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April in Brief:
The second quarter began as the first ended; the March rally extended into April but there were signs that it was beginning to lose a little bit of its puff. The characteristics of April’s sales momentum were almost identical – fixed income funds in and equity very firmly out. For a second month running bonds funds absorbed the weight of new money with mixed asset funds standing firm but very much in the shadows. In both cases volumes came close to those posted in March, but not quite. The race back to bonds continued to be pulled back by investors retreating from flexible and plain vanilla government bonds but USD high yield corporates were also out of favour. At the top of the rosta, though, were multiple other of the more risky corporate, emerging market and high yield bond sectors, all seemingly benefiting from switches out of other bond sectors and also a lightening of equity allocations.
Shifting sentiment and its impact on portfolio allocations weighed heavily on equities and this was one point of difference with March. In April redemptions from equities were noticeably higher, breaching the €10bn ceiling for the first time in eight months. Japan and all varieties of European stock funds were the casualties but it was not all bad news for equity managers. Emerging market funds are now high on the buy list and this month they benefited from €2.7bn of net inflows.
European Fund Market - Data Digest
Broadridge's annual review of the European funds industry provides 30 pages packed with sales and assets data on activity in different markets, as well as a look at which groups and products prospered in 2015. The report includes unique data on cross-border activity, as well as commentary on various issues that impact the industry over the near term and long term + a special focus on US funds and ETFs distribution (page 26-32).
You can view the report by clicking here