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BlackRock: Informe industria ETP correspondiente a agosto 2017

Aitor Jauregui, BlackRock - Martes, 12 de Septiembre

 “El verano no ha traído grandes novedades en el panorama de ETPs. Un mes más, los flujos de entrada globales registraron entradas récord, por valor de 47.400 millones de dólares, impulsadas por la solidez de los mercados desarrollados. Los ETPs de renta fija atrajeron 12.200 millones de dólares, gracias a los productos cotizados centrados en deuda corporativa con calificación Investment Grade, que captaron 4.200 millones de dólares, lo que impulsó los flujos de entada en lo que va de 2017 hasta los 39.600 millones de dólares. En cuanto a la renta variable, agosto fue otro mes favorable y ya es el duodécimo mes consecutivo en el que se registran flujos de entrada positivos en este tipo de productos –el periodo más largo del que se tiene constancia. Por otro lado, las últimas semanas caracterizadas por la creciente tensión entre EE. UU. y Corea del Norte, han demostrado que los inversores estadounidenses empiezan a buscar refugio en el oro.”

Highlights from BlackRock ETP Landscape report: August 2017

  • Global ETP flows climb to a new annual record
  • Global ETPs gathered $47.4bn, driving year-to-date flows to a new annual record, fueled by strength in developed markets (DM) equity exposures and bolstered by fixed income
  • U.S. equities drew in $9.5bn, concentrated in large caps, amid strong corporate earnings and economic growth
  • Broad DM equities and Japanese equities collected $7.6bn and $8.0bn, respectively, against a backdrop of positive economic data
  • Fixed income brought in another $12.2bn led by investment grade corporates, which captured $4.2bn, propelling year-to-date flows to $39.6bn

Patrick Mattar, from the iShares EMEA capital markets team at BlackRock, comments on the five key stories behind the European ETP flows in August 2017:


1. Ooh la la

“August was another positive month for European equities. Despite being down on July’s figure, the $1.1bn that went into EMEA-listed ETFs mean there have now been 12 consecutive months of European equity ETP inflows – the longest inflow run on record”


2. The trend is your friend

“There was a $300m net inflow into EMEA-listed momentum factor ETFs in August, the largest month for flows into momentum exposures ever. The majority went to world equity momentum ETFs. The momentum factor provides exposure to stocks in a given universe that have performed well in the recent past. The pick-up in flows to this area suggests that some investors are currently living by that old mantra ‘the trend is your friend’.”


3. Banking on financials

“August was the sixth inflow month in a row for European financials sector ETPs. It also means that the last six months are the largest ever in terms of inflows for these funds, many investors may be focussing on depressed valuations after a long period of underperformance. Concurrently, open interest in Eurex-listed Eurozone banks futures contracts is close to all-time highs (€7.6bn). European banks indices have had strong upward moves recently which suggests many futures positions have been dominated by bullish investors. With the exaggerated skew toward ‘long’ futures contracts increasing roll costs on these contracts, investors with a positive view on European financials may start to look to ETFs for a more efficient exposure.”


4. Fixed income fragmentation

“Euro investment grade (IG) and emerging market debt (EMD) ETPs have been the dominant inflow groups within fixed income in Europe this year. Combined, these products have attracted $11.2bn of the total $22.1bn added to EMEA-listed fixed income ETPs in 2017. August was different: Euro IG and EMD ETPs contributed only 37% of the total EMEA fixed income flows having contributed 67% of the flows over the three preceding months. The absolute flow values are also seemingly on a slight decline for both categories.”


5. Gold rush

We have previously highlighted that US and EMEA investors appear to have had opposing views on gold this year. In August, this pattern changed as there were inflows into both US-listed gold ETPs ($1.1bn) and European-listed funds ($0.3bn). In a month characterised by rising tensions between the US and North Korea it appears that US investors have started to shelter in gold.”

Please see attached for the full Global ETP Landscape Report, and a broader overview of trends in European-domiciled ETPs.