Hark! The high yield angels sing<\/strong><\/p>\nAfter a lacklustre year for conviction in asset allocation, the resurgence in credit flows has been remarkable. High yield (HY) \u2013 which was on track for a record outflow year with a cumulative outflow of -$21B as recently as 21 September \u2013 is now only -$5B out for the year. Meanwhile, investment grade (IG) flows have risen to $36B for the year, from $23B as of 21 September.<\/p>\n
In November, HY inflows continued with $7.0B added \u2013 slightly down from the $7.8B added in October \u2013 while IG flows rose from $3.4B in October to $10.1B in November.<\/p>\n
When focusing on geographic exposure, in European credit the conviction continues to lie with IG over HY, with $3.0B into EUR IG in November (up from $2.5B in October) and $0.3B into European HY. For US credit, HY accounted for a larger slice of the pie, with $6.7B of inflows in November vs. $7.2B into IG.<\/p>\n
All I want for Christmas is EU?<\/strong><\/p>\nThe drop off in headline equity flows was once again due to US equity allocations falling month-on-month, with inflows dropping to $21.4B from $57.5B in October. Emerging market equity allocations increased to $11.7B \u2013 the highest monthly inflow since April \u2013 while European equity outflows of -$1.7B were the largest since August.<\/p>\n
European equity net flows are now at -$16.5B YTD, including a cumulative -$27B out since March, vs. net selling of -$27.2B over 2021. Investors have been turning away from broad European equities \u2013 November\u2019s outflows were primarily out of large caps \u2013 but pockets of selectivity persist. Midcaps gathered $0.3B in November.<\/p>\n
Healthcare with your flows so bright<\/strong><\/p>\nSector flows tilted slightly more defensive in November, with outflows from financials, energy and industrials in the last week of the month skewing the headline monthly figures. Healthcare once again led inflows, with $3.1B added in November, followed by tech, with $2.2B. Financials flows turned negative due to selling late in the month (-$0.4B), while energy notched up a second consecutive month of inflows with $1.0B added.<\/p>\n
In factors, value notched up a second consecutive month of inflows in November ($1.5B), following on from the $0.6B added in October. While absolute inflow levels remain low, value\u2019s reversal comes after four consecutive months of outflows from June to September. Quality remains the most popular factor YTD, with a further $1.7B added in November, while min vol flows slowed to $0.5B.<\/p>\n
I\u2019m dreaming of a green Christmas<\/strong><\/p>\nSustainable inflows picked up in November, with $7.3B added across US- and European-listed ETPs. Europe increased its flows from $4.2B in October to $6.5B in November, while the US reversed the previous month’s net outflows to post $739m of inflows in November.<\/p>\n
Within Europe, fixed income accounted for the majority of sustainable flows: the $3.7B added in November marked the highest monthly inflows for the asset class this year, outpacing July\u2019s $3.6B. Fixed income flows were mainly driven by ESG best-in-class strategies ($3.4B), split across eurozone, US and global exposures. Equity flows in Europe matched 2022\u2019s monthly average, at $2.8B, and were also largely driven by best-in-class strategies ($1.5B), led by US and global exposures.<\/p>\n
In the US, sustainable inflows were dominated by equities ($663m), led by ESG optimised ($219m) and climate-exclusive strategies ($206m). Fixed income saw $76m of net inflows \u2013 reversing October\u2019s outflows (-$16m), but still down vs. 2022\u2019s monthly average of $145m.<\/p>\n
Quelle: ETFWorld<\/p>\n","protected":false},"excerpt":{"rendered":"
BlackRock Global ETP Flows : Flows into global ETPs dropped month-on-month to $74.8B in November, from $121.0B in October.<\/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-30633","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\/30633","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=30633"}],"version-history":[{"count":1,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts\/30633\/revisions"}],"predecessor-version":[{"id":30634,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts\/30633\/revisions\/30634"}],"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=30633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/categories?post=30633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/tags?post=30633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}