FundMarket Insight Reports

Lipper FundMarket Insight Reports provide in-depth summaries and analysis of key economic and market events that help shape both fixed income and equity mutual fund performance trends. These monthly and quarterly reports allow you to view trends within the equity and fixed income fund universes, highlighted in detailed charts, graphs, and commentary.

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Report Type |
Publish Date | Author Name
Report Name (click to expand)
FundMarket
Apr 04, 2014 | Tom Roseen, Jeff Tjornehoj

Best Q1 for the Aggregate Since 2008

• Munis turned a corner as buyers came back to the asset class. Lipper's High Yield Muni Debt Funds classification returned 5.25% to become Q1's best-performing funds group. 

• Munis would not have risen so high if Treasuries hadn't rallied. Yields on the ten-year note settled down from 3.04% on December 31, 2013, to 2.73% on March 31, 2014, to help General U.S. Treasury Funds gain 3.63% for the quarter.

• High Yield Funds was good—not great. The 2.61% gain for the group was below the investment-grade groups’ returns.

• International Income Funds (+2.32%) looked very good for the quarter. Investors eked out a few more basis points (bps) in Emerging Markets Hard Currency Debt Funds (+2.44%) but had to weather more volatility to do so.

FundMarket
Apr 03, 2014 | Jeff Tjornehoj

The Month in Closed-End Funds: March 2014

• For March only 11% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 11% of equity funds and 10% of fixed income funds trading in premium territory. Lipper's Single-State Municipal Bond CEFs macro-classification witnessed the largest narrowing of discounts for the month--28 basis points (bps) to 8.28%. 

• For the second consecutive month equity and fixed income CEFs stayed on common paths in March, with equity funds returning 1.03% on a NAV basis and their fixed income counterparts returning 0.71% for the month.  

• For the third consecutive month all of Lipper's municipal bond CEF classifications posted returns in the black, with Pennsylvania Municipal Debt CEFs (+1.01%) outpacing the other classifications in the group. Municipal debt CEFs (+0.68%) outpaced their domestic taxable fixed income CEF counterparts (+0.56%) for the month.  

• Despite continued geopolitical concerns, World Equity CEFs (+1.63%) and World Income CEFs (+1.71%) remained ahead of their domestic and taxable counterparts, respectively, for March. 

FundMarket
Apr 02, 2014 | Tom Roseen

Equity Funds Just Manage to Post a Seventh Consecutive Quarter of Positive Returns, Despite an Uptick in Market Uncertainty

• Equity funds (+1.47% on average) posted a plus-side return for Q1 2014, with Sector Equity Funds (+4.05%) jumping to the head of the class for the first quarter in 17. It handsomely outshone Lipper's other three broad equity macro-classifications: Mixed-Asset Funds (+1.47%), U.S. Diversified Equity (USDE) Funds (+1.33%), and World Equity Funds (+0.40%).

• Dedicated Short-Bias Funds (-4.56%), Japanese Funds (-4.45%), and China Region Funds (-4.40%) were the big losers for the quarter.

• On weather-related concerns Commodities Agriculture Funds (+16.15%) jumped to the top of the leader board, followed closely by one of Q4 2013's laggards: Precious Metals Equity Funds (+12.21%).


FundMarket
Mar 05, 2014 | Tom Roseen

The Month in Closed-End Funds: February 2014

• For February only 10% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 10% of equity funds and 10% of fixed income funds trading in premium territory. The High Yield CEFs classification witnessed the largest narrowing of discounts for the month--117 basis points (bps) to 6.90%.

• Equity and fixed income CEFs merged onto common paths in February for the first month in four, with equity funds returning 3.59% on a NAV basis and their fixed income counterparts returning 1.86% for the month. 

• For the second consecutive month all of Lipper's municipal bond CEF classifications posted returns in the black, with General & Insured Municipal Debt CEFs (Leveraged) (+2.28%) outpacing the other classifications in the group. Municipal debt CEFs (+2.05%) outpaced their domestic taxable CEF counterparts (+1.42%) for the month. 

• Despite increasing geopolitical concerns in Ukraine, World Equity CEFs (+3.72%) and World Income CEFs (+2.81%) jumped ahead of their domestic and taxable counterparts, respectively, for February.

FundMarket
Feb 05, 2014 | Jeff Tjornehoj

The Month in Closed-End Funds: January 2014

• For January only 9% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 8% of equity funds and 9% of fixed income funds trading in premium territory. The World Equity CEFs macro-group witnessed the largest widening of discounts for the month--63 basis points (bps) to 10.76%.

• Equity and fixed income CEFs continued on separate paths in January, with equity funds losing 1.57% on a NAV basis (registering their first monthly loss since August 2013), while their fixed income counterparts returned 2.56% for the month. 

