ETP Landscape: September flows moderate to $8.9bn on lower non-us equity contributions despite attractive valuations

– Though September flows were modest, year-to-date flows reached $190.9bn globally and remain on track to reach the record of $262.7bn from 2012…..

Marchioni Ursula – Head of ETP Research EMEA at iShares

– Despite improving global growth and strong relative value opportunities outside the US, investors bid up less risky exposures by adding $12.6bn to US large cap, $3.1bn to broad developed equity and $2.6bn to US aggregate bond funds
– Signs of increasing allocations to EM equity ETPs persisted given attractive valuations even as outflows of ($1.5bn) broke a five-month asset gathering streak
• Broad EM funds still drew in buy-and-hold investors but this activity was countered by late-month tactical trading redemptions, leaving flows flat
• US-listed China funds had a second consecutive month of inflows, capturing $0.3bn in contrast to Asia-listed China fund outflows of ($2.0bn)
– Japanese equity shed ($1.2bn) but remains poised to benefit from ongoing government reforms, the most attractive developed markets valuations and potential for higher equity allocations in the Government Pension Investment Fund
– The ECB announced an unexpected interest rate cut as well as credit easing measures in an attempt to boost growth and head off the threat of deflation, but pan-European ETPs remained out of favour shedding ($1.9bn)
– Fixed income outflows of ($2.6bn) were driven by Treasuries as the end of Fed bond purchases nears and debate over the timing of interest rate increases persists




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