European ETF Market flows were relatively limited in April 2016. NET
NEW ASSETS (NNA) during the month amounted to EUR2.3bn. Year
to date NNA amount to EUR8bn, representing only a quarter of what was
collected in the four first months of 2015.
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European ETF Market flows were relatively limited in April 2016. NET
NEW ASSETS (NNA) during the month amounted to EUR2.3bn. Year
to date NNA amount to EUR8bn, representing only a quarter of what was
collected in the four first months of 2015. Total Assets under Management are
down 1% vs. the end of 2015, reaching EUR446bn, and including a limited
market impact (-2.3%[[75% of MSCI ACWI NTR -3.53% and 25% of the JPM Global Aggregate +1.26% between 31/12/15 and 29/04/16 in EUR]]). Emerging markets and corporate bond ETFs continue to be the main beneficiary sustained by the commodity price rebound and accommodative monetary policies.
- Equity ETFs continued to see outflows at EUR1.9bn for the third consecutive month. Year to date Equity ETF outflows amount to EUR5bn. European and Asia equity ETFs
were the most impacted by these outflows as volatility remains high and inflation is still not
picking up. European Equity ETF outflows reached a one year record high at -EUR4bn and
totaled -EUR6.4bn year to date. Asia equity outflows also reached a one year record high at -EUR918M and -EUR2.7bn ytd. On the other hand, US equity ETFs rebounded at EUR1.4bn
as the mild recovery was supported by the Fed policy. Emerging markets flows continued
to be sustained by China‘s positive dynamics and higher commodity prices. They reached
a one year record high at EUR1.7bn with inflows mainly focused on broad indices. Worth
noting were some flows on China ETFs of EUR148M, a one year record high. On the Smart
beta front, Minimum volatility strategies continued to see high inflows of EUR496M, close to
last month’s record high in a uncertain economic environment.
- Fixed income ETF inflows are still sustained at EUR4bn. These fixed income flows mainly
concerned Corporate Bond ETFs at EUR3bn. Both IG and High yield segments benefited
from the support of the announced ECB asset purchases, with respectively EUR2.4bn
and EUR573M of inflows. Emerging Market Govies ETFs were also positively impacted by
the more favorable environment for Emerging Markets with inflows at a one year record
high of EUR1.2bn. Worth keeping in mind, Inflation linked ETF flows were still sustained at EUR532M.
- Commodities flows continued their positive trend at EUR186M mainly concentrated on
broad indices backed by increasing commodity prices.
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