<p>作者：Joy Wiltermuth</p>
<p>许多投资者希望退出私人信贷，但仍有数十亿美元流入与软件相关的基金</p>
<p>华尔街基金的字母汤将更加参与融资人工智能的繁荣。</p>
<p>鉴于对该行业的监管审查加剧、对 “蟑螂” 的担忧以及对人工智能可能超越软件行业的恐惧，许多投资者今年希望退出私人信贷。</p>
<p>《华尔街日报》报道，证券交易委员会、财政部和银行监管机构已加大对约 3 万亿美元私人信贷行业风险的调查。</p>
<p>然而，令人惊讶的是，仍有大量资金流入那些公开交易并拥有风险较高公司债务的相关基金，其中包括许多软件公司。</p>
<p>这些基金被称为 “CLO ETF”，根据德意志银行研究人员的数据，截至 4 月 10 日，今年已吸引了 60 亿美元的投资者资金。CLO 指的是担保贷款义务。</p>
<p>该团队称这一资金流入 “异常强劲”——仅比 2025 年下半年总流入量略少——并且考虑到 “对私人信贷、软件和地缘政治的焦虑” 而令人惊讶，这些因素已减缓了相邻市场的需求。</p>
<p>今年，其他类别的 ETF（投资于低于投资级信用评级公司的 ETF）的周流入量为负，例如那些投资于杠杆贷款和高收益 “垃圾” 债券的 ETF。而 CLO 的情况并非如此，如下图所示。</p>
<p>对私人信贷和软件风险的担忧在今年削弱了某些信用市场 ETF 领域的需求，但 CLO 并未受到影响。</p>
<p>投资者对人工智能可能对软件和其他行业的影响感到不确定，也不确定如何分析这些风险，Janus Henderson Investors 的全球证券化产品负责人 John Kerschner 表示，他还是行业最大 CLO ETF JAAA 的经理。</p>
<p>“我认为你应该让投资组合中的多样化来帮助你，” Kerschner 说。“这就是 CLO 的作用。”</p>
<p>根据穆迪的数据，软件提供商是 CLO 的最大风险敞口之一，约占美国交易资产的 10%。这些基金还拥有为许多其他行业提供融资的债务，包括银行、医疗保健和酒店。</p>
<p>根据穆迪的数据，商业发展公司（BDC）对软件的风险敞口在中位数基础上接近 25%，使其成为最大的风险敞口。BDC 管理者，如 Blue Owl Capital（OWL），在今年私人信贷的赎回焦虑讨论中处于核心地位。</p>
<p>阅读：这些私人信贷基金返还的资金不到投资者要求的一半</p>
<p>对强大新人工智能工具及其可能取代软件行业提供的众多服务的担忧导致在 2026 年初相关股票出现恐慌性抛售。4 月，软件股票与美国股市的其他部分一起享受了一波急剧的反弹，后者在对伊朗战争持久停火的希望中重新夺回了历史高位。</p>
<p>然而，无法忽视的是，投入人工智能建设的巨额资金。高盛研究人员本周表示，他们估计亚马逊（AMZN）、字母表（GOOGL）、Meta（META）和微软（MSFT）将在 2030 财年之前花费 4.5 万亿美元用于人工智能数据中心的资本支出。由于支出规模巨大，这些公司需要利用多种融资渠道，包括杠杆贷款、高收益、私人信贷和银行。支出繁荣对软件和其他行业的影响尚待确定。上述公司未立即回应置评请求。</p>
<p>根据 FactSet 的数据，截至周四的最新交易，iShares Expanded Tech-Software Sector ETF IGV 今年下跌超过 20%。相比之下，VanEck BDC Income ETF BIZD 下跌了 9.5%，该 ETF 跟踪许多面临赎回请求的 BDC。</p>
<p>穆迪在 4 月 7 日关于 BDC 的报告中表示：“软件风险敞口是一个正在发展的资产风险，因为人工智能（AI）所带来的重大颠覆性力量，但这一风险需要多年的时间才能显现。” 它指出，第一季度对该行业的赎回请求的显著波动是一个负面因素。</p>
<p>BDC 已经存在了几十年，但 CLO ETF 是 2020 年后发展起来的相对新资产。两者都帮助融资类似类型的公司——通常严重依赖债务的投机性或挣扎中的企业。大多数，但并非全部，CLO ETF 仅投资于顶级的 AAA 级债务证券，为投资者提供德意志银行团队所称的 “在宏观不确定性加剧期间的优质定位”。</p>
<p>这使得投资者最近在 CLO ETF 上获得了稳定的收益，JAAA 的 1 年回报率约为 5%，基于市场价格。相比之下，VanEck BIZD 的总回报为-14.7%。</p>
<p>-Joy Wiltermuth</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>04-23-26 1307ET</p>

