Russell/Nomura日本株インデックスで25回目となる年次銘柄入替が11月19日（木）引け後に行われ、大型グロース株が日本の株式市場のパフォーマンスをけん引し続けたことが明らかになりました。
野村證券の本日の発表で、日本の上場銘柄の約98％をカバーするRussell/Nomura Total Market（TM）Indexの年次銘柄入替プロセスの概要が説明されました。
これまで25年間にわたり、Russell/Nomura日本株インデックスでは、時価総額や投資スタイル、業種別パフォーマンスの変化など、直近1年間の市場の動きを踏まえて、銘柄入替を通じたリバランスが行われてきました。
ここ1年間の日本株をけん引した要素としては、以下が挙げられます。
- 2020年も、日本の投資家が大型株を好む傾向が続きました。Russell/Nomura Total Market Cap Indexは、昨年の銘柄入替が実施された2019年11月19日から今年の銘柄入替が発表された2020年11月2日までの期間に1.1％上昇と、おおむね横ばいでしたが、大型株はアウトパフォームしました。Russell/Nomura Large Cap Indexはこの1年間で1.6％上昇した半面、Russell/Nomura Small Cap Indexは2.1％下落しました*。投資スタイルでは、グロース株が2020年も人気を集めました。Russell/Nomura Total Market Indexの今年の銘柄入替では、バリューの比重が6.4％大きくなるようにリバランスされました。これは、直近の1年間に日本でグロース株がバリュー株を大幅にアウトパフォームしたことを反映したものです。具体的には、11月2日までの1年間に、Russell/Nomura Total Market Growth Indexは12.1％上昇した一方、Russell/Nomura Total Market Value Indexは10.1％下落しました。
- 日本でここ1年間のグロース株のアウトパフォームに最も力強く寄与した業種は、食料品、電気製品、陸運、小売りでした。Russell/Nomuraの今年の銘柄入替では、これらの業種でバリュー株の比重がそれぞれ2.1％、2％、1.4％大きくなるようにリバランスされました。逆に、情報・通信業はバリュー株のパフォーマンスを最も力強く押し上げ、グロース株の比重が4.04％大きくなるようにリバランスされました。
田村浩道、FTSE Russellアジア・パシフィックインベストメントリサーチ・ヘッド：
「日本を含む世界の株式市場が激動に揺れたこの1年、Russell/Nomura Indexの年間パフォーマンスで示された通り、日本株投資家は最も大型のグロース株に引き寄せられ続けました。厳しい市場環境の中、日本株投資家にとって、一連の投資機会を正確に反映するベンチマークへのアクセスが以前にも増して重要になっています。Russell/Nomuraの銘柄入替は、これまで25年間にわたってRussell/Nomura日本株インデックスのあるべき形を維持する上で重要な役割を果たしてきました。」
詳細については、FTSE Russellのウェブサイト上にあるRussell/Nomura Indexの年次銘柄入替のページをご覧ください。
*出所：FTSE Russell、2019年11月19日から2020年11月2日までのリターン、米ドル建て、トータルリターン
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