3n l\u00fd c\u00e1c qu\u1ef9 ho\u00e1n \u0111\u1ed5i danh m\u1ee5c (ETF) l\u1edbn nh\u1ea5t tr\u00ean th\u1ebf gi\u1edbi v\u1edbi h\u01a1n 2.000 t\u1ef7 USD ti\u1ec1n v\u1ed1n \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c s\u1ea3n ph\u1ea9m iShare c\u1ee7a c\u00f4ng ty, c\u00f3 \u0111\u1ee7 \u01b0u th\u1ebf quy m\u00f4 \u0111\u1ec3 tung ra c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 gi\u00e1 r\u1ebb h\u01a1n 1 USD cho m\u1ed7i kho\u1ea3n ti\u1ec1n \u0111\u1ea7u t\u01b0 tr\u1ecb gi\u00e1 1.000 USD.<\/p>\n

“T\u1ea5t c\u1ea3 ph\u00e2n kh\u00fac t\u00e0i ch\u00ednh n\u00e0y \u0111ang b\u1ecb th\u00e1ch th\u1ee9c b\u1edfi nh\u1eefng \u00e1p l\u1ef1c l\u1ee3i nhu\u1eadn v\u00e0 xu th\u1ebf n\u00e0y v\u1eabn \u0111ang ti\u1ebfp di\u1ec5n v\u00ec t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn \u0111ang \u1edf m\u1ee9c r\u1ea5t th\u1ea5p”, theo Yves Perrier, CEO c\u1ee7a Amundi. “L\u0129nh v\u1ef1c n\u00e0y \u0111ang b\u1ecb \u0111e d\u1ecda b\u1edfi s\u1ef1 l\u1edbn m\u1ea1nh c\u1ee7a h\u00ecnh th\u1ee9c qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 th\u1ee5 \u0111\u1ed9ng”.<\/p>\n

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\"T\u00ecnh<\/div>\n
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BlackRock v\u00e0 Vanguard \u0111ang qu\u1ea3n l\u00fd kh\u1ed1i t\u00e0i s\u1ea3n l\u00ean \u0111\u1ebfn 12.000 t\u1ef7 USD t\u00ednh \u0111\u1ebfn n\u0103m 2019. \u1ea2nh: FT.<\/p>\n<\/div>\n<\/div>

<\/figcaption><\/figure>\n

M\u1ee9c ph\u00ed c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 m\u1edf c\u0169ng nh\u01b0 c\u00e1c qu\u1ef9 ETF t\u1ea1i M\u1ef9 \u0111\u00e3 ch\u1ee9ng ki\u1ebfn m\u1ee9c gi\u1ea3m 6% trong n\u0103m 2018 so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc \u0111\u00f3, theo d\u1eef li\u1ec7u t\u1eeb Morningstar. \u0110i\u1ec1u \u0111\u00f3 \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebft ki\u1ec7m \u0111\u01b0\u1ee3c 5,5 t\u1ef7 USD ch\u1ec9 trong n\u0103m 2018. \u0110\u00f3 c\u0169ng l\u00e0 n\u0103m ch\u1ee9ng ki\u1ebfn m\u1ee9c s\u1ee5t gi\u1ea3m cao th\u1ee9 2 trong l\u1ecbch s\u1eed k\u1ec3 t\u1eeb khi Morningstar b\u1eaft \u0111\u1ea7u thu th\u1eadp d\u1eef li\u1ec7u v\u00e0o n\u0103m 2000.<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang ph\u1ea3i chi tr\u1ea3 m\u1ee9c ph\u00ed th\u1ea5p h\u01a1n kho\u1ea3ng m\u1ed9t n\u1eeda so v\u1edbi g\u1ea7n hai th\u1eadp k\u1ef7 tr\u01b0\u1edbc, v\u00e0 th\u1ea5p h\u01a1n 25% so v\u1edbi th\u1eddi k\u1ef3 c\u00e1ch \u0111\u00e2y 5 n\u0103m.<\/p>\n

