The EPFR Exchange Podcast: Recent Episodes
Kirsten Longbottom & Cameron Brandt
The EPFR Exchange Podcast is a brief weekly look into the conversations happening across Informa's EPFR brand. Hosted by Kirsten Longbottom, and featuring in-house economist Cameron Brandt, they'll discuss the themes and trends dominating the global financial landscape.Where is money moving around the world? What sort of impact will those asset movements have? How is investor sentiment changing towards countries, sectors and industries? How do demographics play into these stories? Where appropriate, clients, partners, and other members of the EPFR team will join in on the discussion. Listen in to found out our answers to these pressing questions. Where appropriate, clients, partners, and other members of the EPFR team will join in on the discussion. If you have any questions on EPFR Exchange podcast, are interested in becoming a guest speaker, or would like to suggest a topic for an upcoming episode, please email us at epfrexchangepodcast@informa.com
Join us for an exclusive conversation with industry leaders Jay McLaughlin from iMoneyNet, and guest expert Tim Schiltz from Schwab Asset Management.
Dive deeper into what has by some measures been a banner year for US liquidity funds, especially if inflows are your key measure of success. The group of US Money Market Funds tracked by EPFR have seen inflows this year climb past $1 trillion total, a record by far. iMoneyNet leader Jay McLaughlin highlights how assets and yields have been performing quite well over the past 18 months, especially when looking at the all taxable average - the most commonly used benchmark for iMoneyNet - from a yield perspective.
However, this only tells part of what is – more than ever – a complicated story. To a degree, Money Market Funds gain is pain for US regional banks as their deposit bases migrate. Those expanding asset bases are also keeping the industry in the forefront of regulatory minds, with another suite of reforms - the third in the last decade - currently on the drawing board.
Conversation led/guided by EPFR research analyst Kirsten Longbottom.
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China clearly holds the crown among Emerging Market Equity markets when it comes to attracting fund flows this year. In the struggling Developed Market universe, meanwhile, Japan is breaking free of the pack. Japan Equity Funds have recorded inflows 11 of the past 12 weeks, and Japan Dividend and ESG Funds have done even better with flows to the former picking up significantly in mid-March and those to Japan ESG Funds lofting off at the start of February. Yet, the lag in response to increasingly rosy market conditions and the minimal changes that Global and Global ex-US Funds have made to their Japanese exposure, hints at a degree of skepticism.
We look back at 2015 when the corporate governance code was introduced, discuss the current, relatively cheap valuations of Japanese assets, explore what bad inflation looks like for Japan, examine the linkages between Japan and China in the long term, ask where the Bank of Japan will go from here and delve into the benefits of a weak Yen versus strong Dollar.
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Investors have viewed Emerging Markets with a "glass half full" approach so far this year despite alarming headwinds for key actors. EM Equity Funds have brought in money this year while their Developed Markets counterparts have seen outflows. Kirsten Longbottom and Cameron Brandt from EPFR discussed key themes and shifts taking place in Emerging Markets with R Burns McKinney, managing director and senior portfolio manager/analyst at NFJ Investment Group. From the growth story and strong sector flows in China to the production of metals in Latin America to the expectation of India to break free of the pack, we cover it all.
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To kickoff our relaunch – twice monthly episodes where we feature an expert guest and focus in on specific themes or trends – integral members of our research team, Kirsten Longbottom and Cameron Brandt, invited Domestic Equities Portfolio Manager and the Head of ESG Strategy at Trillium Asset Management, Elizabeth Levy to join us on the EPFR Exchange and talk all things ESG. From a theme often referred to as “pixie dust” for fund flows to a changing dynamic in the last 18 months, from a lack of understanding among investors to a lack of clarity from the investment products themselves, from the environmental aspect to the social side, from energy to clean tech, this episode helps give perspective of the everchanging and overgrowing SRI & ESG equity universe. Listen in and email us at podcast@epfr.com with questions, or if you want a peak in to the Fund Flows & Allocations data we track.
If you have a question about this episode, want to request a demo of our data, or talk to an EPFR expert today... Contact us now!
The money market industry has consistently struggled to pry money out of the banking sector with not offering a FDIC insurance guarantee... until recently.
What are taxable US government money market fund doing with the rivers of cash flowing in? Does this apply to just US-dedicated funds or other regions? Cam talks to repurchase agreement (repos) and short term US treasuries, while Kirsten covers Financials Sector Funds. We also discuss what insight EPFR offers versus our iMoneyNet product.
Investors are reacting to concerns of an economic slowdown by rushing into liquidity... EPFR-tracked Money Market Funds posted a 155-week high with US-dedicated funds pulling in $100 million in each of the past two weeks. To support this, data from EPFR’s iMoneyNet offering shows that the AUM of taxable US MM Funds has moved past the $5 trillion milestone. Recession fears are picking up despite general consensus that the Fed has "got your back". How is it different to 2008? Excitement of AI has been a nice tailwind for Technology Sector Funds, what else are flows tied to? What have SRI/ESG Equity and Bond Funds seen recently?
Highlights: short term US treasuries yielded over 5% last week, interest picked up for China, Hong Kong and Taiwan Equity Funds, and investors are trying to recalibrate the balance between risk and reward. Listen in to find out more...
- Optimism about the duration of the current US tightening cycle has ebbed. The revised assumptions are worked in favor of short-term US treasury funds while investors move away from high yield bond funds.
- Activity at the sector level highlights some of the subplots as overall flows favor China over US Equity Funds.
- During bouts of uncertainty last year and into this year, we've been surprised by the absence of flows into precious metals funds, what happened to Silver and Gold this week?
- What puzzling dynamic are we seeing in GEM Fund manager allocation data?
- Are Brazil Equity Funds finally benefiting from the search for non-Russian commodity supplies?
Here’s what Cam and Kirsten reflected on:
- Very few people doubt that China will have an economic rebound later this year, but how soon and deep is up for debate.
- Sino-US tensions… What does the growth profile look like for China if it is disengaged from the US?
- Pullback on both sides - Biden administration seemingly more comfortable with less globalization
- How did that play into flows for Commodities and Energy Sector Funds?
