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Analyst Articles

無料解析

  • EPFR

    Trade, policy debates and weak growth weigh on Europe Funds

    By cameron-brandt 22 Nov 2019

    The third week of November saw Europe Equity Funds longest inflow streak since 1Q18 come to an end and redemptions from Europe Bond Funds jump to a 49-week high as investors responded to policy divisions within the continent, slowing economic growth and the continuing headwinds generated by the more protectionist US stance on trade. Spain’s recent election, which saw populist parties make gains and left the region’s fifth largest economy in the hands of a caretaker government, gave investors further reasons for caution. Investors also took a modest step back from some fund groups dedicated to riskier asset classes, with Emerging Markets Bond Funds recording outflows for the first time in six weeks and High Yield Bond Funds posting consecutive weekly outflows for the first time since early June. Overall, EPFR-tracked Bond Funds posted a collective inflow of $6.9 billion during the week ending November while $1.5 billion flowed out of Equity Funds despite the third highest inflow on record for Equity Funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates and positive flows to Dividend Equity Funds for the ninth time in the past 10 weeks. The latest week was also marked by a new milestone for the Exchange Traded Funds (ETFs) tracked by EPFR, with the collective AUM of those tracked both daily and monthly hitting the $6 trillion mark.

    Topic industry-news

  • EPFR

    Does today’s monetary policy leave investors in purgatory or hell? A view from industry experts

    By cameron-brandt 11 Nov 2019

    Does today’s monetary policy leave investors in purgatory or hell? A view from industry experts Last month Informa, EPFR and Fintech company ClearMacro held an evening event: The 2020 Road to Returns, where industry experts were presented with the question, “Does the current monetary policy environment leave investors and financial professionals in purgatory or hell,” the panelists were split down the middle.

    Topic industry-news

  • EPFR

    With US rate cut in the bag, focus shifts back to trade

    By cameron-brandt 11 Nov 2019

    With US rate cut in the bag, focus shifts back to trade Mutual fund investors got a rate cut for Halloween. Will they get a Sino-US trade deal for Thanksgiving? Hopes of an end to the bruising trade war rose during the first week of November, propelling US benchmark indexes to new record highs and the Euro Stoxx 50 to levels last seen in 1Q18. Fund flows during the first week of November reflected this optimism, with US Equity Funds chalking up their third inflow in the past four weeks and Asia ex-Japan Equity Funds posting consecutive weekly inflows for the first time since early July while Emerging Markets Bond and Equity Funds both attracted fresh money. Funds with diversified global mandates were the biggest beneficiaries of this shift in sentiment: Global Bond Funds recorded their third largest inflow year-to-date and Global Equity Funds their biggest since the fourth week of 2018.

    Topic Industry News

  • EPFR

    US Equity Funds record first retail inflow since late 2Q17

    By cameron-brandt 01 Nov 2019

    Global Navigator

    US Equity Funds record first retail inflow since late 2Q17 The final week of October saw the Federal Reserve cut short term US interest rates by another 25 basis points, the benchmark S&P 500 index set a fresh record high and EPFR-tracked US Equity Funds post their first retail inflow in nearly 28 months. With the latest US rate cut in hand and trade and Brexit deals still visible in the bushes, investors also stepped up their commitments to Emerging Markets Equity Funds and allowed Europe Equity Funds to record their first consecutive weekly inflows since 1Q18. Increasing optimism and higher risk appetite translated into the first back-to-back outflows since mid-May for Gold Funds, which had a 15-week inflow streak snapped during the previous week, and Silver Funds experienced net redemptions for the third week in a row. Overall, EPFR-tracked Equity Funds took in $6 billion during the week ending Oct.30 while investors steered $770 million into Alternative Funds, $7.8 billion into Bond Funds and $24.2 billion into Money Market Funds. It was another good week for Dividend Equity Funds, which chalked up their biggest weekly inflow since March, and the assets managed by all EPFR-tracked ETFs moved over the $5.8 trillion mark.

    Topic industry-news

  • EPFR

    EPFR & ClearMacro Panel Event Excerpt

    By cameron-brandt 25 Oct 2019

    EPFR & ClearMacro Panel Event Excerpt Does the current monetary policy environment leave investors and financial professionals in purgatory or hell? Presented with the question, “Does the current monetary policy environment leave investors and financial professionals in purgatory or hell?” a group of panelists assembled by Informa Financial Intelligence’s EPFR and Fintech company, ClearMacro, earlier this month in London were split down the middle.