Ngay c\u1ea3 nh\u1eefng qu\u1ef9 \u0111\u1ea7u t\u01b0 theo h\u00ecnh th\u1ee9c ch\u1ee7 \u0111\u1ed9ng \u0111ang l\u00e0m \u0103n c\u00f3 l\u00e3i c\u0169ng kh\u00f4ng tr\u00e1nh kh\u1ecfi nh\u1eefng kh\u00f3 kh\u0103n trong th\u1eddi k\u1ef3 hi\u1ec7n t\u1ea1i. Fidelity Contrafund l\u00e0 m\u1ed9t v\u00ed d\u1ee5. D\u00f9 l\u00e0 m\u1ed9t trong nh\u1eefng qu\u1ef9 l\u1edbn v\u1edbi kh\u1ed1i t\u00e0i s\u1ea3n l\u00ean \u0111\u1ebfn h\u01a1n 120 t\u1ef7 USD v\u00e0 li\u00ean t\u1ee5c l\u00e0m \u0103n c\u00f3 l\u00e3i nh\u1edd v\u00e0o ch\u1ec9 s\u1ed1 ch\u00ednh c\u1ee7a qu\u1ef9 (S&P 500) su\u1ed1t 9 trong 10 n\u0103m qua. Qu\u1ef9 n\u00e0y c\u0169ng ph\u1ea3i ch\u1ee9ng ki\u1ebfn d\u00f2ng ti\u1ec1n l\u00ean \u0111\u1ebfn 90 t\u1ef7 USD ch\u1ea3y sang c\u00e1c h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 kh\u00e1c t\u1eeb n\u0103m 2009. Tuy nhi\u00ean, qu\u1ef9 ch\u1ec9 s\u1ed1 S&P 500 c\u1ee7a Fidelity l\u1ea1i thu v\u1ec1 d\u00f2ng v\u1ed1n \u0111\u1ea7u t\u01b0 l\u00ean \u0111\u1ebfn 120 t\u1ef7 USD trong c\u00f9ng giai \u0111o\u1ea1n \u0111\u00f3. \u0110i\u1ec3m kh\u00e1c bi\u1ec7t m\u1ea5u ch\u1ed1t \u1edf \u0111\u00e2y l\u00e0 chi ph\u00ed c\u1ee7a Contrafund \u0111\u1eaft g\u1ea5p 10 l\u1ea7n so v\u1edbi “ng\u01b0\u1eddi anh em” th\u1ef1c hi\u1ec7n h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 th\u1ee5 \u0111\u1ed9ng.<\/p>\n

Kh\u00f4ng ch\u1ec9 nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 b\u0103n kho\u0103n v\u1ec1 vi\u1ec7c li\u1ec7u nh\u1eefng nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 c\u00f3 x\u1ee9ng \u0111\u00e1ng v\u1edbi m\u1ee9c chi ph\u00ed h\u1ecd thu v\u1ec1. C\u01a1 quan qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh Anh cho bi\u1ebft h\u1ecd s\u1ebd gi\u00e1m s\u00e1t c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng l\u00e0m \u0103n y\u1ebfu k\u00e9m nh\u1eb1m ki\u1ec3m ch\u1ee9ng xem h\u1ecd c\u00f3 chia s\u1ebb l\u1ee3i nhu\u1eadn v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng?<\/p>\n

Khi s\u1ef1 ch\u00fa \u00fd ng\u00e0y c\u00e0ng l\u1edbn, m\u1ed9t s\u1ed1 nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111ang n\u1ed7 l\u1ef1c nh\u1eb1m h\u1ee3p th\u1ee9c h\u00f3a c\u00e1c kho\u1ea3n ph\u00ed c\u1ee7a h\u1ecd b\u1eb1ng c\u00e1ch li\u1ec7t ch\u00fang v\u00e0o chi ph\u00ed cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 m\u1ea1o hi\u1ec3m, g\u1eafn li\u1ec1n v\u1edbi l\u1eddi h\u1ee9a mang l\u1ea1i t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn cao.<\/p>\n