• For the first month in four all of Lipper's municipal bond CEF classifications posted returns in the black, with California Municipal Debt Funds (+4.35%) outpacing the other classifications in the group. Municipal debt CEFs (+3.95%) outpaced their domestic taxable CEF counterparts (+1.27%) for the month. 

• With greater scrutiny on emerging markets, World Equity CEFs (-4.05%) and World Income CEFs (-1.16%) lagged their domestic and taxable counterparts, respectively, for January.

FundMarket
Jan 07, 2014 | Jeff Tjornehoj, Jeff Tjornehoj

It Couldn’t Last Forever: For Bond Funds 2013 Is Finally Over

• Tapering turned from theory to practice in Q4 as the Fed decided to pull about $10 billion per month from its QE3 program.

• The worst performing Lipper classification in the bond funds universe for Q4 was General U.S. Treasury Funds, which lost 1.95% and ended 2013 with an annual loss of 6.67%.

• Loan Participation Funds saw net inflows slow down, but performance remained strong with a Q4 return of 1.80% on average.

• Municipal debt funds eked out an unexpected positive return of 0.12%, despite great hand-wringing over Puerto Rico and its widely held bonds.

FundMarket
Jan 06, 2014 | Tom Roseen

The Month in Closed-End Funds: December 2013

• For December only 8% of all closed-end funds (CEFs) traded at a premium to their net asset value (NAV), with 9% of equity funds and 7% of fixed income funds trading in premium territory. The national municipal debt CEFs macro-group witnessed the largest narrowing of discounts for the month--337 basis points (bps) to 6.94%.

• Equity and fixed income CEFs continued on separate paths in December, with equity funds rising 1.57% on a NAV basis, while their fixed income counterparts suffered a loss of 0.06%. 

• For the second consecutive month all of Lipper's municipal bond fund classifications posted returns in the red, with national municipal bond funds (-0.40% on average) mitigating losses slightly better than single-state municipal bond funds (-0.42%). 

• With global economics cooling slightly during the month and on the Federal Reserve's tapering plans, World Equity CEFs (+0.98%) and World Income CEFs (-0.04%) lagged their domestic and taxable counterparts, respectively, for December.

FundMarket
Jan 03, 2014 | Tom Roseen

Equity Funds Post a Sixth Consecutive Quarter of Positive Returns, Despite the Fed-Tapering Announcement

• Equity funds (+7.08% on average) posted a strong Q4 2013 return, with U.S. Diversified Equity (USDE) Funds (+8.76%) jumping to the head of the class for the third quarter in four. It outperformed Lipper's other three broad equity macro-classifications: World Equity Funds (+5.55%), Mixed-Asset Funds (+4.57%), and Sector Equity Funds (+3.40%).

• Precious Metals Equity Funds (-13.90%), Dedicated Short-Bias Funds (-12.36%), and Commodities Precious Metals Funds (-7.98%) were the big losers for the quarter.

• Despite posting a negative return for the year (-11.08%), India Region Funds (+13.66%) catapulted to the top of the World Equity Funds macro-group for the second quarter in a row, followed at a distance by European Region Funds (+8.31%).

FundMarket
Dec 04, 2013 | Tom Roseen

The Month in Closed-End Funds: November 2013

• For November only 7% of all closed-end funds (CEFs) traded at a premium to their net asset value, with 9% of equity funds and 6% of fixed income funds trading in premium territory. The World Equity Funds macro-group witnessed the only narrowing of discounts for the month.

• Equity and fixed income CEFs went their separate ways in November, with equity funds rising 0.50% on a NAV basis, while their fixed income counterparts suffered a loss of 0.13%. 

• For the first month in four all of the municipal bond fund groups posted returns in the red, with single-state municipal bond funds (-0.26%) mitigating losses slightly better than their national municipal debt fund brethren (-0.36%). 

• With global economics cooling slightly during the month and on uncertainty concerning the Federal Reserve's tapering plans, the world equity CEFs (-0.04%) and world fixed income CEFs (-1.70%) macro-groups were relegated to the bottom of their respective universes.


FundMarket
Nov 05, 2013 | Tom Roseen

The Month in Closed-End Funds: October 2013

• For October only 11% of all closed-end funds (CEFs) traded at a premium, with 10% of equity funds and 12% of fixed income funds trading in premium territory to their NAVs. The high-yield bond funds, domestic equity funds, and world equity funds macro-groups witnessed a narrowing of discounts for the month.

• All of Lipper's equity CEF and fixed income CEF classifications were in the black for the second consecutive month. 

• For a second month in a row all of the municipal bond fund groups posted plus-side returns, with single-state municipal bond funds (+1.20%) marginally outpacing their national municipal debt fund brethren (+1.14%).

• With global economics improving and  the Federal Reserve holding steady on its easy money policy in October, the world equity CEFs macro-group (+3.39%) remained at the head of the class for the second month in a row, with the Emerging Markets CEFs (+4.21%) classification posting the strongest return in the universe.



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