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European High Yield Bond Funds See €112M Cash Inflow

J.P. Morgan’s weekly analysis of European high-yield funds shows an inflow of €112 million for the week ended Aug. 9. This figure includes a €38 million net inflow to ETFs, and a €54 million net outflow from short duration funds. The reading for the week ending Aug. 2 is unrevised from an inflow of €136 million. Note, the net weekly readings also include flows from long-only managed accounts.

The provisional reading for July is an outflow of €1.18 billion. This follows a €188 million outflow in June, a €296 million inflow in May, and a €548 million outflow in April. There was a €1.55 billion outflow in March, and €517 million and €218 million inflows in February and January. The total fund-flow reading for 2017 (including monthly reporting funds that have not yet released July figures) is an outflow of €2.286 billion.

In the U.S., high-yield funds recorded an inflow of $123 million for the week ended Aug. 9, according to the weekly reporters to Lipper only. This comes on the heels of the prior week’s $195 million inflow into the asset class. ETFs drove the gain, with an inflow of $97 million, while $26 million flowed into mutual funds. The four-week trailing average remains in positive territory for the second consecutive week, rising to positive $630 million from positive $313 million in the prior week.

J.P. Morgan only calculates flows for funds that publish daily or weekly updates of their net asset value and total fund assets. As a result, its weekly analysis looks at around 60 funds, with total assets under management of €50 billion. Its monthly analysis takes in a larger universe of 80 funds, with €70 billion of assets under management. For a full analysis, please see “Europe receives HY fund flow calculation”. — Nina Flitman

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This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

 

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