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Fundflash Monthly Snapshot of European Trends

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Fundflash Monthly Snapshot of European Trends © 2017 Broadridge 10/04/2017 FundFlash Monthly Snapshot of European Trends Most Recent Record Date Most Recent Record Date European assets by investment type Aug 2017 net sales of long term funds Passive vs Active overview (€B) in Aug 2017 €38.6 B Net sales Assets 31.5 YTD net sales of long term funds 84% €472.4 B 8% 4.7 2010 2011 2012 2013 2014 2015 2016 2017 Asset Growth month on month 2.5 7% +0.01% Bond Equity Mixed Assets Active ETF Index Tracking August in brief Volumes melt in summer heat • A summer month of reflection sees long-term net inflows fall to The holiday month of August is generally a quiet period for asset managers, as low trading volumes tend their lowest point of the year (€39bn), but no tears for asset to contain sales totals. Net sales of long-term funds melted down to €39bn. This was their lowest point of managers as this is the best August on record. the year so far but still a number comfortably above the average monthly volumes set in 2014, Europe’s previous best year on record. This aside, the primary themes dominating the asset-management world • Money market funds continue to fly high, posting over €25bn of remained constant. Fixed income funds, with PIMCO’s GIS Income product firmly in the driving seat, inflows for the second month on the trot. were not only the power behind the robust sales totals but also the reason for passive take-up being so sluggish. Passive funds accounted for 74% of last year’s net inflows. This year they have struggled to • Passive funds still occupy a junior role, accounting for just 18% take much more than a quarter share. of overall flows into long-term funds. The one area in which current trends saw some disruption was equities. Recent months of net-sales • Despite the relative vacation-led contraction in sales volumes, expansion came to an abrupt halt in August for no obvious reason, other than, possibly, investors fixed income funds continue to blossom, taking €23bn of net new preferring to de-risk their portfolios before they went on holiday. Net sales fell from €24bn in July to just money. Equities, though, slump to a nine-month low. over €3bn in August. In this category, passive funds were the only positive force; active options slipped back into slight redemption for the first time since March. In the active space it was the alternatives • The unending search for yield provides the global currency and sector, led by a pair of absolute return funds from Janus Henderson and Old Mutual, that attracted most emerging market bond sectors with the bulk of inflows, but the interest. former posts double the volume of the latter. Looking ahead • BlackRock has dominated the leader board this year and August was no different. UK trackers have been important to the group’s Investors continue to bet on the central banks maintaining a dovish stance towards interest rate rises and their massive debt holdings. So far this bet seems to have paid off but investors are skittish and standing success. ready to shift their positions if policymakers give any hint of more aggressive action. Meanwhile stock • PIMCO also retains its position as active fund leader, thanks to markets continue to rise so a rebound in equity fund purchases looks possible in September. Without some unexpected event spooking the markets, the astonishing renaissance of fund buying seems set to the popularity of its GIS Income fund, which attracted €4.6bn of net inflows in August. continue. Flow sentiment Positive net sales vs Cumulative net sales by year (€bn) Negative net sales 48% 400 B €144 B €111 B 200 B -€73 B -€72 B 0.00 52% Jul 2017 Aug 2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec % of # funds with negative flows Positive Flows 2015 2016 2017 % of # funds with positive flows Negative Flows 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 International* 4,015 B 46.9 B 24.9 B -0.5 B 4.6 B United Kingdom 1,095 B 6.0 B 4.2 B -0.4 B 1.7 B France 372 B 