Neil Woodford, m\u1ed9t nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 n\u1ed5i ti\u1ebfng c\u1ee7a Anh, ng\u01b0\u1eddi \u0111\u00e3 gi\u00fap t\u1ea7ng l\u1edbp trung l\u01b0u t\u1ea1i Anh ph\u1ea5t l\u00ean nhanh ch\u00f3ng, \u0111\u00e3 bu\u1ed9c kh\u00f4ng \u0111\u01b0\u1ee3c r\u1eddi kh\u1ecfi qu\u1ef9 \u00f4ng \u0111ang qu\u1ea3n l\u00fd khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 r\u00fat v\u1ed1n v\u1edbi t\u1ed1c \u0111\u1ed9 nhanh h\u01a1n s\u1ed1 ti\u1ec1n \u00f4ng thu v\u1ec1 t\u1eeb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0.<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng \u0111\u00e3 th\u00e1o ch\u1ea1y kh\u1ecfi qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u1ee7a Natixis SA sau khi Morningstar \u0111\u1eb7t ra nh\u1eefng nghi v\u1ea5n li\u00ean quan \u0111\u1ebfn “kh\u1ea3 n\u0103ng thanh kho\u1ea3n v\u00e0 t\u00ednh h\u1ee3p ph\u00e1p” c\u1ee7a m\u1ed9t s\u1ed1 kho\u1ea3n \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu. Nh\u1eefng r\u1ee7i ro tr\u00ean \u0111\u00e3 khi\u1ebfn cho ni\u1ec1m tin c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 g\u1eedi g\u1eafm \u1edf c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng gi\u1ea3m s\u00fat nghi\u00eam tr\u1ecdng.<\/p>\n

H\u1ec7 qu\u1ea3 kh\u00f4ng mong mu\u1ed1n<\/h3>\n

Nhi\u1ec1u c\u00f4ng ty \u0111\u1ea7u t\u01b0 \u0111\u00e3 chuy\u1ec3n sang s\u1eed d\u1ee5ng m\u00e1y m\u00f3c v\u00e0 sa th\u1ea3i h\u00e0ng tr\u0103m nh\u00e2n vi\u00ean trong n\u0103m nay, nh\u1eb1m m\u1ee5c ti\u00eau c\u1eaft gi\u1ea3m chi ph\u00ed. Legg Mason \u0111\u00e3 sa th\u1ea3i 120 nh\u00e2n vi\u00ean, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 12% t\u1ed5ng s\u1ed1 nh\u00e2n vi\u00ean c\u1ee7a c\u00f4ng ty. Trong th\u00e1ng 1, BlackRock cho bi\u1ebft c\u00f4ng ty \u0111\u00e3 c\u1eaft gi\u1ea3m 500 nh\u00e2n s\u1ef1, v\u00e0 \u0111\u00e2y ch\u00ednh l\u00e0 l\u1ea7n c\u1eaft gi\u1ea3m l\u1edbn nh\u1ea5t c\u1ee7a c\u00f4ng ty t\u00ednh t\u1eeb n\u0103m 2016. C\u0169ng trong th\u00e1ng \u0111\u00f3, State Street cho bi\u1ebft c\u00f4ng ty c\u0169ng \u0111\u00e3 l\u00ean k\u1ebf ho\u1ea1ch c\u1eaft gi\u1ea3m 1.500 nh\u00e2n vi\u00ean.<\/p>\n

Nh\u1eefng l\u00e3nh \u0111\u1ea1o c\u1ea5p cao c\u0169ng kh\u00f4ng n\u1eb1m ngo\u00e0i v\u00f2ng xo\u00e1y n\u00e0y. Vi\u1ec7c thay \u0111\u1ed5i v\u1ecb tr\u00ed l\u00e3nh \u0111\u1ea1o c\u00f3 xu h\u01b0\u01a1ng ng\u00e0y m\u1ed9t nhi\u1ec1u t\u1ea1i ch\u00e2u \u00c2u. Ch\u1ec9 t\u00ednh trong n\u0103m nay, h\u01a1n 10 CEO m\u1edbi \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ec9 \u0111\u1ecbnh t\u1ea1i c\u00e1c c\u00f4ng ty \u0111\u1ea7u t\u01b0. H\u01a1n 1\/2 s\u1ed1 l\u01b0\u1ee3ng c\u00e1c CEO thu\u1ed9c c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 l\u1edbn tr\u00ean th\u1ebf gi\u1edbi hi\u1ec7n t\u1ea1i l\u00e0 nh\u1eefng ng\u01b0\u1eddi m\u1edbi ch\u1ec9 \u0111\u1ea3m nhi\u1ec7m vai tr\u00f2 ch\u00e8o l\u00e1i c\u00f4ng ty t\u1eeb sau n\u0103m 2014 tr\u1edf \u0111i, theo m\u1ed9t b\u00e1o c\u00e1o c\u1ee7a Casey Quirk.<\/p>\n