CLOA

JABS

CLOZ

<p>尽管对私人信贷和软件风险的担忧，年内已有 60 亿美元流入 CLO ETF，显示出投资者的强烈兴趣。监管审查和对人工智能颠覆软件行业的担忧导致其他 ETF 类别出现负流入。CLO 融资风险较高的公司，尤其是在软件领域，表现出韧性。主要科技公司预计将大力投资于人工智能，进一步影响市场。尽管软件股票面临波动，CLO ETF 却提供了稳定的回报，突显其在宏观经济不确定性中的吸引力</p>

<p>By Joy Wiltermuth</p>
<div class="lb-trans"><p>作者：Joy Wiltermuth</p>
</div><p>Many investors want out of private credit, but billions of dollars are still flowing into related funds with a big software exposure</p>
<div class="lb-trans"><p>许多投资者希望退出私人信贷，但仍有数十亿美元流入与软件相关的基金</p>
</div><p>The alphabet soup of Wall Street funds are set to get more involved in financing the AI boom.</p>
<div class="lb-trans"><p>华尔街基金的字母汤将更加参与融资人工智能的繁荣。</p>
</div><p>Many investors want out of private credit this year, given increased regulatory scrutiny of the sector, concerns about &#34;cockroaches&#34; and fears that AI could overtake the software industry.</p>
<div class="lb-trans"><p>鉴于对该行业的监管审查加剧、对 “蟑螂” 的担忧以及对人工智能可能超越软件行业的恐惧，许多投资者今年希望退出私人信贷。</p>
</div><p>The Securities and Exchange Commission, Treasury Department and bank regulators have stepped up inquiries into risks in the roughly $3 trillion private-credit sector, the Wall Street Journal reported.</p>
<div class="lb-trans"><p>《华尔街日报》报道，证券交易委员会、财政部和银行监管机构已加大对约 3 万亿美元私人信贷行业风险的调查。</p>
</div><p>Yet a surprising amount of capital has been flowing into related funds that are publicly traded and own the debt of riskier companies, including many in the software business.</p>
<div class="lb-trans"><p>然而，令人惊讶的是，仍有大量资金流入那些公开交易并拥有风险较高公司债务的相关基金，其中包括许多软件公司。</p>
</div><p>These funds, known as &#34;CLO ETFs,&#34; hauled in $6 billion in investor cash this year through April 10, according to Deutsche Bank researchers. CLO refers to collateralized loan obligations.</p>
<div class="lb-trans"><p>这些基金被称为 “CLO ETF”，根据德意志银行研究人员的数据，截至 4 月 10 日，今年已吸引了 60 亿美元的投资者资金。CLO 指的是担保贷款义务。</p>
</div><p>The team called the intake &#34;remarkably robust&#34; - only slightly less than the total inflows from the second half of 2025 - and surprising, given &#34;anxiety around private credit, software, and geopolitics&#34; that has slowed demand in adjacent markets.</p>
<div class="lb-trans"><p>该团队称这一资金流入 “异常强劲”——仅比 2025 年下半年总流入量略少——并且考虑到 “对私人信贷、软件和地缘政治的焦虑” 而令人惊讶，这些因素已减缓了相邻市场的需求。</p>
</div><p>Weekly flows in other categories of ETFs that fund companies with below-investment-grade credit ratings have been negative this year, such as those invested in leveraged loans and high-yield &#34;junk&#34; bonds. That hasn't been the case for CLOs, as the chart below shows.</p>
<div class="lb-trans"><p>今年，其他类别的 ETF（投资于低于投资级信用评级公司的 ETF）的周流入量为负，例如那些投资于杠杆贷款和高收益 “垃圾” 债券的 ETF。而 CLO 的情况并非如此，如下图所示。</p>
</div><p>Concerns about private credit and software exposure have weakened demand in some ETF areas of credit markets this year, but not in CLOs.</p>
<div class="lb-trans"><p>对私人信贷和软件风险的担忧在今年削弱了某些信用市场 ETF 领域的需求，但 CLO 并未受到影响。</p>