- Earnings reports for the fourth quarter of last year dampen investor outlooks.
- EPFR tracks Volatility Funds?
- Russia-Ukraine conflict nears its one-year anniversary: what does that mean for manufacturing, defense, greening & ESG, energy, etc?
In this special episode, EPFR Quantitative Researcher Azalea Micottis joins Director of Research Cameron Brandt to discuss her latest insight on Japan and retail flows. They reflect on a recently published Off the Wire piece looking at the flows coming out of Bond Funds dedicated to long-term Japanese government bonds. To hear about several of EPFR's quantitative strategies and the signals those strategies are generating, listen to the full episode!
We start off this episode with an overview of 2022 fund flow trends. These included fixed income investors gravitated towards ETFs and passive funds during a volatile year, investors being quick to pencil in a post zero-Covid policy rebound in China and a growing willingness to “fight the Fed” and invest as if US interest rates will peak sooner rather than later. Digging into the latest week, marked by central bank decisions on both sides of the Atlantic and key economic data releases, investor sentiment changed on a daily basis as they adjusted their predictions. What is the next twist to come with the Russia-Ukraine conflict approaching a year? What is to come from China’s economic rebound? With the rest of the world tightening, is the Bank of Japan going to hold the line on its existing policy set?
This week, Cam and Kirsten talk about...
- How China's rebounding economy is good news for global growth and Europe's economy
- Continued optimism for the US Fed Reserve to stop hiking rates
- Bond Funds and specifically Inflation Protected Bond Fund Flows giving insight into what consensus investors have on the inflation fight.
- The drivers behind the $135 billion that flowed into Money Market Funds over the past four weeks.
- How India Equity Funds compare to China or other emerging markets.
- A look into Cybersecurity as well as Defense & Aerospace focused funds.
- Major subgroups discovered in broader Commodities Sector Funds
In this special edition, Kirsten is joined by EPFR’s CEO Todd Willits, who will comment on the company’s recent rebrand and what this exciting change entails for the firm and its customers in the months to come.
For over 20 years, EPFR has built a reputation for providing data expertise to customers and media from across the globe, and we will discuss with Todd why EPFR is ‘the intelligence behind intelligent decisions’. Besides, as a newly independent company, we will analyze our future plans and our ambition to build an ever-closer engagement with our customers.
There will also be a chance for Todd to touch base on the major themes and topics being explored through EPFR’s specialized data, with emerging markets and the future of energy capturing increasing interest in early 2023.
Cam and Kirsten talk about how investors steered large sums into Bond Funds dedicated to the US and Europe while exiting Inflation-Protected Bond Funds, and showed optimism about China’s post-Covid despite the recent rise in case numbers. Listen in for more on Emerging Markets, Europe Equity and Bonds, and China Sector Funds.
A mixed batch of macroeconomic data and guidance from earnings reports gave Bond Funds a boost despite it hard to find investors’ optimistic at large. Falling inflation, feeling of tightening doing its job to check economic activity and the selloff of bonds last year has helped this asset class in the start of 2023. The band that the Bank of Japan is using to try and control 10-year Japanese Government Bond issues has markets tense and investors feeling it doesn’t reflect global reality. Meanwhile, Cam talks about a somewhat improved outlook for Europe Equity compared to that in 4Q22, touching on natural gas usage, Russia’s supply and an unusually warm winter. And Kirsten carries that over into an overview of Sector Funds, which saw Consumer Goods and Industrials benefit while Technology Sector Funds suffer.
Cam and Kirsten reviewed some top highlights from 2022 and looked for any signs pointing in the right direction from the data in the week ending Jan 4. As China casts a big shadow, should we start viewing Emerging Markets as sort of EM vs EM ex-China? What about Frontier Markets vs Frontier Markets ex-Vietnam? Supply chain reallocation stories are popping up for Vietnam, Thailand, India, and Philippines in the Asia region, with Mexico part of the conversation. As we continue in inflation-fighting mode, the ECB might actually surprise in terms of having a closer than anticipated pivot point, while a lot of commentary points to concern that the Fed pivot point is beyond the current market consensus. And in the upcoming weeks, EPFR will be paying closer attention to where Japanese monetary policy goes.
Cam and Kirsten discuss how two of the world's major central banks, the ECB and US Federal Reserve, moderated the pace of their rate increases but punctured hopes that a 'pivot point' in their current tightening cycles is near. In Europe, four out of the five 'Frugal Five' markets have picked up allocation share in the average regional fund portfolio this year as the continent remains beset by issues that sap investor sentiment. Elsewhere, Sector Fund flows are painting a mixed picture of investors' appetite for risk and opportunity, and the hosts take a deeper dive into the Energy Sector by isolating flows into uranium & nuclear-dedicated funds
Investors are looking for a modest rally toward the end of a tough year and some are simply cashing out now with the buildup starting in US Money Market Funds, attracting $75 billion in the last two weeks. Europe Equity extended the longest streak on record, while Bond Funds received positive attention with the assumption that the ECB is much more anxious to pivot as eurozone inflation improved in November but to only 10%. Flows into Bond Funds accurately reflect how balanced the consensus is, between those who think we are underestimating how far the Fed will go to contain inflation, and those who think inflation is already waning faster than the statistics note. Also in sharp focus is the reallocation of supply chains outside of China due to complications in Apple's production facilities with strict zero-Covid policies.
Cameron and Kirsten talk about the optimistic vs pessimistic viewpoints taken from Federal Reserve Chair Jerome Powell’s speech this past week and, in turn, which riskier asset classes investors shied away from. Gold Funds have snapped a 20-week outflow streak, taking in fresh money for two straight weeks, hinting at how investors are gauging when things will change. And despite the rhetoric on challenges facing China, a significant number of investors believe that there will be a relaxation of the strict Covid lockdowns and have been positioning themselves for this major rebound over the past six months.