“T\u1ef7 l\u1ec7 thay \u0111\u1ed5i c\u00e1c CEO c\u0169ng nh\u01b0 nh\u1eefng v\u1ecb tr\u00ed l\u00e3nh \u0111\u1ea1o kh\u00e1c t\u1ea1i c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u01b0a bao gi\u1edd cao nh\u01b0 th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i”, theo Darling, The Buy-Side Club. “L\u00fd do ch\u00ednh l\u00e0 v\u00ec kh\u00f4ng ph\u1ea3i c\u00f4ng ty n\u00e0o c\u0169ng s\u1edf h\u1eefu nh\u1eefng nh\u00e2n v\u1eadt c\u00f3 kh\u1ea3 n\u0103ng l\u00e3nh \u0111\u1ea1o c\u1ea7n thi\u1ebft trong b\u1ed1i c\u1ea3nh m\u1ecdi th\u1ee9 bi\u1ebfn \u0111\u1ed5i m\u1ed9t c\u00e1ch nhanh ch\u00f3ng”.<\/p>\n

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\"T\u00ecnh<\/div>\n
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Tim Buckley \u0111\u01b0\u1ee3c ch\u1ecdn l\u00e0m CEO c\u1ee7a Vanguard trong qu\u00fd I\/2018. \u1ea2nh: CNBC.<\/p>\n<\/div>\n<\/div>

<\/figcaption><\/figure>\n

S\u00e1p nh\u1eadp th\u1ea5t b\u1ea1i<\/h3>\n

BlackRock \u0111\u00e3 kh\u1edfi ngu\u1ed3n cho phong tr\u00e0o mua b\u00e1n, s\u00e1p nh\u1eadp trong n\u0103m 2009 khi mua l\u1ea1i c\u00f4ng ty \u0111\u1ea7u t\u01b0 Barclays Global, bi\u1ebfn c\u00f4ng ty n\u00e0y tr\u1edf th\u00e0nh qu\u1ef9 \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t to\u00e0n c\u1ea7u. Vi\u1ec7c h\u1ee3p nh\u1ea5t gi\u1eefa c\u00e1c \u0111\u01a1n v\u1ecb cho k\u1ebft qu\u1ea3 kh\u00f4ng \u0111\u1ed3ng nh\u1ea5t gi\u1eefa c\u00e1c th\u01b0\u01a1ng v\u1ee5.<\/p>\n

Th\u1eddi k\u1ef3 cao \u0111i\u1ec3m nh\u1ea5t c\u1ee7a xu h\u01b0\u1edbng mua b\u00e1n s\u00e1p nh\u1eadp c\u00e1c c\u00f4ng ty l\u00e0 v\u00e0o n\u0103m 2018, v\u1edbi 253 giao d\u1ecbch \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb t\u0103ng 29% so v\u1edbi v\u1edbi n\u0103m 2017 l\u00ean m\u1ee9c 27,1 t\u1ef7 USD, theo m\u1ed9t cu\u1ed9c kh\u1ea3o s\u00e1t th\u1ef1c hi\u1ec7n b\u1edfi Sandler O\u2019Neil & Partner LLP.<\/p>\n

