Mutual fund managers and distributors will be looking eagerly at the recovery in Asian initial public offering activity for evidence of returning risk appetite among retail investors in the region. Last year, fund industry gross sales in Asia were strong, driven by the popularity of higher yielding bond funds. Unfortunately, a large portion of these subscriptions were at the expense of continued redemptions from existing holdings in equity funds. Historically the industry in Asia has been at its best when risk appetite has been increasing and not flatlining.
共同基金經理和分銷商們將熱切地注意亞洲首次公開發行(IPO)活動的復甦情況，從中尋找亞洲地區散戶投資者風險偏好回升的證據。去年亞洲基金行業的總銷售額頗爲可觀，主要原因在於高收益債券基金受到投資者追捧。但在對此類基金的認購中，有一大部分資金來源於對已持有的股票型基金的贖回。從歷史上來看，亞洲基金行業在市場風險偏好持續上升、勢頭尚未變得平緩時表現最好。
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