BlackRock Global ETP Landscape Report for July 2016

Highlights · Global ETP flows registered $55.2bn in July, a record month for 2016. The flows were supported by relatively resilient markets and lower-than-expected signs of stress in the immediate aftermaths of the Brexit vote.

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Marchioni Ursula – Head of ETP Research EMEA at iShares

·       U.S. equity inflows reached $32.0bn, the highest since December 2014, with continued strength in dividend-weighted and minimum volatility strategies with $4.8bn and $1.4bn, respectively

·       Fixed income flows accelerated to $13.9bn driven by investment grade and high yield corporate bonds with $7.0bn combined as investors showed preference for high-yielding categories

·       The largest flow volumes in July were into both Emerging Market equities ($8.2bn) and Emerging Market debt ($3.9bn).

Ursula Marchioni, Chief Strategist for iShares EMEA, commented:

“In July, investors didn’t panic or try to de-risk portfolios, but rather capitalised on some buying opportunities and continued to search for yield in a low return environment which is even more likely to continue”.

“In a record month for global ETPs, US equities and emerging market debt and equity were the flavours of the month. There were a number of records and milestones across different asset classes during the month, with minimum volatility funds surpassing $50bn in assets and broad emerging market equity as well as emerging market debt funds both reaching new monthly highs”.

“Emerging markets were the standout for the month, with $11.2bn of flows into debt and equities products. Although counter-intuitive, emerging markets seem to have earned a safe haven status due to the perceived distance from volatility driven by developed markets, combined with a view that market conditions will unlikely bring Fed tightening and a strong Dollar anytime soon”.

“Equity funds celebrated their best month for the year so far climbing to $34.1bn following a sharp recovery in US equity flows. Fixed income funds remain on track for a record year, having rebounded by nearly $14bn. US corporates were the biggest contributor across fixed income flows for the month, while US Treasuries were one of the only fixed income exposures to witness net outflows”.

“Meanwhile, broad market commodity funds added $1.3bn in flows, nearly doubling the year-to-date total and just shy of its monthly record in February 2011. Gold funds drew in $3.2bn as investors continued to seek a counterweight to negative rates and heightened volatility. Year-to-date flows into gold ETPs have climbed to $25.1bn, higher than 2009’s record full-year flows of $17bn”.

Three EMEA domiciled iShares became ‘billionaires’ in July, bringing the total to 66 products with over $1bn in assets under management:

·       iShares Diversified Commodity Swap UCITS ETF

·       iShares J.P. Morgan $ EM Bond EUR Hedged UCITS ETF

·       iShares Euro Ultrashort Bond UCITS ETF



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