May 12, 2013 | With Interest Waning, Investors Again Pad the Coffers of Both Equity and Fixed Income Funds in AprilFor the tenth straight month mutual fund investors were net purchasers of fund assets in April. They padded the coffers of stock & mixed-asset funds and bond funds (+$27.6 billion and +$12.5 billion, respectively), while being net redeemers of money market funds (-$25.2 billion).For the first month in four the U.S. Diversified Equity Funds macro-group witnessed net outflows (-$2.8 billion), with large-cap funds (-$6.1 billion) witnessing their forty-seventh consecutive month of net redemptions.Exchange-traded funds (ETFs) posted their seventeenth consecutive month of net inflows at $9.6 billion, with $6.7 billion in net sales for fixed income offerings.Stock & mixed-asset ETFs reported net inflows of roughly $2.9 billion as aversion to gold-based products dragged the broader equity group down. |
May 02, 2013 | The Month in Closed-End Funds: April 2013For April only 30% of all closed-end funds (CEFs) traded at a premium, with only 20% of equity funds and 37% of fixed income funds trading in premium territory to their NAVs. None of the Lipper CEF macro-groups traded at a premium at month-end. For the first month in four all of Lipper's CEF classifications posted returns in the black, with equity and fixed income CEFs rising on average 1.87% and 1.80%, respectively, on a NAV basis. A late-month flight to safety helped push all municipal bond fund classifications to the plus column, with national municipal debt funds (+1.71%) slightly underperforming their single-state municipal bond fund (+1.75%) brethren. Benefitting from a weakening U.S. dollar and a massive stimulus program by Japan, both the World Equity CEFs (+2.14%) and World Income CEFs (+2.55%) macro-groups rose to the top of their respective universes. |
Apr 11, 2013 | Investors Continue to Pad the Coffers of Both Equity and Fixed Income Funds in MarchFor the ninth straight month mutual fund investors were net purchasers (barely) of fund assets in March. They padded the coffers of stock & mixed-asset funds and bond funds (+$42.3 billion and +$15.5 billion, respectively), while being net redeemers of money market funds, (-$57.6 billion). For the third consecutive month the U.S. Diversified Equity Funds macro-group experienced net inflows (+$3.9 billion). However, large-cap funds (-$5.2 billion) witnessed their forty-sixth consecutive month of net redemptions. Exchange-traded funds (ETFs) posted their sixteenth consecutive month of net inflows at $13.5 billion, with $9.0 billion in net sales for stock & mixed-asset offerings. Bond ETFs reported net inflows of roughly $4.4 billion as new sales included both risk-on and risk-off positions. |
Apr 03, 2013 | Sovereigns Hurt, but Corporates Hang On The risk trade persisted in the U.S. as High Yield Funds spiked 2.74% for Q1 and Loan Participation Funds—the quarter’s top draw in terms of bond fund flows—held up its end of the bargain by gaining 2.20%. Treasuries sold off, sending General US Treasury Funds down 0.80%, TIPS Funds down 0.35%, and General US Government Funds down 0.29%. Corporate debt did well, with the A-Rated and BBB-Rated Funds groups up 0.23% and 0.36%, respectively. Sovereign debt took it on the chin for Q1 as International Income Funds dropped 1.91%—the worst showing in the fixed income universe. |
Apr 02, 2013 | The Month in Closed-End Funds: March 2013For March only 34% of all closed-end funds (CEFs) traded at a premium. Only the taxable bond CEF macro-group traded at a premium (0.98%), with 40% of all fixed income CEFs trading in premium territory at month-end. For March all but one of Lipper's taxable bond fund classifications posted plus-side returns, with Emerging Markets Debt Funds (-0.81%) posting the only return in the red.With the talk of municipal bond funds losing their tax-exempt status during the upcoming budget negotiations and the risk of underfunded state pension plans putting undue pressure on state coffers, none of Lipper's ten municipal debt CEF classifications posted a positive NAV-based return for March.Succumbing to some of the overseas pressures during the month, 2 of Lipper's 12 equity CEF classifications posted returns in the red: Pacific ex-Japan Funds (-1.31%) and Emerging Markets Funds (-0.10%) suffered the only losses. In the equity universe domestic equity CEFs (+2.82%) handily outpaced their mixed-asset CEF (+2.27%) and world equity CEF (+1.00%) cohorts. |
