{"id":30926,"date":"2023-03-13T16:35:17","date_gmt":"2023-03-13T15:35:17","guid":{"rendered":"https:\/\/www.etfworld.com\/ch\/?p=30926"},"modified":"2023-04-19T17:27:30","modified_gmt":"2023-04-19T15:27:30","slug":"blackrock-global-etp-flows-february-2023","status":"publish","type":"post","link":"https:\/\/www.etfworld.com\/ch\/blackrock-global-etp-flows-february-2023\/","title":{"rendered":"BlackRock Global ETP Flows February 2023"},"content":{"rendered":"
BlackRock Global ETP Flows<\/strong> : Flows moderate: inflows into global ETPs moderate for a fifth consecutive month in February, with $22.5B added with reduced buying across equities and fixed income.<\/h5>\n

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BlackRock Global ETP Flows February 2023
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Laura Cooper, senior macro strategist for iShares EMEA at BlackRock<\/strong><\/p>\n

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Discussing the report, Laura Cooper, senior macro strategist for iShares EMEA at BlackRock<\/strong> said, \u201cFebruary saw US investors continue to head towards European equities, driven by attractive valuations and in fixed income showed appetite for US treasuries, particularly in short duration.<\/p>\n

\u201cIn Europe we saw continued allocations to risk, including credit, with short duration euro investment grade credit inflows dominating.\u201d<\/p>\n

Global ETP Flows – February 2023<\/strong><\/p>\n

\u00a0\u00a0\u00a0 Flows moderate: inflows into global ETPs moderate for a fifth consecutive month in February, with $22.5B added with reduced buying across equities and fixed income.<\/strong><\/p>\n

\u00a0\u00a0\u00a0 Cross asset slowdown: equity flows moderate from $33.3B in January to $8.5B in February, while fixed income (FI) buying also moderated from $28.6B in January to $12.8B in February.<\/strong><\/p>\n

\u00a0\u00a0\u00a0 Commodities stay the course: commodity flows held relatively steady at $0.8B, for a second consecutive month of inflows.<\/strong><\/p>\n

Europe shines amid slowing flows<\/strong><\/p>\n

Outflows from US equity ETPs (-$5.5B) continued across listing regions for a second consecutive month \u2013the first time this has happened since February-March 2018. While US investors again looked beyond domestic exposures, US-listed equity allocations didn\u2019t flow into emerging markets (EM, $0.6B), in contrast to January trends. US-listed inflows into European equities continued, however, in line with global flow trends.<\/p>\n

European exposures were the largest equity allocation in February, with $6.3B of inflows, following the $7.3B added in January. Investors have been late to this trade: Q4 saw three months of outflows from European equities (-$1.9B), contributing to last year\u2019s record -$17B of outflows.<\/p>\n

US-listed ETPs accounted for 56% of European equity flows in February and 72% in January, putting them on track for the best quarter since Q2 2021 \u2013although US-listed money doesn\u2019t tend to be sticky.<\/p>\n

Conviction sharpens in short duration<\/strong><\/p>\n

Credit flow momentum unwound in February, with -$1.6B out of global investment grade (IG) ETPs and -$6.7B out of high yield (HY). Rates flows drove the buying in FI, increasing MoM to $10.9B, dominated by US Treasury exposures \u2013a trend that didn\u2019t carry over to EMEA-listed rates ETPs. The shift out of FI risk also came through in outflows from EM debt ETPs (-$1.5B).<\/p>\n

The shift out of credit was less prevalent among EMEA-listed FI ETPs, with $1.0B added to EMEA-listed IG. This included $0.7B into euro IG, led by short-duration exposures \u2013in contrast to January, when full duration gathered the majority of flows. HY also notched up $0.2B of inflows, for a fifth consecutive inflow month.<\/p>\n

Barbell at play in precision<\/strong><\/p>\n

The financials sector notched up its first significant inflow month since October, with $1.4B added in February, up from flat flows in January. This came alongside inflows into industrials ($0.5B) and technology ($0.8B); in contrast, energy (-$1.8B) suffered its largest outflow month since July.<\/p>\n

The healthcare sector is now on a three-month outflow streak, with a further net sell of -$1.4B in February. Given net inflows of $50.2B into global healthcare ETPs from 2020-2022, YTD outflows of -$3.3B are a long way from fully unwinding positioning. The majority of outflows this year have come out of US healthcare ETPs.<\/p>\n

The shift out of defensively-tilted equity exposures is also highlighted by continued outflows from minimum volatility factor ETPs: a further -$3.7B flowed out in February, following January\u2019s net sell of -$3.9B. Investors have been consistently adding to value ETPs for five months, and this continued into February with $1.1B of inflows.<\/p>\n

Sustainable flows tick up<\/strong><\/p>\n

Sustainable ETP flows in February remained in line with January levels, with $5.7B added across US-and EMEA-listed exposures. In Europe, inflows slowed at a headline level, with $4.1B added vs. $5.7B previously \u2013mostly due to lower flows in the fixed income space, across all strategies. US-listed exposures, in contrast, saw flows rise to $1.5B in February vs. -$800m in January.<\/p>\n

Within Europe, equities accounted for the majority of sustainable ETP flows ($3B), mainly driven by ESG best-in-class ($1.5B) and ESG screened strategies ($1.2B). On a regional basis, EM exposures ($1.6B) saw the strongest inflows, driven by ESG best-in-class strategies, followed by European exposures ($900m), led by screened strategies. Fixed income flows in Europe totalled $1.1B, a slowdown from the previous month’s elevated levels, but in line with February 2022. The majority of fixed income flows went into ESG best-in-class strategies ($800m), led by eurozone exposures.<\/p>\n

In the US, February flows returned to positive territory after two months of outflows. Inflows were split equally between equities ($758m) and fixed income exposures ($783m). Inflows into both asset classes were driven by ESG tilt and ESG best-in-class strategies. Most of the flows went into US exposures ($1.2B).<\/p>\n

Quelle: ETFWorld<\/p>\n","protected":false},"excerpt":{"rendered":"

BlackRock Global ETP Flows : Flows moderate: inflows into global ETPs moderate for a fifth consecutive month in February, with $22.5B added with reduced buying across equities and fixed income.<\/p>\n","protected":false},"author":2,"featured_media":30927,"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-30926","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\/30926","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/comments?post=30926"}],"version-history":[{"count":2,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts\/30926\/revisions"}],"predecessor-version":[{"id":31136,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/posts\/30926\/revisions\/31136"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/media\/30927"}],"wp:attachment":[{"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/media?parent=30926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/categories?post=30926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etfworld.com\/ch\/wp-json\/wp\/v2\/tags?post=30926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}