{"id":59761,"date":"2024-04-10T15:49:47","date_gmt":"2024-04-10T14:49:47","guid":{"rendered":"https:\/\/www.etfworld.com\/co.uk\/?p=59761"},"modified":"2024-04-12T11:05:44","modified_gmt":"2024-04-12T10:05:44","slug":"blackrock-global-etp-flows-march-2024","status":"publish","type":"post","link":"https:\/\/www.etfworld.com\/co.uk\/blackrock-global-etp-flows-march-2024\/","title":{"rendered":"BlackRock Global ETP Flows March 2024"},"content":{"rendered":"
BlackRock Global ETP Flows<\/strong> : “March was the highest inflow month of the year so far for global ETPs, with $126.5B added, up from $109.7B in February. ..<\/h5>\n

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BlackRock Global ETP Flows March 2024
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Laura Cooper, senior macro investment strategist for iShares EMEA at BlackRock<\/strong><\/p>\n

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Laura Cooper<\/strong>: …Equity flows climbed to $98.6B driven by cyclical buying, while a risk-on rotation was evident in fixed income as despite flows remaining steady at $20.1B, investors tilted towards high yield. Notably, commodity flows saw their first inflow month since May 2023, with $1.0B of buying driven by silver ETPs with investors positioning in the precious metal as a catchup trade to gold and to seek portfolio diversification.”<\/p>\n

Reaching new heights:<\/strong> $126.5B was added to global ETPs in March, the highest inflow month of the year so far, up from the $109.7B added in February.<\/p>\n

Silver bullet:<\/strong> equity flows increased to $98.6B, with fixed income flows staying steady at $20.1B. Commodity flows saw the most notable shift, notching up their first inflow month since May 2023 with $1.0B of buying, driven by silver ETPs.<\/p>\n

Cyclicals shine:<\/strong> cyclicality started to come through in precision equity flows, with European small cap flows at their highest level on record, and cyclical sector flows also picking up.<\/p>\n

Leaning into cyclicals<\/strong><\/p>\n

Industrials led sector flows in March, with $1.4B added \u2013 the highest monthly inflow since July 2023 \u2013 followed by materials ($1.3B), while energy ($0.6B) and financials ($0.2B) also recorded positive net flows. This was the first month since October in which tech (-$0.6B) didn\u2019t lead sector buying, with healthcare flows also flipping into negative territory (-$0.7B).<\/p>\n

European equity ETPs added $3.3B in March, $2.8B of which went into EMEA-listed ETPs. This is in contrast to February, when the split between EMEA- and US-listed flows was more even. Delving deeper, $0.6B of European equity inflows went into small caps in March (their highest inflow month on record and accounting for c.18% of total European equity flows). Adding to the cyclical tilt, flows into value factor ETPs rose to their highest level since August 2023, with $1.3B added.<\/p>\n

Silver lining?<\/strong><\/p>\n

Silver flows rose to their highest level since January 2021, with $1.0B added in March. This helped push overall commodity flows into positive territory for the only the second time in the past 10 months. These silver inflows went entirely into EMEA-listed ETPs, with EMEA investors simultaneously continuing to sell gold (which recorded $0.4B of outflows at the global level and $1.2B of selling from EMEA-listed ETPs).<\/p>\n

The contrast in conviction between gold and silver has been stark: gold flows have been negative for ten consecutive months, and for 19 out of the past 23 months.<\/p>\n

Broad market commodity flows also turned positive in March for the first time since October, with $0.6B of buying, while crude oil ETP flows remained negative at -$0.3B.<\/p>\n

Springing into Europe<\/strong><\/p>\n

Global investment grade (IG) credit flows rose to $4.6B in March, with high yield (HY) flows also turning positive at $0.7B. On the other hand, flows into rates ETPs declined to $6.8B. Delving deeper, contrasting trends came through for EMEA-listed credit ETPs vs. the global picture, with IG flows remaining in negative territory in EMEA (-$0.6B), but conviction continuing in HY ($0.7B). EMEA-listed HY flows have now been positive for six consecutive months, with an overall tilt towards \u20acHY exposures. EMEA-listed rates flows were depressed, however, in line with the global trend ($1.0B).<\/p>\n

Conviction in emerging market debt (EMD) remained low in March: the exposure registered $1.2B of outflows, with around half of this coming from EMEA-listed ETPs.<\/p>\n

Source: ETFWorld.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"

BlackRock Global ETP Flows : “March was the highest inflow month of the year so far for global ETPs, with $126.5B added, up from $109.7B in February. ..<\/p>\n","protected":false},"author":4,"featured_media":52857,"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":null,"_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":[231],"tags":[197,407,196],"class_list":["post-59761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-etf-monthly-analysis","tag-blackrock","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\/co.uk\/wp-json\/wp\/v2\/posts\/59761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/comments?post=59761"}],"version-history":[{"count":2,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/posts\/59761\/revisions"}],"predecessor-version":[{"id":59763,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/posts\/59761\/revisions\/59763"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/media\/52857"}],"wp:attachment":[{"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/media?parent=59761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/categories?post=59761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etfworld.com\/co.uk\/wp-json\/wp\/v2\/tags?post=59761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}