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Amundi reports fixed income dominates ETF inflows

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Amundi reports that since the beginning of the year to end of November 2016, the European ETF market has experienced inflows of EUR36.9 billion. 
The firm writes that European investors’ appetite has been focused mainly on fixed income exposures (nearly EUR22 billion) versus equity exposures (EUR12.4 billion).

“However, the rotation in favour of equities which started in October has continued in November, with a majority of monthly flows going towards equity ETFs (EUR7.7 billion) versus fixed income ETFs (minus EUR3.3 billion).

“In the equity field, November has been characterised by a massive movement towards US equities (EUR1.8 billion), followed by World (EUR1.1 billion) and European Equities (EUR963 million).

“Investors’ interest towards US Equities is a direct consequence of the US elections. Expectations around tax policy and budgetary impulse by the future Trump administration are driving this movement.   US equities thus increased their lead with now up to almost EUR5 billion YTD.

“Emerging exposures both equities and fixed income are losing ground in November with respectively minus EUR976 million and minus EUR1.8 billion but remain very positive over the year (EUR5.8 billion and EUR5.2 billion YTD respectively).”

Amundi notes that In November, flows on fixed income exposures have been mainly concentrated on German Govies (EUR130 million MTD). In terms of corporate bonds, the recent hike in interest rates following the US election seems to have encouraged investors to get exposed to Floating Rate Notes, which registered around EUR390 million in inflows MTD.

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