"Abenomics market" that began on November 12 mid has elapsed from the start about three years. It became one of the trigger is the House of Representatives dissolved by the Democratic Party of former Prime Minister Noda of the same month 16th. Amid momentum of regime change is increased, expectations for abenomics is was at once buoyant stock market to dissolve the machine. In the investment trust of the world, it is a common belief is that active funds to show their ability in this bull market, you want to look back in practice this period, whether active funds that invest in Japanese stocks has left what results . In our article, defined as three years of the abenomics market 16 November 12 to 16 November 15, we were comparing the cumulative return of Japanese equity active fund of the same period (Note).
For reference, the cumulative return of the same period of the TOPIX (Tokyo Stock Price Index, inclusive dividend) was 121.65%. Index and that does not include such as trust fees unlike in the fund, although the point in time to be analyzed, and the like small and medium-sized stock funds and currency selection funds it should be noted, analysis 394 pieces out of the target The was exceeded this is a mere 179 present (about 45%). Unfortunately, half of the active fund even in this much of the rally was a form that shows the result that not beat the market average.
However, there is also a fund that has raised more than twice the return of the market average. It became the first place in the cumulative return of the same period was 337.31 percent in the "Securities Japan Japanese stocks open" of DIAM <2004021001>. Without considering the purchase fees and taxes, it is the calculation of investment funds was about 4.4-fold in three years. Investment strategy "to changes in the market trends and the combined flexibly adjust between the stock of the set input ratio of 0-100 percent" of the fund is successful, leaving a big performance than the other funds.
Second place is 278.61% in the "DIAM emerging markets Japan Equity Fund" <2,007,112,902> of DIAM, third place is a 242.52 percent in the "JPM OTC Open '96" <1,996,031,501> of JP Morgan, both funds whose main investment target the small-cap stocks has continued in that listed on the emerging markets. In contrast, the cumulative return is 52.89% of the same period is the lowest of the fund, the difference between the fund and more than six times the first place is open, light and darkness were divided.
(Note) = domestic incremental equity investment trusts (defined contribution year for and wrap account only, excluding ETF, etc.) out of the, of the active fund of Japanese stocks that have been set in the November 16, 12 before a 15-November 16, Sun has been continuous operation even at the time, were analyzed 394 this fund, which is classified in Morningstar large classification "Domestic equity-type" at any time.
１２年１１月中旬に始まった「アベノミクス相場」はそのスタートから約３年が経過した。きっかけの一つとなったのが同月１６日の民主党の野田前首相による衆議院解散である。政権交代の機運が高まるなか、解散を機にアベノミクスへの期待が株式市場を一気に浮揚させた。投信の世界では、こうした上昇相場においてアクティブファンドが実力を発揮するというのが通説であるが、実際にこの期間、日本株を投資対象とするアクティブファンドがどのような成績を残したかを振り返ってみたい。当記事では、アベノミクス相場を１２年１１月１６日から１５年１１月１６日の３年間と定義し、同期間の日本株アクティブファンド（注）の累積リターンを比較した。
参考までに、同期間のＴＯＰＩＸ（東証株価指数、配当込み）の累積リターンは１２１．６５％であった。指数はファンドと異なり信託報酬等が含まれない点や、今回の分析対象には中小型株ファンドや通貨選択型ファンドなどが含まれる点には留意が必要であるものの、分析対象の３９４本中これを上回ったのは１７９本（約４５％）にとどまった。残念ながら、これほどの上昇相場においてもアクティブファンドの半数は市場平均に勝てないという結果を示す形となった。
しかし、市場平均の２倍以上のリターンを上げたファンドも存在する。同期間の累積リターンで第１位となったのは、ＤＩＡＭの「証券ジャパン日本株オープン」<2004021001>で３３７．３１％であった。購入時手数料と税金を考慮しなければ、３年間で投資資金が約４．４倍になったという計算になる。同ファンドの「市場動向の変化に合わせて株式の組入比率を０－１００％の間で弾力的に調整する」という投資戦略が奏功し、他のファンドを大きく上回るパフォーマンスを残した。
第２位はＤＩＡＭの「ＤＩＡＭ 新興市場日本株ファンド」<2007112902>で２７８．６１％、第３位はＪＰモルガンの「ＪＰＭ 店頭株オープン‘９６」<1996031501>で２４２．５２％と、いずれも新興市場に上場する中小型株を主要投資対象とするファンドが続いた。対照的に、最下位のファンドは同期間の累積リターンが５２．８９％と、第１位のファンドと６倍以上の差が開き、明暗が分かれた。
（注）＝国内追加型株式投信（確定拠出年向けおよびラップ口座専用、ＥＴＦ等除く）のうち、１２年１１月１６日以前に設定された日本株のアクティブファンドのうち、１５年１１月１６日時点でも運用が継続されており、いずれの時点でもモーニングスター大分類「国内株式型」に分類されるファンド３９４本を分析対象とした。
引用：モーニングスター社
http://www.morningstar.co.jp/msnews/news?rncNo=1700572&newsType=fund
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