Cam and Kirsten talk about… what’s to expect in the fund flow picture as the results from the US mid-term elections continue to trickle in, whether a cooler-than-expected inflation rate offers hope of slower tightening by the Fed, how investors reacted to cryptocurrency funds in the wake of the fallout between Binance and FTX, and overall sentiment in sector flows.
Cameron Brandt and Kirsten Longbottom provide a recap on a week where we saw major central banks on both sides of the Atlantic hike rates by 75 basis points. Investors didn’t overreact, instead looking ahead to the US mid-term elections and different ways they could play out. Politics is also shaping the flow picture for China Equity Funds, with analysis of flows by currency showing that domestic money is driving recent flows while US dollar-denominated flows have ebbed since the summer. Cam and Kirsten also talk about the impact windfall taxes and rising costs are having on sentiment towards Energy, Financials and Utilities Sector Funds and take deeper dive into Technology Sector Funds and key sub-groups.
On EPFR Exchange Podcast, "Are investors looking at a glass half full?" we provide a macro view on fund flows in late October. While the economy is strong, central banks continued with aggressive, front-loaded monetary tightening. But some investors have started to look past the rate hikes and recession warnings. Cam and Kirsten also talk about the connection between China, technology and semiconductors, and set the stage for discussions on Brazilian politics, Fed decisions and reactions to the Chinese Communist Party Congress.
In the last episode of EPFR Exchange, we take a deep dive into Emerging Asia as politics hit the headlines with the reaffirmation of current policies in China and countries with strong technology and semiconductor universes caught the eye of investors. Tying together all the threads into a coherent investment policy program is not for the faint of heart. In the fixed income space, are central banks seeing an end to the tightening of policy in the future? How do “zombie companies” play a role? What major headwinds will continue to blow out of war-torn Ukraine?
In the latest EPFR Exchange episode, we start by discussing the key takeaways and themes from our Money Market Xchange event last week followed by an overview of the latest Fund Flows data: Where are managers reallocating their Russian exposure? How do the so-called Frugal Five and PIIGs markets play a role? Will third-quarter earnings reports have positive tones? Tune in to the full episode to find out, visit >>
EPFR CEO Todd Willits and Director of Research Cameron Brandt join together in this exiting time to talk about the latest company news and what it means to be a stand-alone company in partnership with private equity firm Montagu. They also give a sneak peek of major themes in the money fund industry as the team prepares to host the Money Market Xchange MMX event on October 12. And as always, Cam gives his insight into what's going on in the current fund flow and allocations data that EPFR tracks.
Cam and Kirsten join to discuss a not-so-ideal backdrop with news that might alarm remaining Europe-centric (politics vs central banks, energy prices, Germany inflation hits double digits) and aggressive responses to dial down risk as investors pulled money out of Europe Bond and Equity and Emerging Markets Bond Funds. Flight to safety held in US and Japan dedicated Funds and income-related funds stayed the best-in-class, while volatility in the FX market comes as no surprise with geopolitical and climate issues weighing in. Wrapping up with comments on the countdown to the Chinese Communist Party's 20th Congress and how investors are reacting.
Cameron Brandt and Kirsten Longbottom discuss the recent rate hikes delivered by major central banks in , among others, the US, the UK, Norway, Switzerland and Indonesia. They also discuss the costs and benefits of to Japan of being an outlier when it comes to its ultra-accommodative monetary policy.
Hosts, Cam and Kirsten, delve into a week where flows to US Equity Funds took advantage of some big dips, core inflation in the US made the case for another hefty interest rate hike, Ukraine’s counter-offensive made stunning gains -- although Russia still occupies a fifth of their territory -- and the ECB’s hawkishness put the spotlight on its “anti-fragmentation” tool.
Tune in for discussions on Eurozone inflation, Nord Stream 1 pipeline being shut down, drought impacting transportation and agriculture in the region, the ECB ending the week with a 75 basis point hike, the Fed likely to choose the same hawkish option in upcoming weeks, and the dollar strengthening against a weakening yen giving Japanese exports an advantage.
This week Cam and Kirsten talk about how we've seen investors react through EPFR-tracked Fund Flows. Earlier optimism that the economic slowdown -- or outright recession -- that people are expecting will put the breaks on the Fed's current tightening cycle is looking less of a good bet. Recent data is raising questions about the outlook for China, especially as the impacts from Covid containment measures and the real estate debt crisis mount. On the performance front, Saudi Arabia and Turkey Equity Funds are the two top performers year-to-date among major emerging markets country fund groups. And a deeper dive into Energy Sector Funds offers a perspective on Uranium Funds and nuclear power plants.
In this week's episode, Cam and Kirsten discuss the likelihood of a 75 basis point hike in the US, the idea of recession risks being higher than markets are predicting, building exposure on what investors hope is the next leg of a long-running bull market and resilience in the sector space. We also take a look at what's going on in the areas of highest conviction through EPFR-tracked Bear and Leveraged Funds and discuss the dynamic between Thailand, China and Japan.
This week, we discuss a week where investors have begun to discount the short-term problems and focus on a better climate for asset prices down the line. Cam and Kirsten highlight issues facing Europe Equity, the perpetual state of headwinds for Brazil's economy, China's slower growth and aggressive stance towards Taiwan, and sweet spots in the investment landscape for 2H22.
Cam and Kirsten discuss the major flows into EPFR-tracked Bond Funds in recent weeks: Was this guided by an increase in risk appetite? Tightening cycles close to having run their course? Investors feeling we are over peak inflation? Listen in for answers to these questions and more insight on Sector Funds with flows partly guided by earnings.
In the week to July 20, we saw the ECB hike rates the day after our weekly data reporting period ended yet investors still reacted in anticipation and ramifications impact more than just Europe. More on Utilities and Energy Sector Funds feeling the energy squeeze and heightened government intervention, investors preparing for a not-so-rosy earnings season, and which bond fund groups swam against the tide.
Cam and Kirsten explore how funds saw moderate outflows and fixed-income assets saw inflows mid-July despite an unsettling and frequently alarming backdrop for markets. We also discuss the high possibility of an aggressive rate hike by the Federal Reserve, the significance of EPFR-tracked collective investment trusts (CITs), and investors gravitating toward defensive Sector Fund groups.