3.5 B 2.8 B -0.1 B 0.5 B Germany 610 B 2.9 B 2.7 B -0.8 B 0.4 B Italy 458 B 4.4 B 1.2 B -0.4 B 0.6 B Norway 87 B 0.6 B 0.7 B -0.1 B 0.2 B * International market granularity available via SalesWatch. Funds of funds and money market funds are excluded. European Net Sales by Investment Type (€bn) 35 29 29 26 25 23 24 16 16 10 3 1 0 1 -33 Bnd Eq MM Mix Oth Jun 2017 Jul 2017 Aug 2017 Bottom 10 selling sectors - Latest month (€bn) Top 10 Sectors selling sectors - Latest month (€bn) Derivatives -0.3 B Bnd Gl Curr 6.1 B Eq India -0.4 B Bnd Em Mkt 3.1 B Eq Healthcare -0.4 B FF Bal 2.6 B Guarant'd -0.5 B Mix Income 2.4 B Eq Japan -0.5 B Mix Cons 2.4 B FF Hdge -0.5 B Bnd Eur Sh-T 2.0 B Eq Consumer -0.6 B Bnd Flex 1.9 B Eq UK Inc -0.6 B Eq Global 1.8 B Bnd Targ Mat -0.8 B Allocation Alt 1.7 B Bnd USD Corp HY -0.9 B Bnd USD 1.3 B Page 2/4 Top selling groups - Latest month (€bn) Top selling groups - Latest 12 months (€bn) Master Group NAT Assets Net Sales BlackRock 6.4 B BlackRock US 590.9 B 71.3 B PIMCO 4.9 B PIMCO US 126.4 B 40.3 B Amundi 2.0 B Amundi FR 270.0 B 24.1 B Prudential/M&G 1.6 B Intesa SP IT 176.1 B 19.7 B Vanguard US 117.7 B 17.5 B GAM -0.0 B 1.6 B Active Passive Top 10 Selling Funds - Latest month (€m) Fund Name Fund Domicile Fund Investment Type Net Sales PIMCO GIS Income Fund Ireland Bond 4,637 BlackRock ACS 30:70 Global Equity Tracker Fund United Kingdom Equity 1,712 M&G Optimal Income Fund United Kingdom Bond 1,055 BlackRock Liability Solutions Funds II - £ Tailored Fund X Ireland Other 676 Interfund Euro Bond Short Term 1-3 Luxembourg Bond 595 Allianz Global Investors Fund - Allianz Income and Growth Luxembourg Mixed Assets 593 Templeton Emerging Markets Bond Fund (Lux) Luxembourg Bond 446 Legg Mason Western Asset Macro Opportunities Bond Fund Ireland Bond 439 Allianz Global Investors Fund - Allianz Floating Rate Notes Plus Luxembourg Bond 417 iShares Core S&P 500 UCITS ETF (USD) Ireland Equity 394 Best Sellers by Month (€bn) Fund Name Type Month/Year Net Sales PIMCO GIS Income Fund Bnd Aug 2017 4.6 B Jul 2017 3.9 B BlackRock ACS 50:50 Global Equity Tracker Eq Jun 2017 9.7 B PIMCO GIS Income Fund Bnd May 2017 4.1 B Apr 2017 3.1 B Mar 2017 4.0 B Feb 2017 2.4 B Jan 2017 1.7 B Invesco Perpetual Global Targeted Returns Mix Dec 2016 1.0 B AEGON Euro Credits Bnd Nov 2016 3.5 B Vanguard Investment Series Plc - Vanguard US Treasury Inflation-Protected Securities Index Fund Bnd Oct 2016 1.2 B PIMCO GIS Income Fund Bnd Sep 2016 1.4 B Page 3/4 Historical fund launches & closures Proportion of net sales of the top ten selling funds 79.5 B 54 70.6 B 66.4 B 84 61.3 B 27.3 B 84 54 13.9 B 54 13.5 B 64 13.5 B 178 14.3 B 62 135 135 193 38.6 B 131 11.1 B 32 56.6 B 52.9 B 52.2 B 46.9 B 258 76 231 258 203 160 175 27.6 B 97 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 Aug 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 Aug 2017 Fund Launches Fund Closures Fund Mergers 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 Allocation 416 Schroders 1 297 Amundi 7 225 Eq Global 388 GAM 4 204 Bnd Gl Curr 305 T Rowe Price 1 178 Intesa SP 4 176 Eq Japan 178 Allocation Alt 170 Number of fund launches by region Bnd Gl Corp 169 Eq UK 146 Europe 55 Bnd Scand Curr 69 International 42 Top fund launches - Latest month (€m) Fund Name Domicile Investment Type Launch Date Net Sales Schroder Global Multi-Factor Equity Fund GB Equity 2017-08 297 Star Alma FR Equity 2017-08 178 T. Rowe Price Funds SICAV - Dynamic Global Investment Grade Bond Fund LU Bond 2017-08 178 Aberdeen Global Corporate Bond Tracker GB Bond 2017-08 162 Baillie Gifford UK Equity Focus GB Equity 2017-08 146 Multirange Sicav - Prime Alpha Multi Advisors LU Mixed Assets 2017-08 139 AZ Fund 1 Italian Excellence 7.0 LU Mixed Assets 2017-08 121 EIS - Flexible Equity Strategy 2 LU Mixed Assets 2017-08 84 Natixis AM Funds - Natixis Global Aggregate LU Bond 2017-08 75 EIS - Flexible Equity Strategy 3 LU Mixed Assets 2017-08 73 Most Recent Record Date Data in EURO as at: Aug 2017 For more information please contact [email protected] © Copyright 2017, Broadridge Financial Solutions, Inc.
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