</div><p>Investors are uncertain about what AI could mean for software and other industries, and unsure about how to analyze those risks, said John Kerschner, global head of securitized products at Janus Henderson Investors and a manager of JAAA JAAA, the industry's largest CLO ETF.</p>
<div class="lb-trans"><p>投资者对人工智能可能对软件和其他行业的影响感到不确定，也不确定如何分析这些风险，Janus Henderson Investors 的全球证券化产品负责人 John Kerschner 表示，他还是行业最大 CLO ETF JAAA 的经理。</p>
</div><p>&#34;I think the way you do it is you let diversification in the portfolio help you,&#34; Kerschner said. &#34;That's where the CLOs come in.&#34;</p>
<div class="lb-trans"><p>“我认为你应该让投资组合中的多样化来帮助你，” Kerschner 说。“这就是 CLO 的作用。”</p>
</div><p>Software providers represent one of the largest exposures for CLOs, at roughly 10% of the assets in U.S. transactions, according to Moody's, a figure that's based on the deals it rates. The funds also own debt that finances many other industries, including banking, healthcare and hotels.</p>
<div class="lb-trans"><p>根据穆迪的数据，软件提供商是 CLO 的最大风险敞口之一，约占美国交易资产的 10%。这些基金还拥有为许多其他行业提供融资的债务，包括银行、医疗保健和酒店。</p>
</div><p>The exposure to software is closer to 25% for business development companies, or BDCs, on a median basis, making it their largest exposure, according to Moody's. BDC managers, like Blue Owl Capital (OWL), have been at the heart of conversations around this year's redemption angst in private credit.</p>
<div class="lb-trans"><p>根据穆迪的数据，商业发展公司（BDC）对软件的风险敞口在中位数基础上接近 25%，使其成为最大的风险敞口。BDC 管理者，如 Blue Owl Capital（OWL），在今年私人信贷的赎回焦虑讨论中处于核心地位。</p>
</div><p>Read: These private-credit funds are giving back less than half the money their investors want</p>
<div class="lb-trans"><p>阅读：这些私人信贷基金返还的资金不到投资者要求的一半</p>
</div><p>Concerns about powerful new AI tools and their potential to replace swaths of services offered by the software industry led to panic selling in related shares in early 2026. In April, software stocks enjoyed a sharp relief rally, along with the rest of the U.S. equity market, which has reclaimed record territory on hopes for a lasting truce in the Iran war.</p>
<div class="lb-trans"><p>对强大新人工智能工具及其可能取代软件行业提供的众多服务的担忧导致在 2026 年初相关股票出现恐慌性抛售。4 月，软件股票与美国股市的其他部分一起享受了一波急剧的反弹，后者在对伊朗战争持久停火的希望中重新夺回了历史高位。</p>
</div><p>It's hard to ignore the piles of cash being launched at the AI build-out, however. Goldman Sachs researchers said this week that they estimate Amazon (AMZN), Alphabet (GOOGL), Meta (META) and Microsoft (MSFT) will spend $4.5 trillion in capex to fund AI data centers through the 2030 fiscal year. These companies will need to tap a mix of financing avenues, given the magnitude of the spending, they said, including leveraged loans, high-yield, private credit and banks. What the spending boom will mean for software and other industries has yet to be determined. The above companies didn't immediately respond to requests for comment.</p>
<div class="lb-trans"><p>然而，无法忽视的是，投入人工智能建设的巨额资金。高盛研究人员本周表示，他们估计亚马逊（AMZN）、字母表（GOOGL）、Meta（META）和微软（MSFT）将在 2030 财年之前花费 4.5 万亿美元用于人工智能数据中心的资本支出。由于支出规模巨大，这些公司需要利用多种融资渠道，包括杠杆贷款、高收益、私人信贷和银行。支出繁荣对软件和其他行业的影响尚待确定。上述公司未立即回应置评请求。</p>