Cameron and Kirsten recap major themes in the first half of 2022 and what to expect for the third quarter. The momentum of inflows should continue for Dividend Equity Funds in 2H, flows for SRI-ESG Funds although choppy are more positive than not, while interest remains in Latin America despite political influences and for Asian markets. We also discuss the latest week of fund flows with investors showing interest in Money Market Funds and Bond Funds, while also diving deeper into Emerging Markets.
This week, Cam and Kirsten talk about a not-so-ideal investment climate driven by global rate hikes coupled with fears of recession and slowing growth. We also highlight cryptocurrency funds, the shaping up of the energy picture and what that means for SRI and ESG Funds, the emerging markets universe, and the degree of capitulation among investors to the current dynamic.
Kirsten and Cam discuss a week were the US Federal reserve raised interest rates by 75 basis points while the ECB, which is walking a different inflationary tightrope, held an emergency meeting. Going into the third week of June flows for both Developed and Emerging Markets where anchored by the biggest single markets, US and China, respectively, while dividends and infrastructure remained beacons of hope for many investors. Join us to hear more on the investment landscape and the strong defensive flavor for sector fund flows with insight on Utilities, Financial and Technology Sector Funds.
For this monthly Nowcasting episode, EPFR is joined by Quant Insight which builds models that provide quantitative frameworks relying on mathematical techniques. EPFR Director of Research Cameron Brandt and Quant Insight Director of Analytics Huw Roberts discuss the European Central Bank (ECB) turning hawkish and the effect of potential rate hikes in the upcoming weeks/months. Huw provides insight through Qi's key models like the FTSE MIB, BTP-BUN and Eurostoxx 600. More discussion on Brexit, energy and oil.
Link to Eurostoxx 600 chart at 9:39
Share your thoughts with us! Email: epfrexchangepodcast@informa.com
Cam and Kirsten discuss a week when investors recovered appetite for exposure to US assets despite various headwinds still in the mix. Among drivers was a shift in the consensus on what decisions will be made by the Federal Reserve, in terms of the aggressiveness of rate hikes, which helped US Equity Funds post a significant inflow.
More insight included on the value seen in the Chinese market, the connection between Silver and Industrial Sector Funds, and the ECB & Europe Bond Funds.
Cameron and Kirsten discuss the past two weeks of the global financial landscape, one that has been marked by a broad loss of confidence from investors. We break down the latest trends in Bond and Equity SRI-ESG Funds, groups among Emerging Markets benefiting from oil plays, and heightened commitment to Infrastructure Sector Funds despite outflows for a majority of sector groups.
For this week's special focus episode, 'iMoneyNet on Money Market Funds' we invited two senior experts from iMoneyNet, Kevin Grist and Jay McLaughlin, to give our viewers an overview into the business and highlight a few forces that currently shape the Money Market Fund industry. Tracking data of roughly $4.5 trillion in US Money Market Fund assets and $1 trillion in Offshore assets that dates back to 1975, iMoneyNet clearly provides extensive, historical data and insight. Tune in to hear more from iMoneyNet, an EPFR company, as the group explores the breadth of coverage offered and insight into ultra-short duration bond funds.
As the Russia-Ukraine conflict entered its 12th week, the US Fed Reserve hiked rates by 50 basis points, while the Bank of England hiked rates for the fourth straight time. But flows neither hummed with conviction nor fear, according to EPFR-tracked weekly fund flow data (as reported May 4), as investors took on defensive positions. The week saw bigger outflows for Alternative Funds, Real Estate, and Financial Sector Funds, and Europe Equity and Bond Funds. Emerging Markets Bond Funds also had another tough week regarding outflows.
In this episode, Cam provides some insight from a recent trip to New York, meeting with LatAm Pension Fund managers & professionals
After a mixed week on multiple fronts – earnings, Ukraine, interest rates and Covid – it was China Equity and Global Sector Fund that stood out. Despite the growing costs imposed by the country’s zero-Covid strategy, China Equity Funds continued to attract inflows, while nine of the 11 major Sector Fund groups recorded inflows. Join our EPFR Exchange co-hosts, Cam and Kirsten as they discuss the latest movements and pockets of conviction in EPFR’s fund flow data.
As investors sought the best line between risk and reward again this week, flows into Bond, Equity and Money Markets Funds all felt the pressure. This was particularly true of those with US mandates. For Emerging Markets, three country fund groups were in the spotlight this week – China, Taiwan (POC), and Brazil Equity Funds. Kicking off this week of the earnings season were several financial heavyweights; Tech plays will feature more in the upcoming week. Tune in for a deep dive on these topics.
EPFR Exchange Podcast kicks off a new monthly Nowcasting podcast series, where EPFR invites various partners and clients to join us in a discussion on the latest trends in the data we track, sharing unique perspectives on major market topics. In our first episode, EPFR is joined by Macrobond, a leading provider of global economic and aggregate financial time-series data, to share their insight on high frequency data and inflation. EPFR Director of Research Cameron Brandt and Macrobond Global Head of Data Sales Grégoire Haftman, uncover themes in the economic world through daily fund flows and other high frequency economic indicators. Listen in for a discussion covering the history of high frequency macro data, ways to produce nowcast models and where to find the most granular data. We also want to hear from you. How soon do you think there will there be an ending to the Russia-Ukraine conflict?
Share your thoughts with us! Email: epfrexchangepodcast@informa.com
Check back next week for a link to the podcast video with snapshots of HF data examples.
Director of Research, Cameron Brandt and Host, Kirsten Longbottom dive into the short-term impact from the Russia-Ukraine conflict on energy prices and how investors are viewing the war as a Europe-based issue as opposed to a global one. In the final week of March investors quickly returned to China Equity Funds, but the risks surrounding this asset class have been building up for a while. More on the Sector Fund universe and Bond Funds which ended an 11-week outflow streak.
