Lipper Research

Most Recent Research

Report Type / Publish DateReport Name
Aug 18, 2014

Wary Fund Investors Remain Engaged but Inject Only a Net $1.3 Billion Into Conventional Funds for July

For the third month in a row mutual fund investors were net purchasers of fund assets for July,  padding the coffers of stock & mixed-asset funds (+$4.4 billion) and bond funds (+$13.4 billion--for their seventh successive monthly of net inflows). However, money market funds suffered net redemptions to the tune of $16.5 billion for July. Once again Mixed-Asset Funds (+$8.5 billion) attracted for the month the largest amount of net new money of Lipper's five equity macro-classifications. For the fourth consecutive month USDE Funds suffered the only net redemptions (-$14.1 billion for July) of the five broad groups.Despite ongoing geopolitical concerns, authorized participants increased their exposure to equity exchange-traded funds (ETFs), injecting a net $17.1 billion for July. Lipper's S&P 500 Index ETFs classification (+$8.2 billion) attracted the largest net sum for the month. For the second consecutive month USDE ETFs (+$11.5 billion) attracted the largest draw of net new money of the five broad-based equity ETF macro-classifications.
Aug 04, 2014

The Month in Closed-End Funds: July 2014

For July only 9% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 8% of equity funds and 10% of fixed income funds trading in premium territory. Lipper's world equity CEFs macro-group witnessed the only narrowing of discounts for the month--1 basis point (bp) to 10.37%. For the first month since August 2013 both equity and fixed income CEFs posted negative returns on average, with equity CEFs losing 1.62% on a NAV basis and their fixed income counterparts declining 0.06% for the month.  For the sixth month in seven all of Lipper's municipal bond CEF classifications posted returns in the black, with California Municipal Debt CEFs (+0.40%) posting the strongest return. World income CEFs (-0.42%) mitigated losses marginally better than the domestic taxable fixed income CEFs group (-0.49%). China-related securities drove Pacific ex-Japan CEFs (+3.17%) to the head of class during the month.
Jul 20, 2014

Despite Ongoing Geopolitical Concerns, Investors Inject a Net $19.3 Billion Into Conventional Funds for June

For the second month in a row mutual fund investors were net purchasers of fund assets for June,  padding the coffers of stock & mixed-asset funds (+$18.2 billion) and bond funds (+$15.5 billion--for their sixth monthly net inflows in a row). However, money market funds suffered net redemptions for June to the tune of $14.5 billion.Once again, Mixed-Asset Funds (+$13.6 billion) attracted the largest amount of net new money of Lipper's five equity macro-classifications for the month. For the third consecutive month USDE Funds suffered the only net redemptions (-$11.8 billion for June) of the five broad-based groups.Despite ongoing geopolitical concerns, authorized participants increased their exposure to equity exchange-traded funds (ETFs), injecting a net $19.8 billion for June. Lipper’s S&P 500 Index ETFs classification (+$5.9 billion) attracted the largest net sum for the month. For the first month in four USDE ETFs (+$12.0 billion) attracted the largest draw of net new money of the five broad-based equity ETF macro-classifications.
Jul 06, 2014

A Half-Year Performance That’ll Be Hard to Repeat

Bond markets continued to build off Q1 2014’s fast start. Bond fund groups of all stripes did well, ranging from the Inflation-Protected Bond Funds’ 3.18% climb and a solid 2.12% return from High Yield Funds; municipal debt funds (+2.37%) had a fantastic quarter also.But at the halfway point of the year it’s tough to argue for a repeat performance for the second half of the year: corporate bond spreads are pretty tight as junk bond spreads look especially skinny—under 350 basis points (bps)—and Treasuries themselves offer little wiggle room if the troubles in Ukraine settle down and sectarian violence in Iraq continues away from the valuable oil fields. And though it’s unclear how much of this year’s rally has come at the expense of bond bears, they’ve definitely been squeezed, and performance in the coming quarters could surprise to the downside if their short-covering provided more than just a modest lift for Q2.
Jul 02, 2014

The Month in Closed-End Funds: June 2014

For June only 12% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 10% of equity funds and 13% of fixed income funds trading in premium territory. Lipper's world income CEFs macro-group witnessed the largest narrowing of discounts for the month--24 basis points (bps) to 8.64%. For the fifth consecutive month equity and fixed income CEFs posted plus-side returns, with equity CEFs returning 2.64% on a NAV basis and their fixed income counterparts returning 0.39% for the month. Breaking a five-month trend where all of Lipper's municipal bond CEF classifications posted returns in the black, four of the nine classifications in this group suffered NAV-based losses for June, with New Jersey Municipal Debt CEFs (-0.23%) experiencing the largest decline. World income CEFs (+0.88%) narrowly outpaced the domestic taxable fixed income CEFs group (+0.82%) and handily outperformed their municipal debt CEF counterparts (+0.01%) for the month.  Energy-related securities drove domestic equity CEFs (+3.21%) to the head of the class during the month. 
Jul 01, 2014

