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Money managers under the microscope

from Global Investing:

Signs of growth bets in the fund flows

Just as Germany helps to embolden hopes for a robust recovery in Europe, a look at detailed fund flows data offers more cheer to the optimists.

I've been seeing which equity fund sectors saw the greatest net inflows during July, and then filtering the top 20 by flows relative to the sector's total assets. There's a clear winner.

According to estimates from Lipper, funds and ETFs in the cyclical consumer goods and services category notched up net inflows of about $1.5 billion, the equivalent of 7.8% of overall assets under management and the largest monthly net inflow for at least ten years. Over the 3 months to end-July, net inflows were at close to $3.4 billion.

In theory, these 300+ funds are global in scope, but it's probably fair to say this looks mostly like a bet on the U.S. consumer; 11 of the top 20 funds by assets in the category are domiciled there. Recent data has given encouragement to investors, although there are doubts about just how robust sentiment is.

from Global Investing:

Signs of growth bets in the fund flows

Just as Germany helps to embolden hopes for a robust recovery in Europe, a look at detailed fund flows data offers more cheer to the optimists.

I've been seeing which equity fund sectors saw the greatest net inflows during July, and then filtering the top 20 by flows relative to the sector's total assets. There's a clear winner.

Majedie warns of “hammering” for cyclicals

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Another sign this year’s huge equity market rally may soon run out of steam.

rtxdxqhAfter Crispin Odey’s warning last month of a pullback — yet to emerge but certainly a possibility according to many hedge fund managers — Majedie Asset Management’s Matthew Smith has sold out of cyclical stocks in case economic growth disappoints.

Octopus’s Crawford eyes FTSE at 5,000

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Some good news for the bulls.

rtrkisbOctopus fund manager David Crawford believes this year’s equity rally could lift the FTSE 100 to the 5,000 mark, from just over 4,600 currently, helped by energy stocks.

The call backs up that from hedge fund manager Crispin Odey, who earlier this year pointed to the start of a new bull market and then recently said there is “every reason to be hopeful that a major correction will not happen before September”.

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