This week, Cam and Kirsten delve into the abrupt change in the direction of flows for dedicated China funds seen during the week to March 23. China Equity and Bond Funds both experienced heavy redemptions as concerns about China’s Covid containment strategy, the Russia-Ukraine conflict and the fallout from its ongoing regulatory crackdown weighed on previously resilient investor sentiment. Investors continue to show interest in alternative resource stories and the Sector Fund universe. Cam shares his insight on various Sector groups and how they have been reacting to the ongoing narratives playing out in the market.
This week, Cam and Kirsten discuss the headwinds building up as we near the end of 1Q22: the Russia-Ukraine conflict now its fourth week, the resurgence of Covid in key markets including Korea and China, high energy prices, and the US Fed Reserve's 25-basis points rate hike. Listen in for insight on how investors reacted during the week to March 16.
Everything is on the table. Cameron and Kirsten provide an update on the impact of Russia’s invasion of Ukraine on the current market. The European market was hit hard the last two weeks, while US Equity and Bonds managed to record inflows despite inflationary pressures. More on how investors shifted their focus to Greater China, alternative funds, and the sector universe.
Cameron Brandt and Kirsten Longbottom discuss the latest economic headlines and how we are seeing investors react through EPFR Fund Flows and Allocations data. Russia storming into Ukraine could create a ripple effect across other countries and affect energy stories as prices push higher, global supply chain of oil and natural gas, and financial markets. Certainty and momentum behind funds with SRI and ESG mandates has diminished recently as various threats weigh in. Finally, investors are looking for safer assets as the Fed plans to tighten monetary policy in less than two weeks.
This week, Cam and Kirsten explore what’s going on with flows into Equity funds, which have pulled in $152 billion YTD, and Bonds Funds which have seen over $30 billion redeemed. How is the anticipation of the Fed and other central banks’ talk on tightening affecting investors’ decisions here? Rivers of money flow into US Equity Funds, China dominates the EM space while less interest is shown towards smaller regional Asian markets, and geopolitical risk sap appetite for Russia Equity Funds.
This week, Cameron and Kirsten discuss the in-the-dentists-chair sense of anticipation about likely US rate hikes and the impact of the ECB’s change of tone regarding inflation. They also look at the mixed earnings reports from US technology and automotive majors and the effect those reports had on the universe of sector fund groups. Rounding off the podcast, they look at trends in both emerging markets equity and bond markets and China’s current role as a safe-haven play.
This week, Cam and Kirsten are joined by PlacementTracker’s Product Manager, Will Shephard, a PIPE and Private Placement markets observer for over 15 years. Listen in for a brief introduction to PlacementTracker, as well as a discussion guided around Sector Funds where Cameron and Will both offer their perspective, in terms of EPFR’s Fund Flows data and PlacementTracker’s PIPE and private placement capital markets data. Topics include SPAC activity and momentum, Healthcare and Energy Sector Funds, ending with an overview of Fixed Income Funds so far this year.
Learn more: www.placementtracker.com
In this week's EPFR Exchange Special Focus episode, Cameron Brandt is joined by colleagues to discuss the latest release of EPFR Fixed Income Flows and Holdings data. This new offering provides a clear picture of the Fixed Income market across mutual funds and ETFs at the security level.
Steve Muzzlewhite, EPFR Head of Customer Solutions, provides a brief description of the user case for Debt Capital Markets (DCMs) and EPFR Quantitative Analyst, Vikram Srimurthy, offers quant insight into Evergrande bonds, through the lens of bond level holdings.
EPFR Fixed Income Flows and Holdings data is collected from a universe of over 2,000 globally domiciled bonds and multi-asset funds, covering over $2.6 trillion in AUM and 50,000+ unique corporate and sovereign bonds.
How did the predictions Cameron made in his 2021 Midyear Outlook centered around Emerging Markets, Diversification, and ESG Funds, pan out in the rest of the year? Listen in for a discussion between Kirsten and Cameron on how flows are behaving currently compared to the second half of 2021. The highlight this week includes notable inflows into Bank Loan Funds, Equity Funds, and Sector Funds. Technology Sector Funds pulled in $3 billion, and Utilities saw $1 billion flow in backed by water dedicated fund groups. Also, is there a repeat of the 2013-2014 taper tantrum in the offing?
Cam and Kirsten join together in the New Year to discuss what investors are focused on as they enter 2022 which, for China, will be the Year of the Tiger – a year associated with growth and change. Investors undoubtedly expect change: the new coronavirus variant, geopolitical tensions, rising inflation and interest rate hike decisions by global central banks make that almost certain. Growth, however, is less certain. Listen in to see where investors did – and did not – show conviction during the first week of January.
In this special focus webinar, Cameron Brandt is joined by EPFR Manager of Quantitative Strategies, Steven Shen, and EPFR Head of Non-Buyside Sales, Steve Muzzlewhite to discuss the new EPFR Stock Barometer.
This short podcast takes a look at the tool which combines EPFR-tracked holding data from a universe of funds with $10 trillion in AUM with signals generated by the full universe of funds - 138,000 share classes encompassing over $52 trillion in assets.
Investors move cautiously on both sides of the Atlantic as inflation inches higher, demand continues to be robust, and supply metrics continue to be less than ideal. For Emerging Market Equity Funds, we saw flows into Brazil and Turkey Equity Funds, while flows out of China Equity Funds dragged the overall headline number down. Also, a brief outlook at key themes investors are focused on for the new year – covid-19 pandemic, inflation, squeeze on energy supply, geopolitical issues, sunsetting of policy support, and more.
This week, Cameron and Kirsten discuss how investors shifted their perspectives with inflation deemed not transitory according to Powell, the resurgence of the COVID in Europe and a new variant, Omicron coming to the surface. How transitory is it all?
This week, our duo looks at the rotating carousel of issues concerning investors including the rise in natural gas prices, supply chain issues, EU handling of a resurgence in COVID-19 cases and rumbles over trade. Cameron Brandt and Kirsten Longbottom also highlight China Equity Funds dominating the EM space, and the attraction behind Frontier Markets.
