Lipper Research

Most Recent Research

Report Type / Publish DateReport Name
Oct 16, 2014

Investors Pad the Coffers of Money Market Funds in September

For the fifth month in a row mutual fund investors were net purchasers of fund assets for September, padding the coffers of stock & mixed-asset funds (albeit with just +$0.7 billion) and money market funds (+$23.7 billion), while for the first month in nine being net redeemers of bond funds (-$7.2 billion). Mass redemptions from PIMCO played a large role in the bond fund outflows. World Equity Funds (+$9.2 billion) attracted the largest amount of net new money of Lipper's five equity macro-classifications. For the sixth consecutive month USDE Funds suffered net redemptions (-$14.6 billion for September).Once again, authorized participants increased their exposure to equity exchange-traded funds (ETFs), injecting a net $17.5 billion for September. Lipper's S&P 500 Index ETF classification (+$12.1 billion) attracted the largest net sum for the month. For the first month in three bond ETFs (-$3.4 billion net) suffered net redemptions, with General U.S. Treasury ETFs (-$3.3 billion) witnessing the largest net redemptions of the group.
Oct 05, 2014

Sharp Slowdown for Bond Funds

A light issuance calendar and steady retail inflows helped push muni funds to the top spots in the Q3 performance tables: High Yield Muni Debt Funds at 2.40% led all groups. Munis would not have risen so high if Treasuries hadn’t rallied mid-quarter. Despite a drop in September, General U.S. Treasury Funds still posted a Q3 return of 1.02%.Lipper’s High Yield Funds group sank in September, leaving it with a Q3 return of minus 2.06%.A sharply rising U.S. dollar crushed returns for all World Income Funds classifications. The worst, Emerging Markets Local Currency Funds, was down 5.00% for the quarter.
Oct 02, 2014

The Month in Closed-End Funds: September 2014

For the second month in three both equity and fixed income closed-end funds (CEFs) posted negative returns on average, with equity CEFs declining 3.28% on a net asset value (NAV) basis and their fixed income counterparts losing 0.50% for the month.  For September 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. Lipper's world equity CEFs macro-group witnessed the only narrowing of discounts for the month--25 basis points (bps) to 10.32%. For the ninth month in a row all of Lipper's municipal bond CEF classifications posted returns in the black, with High Yield Municipal Bond CEFs (+0.78%) posting the strongest return. Mixed-asset CEFs (-2.01%) mitigated losses better than their domestic equity CEFs (-3.18%) and world equity CEFs (-4.23%) brethren. Income & Preferred Stock CEFs (-1.46%) did the best job of mitigating losses in the equity universe for the month. 
Oct 01, 2014

Equity Funds Decline for the First Quarter in Nine

Equity funds (-2.92% on average) posted their first quarterly loss in nine quarters for Q3 2014. Mixed-Asset Funds (-1.71%) jumped to the head of the class for the first quarter in ten, mitigating losses better than Lipper's other three broad equity macro-classifications:  U.S. Diversified Equity (USDE) Funds (-1.95%), Sector Equity Funds (-3.91%), and World Equity Funds (-4.37%).The Sector Equity macro-classification housed the four best performing classifications in the equity universe: the short-bias Commodity Specialty Funds (+6.21%) classification, Health/Biotechnology Funds (+4.49%), and Alternative Managed Futures Funds (+4.30%). Despite increasing geopolitical concerns and a slowing Chinese economy, investors continued to bid up India Region Funds (+2.87%) and China Region Funds (+0.64%), the only two classifications in the World Equity Funds macro-group to post plus-side returns for Q3. 
Sep 16, 2014

Despite Geopolitical Uncertainties Investors Inject a Net $60 Billion Into Conventional Funds for August

For the fourth month in a row mutual fund investors were net purchasers of fund assets for August,  padding the coffers of stock & mixed-asset funds (+$19.5 billion), bond funds (+$3.0 billion--for their eighth successive month of net inflows), and money market funds (+$37.5 billion). Once again Mixed-Asset Funds (+$8.5 billion) attracted the largest amount of net new money of Lipper's five equity macro-classifications. For the fifth consecutive month USDE Funds suffered the only net redemptions (-$1.6 billion for August) of the five broad groups.Despite ongoing geopolitical concerns, authorized participants increased their exposure to equity exchange-traded funds (ETFs), injecting a net $6.2 billion for August. Lipper's Emerging Markets ETFs classification (+$2.2 billion) attracted the largest net sum for the month. For the first month in four World Equity ETFs (+$5.8 billion net) attracted the largest draw of new money of the five broad-based equity ETF macro-classifications. 
Sep 04, 2014

The Month in Closed-End Funds: August 2014

For August only 9% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 9% of equity funds and 9% of fixed income funds trading in premium territory. Lipper's domestic equity CEFs macro-group witnessed the largest narrowing of discounts for the month--26 basis points (bps) to 7.56%. For the sixth month in seven both equity and fixed income CEFs posted positive returns on average, with equity CEFs rising 3.12% on a NAV basis and their fixed income counterparts returning 1.69% for the month.  For the eighth month in a row all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Bond CEFs (Leveraged) (+2.46%) posting the strongest return. Domestic equity CEFs (+3.93%) outpaced their mixed-asset CEF (+2.17%) and world equity CEF (+1.98%) brethren. Energy MLP CEFs (+8.09%) returned to the head of class during the month. 
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.

About Lipper Research

Lipper's Global Research Team has nearly three centuries of collective fund industry experience, and provides unparalleled web and print based content and analysis to fund management firms, financial advisors, and individual investors. Our analysts span the globe, providing regional coverage of fund markets from 16 research centers worldwide. more

 

Lipper Fund Market Insight Reports provide in-depth summaries and analysis of key economic and market events that help shape both fixed income and equity mutual fund performance trends. These monthly and quarterly reports allow you to view trends within the equity and fixed income fund universes, highlighted in detailed charts, graphs, and commentary.

 

Lipper Fund Flows Insight Reports provide you with critical monthly mutual fund money flow trends and analysis. Fund managers and marketing analysts receive revealing information about which types of funds investors have been putting their money in and why. The reports also provide an important resource that can help market strategists, hedge fund managers, and all types of asset managers to project which asset classes, regions, sectors, and investment styles may potentially see the largets money inflows in coming months, depending on specific future market movements.

 

Lipper provides mutual fund professionals and shareholder advocates comprehensive studies focusing on the issues affecting today's industry. These original studies contain classification benchmarks enabling readers to measure their funds against peers, along with expert commentary providing insights to help sell funds, identify product placements opportunities, remain competitive, and manage accounts.

View Overview Page For