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Director of Research
USA
+20 year(s) experience
As director, Cameron mines EPFR data to isolate themes and identify relevant trends—whether a spike in leveraged bear bonds or shifts in emerging markets—to help buy- and sell-side institutions make more informed decisions. He heads a team of 10 quantitative and qualitative researchers for the database, which tracks around 130,000 share classes and represents roughly $40 trillion of assets under management.
Cameron co-authored an International Financing Review (IFR)-published study of fund flows and produces regular reports on trends that emerge from the data, directing the focus of the research based on clients’ interest.
He previously worked as a journalist at a number of regional papers in the U.S., as well as the managing editor of now-closed World Paper in Boston, publishing a theme-driven international affairs supplement in emerging economies.
Cameron, who grew up in Scotland and Ireland, spends most of his time outside work with his two teenaged children. He also spends much of his time fishing for tuna, trout, carp and salmon, partaking in a pastime he sees as one of the last bastions of true social diversity.
“I spent years as a journalist canvassing communities and interviewing people to find the most compelling stories for our readers. At Informa, my job is no different—I scour data tracking trillions of dollars looking for stories our clients can’t see. I build powerful narratives they can use to grow as a firm.”
EPFR - fund flow & allocations data
For several months now, investors have been buying into forecasts of a global economic rebound unleashed by widespread vaccination against the COVID-19 virus. Fears that inflation will also slip the leash when the rebound occurs took a backseat to the global reflation story. During the second week of January, this undercurrent of inflationary angst bubbled to the surface as markets factored in rising commodity and transportation costs, cash stockpiles in savings and money market accounts, the fiscal agenda of the incoming US administration and signals from the US Federal Reserve that the switch to a tightening bias could occur much sooner than previously expected. The week ending Jan. 13 saw EPFR-tracked Inflation Protected Bond Funds extend their current inflow streak to eight weeks and $8.7 billion, Bank Loan Funds record their biggest inflow since mid-2Q18, flows into Commodities Sector Funds hit a record high and Energy Sector Funds record their 12th consecutive inflow and largest in over 11 months.
Topic Industry News
EPFR - fund flow & allocations data
The first week of 2021 saw Democrats gain control of the US Senate, the death throes of Donald Trump’s presidency, over 4 million new COVID-19 cases reported worldwide and over 5 million anti-COVID vaccines administered, Saudi Arabia announce oil production cuts totaling 1 million barrels a day and China crack down on pro-democracy activists in Hong Kong. Investors, for the most part, looked ahead to better days with both US Equity and Bond Funds recording solid inflows, Global Equity Funds posting their 28th consecutive inflow and Global Bond Funds absorbing fresh money for the 36th time in the past 40 weeks. In addition to taking a diversified approach to the hoped-for global reflation story, investors continue to pencil in higher inflation when it does materialize. Inflation Protected Bond Funds took in over $1 billion for the third time in the past six weeks as they recorded their 36th inflow since the beginning of 2Q20. Emerging Markets Equity Funds, which carried a 15-week inflow streak into January, recorded their first outflow since mid-September as investors redeemed over $3 billion from China Equity Funds.
Topic Industry News
EPFR - fund flow & allocations data
A year defined by the shock of the COVID-19 pandemic ended with $600 stimulus checks on their way to millions of Americans, the UK and European Union making guarded toasts to a new trade deal and the number of people vaccinated against the coronavirus climbing towards the 10 million mark. Benchmark US equity indexes hit new record highs in late December and consensus global GDP forecasts anticipate over 5% growth in 2021. Mutual fund investors ended 2020 steadily rebuilding their exposure to emerging markets equity and debt, rotating from actively managed funds to lower cost ETFs, adding to their hedges against inflation, pumping more money into funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates and buying into the post-pandemic technology, healthcare and consumer rebound narratives. EPFR-tracked SRI/ESG Equity and Bond Funds set new full-year inflow marks, as did Healthcare, Consumer Goods and Technology Sector Funds, and the collective AUM of all EPFR-tracked ETFs climbed past the $7 trillion mark in November. There is plenty of cash on hand to pursue these and other themes in 2021. Money Market Funds attracted nearly $1 trillion in 2020, the personal savings rate soared in the US and other key markets, and major central banks remain committed to ultra-accommodative monetary policies.