Hai th\u01b0\u01a1ng v\u1ee5 \u0111\u00ecnh \u0111\u00e1m g\u1ea7n \u0111\u00e2y nh\u1ea5t d\u01b0\u1eddng nh\u01b0 kh\u00f4ng th\u1ec3 ng\u0103n c\u1ea3n \u0111\u01b0\u1ee3c \u0111\u00e0 tho\u00e1i v\u1ed1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, qua \u0111\u00f3 cho th\u1ea5y nh\u1eefng r\u1ee7i ro ngay c\u1ea3 khi c\u00e1c c\u00f4ng ty b\u1eaft tay li\u00ean k\u1ebft v\u1edbi nhau.<\/p>\n

C\u00e1c kh\u00e1ch h\u00e0ng c\u1ee7a Janus Henderson \u0111\u00e3 tho\u00e1i s\u1ed1 v\u1ed1n l\u00ean \u0111\u1ebfn 38,5 t\u1ef7 USD k\u1ec3 t\u1eeb n\u0103m 2017. C\u00f4ng ty n\u00e0y ch\u1ee9ng ki\u1ebfn \u0111\u1ee3t tho\u00e1i v\u1ed1n t\u1ed3i t\u1ec7 nh\u1ea5t trong qu\u00fd II. Li\u00ean minh Aberdeen Asset Management v\u00e0 Standard Life, v\u1edbi m\u1ee5c ti\u00eau t\u1ea1o ra s\u1ee9c c\u1ea1nh tranh l\u1edbn tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ec1 m\u1ee9c ph\u00ed th\u1ea5p v\u1edbi c\u00e1c qu\u1ef9 qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 theo h\u00ecnh th\u1ee9c th\u1ee5 \u0111\u1ed9ng, kh\u00f4ng th\u1ec3 gi\u1eef ch\u00e2n \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, c\u0169ng nh\u01b0 ti\u1ec1n c\u1ee7a h\u1ecd.<\/p>\n

“N\u0103m 2018 l\u00e0 m\u1ed9t trong nh\u1eefng n\u0103m kh\u00f3 kh\u0103n nh\u1ea5t cho m\u00f4i tr\u01b0\u1eddng kinh doanh qu\u1ef9 qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 k\u1ec3 t\u1eeb n\u0103m 1901”, Keith Skeoch, CEO c\u1ee7a Standard Life Aberdeen ph\u00e1t bi\u1ec3u trong cu\u1ed9c h\u1ecdp t\u1ed5ng k\u1ebft th\u01b0\u1eddng ni\u00ean c\u1ee7a c\u00f4ng ty \u0111\u01b0\u1ee3c t\u1ed5 ch\u1ee9c v\u00e0o th\u00e1ng 5. “Ch\u00fang t\u00f4i g\u1eb7p v\u00f4 v\u00e0n \u00e1p l\u1ef1c v\u00e0 \u0111ang ph\u1ea3i \u0111\u01b0\u01a1ng \u0111\u1ea7u v\u1edbi v\u00f4 s\u1ed1 nh\u1eefng t\u00ecnh hu\u1ed1ng b\u1ea5t \u0111\u1ecbnh”.<\/p>\n

“Ch\u00fang t\u00f4i \u00fd th\u1ee9c \u0111\u01b0\u1ee3c t\u00ecnh h\u00ecnh s\u1ebd ng\u00e0y c\u00e0ng tr\u1edf n\u00ean kh\u00f3 kh\u0103n v\u00e0 c\u00f3 th\u1ec3 k\u00e9o d\u00e0i h\u00e0ng n\u0103m tr\u1eddi”, Skeoch tr\u1ea3 l\u1eddi trong m\u00f4t cu\u1ed9c ph\u1ecfng v\u1ea5n qua \u0111i\u1ec7n tho\u1ea1i trong th\u00e1ng 6.<\/p>\n

Tuy nhi\u00ean, t\u00ecnh tr\u1ea1ng n\u00e0y d\u01b0\u1eddng nh\u01b0 ch\u01b0a c\u00f3 nhi\u1ec1u \u1ea3nh h\u01b0\u1edfng l\u00ean xu h\u01b0\u1edbng mua b\u00e1n, s\u00e1p nh\u1eadp c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0.<\/p>\n

