- Wednesday, 15 April 2015
- Wealth Management Expert Opinion
February Flows: Bond Funds are Back to Lead the Sales Tables
European fund flows for February 2015 far outpaced those for January (+€25.7 bn); the European fund industry enjoyed inflows of €65.0 bn into long-term mutual funds in the later month. Compared to January there was a change in the most favoured asset class; the majority of the flows went into bond funds (+€24.5 bn), followed by mixed-asset funds (+€21.2 bn), equity funds (+€17.0 bn)...
Read more...- Tuesday, 10 February 2015
- Wealth Management Expert Opinion
Are Investors Underestimating the Risks in Emerging Market Bonds?
During their chase for yield a number of investors have added emerging-market bonds to their portfolios, since these bonds seemed to be fairly valued and offered a yield suiting the needs of the investors. But, as always in a long bull market, some of the risks carried by these bonds might have been overlooked, and they have hit investors very hard when they appeared...
Read more...- Monday, 03 November 2014
- Wealth Management Expert Opinion
Popular High Yield Bond Funds in Europe
In local currency terms European high yield, with a 7.9% return, has had the strongest 12 months, with global high yield returning 2.2% over the same period. European fund-of-fund managers have generally done well, opting for local high-yield exposure (258 buyers for European high yield as opposed to 174 buyers for U.S. high yield) and using over 350 different funds and share classes to obtain their exposure...
Read more...- Friday, 17 October 2014
- Wealth Management Expert Opinion
Fund Manager Briefing: PIMCO Select U.K. Income Bond Fund
The thirst for yield remains strong. According to Lipper FundFile data, August 2014 saw retail net sales into bond funds in Europe of some €4 billion, while equity funds suffered a net outflow of €1.2 billion. Indeed, for the year to date to August 2014 bond funds have received 80% of the total net flows into equity funds and bond funds combined. Against this backdrop, there might be...
Read more...- Monday, 06 October 2014
- Wealth Management Expert Opinion
Fund Manager Briefing: UBS (LUX) Bond SICAV–Convert Global (EUR)
Uli Sperl joined UBS in 2005. Prior to that he was portfolio manager at Activest Investment in Munich. In his role at Global Asset Management Uli is responsible for the strategy and management of global convertible bond funds. He is part of a five-person team that is split up into three senior and two junior managers. The three senior managers split the workload by region...
Read more...- Monday, 01 September 2014
- Wealth Management Expert Opinion
Collapsing Bond Yields and Secular Stagnation
European bond yields have been in free-fall this year with German yields approaching the "Japanese zone" and periphery spreads near the narrowest since the European crisis erupted in 2010. The most recent leg lower in yields has been in reaction to weak economic growth, too low inflation, escalating geopolitical concerns and expectations of fresh ECB stimulus...
Read more...- Friday, 15 August 2014
- Wealth Management Expert Opinion
Fund Manager Briefing: Henderson Strategic Bond
Co-manager arrangements seem to be quite common in the bond fund space; think Paul Read and Paul Causer at Invesco Perpetual or James Foster and Alex Ralph at Artemis. Perhaps one of the most enduring pairings would be John Pattullo and Jenna Barnard, who have worked together for 11 years at Henderson and preside over one of the U.K.’s best known bond...
Read more...- Wednesday, 13 August 2014
- Wealth Management Expert Opinion
Bonds Are European Investors’ Darlings
The European mutual funds industry enjoyed overall net inflows of €38.1 bn into long-term mutual funds for June 2014. The net inflows for June were driven mainly by flows into bond funds (+€19.2 bn), followed by mixed-asset funds (+€12.1 bn) and equity products (+€6.0 bn). Also, property products (+€0.8 bn) as well as alternative/hedge funds (+€0.5 bn) saw net inflows...
Read more...- Monday, 23 June 2014
- Wealth Management Expert Opinion
Changes in Composition of the High Yield Corporate Bond Sector
April 2014 saw €4.1bn net inflows into bonds funds in Europe as interest in the asset class continues. The highest average debtor quality within the IMA Sterling High Yield sector is to B-rated securities (36%). This is followed by BB-rated securities (33%). Interestingly, these positions have been relatively stable; 12 months ago average exposure to B- and BB-rated securities was 33%...
Read more...- Thursday, 12 June 2014
- Wealth Management Expert Opinion
Once again, bond funds are European investors’ darlings in March 2014
The European mutual fund industry enjoyed overall net inflows of €35.8 bn into long-term mutual funds for March 2014. The net inflows for March were mainly driven by flows into bond funds (+€21.5 bn), followed by mixed-asset funds (+€8.5 bn) and equity products (+€3.6 bn). In addition, funds from the “other” peer group (+€1.7 bn), property products (+€0.3 bn)...
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