    Topic industry-news

  • EPFR

    Europe Equity Funds enjoy a rare inflow as perceptions of Brexit shift

    By cameron-brandt 25 Oct 2019

    Global Navigator

    Europe Equity Funds enjoy a rare inflow as perceptions of Brexit shift Although yet another Brexit ‘deadline looks set to pass without the UK leaving the European Union, hopes that the drawn-out process is nearing the end helped EPFR-tracked Europe Equity Funds post only their fourth weekly inflow since the beginning of 2Q18 during the third week of October. UK Equity Funds, meanwhile, posted their third largest inflow year-to-date. The belief that the end of Brexit saga is finally in sight also helped to sustain the modest rise in risk appetite seen the previous week. Flows into High Yield and Emerging Markets Bond Funds climbed to five-week highs, Frontier Markets Equity Funds posted their third inflow since the beginning of March, Alternative Funds took in over $1 billion and flows to major Sector Fund groups tilted towards those with less defensive reputations. But overall, investors continued their year-long rotation from Equity Funds to Bond and Money Market Funds, pulling another $3.8 billion out of the former and committing a combined $22 billion to the latter fund groups.

    Topic Industry News

  • EPFR

    Flickers of hope for trade and Brexit deals boost risk appetite

    By cameron-brandt 18 Oct 2019

    Global Navigator

    Flickers of hope for trade and Brexit deals boost risk appetite The second week of October saw flows to EPFR-tracked High Yield and Emerging Markets Bond rebound, US and UK Equity Funds snap three-week outflow streaks and UK Bond Funds post their biggest inflow since June as Sino-US trade and UK-EU exit deal talks took turns for the better. Investors are also pricing in another rate cut from the US Federal reserve when it meets on the final days of the month.

    Topic industry-news

  • EPFR

    Data Simply Scores: Enhance your SRI and ESG lenses

    By cameron-brandt 15 Oct 2019

    The pursuit of pure Alpha and recognition of less tangible but equally – or more -- worthy goals, is as old as recorded financial history. In its current incarnation, a financial industry tempered by the “greed is good” era is scrambling to accommodate new generations of investors who place a high premium on environmental and social goals. These investors are backing up their interest in environmental, social and governance (ESG) issues with growing amounts of money. The equity funds tracked by Informa Financial Intelligence, EPFR have posted collective net outflows of over $225 billion so far this year, with the ESG subset or socially responsible investment (SRI) mandates attracting over $35 billion in 2019.

    Topic Industry News

  • EPFR

    Trade issues, earnings and political risk reclaim center stage from central bankers in early October

    By cameron-brandt 11 Oct 2019

    Trade issues, earnings and political risk reclaim center stage from central bankers in early October After a quarter when both the US Federal Reserve and European Central Bank reversed course on the normalization of their monetary policies, the focus during the first week October shifted from central bankers to the Sino-Chinese trade war, the latest corporate earnings season and impending elections in Spain, Canada and Argentina.

    Topic industry-news

  • EPFR

    Money Market Funds close books on record setting quarter

    By cameron-brandt 04 Oct 2019

    Money Market Funds close books on record setting quarter The third quarter ended as it began, with EPFR-tracked Equity Funds experiencing net redemptions and Bond Funds net inflows that took their year-to-date totals to -$230 billion and +$481 billion respectively, as investors continue to brace for a cyclical downturn that they have been anticipating for the better part of four years. In recent months their outlook has been shared by the world’s major central banks. Since the beginning of July the US Federal Reserve cut interest rates twice to sustain the current recovery and the European Central Bank, faced with a sharp slowdown in the German economy, restarted the quantitative easing program it wrapped up at the end of last year. Not surprisingly, mutual fund investors are revisiting their assumptions about yield, global economic growth and inflation. High Yield and Inflation Protected Bond Funds, which both posted collective outflows during 2Q19, saw flows rebound during the third quarter and dedicated Gold Funds recorded their biggest quarterly inflow since 2Q16. Liquidity has also assumed even greater importance: the provisional number for Money Markets Funds during 3Q19 eclipses the previous inflow record set in 4Q08 at the height of the sub-prime debt crisis.