T\u1ea1i ch\u00e2u \u00c2u, DWS Group thu\u1ed9c ng\u00e2n h\u00e0ng Deutsche Bank \u0111\u00e3 c\u00f3 th\u1eddi gian nghi\u00ean c\u1ee9u v\u1ec1 t\u00ecnh h\u00ecnh kh\u00f3 kh\u0103n hi\u1ec7n t\u1ea1i c\u00f9ng v\u1edbi nhi\u1ec1u qu\u1ef9 \u0111\u1ea7u t\u01b0 kh\u00e1c nh\u1eb1m m\u1ee5c ti\u00eau gia t\u0103ng quy m\u00f4 v\u00e0 c\u0169ng \u0111\u00e3 c\u00f3 nh\u1eefng cu\u1ed9c l\u00e0m vi\u1ec7c v\u1edbi qu\u1ef9 \u0111\u1ea7u t\u01b0 thu\u1ed9c quy\u1ec1n s\u1edf h\u1eefu c\u1ee7a t\u1eadp \u0111o\u00e0n UBS Group AG. \u0110\u00e1ng ti\u1ebfc thay, qu\u00e1 tr\u00ecnh \u0111\u00e0m ph\u00e1n th\u1ea5t b\u1ea1i v\u00e0o \u0111\u1ea7u th\u00e1ng 5. DWS c\u0169ng \u0111\u00e3 c\u00f3 nh\u1eefng th\u1ecfa thu\u1eadn s\u01a1 b\u1ed9 v\u1edbi Amundi v\u00e0 Axa SA, theo ngu\u1ed3n th\u1ea1o tin.<\/p>\n

Qu\u1ef9 qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 c\u1ee7a Th\u1ee5y S\u1ef9 GAM Holding c\u0169ng \u0111ang n\u1ed7 l\u1ef1c t\u00ecm c\u00e1ch b\u00e1n m\u00ecnh, m\u1ed9t \u0111\u1ed9ng th\u00e1i cho th\u1ea5y \u0111\u01a1n v\u1ecb n\u00e0y \u0111ang g\u1eb7p kh\u00f3 kh\u0103n v\u00e0 d\u01b0\u1eddng nh\u01b0 kh\u00f4ng th\u1ec3 ng\u0103n ch\u1eb7n \u0111\u00e0 \u0111i xu\u1ed1ng c\u1ee7a c\u00f4ng ty sau nh\u1eefng b\u00ea b\u1ed1i li\u00ean quan \u0111\u1ebfn m\u1ed9t c\u1ef1u m\u00f4i gi\u1edbi ch\u1ee9ng kho\u00e1n.<\/p>\n

T\u1ea1i M\u1ef9, Invesco \u0111\u00e3 \u0111\u1eb7t c\u01b0\u1ee3c 5,7 t\u1ef7 USD v\u00e0o t\u01b0\u01a1ng lai c\u1ee7a ng\u1ea1ch qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 theo h\u00ecnh th\u1ee9c ch\u1ee7 \u0111\u1ed9ng khi ti\u1ebfn h\u00e0nh s\u00e1p nh\u1eadp v\u1edbi c\u00f4ng ty \u0111\u1ea7u t\u01b0 OppernheimerFunds Inc, thu\u1ed9c s\u1edf h\u1eefu c\u1ee7a t\u1eadp \u0111o\u00e0n Massachusetts Mutual Life Insurance Co. OppenheimerFunds v\u1ed1n t\u1eeb l\u00e2u \u0111\u00e3 n\u1ed5i danh v\u1edbi ho\u1ea1t \u0111\u1ed9ng qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng.<\/p>\n

