Lipper Research

Most Recent Research

Report Type / Publish DateReport Name
Jan 06, 2016

Fed Refuses to Punt in the Fourth Quarter

Generally speaking, Q4 2015 was a poor quarter for bonds, since yields tended to rise across sectors (save for munis). But we’ve seen a rocky start for equities in the New Year (thanks, China!), which may portend a good chance for bond investors to make up lost ground.
Jan 05, 2016

The Month in Closed-End Funds: December 2015

• For the fourth month in five equity closed-end funds (CEFs) and fixed income CEFs suffered downside performance on average, declining 2.87% and 0.29%, respectively, on a net-asset-value (NAV) basis for December.  • For December only 10% of all CEFs traded at a premium to their NAV, with 6% of equity funds and 12% of fixed income funds trading in premium territory. The High Yield CEFs classification witnessed the largest narrowing of discounts for the month—369 basis points (bps) to 10.42%. • For the sixth consecutive month all Lipper municipal bond CEF classifications posted plus-side returns, with New Jersey Municipal Debt CEFs (+1.98%) once again posting the strongest return in the fixed income universe for December. • All the equity macro-groups posted returns in the red for December, with domestic equity funds (-3.65%) suffering the largest decline. Their world equity CEFs (-1.42%) and mixed-asset CEFs (-2.44%) counterparts remained in the red as well. • Energy MLP CEFs (-13.14%, November’s laggard) and Natural Resources CEFs (-9.73%) were the pariahs of the equity universe for December.  
Jan 04, 2016

Equity Funds Suffer First One-Year Decline in Four

For 2015 equity funds (-3.47% on average) posted their first annual loss in four years. U.S. Diversified Equity (USDE) Funds (-2.10%) mitigated losses better for the year than Lipper's other three broad equity macro-classifications, followed by Mixed-Asset Funds (-2.35%), World Equity Funds (-3.89%), and Sector Equity Funds (-7.82%).The Sector Equity Funds macro-classification housed seven of the eight worst performing classifications in the equity universe for Q4, with Commodities Energy Funds (-15.85%) suffering the worst decline for the quarter. For the first quarter in four USDE Funds (+3.99%) posted the strongest return of Lipper's four broad-based equity macro-classifications, while Sector Equity Funds (+1.38%) also managed to stay in the plus column.The Mixed-Asset Funds (-1.65%) macro-classification mitigated losses better than the other broad equity breakouts for December.
Dec 16, 2015

Fund Investors Bail on the Conventional Funds Business in November

For the third month in four mutual fund investors withdrew money from the conventional funds business (-$19.1 billion net for November). Money market funds (+$8.8 billion) witnessed the only net inflows of the three broad fund groups for the month. Investors were net redeemers of stock & mixed-asset funds (-$24.0 billion) and bond funds (+$3.9 billion). The Mixed-Asset Funds macro-classification (+$4.5 billion) attracted the only net inflows of Lipper's five equity macro-classifications.For the tenth consecutive month authorized participants (APs) were net purchasers of exchange-traded fund (ETF) assets (+$24.1 billion). They injected a net $0.5 billion into bond ETFs and $23.7 billion into stock & mixed-asset ETFs. APs changed their focus to USDE ETFs in November, injecting a net $14.1 billion into the macro-classification.  
Dec 02, 2015

The Month in Closed-End Funds: November 2015

For the sixth month in seven equity and  fixed income closed-end funds (CEFs) suffered downside performance on average, declining 1.93%  and 0.13%, respectively, on a net-asset-value (NAV) basis for November.  For November only 8% of all CEFs traded at a premium to their NAV, with 8% of equity funds and 8% of fixed income funds trading in premium territory. The World Income CEFs macro-classification witnessed the largest widening of discounts for the month—186 basis points (bps) to 14.74%. For the fifth consecutive month all Lipper municipal bond CEF classifications posted plus-side returns, with New Jersey Municipal Debt CEFs (+0.94%) posting the strongest return in the fixed income universe for November. All the equity macro-groups posted returns in the red for November, with domestic equity funds (-2.38%) suffering the largest decline. Their mixed-asset CEFs (-0.66%) and world equity CEFs (-1.74%) brethren didn’t fare much better. Energy MLP CEFs (-11.15%, October’s leader) and Natural Resources CEFs (-4.88%) were the cellar dwellers of the equity universe for November. 
Nov 17, 2015

