A rush to rates<\/strong><\/p>\nFlows into rates ETPs set a monthly record in May ($26B), building on the month-on-month momentum we\u2019ve seen since February and eclipsing the previous record of $18.5B set in December 2018. US exposures gathered 96% of the rates inflows: while interest has picked up across the curve, short duration ETPs continued to dominate ($9.2B), while flows into blended maturities surged to $7B (vs. $2.5B in April).<\/p>\n
High yield (HY) credit ($3.8B) finally caught a bid after four consecutive outflow months. The spotlight remained on US HY, with May\u2019s $4.1B of inflows fully reversing April\u2019s outflows of -$2.9B. Investment grade (IG) ETP demand remained robust, jumping to $4B (vs. $1.3B in April), led by US IG ($3.8B), with additional buying in eurozone IG ($0.4B), partly reversing April\u2019s outflows (-$0.7B). Conviction remained downbeat for emerging market debt (-$4.2B), which has seen four consecutive outflow months; May saw the largest outflows for the exposure since March 2020 (-$8.2B).<\/p>\n
Back to US<\/strong><\/p>\nAfter a muted month for broad equity flows in April, investors added $54.3B to equity ETPs in May. While significantly higher than April\u2019s $6.4B of inflows, the May figure represents the next lowest month for equity inflows since July 2021.<\/p>\n
At a regional level, US exposures led the way in May, making up 90% of net equity buying.<\/p>\n
As we highlighted last month, April outflows from US equity ETPs appear to have largely stemmed from a change in investment vehicle, rather than an asset allocation change. May\u2019s inflows suggest that \u2018normal\u2019 buying has resumed in US equity ETPs: the $48.8B allocated in May was in line with average monthly allocations in the first quarter of the year.<\/p>\n
Turning defensive<\/strong><\/p>\nDefensive sentiment continued to drive sector and factor allocations in May. Sector ETPs registered their first outflow month since August 2019 (-$8.9B), ending an impressive 32-month streak of consecutive inflows. Selling was once again led by cyclical sectors, such as financials (-$6.3B) and energy (-$1.6B). On a brighter note, defensive sectors registered inflows: healthcare, for example, saw $2.1B of buying, albeit down from $3.7B in April.<\/p>\n
May\u2019s defensive theme also played out in factor flows, with low volatility ETPs gaining $3.6B \u2013the fourth-largest monthly allocation on record, and the largest since August 2019 ($3.9B). Quality was also in favour, with investors adding $1.8B in May on top of April\u2019s inflows of $1.9B.<\/p>\n
Commodity ETPs registered $5.3B of selling, making May the largest outflow month since March 2021, when outflows totalled -$6.3B. Just under 60% of commodity outflows came from gold ETPs (-$3.1B), but selling was also seen in broad market commodity exposures in May (-$1.1B) \u2013representing the first outflow month since September 2021 (-$0.4B).<\/p>\n
US and EM equities drive sustainable slowdown<\/strong><\/p>\nThe downward trend in sustainable ETP flows continued in May, with net inflows of $569m across US-and European-listed products, down from $4.7B in April. These lower levels were driven by -$2B of outflows from US-listed exposures, as well as a slowing of inflows into European ETPs ($2.4B), although it’s worth noting that the degree of sustainable adoption varies across regions.<\/p>\n
In Europe, sustainable equity inflows totalled $1B, led by exclusionary exposures ($800m), followed by optimised\/tilt strategies ($760m). Contrary to longstanding trends, European equity best-in-class (BiC) ETPs saw outflows (-$1.8B), mainly driven by US exposures. European sustainable fixed income registered strong inflows ($1.3B), led by BiCexposures, including government bond ETPs ($362m). Sustainable IG ETPs outpaced their non-sustainable peers, with $635m added to EUR-denominated BiCexposures.<\/p>\n
In the US, -$1.7B of the -$2B of outflows from sustainable equity ETPs came from selling of ESG-optimised exposures. BiCstrategies also saw outflows (-$217m). In US fixed income, optimised strategies registered inflows of $53m.<\/p>\n
Quelle: ETFWorld<\/p>\n","protected":false},"excerpt":{"rendered":"
BlackRock Global ETP Flows : Highs and lows: fixed income flows rose 1.9x vs. April, reaching $35.3B in May \u2013the highest level since April 2021. Commodities saw the first outflow month this year, with -$5.3B out.<\/p>\n","protected":false},"author":4,"featured_media":23099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"telegram_tosend":false,"telegram_tosend_message":"","telegram_tosend_target":0,"footnotes":"","_wpscp_schedule_draft_date":"","_wpscp_schedule_republish_date":"","_wpscppro_advance_schedule":false,"_wpscppro_advance_schedule_date":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[459],"tags":[352,164],"class_list":["post-27229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-etf-monatsberichte-en","tag-blackrock-global-etp-flows","tag-etp"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts\/27229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/comments?post=27229"}],"version-history":[{"count":2,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts\/27229\/revisions"}],"predecessor-version":[{"id":27231,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts\/27229\/revisions\/27231"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/media\/23099"}],"wp:attachment":[{"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/media?parent=27229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/categories?post=27229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/tags?post=27229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}