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EPFR - fund flow & allocations data

Investors still searching for that elusive fix

Global Navigator

What narrative to back? The developed markets reflation story? An increasingly green future? A fairytale financial universe populated by cryptocurrencies and meme stocks? A gothic novel featuring higher taxes, inflation and state intervention? The search for direction during the first week of June saw investors commit over $5 billion to the two major EPFR-tracked multi asset fund groups, increase their exposure to Europe’s gathering rebound, add to their inflation hedges and extend lengthy inflow streaks for a number of fund groups with socially responsible (SRI) or environmental, social and governance (ESG) mandates. US Equity Funds, however, saw their record-setting run of inflows come to an end as the focus shifted from America’s strong growth to May’s headline inflation number – it came in at 5%, the highest since 2008 – and the higher taxes that currently seem inevitable. Municipal Bond Funds saw flows hit a 17-week high as they recorded their 22nd inflow year-to-date, TIPS Bond Funds racked up their 36th consecutive inflow and US Bank Loan Funds absorbed fresh money for the 23rd straight week. Overall, EPFR-tracked Bond Funds recorded a collective inflow of $12.4 billion during the week ending June 9. Equity Funds took in a net $1.5 billion, a number that would have negative but for flows into SRI/ESG Funds, with Dividend Equity Funds posting their 13th inflow in the past 15 weeks. But YTD net flows into all Equity Funds have already exceeded the current full-year record of $358 billion set in 2013. Three out of every four dollars committed by equity investors so far this year have gone to Equity ETFs.

Topic Industry News

IGM FX and Rates

IGM Insights

IGM

IGM Insights | Wednesday, 9th June 2021 - Viewpoint - Extend and Pretend - Emerging FX - Seasonality in June - China Insight - Liquidity stays ample despite PBOC FX intervention - FX Majors - EUR/GBP 0.8500-0.9000 range to continue holding - Long term FX Majors & Rates forecasts

Topic Industry News

IGM Credit

European Structured Finance May 2021 in Review

IGM

European Structured Finance May 2021 in Review - CLO market dominant accounting for 17 of 26 public deals in May - Auto supply matches April with three public issues, including new benchmarks - RMBS supply accelerates from April as four deals, specialist sales lead - CMBS market sees first deal since mid March - Market busy, but downward supply trend from February peak extends

Topic Industry News

EPFR - fund flow & allocations data

Oiling the wheels of inflation?

Global Navigator

The final days of May and first two of June did little to help investors reconcile the tension between the US reflation story and signs that inflationary pressures are building in the world’s largest economy. With US President Joe Biden’s first budget proposal calling for an 18% jump from the current fiscal year’s budget to $6 trillion in FY22, with well over $1 trillion of that borrowed, and the price of oil hitting a one-year high the case for both outcomes received a boost during the week ending June 2. Investors responded by adding to their exposure to US assets and boosting their inflation hedges. Flows into Commodities Sector Funds hit a 14-week high, the current inflow streak for Inflation Protected Bond Funds hit 28 weeks and $50 billion, US Equity Funds absorbed fresh money for the 10th straight week – their longest such run since EPFR started tracking them in 4Q00 – and US Bond Funds recorded their 60th inflow since the beginning of 2Q20. Europe’s accelerating recovery currently offers a developed market rebound story with much lower inflation expectations. Europe Equity Funds extended their longest inflow streak since 4Q17 and Europe Bond Funds chalked up their 11th inflow in the past 12 weeks. Overall, the week ending June 2 saw EPFR-tracked Equity Funds record a collective inflow of $14.7 billion. Alternative Funds pulled in $738 million, Balanced Funds $1.8 billion, Bond Funds $11.7 billion and Money Market Funds $16.2 billion.

Topic Industry News

IGM Credit

IGM Global Credit Snapshot

IGM Global Credit Snapshot

IGM Global Credit Snapshot | Thursday, 3rd June 2021 - New issuance market proves resilient in May despite volatility in broader markets. - US IG funding conditions improve, with some of the chunkiest deals this year. - European FIG and CORPs step up funding aggressively amid receptive conditions. - Signs of investors returning to high yield APAC US$ market as volumes rise, NICS slump. - For more specific regional highlights see below.

Topic Industry News

EPFR - fund flow & allocations data

Pace of Green - One fund steals march in Mexican ESG

Pace of Green

It’s amazing how much money one fund can gather when it hits a sweet spot. Last month, money poured into the Mexican ESG category, continuing a strong run that started in August last year, according to EPFR data. But all these flows were driven by just one exchange-traded fund (ETF) - iShares ESG MSCI Mexico...

Topic Industry News ESG

EPFR - fund flow & allocations data

Assets continue to build up in US Money Market Funds

Global Navigator

While pent-up consumer demand and catch-up business investment have been key assumptions behind the US reflation story, one reservoir of fuel for this narrative continues to fill up. During the week ending May 26, flows into EPFR-tracked US Money Market Funds hit a 51-week high, lifting year-to-date inflows to these liquidity vehicles over the $300 billion mark. Investors remain torn between the eye-popping rebound in US economic growth, bolstered by epic levels of fiscal stimulus and expectations that the combination of current vaccinations and past infections will add up to ‘herd immunity’ against Covid-19 by 3Q21, and fears this rebound will lift inflation – and inflationary expectations – to disruptive heights. US Equity Funds recorded their 15th inflow in the past 16 weeks while Bank Loan and Inflation Protected Bond Funds absorbed fresh money for the 21st and 27th consecutive week respectively and flows into Gold Funds hit a 35-week high.

Topic Industry News

IGM FX and Rates

IGM Insights

IGM

IGM Insights | Wednesday, 26th May 2021 - FX Majors - USD momentum remains weak - US Rates - Politics intrudes on the Biden agenda - Emerging Asia - Better prepared for taper talk than in 2013 - CEEMEA - South African Rand's prospects into year end - Technical Analysis - NZD/USD weekly

Topic Industry News