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Fundflash Monthly Snapshot of European Trends

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Fundflash Monthly Snapshot of European Trends © 2018 Broadridge 11/02/2018 FundFlash Monthly Snapshot of European Trends Most Recen Most Recen European assets by investment type Sep 2018 net sales of long term funds Passive vs Active overview (€B) in Sep 2018 Net sales Assets 8 T 8 T -€15.9 B 7 T 7 T 6 T 3.8 B 3.5 B 5 T 83% 4 T YTD net sales of long term funds 4 T €112.7 B 9% Asset Growth month on month -23.3 B 8% 2011 2012 2013 2014 2015 2016 2017 2018 -0.08% Bond Equity Mixed Assets Active ETF Index Tracking September in brief Clouds loom dark in the horizon • A bad month in Europe as August’s mild redemptions Any hope that the dreary third quarter would end with a sales uptick was dashed by market uncertainty deteriorate into a more substantial sell-off. Long-term funds from a number of quarters; trade war, no-deal Brexit, emerging market concerns and worries over the lose €16bn to outflows. budget that might be produced by the new populist government in Italy. None of these fears were new but investors were back from their holidays and responded to the accumulated threats with a wave of • Cyclical withdrawals from French investors contribute to an redemptions that hit the hard-pressed bond sectors in particular, but also contaminated many mixed asset additional €26bn of redemptions from money market funds. funds. Global currency products were in most difficulty but the bond category was further compromised by the controversy that infected a duo of absolute return products from GAM. These two funds alone • Active funds suffer, with €23bn pulled out in the latest cull. contributed €3bn of overall bond withdrawals, which effectively wiped out modest gains made by the North Passive funds enjoy a modestly good month posting €7bn of American and high yield bond sectors. net inflows. More interesting, though, was the mixed asset category, which fell into redemption for the first time in more • Another bond sell-off sends the category into redemption for than six years. Mixed asset funds have been the reliable backbone of retail sales growth since the financial the year to date but the stalwart mixed asset category sees its crisis, although investors have tended to rotate their assets through a restricted buy-list of high performers. first month of redemptions in six years. This year’s star is AGI’s Income and Growth fund, which was also September’s bestselling product despite collapsing support for the sector and rotation out of previous top-sellers from Standard Life, Carmignac and • Global strategies prop up equity sales with nearly €4bn of Nordea. inflows. Active funds contribute a quarter of this volume. On the bright side, equity funds survived the general cull, ending the month in positive territory, although • Swiss giant UBS heads the group sales chart for long-term only just. Nearly €6bn of new money went into global and North American strategies and, although passive funds, but with the lowest volume of any monthly leader this products dominated, active managers accounted for a third of the volume. Open-ended real estate funds, year (€1.2bn). generally a popular retreat in volatile periods, formed the most successful product category of the month. • At the fund level, AGI’s Income and Growth leads and is the only long-term fund to register more than €1bn of net sales in September. Looking ahead With the storm front building in October there seems little likelihood of the current bout of negative sentiment reversing. Indeed, redemption levels could well increase, leaving the industry to hope for some stabilisation in the final two months of the year if it is to avoid full-year results dipping into the red zone. European Net Sales by Investment Type (€bn) Investment Type Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 Bond 17,644 29,666 18,750 31,869 -7,191 4,421 296 -16,582 -13,514 4,896 -4,561 -13,868 Equity 17,350 12,553 11,138 43,881 11,734 4,251 7,092 -4,363 -6,964 -264 1,329 497 Mixed 15,571 12,391 14,333 19,468 14,519 11,989 5,261 7,574 5,315 3,941 2,240 -3,200 Money Market 20,965 -1,843 -17,543 33,248 -33,076 -8,018 10,318 -10,111 -16,551 10,180 -2,532 -26,271 Rest 317 4,558 3,592 2,415 205 1,680 2,218 -3,111 136 -1,494 -85 635 Page 1/4 Top Markets by Sales - Latest Month (€bn) Fund Market Assets Previous month Net Sales Latest Net Sales Bottom selling fund Top selling fund Switzerland 460 B 1.0 B 2.1 B -0.2 B 0.3 B Germany 629 B 1.2 B 1.2 B -0.2 B 0.4 B Norway 94 B 0.1 B 0.1 B -0.1 B 0.1 B Croatia 1 B 0.0 B 0.0 B -0.0 B 0.0 B Malta 2 B -0.0 B 0.0 B -0.0 B 0.0 B Portugal 8 B -0.0 B 0.0 B -0.0 B 0.0 B * International market granularity available via SalesWatch. Funds of funds and money market funds are excluded. Flow sentiment Positive net sales vs Cumulative net sales by year (€bn) Negative net sales 41% €89 B €97 B 500 B -€90 B -€113 B 250 B 59% 0.00 Aug 2018 Sep 2018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec % of # funds with negative flows Positive Flows % of # funds with positive flows Negative Flows 2015 2016 2017 2018 Bottom 10 selling sectors - Latest month (€bn) Top 10 Sectors selling sectors - Latest month (€bn) Allocation -0.9 B Eq Global 4.0 B Eq Euroland -1.0 B Eq Nth Am 2.3 B Eq Real Est -1.2 B Real Est 1.6 B Bnd Eur Corp IG -1.5 B FoF Bal 1.0 B Eq Emg Mkt -2.0 B Bnd Alt 1.0 B Bnd Eur -2.2 B Bnd USD Sh-T 1.0 B Bnd Eur Sh-T -2.6 B Mix Income 0.8 B Allocation Alt -3.1 B FoF Dyn 0.8 B Bnd Gbl Curr -3.4 B Eq Nth Am S/Mid 0.7 B Bnd Flex -5.5 B Eq Healthcare 0.6 B Page 2/4 Top selling groups - Latest month (€bn) Top selling groups - Latest 12 months (€bn) Master Group NAT Assets Net Sales UBS 1.2 B BlackRock US 658.2 B 27.7 B BlackRock -0.8 B 1.9 B UBS CH 274.0 B 16.3 B Allianz GI -0.0 B 1.1 B Natixis FR 96.9 B 16.0 B Swisscanto 1.0 B Amundi FR 304.3 B 15.3 B Intesa SP IT 188.0 B 12.6 B NYL / Candriam -0.0 B 0.8 B Active Passive Top 10 Selling Funds - Latest month (€m) Fund Name Fund Domicile Fund Investment Type Net Sales Allianz Global Investors Fund - Allianz Income and Growth Luxembourg Mixed Assets 1,205 Multi Manager Access II - Emerging Markets Debt Luxembourg Bond 867 Multi Manager Access II - High Yield Luxembourg Bond 838 Multi Manager Access - US Equities Luxembourg Equity 506 Amundi S&P 500 Luxembourg Equity 502 Fidelity US Quality Income UCITS ETF Ireland Equity 501 BlackRock ACS 30:70 Global Equity Tracker United Kingdom Equity 500 BlackRock ACS World ex UK Equity Tracker United Kingdom Equity 475 iShares MSCI Europe Momentum Factor UCITS ETF Ireland Equity 455 BlackRock Liability Solutions Funds II - £ Tailored Fund X Ireland Other 431 Best Sellers by Month (€bn) Fund Name Fund Domicile Type Month/Year Net Sales Allianz Global Investors Fund - Allianz Income and Growth Luxembourg Mix Sep 2018 1.2 B Aug 2018 1.3 B Jul 2018 1.8 B Jun 2018 1.0 B UBS ETFs plc - MSCI ACWI SF UCITS ETF Ireland Eq May 2018 3.0 B BlackRock ACS US Equity Tracker United Kingdom Eq Apr 2018 2.4 B Gestielle Cedola Multi Target V Italy Mix Mar 2018 1.6 B Mercer Global Investments - Mercer Investment Fund 10 Ireland Mix Feb 2018 1.5 B Baillie Gifford Global Alpha Growth United Kingdom Eq Jan 2018 4.0 B Royal London UK Real Estate United Kingdom Prop Dec 2017 3.2 B PIMCO GIS Income Fund Ireland Bnd Nov 2017 4.5 B Oct 2017 3.8 B Page 3/4 Historical fund launches & closures Proportion of net sales of the top ten selling funds 9.6 B 7.2 B 7.2 B 6.5 B 6.3 B 210 207 188 -0.1 B 167 168 167 165 83 -7.6 B 80 105 38 45 106 167 131 122 99 103 67 -22.2 B -22.2 B -26.1 B Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 Fund Closures Fund Mergers Fund Launches Rest Top 10 funds' net sales Fund launches by group - Latest month (€m) Fund Launches: Top Sectors by net sales - Latest month (€m) Master Group # Funds Net Sales FoF Eq Global 651 Credit Suisse 3 756 M&G/Eastspring 5 431 Mix Bal 326 Unicredit 2 336 Guarant'd 307 BP Cooperativa 1 310 BlackRock 10 269 Eq Europe 285 Bnd Eur 267 Number of fund launches by region Float Rate/Loan 260 Eq Global 207 Europe 71 Mix Income 191 International 98 Top fund launches - Latest month (€m) Fund Name Domicile Investment Type Launch Date Net Sales CSIF (CH) III Equity World ex CH Blue - Pension Fund CH Fund of Funds (in-house) 2018-09 651 Gestielle Investment Sicav - Cedola Risk Control Energie Rinnovabili LU Mixed Assets 2018-09 310 Schroder Euro Bond FAM Fund IE Bond 2018-09 255 Candriam Bonds Floating Rate Notes LU Bond 2018-09 151 Bankia Garantizado Rentas Crecientes, FI ES Other 2018-09 123 M&G (Lux) Investment Funds 1 - Optimal Income Fund LU Bond 2018-09 115 Amundi Stoxx Global Artificial Intelligence LU Equity 2018-09 115 M&G (Lux) Investment Funds 1 - European Strategic Value Fund LU Equity 2018-09 112 M&G (Lux) Investment Funds 1 - Global Floating Rate High Yield Fund LU Bond 2018-09 109 BlackRock Global Funds - Global Conservative Income Fund LU Mixed Assets 2018-09 100 Most Recent Record Date Data in EURO as at: Sep 2018 For more information please contact [email protected] © Copyright 2018, Broadridge Financial Solutions, Inc.
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