|
FundMarket
Feb 03, 2012 |
Ed Moisson, Dunny Moonesawmy, Tom Roseen
|
The Month in Closed-End Funds: January 2012
• For the second consecutive month equity and fixed income closed-end funds (CEFs) posted returns in the black for January, gaining 5.33% and 4.18%, respectively, on a NAV basis. On a market basis equity funds rose 8.09% and fixed income funds gained 4.94%.
• For the third consecutive month all of Lipper’s municipal debt fund classifications posted positive returns, while for the second month in a row all of the taxable fixed income classifications were in the plus column. Continuing the trend, all equity CEF classifications were also in the black. In all, only ten CEFs posted negative returns for January.
• For the first month in three world equity funds (+6.86%) outpaced their domestic equity fund (+4.65%) and mixed-equity fund (+4.71%) counterparts.
• Once again, municipal debt CEFs (+4.65% on a NAV basis) outpaced their domestic taxable bond CEF (+3.23%) and world bond CEF (+4.36%) brethren for the month.
• The January median discount of all CEFs narrowed 62 basis points (bps) to 1.71%, falling below the 12-month moving average of 3.90% for the third consecutive month. Three of the fixed income macro-groups remained in premium territory.
|
|
FundMarket
Jan 13, 2012 |
Eric Wong
|
Hong Kong MPF Market Summary (December 2011)
• 香港強積金12月平均上升0.36%。股票強積金平均上漲0.44%，優于債券強積金(+0.21%)和混合型強積金(+0.40%)。
• 2011年香港強積金平均錄得8.41%的跌幅 - 自2008年以來最大的損失。股票強積金平均下跌15.11%，遠遜于債券強積金(+2.76%)和混合型強積金(-7.27%)。
• 從2012年全年來看，中國通脹率在這新的一年裡料將溫和，從而給予中國政府和中國人民銀行更多的空間來實施更多的刺激舉措。
• 把目光轉向大洋彼岸的美國，越來越多的數據顯示出美國經濟前景正趨向好轉。
• 然而，歐洲形勢仍然沉重。歐洲主權債務問題依然是阻礙全球市場展開持續性反彈的主要絆腳石。歐洲央行的最新數據反映出歐洲銀行業者仍然將他們自央行拆借到資金的大部分存放在央行。這暗示出歐元區的銀行業者對於將資金注入金融體系依然缺乏信心。
|
|
FundMarket
Jan 13, 2012 |
Eric Wong
|
Hong Kong MPF Market Summary (December 2011)
• Hong Kong MPFs gained 0.36% on average for December, attributed mainly to equity MPFs and mixed-asset MPFs climbing 0.44% and 0.40%, respectively. Bond MPFs gained 0.21% for the month.
• Hong Kong MPFs fell 8.41% on average for all of 2011–their biggest loss since 2008. Equity MPFs, incurring a loss of 15.11% on average, underperformed all other types of MPFs for 2011. Mixed-asset MPFs, recording a negative return of 7.27% on average, came in second from the bottom of the performance league table by asset type. Bond MPFs gained 2.76% on average.
• Inflation is expected to continue heading south in 2012 in China, thereby giving the Chinese government and the People’s Bank of China more room to introduce more stimulus measures.
• More evidence has emerged that the U.S. economic outlook is becoming more positive.
• European sovereign debt continues to be the main obstacle hindering the global markets from staging a sustainable recovery. The latest statistics from the European Central Bank show that European banks are still placing a large part of their ECB loans at the central bank, reflecting that banks in the Eurozone still lack confidence to inject capital into the financial system.
|
|
FundMarket
Jan 06, 2012 |
Jeff Tjornehoj, Jeff Tjornehoj
|
Role Reversal in Q4 Sends Riskier Strategies to the Top
• General U.S. Treasury Funds was the year’s clear winner (+15.83%) but took a backseat for Q4 (+1.25%).
• A “risk-on” mentality changed the market sentiment and sent High Current Yield Funds up 5.58% and Loan Participation Funds up 3.20% for the quarter.
• The largest fixed income group, the $723-billion Intermediate Investment-Grade Debt Funds category, was up 1.33% for the quarter.
• Munis continued to silence critics; Lipper’s General Muni Debt Funds category gained 2.18% for Q4.
|
|
FundMarket
Jan 05, 2012 |
Tom Roseen
|
The Month in Closed-End Funds: December 2011
• For the second month in three equity and fixed income closed-end funds (CEFs) posted returns in the black for December, gaining 0.29% and 2.42%, respectively, on a NAV basis. However, for the year equity CEFs declined 3.39%, while fixed income CEFs produced an eye-popping 11.43% positive return.
• For the second consecutive month all of Lipper's municipal debt fund classifications posted positive returns, while in a reversal of November's negative performance, all of the taxable fixed income classifications were also in the plus column. For the equity CEFs, however, all four world equity classifications were in the red, while their domestic cousins were in the black.
• Mixed-equity funds (+1.51%) outpaced their domestic equity funds (+0.99%) and world equity funds (-1.65%) counterparts.