Equity Funds Rise for an Eighth Consecutive Quarter

Equity funds (+4.04% on average) posted a plus-side return for Q2 2014. Sector Equity Funds (+5.62%) remained at the head of the class for the second quarter in a row, outpacing Lipper's other three broad equity macro-classifications: World Equity Funds (+4.46%), U.S. Diversified Equity (USDE) Funds (+3.42%), and Mixed-Asset Funds (+3.32%).Dedicated Short-Bias Funds (-9.57%), Commodities Agriculture Funds (-5.72%), Commodities Specialty Funds (-0.60%), and Alternative Equity Market Neutral Funds were the only equity classifications to suffer losses for the quarter.Despite increasing geopolitical concerns, investors once again embraced India Region Funds, pushing the classification to the top of the equity charts (+18.26%) for the first quarter in 20. 
Jun 16, 2014

Investors Ignore the Old Adage "Sell in May and Go Away" and Inject a Net $30.1 Billion Into Conventional Funds for May

For the second month in three mutual fund investors were net purchasers of fund assets for May,  padding the coffers of stock & mixed-asset funds (+$9.3 billion), bond funds (+$13.4 billion—for their fifth monthly net inflows in a row), and money market funds (+$7.5 billion, witnessing inflows for the first month in five). Once again, Mixed-Asset Funds (+$10.8 billion) attracted the largest amount of net new money of the five equity macro-groups for the month. USDE Funds suffered the only net redemptions (-$15.2 billion) for the second month in a row.Ahead of a slight flight to safety, authorized participants increased their exposure to fixed income exchange-traded funds (ETFs), injecting a net $10.9 billion for May. Lipper's General U.S. Treasury ETFs classification (+$5.1 billion) attracted the largest net sum for the month. For the second consecutive month World Equity ETFs (+$6.4 billion) attracted the largest draw of net new money of the five broad-based equity ETF macro-classifications.  
Jun 02, 2014

The Month in Closed-End Funds: May 2014

For May only 12% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 12% of equity funds and 11% of fixed income funds trading in premium territory. Lipper's equity CEFs macro-group witnessed the largest narrowing of discounts for the month—105 basis points (bps) to 8.33%. For the fourth consecutive month equity and fixed income CEFs posted plus-side returns, with equity CEFs returning 2.09% on a NAV basis and their fixed income counterparts returning 1.96% for the month.  For the fifth consecutive month all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Debt CEFs (Leveraged) (+2.65%) once again outpacing the other classifications in the group. World income CEFs (+2.45%) narrowly outpaced the municipal debt CEFs group (+2.43%) and handily outperformed their domestic taxable fixed income CEF counterparts (+1.25%) for the month.  Despite continued geopolitical concerns during the month, Emerging Markets CEFs (+4.40%) rose to the head of the CEFs universe for May. 
May 19, 2014

Investors Redeem a Net $31.3 Billion From Conventional Funds for April, but the Headline Numbers Are Misleading

For the second month in three mutual fund investors were net redeemers of fund assets for April. They padded the coffers of stock & mixed-asset funds (+$17.4 billion) and bond funds (+$9.2 billion--for their fourth monthly net inflows in a row). However, investors were net redeemers of money market funds (-$57.8 billion) for the fourth consecutive month. Once again, Mixed-Asset Funds (+$10.4 billion) attracted the largest amount of net new money of the five equity macro-groups for the month. USDE Funds suffered the only net redemptions (-$0.6 billion). With fears of rising interest rates declining during the month, authorized participants increased their exposure to fixed income exchange-traded funds (ETFs), injecting a net $3.4 billion for April. Core Bond ETFs (+$0.8 billion) attracted the largest net sum for the month. For the first month in seven World Equity ETFs (+$8.2 billion) attracted the largest draw of net new money of the five broad-based equity ETF macro-classifications. 
May 05, 2014

The Month in Closed-End Funds: April 2014

For April only 11% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 10% of equity funds and 11% of fixed income funds trading in premium territory. Lipper's High Yield CEFs macro-group witnessed the largest narrowing of discounts for the month--185 basis points (bps) to 5.47%. For the third consecutive month equity and fixed income CEFs posted plus-side returns, with equity CEFs returning 1.25% on a NAV basis and their fixed income counterparts returning 1.56% for the month.  For the fourth consecutive month all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Debt CEFs (Leveraged) (+2.44%) outpacing the other classifications in the group. Municipal debt CEFs (+2.22%) outpaced their domestic taxable fixed income CEF (+0.70%) and world income CEF (+1.15%) counterparts for the month.  Despite slight declines in crude oil prices during the month, Natural Resources CEFs (+4.11%) and Energy MLP CEFs (+3.59%) rose to the head of the CEFs universe for April. 

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