    Topic Industry News

  • EPFR

    German data and US politics chill appetite for equity exposure

    By cameron-brandt 27 Sep 2019

    German data and US politics chill appetite for equity exposure With the specter of impeachment proceedings again stalking US President Donald Trump’s presidency, continuing stress in the short-term dollar lending market and German’s economic woes fueling speculation that the Eurozone could slip in to recession, risk appetite was replaced with risk aversion in late September. Equity Funds bore the brunt. Redemptions from US and Asia ex-Japan Equity Funds hit levels last seen in 4Q18 and 4Q16 respectively, money flowed out of Japan Equity Funds for the fourth week in a row and Europe Equity Funds posted their 36th outflow in the 38-weeks year-to-date. Balanced Funds, which can invest in both equity and fixed income assets, recorded their biggest outflow since mid-May a week after snapping a redemption streak stretching back to 2Q18. Fixed income investors also took a turn for the cautious, with Local Currency Emerging Markets Bond Funds posting outflows, fresh commitments to High Yield Bond Funds falling to a 19th of the previous week’s total and redemptions from Bank Loan Funds climbing to a five-week high. Bond Funds with investment grade mandates, meanwhile, attracted over $8 billion. Overall, the week ending September 25 saw EPFR-tracked Equity Funds post a collective net outflow of $22 billion. Investors also pulled $2 billion out of Balanced Funds while steering $975 million into Alternative Funds, $9.2 billion into Bond Funds and $35 billion into Money Market Funds.

    Topic industry-news

  • EPFR

    US Equity and High Yield Bond Funds in the money as Fed cuts rates for the second time in a row

    By cameron-brandt 20 Sep 2019

    US Equity and High Yield Bond Funds in the money as Fed cuts rates for the second time in a row The second consecutive 0.25% rate cut that followed the Federal Reserve’s mid-September policy meeting triggered a fresh volley of disapproving tweets from US President Donald Trump. But flows into US Equity Funds jumped to a 26-week high and all EPFR-tracked Equity Funds recorded their biggest collective inflow since late 1Q18 as investors began to feel fresh pangs of yield hunger. In addition, High Yield Bond Funds attracted over $3 billion for the second straight week, Alternative Funds pulled in another $1.7 billion, Emerging Markets Equity Funds saw a 21-week redemption streak come to an end and Emerging Markets Bond Funds posted their fourth straight inflow.

    Topic industry-news

  • EPFR

    Outflows the rule for Europe Funds ahead of ECB’s decision to restart quantitative easing

    By cameron-brandt 13 Sep 2019

    Outflows the rule for Europe Funds ahead of ECB’s decision to restart quantitative easing With speculation about the measures the European Central Bank (ECB) would take at its September policy meeting ranging widely, EPFR-tracked Europe Equity, Bond and Money Market Funds all experienced net redemptions during the week ending Sept. 11. For Europe Equity Funds it was 11th consecutive outflow and 35th in the 37 weeks year-to-date while Europe Bond Funds saw their longest inflow streak on record come to an end.

    Topic Industry News

  • EPFR

    EPFR-tracked Bond Funds remain on track for new inflow record

    By cameron-brandt 06 Sep 2019

    EPFR-tracked Bond Funds remain on track for new inflow record The week ending September 4 saw year-to-date flows into all EPFR-tracked Bond Funds climb past the $450 billion level as they continue to make a run at the full year inflow record that they set in 2017. These robust inflows have occurred despite Equity Funds collectively outperforming Bond Funds by a 2-to-1 margin so far this year, with safety-conscious investors putting more stock in further central bank easing that they do in an early end to global trade tensions.

    Topic industry-news

  • EPFR

    Despite surreal political backdrop, fixed income fund flows in late August reflect a rise in risk appetite

    By cameron-brandt 30 Aug 2019

    Despite surreal political backdrop, fixed income fund flows in late August reflect a rise in risk appetite With the Amazon rainforest ablaze, the president of the US floating the idea of purchasing Greenland and the British prime minister trying to suspend parliament ahead of the latest Brexit deadline, an already confusing investment climate took on an Alice in Wonderland quality in late August. Investors, however, tuned out much of the noise and – in a small way – went hunting for yield with EPFR-racked Emerging Markets Bond Funds snapping a three-week run of outflows and flows into High Yield Bond Funds hitting a five-week high.

    Topic industry-news