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EPFR - fund flow & allocations data

Quants Corner - Trick? Treat? Or contrarian FX signal?

By Vik Srimurthy 20 Oct 2021

QC

In late October the mind – at least in the US – turns to brews, potions and mixtures as Halloween looms and faux witches cauldrons dot suburban lawns. Read more...

Topic Industry News

EPFR - fund flow & allocations data

Dealing with inflated expectations

By Cameron Brandt 15 Oct 2021

Global Nav

Expectations for economic growth, US job creation and the transitory nature of inflation all took a knock during the second week of October as supply chain issues and rising energy prices continue to bite. Headline inflation for the US in September exceeded 5% for the third month running while new job creation was less than half of the expected total while the IMF trimmed another 0.1% off its global growth forecast. Investors responded by beefing up their exposure to inflation protected securities, pulling money out of the riskier fixed income fund groups and positioning themselves for short-term gains driven by the latest corporate earnings season. Both High Yield and Emerging Markets Bond Funds saw over $1.5 billion redeemed during a week when commitments to Inflation Protected Bond Funds hit an 11-week high. Overall, the week ending Oct. 13 saw EPFR-tracked Bond Funds post a collective net inflow of just $77 million. Equity Funds took in $11.8 billion, with a third of that total going to funds with socially responsible (SRI) or environmental, social and governance (ESG) mandates, and Balanced Funds absorbed $1.4 billion.

Topic Industry News

EPFR - fund flow & allocations data

Caution reigns in early October

By Cameron Brandt 08 Oct 2021

Global Nav

The first week of October saw US lawmakers sparring over the country’s debt ceiling, authorities in China scrambling to limit the wider damage property giant Evergrande’s debt crisis may cause, and central bankers from Canada to Poland wrestling with the tradeoff between economic growth and rising prices. Faced with this unappealing cocktail, investors’ risk appetite slipped several notches during the first week of October. High Yield Bond Funds posted their first outflow since the second week of July, Emerging Markets Bond Funds experienced net redemptions for the third straight week and over $1.2 billion flowed out of Alternative Funds while Inflation Protected Bond Funds absorbed over $1 billion for the third time in the past four weeks. Appetite for exposure to socially responsible (SRI) or environmental, social and governance (ESG) themes remains strong. SRI/ESG Equity Funds extended an inflow streak stretching back to mid-3Q20 and year-to-date flows into SRI/ESG Bond Funds climbed past the $79 billion mark. Dedicated Cryptocurrency Funds also remained popular, with flows the highest in over four years, during a week when US officials said they have no plans to ban digital currencies.

Topic Industry News

IGM Credit

IGM Global Credit Snapshot

By Andrew Perrin 06 Oct 2021

Global

IGM Global Credit Snapshot | Thursday, 6th October 2021 - Primary market switches to a flurry of activity, volumes surge despite broader market volatility. - Prospects of higher rates entice borrowers to tap markets sooner rather than later. - US IG ex SSA issuance exceeds even highest Street estimate, Average NIC falls to near flat. - US SSA issuance recovers strongly to represent 20% of total IG issuance. - APAC US$ IG volumes surge, conditions conducive with average NIC lowest since Dec 2020. - APAC high yield supply jumps, though Evergrande keeps a lid on Chinese HY property developers. - European primary market picks up pace sharply, Enel SpA sells largest ever SLB corporate offering. - European covered bonds register record supply with a focus on the ultra-long end of the curve. - For more specific regional highlights see below.

Topic Industry News

EPFR - fund flow & allocations data

Betting on big markets in late September

By Cameron Brandt 01 Oct 2021

GNN

The third quarter of 2021 ended with investors continuing to whistle in the dark, committing fresh money to EPFR-tracked Equity and Bond Funds despite multiple risks to global growth. These include political brinkmanship over the US debt ceiling, the energy squeeze hitting China and parts of Europe, the winding down of programs implemented to buffer the initial shock of Covid-19, the pandemic’s evolution and the sustained rise in both producer and consumer prices. The final week of September saw Equity Funds pull in another $9.1 billion, capping their fourth consecutive quarterly inflow, while Bond Funds attracted another $7.9 billion that lifted their year-to-date total north of the $670 billion mark. Both groups have now exceeded the totals for their full-year records, set in 2013 and 2019 respectively.

Topic Industry News

EPFR - fund flow & allocations data

Quants Corner - The utility of water has never been clearer

By Vik Srimurthy 17 Sep 2021

QC

EPFR’s data can be filtered in dozens of ways, including sifting through lists of individual funds to create bespoke groups. A recent example is the selection of utility sector funds with water mandates into a custom group. As it happens, these funds are in focus and in demand. With water getting scarcer in many parts of the world, governments boosting budgets for “green” infrastructure and water’s key role in next generation industries – by some estimates the average semiconductor plant requires over 3 million gallons of clean water a day – investors see both need and opportunity. Read more...

Topic Industry News

EPFR - fund flow & allocations data

Bears remain in hibernation as fall approaches

By Cameron Brandt 17 Sep 2021

Global Navigator

Flows into EPFR-tracked Equity Funds jumped to a 26-week high in mid-September as investors continue to shrug off all manner of threats to the best-case scenarios for the US, European, Chinese and global economies. The investment case for the US appears particularly resilient. Despite headline inflation coming in north of 5% again during August, the constraints of the current debt ceiling, the administrations push for over $2 trillion in tax hikes, average new Covid-19 cases climbing to a level last seen in late January and an emerging consensus that the Federal Reserve will start (cautiously) tapering its bond purchases later this year, investors committed over $50 billion to US Equity and Bond Funds during the week ending Sept. 15. Those investors also showed less appetite for staying close to cash. US Money Market Funds saw $45.6 billion billion redeemed, their biggest weekly outflow since late 4Q20. Meanwhile, some US MM Fund providers are tapping into the broad appetite for exposure to socially responsible (SRI) or environmental, social and governance (ESG) principles. After a lull stretching from the third quarter of last year into April, flows to US SRI/ESG Money Market Funds have gained momentum each of the subsequent months, hitting a 13-month high in August.

Topic Industry News

EPFR - fund flow & allocations data

No let-up in fund flows despite latest headwinds

By Cameron Brandt 10 Sep 2021

GNN

On September 6, enhanced unemployment benefits ended for millions in the US and the seven-day moving average for new Covid-19 cases worldwide stood at 616,000. On Sept. 7, Australia’s central bank confirmed the tapering of its bond buying program and troubled Chinese property developer Evergrande was hit with its second ratings downgrade in as many days. On Sept. 8, former US Fed Chair Janet Yellen warned that the latest debt ceiling impasse could trigger a default in as soon as October. On Sept. 9, as the European Central Bank met to discuss its response to inflationary pressures, EPFR’s latest data showed that $25 billion flowed into the Equity and Bond Funds it tracks during the first week of September. As they have for much of this year, investors allocated to the global rebound, Covid-clipped wings notwithstanding, the consensus on combating climate change, consumers in the world’s two largest economy and the profitability of major corporations. They have largely discounted tighter monetary policy, a return to widespread lockdowns and geopolitical shocks. Going into the second week of September, year-to-date flows to EPFR-tracked Alternative, Balanced, Bond and Equity Funds stood at 35%, 53%, 91% and 197% of their full year records. Among the country, thematic, sector and asset class fund groups on track to set new inflow records are Inflation Protected, SRI/ESG Equity and Bond, Infrastructure and Consumer Goods Sector, China Bond and US Equity Funds.

Topic Industry News