Lipper Research

Most Recent Research

Report Type / Publish DateReport Name
Mar 18, 2015

APs and Retail Investors Pad the Coffers of Long-Term Funds

For the ninth month in ten mutual fund investors injected net new money into the conventional funds business, plowing $19.6 billion into stock & mixed-asset funds and $18.4 billion into bond funds. Money market funds (-$12.3 billion) experienced the only net outflows of the three broad asset classes for February. The Mixed-Asset Funds macro-classification (+$10.4 billion) took in the largest monthly net inflows of Lipper's five equity macro-classifications.For the twelfth month in 13 authorized participants (APs) were net purchasers of exchange-traded fund (ETF) assets (+$33.5 billion), injecting $18.9 billion net into stock & mixed-asset ETFs for February. The World Equity ETFs macro-classification (+$12.5 billion) witnessed the largest equity net inflows for the month. For the fifth month in a row bond ETFs (+$14.7 billion) experienced net purchases, with High Yield ETFs (+$3.8 billion) witnessing the largest net inflows of the classifications.  
Mar 03, 2015

The Month in Closed-End Funds: February 2015

Once again equity and fixed income closed-end funds (CEFs) went their separate ways in February. Equity CEFs posted their first month of plus-side returns in three, rising on average 3.19% on a net-asset-value (NAV) basis. Meanwhile, their fixed income counterparts suffered a negative return on average, losing 0.05% for the month.  For February only 11% of all CEFs traded at a premium to their NAV, with 13% of equity funds and 10% of fixed income funds trading in premium territory. Lipper's municipal bond CEFs macro-group witnessed the largest widening of discounts for the month—25 basis points (bps) to 6.82%. Breaking a 12-month trend, all of Lipper's municipal bond CEF classifications posted returns in the red, with New Jersey Municipal Bond CEFs (-1.78%) suffering the largest loss of the fixed income universe. World equity CEFs (+3.78%) outpaced their domestic equity CEFs (+3.10%) and mixed-asset CEFs (+2.50%) brethren. Core CEFs (+5.09%) posted the strongest return in the equity universe for the month, while Real Estate CEFs (-0.59%) was at the bottom. 
Feb 19, 2015

Despite Poor Performance in January, Retail Investors Pad the Coffers of Long-Term Mutual Funds

Mutual fund investors warmed to long-term mutual funds, injecting $24.5 billion into stock & mixed-asset funds and $10.2 billion into bond funds. Money market funds (-$41.0 billion) experienced the only net outflows of the three broad asset classes for January. The Mixed-Asset Funds macro-classification (+$12.7 billion) witnessed its largest monthly net inflows since January 2013.For the first month in 12 authorized participants (APs) were net redeemers of exchange-traded fund (ETF) assets (-$2.1 billion), withdrawing $10.1 billion net from stock & mixed-asset ETFs for January. Lipper's S&P 500 Index ETFs classification (-$26.6 billion) suffered the largest net redemptions for the month. For the fourth month in a row bond ETFs (+$8.0 billion) experienced net purchases, with General U.S. Treasury ETFs (+$1.9 billion) witnessing the largest net inflows of the group.  
Feb 02, 2015

The Month in Closed-End Funds: January 2015

Equity and fixed income closed-end funds (CEFs) went their separate ways in January. Equity CEFs posted their second straight month of declines, dropping on average 0.73% on a net-asset-value (NAV) basis. Meanwhile, their fixed income counterparts posted a plus-side return on average, rising 1.61% for the month.  For January only 13% of all CEFs traded at a premium to their NAV, with 13% of equity funds and 12% of fixed income funds trading in premium territory. Lipper's municipal bonds CEFs macro-group witnessed the largest narrowing of discounts for the month—204 basis points (bps) to 6.57%. Continuing a 12-month trend, all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Bond CEFs (Leveraged) (+2.98%) once again posting the best return. Once again, mixed-asset CEFs (+0.27%) outpaced their world equity CEFs (-0.42%) and domestic equity CEFs (-1.17%) brethren. Once again, Real Estate CEFs (+3.80%) posted the strongest return in the equity universe for the month, while Growth CEFs (-7.46%) was at the bottom. 
Jan 26, 2015