Despite Uptick, Fund Investors Seek the Comfort of MM Funds in October

For the first month in three mutual fund investors injected net new money into the conventional funds business (+$44.8 billion for October). Money market funds (+$46.3 billion) witnessed the largest net inflows of the three broad groups for the month. Investors were net redeemers of stock & mixed-asset funds (-$5.7 billion), but they padded the coffers of bond funds (+$4.3 billion). The Mixed-Asset Funds macro-classification (+$3.4 billion) attracted the strongest net inflows of Lipper's five equity macro-classifications.For the ninth consecutive month authorized participants (APs) were net purchasers of exchange-traded fund (ETF) assets (+$28.3 billion). They injected $12.0 billion net into bond ETFs and $16.3 billion into stock & mixed-asset ETFs. APs changed their focus to World Equity ETFs in October, injecting a net $6.4 billion into the macro-classification.  
Nov 05, 2015

The Month in Closed-End Funds: October 2015

For the first month in seven equity and  fixed income closed-end funds (CEFs) posted plus-side returns on average, rising 5.97% and 1.07%, respectively, on a net-asset-value (NAV) basis for October.  For October 10% of all CEFs traded at a premium to their NAV, with 8% of equity funds and 11% of fixed income funds trading in premium territory. The World Income CEFs macro-classification witnessed the largest narrowing of discounts for the month--243 basis points (bps) to 12.88%. For the fourth consecutive month all Lipper municipal bond CEF classifications posted plus-side returns, with High Yield Municipal Debt CEFs (+0.83%) posting the strongest return in the muni group in October. All the equity macro-groups posted returns in the black for October, with domestic equity funds (+6.48%) outpacing their mixed-asset CEFs (+5.03%) and world equity CEFs (+5.46%) brethren. Energy MLP CEFs (+11.11%, September’s laggard) and Natural Resources CEFs (+9.77%) rose to the top of the equity leader board for October. 
Nov 01, 2015

Lipper U.S. Mutual Funds & ETPs Q3 2015 Snapshot

In this 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 Q3 2015, 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.
Oct 21, 2015

World Equity Funds Attract Net New Money for September

For the second consecutive month mutual fund investors withdrew money from the conventional funds business (-$29.4 billion). Money market funds (-$1.0 billion) witnessed the smallest net redemptions of the three broad groups for the month. Investors were net redeemers of stock & mixed-asset funds (-$8.6 billion) and bond funds (-$19.7 billion). Despite continued concerns of a global economic slowdown, the World Equity Funds macro-classification (+$5.6 billion) took in the only monthly net inflows of Lipper's five equity macro-classifications.For the eighth consecutive month authorized participants (APs) were net purchasers of exchange-traded fund (ETF) assets (+$19.2 billion). They injected $10.0 billion net into bond ETFs and $9.2 billion into stock & mixed-asset ETFs). APs kept their focus on USDE ETFs in September, injecting a net $11.8 billion into the macro-classification.  
Oct 06, 2015

Q3 Bond Fund Returns Mostly Disappoint

At the time of our last quarterly review the Greek debt crisis was once again front and center, spinning off volatility and vitriol as creditors and debtors slugged it out for supremacy. Now, just a few months later Greece’s problems seem like a bad dream that we’ve almost shrugged off. That’s probably wishful thinking, but a steady stream of positive economic data from the rest of the Continent has helped alleviate many concerns that the troika’s attempts to ring-fence the situation may have succeeded. Unfortunately, concern for Greece wasn’t all investors had on their minds this past quarter: a slowdown in China has sent shockwaves through the emerging markets and threatens the growth of our global economy. Since the financial crisis, Chinese authorities have been congratulated for steering the world’s second largest economy through various setbacks while maintaining at least 7% annual growth. But those kudos ceased this past quarter when attempts to deflate a stock market bubble (brought on by excessive leverage by retail investors) led to plunging stock prices and a ham-handed currency devaluation that rocked world markets. China’s Q3 GDP is likely to come in below 7% (estimates range from 6.2% to 6.8%) as depressed commodity prices provide a forward-looking view of Chinese activity.But across the Pacific the Federal Reserve’s decision not to raise rates confused and annoyed many investors who had figured recent volatility was proximately caused by expectations of higher rates immediately ahead. Despite unemployment falling to 5.1% by August, the Fed refused to budge, generally citing too-low inflation at home and the unfolding situation in China as reasons to hold the line one more time. 

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