The latest inflation reading for the US was the highest reported in three decades: Is it at its peak? How long will it last? Which factors are transitory, and which are here to stay? EPFR’s Cameron Brandt and Kirsten Longbottom tackle these questions. They also discuss why investors appear to see opportunity in China, the supply chain crunch, energy issues and the COP26 summit.
This week, Cam and Kirsten discuss how investors responded to major variables in the investment climate: central banks meeting to discuss possible tightening, the COP26 meeting and inflation. Flows into Equity Funds with SRI and ESG mandates picked up last week after losing momentum, given a “shot in the arm” by the discussions from the UN climate summit meeting. Also, where investors are looking to protect themselves from inflation as it emerges as the dominant macroeconomic topic among an assortment of compelling and competing themes.
This week, Cam and Kirsten continue their discussion on how inflation and the earnings season are impacting investor sentiment. They look at the changing correlations between gold, silver and cryptocurrency fund flows and inflation and, with a focus on Korea, discuss how Emerging Markets country funds offering exposure to energy or technology stories are prospering. Sentiment toward Europe has picked up, helped by the ECB promising not to repeat tightening too early, with Italy and Switzerland standing out at the country level. Technology Sector Funds hold an interesting and complicated story – Are US or China dedicated funds prevailing?
This week Cam and Kirsten focus on the start of the 3rd quarter earnings season, uncertainty surrounding the energy picture with Russia equity funds in the spotlight, and investors look for protection against inflation as the transitory nature is in question and central banks raise interest rates.
This week, Cam and Kirsten continue their discussion on inflation which kept investors on edge as central banks, facing the trade-off between letting inflation loose and hobbling growth, debate interest rate hikes. Also in the spotlight: major flows to cryptocurrency funds, Japan acts as the flight to safety market despite their massive public debt, and short term/ long term themes play out among Sector Funds.
This week, Cam and Kirsten discuss current hot topics in the market: growing inflationary pressures, the responses of major central banks to those pressures and the impact rising energy prices will have on the global recovery.
This week Kirsten and Cameron discuss how despite headlines of tapering and inflation numbers rising, investors are paying more attention to upcoming elections in Germany, Canada, and France. They also look at Healthcare/Biotechnology and Technology Sector Funds which continue to enjoy strong inflows.
In this week’s podcast, Kirsten Longbottom and Cameron Brandt discuss how flows have been resilient in the face of a long list of global headwinds. But will this state of affairs persist? Flows to Europe Funds have lost momentum in recent weeks as rising Covid-19 numbers, immigration concerns, and Merkel’s impending departure weigh on investor sentiment. Japan Equity Funds were also hit by significant outflows following the current Prime Minister’s announcement that he will step down later this year.
This week Todd, Cam and Kirsten discuss how investors continue to tune out headlines and focusing on the positives - earnings and the central bank’s reliable reactions - how flows could be set up for a heroic correction in the fall given a range of global headwinds, a rising interest in Water Funds, and the effects of Jerome Powell’s Jackson Hole speech on US tapering.
This week, Cam, Todd and Kirsten take a quick look at investors responding to earnings with conviction and a closer look into the growing levels of concern with consumers spending stimulus checks from the government instead of tapping into their savings, businesses working hard to keep up with demand and the trajectories of recoveries from the Great Financial Crisis to that of the current pandemic signaled by Money Market Funds.
This week, Cam and Todd discuss a big week for corporate earnings and financial sector funds, the scrutiny of SRI/ESG funds, bond flows and the varying narratives guiding investor confidence in Europe and the world.
This week, Cam, Todd and Kirsten Longbottom discuss sizable flows into money market funds, sentiment towards China, and flows into various sector fund groups off the back of infrastructure push in the US.
This week, Cam and Todd discuss a busy week for China sectors, record-setting inflows for a key inflation fund group, and extreme weather events impacting global regions of strategic importance.
This week, Cam and Todd discuss how 2021 Forecasts were relying on pent-up consumer demand to drive the pandemic recovery, but there is some concern that we're not seeing that pan out.
This week, Cam and Todd discuss the reaction to recent inflation numbers, China getting back to attracting new asset flows, and sector fund flows look a lot like a year ago.
This week, Cam and Todd look back at the first half of 2021, discussing how inflation, the recovery in emerging Asian markets, and ESG have fared, before looking ahead to themes they anticipate continuing to develop throughout the remainder of this year.
This week, Cam and Todd discuss China normalizing policy and the impact that had for commodities, crypto, financial sector funds, and those looking for outsized growth.
Tune into this week's episode as Todd and Cam are joined by Zephyr's Market Strategist, Ryan Nauman to discuss the impact of the latest announcement from the Feds and acknowledgement of rising inflation (still viewed as transitory).
Mutual fund investors, in Ryan and Cam's opinion, got the reassurance they needed that the Fed is not oblivious to real-world signals but will not do anything to short-circuit the current economic rebound.
With 'meme stocks' garnering plenty of attention, Ryan also discusses the importance of investor's access to a broad range of data and sources. He emphasizes that, with heavyweight influencers and a plethora of social media platforms having the power to drive markets, investors should look beyond fundamentals before committing to an asset.
This week, Todd and Cam talk about big outflows from a couple of Emerging Markets, increasing appetite for PIIGS, a sector that's picking up steam, and investors looking to diversify their overall asset class exposure.
This week, Cam and Todd discuss the battle between growth and inflation in both the US and Europe, and talk about the recent cooling of sentiment towards Socially Responsible Investing (SRI) and Environmental Social Governance (ESG) funds.
This week, Tony Nyman from IGM joins the conversation, discussing G10 currency movements in the past week, including hawkish sentiment emerging from Central Banks and how economies re-opening will impact dollar strength. Cam and Todd discuss the impact of potential tapering in the fund flows, a big signal in Money Market funds, and continued positive sentiment to equity funds and inflation-linked products.
This week, Cam and Todd discuss a week of mixed action from recent inflation numbers, a big outflow for Technology sector funds, and a big bounce for gold and silver funds. Also, off the back of the most recent Federal Reserve minutes, Cam discusses what that means for asset flows.