“Cu\u1ed1i c\u00f9ng th\u00ec nh\u1eefng ng\u00e0y th\u00e1ng kh\u00f3 kh\u0103n \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng c\u0169ng \u0111\u00e3 \u0111\u1ebfn. \u0110i\u1ec1u t\u01b0\u01a1ng t\u1ef1 c\u0169ng c\u00f3 th\u1ec3 x\u1ea3y ra \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 truy\u1ec1n th\u1ed1ng, n\u1ebfu nh\u01b0 h\u1ecd kh\u00f4ng c\u00f3 nh\u1eefng thay \u0111\u1ed5i trong chi\u1ebfn l\u01b0\u1ee3c nh\u1eb1m t\u1eadn d\u1ee5ng s\u1ef1 tr\u1ed7i d\u1eady c\u1ee7a nh\u1eefng lo\u1ea1i h\u00ecnh t\u00e0i s\u1ea3n m\u1edbi”, theo Sumeet Mody, tr\u01b0\u1edfng b\u1ed9 ph\u1eadn nghi\u00ean c\u1ee9u ch\u1ee9ng kho\u00e1n thu\u1ed9c t\u1eadp \u0111o\u00e0n Sandler O\u2019Neill.<\/p>\n

“C\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u00f3 k\u1ebft qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng d\u01b0\u1edbi m\u1ee9c k\u1ef3 v\u1ecdng, c\u00f3 th\u1ec3 s\u1ebd bu\u1ed9c ph\u1ea3i \u0111\u00f3ng c\u1eeda ho\u1eb7c t\u00ecm m\u1ed9t \u0111\u01a1n v\u1ecb kh\u00e1c \u0111\u1ec3 s\u00e1p nh\u1eadp v\u00e0o”.<\/p>\n

Phillips \u0111\u1ebfn t\u1eeb Casey Quirk cho bi\u1ebft ph\u1ea7n l\u1edbn c\u00e1c c\u00f4ng ty m\u1ee5c ti\u00eau cho c\u00e1c th\u01b0\u01a1ng v\u1ee5 s\u00e1p nh\u1eadp th\u01b0\u1eddng \u0111\u01b0\u1ee3c chia ra l\u00e0m 2 nh\u00f3m. Nh\u1eefng c\u00f4ng ty chuy\u00ean ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c l\u0129nh v\u1ef1c nh\u01b0 th\u1ecb tr\u01b0\u1eddng t\u01b0 nh\u00e2n, c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng, s\u1edf h\u1eefu ngu\u1ed3n thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh linh ho\u1ea1t th\u01b0\u1eddng kh\u00e1 h\u1ea5p d\u1eabn \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 nhu c\u1ea7u s\u00e1p nh\u1eadp v\u00ec nhu c\u1ea7u v\u1ec1 nh\u1eefng l\u0129nh v\u1ef1c \u0111\u00f3 kh\u00e1 l\u1edbn.<\/p>\n

Nh\u1eefng m\u1ee5c ti\u00eau ti\u1ec1m n\u0103ng kh\u00e1c c\u00f3 th\u1ec3 ch\u1ec9 l\u00e0 \u0111\u01a1n thu\u00e2n t\u1ea1o ra nh\u1eefng c\u01a1 h\u1ed9i t\u0103ng quy m\u00f4 kinh doanh trong khi c\u00f3 th\u1ec3 ti\u1ebft ki\u1ec7m \u0111\u01b0\u1ee3c chi ph\u00ed, \u00f4ng cho bi\u1ebft.<\/p>\n