Topic Industry News
EPFR - fund flow & allocations data
Mid-December saw EPFR-tracked Europe Equity Funds post their 11th outflow in the past 14 weeks and Europe Bond Funds experience their heaviest redemptions since late March as a host of issues, ranging from the impact of recent euro strength on regional exporters to the cost of new measures being rolled out to combat the COVID-19 pandemic’s second wave, sapped investor appetite for exposure to the region. European Money Market Funds, meanwhile, have recorded net inflows seven of the past 11 weeks as investors keep their options open. While shunning Europe, investors added significant sums to fund groups dedicated to themes with momentum: diversified exposure to post-vaccine reflation of the global economy, social and environmental justice, emerging markets and hedging against anticipated inflation. Global Equity Funds set a new inflow record, their second in less than a month, and both Emerging Markets Equity and Bond Funds maintained their strong finish to the year with the former pulling in over $2 billion for the sixth straight week while EM Bond Funds absorbing fresh money for the 11th week in a row. There was also no let-up in the flows to Equity and Bond Funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates, with investors committing another $10 billion to these groups. The latest inflows lifted the year-to-date total for SRI/ESG Bond and Equity Funds over the $55 billion and $175 billion marks respectively. Overall, EPFR-tracked Equity Funds posted a collective inflow of $46.4 billion and Balanced Funds took in a net $3 billion during the week ending Dec. 16 while $34 million flowed into Alternative Funds and $795 million into Bond Funds. Redemptions from Money Market Funds totaled $58 billion.
Topic Industry News
EPFR - fund flow & allocations data
After more than two decades of tracking mutual fund flows and allocation data, we’ve come to believe that each year, or indeed each time period, has its own special “data signature”. It could be said that 2020 has one of the most unique signatures we've seen in a long time. Our 2020 wrap takes a look at this past year, we discuss the reactions we saw in the fund flows and allocations data to the pandemic, China, the US election, the continued demand for greener investing and more. As we position our sights on the year ahead, we discuss the outlook for ESG, Emerging Markets and Japan.
Topic Industry News
EPFR - fund flow & allocations data
After more than two decades of tracking mutual fund flows and allocation data, we’ve come to believe that each year, or indeed each time period, has its own special “data signature”. It could be said that 2020 has one of the most unique signatures we've seen in a long time. Our 2020 wrap takes a look at this past year, we discuss the reactions we saw in the fund flows and allocations data to the pandemic, China, the US election, the continued demand for greener investing and more. As we position our sights on the year ahead, we discuss the outlook for ESG, Emerging Markets and Japan...
Topic Industry News
EPFR - fund flow & allocations data
Global Equity Funds, the biggest of the diversified Developed Markets Equity Fund groups, posted their second largest inflow on record during the first week of December as investors seek diversified exposure to next year’s vaccine-driven recovery stories. The past three weeks have seen Global Equity Funds chalk up their three biggest inflows since EPFR started tracking them in 4Q00. Diversified funds also led the way as Emerging Markets Equity and Bond Funds extended the rebound in flows than began in the third quarter. Global Emerging Markets (GEM) Equity Funds recorded their 10th consecutive inflow – and their biggest since 1Q19 – while GEM Bond Funds absorbed fresh money for the 17th time in the past 19 weeks. Overall, EPFR-tracked Equity Funds absorbed a net $18 billion during the week ending Dec. 7 as Dividend Equity Funds posted their third inflow in the past four weeks and funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates set another inflow record. Equity Hedge Funds, however, saw their current inflow streak snapped as they posted only their fourth outflow in the past 18 weeks.
