动量基金跑赢标普500指数

环球市场播报05-15

　　在AI浪潮和能源价格飙升的双重驱动下，美股市场内部的“分化”反而成为动量策略的福音。数据显示，追踪MSCI美国动量因子的MTUM ETF年初至今累计涨幅已超过20%，显著跑赢同期标普500指数。动量策略的核心在于“追涨杀跌”，即买入近期表现强势的股票、卖出或避开表现弱势的股票。当市场出现明显的领涨板块和持续的落后板块时，该策略往往表现优异。今年以来，以英伟达为代表的AI概念股和以埃克森美孚为代表的能源股持续走强，而传统零售和公用事业股则相对疲软，巨大的收益率差距为动量基金创造了理想的操作环境。

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