Apr 01, 2013 | Equity Funds Post Second Best Q1 Return Since 1998Equity funds (+7.68% on average) posted positive returns for Q1 2013, with U.S. Diversified Equity (USDE) Funds (+10.16%) outperforming Lipper's other three broad equity macro-classifications. Sector Equity Funds (+5.00%) lagged the USDE Funds macro-group by 516 basis points (bps), followed by Mixed-Asset Funds (+4.53%) and World Equity Funds (+3.81%).With the addition of India Region Funds (-7.47%), Q4 2012's laggards generally remained in the cellar, with Precious Metals Equity Funds (-16.93%), Dedicated Short-Bias Funds (-11.57%), and Commodities Base Metals Funds (-6.89%) suffering the largest quarterly declines. Investors bid up previously out-of-favor stocks; Health/Biotechnology Funds (+15.53%) posted the strongest return for Q1.Japanese Funds and Equity Leverage Funds (+6.15% each) catapulted to the top of the leader board for March, just 13 bps behind Health/Biotechnology Funds (+6.28%). |
Mar 21, 2013 | European Fund Market Review (2013)Lipper's annual review of the European funds industry provides over 45 pages packed with sales and assets data on activity in different markets, as well as a look at which groups and products have prospered over the year. 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. |
Mar 17, 2013 | Fund Investors Remain Enamored With Equities but Still Pad the Coffers of Fixed Income Funds in FebruaryFor the eighth straight month mutual fund investors were net purchasers of fund assets in February, padding the coffers of stock & mixed-asset funds and bond funds (+$45.4 billion and +$17.5 billion, respectively). Meanwhile, investors redeemed assets from money market funds, withdrawing a net $36.0 billion. For the second consecutive month the U.S. Diversified Equity Funds macro-group experienced net inflows (+$2.4 billion). However, large-cap funds (-$5.4 billion) witnessed their forty-fifth consecutive month of net redemptions. Exchange-traded funds (ETFs) posted their fifteenth consecutive month of net inflows at $8.1 billion, with $7.1 billion in net sales for stock & mixed-asset offerings.Bond ETFs reported net inflows of roughly $1.0 billion as investors moved toward lowering their interest rate exposure. |
Mar 04, 2013 | The Month in Closed-End Funds: February 2013For February only 37% of all closed-end funds (CEFs) traded at a premium. Only the World Income CEF macro-group traded at a premium (0.23%) for February; 47% of all fixed income CEFs traded in premium territory at month-end. For February all but two of Lipper's taxable bond fund classifications posted plus-side returns, with Global Income Funds (-0.16%) and Emerging Markets Debt Funds (-0.46%) posting the only returns in the red.With the risk-off trade taking the lead at month-end, once again all of Lipper's municipal debt CEF classifications posted positive NAV-based returns for February.Succumbing to the pressures during the month, only 8 of Lipper's 12 equity CEF classifications posted returns in the black, with Emerging Markets Funds (-1.82%) suffering the largest loss. In the equity universe mixed-asset CEFs (+0.93%) outpaced their domestic equity CEF (+0.22%) and world equity CEF (+0.01%) cohorts. |
Feb 13, 2013 | In January Equity Funds Experience Their Best Monthly Net Inflows in at Least Six YearsFor the seventh straight month mutual fund investors were net purchasers of fund assets in January, padding the coffers of bond funds and stock & mixed-asset funds (+$34.2 billion and +$62.2 billion--for their strongest monthly net inflows in at least six years), respectively. Meanwhile, investors redeemed assets from money market funds, withdrawing a net $4.8 billion. Breaking a 20-month losing streak, the U.S. Diversified Equity Funds macro-group experienced its first month of net inflows (+$14.1 billion--for its largest inflows since at least December 2006). Large-cap funds (-$0.4 billion) witnessed their forty-fourth consecutive month of net redemptions.Exchange-traded funds (ETFs) posted their fourteenth consecutive month of net inflows at $29.4 billion, with $28.3 billion in net sales for stock & mixed-asset offerings.Bond ETFs reported net inflows of $1.0 billion for January. |