Topic Industry News
EPFR - fund flow & allocations data
Mutual fund investors remained somewhat in step with buoyant US and global equity markets going into the final month of 2020, committing another $9.6 billion to EPFR-tracked Equity Funds which set the seal on a record-setting month – in flow terms – for that group. Provisionally, net flows into all Equity Funds during November totaled $127 billion, eclipsing the previous monthly record set in January 2018 by some $17 billion. The latest flows reflected some of the year’s established themes, including appetite for diversified exposure, socially responsible (SRI) or environmental, social and governance (ESG) themes and China’s growth story. Global Equity Funds, which set a new inflow record the previous week, absorbed another $10.9 billion during the week ending Dec. 2, SRI/ESG Equity Funds saw their year-to-date inflows climb past the $150 billion mark and China Bond Funds posted inflows for the 31st consecutive week. Looking ahead, there is plenty of fuel to drive asset markets and fund AUM’s higher in the months ahead. Personal savings rates in the US remain elevated, and much of the more than $1 trillion that flowed into US Money Market Funds during the second quarter remains in these liquidity management vehicles.
Topic Industry News
EPFR - fund flow & allocations data
Retail flows to EPFR-tracked Equity Funds during the week ending Nov. 25 hit their highest level since late 1Q06 as the prospect of effective anti-COVID-19 vaccines and a return to political normality in the New Year propelled benchmark US indexes to fresh record highs. US Equity Funds recorded their first retail inflow since mid-September and their biggest since early June, Global Equity Funds posted their 33rd retail inflow in the past 35 weeks and retail investors committed fresh money to China Equity Funds for the 23rd straight week. These Equity Funds are on track to challenge the monthly inflow record they set in January 2018, when the synchronized global growth narrative prompted investors to move off the sidelines. In addition to the revived retail flows, this group is also benefiting from the strong investor appetite for exposure to the socially responsible (SRI) or environmental, social and governance (ESG) themes. Funds with these mandates posted their second record inflow month-to-date as their year-to-date total climbed to $143 billion. Overall, Equity Funds recorded a collective inflow of $34 billion during the week ending Nov. 25 while Money Market Funds absorbed $4 billion and Bond Funds $9 billion. Investors pulled a net $58 million out of Alternative Funds and $1.8 billion from Balanced Funds.
Topic Industry News
EPFR - fund flow & allocations data
With hopes rising that two, if not three, vaccines that are over 90% effective against the COVID-19 virus will be available for use by year’s end, US equity markets hit a new record high and EPFR-tracked Equity Funds continued to enjoy strong inflows during the week ending Nov. 18. But investors also paid more attention to the economic damage that may occur between the peak of the pandemic’s second wave and sufficiently widespread vaccination, especially in Europe, which capped the latest week’s Equity Fund inflows at 60% of the previous week’s record-setting total. Sentiment towards emerging markets, anchored by China’s return to growth, remains on the mend and has picked up a tailwind from expectations that 2021 will see more travel thanks to the deployment of vaccines, thereby boosting tourism and oil prices. Emerging Markets Equity Funds posted their ninth consecutive inflow and Emerging Markets Bond Funds their 19th in the past 21 weeks. Emerging Markets Money Market Funds are also enjoying solid inflows and are on course to set a new full-year record, with Asia ex-Japan Funds seeing the biggest inflows in cash terms and Latin America Equity Funds in % of AUM terms.
Topic Industry News
EPFR - fund flow & allocations data
Join EPFR Director of Research, Cameron Brandt, Forbes Columnist, Kenneth Rapoza and EPFR Manager of Quant Strategies, Steven X. Shen, CQF as they discuss how managers are navigating retail currents, geopolitical reefs, the pandemic tide and rebalanced ballasts, the debate about China’s future as an asset class, and the economic relationship between China and the US in our latest webinar playback. CSCA data, and EPFR Fund and Country Flow data, illustrates the desire of many investors - and some fund managers - to get exposure to China’s growth story with a minimum of direct involvement in China’s retail-driven domestic markets. Foreign listed Chinese shares remain the only group where EPFR-tracked managers are overweight the benchmark and, at times this year, flows have bypassed dedicated China Equity Funds in favour of Greater China and Taiwan Equity Funds.
Topic Industry News
EPFR - fund flow & allocations data
Join EPFR Director of Research, Cameron Brandt, Forbes Columnist, Kenneth Rapoza and EPFR Manager of Quant Strategies, Steven X. Shen, CQF as they discuss how managers are navigating retail currents, geopolitical reefs, the pandemic tide and rebalanced ballasts, the debate about China’s future as an asset class, and the economic relationship between China and the US in our latest webinar playback. CSCA data, and EPFR Fund and Country Flow data, illustrates the desire of many investors - and some fund managers - to get exposure to China’s growth story with a minimum of direct involvement in China’s retail-driven domestic markets. Foreign listed Chinese shares remain the only group where EPFR-tracked managers are overweight the benchmark and, at times this year, flows have bypassed dedicated China Equity Funds in favour of Greater China and Taiwan Equity Funds.
