Historical position of index fund

Index funds originated in the United States and mainly developed in the United States. The world's first index fund appeared in the United States 197 1, which is an index fund product introduced by Wells Fargo to institutional investors. At that time, there was far more opposition than support and support. There were some annuity funds in the late 1970s, including AT & amp； T), partly changed the view of index investment. After 1980s, the American stock market became increasingly prosperous, and index funds gradually began to attract the attention of some investors. It was not until the 1990s that index funds really developed. From 1994 to 1996, index funds have been successful for three years. During the period of 1994, the S&P 500 index rose by 1.3%, exceeding the performance of 78% equity funds in the market. From 65438 to 0995, the S&P 500 index achieved a growth rate of 37%, exceeding the performance of 85% equity funds in the market. From 65438 to 0996, the S&P 500 index rose by 23%, once again surpassing the performance of 75% equity funds in the market. In three years, the growth rate of 9 1% equity funds in the market is lower than that of the S&P 500 index. The concept of index fund has begun to establish a good image in investors' minds, and it has also been widely concerned by the fund industry, and the advantages of indexed investment strategy have begun to appear obviously.

According to statistics, the index fund assets held by American institutional investors were 100 billion US dollars in 1980, and by the end of 1996, the total assets of these index funds had reached 100 billion US dollars. The index fund assets held by individual investors also increased from $4 billion in 1990 to $58 billion.

After more than 20 years of rapid development, American index funds have developed into a large-scale and rich branch of the fund industry. At present, the most successful index fund managers in America are Vanguard and DFA(Dimensional Fund Advisors). Vanguard's index fund has exceeded $65.438+0,000 billion, and its Vanguard S&; P 500 index fund) ranks second in the global fund ranking 1997 with a scale of 69 billion. American fund management companies, including Fidelity, Merrill Lynch, DUEYFUS and other famous fund management companies, basically manage one or more index funds.