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European ETFs on track for record year, says Lyxor

Lyxor’s May ETF review finds that the economic recovery is on track and has been welcomed by equity markets’ strong performance with the S&P 500 up 12.86 per cent Year to Date – as at 10 June 2021. 

In the same vein, credit markets (both Investment Grade and High Yield) are showing the same positive signals with credit spreads on the verge of historical lows, the firm writes with many investors questioning the speed of the recovery along with stretched valuations both for equities and credit.  

“The reflationary environment also calls for portfolio protection as it hurts bond returns. There has been increasing interest towards US Inflation Funds and ETFs, with investors pilling up into such exposures both in Europe and the US,” Lyxor says. “Investors’ appetite is not just on US inflation exposures; flows have also accelerated into Global and EUR inflation exposures since the beginning of the year. 

“European ETFs are on track for a record year,” Lyxor writes, “with nearly EUR80 billion of net new assets year to date. Total flows may well exceed the EUR102.6 billion record achieved in 2019.” 

Over May, Lyxor writes that ETFs have gathered EUR12.2 billion in May and fixed income and equity ETFs accumulated EUR2.6 billion and EUR8.6 billion respectively. 

ESG ETFs continued their positive trend and gathered EUR3.4 billion in May, with cumulated net new assets reaching EUR37.6 billion. Smart Beta ETFs gathered EUR2.3 billion with Value exposures keeping the lion’s share, the firm says. Value ETFs have now gathered a staggering EUR7.6 billion since the beginning of the year. 

Fixed income funds and ETFs gathered a combined EUR23.0 billion in net new assets with EUR20.4 billion into open-ended funds and EUR2.6 billion into ETFs. Equity funds and ETFs: equity ETFs and open-ended funds have enjoyed EUR22.4 billion of net new assets, with EUR13.9 billion into funds and EUR8.6 billion into ETFs. Global and Europe exposure were in demand, along with Healthcare and Energy sectors, Lyxor writes. 

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