Topic Industry News
EPFR - fund flow & allocations data
Although the incumbent continued to disagree, both markets and mutual fund investors spent the week following the US presidential election positioning themselves for a US administration headed by president-elect Joseph Biden. Expectations of predictable policymaking that favors economic stimulus, takes a more conventional approach to global trade and shows a greater willingness to regulate sent record-setting amounts of money flooding into Equity Funds, especially those dedicated to large cap plays. The week ending Nov. 11 saw Emerging Markets, US and Global Equity Funds record their biggest weekly inflows in over eight, 31 and 33 months respectively, propelling all Equity Funds to their largest weekly inflow since EPFR started tracking them over two decades ago. Investor sentiment during the second week of November was also bolstered by encouraging reports about two of the vaccines, one American and one Russian, developed in response to the COVID-19 pandemic. Healthcare Sector Funds posted their 12th inflow in excess of $1 billion year-to-date. At the comparable point in the aftermath of the 2016 election that saw Donald Trump emerge victorious, investors rotated aggressively from fixed income and emerging markets funds to US Equity Funds and several major Sector Fund groups. Financial, Healthcare/Biotechnology and Industrials Sector Funds all posted new weekly inflow records during the week ending Nov.16, 2016, as did US Equity Funds, while Emerging Markets Bond Funds experienced a record-setting outflow and over $5 billion was redeemed from Emerging Markets Equity Funds.
Topic Industry News
EPFR - fund flow & allocations data, IGM FX and Rates
The final two months of 2020 should resolve what flavour of political leadership the US will enjoy for the next four years and whether the next stage of the UK's relationship with the EU includes a trade deal, as well as providing a better fix on the timing of any COVID-19 vaccines. The answers to these questions will have a major bearing on foreign exchange movements for individual currencies and pairs, such as the pound sterling and euro, linked by geopolitical issues. Our host, Cameron Brandt - EPFR Director of Research, is joined by guests Sayad Baronyan - EPFR Head of Quantitative Research, and Jonathan Cavenagh - IGM Senior Market Strategist to provide their views on these major FX questions. Crucial insight on FX trends | Understand real money market drivers | Compare historical data
Topic Industry News
EPFR - fund flow & allocations data
The broad flow patterns stayed the same for most EPFR-tracked fund groups going into the November US presidential election. But the pace of flows slowed until investors got a fix on the likely outcome – a ‘blue ripple’ putting Democrat Joe Biden in the White House but failing to wrest the Senate from Republicans – and deployed their money accordingly. Daily flows into Healthcare Sector Funds hit their highest level since April 8 the day after the election, commitments to US Bond Funds climbed appreciably and all Equity Funds recorded their biggest collective inflow since mid-October. But broader flow trends continued to play out, with the week ending Nov. 4 seeing both Emerging Markets Equity and Bond Funds post inflows, funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates attracting fresh money, equity investors showing a preference for diversified and Asian exposure, fixed income investors continuing to worry about inflation and US Money Market Funds posting their 12th outflow in the past three months. The redemptions from US Money Market Funds are fueling a debate about the degree to which search for yield, declining returns for money deposited and measures introduced after the 2008-09 financial crisis to limit systematic risk, including triggers for gates and fees, are driving these outflows. According to Paul Adams, the senior editor at EPFR sister company iMoneyNet, “Assets in short-duration funds tracked by iMoneyNet also remain high, suggesting that investors are searching for yield and may be transitioning some assets to that segment of the cash management industry, But they’re doing that cautiously, and without taking on too much maturity or credit exposure. Frankly, there isn’t much yield to be found and with lots of uncertainties ahead – the pandemic, low rates, the uptick in bankruptcies, divided government and so on -- cash managers will likely remain cautious through the end of the year and into 2021, thereby keeping MMF balances high”.
Topic Industry News