This week, Cam and Todd are joined by Senaria Karim, Global Head of Account Management for EPFR. The conversation focuses on the large inflation numbers seen in the US last week, and the noticeable impact this had on Fixed Income flows - incl. a spike in China Bond funds, and Commodity Sector and Gold funds which both saw a jump in numbers.
This week, Cam and Todd discuss the rotation of the narrative between Asia and North America/Europe in regards to the pandemic recovery, new uncertainty in Great Britain after a recent country-wide vote, and what may drive gold and silver prices higher in the coming months.
This week, Cam and Todd discuss the pivot we saw in investor sentiment in the end of last week, the pessimism investors have towards Italy, another lackluster week for Emerging Markets with the difficult news out of India, and how we're seeing inflation concerns show up in the fund flow data.
This week, Cam and Todd welcome Sayad Baronyan, Director of Quantitative Research at EPFR, to discuss the shifting investor sentiment towards European equity markets, a broad movement out of EM funds, and they discuss whether investors have overlooked the Japan equity market.
This week, Cam and Todd discuss investor hesitancy to believe the Federal Reserve, the risk investors see with investing in Brazil, a continued inflow streak for Industrial & Infrastructure funds, and Europe continuing to fall behind in the race to vaccinate.
This week, Cam and Todd discuss the exceedingly positive US economic numbers, money funds attracting new AUM, hedging gains popularity in the most recent week, Emerging Markets gain favor amongst investors, and the start of a few different rotation...
This week, Cam and Todd recap what EPFR has seen over the first quarter of 2021, including the US versus China recoveries, a bad March for technology funds, a busy quarter for bond funds, and EM debt funds are getting more attention from investors (perhaps not all for the positive).
This week, Cam and Todd discuss the global uncertainty slowing capital flows, a rotation starting within bond markets, vaccination approaches showing their varied impacts, and the struggle for emerging markets country funds to continue to attract assets.
Todd and Cam discuss a record setting week for US Equity and Global Equity funds and why Europe Equity funds did not join the party, the possible reasons for the pullback from China focused funds recently, and while Israel and the UK remain the frontrunners of the vaccine rollout, the US is hot on their heels. In the coming week, the team will be focusing on EPFR coverage of collective investment trusts and the potential to extract credible signals, as well as taking a broad look at risk and how robust classic signals are against ESG, Central Bank intervention and more...
This week, Todd and Cam discuss the big impacts on reflation and inflation of the $1.9 trillion stimulus package that passed in the U.S. last week, a noticeable rotation from Health Care and Technology to Financials and Energy, and look forward to the upcoming week in financial markets.
This week, Cam and Todd discuss a new flow record set in SRI/ESG bond funds, continued traction with flows into the tech sector, interest returning to Frontier markets, and Canada and Australia being leading commodity plays.
This week, Cam and Todd discuss a new flow record set in SRI/ESG bond funds, continued traction with flows into the tech sector, interest returning to Frontier markets, and Canada and Australia being leading commodity plays.
This week, Cam and Todd discuss the all-time record flows into equity funds, movement in an unexpected European market, and highlight the recent quantitative research on volatility in markets, as measured through asset movements.
This week, Cam and Todd discuss last week's squeeze on silver, the global reflation story that continues to expect momentum, and the big flows into an unexpected APAC country.
This week, Cam and Todd discuss the wild week for retail investing (GameStop, AMC, mutual funds and more). Europe facing hurdles towards an efficient vaccine implementation, and the Federal Reserve working to comfort the bond market.
This week, investors are feeling better about a global recovery, but are unwilling to make bullish bets on individual markets. Inflation Protected Bond Funds and Bank Loan Funds continue to take in money as fears of inflation continue to rise. Are we finally seeing the outflows from MM funds that indicate investors are coming off the sidelines with conviction?
This week, Cam and Todd highlight rising concern over inflation in the US, the hesitation institutional investors are having when considering investment in China, and how COVID continues to impact financial markets a year into the global spread.
This week, Cam and Todd discuss the big outflows from Emerging Market funds (in particular China), a positive flow reaction to the tumultuous week in the US, and look ahead at potential inflation being baked into investor's outlooks.
This week, Cam and Todd discuss markets continuing to react to vaccine news, cash sitting on the sidelines, Brexit fatigue, and antitrust conversations in the Technology sector.
This week, Cam and Todd take a look at the latest flows which reflect some of 2020's established themes including appetite for diversified exposure, socially responsible (SRI), environmental, social, and governance (ESG) themes, and China’s growth story.
Cam provides his views on why Mexico could potentially benefit from a Biden administration and the vaccine-induced run-up in equities.
This week, Cam and Todd talk about the big boost equity markets saw last week on positive news on two separate vaccines, the Money Market and ESG flow records we're approaching, and why Emerging Markets continue to be highly in favor amongst global investors.
This week, Cam and Todd highlight the biggest equity fund inflows in EPFR's recorded history, discuss how investors are positioning themselves in both the US and Chinese investments based on the election results, and look ahead towards the new Japan equity factors and money market analysis the team is developing.
This week, Cam and Todd discuss election day (week) in the US, the signal that Money Market funds are flashing, the continued investor sentiment for Emerging Markets, and against European equities.
This week, Cam and Todd discuss investor sentiment tilting towards Asia, the sustained EM Rotation, sector funds foreshadowing demand in a second COVID-19 wave, and the bond market's prediction of more stimulus coming for Europe.
This week, Cam and Todd discuss the continued positive sentiment for EM Equity funds, the impact of next week's Presidential election on financial markets, and highlight the early warning signal in the EPFR data regarding European Equity markets.
This week, Cam and Todd talk about sizable weekly equity inflows, the recent divergence between institutional and retail investor behavior, the continuing China investment story, and the demand for Emerging Asia and Latin America.
This week, Cam and Todd discuss a mixed message sent from bond markets, money coming off the sideline in the US, the recent taste for EM Equity funds, ESG funds' continued strength in 2020, and they look at the week ahead from the EPFR Research team.
This week, Cam and Todd discuss the end of the US Bond Fund inflow streak, China dominating the Emerging Market (and global) narrative in 2020, and emerging investor fear pushing flows to European money market funds.
