Thu, 24/07/2014 - 12:03
The European exchange-traded fund (ETF) market saw strong inflows in H1 2014, with net new assets (NNA) amounting to EUR23 billion, according to the latest Lyxor ETF Barometer.
Q2 2014 was particularly strong with NNA of EUR15.1 billion.
Total assets under management are up 14 per cent compared with the end of 2013, reaching EUR326 billion, and including a significant market impact (+5.7 per cent).
Equities ETFs have concentrated most of the inflows (70 per cent) in the second quarter vs. 37 per cent in Q1 2014, while fixed income inflows are on a declining trend. Commodities outflows have been reduced compared to 2013.
European equity indexations are the main beneficiaries of this positive environment, totalling nearly half of total developed equity NNA in H1 2014. Following the sharp decrease in interest rates, the equity asset class, and especially European equities, appears more attractive compared to fixed income. European financial equities and European regional indexations inflows are gaining momentum whereas flows have been significantly reduced on peripheral equities after record high at the end of Q1 2014.
US equity inflows are still strong year-to-date but are on a declining trend as equity market valuation is currently stretched. Inflows on Japanese equities flows are back in positive territory as economic newsflow in Japan is improving and the BoJ is expected to give more support to the market in the coming months.
Emerging market equities flows have reversed in H1 2014 after strong outflows in 2013, helped by positive economic news in the US and the Fed dovish tone. Yet the trend is still lacking of conviction in the absence of a more positive economic newsflow on EM.
Corporate bonds and emerging market debt have continued to register significant inflows as credit spread level kept some of their attractiveness in a context of very low interest rates.
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