Despite a slight slowdown in March, net new assets invested in European ETFs during the first quarter were largely positive. They reached 25 billion euros, mainly driven by fixed income products, which account for more than two thirds of these new flows.

On the equity side, global exposures are in the lead, with 7 billion euros of inflows, followed by emerging markets. At the other end of the spectrum we still find Europe, which has suffered redemptions amounting to nearly 5 billion euros over the quarter.

At country level, there was a switch from Germany, victim of nearly one billion euros of redemptions, towards England, which benefited from 1.4 billion of subscriptions.

If we look at sector allocation the bias is definitely defensive: non-cyclical goods were the most favored, whereas financials are bottoming the ranking. The same goes for smart beta: there are positive flows on defensive factors (high dividend and min vol) and negative flows on momentum and small caps.

In addition, the interest for SRI has not dried up and we observed more than 2 billion euros of flows since the beginning of the year for sustainable ETFs.

In the fixed income universe, which accounts for two thirds of the inflows, the split is roughly even between government debt (+8.5 billion euros) and corporate debt (+7.5 billion).

On the government side, emerging countries continue to be favored by investors with 5 billion of net new assets, followed by US treasuries. On the corporate side, this time the Eurozone is doing well, with 4 billion euros in investment grade credit and 1 billion in high yield bonds.

No real trend was observed for commodities, which posted a very slightly negative balance for the quarter.

Amundi

Amundi

Amundi is Europe’s largest asset manager by assets under management and ranks in the top 10* globally. It manages more than 1.460 trillion** euros of assets across six main investment hubs***. Amundi offers its clients in Europe, Asia-Pacific, the Middle-East and the Americas a wealth of market expertise and a full range of capabilities across the active, passive and real assets investment universes. Headquartered in Paris, and listed since November 2015, Amundi is the 1st asset manager in Europe by market capitalization****.

Leveraging the benefits of its increased scope and size, Amundi has the ability to offer new and enhanced services and tools to its clients. Thanks to its unique research capabilities and the skills of more than 4 500 team members and market experts based in 37 countries, Amundi provides retail, institutional and corporate clients with innovative investment strategies and solutions tailored to their needs, targeted outcomes and risk profiles.

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