Global ETP Flows June 2020<\/strong><\/p>\n
\nElsewhere, equity flows rose from fairly flat in May to $23B in June, while commodity flows remained positive but dropped to their lowest level of the year with $4.7B of inflows.<\/p>\n
Key themes in June:<\/strong><\/span><\/p>\n\n- Fixed income takes the credit:<\/strong> Record inflows for IG and inflation linkers<\/li>\n
- Time to return to EU?:<\/strong> Overseas buying of European equities drives inflows<\/li>\n
- The value factor:<\/strong> Value inflows pick back up<\/li>\n<\/ol>\n
Fixed income takes the credit<\/strong><\/span><\/p>\n\n- June\u2019s record buying in fixed income is attributable to the highest inflow month for IG ETPs since records began.<\/strong> Inflows of $21.6B beat the record set in April by $8.3B, taking total IG inflows in Q2 to $47.1B \u2013a record in its own right. This is particularly remarkable as it follows a fairly flat Q1, where flows netted out at -$0.2B. Q2 flows into IG beat the previous record, set in Q1 2019, by $22.7B. Delving deeper, inflows overwhelmingly went towards US focused IG, with buying in eurozone focused ETPs dropping off after a pick up in April and May.<\/li>\n
- Buying in inflation linkers also significantly picked up in June with $4.4B of inflows.<\/strong> This record monthly buying for the exposure beat the previous record of $2.5B set in November 2016, the month of the last US presidential election. We\u2019ve seen interest in linkers start to pick up since mid-April, following record outflows from the exposure in March (-$4.6B), as investors take into account the potential inflationary pressures of the ongoing pandemic. While buying in linkers has largely been focused in US listed products, EMEA-listed buying also picked up to $1.2B in June.<\/li>\n<\/ul>\n
Time to return to EU?<\/strong><\/span><\/p>\n\n- Inflows into European equities returned with a bang in June, with $3.7B added.<\/strong> June marked the largest inflow month for the exposure since November 2019, and the largest for US listed European equities \u2013 which accounted for $3.5B of the total $3.7B \u2013 since June 2017.<\/li>\n
- US investors in European equities doubled down on the exposure into the start of June with three consecutive weeks of inflows into US-listed products.<\/strong> In EMEA, conviction has been a little more mixed, with flows only turning positive again in the last two weeks of the month.<\/li>\n
- EM continued its poor flow run with a further $4.9B of outflows in June, although outflows slowed from $9.4B the month before.<\/strong> The headline outflows mask tentative buying (+$0.8B) into US-listed EM in the second half of the month. The headline outflows also hide the interest in broad EM equity (+$1.1B), which was more than offset by outflows from single country ETPs (-$6.2B).<\/li>\n<\/ul>\n
The value factor<\/span><\/strong><\/p>\n\n- After a flat inflow month in May, value flows picked up to $1.6B in June, the largest monthly inflows since November 2019.<\/strong> Buying in value started off 2020 in negative territory, as investors expressed a preference for quality and min vol, before turning positive in April postmarket volatility.<\/li>\n
- Investors in EMEA-listed value ETPs bought in June for the first time this year.<\/strong> Inflows were fairly well-split between EMEA and US-listed ETPs, with US-listed ETPs taking approximately 2\/3 of the flows \u2013 in contrast to April\u2019s value inflows, which were driven by buying in exclusively US-listed products.<\/li>\n
- In contrast, minimum volatility is now on a four month outflow streak despite elevated market volatility over this period, with a further $1.3B out in June.<\/strong> Quality flows are flat on the month, following $1.1B added in May.<\/li>\n<\/ul>\n
Source: ETFWorld.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
BlackRock ETP Landscape: June marked the highest inflow month for global ETPs in 2020, with $71.5B added. This was driven primarily by record-breaking monthly inflows for fixed income, as investors added a whopping $46.7B …<\/p>\n","protected":false},"author":4,"featured_media":21172,"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":[231],"tags":[311,196],"class_list":["post-21824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maandelijkse-etf-analyse","tag-blackrock-etp-landscape","tag-etp"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"_links":{"self":[{"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/posts\/21824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/comments?post=21824"}],"version-history":[{"count":1,"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/posts\/21824\/revisions"}],"predecessor-version":[{"id":21825,"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/posts\/21824\/revisions\/21825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/media\/21172"}],"wp:attachment":[{"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/media?parent=21824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/categories?post=21824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.etfworld.com\/nl\/wp-json\/wp\/v2\/tags?post=21824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}