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Amundi ETF: Market Flows analysis Europe and World April 2019

Amundi ETF

In April, when looking at global inflows, we observe that risk appetite turned in favor of equity exposures compared to March…

Global Flows of April 2019, in a nutshell

+39.3bn€   (Total net flows)

+14.3bn€  (North Am equities)

+6.3bn€  (Sectors & Smart Beta equities)

+5.2bn€  (Corporate bonds)

Monthly new net assets were mostly invested in Equity ETFs, that attracted more than 28bn€ in the world.

These flows were mainly driven by North America stocks, which accounted half of net new assets, followed by Sectors & Smart Beta exposures with 6.3bn€, Japanese stocks with 5.6bn€ and Emerging Markets equities with 1.6bn€ of inflows.

European equities also got back to a positive scenario with close to +710m€ of new net assets in April vs -730m€ in March.

While on the fixed income side, the asset class attracted less money compared to previous months, with +12.3bn€ vs +17.5bn€ in March.

Within the asset class, Corporate bond ETFs remained preferred by investors’ with 5.2bn€ followed by Government Debt ETFs with more than 3.1bn€ of net new assets in April.

European Flows this month highlights +3.6bn€ : (Total net flows in Europe)

Equities : -692m €

– Trends in investors’ asset allocation followed the same path compared to last month, and we did not see a particular impact from recent events, such as Spanish elections or recent moves on US markets.

Equity ETFs continued to suffer outflows. Investors bought global equities, gathering 1.2bn€ of net new assets while they continued to sell Eurozone stocks (-2bn€), and started selling US equity ETFs in a limited proportion however.

Inflows on global Emerging Markets Equities were even bigger compared to previous months, showing that the EM exposures are regaining investors’ attention and amounted to close to 930m€ of new net assets during the month.

On smart beta, we saw very positive flows (+1.4bn€), compared to last month. Mostly on defensive factors (quality and minimum volatility).

The interest for SRI is continuously growing in Europe, where we observed close to 270m€ of flows for sustainable ETFs during the month, mainly on global equities, followed by Europe and Emerging Markets stocks.

Bonds : + 4.3bn€

– In Europe, Fixed Income ETFs continued to benefit from inflows in April, but at a lower scale compared to the previous months.

– On the government debt side, emerging countries continued to be favored by European investors, with close to 1bn€ of net new assets.

– On the Corporate side, April saw a switch compared to last month in Europe, this time high yield Eurozone bonds are in the top of the month inflows, with 965m€ of new net assets, followed by Eurozone investment grade credit, amounting close to 765 m€ of inflows.

Source: ETFWorld

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