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.
共同基金经理和分销商们将热切地注意亚洲首次公开募股(IPO)活动的复苏情况，从中寻找亚洲地区散户投资者风险偏好回升的证据。去年亚洲基金行业的总销售额颇为可观，主要原因在于高收益债券基金受到投资者追捧。但在对此类基金的认购中，有一大部分资金来源于对已持有的股票型基金的赎回。从历史上来看，亚洲基金行业在市场风险偏好持续上升、势头尚未变得平缓时表现最好。
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