Duidelike en verstaanbare inligting oor die impak van koste op die opbrengste wat kleinhandelbeleggers kan verwag om te ontvang, is die sleutel om beleggers in staat te stel om ingeligte beleggingsbesluite te neem. Om te verseker dat hierdie inligting beskikbaar gestel word, is 'n sleutelelement om ESMA se doelwit vir beleggersbeskerming te bereik.
Die hoofbevindinge in die verslag is die volgende:
- Fondskoste: UCITS costs only marginally declined over time. For one-year investments they were 1.4% in 2019 compared to 1.5% in 2018 on average across asset classes;
- Wisselvallige opbrengste: Average gross UCITS fund performance depends on market developments and varies significantly over time. It amounted to 7.7% in 2019, while it reached no more than +0.2% in 2018 for a one-year investment. The market impact of COVID-19 falls outside the reporting period;
- Kleinhandelbeleggers: Retail clients pay on average around 40% more than institutional investors across asset classes. A ten-year investment of EUR 10,000 in a portfolio composed of equity, bond and mixed funds led to a gross value of around EUR 21,800 and EUR 18,600 after costs. Around EUR 3,200 in costs were paid by the investor;
- Risiko's: Hoër risikoblootstellings het hoër koste meegebring, ongeag die bateklas;
- Aktiewe en passiewe fondse: Die bewyse oor kostestruktuur het getoon dat die koste hoër was vir aktiewe aandele- en effekte-ICB's in vergelyking met passiewe en UCITS-ETF's, wat uiteindelik netto onderprestasie van aktiewe aandele- en effekte-ICB's impliseer, in vergelyking met passiewe en UCITS-ETF's. Top-25% aktiewe aandele UCITS het oorpresteer vergeleke met die top-25% passiewe en verwante maatstawwe, op korter horisonne. Die groep UCITS verander egter oor tyd wat dit vir beleggers ingewikkeld maak om konsekwent beter as UCITS te identifiseer;
- ESG-fondse: ESG outperformed non-ESG equity UCITS mostly due to sectoral factors. According to the evidence, actively managed ESG funds showed lower costs than non-ESG, not supporting the view that there is systematic greenwashing by ESG funds;
- Kleinhandel AIF's: Kleinhandel-AIF's, soortgelyk aan UCITS, het hoë opbrengswisselvalligheid getoon. Alhoewel dit negatief was in 2018, was bruto geannualiseerde opbrengste in 2019 12% vir Fondse van Fondse (FoF's) en 9% vir die oorblywende kategorie "Ander" wat belegging insluit wat hoofsaaklik op aandele en effekte gefokus is. Netto opbrengste bevestig wat vir bruto opbrengste waargeneem is, synde 11% vir FoF's en 7% vir Ander;
- SRP's: The analysis on costs and performance scenarios for SRPs showed that total costs were largely attributable to entry costs and varied substantially by country and payoff type. Moreover, there was little difference in simulated returns between moderate and favourable performance scenarios; and
- Deursigtigheid: There is limited comparability across Member States. Heterogeneity and data availability issues persisted, as well as lack of harmonisation in national regulation.
Hierdie verslag het ten doel om verhoogde deelname van kleinhandelbeleggers aan kapitaalmarkte te fasiliteer deur konsekwente EU-wye inligting oor koste en prestasie van kleinhandelbeleggingsprodukte te verskaf. Dit demonstreer ook die relevansie van openbaarmaking van koste aan beleggers, soos vereis deur die MiFID II, UCITS en PRIIPs-reëls en die behoefte aan batebestuurders en beleggingsfirmas om in die beste belang van beleggers op te tree, soos neergelê in MiFID II, en die UCITS- en AIFM-riglyne.
Volgende stappe
EIOPA het ook vandag sy verslag gepubliseer oor versekeringsgebaseerde beleggingsprodukte en persoonlike pensioenprodukte. N gewrig ESMA-EIOPA geleentheid to share the findings of both reports will take place on 21 April 2021. During this webinar you will see a presentation of the reports, which will be followed by a Q&A session.