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Monday Morning Memo: European Fund-Flow Trends-Bonds Weathered the Storm in May
June 24, 2019--The negative fund-flows trend in Europe continued in May. As a consequence, May was the thirteenth month in a row long-term mutual funds posted net outflows after 16 consecutive months of net inflows.
Taking the current interest rate environment into account, it was surprising that bond funds (+€5.0 bn) were once again the best-selling asset type in the segment of long-term mutual funds, followed by real estate funds (+€1.0 bn) and commodity funds (+€0.3 bn). All other asset types faced outflows: equity funds (-€22.0 bn), alternative UCITS funds (-€5.7 bn), mixed-asset funds (-€5.2 bn), and “other” funds (-€0.4 bn).
These fund flows added up to overall net outflows of €27.0 bn from long-term investment funds for May. ETFs contributed inflows of €2.3 bn to these flows.
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Source: Refinitiv
IMF Country Report-Switzerland: Selected Issues
June 24, 2019--THE SWISS FRANC-LIVING IN A MULTIPOLAR WORLD1
A. Introduction
1. With Switzerland being a globally integrated small open economy, major international currencies and their associated monetary policies likely provide important reference points for the Swiss franc and the operation of Swiss monetary policy.
Nonetheless, the behavior of the Swiss franc relative to the US dollar and to the euro has shifted significantly during
the past decade:
Before 2010, the franc was relatively stable against the euro, while its movements against the US dollar paralled those of the euro vis-a-vis the dollar;
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Source: IMF
UK equity income funds suffer 18.4bn pounds of net outflows
June 23, 2019--The funds often invest in sectors such as energy, pharma and consumer goods, industries perceived as reliable in returning profits to shareholders.
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Source: FT.com
New Vanguard ETFs on Xetra: Global Bonds
June 21, 2019--Since Thursday two new Exchange Traded Funds from Vanguard are tradable via Xetra and Börse Frankfurt.
The Vanguard Global Aggregate Bond UCITS ETFs offer an investment in the performance of global government and corporate bonds with a maturity of at least one year.
The ETFs invest in bonds that are not denominated in euros and are hedged against currency fluctuations.
Investors can choose between a distributing and an accumulating share class.
Name: Vanguard Global Aggregate Bond UCITS ETF
Asset class: Bond ETF
ISIN: IE00BG47KB92
Ongoing charges: 0.10 per cent
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Source: Deutsche Börse Cash Market
Swiss-EU bourse battle breaks out over stalled treaty
June 21, 2019--Investors in the European Union and Switzerland will lose direct access to each others' stock exchanges from July 1 in an escalating row over a stalled partnership treaty.
Frustrated with Swiss foot-dragging, the European Commission will not propose extending the equivalence regime that lets EU investors trade on Swiss bourses, effectively ending it as of July 1, an EU diplomat told Reuters on Friday.
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Source: Reuters
ESMA Agrees Position Limits Under MIFID II
June 20, 2019--The European Securities and Markets Authority (ESMA) has published today three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).
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Source: ESMA
New research by BETTER FINANCE on the Correlation between Costs and Performance of EU Retail Equity Funds without a doubt establishes a negative correlation between returns and fees
June 20, 2019--Common knowledge has it that if you want to beat the market, you need to turn to highly active management...at a price.
As part of its #FundResearch series, BETTER FINANCE decided to put this notion to the test and take a closer look at the main factors impacting fund performance and the ability to deliver above-market returns, with a special focus on costs.
BETTER FINANCE measured the performance over the last ten years of EU equity retail funds from Belgium, France and Luxembourg in comparison with their benchmarks and found that only 27% of surviving funds with a sufficiently long track record managed to overperform the market over 5-year rolling quarterly periods. This confirms that few active fund managers are able to offset the impact of the fees they charge and that it is mostly up to luck whether an investment will beat the market.
view the EU Retail Equity Funds Correlation between Costs and Performance
Source: betterfinance.eu
Vanguard launches aggregate bond ETF in Europe
June 20, 2019--Vanguard has launched a new fixed income ETF in Europe which provides broad and diversified exposure to investment grade bonds across multiple sectors and segments from both developed and emerging market issuers.
The fund, the Vanguard Global Aggregate Bond UCITS ETF, is linked to the Bloomberg Barclays Global Aggregate Float-Adjusted and Scaled Index which covers a universe of over 23,500 investment grade bonds issued by governments, corporates, and agencies.
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Source: etfstrategy.com
Unscheduled adjustment in SDAX
June 19, 2019--Hapag-Lloyd AG to be deleted from the index, DMG MORI AG to be added
On Wednesday, Deutsche Börse announced an unscheduled change to SDAX. The free float of Hapag-Lloyd AG has decreased from 10.59 per cent to 8.72 per cent.
According to the Guide to the Equity Indices of Deutsche Börse AG, section 5.1.2. Breach of the Basis Criteria (minimum free float of 10 per cent), Hapag-Lloyd AG shares will be deleted from the SDAX index as of 24 June 2019.
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Source: Deutsche Börse Group
Deutsche Bank seeks to shed risky assets as part of overhaul: sources
June 19, 2019--Deutsche Bank is aiming to cut up to a quarter of its riskiest assets in the next few years, people familiar with the matter said, shedding more light on how the German lender is trying to overhaul its business and revive profitability.
The plan provides more detail on a restructuring expected since Chief Executive Officer Christian Sewing promised shareholders "tough cutbacks" to turn the bank around after it botched an attempted merger with rival Commerzbank.
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Source: Reuters
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