Lipper U.S. Mutual Funds and Exchange-Traded Products Q4 2014 Snapshot

In this inaugural issue of Lipper's U.S. Mutual Funds and Exchange-Traded Products Snapshot, we feature a summary of total net assets, estimated net flows, and new fund creations for conventional funds and exchange-traded products for Q4 2014, comparing those changes to prior quarters and highlighting the largest individual gainers and losers of both groups. Lipper's U.S. Mutual Funds and Exchange-Traded Products Snapshot provides readers a powerful, easy-to-use guide and quick reference tool to help them discern fund trends for the quarter.
Jan 20, 2015

Retail Investors Are in Stark Contrast With Authorized Participants in December

Mutual fund investors turned a cold shoulder to long-term mutual funds, redeeming $32.2 billion from stock & mixed-asset funds (their first net redemptions in 24 months) and $16.1 billion from bond funds. Money market funds (+$79.7 billion) experienced the only net inflows of the three broad asset classes for December. The Mixed-Asset Funds macro-classification (-$4.5 billion) suffered its first month of net redemptions since November 2011.Authorized participants injected $38.3 billion net into stock & mixed-asset exchange-traded funds (ETFs) for December. Lipper's S&P 500 Index ETFs classification (+$18.1 billion) attracted the largest net sum for the month. For the third month in a row bond ETFs (+$2.9 billion net) experienced net purchases, with Core Bond ETFs (+$4.7 billion) witnessing the largest net inflows of the group.  
Jan 06, 2015

Global Growth Worries Fuel Safe-Haven Bond Plays

Treasury funds and munis were all the rage in Q4 as investors bolted for safer assets while the global economy twisted in the wind.
Jan 05, 2015

The Month in Closed-End Funds: December 2014

For the first month in three both equity and fixed income closed-end funds (CEFs) on average posted returns in the red, with equity CEFs declining 1.43% on a net-asset-value (NAV) basis and their fixed income counterparts losing 0.24% for the month.  For December only 10% of all CEFs traded at a premium to their NAV, with 8% of equity funds and 10% of fixed income funds trading in premium territory. Lipper's domestic equity CEFs macro-group witnessed the largest widening of discounts for the month--202 basis points (bps) to 9.02%. Continuing an 11-month trend, all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Bond CEFs (Leveraged) (+1.24%) posting the best return. Once again, mixed-asset CEFs (-0.73%) outpaced their domestic equity CEFs (-1.15%) and world equity CEFs (-2.43%) brethren. Once again, Real Estate CEFs (+0.83%) posted the strongest return in the equity universe for the month, while Energy MLP CEFs (-6.09%) was at the bottom. 
Jan 04, 2015

Equity Funds Post Their Third Consecutive Year of Plus-Side Returns

For Q4 2014 equity funds (+1.92% on average) posted their ninth quarterly gain in ten. U.S. Diversified Equity (USDE) Funds (+4.60%) jumped to the head of the class for the first quarter in four, outperforming Lipper's other three broad equity macro-classifications: Mixed-Asset Funds (+1.18%), Sector Equity Funds (+0.25%), and World Equity Funds (-2.57%).The Sector Equity Funds macro-classification housed the four best performing classifications in the equity universe: Real Estate Funds (+13.00%), the short-bias Commodities Specialty Funds (+10.75%), Health/Biotechnology Funds (+10.00%), and Consumer Services Funds (+8.61%). Despite ongoing geopolitical concerns , a strengthening dollar, and a massive drop in oil prices, investors continued to bid up China Region Funds (+4.88%) and India Region Funds (+4.59%), two of only six classifications in the World Equity Funds macro-classification posting plus-side returns for Q4. 
Dec 16, 2014

Retail Investors Are Not as Sanguine as Authorized Participants in November

For the seventh month in a row mutual fund investors were net purchasers of fund assets for November, padding the coffers of stock & mixed-asset funds (+$0.3 billion), money market funds (+$25.2 billion), and for the first month in three they were net purchasers of bond funds (+$17.2 billion). Mixed-Asset Funds (+$9.2 billion) attracted the largest amount of net new money of Lipper's five equity macro-classifications. For the eighth consecutive month USDE Funds suffered net redemptions (-$7.5 billion for November).Authorized participants injected a record $41.5 billion into stock & mixed-asset exchange-traded funds (ETFs) for November. Lipper's S&P 500 Index ETFs classification (+$13.3 billion) attracted the largest net sum for the month. For the second month in a row bond ETFs (+$2.2 billion net) experienced net purchases, with Short-Intermediate Investment-Grade Debt ETFs (+$1.2 billion) witnessing the largest net inflows of the group.

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