Key findings from Morningstar’s July asset flows data are:
-The schism between bonds and equities remained evident in July, with equity funds shedding net EUR 5.3 billion; conversely, bond funds took in EUR 19.48 billion, marking the best month for bond funds since at least 2007.
-CSIF World ex CH Index Pension fund posted net inflows of EUR 2.38 billion in July; without this singular shift, net flows out of equity funds for the month would have been nearly double the current figure.
-Money market funds saw outflows, losing net EUR 10.23 billion in July, marking a reverse in trend on the sizable inflows to money market funds during the first half of 2012.
-The 10 Morningstar bond categories enjoying the highest inflows in July mainly consisted of risky assets, with the USD High-Yield Bond category topping the list with inflows of EUR 2.14 billion.
-Short-term and government bond funds saw substantial outflows, with the Morningstar categories EUR Ultra Short-Term, EUR Diversified Bond Short-Term, GBP Government Bond, and EUR Government Bonds topping the outflows table.
-The Morningstar US Large-Cap Blend and Asia ex-Japan Equity categories saw the largest of the equity fund category outflows, shedding net EUR 894 million and net EUR 762 million, respectively.
-Franklin Templeton had the highest equity fund outflows of any European fund provider in July; the firm saw substantial outflows from the Templeton Asian Growth fund, and to a lesser degree, the Franklin US Opportunities and Franklin US Equity funds.
-Allocation funds attracted EUR 2.50 billion in July, bringing year-to-date inflows in mixed asset funds to EUR 13.56 billion; the GBP Moderate Allocation and GBP Flexible Allocation were the best-selling categories.
-Carmignac was the main beneficiary of the continuing shift into allocation funds, gathering EUR 829 million in July; Carmignac Patrimoine took in the largest chunk of inflows for the firm year-to-date, and the new Carmignac Emerging Patrimoine has so far gathered close to EUR 1 billion this year.
-PIMCO topped the list of best-selling fund providers across Europe, with July inflows of EUR 3.87 billion; the PIMCO GIS Total Return Bond Fund grabbed net July inflows of EUR 1.28 billion.
Full report can be reached at this LINK.
