BlackRock Global ETP Landscape Report for November 2016

US equities gathered $52.2bn on the back of the US equity rally following the US election outcome…….

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Marchioni Ursula – Head of ETP Research EMEA at iShares

·         US financials, industrials and health care gathered $8.2bn, $3.5bn and $2bn respectively.

·         Broad European equity exposures saw inflows of $1.2bn. European health care, financials and oil & gas equities gathered a combined $500mn in flow.

·         EM equities saw $3.2bn in outflows – China and Indian equity exposures saw outflows of $845mn and $217mn respectively.

·         S TIPS and developed market high yield fixed income exposure saw inflows of $2.4bn and $1.4bn respectively.

·         Developed market debt saw inflows of $2.8bn while EM debt saw outflows of $3.5bn.

·         Crude oil has gathered $730mn in the month of November while gold exposures saw outflows of $4.5bn.

Quote from Ursula Marchioni, Chief Strategist for iShares EMEA at BlackRock

“The ETP trends seen in November suggest investors used the products to position their portfolios for the Trump presidency.

“The results triggered inflows into US equity ETFs on expectations of President-elect Trump’s pro-growth policies. The inflows largely went into broad large cap exposures, as well as financials which benefited from yield curve steepening and expectations of lower regulation under Trump’s administration. Health care, pharmaceuticals and biotechnology exposures also saw net positive flows. US small cap and US value exposures were also favour, benefitting from the reflationary trend.

“Flow into Japanese equity exposures reached $4bn supported by the recent weakening of the yen against the US dollar after the US elections.

“Emerging market debt ETPs, specifically government debt and sovereign bond exposures, saw outflows driven by Trump’s anti-trade rhetoric and stronger US dollar. In the US, treasuries saw large outflows on the back of a reflation-driven back up in yields while TIPS exposures gathered flows in anticipation of ongoing inflationary pressures.

“Crude oil ETPs saw inflows as investors expected increased US infrastructure spending. Gold, on the other hand, saw outflows of $4.5bn driven by broadly resilient risk sentiment following the US election and back-up in yields following the outcome.”



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