This week, Cam and Todd discuss a quick turn in investor risk appetite, where all of the Money Market assets have gone, why investors are continuing to pour into mortgage backed bond funds, and what impact further COVID-19 closures might have on the asset flows.
Before Cam hits Cape Cod for Labor Day weekend, he joins Todd to discuss the latest findings and possible inflection point reached in Emerging Markets Bonds, as well as the fresh record highs in the US Equity Markets at sector level. Both discuss the relationship between single country fund groups and the ongoing COVID-19 battle and take a look at the week ahead.
This week, Cam and Todd discuss the return squeeze on Money Market funds, a potential thaw in investor sentiment towards Emerging Markets, the quick departure of Shinzo Abe in Japan, and Cam gives a brief glimpse into our most recent Quants Corner article on Brexit.
This week, Cam and Todd discuss what investors are waiting to see to get back into the market, a rare outflow for Socially Responsible (SRI) and Environmental, Social, Governance (ESG) funds, we rank asset flows into major EM Equity Country Fund groups, and they look at the week ahead.
This week, Cam and Todd discuss the alphabet soup of potential economic recoveries, Central Bank support as a predictor of Fund Flows, and commodities funds continuing their favorable status.
This week, Cam and Todd discuss the European fiscal stimulus that came out of the EU last week, appetite increasing for physical metal commodities, emerging market flows, and take a look at the week ahead.
This week, Cam and Todd discuss another record breaking week of flows for money market funds, China's continued emergence from COVID-19, and look back on the inconvenient timing of Brexit for the UK.
This week, Cam and Todd discuss the re-emergence of China Equity flows, they take a moment to recap the first half of this year, and look ahead to a busy second half of 2020 to highlight some of the key drivers the EPFR Research team will be paying attention to.
This week, Todd Willits and Cameron Brandt offer their thoughts on Inflation Protected Bond Funds, which have seen record setting inflows that, at first blush, seem counter-intuitive...
This week, Todd joins Cameron (after a short hiatus) to discuss the impact of Sino-US tensions, COVID-19, and regional tensions on Emerging Markets. In its 18th-week, consecutive outflows are currently pushing the record set at the height of the Taper Tantrum in 2013-14. Both turn to Europe Equity Funds where the week's outflows jumped to a 3-month high and Swedish Equity Funds have not had a good week...
This week, EPFR Director of Research - Cameron Brandt, talks Money Market Funds movements since February, and the flattening of the curve over the past few weeks with guest, iMoneyNet Editor - Paul Adams.
In Episode 14, Cameron Brandt and Glenn Strier talk about the week's numbers - with China once again the headliner! Covid-19 is not the only ‘second spike’ that has investors worried... To listen to the webinar referenced, please visit: https://bit.ly/3bLclkE
This week, Cam and guest Glenn Strier take a closer look at SRI/ESG Bond Funds starting May with record inflows, EM Funds getting the 'cold shoulder', and trade tension fears...
In this special episode, Cameron Brandt is joined by EPFR's Senior Quantitative Analyst, Steven Shen as they explore the nine major Chinese share classes available to investors and fund managers who 'mix and match,' when building exposure to China.
Listen to the latest findings from EPFR's latest dataset covering: A shares, B shares, H shares, N shares, Red chips, P chips, T chips, S chips, and American depositary receipts (ADRs).
This week, Cam and Todd discuss the flight to cash resuming, rekindled interest in sector funds, and the plight of ESG in a mid and post-COVID world.
In Episode 11, Todd Willits and Cameron Brandt discuss surprising record flows into the energy sector, the rough couple of weeks for Emerging Market Equity Funds, and the debate between active and passive money management during times of economic stress. They also revisit last week's discussion of inflation and end the episode looking forward to what EPFR's teams will be monitoring this week.
In episode 10, Todd Willits and Cameron Brandt discuss recent activity in the datasets EPFR tracks. They touch upon both the split views of investors across the globe regarding the COVID-19 pandemic and the different types of funds where inflows have been heading recently. They discuss how inflation has been impacted throughout this pandemic, as well as hint at EPFR's new upcoming database and what the teams at EPFR will be watching next week.
In Episode 9, Todd Willits and Cameron Brandt discuss recent inflows into Equity and Money Market Funds. They then touch upon what the pandemic means for emerging and developed markets, and pay particular interest towards the increasingly interesting South African financial markets. They wrap up the episode discussing what the research team has dug up on the oil industry, and take a look at what to expect next week.
Todd Willits and Cameron Brandt look at some surprising flows surrounding the COVID-19 outbreak. They also discuss municipal bonds as well as all stakeholders involved. They close out the episode by discussing the gold and silver markets, specifically what the flows into and out of these markets mean for larger scale financial trends, and finally they take a look at the upcoming week.
This week, Todd and Cam take a look at the unexpected rate cut the Federal Reserve made overnight, discuss what sectors may be seeing shorting activity, and look for bright spots in the global flow picture.
Todd and Cam discuss the evolving COVID-19 impact on economies, the results of the US Primaries, and the emerging news that the SEC may step in to regulate impact investing or ESG funds.
Todd and Cameron take a look at the impact that COVID-19, or Coronavirus, has had thus far on global financial markets, and discuss where things may be headed over the next few months.
In this week's episode, Todd Willits and Cameron Brandt touch upon what the Iowa Cacus means for the state's economy every four years. They also forecast what's to come for the Technology, Healthcare, Energy, and Financial sectors based upon what happens in this year's U.S. Presidential election.
In Episode 3, Cameron Brandt and Todd Willits discuss continued interest in bond funds, renewed interest in BRIC and Emerging Market funds, and take a look at what impact we may see on sector funds during a busy 2020 US election year.
In Episode 2, Todd Willits and Cameron Brandt look back at 2019, and ahead to 2020. Topics include record setting asset flows in 2019, how trade issues impacted asset movements, and what risks and opportunities lie ahead in 2020.
In Episode 1, we introduce our in house economist, Cameron Brandt, and talk a little bit about why we've started the podcast.