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Globe and money

Investors value funds with broad mandates as doubts about global growth multiply

EPFR Global-tracked utilities and infrastructure sector funds recorded their biggest quarterly inflows on record during the three months ending 30 June.

Flows into the diversified global emerging markets (GEM) equity and total return bond funds climbed to their highest level since 1Q13 and US equity funds managed for value handily outgained their growth counterparts.
Yield remained a major preoccupation for many investors. The search for it saw funds dedicated to frontier and emerging markets, junk bonds, European debt of all classes and the equity of southern tier Eurozone markets continue to soak up fresh cash, albeit at a slower pace than 1Q14, and dividend equity funds rebounded from their first quarterly outflow in over three years.
Overall, based on combined monthly and daily data through the end of June, flows into EPFR Global-tracked equity funds declined for the second straight quarter as some investors rotated from developed to emerging markets equity funds.
Flows into bond funds, whose collective performance for the quarter was less than half that of equity funds, were the biggest since 1Q13.

At the country level Nigeria, Greece and Poland equity funds saw the biggest inflows in percentage of assets under management terms while Peru, Philippines and Turkey equity funds recorded the biggest outflows.
India and China equity funds benefited from the election of reformist Prime Minister Narendra Modi and steps to defend this year’s GDP growth target respectively.
EPFR Global-tracked equity funds collectively shipped over USD2 billion to each of these markets during the quarter.

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