</div><p>The iShares Expanded Tech-Software Sector ETF IGV was down more 20% on the year as of recent trading on Thursday, according to FactSet. That compares with 9.5% drop for the VanEck BDC Income ETF BIZD, which tracks many BDCs facing redemption requests.</p>
<div class="lb-trans"><p>根据 FactSet 的数据，截至周四的最新交易，iShares Expanded Tech-Software Sector ETF IGV 今年下跌超过 20%。相比之下，VanEck BDC Income ETF BIZD 下跌了 9.5%，该 ETF 跟踪许多面临赎回请求的 BDC。</p>
</div><p>&#34;Software exposures are a developing asset risk because of the significant disruptive force that artificial intelligence (AI) presents, but one that will take multiple years to play out,&#34; Moody's said in an April 7 report about BDCs. It noted the significant wave of redemption requests hitting the sector in the first quarter as a negative.</p>
<div class="lb-trans"><p>穆迪在 4 月 7 日关于 BDC 的报告中表示：“软件风险敞口是一个正在发展的资产风险，因为人工智能（AI）所带来的重大颠覆性力量，但这一风险需要多年的时间才能显现。” 它指出，第一季度对该行业的赎回请求的显著波动是一个负面因素。</p>
</div><p>BDCs have been around for decades, but CLO ETFs are a relatively new asset that developed after 2020. Both help finance similar types of companies - speculative or struggling businesses that are typically heavily reliant on debt. Most, but not all, CLO ETFs invest only in the top Triple-A category of debt securities, providing investors with what the Deutsche Bank team called an &#34;up-in-quality positioning during a heightened period of macro uncertainty.&#34;</p>
<div class="lb-trans"><p>BDC 已经存在了几十年，但 CLO ETF 是 2020 年后发展起来的相对新资产。两者都帮助融资类似类型的公司——通常严重依赖债务的投机性或挣扎中的企业。大多数，但并非全部，CLO ETF 仅投资于顶级的 AAA 级债务证券，为投资者提供德意志银行团队所称的 “在宏观不确定性加剧期间的优质定位”。</p>
</div><p>That's provided investors with steady income on CLO ETFs lately, with the 1-year return of JAAA at about 5%, based on market price. That compares with a -14.7% total return for the VanEck BIZD.</p>
<div class="lb-trans"><p>这使得投资者最近在 CLO ETF 上获得了稳定的收益，JAAA 的 1 年回报率约为 5%，基于市场价格。相比之下，VanEck BIZD 的总回报为-14.7%。</p>
</div><p>-Joy Wiltermuth</p>
<div class="lb-trans"><p>-Joy Wiltermuth</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>04-23-26 1307ET</p>
<div class="lb-trans"><p>04-23-26 1307ET</p>
</div>

Money is flooding into these ETFs, despite heavy software exposure and worries about private credit

Dow Jones

Blackrock AAA CLO ETF

Janus Henderson Asset-Backed Secs ETF

Panagram Bbb-B Clo ETF

AAA CLO ETF

Panagram AAA CLO ETF

Invesco AAA CLO Floating Rate Note ETF

PGIM AAA CLO ETF

TCW AAA CLO ETF

VanEck AA-BB CLO ETF

VictoryShares Pioneer Asst-Based Inc ETF

Vaneck CLO ETF

Nuveen AA-BBB CLO ETF

Janus Detroit Street Trust-Janus Henderson B-BBB CLO ETF

德意志银行

Janus Henderson

穆迪

Blue Owl Capital

高盛

亚马逊

谷歌-A

谷歌-C

微软

北美科技软件股指数 ETF - iShares

富国 BDC 指数 ETF - VanEck Vectors

Deutsche Bank AG Subscription Rights

Deutsche Postbank AG

Blue Owl Capital III

Blue Owl Tech Finance

GS Hldg R

尽管这些 ETF 有大量的软件敞口以及对私人信贷的担忧，资金仍然在不断涌入