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BlackRock reports equity ETP new record over July

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The July BlackRock ETP report finds that July’s global ETP flows led to a new annual record for equity funds.

Industry flows of USD39.6 billion brought the year-to-date total to the verge of a new annual record and were driven by USD25.8 bilion for equity funds, which pushed the year-to-date total for the asset class to a new full-year high of USD257.8 billion.

Fixed income brought in another USD13.7 billion led by investment grade corporate, which gathered USD4.8 billion to push year-to-date flows to USD35.4 billion, topping the annual record set in 2016.

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

1. Europeans LOVE Europe
“July was yet another strong month for European equities. The USD3.7 billion that went into EMEA-listed ETFs mean there have now been eleven consecutive months of European equity ETPs inflows – the longest inflow run on record.”

2. Credit where credit’s due
“Investment grade (IG) credit has been an area of focus in fixed income ETPs globally this year, attracting USD36.6 billion (or 35 per cent) of the total USD105.5 billion that has flowed into all fixed income ETPs. EMEA-listed $IG ETPs are on a run of seven straight inflow months and €IG ETPs now have three straight months of inflows since the French presidential election.”
 
3. Bronze for Bolt, gold for Europe
“We have previously highlighted that US and EMEA investors appear to have had opposing views on gold this year. In July, the pattern of the US selling coinciding with Europe buying (and vice versa) was even more pronounced. In four out of seven months this year there have been net outflows from US-listed gold ETPs, while EMEA-listed equivalents have attracted consistent inflows.”
 
4. EMD interest cooling
“EMEA-listed EMD funds had their weakest month of the year in July, attracting USD0.7 billion; this is the first month of the year where the inflows have been less than USD1.0 billion. EMD strength has been a key theme this year but recent performance means some investors appear to be cooling their interest in the asset class. Despite this, EMD was yet again the strongest category in fixed income flows, showing that on a relative basis investors are continuing to allocate to the asset class at scale.”
 
5. Investing for good 
“European investors are ahead of the US when it comes to ESG ETPs. Of the USD5.7 billion inflows since the end of 2009, USD3.8 billion flowed into EMEA-listed funds. Changing end investor attitudes and guidelines suggesting ESG usage from certain regulators in European countries may be contributing to this trend.”

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