• Once again municipal debt CEFs (+2.99% on a NAV basis) outpaced their domestic taxable bond CEF (+1.70%) and world bond CEF (+0.39%) brethren for the month.
• The December median discount of all CEFs narrowed 96 basis points (bps) to 2.33%, falling below the 12-month moving average of 4.06% for only the second month in 13. Three of the fixed income macro-groups remained in premium territory.
|
|
FundMarket
Jan 04, 2012 |
Tom Roseen
|
Equity Funds Post an 8.73% Return for Q4 but Finish the Year 2011 Down 6.00%
• Equity funds (+8.73%) posted their first positive quarterly return in three, with U.S. Diversified Equity (USDE) Funds (+10.77%) leading Lipper's other three broad equity macro-classifications: Sector Equity Funds (+7.44%), Mixed-Asset Funds (+5.65%), and World Equity Funds (+4.47%).
• Sovereign debt issues, Middle East unrest, and slowing global growth dropped old favorites to the bottom of the pack. India Region Funds (-16.00%) and Japanese Funds (-3.24%) dragged down the World Equity Funds group for the quarter.
• For the first quarter in eight value-oriented funds (+13.14%) outperformed the other USDE fund styles, while for the first quarter in four, small-cap funds (+14.60%) outpaced the other capitalization groups.
• For the year investors bid up defensive issues, pushing Utility Funds (+8.68%), Health/ Biotechnology Funds (+8.18%), and Real Estate Funds (+7.64%) to the head o f the class.
|
|
FundMarket
Dec 20, 2011 |
Matthew Lemieux, Rajeev Baddepudi
|
Singapore Fund Market Insight Report, November 2011 - Risk Assets Suffer With No End In Sight For Eurozone Debt Crisis
Riskier asset classessuffered in November; the MSCI World index shed 2.38%, while it’s emerging marketscomponent fared even worse at -6.66%. Singapore markets fellin step with their Asian and European counterparts, and finished 5.37% lower,while Singapore-registered unit trusts retreated 1.97%. Performance patternsdid yet another about-turn: risky asset class offerings such as commodity (-3.19%),equity (-2.50%), and mixed asset (-1.13%) funds and even bond funds (-1.21%)suffered.Rising risk aversionbenefited conservative products however, with protected (1.61%), money market(0.48%) and guaranteed (-0.17%) funds posting flat to decent returns.In an environment of heightened and prolonged uncertainty, investors would do well to stay cautiously positive and to focus on high-quality debt and/or blue-chip equity allocations.
|
|
FundMarket
Dec 15, 2011 |
Eric Wong
|
Malaysia Fund Market Summary (November 2011)
• Funds registered for sale in Malaysia declined 0.98% on average for November, attributable mainly to equity funds and mixed-asset funds falling 1.74% and 0.72%, respectively.
• Bond funds declined 0.10% for the month.
• Investors generally believe the rescue plan announced by the Eurozone leaders last Friday is insufficient to resolve the European sovereign debt crisis. They want the ECB to increase its purchasing of PIIGS countries’ government bonds from the fixed income markets but the plan announced last Friday did not include such an enlarged role for the ECB.
• As long as the Eurozone leaders continue to act against the demands of investors in handling the European sovereign debt crisis, the turbulence in the global financial markets will continue and a sustainable recovery of asset prices will not occur. Also, the longer the Eurozone leaders remain defiant, the larger will be the bill they will eventually have to pay to resolve this issue.
|
|
FundMarket
Dec 15, 2011 |
Eric Wong
|
Hong Kong Fund Market Summary (November 2011)
• 香港認可買賣基金11月平均下跌4.35%，這歸因於股票基金和混合型基金，兩個類別在11月各自平均下跌5.25%和3.69%。
• 債券基金也下滑2.74%。
• 投資者仍普遍認為歐元區領導人上週五宣佈的援助計畫不足以解決主權債危機 。他們希望歐洲央行加大力度購買歐豬國家的公債，但上週五宣佈的計畫中卻未涉及這一部分。
• 只要歐元區領導人在應對債務危機上繼續與投資者的要求背道而馳，環球金融市場的動盪就將持續，而資產價格的持續復蘇則將永遠無望實現。決策者無視投資者要求的時間越長，他們最終為解決問題所支付的代價就將越發高昂。
|
|
FundMarket
Dec 15, 2011 |
Eric Wong
|
Hong Kong Fund Market Summary (November 2011)
• Funds authorized for sale in Hong Kong declined 4.35% on average for November, attributable to equity funds and mixed-asset funds falling 5.25% and 3.69%, respectively.
• Bond funds declined 2.74% on average for the month.
• Investors generally believe the rescue plan announced by the Eurozone leaders last Friday is insufficient to resolve the European sovereign debt crisis. They want the ECB to increase its purchasing of PIIGS countries’ government bonds from the fixed income markets but the plan announced last Friday did not include such an enlarged role for the ECB.
• As long as the Eurozone leaders continue to act against the demands of investors in handling the European sovereign debt crisis, the turbulence in the global financial markets will continue and a sustainable recovery of asset prices will not occur. Also, the longer the Eurozone leaders remain defiant, the larger will be the bill they will eventually have to pay to resolve this issue.
|