Khi l\u0129nh v\u1ef1c qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 \u0111ang c\u00f3 nh\u1eefng di\u1ec5n bi\u1ebfn ti\u00eau c\u1ef1c, th\u1eddi ho\u00e0ng kim c\u1ee7a Lynch, Miller v\u00e0 Gross d\u01b0\u1eddng nh\u01b0 \u0111ang tr\u00f4i d\u1ea7n v\u00e0o d\u0129 v\u00e3ng. Trong cu\u1ed9c chi\u1ebfn s\u1ed1ng c\u00f2n \u0111\u1ec3 t\u1ed3n t\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1edbi \u00e1p l\u1ef1c m\u1ee9c ph\u00ed d\u1ecbch v\u1ee5 lu\u00f4n \u0111\u00e8 n\u1eb7ng tr\u00ean vai, nh\u1eefng qu\u1ef9 \u0111\u1ea7u t\u01b0 b\u1eaft bu\u1ed9c ph\u1ea3i h\u1ecdc c\u00e1ch th\u00edch nghi. Nhi\u1ec1u c\u00f4ng ty s\u1ebd b\u1ecb th\u00e2u t\u00f3m b\u1edfi nh\u1eefng \u0111\u1ed1i th\u1ee7 l\u1edbn h\u01a1n. M\u1ed9t s\u1ed1 c\u00e1i t\u00ean s\u1ebd ho\u00e0n to\u00e0n bi\u1ebfn m\u1ea5t v\u00e0 ph\u1ea7n l\u1edbn trong s\u1ed1 h\u1ecd b\u1eaft bu\u1ed9c ph\u1ea3i c\u1eaft gi\u1ea3m chi ph\u00ed c\u0169ng nh\u01b0 thay \u0111\u1ed5i l\u1ea1i nh\u1eefng chi\u1ebfn l\u01b0\u1ee3c kinh doanh nh\u1eb1m n\u00e2ng cao l\u1ee3i nhu\u1eadn trong giai \u0111o\u1ea1n h\u1ebft s\u1ee9c kh\u00f3 kh\u0103n n\u00e0y.<\/p>\n

“C\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 \u0111\u1ec1u \u00fd th\u1ee9c \u0111\u01b0\u1ee3c vi\u1ec7c h\u1ecd c\u1ea7n thay \u0111\u1ed5i”, theo Christian Burgin, c\u1ef1u nh\u00e2n vi\u00ean c\u1ee7a Standard Life Investment, \u0111\u1ed3ng s\u00e1ng l\u1eadp Visible Capital, m\u1ed9t c\u00f4ng ty cung c\u1ea5p d\u1ecbch v\u1ee5 t\u01b0 v\u1ea5n cho c\u00e1c doanh nghi\u1ec7p c\u00f4ng ngh\u1ec7 kh\u1edfi nghi\u1ec7p, c\u00e1c qu\u1ef9 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n.<\/p>\n

“H\u1ecd \u0111ang n\u1ed7 l\u1ef1c, nh\u01b0ng \u0111\u00f3 l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh h\u1ebft s\u1ee9c gian tru\u00e2n”.<\/p>\n<\/div>\n

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[ad_1] Trong nhi\u1ec1u n\u0103m, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01a1n l\u1ebb lu\u00f4n c\u1ea3m th\u1ea5y b\u1ee9c x\u00fac v\u1edbi m\u1ee9c ph\u00ed cao c\u0169ng nh\u01b0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n so v\u1edbi k\u1ef3 v\u1ecdng khi tin t\u01b0\u1edfng trao ti\u1ec1n cho c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u00f3 t\u00ean tu\u1ed5i. Nh\u01b0ng th\u1eddi th\u1ebf \u0111\u00e3 thay \u0111\u1ed5i. H\u1ecd \u0111ang d\u1ea7n chuy\u1ec3n sang […]<\/p>\n","protected":false},"author":2,"featured_media":7027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ban-tin-tai-chinh"],"yoast_head":"\nT\u00ecnh c\u1ea3nh 's\u1ed1ng c\u00f2n' c\u1ee7a c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 - Super News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/super-news.info\/vi\/tinh-canh-song-con-cua-cac-nha-quan-ly-quy\/\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"T\u00ecnh c\u1ea3nh 's\u1ed1ng c\u00f2n' c\u1ee7a c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 - Super News\" \/>\n<meta property=\"og:description\" content=\"[ad_1] Trong nhi\u1ec1u n\u0103m, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01a1n l\u1ebb lu\u00f4n c\u1ea3m th\u1ea5y b\u1ee9c x\u00fac v\u1edbi m\u1ee9c ph\u00ed cao c\u0169ng nh\u01b0 t\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn th\u1ea5p h\u01a1n so v\u1edbi k\u1ef3 v\u1ecdng khi tin t\u01b0\u1edfng trao ti\u1ec1n cho c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 c\u00f3 t\u00ean tu\u1ed5i. 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Nh\u01b0ng th\u1eddi th\u1ebf \u0111\u00e3 thay \u0111\u1ed5i. 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